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Artesian Resources Corp. (Nasdaq : ARTNA)Artesian Resources Corp., through Artesian Water Company Inc., provides water and related services within its established service territory in portions of DE. As of 12/98, the Company serves 60,000 customers. For the three months ended 3/99, revenues rose 6 percent to $5.9 million. Net income applicable to Com. rose 23 percent to $376 thousand. Revenues reflect an increase in water rates charged. Earnings also reflect decreased depreciation expenses. 
American Water Works Co. (NYSE : AWK)American Water Works is a holding company of regulated utility susidiaries providing water and waterwaste services to 22 states. For the three months ended 3/99, revenues rose 5 percent to $237 million. Net income applicable to Common fell 9 percent to $18.7 million. Revenues reflect customer growth and recovery from reduced sales in California related to El Nino. Earnings were offset by adverse winter weather experienced at several utility subsidiaries. 
American States Water Co. (NYSE : AWR)American States Water Company is a utility company engaged in the purchase, production, distribution and sale of water. The Company also distributes electricity. For the three months ended 3/31/99, operating revenues rose 21 percent to $36.1 million. Net income applicable to Common rose 62 percent to $3 million. Revenues reflect increased water volumes due to the much drier and warmer weather conditions in Southern CA. Earnings reflect lower cost of power purchased for pumping. 
Birmingham Utilities Inc (Nasdaq : BIRM)BIRM is a public service corporation that collects and distributes water for domestic, commercial and industrial uses and fire protection in Ansonia and Derby, CT and the town of Seymour. For the three months ended 3/31/99, revenues increased 7 percent to $1.1 million. Net income decreased 77 percent to $202 thousand. Revenues reflect increased water consumption and the effect of a rate increase. Net income reflects the absence of a $828 thousand gain on the sale of land. 
Connecticut Water Service (Nasdaq : CTWS)CTWS is a holding company for The Connecticut Water Company, which supplies water for residential, commercial, industrial and municipal purposes in various areas in the state of Connecticut. For the three months ended 3/31/99, revenues rose 2 percent to $8.9 million. Net income applicable to Common rose 5 percent to $1.4 million. Revenues benefitted from increased volumes. Earnings also benefitted from reduced income taxes and increased interest income. 
California Water Srvc Grp (NYSE : CWT)California Water Service Group is a public utility supplying water service through 21 districts to customers living within the state of California. For the three months ended 3/31/99, revenues increased 11 percent to $39.1 million. Net income applicable to Common increased 61 percent to $12.6 million. Revenues reflect increased consumption and rate increases. Earnings also reflect a $600 thousand gain on the sale of real estate parcels. 
Dominguez Services Corp. (Nasdaq : DOMZ)Dominguez Services Corporation is a holding Company which, through its subsidiaries, engages in water supply and distribution, and non-regulated, water related services and investments. For the fiscal year ended 12/98, revenues fell 6 percent to $25.3 million. Income before Extra. Item fell 30 percent to $1.4 million. Results reflect a reduction in water sales in residential and multi-family customers. Earnings also reflect increased operating and maintenance expenses. 
E'Town Corporation (NYSE : ETW)ETW is a holding company for the Elizabethtown Water Co. (distributes water for domestic, commercial, industrial, and fire protection services) and E'Town Properties (acquires, develops and sells real estate). For the three months ended 3/31/99, revenues rose 13 percent to $35.5 million. Net income applicable to Common rose 51 percent to $6.3 million. Revenues reflect the inclusion of operating results for Liberty and AWM. Earnings reflect an after-tax gain on the sale of a real estate parcel. 
ICHOR Corporation (Nasdaq : ICHR)ICHR was involved in the environmental industry at the beginning of 1997. During 1997, ICHR sold these operations. ICHR is currently in an agreement to acquire Nazca Holdings, which is in the business of locating and developing ground water resources. For the three months ended 3/31/99, revenues fell 86 percent to $61 million. Net loss totalled $11 thousand vs. an income of $229 thousand. Results reflect the absence of a $437 thousand gain on the disposal of a subsidiary. 
Middlesex Water Company (Nasdaq : MSEX)MSEX supplies water on a retail basis for domestic, commercial, industrial and fire protection purposes. For the three months ended 3/31/99, revenues increased 20 percent to $11.7 million. Net income applicable to Common increased 19 percent to $1.4 million. Revenues reflect an implemented approved rate increase and a scheduled phase-in of rate increases by Pinelands Water and Wastewater. Net income was partially offset by increased interest charges. 
Pennichuck Corporation (Nasdaq : PNNW)PNNW is a holding company for four wholly-owned subsidiaries conducting regulated water utility operations in southern N.H. and parts of MA, and one subsidiary which manages and develops real estate. For the three months ended 3/31/99, total revenues rose 33 percent to $3.9 million. Net income rose 93 percent to $456 thousand. Results reflect the 4/9/98 commencement of operations at Pennichuck East, a 16.8 percent rate increase granted 4/1/98, and higher margins due to merger-related synergies. 
Philadelphia Suburban (NYSE : PSC)PSC is the holding company for Philadelphia Suburban Water Company (PSW), a regulated public water utility which serves 300,000 customers in PA. For the three months ended 3/31/99, revenues increased 1 percent to $58.6 million. Net income applicable to Common decreased 96 percent to $316 thousand. Revenues reflect rate increases and the acquisition of Consumers Water Company. Net income was offset by the inclusion of a $3.8 million restructuring expense and a $6.3 million merger cost. 
SJW Corporation (AMEX : SJW)SJW Corp. is a holding company for the San Jose Water Company (a public water utility), and for the SJW Land Company (a real estate development company and operates a surface parking facility). Revenues for the three months ended 3/99 increased 9 percent to $21.1 million. Net income increased 17 percent to $1.8 million. Results reflect increased water consumption and increased rates. Net income benefitted from lower maintenance expenses. 
Southwest Water Company (Nasdaq : SWWC)SWWC is engaged in the water management business, providing water and wastewater services to people located throughout CA, NM, TX and MS. For the three months ended 3/31/99, revenues increased 4 percent to $M. Net income applicable to Common increased 98 percent to $347 thousand. Revenues reflect an increase in the number of NMUI's customers and mild, dry winter weather. Earnings also reflect a decrease in direct operating expenses as a  percentage of revenues. 
United Water Resources (NYSE : UWR)United Water Resources is a holding Company whose subsidiaries provide regulated water and wastewater services in 13 states. UWR is also engaged in real estate and consulting activities. For the three months ended 3/31/99, revenues rose 5 percent to $79.2 million. Net income applicable to Common rose 53 percent to $4.8 million. Revenues reflect rate awards and higher consumption due to favorable weather conditions. Earnings also reflect a $5.8 million gain on sale of Harrison Plaza. 
Aquarion Company (NYSE : WTR)WTR is a holding Co. whose subsidiaries are engaged in the business of public water supply, timber processing, utility management service and real estate. For the three months ended 3/99, revenues rose 1 percent to $25.7 million. Net income increased 11 percent to $3.4 million. Revenues reflect higher sales from Utilities due to rate relief granted to BHC's Eastern Division and increased land sales. Earnings reflect lower outside services costs and a higher pension credit. 
Western Water Company (Nasdaq : WWTR)Western Water Company identifies, acquires, develops, sells and leases water and water rights in the western United States. For the fiscal year ended 3/31/99, revenues fell 54 percent to $1.8 million. Net loss before extraordinary item applicable to Common totalled $6.6 million, up from $2.5 million. Revenues reflect reduced revenues from the sale of real estate due to fewer properties sold. Loss also reflects reduced gains on the sale of investments. 
York Water Company (OTC BB : YORW)The York Water Company impounds, purifies, and distributes water. Th eCompany operates entirely within its franchised territory located in York County, Pennsylvania. For the three months ended 3/31/99, revenues rose 4 percent to $4.2 million. Net income remained flat at $700 thousand. Revenues benefitted from increased residential water consumption. Earnings were offset by increased printing, legal and year 2000 system maintenance expenses.%}
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Alexander & Baldwin (Nasdaq : ALEX)Alexander and Baldwin, Inc. is a diversified company whose principal business segments are ocean transportation, property development, and food products. For the three months ended 3/31/99, revenues fell 32 percent to $197.4 million. Net income before accounting change rose 15 percent to $15.8 million. Revenues suffered from the partial sale of California and Hawaiian Sugar Company. Earnings reflect an improved gross profit margin, and lower general and administrative expenses. 
Avondale Industries, Inc. (Nasdaq : AVDL)AVDL is a U.S. based shipbuilder specializing in the design, construction, conversion, repair and modernization of various types of ocean-going vessels for the military and commercial markets. For the three months ended 3/31/99, net sales rose 6 percent to $195.3 million. Net income before accounting change rose 1 percent to $7.5 million. Results reflect on-going construction, partially offset by an increase in costs associated with projects in the initial stages. 
B&H Ocean Carriers Ltd. (AMEX : BHO)B&H Ocean Carriers Ltd. is engaged in the business of investing in, owning, operating and selling bulk carriers and product tankers. BHO currently owns and operates 14 tankers and two bulk carriers, and has a 50 percent interest in a third bulk carrier. For the fiscal year ended 12/31/97, revenues totalled $52.8 million, up from $21 million. Net income fell 96 percent to $156 thousand. Results reflect the acquisition of PROTRANS, offset by a $6.9 million increase in interest expense. 
Seacor Smit, Inc. (NYSE : CKH)CKH operates a fleet of vessels which provide marine services to the oil and gas exploration and production industry, and oil spill response services in the U.S. Gulf of Mexico, North Sea, offshore West Africa, the Far East and L. America. For the three months ended 3/31/99, revenues fell 20 percent to $77.7 million. Net income before extraordinary item fell 61 percent to $13.3 million. Revenues reflect lower utilization and day rates and the sale of vessels. Net income reflects a lower gain from equipment sales. 
Conrad Industries, Inc. (Nasdaq : CNRD)CNRD engages in the construction, conversion and repair of marine vessels for commercial and governmental customers and the fabrication of modular components of offshore drilling rigs and floating, production, storage and offloading vehicles. For the three months ended 3/99, revenues fell 18 percent to $9.5 million. Net income totaled $832 vs. pro forma net of $2.6 million. Results reflect lower vessel construction offset by absence of $4.3 million compensation exp. 
Excel Maritime Carriers (AMEX : EXM)EXM is an international provider of worldwide seaborne transportation services for crude oil and dry bulk cargo. For the fiscal year ended 12/31/97, revenues increased 26 percent to $18.5 million. Net income increased 62 percent to $3.3 million. Revenues reflect the expansion of the fleet and a greater number of operating days. Net income also reflects an improved gross profit due to increased utilization rates and a $23 thousand foreign currency gain vs. a $4 thousand loss. 
Halter Marine Group, Inc. (AMEX : HLX)Halter Marine Group, Inc. provides design, construction, repair and conversion services for a wide variety of vessels for commercial and government markets. For the nine months ended 12/31/98, revenues increased 58 percent to $759.8 million. Net income decreased 46 percent to $11.8 million. Revenues benefitted from the acquisition of Engineered Products Group. Earnings were offset by increased salaries expense, consulting expenses and amortization of excess costs. 
Hvide Marine Inc. (Nasdaq : HMAR)Hvide Marine Inc. provides marine support and transportation services to the energy and chemical industries. For the fiscal year ended 12/98, revenues rose 91 percent to $401.9 million. Net income before extraordinary item fell 19 percent to $22.5 million. Results reflect acquisitions and additional revenues earned by OSTC for marketing vessels owned by third parties. Earnings were offset by additional debt to finance the acquisitions. 
Int'l Shipholding Corp. (NYSE : ISH)ISH operates a diversified fleet of U.S. and int'l flag vessels that provide int'l and domestic maritime transportation services to commercial and governmental customers. For the three months ended 3/31/99, revenues fell 5 percent to $88.4 million. Net income before extraordinary item rose 33 percent to $1 million. Results reflect lower sales, offset by lower general and administrative expenses due to a continued cost reductions program, and a $2.4 million gain on the sale of land. 
Kirby Corporation (NYSE : KEX)Kirby Corporation is engaged in the inland transportation of chemicals, feedstocks, and refined petroleum products. KEX also repairs diesel engines. For the three months ended 3/99, revenues fell 5 percent to $78.7 million. Net income fell 21 percent to $4 million. Results reflect lower marine transportation revenues due to the ceasing of operations of AFRAM Carriers. Earnings reflect lower margins and the absence of equity in earnings of marine affiliates. 
MC Shipping Inc. (AMEX : MCX)MCX, through its subsidiaries, is engaged in the business of investing in, owning and operating second-hand vessels known as multipurpose carriers, feeder-size containerships and product tankers. For the fiscal year ended 12/97, revenues fell 1 percent to $25.2 million. Net loss before extraordinary item and accounting change totalled $1.5 million vs. income of $2.5 million. Revenues reflect the loss of charter days due to technical reasons. Net loss reflects a $2.5 million impairment charge. 
Mitsui & Co., Ltd. (Nasdaq : MITSY)Mitsui and Co., Ltd. is an international trading company which acts on orders received from its customers and arranges for the shipping, insurance, storage or delivery of goods. For the fiscal year ended 3/98, revenues rose 2 percent to Y593.11 billion. Net income decreased 9 percent to Y32.99 billion. Revenues reflect an increase in chemical, machinery, non-ferrous metals, and iron and steel transactions. Earnings suffered from lower realized gains on the sale of marketable securities. 
Meridian Sports, Inc. (OTC BB : MSPO)MSPO designs, manufactures and markets specialized ski boats targeted principally at the boating and watersking enthusiasts. For the nine months ended 10/4/98, net sales decreased 25 percent to $45.3 million. Net loss before extraordinary item decreased 9 percent to $2 million. Revenues suffered from the absence of sales from businesses sold. Lower loss reflects an increased gross profit from ongoing operations due to higher volumes and manufacturing efficiencies. 
Marine Transport Corp. (Nasdaq : MTLX)MTLX is a U.S. -based company that owns and charters a fleet of ocean-going vessels which it operates in domestic and international markets. The Company also manages vessels for other shipowners. For the three months ended 3/31/99, revenues decreased 40 percent to $37.6 million. Net loss totalled $78 thousand vs. income of $2.2 million. Revenues reflect the exclusion of the Company's international business. Net loss reflects the absence of $1 million in equity in income. 
Nordic American Tanker (AMEX : NAT)Nordic American Tanker Shipping Ltd. was formed for the purpose of acquiring, disposing, owning, leasing and chartering three double hull Suezmax oil tankers and engaging in activities necessary, suitable or in connection with the foregoing. For the three months ended 3/31/99, revenues totalled $3.6 million. Net income totalled $1.4 million. Results are not comparable due to the start of operations in 9/97. 
Newport News Shipbuilding (NYSE : NNS)Newport News Shipbuilding, a non-government-owned shipyard, is engaged in the design, construction, repair, overhaul and refueling of nuclear-powered aircraft carriers and submarines for the U.S. Navy. For the three months ended 3/99, revenues rose 8 percent to $430 million. Net income rose 13 percent to $18 million. Revenues reflect increased fleet services activity. Earnings also reflect lower operating costs and expenses as a  percentage of sales and lower interest expense. 
OMI Corporation (NYSE : OMM)OMI Corp. is a bulk shipping company which provides seaborne transportation services, primarily of crude oil and petroleum products, in the international shipping market. For the three months ended 3/31/99, revenues fell 12 percent to $35 million. Net income fell 92 percent to $240 thousand. Revenues reflect lower voyage revenues due to lower rates. Earnings also suffered from increased depreciation and reduced S/G/A expenses allocated to foreign subsidiaries. 
Overseas Shipholding Grp. (NYSE : OSG)Overseas Shipholding Group, Inc. owns and operates a diversified fleet of ocean going bulk cargo vessels. For the three months ended 3/31/99, total revenues decreased 7 percent to $98.2 million. Net income decreased 87 percent to $3.1 million. Revenues were negatively impacted by decreased income from U.S. and foreign flag vessel operations due to reduced rates. Net income reflects the absence of $42.3 million in gain on sale of investment in cruise business. 
Sea Containers Ltd. (NYSE : SCRb)SCR.B and its subsidiaries operate in three business segments: the leasing, selling, and repairing of cargo con-tainers; the operation of passenger/vehicle ferry services; and the management of hotels and resort properties. For the fiscal year ended 12/97, revenues rose 33 percent to $1.16 billion. Net income applicable to Common rose 85 percent to $27.8 million. Revenues reflect the operation of Great North Eastern Railway (GNER) and hotel acquisitions. Earnings reflect a decrease in other costs. 
Stolt-Nielsen S.A. (Nasdaq : STLTF)Stolt-Nielsen S.A., through its subsidiaries, is engaged in three businesses: Transportation Services, Subsea Services and Seafood. Revenues for the fiscal year ended 11/30/98 rose 18 percent to $1.80 billion. Net income before extraordinary item fell 58 percent to $96.3 million. Revenues reflect higher transportation service, Subsea service and Seafood revenues. Earnings were offset by the absence of a $139.5 million gain on the sale of subsidiary stock and an increase in minority interest charges. 
Teekay Shipping Corp. (NYSE : TK)Teekay Shipping is a provider of international crude oil and petroleum product transportation services through a fleet of medium size oil tankers. For the fiscal year ended 3/31/99, revenues rose 1 percent to $411.9 million. Net income before extraordinary item fell 25 percent to $52.7 million. Revenues reflect an increase in the Company's fleet size and higher TCE rates earned on the Australian vessels. Earnings were offset by an increase in the number of vessels time-chartered. 
Transportacion Maritima (NYSE : TMM)Transportacion Maritima Mexicana provides maritime, rail cargo transport, storage and related shipping services worldwide. For the three months ended 3/31/99, revenues fell 15 percent to $193 million. Net loss before U.S. GAAP adjustment totalled $18 million, up from $4.6 million. Results reflect lower liner revenues due to decreases in freight rates and North Atlantic trade rates primarily resulting from increased competition, increased S/G/A expenses and $8.7 million in losses from Grupo TFM. 
Todd Shipyards Corp. (NYSE : TOD)Todd Shipyards Corp. is engaged in the construction, overhaul, conversion and repair of commercial military ships and vessels. For the nine months ended 12/27/98, revenues fell 32 percent to $60.5 million. Net loss totalled $1.7 million vs. an income of $1.5 million. Revenues reflect a decrease in Mark II revenue due to the completion and delivery of the first two vessels. Net loss suffered from lower margins due to increased Mark II contract costs coupled with a set contract price. 
Trailer Bridge, Inc. (Nasdaq : TRBR)Trailer Bridge is an integrated trucking and marine freight carrier that provides truckload freight transportation primarily between the U.S. and Puerto Rico. For the nine months ended 9/30/98, revenues increased 9 percent to $53.6 million. Proforma net loss decreased 94 percent to $218 thousand. Revenues reflect increased trailer and new vehicle volume to Puerto Rico. Lower loss also benefitted from decreased salaries, wages and benefits and fuel expenses. 
Maritrans Inc. (NYSE : TUG)TUG owns and operates oil tankers, tugs and barges principally used in the transportation of oil and related products along the Gulf and Atlantic Coasts, and own and operate pertroleum storage facilities on the Atlantic Coast. For the three months ended 3/99, revenues rose 7 percent to $38.4 million. Net income totalled $2.1 million, up from $720 thousand. Revenues reflect fewer weather delays. Earnings also reflect a $3.7 million gain on the disposal of vessels. 
Knightsbridge Tankers Ltd (Nasdaq : VLCCF)VLCCF engages in the acquisition, disposition, ownership, leasing and chartering of, through wholly-owned subsidiaries, five very large crude oil carriers. The Co. charters these vessels to Shell International Petroleum Company Limited. For the three months ended 3/31/99, revenues remained flat at $9.9 million. Net income fell 1 percent to $3 million. Results reflect a full year of operations, offset by decreased interest income.%}
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Aqua Alliance, Inc. (AMEX : AAI)Aqua Alliance, Inc. is an integrated single source provider of services and solutions for the water and wastewater and hazardous waste remediation markets. For the six months ended 4/30/99, sales rose 4 percent to $231.2 million. Net loss before accounting change and from continuing operations fell 40 percent to $13 million. Results reflect increased sales in the Professional Services Group, and reduced S/G/A expenses at Metcalf and Eddy due to the reorganization. 
Appliance Recycling Cntrs (OTC BB : ARCI)ARCI provides comprehensive services for large-scale collection, resale and recycling of household appliances in an environmentally-sound manner. For the three months ended 4/3/99, revenues rose 7 percent to $2.8 million. Net loss fell 42 percent to $398 thousand. Revenues reflect higher same store retail sales and increased sales of Whirlpool products. Lower loss reflects an improved gross profit margin due to the discontinuation of unprofitable programs and lower S/G/A expenses. 
ATG, Inc. (Nasdaq : ATGC)ATG is a radioactive and hazardous waste management company offering comprehensive treatment solutions for low-level radioactive waste and low-level mixed waste generated by commercial entities. For the three months ended 3/99, revenues rose from $5.5 million to $12.9 million. Net income rose 66 percent to $1.1 million. Revenues reflect higher commercial utilization of the Company's SAFGLAS thermal treatment system. Net income was partially offset by higher personnel costs. 
Allied Waste Industries (NYSE : AW)Allied Waste Industries is a vertically-integrated non-hazardous solid waste management company serving approximately 2.6 million customers through operations in 28 states. For the three months ended 3/31/99, revenues rose 14 percent to $408 million. Net income rose 28 percent to $40.5 million. Revenues reflect volume increases, price increases and internal growth. Net income reflects lower cost of operations and lower selling, general and admin. expenses due to economies of scale. 
Barringer Laboratories (OTC BB : BALB)Barringer Laboratories provides analytical services to the environmental services and mineral exploration industries. For the three months ended 3/99, revenues decreased 28 percent to $1.2 million. Net loss totalled $446 thousand, up from $123 thousand. Revenues suffered from the reduction in mineral exploration work and absence of major contracts for the Radiochemical division. Higher loss reflects higher interest expense and translation losses. 
Browning-Ferris Inds. (NYSE : BFI)BFI collects, transports, treats and/or processes, recycles, and disposes of solid wastes, and is involved in waste-to-energy conversion, medical waste services, portable restroom services, and sweeping operations For the six months ended 3/99, revenues fell 22 percent to $2.08 billion. Net income before extraordinary item and acct. change fell 23 percent to $138.8 million. Results reflect the divestiture of non North American business operations and the inclusion of a $19.2 million special charge vs. a $21.5 million credit. 
Compost America Holding (OTC BB : CAHC)Compost America Holding is in the business of transporting biosolids to approved land application sites and transporting ash, municipal solid waste and contaminated soils to approved landfills by intermodal truck and/or rail hauling. For the nine months ended 1/31/99, total revenues totalled $16.7 million, up from $4.8 million. Net loss applicable to Common totalled $14 million, up from $5.6 million. Results reflect acquisitions, offset by increased legal and consulting expenses. 
Cap. Environmt. Resource (Nasdaq : CERI)Capital Environmental Resource, Inc. is a regional, integrated solid waste services company that provides collection, transfer, disposal and recycling services to commercial, industrial and residential customers in Ontario, western Canada, and the northern United States. For the fiscal year ended 12/31/98, revenues totalled $62.1 million. Net income totalled $1.2 million. Results are not comparable due to the inception of operations on May 23, 1997. 
Chemfix Technologies, Inc (OTC BB : CFXT)CFXT is engaged in environmental waste treatment and construction services providing the processing of hazardous and special waste materials and remedial construction for underground and above ground tank systems. For the three months ended 11/97, revenues fell 34 percent to $486 thousand. Net loss before extraordinary item totalled $121 thousand vs. income of $37 thousand. Results reflect VenVirotek facility being prohibited to operate and an increase in construction costs. 
Clean Harbors, Inc. (Nasdaq : CLHB)Clean Harbors, through its subsidiaries, provides a wide range of hazardous waste management services to a diversified customer base in the U.S. and Puerto Rico. For the three months ended 3/31/99, total revenues increased 11 percent to $44.6 million. Net loss applicable to Common decreased 20 percent to $3 million. Revenues reflect higher volumes of waste processed and field service hours worked. Lower loss reflects higher margins and lower debt levels. 
CNH Holdings Company (OTC BB : CNHH)CNH Holdings Company, through its subsidiaries, is engaged in the remediation of naturally occuring radioactive and wates materials along the Gulf coast of TX and LA. CNHH is also involved in the exploration for and development of oil and gas properties. For the nine months ended, revenues totalled $476 thousand. Net loss totalled $281 thousand. Results are not comparable because the Company had no revenues and immaterial expenses from 1991 through June 1998. 
Commodore Environmental (OTC BB : COES)COES, through its 43 percent owned subsidiary, Commodore Applied Technologies, provides a range of technologies and services directed at remediating contamination in soils and other materials. COES also provides services related to on-site waste containment. For the nine months ended 9/30/98, revenues fell 92 percent to $1.3 million. Net income totalled $2 million vs. a loss of $8.7 million. Results reflect the deconsolidation of Applied, offset by an $8 million subsidiary stock sale gain. 
Casella Waste Systems (Nasdaq : CWST)Casella Waste Systems is a regional non-hazardous solid waste services company that provides collection, transfer, disposal and recycling services in Vermont, New Hampshire, Maine upstate New York, and northern Pennsylvania. For the nine months ended 1/31/99, revenues increased 23 percent to $124 million. Net income applicable to Common totaled $7.3 million, up from $1.1 million. Results reflect the impact of businesses acquired and lower interest expenses. 
Commodore Applied Tech. (AMEX : CXI)Commodore Applied Technologies and subsidiaries is engaged in the destruction and neutralization of hazardous waste and the separation of hazardous waste from other materials. For the three months ended 3/31/99, revenues fell 21 percent to $3.3 million. Net loss fell 74 percent to $880 thousand. Revenues suffered from lower subcontracted revenues from a major customer. Lower loss reflects lower research and development and general and administrative expenses. 
Commodore Separation Tech (OTC BB : CXOT)CXOT a development stage company, has developed and commercializes its separation technology and recovery system known as SLiM (supported liquid membrane (TM)). For the three months months ended 3/31/99, revenues totalled $264 thousand vs. none. Net loss decreased 65 percent to $419 thousand. Revenues reflects commencement of operations at the Port of Baltimore Hawkins Point Project. Lower loss also reflects closing of office and lower overhead costs. 
Daw Technologies, Inc. (Nasdaq : DAWK)DAWK designs, engineers, manufactures, installs and services ultra-clean manufacturing environments or ``cleanrooms'' for the semiconductor industry worldwide. DAWK provides all aspects of the ``cleanroom'', recirculating air handling systems, ceiling, floor, and wall systems. For the fiscal year ended 12/98, revenues rose 1 percent to $53.1 million. Net loss rose 74 percent to $3.9 million. Results reflect the award of a significant project in China, offset by lower margins. 
GTS Duratek Inc. (Nasdaq : DRTK)GTS Duratek, Inc. provides waste treatment solutions for radioactive, hazardous, mixed, and other wastes for commercial and government waste operations. For the three months ended 3/31/99, revenues rose 4 percent to $38.9 million. Net income applicable to Common before accounting change totalled $1.4 million vs. a loss of $276 thousand. Revenues benefitted from higher government waste processing services and gains at DuraTherm facilities. Earnings reflect lower loss in joint ventures. 
EA Engineering Science (Nasdaq : EACO)EA Engineering is an international consulting firm specializing in the fields of energy, environment, and health and safety. EACO also provides scientific, engineering, economic, analytical, and management solutions to government, industrial and utility clients. For the six months ended 2/99, revenues fell 15 percent to $26 million. Net loss totalled $2.1 million vs. an income of $406 thousand. Revenues reflect lower contract volume across all client sectors. Loss reflect lower margins. 
American Eco Corporation (Nasdaq : ECGO)American Eco Corp. and subsidiaries provide industrial services, environmental services and specialty manufacturing to the petrochemical, refining, forest products and offshore fabrication industries. For the three months ended 2/99, revenues rose 26 percent to $73.8 million. Net income fell 55 percent to $975 thousand. Results reflect revenues from U.S. Industrial Services, Inc., offset by increased direct costs as a  percentage of revenues. 
American Ecology Corp. (Nasdaq : ECOL)ECOL and its subsidiaries provide processing, packaging, transportation, remediation and disposal services for generators of hazardous waste and low level radioactive waste. For the three months ended 3/99, revenues fell 5 percent to $9.2 million. Net income applicable to Common totalled $16 thousand vs. a loss of $183 thousand. Revenues reflect a shortfall in site availability. Earnings reflect decreased clean-up costs incurred at Winona facility and lower RCRA closure costs. 
ECOS Group Inc. (OTC BB : ECOS)ECOS is engaged in environmental consulting and other environmental related services, including testing and remediation. For the nine months ended 12/31/97, revenues fell 20 percent to $3.7 million. Net loss from continuing operations before extraordinary item rose 74 percent to $1.4 million. Revenues reflect lower revenues for environmental consulting. Higher loss reflects an increase in general and administrative costs due to the write-off of goodwill and assets in the parent company. 
Ecology and Environment (AMEX : EEI)EEI is an environmental consulting and testing firm that provides a range of environmental consulting services worldwide so that sustainable economic and human development may proceed with minimum negative impact on the environment. For the nine months ended 5/1/99, net revenues rose 3 percent to $47.1 million. Net income fell 40 percent to $284 thousand. Results reflect an increase in sales from the Company's international clients, offset by lower operating margins due to pricing pressures. 
EnviroSource, Inc. (Nasdaq : ENSO)EnviroSource supplies industrial customers with specialized services, primarily the recycling, handling, stabilization or landfilling of environmentally sensitive wastes or by-products. For the three months ended 3/31/99, revenues decreased 19 percent to $48.3 million. Net loss totalled $9.1 million, up from $1.6 million. Revenues reflect the overall steel industry slowdown and a reduction in slag and scrap sales. Higher loss suffered from increased interest expenses. 
CET Environmental Service (AMEX : ENV)ENV provides a variety of consulting and technical services to resolve environmental and health risk problems in the air, water and soil with an expertise in environmental remediation and water treatment techniques. For the three months ended 3/99, revenues rose 13 percent to $12.9 million. Net income applicable to Common totalled $346 thousand vs. a loss of $666 thousand. Revenues reflect higher revenue provided EPA by contracts. Earnings reflect a continued focus on cost control. 
Envirogen, Inc. (Nasdaq : ENVG)Envirogen, Inc. is an environmental biotechnology company engaged in the development and design of advanced biological systems to treat and degrade hazardous wastes. Total revenues for the three months ended 3/31/99 decreased 22 percent to $5.1 million. Net loss increased 11 percent to $616 thousand. Revenues reflect the adoption of the Emergency Rules under the PECFA program. Loss was partially offset by headcount reductions, purchasing efficiencies and FMI integration. 
Green Oasis Environmental (GRNOGRNO is a development stage company engaged in product design, development, testing and production activities and in the marketing and distribution of waste oil refining equipment. For the nine months ended 9/30/97, total revenues totalled $1.3 million, up from $37 thousand. Net loss before extraordinary item and applicable to Common fell 6 percent to $404 thousand. Results reflect the sale of one waste oil unit to GOE Plant Partnership I, partially offset by higher shareholder relations costs. 
Hawks Industries, Inc. (Nasdaq : HAWK)Hawks Industries, Inc. is engaged the environmental testing business, focusing on air quality testing. HAWK also invests in oil and gas producing properties. For the three months ended 3/31/99, revenues increased 48 percent to $746 thousand. Net income totalled $34 thousand vs. a loss of $39 thousand. Revenues reflect the result of acquiring one large client while maintaining regular clients. Earnings also reflect lower oil and gas expenses, decrease in staff and debt levels. 
Hi-Rise Recycling Systems (Nasdaq : HIRI)HIRI is engaged in manufacturing, distributing, marketing and selling recycling and other solid waste handling equipment. For the three months ended 3/99, revenues totalled $12.3 million, up from $3.8 million. Net income applicable to Common totalled $917 thousand, up from $329 thousand. Revenues reflect the inclusion of sales of Hesco, Bes-Pac, De Vivo and Wilkinson sales. Earnings also reflect increased sales of Hi-Rise Systems and interest income. 
Harding Lawson Associates (Nasdaq : HRDG)Harding Lawson Associates provides engineering, environmental and construction services related to the development and implementation of environmental management systems for maintaining compliance with environmental regulations. For the 39 weeks ended 2/28/99, net revenues rose 30 percent to $80.8 million. Net income fell 24 percent to $1.6 million. Results reflect the acquisition of ABB Environmental Services, offset by lower margins and higher payroll and indirect costs. 
ICF Kaiser International (NYSE : ICF)ICF provides engineering and construction services to the transportation, infrastructure, environment, energy, information technology, housing, economic development and microelectonic markets. For the fiscal year ended 12/31/98, total net revenues fell 19 percent to $345.5 million. Net loss before Actg. Change and Extra. Item rose from $5 million to $93.4 million. Results reflect the results of the Nitric Acid project and $17.1 million in restructuring charges and other one-time charges. 
IDM Environmental Corp. (Nasdaq : IDMC)IDM Environmental is a diversified service company offering arange of design, engineering, construction, project development and management, plant operations and environmental services and technologies. For the fiscal year ended 12/31/98, revenues rose 12 percent to $20 million. Net loss applicable to Common totalled $26.4 million, up from $11.2 million. Revenues reflect higher contract service income. Higher loss reflects unforeseeable costs incurred on several contracts. 
Industrial Services (Nasdaq : IDSA)Industrial Services of America is an integrated solid waste management consulting company engaged in the business of retail and industrial waste management and waste handling equipment sales and service. For the three months ended 3/31/99, total revenues increased 21 percent to $17.1 million. Net income fell 12 percent to $135 thousand. Results reflect increased sales from Computerized Waste Systems, offset by increased S/G/A expenses following the establishment of ISA Indiana. 
Industrial Ecosystems (OTC BB : IECS)Industrial Ecosystems operates a wholly owned subsidiary, EPC, which utilizes a bioremediation process to reclaim contaminated soil. The majority of the Company's excavating and soil remediation jobs are done on sites owned and operated by Amoco Production Company in and around the Farmington area. For the three months ended 3/31/99, revenues totalled $131 thousand. Net loss before extraordinary item totalled $199 thousand. Comparable results are not available. 
IMCO Recycling, Inc. (NYSE : IMR)IMR is engaged in the processing of aluminum, which includes used beverage cans (UBCs), scrap, and dross. IMR converts UBCs, scrap and dross into molten metal at facilities owned and operated by the company. For the three months ended 3/31/99, revenues rose 38 percent to $175.2 million. Net income rose 11 percent to $5.1 million. Revenues reflect acquisitions and increased processing volume at existing plants. Earnings were partially offset by an increase in production facilities. 
Ionics, Incorporated (NYSE : ION)ION is a water purification company supplying water and water treatment equipment worldwide through the use of proprietary separations technologies and systems. For the three months ended 3/31/99, revenues rose 11 percent to $87.4 million. Net income fell 22 percent to $4.7 million. Revenues reflect strength in the UltraPure Water Group. Earnings were offset by lower margins in the Equipment Group and in the Instruments Group, and increased marketing, Y2K and legal expenditures. 
IT Group, Inc. (NYSE : ITX)IT Group, Inc. is a provider of diversified, value-added services in the areas of environmental consulting, engineering and construction and remediation. For the comparable three months ended 3/26/99, revenues rose 90 percent to $258 million. Net income applicable to Common from continuing operation before extraordinary item totalled $4.2 million vs. a loss of $5.1 million. Results reflect acquisitions and the absence of $5.7 million in integration costs. 
KBF Pollution Management (OTC BB : KBFP)KBF Pollution Management engages in the environmental services business as a waste water metal recovery facility specializing in the resource recovery of hazardous and non-hazardous metal bearing wastes. For the three months ended 3/31/99, revenues fell 49 percent to $553 thousand. Net loss from continuing operations totalled $249 thousand vs. an income of $528 thousand. Results reflect the absence of a $500 thousand non-recurring license fee and increased professional and legal expenses. 
Rich Coast, Inc. (OTC BB : KRHC)Rich Coast, Inc. is a non-hazardous waste treatment facility specializing in recycling of waste oils. For the nine months ended 1/31/99, sales decreased 16 percent to $1.7 million. Net loss totalled $2 million, up from $588 thousand. Revenues reflect the General Motors strike and a delay in bringing new process capability on stream. Loss also reflects increased audit, legal and accounting costs, and $765 thousand in costs related to the beneficial conversion feature of debt. 
Kimmins Corporation (OTC BB : KVNM)KVNM provides specialty-contracting services including earthwork, infrastructure development, underground construction, roadwork, and site remediation services. For the fiscal year ended 12/31/98, revenues fell 27 percent to $59.3 million. Net loss from continuing operations totaled $15.1 million, up from $5.6 million. Results reflect decreases in utility contracting services due to weather delays and decreases in demolition and remediation services. 
Landauer, Inc. (AMEX : LDR)LDR offers a service for measuring the dosage of x-ray, gamma radiation and other penetrating ionizing radiations. LDR also provides services for detecting radon gas and monitoring nitrous oxide anesthetic gases. For the six months ended 3/99, revenues increased 5 percent to $22.3 million. Net income rose less than 1 percent to $6.4 million. Revenues reflect higher prices in the personnel dosimetry services. Earnings were partially offset by lower margins. 
Leak-X Environmental Corp (OTC BB : LEAK)LEAK provides environmental engineering, hydrogeological and remedial consulting services, and construction management services for storage tank related construction. For the nine months ended 9/30/98, net revenues fell 10 percent to $5 million. Net income from continuing operations totalled $79 thousand vs. a loss of $43 thousand. Results reflect a decrease in construction management services, offset by an increase in higher margin professional services. 
Molten Metal Technology (OTC BB : MLTNQ)MLTNQ is an environmental technology company engaged in the commercialization and development of its proprietary processing technology known as Catalytic Extraction Processing. For the nine months ended 9/97, revenues fell 69 percent to $16.9 million. Net loss applicable to Common totalled $115.1 million, up from $5.6 million. Results reflect the absence of revenues recognized for the construction of M4's Technology Center. Higher loss reflects a $38.4 million charge for asset impairment. 
Metal Management Inc. (Nasdaq : MTLM)MTLM and its subsidiaries are engaged in the business of collection and processing of ferrous and non-ferrous metals for resale to metals brokers, steel producers, and producers and processors of other metals. For the nine months ended 12/31/98, revenues rose 72 percent to $611 million. Net loss from continuing operations applicable to Comm. before extraordinary item rose 5 percent to $38.2 million. Results reflect recent acquisitions, offset by higher S/G/A expenses and debt levels. 
Med/Waste, Inc. (MWDSEMed/Waste, Inc. is a holding company which, through its subsidiaries engages in the provision of medical waste management services throughout the eastern U.S. For the nine months ended 9/30/98, revenues totalled $20.7 million, up from $7.4 million. Net income from continuing operations applicable to Common totalled $1.1 million, up from $345 thousand. Revenues reflect the inclusion of acquisitions. Net income also reflects savings in corporate overhead. 
Mercury Waste Solutions (Nasdaq : MWSI)MWSI provides mercury waste remediation and recycling solutions to mercury waste generators including public utilities, manufacturers, building management and hazardous waste management facilities. For the fiscal year ended 12/31/98, revenues totaled $6.3 million, up from $2.9 million. Net income totaled $392 thousand vs. a loss of $1.2 million. Revenues reflect increased storage capacity. Net income reflects lower R&D expense related to completion of Model 3000. 
Nat'l Environmental Svc. (Nasdaq : NESC)NESC provides environmental protection and clean up services such as cathodic protection of underground metal tanks, installation of spill and overfill protection and environmental site assessments. For the three months ended 3/99, revenues rose 76 percent to $6.5 million. Net income totalled $631 thousand, up from $26 thousand. Revenues reflect growth in the number of fueling system installations. Earnings also reflect decreased interest expenses. 
Noxso Corporation (OTC BB : NOXOQ)NOXOQ, a development stage company, develops, tests, and markets the Noxso Process. The process removes sulfur dioxide and nitrogen oxides from the emissions produced by coal-burning plants. For the nine months ended 3/98, revenues rose from $470 thousand to $2.6 million. Net loss before extraordinary item fell 82 percent to $787 thousand. Revenues reflect increased processing at the TN facility and a gain upon sale of the TN facility. Lower loss was partially offset by $478 thousand in asset impairments. 
N-Viro International (Nasdaq : NVIC)N-Viro Int'l owns and licenses the N-Viro Process, a patented technology to treat and recycle wastewater sludges and other bio-organic wastes, utilizing certain alkaline by-products produced by the cement, lime and other industries. For the three months ended 3/99, revenues fell 5 percent to $978 thousand. Net income fell 73 percent to $18 thousand. Results reflect a decreased in territorial and site license revenue, higher costs in generating facility management revenues and J.V. losses. 
Perma-Fix Envirn. Service (Nasdaq : PESI)PESI is engaged in the treatment, storage, recycling and disposal of hazardous and non-hazardous waste, industrial waste management and consulting engineering services. For the three months ended 3/31/99, revenues rose 19 percent to $7.8 million. Net income applicable to Common totalled $14 thousand vs. a loss of $491 thousand. Revenues reflect growth in the oily waste water and field services market. Net income also reflects a higher gross profit  percentage due to increased efficiencies. 
Quantum Group (OTC BB : QTMG)The Quantum Group is engaged in investigating innovative products in the environmental and recycling industries and obtaining licenses and marketing rights for such products. For the three months ended 3/31/99, revenues decreased 86 percent to $71 thousand. Net loss totalled $304 thousand, up from $136 thousand. Revenues suffered from the absence of $460 thousand in equipment sales. Higher loss also suffered from higher operating expenses. 
Recycling Industries, Inc (RECQRecycling Industries, Inc. is a full-service metals recycler engaged in the collection and processing of ferrous and nonferrous metals for resale to domestic and foreign steel producers and other metals processors. For the three months ended 12/98, revenues rose 44 percent to $45 million. Net loss before extraordinary item applicable to Com. totalled $10.9 million, vs income of $104 thousand. Results reflect acquisitions, offset by declines in demand and sale prices of ferrous scrap. 
Republic Services, Inc. (NYSE : RSG)Republic Services, Inc. provides non-hazardous solid waste collection and disposal services for commercial, industrial, municipal and residential customers in the U.S. RSG also owns or operates 70 transfer station and 48 solid waste landfills. For the three months ended 3/99, revenues rose 34 percent to $403.5 million. Net income rose 25 percent to $43.4 million. Revenues reflect internal growth and acquisitions. Net income was partially offset by higher debt levels due to acquisitions. 
Sharps Compliance Corp. (OTC BB : SCOM)Sharps Compliance Corp. provides products and systems which allow small-quantity generators of medical waste to track and dispose of sharps such as needles and other infectious wastes. For the comparable nine months ended 3/31/99, revenues totalled $1.7 million, up from $807 thousand. Net loss totalled $1.4 million, up from $515 thousand. Revenues reflect an increased acceptance of the Company's Mail Disposal System. Higher loss reflects the expansion of infrastructure. 
Strategic Diagnostics (Nasdaq : SDIX)SDIX develops, manufactures and markets immunoassay based test kits for rapid detection of substances in three primary markets: water quality, industrial testing and agricultural. For the three months ended 3/99, revenues rose 35 percent to $3.9 million. Net loss applicable to Common totalled $3.3 million, vs. an income of $20 thousand. Results reflect growth in the agricultural product category, offset by a $3.5 million charge for acquired in-process research and development. 
Seiler Pollution Control (SEPESeiler Pollution Control is an environmental service and equipment company which acquired the rights to develop a process called High Temperature Vitrification (HTV), which may treat hazardous waste without yielding toxic emissions. For the nine months ended 12/31/98, revenues rose from Zero to $1.1 million. Net loss rose 59 percent to $5.6 million. Revenues reflect the Q2 completion of a facility in Germany with one vitrification line. Higher loss reflects a $4.2 million HTV related write-off. 
Sevenson Environmental (Nasdaq : SEVN)Sevenson Environmental provides a comprehensive range of field services for the remediation of sites and facilities contaminated by hazardous materials. For the three months ended 3/31/99, revenues rose 36 percent to $18.1 million. Net income totaled $796 thousand vs a loss of $239 thousand. Revenues reflect two EPA Region II contracts. Net income reflects higher margins on projects performed due to competitive conditions and higher interest income. 
Safety-Kleen Corp. (NYSE : SK)Safety-Kleen Corp. provides hazardous and industrial waste management services, designed to collect, process, recycle and dispose of hazardous and industrial waste streams. For the six months ended 2/28/99, revenues totalled $869.2 million, up from $384.8 million. Net income totalled $46 million, up from $13.7 million. Revenues benefited from increased throughput at the Company's treatment and disposal facilities. Earnings reflect higher gross margins. 
Stericycle, Inc. (Nasdaq : SRCL)SRCL provides collection, transportation, treatment, disposal, reduction, reuse, and recycling services for regulated medical waste to hospitals and other healthcare providers. For the three months ended 3/31/99, revenues rose 80 percent to $23.9 million. Net income rose from $780 thousand to $2.4 million. Revenues reflect sales to higher-margin alternate care generators, acquisitions and the sale of equipment to CAVO. Net income reflects higher margins and gains from route sales by 3CI. 
Superior Services, Inc. (Nasdaq : SUPR)SUPR is an acquisition-oriented integrated solid waste services company providing a range of collection, transfer, recycling and disposal services to generators of solid waste and special waste. For the three months ended 3/99, revenues rose 17 percent to $80 million. Proforma net income rose from $3 million to $7 million. Results reflect higher revenues due to businesses acquired. Net income reflects the absence of $1.5 million in merger costs. 
3CI Complete Compliance (Nasdaq : TCCC)3CI Complete Compliance is engaged in the business of medical waste management services in the southwestern and southeastern United States. For the three months ended 12/31/98, revenues increased 3 percent to $4.7 million. Net loss decreased 14 percent to $106 thousand. Revenues benefitted from the Company focusing on higher margin generators of medical waste. Lower losses reflect a reduction in professional and legal fees, and an increase in gross profit. 
ThermoRetec Corporation (AMEX : THN)ThermoRetec Corporation is a national provider of environmental services including industrial, nuclear and soil remediation, as well as waste-fluids recycling. For the thirty-nine weeks ended 1/2/99, revenue increased 10 percent to $106.5 million. Net loss totalled $4.3 million vs. income of $3 million. Revenues benefitted from the inclusion of operations from several acquisitions. Losses reflect a $9.2 million restructuring charge. 
Tanknology-NDE Int'l. (OTC BB : TNDE)Tanknology-NDE International provides systems and services to detect leaks in above and underground tanks and piping. For the three months ended 3/31/99, revenues increased 8 percent to $12.6 million. Net loss applicable to Common Stock increased from $29 thousand to $1.2 million. Revenues reflect the inclusion of revenues from the Maintenance Management Division and increases from Compliance Management Services. Higher loss reflects the under utilization of fixed costs. 
TransCor Waste Services (OTC BB : TRCW)TransCor Waste Services discontinued its solid waste management services. The Company now provides demolition services including the razing and dismantling of facilities and structures for residential and commercial customers. For the three months ended 3/31/99, revenues decreased 78 percent to $417 thousand. Net income from continuing operations rose 34 percent to $312 thousand. Results reflect a decrease in demolition operations offset by the inclusion of a $563 thousand gain on securities. 
TRC Companies, Inc. (NYSE : TRR)TRR, together with its subsidiaries, provide environmental management, engineering and remediation services and pollution control measurement instrumentation to industry and government. For the six months ended 12/98, revenues rose less than 1 percent to $26 million. Net income totalled $1 million, up from $378 thousand. Revenues reflect the initiation of management's growth plan. Net income reflects cost reductions undertaken and lower debt outstanding. 
Thermo Tech Technologies (OTC BB : TTRIF)Thermo Tech is in the business of waste conversion and waste management. The patented Thermo Master (TM) fermentation process provides a controlled environment in which waste materials are converted to value added products. For the six months ended 10/31/98, revenues increased 14 percent to C$2 million. Net loss according to U.S. GAAP increased 17 percent to C$8.4 million. Revenues reflect an increase in sales. Higher loss reflects an increase in professional fees. 
Thermo Terratech, Inc. (AMEX : TTT)Thermo Terratech, Inc. provides industrial outsourcing services and manufacturing support in four segments: environmental-liability management, engineering and design, laboratory testing and metal treating. For the fiscal year ended 4/3/99, total revenues increased 4 percent to $310 million. Net loss totalled $1.4 million vs. an income of $3.2 million. Results benefitted from increased environmental liability management service revenues. Net loss reflects $10.2 million in restructuring charges. 
USA Biomass Corporation (Nasdaq : USBC)USA Biomass Corp., formerly in agribusiness and land planning and development, is engaged in biomass (``clean green waste'' processing and tree maintenance) and waste transport operations since 12/98. For the comparable three months ended 3/31/99, revenues totalled $2.1 million, up from $543 thousand. Net loss applicable to Common decreased 31 percent to $649 thousand. Revenues benefitted from in the transportation division. Lower losses reflect an increase in gross profits. 
U S Industrial Services (OTC BB : USIS)U.S. Industrial Services is a multi-state service company, specializing in painting, fireproofing, hydroblasting and vacuum services. For the six months ended 3/31/99, revenues decreased 16 percent to $17.6 million. Net income increased from $263 thousand to $3.7 million. Revenues suffered from the sale of the assets of P.W. Residential and Manta. Earnings benefitted from a $4.6 million gain on sale of assets, a decrease in S/G/A expenses, and lower interest expense. 
U.S. Liquids, Inc. (AMEX : USL)U.S. Liquids, Inc. collects, processes, recovers and disposes of liquid waste from waste streams and oilfield waste generated in the exploration for and production of oil and natural gas. For the three months ended 3/31/99, revenues rose from $12.3 million to $55.3 million. Net income rose from $1.5 million to $4.2 million. Revenues reflect an increase in sales in the Wastewater Division due to recent acquisitions. Net income reflects lower S/G/A costs as a  percentage of sales. 
Versar, Inc. (AMEX : VSR)Versar is a professional services firm that helps clients in the business of environmental services, energy services and facilities infrastructure services. For the nine months ended 3/99, revenues increased 23 percent to $43.9 million. Net income from continuing operations rose from $575 thousand to $1.2 million. Revenues reflect increased project revenues in the Rocky Mountain operations and the acquisition of Greenwood Partnership. Earnings also reflect improved labor utilization. 
Wastemasters Inc. (WASTEWastemasters is a pollution control company in the business of owning, operating, acquiring and developing nonhazardous waste disposal facilities and complementary businesses. For the nine months ended 9/30/98, revenues totalled $14 million, up from $407 thousand. Net loss from continuing operations rose 33 percent to $6.1 million. Revenues benefitted from an increase due to acquisitions that have occurred. Higher losses reflect additional overhead connected with the acquisitions. 
Tetra Tech, Inc. (Nasdaq : WATR)WATR provides specialized management consulting and technical services in three principal business areas: resource management, infrastructure and communications. For the six months ended 4/4/99, gross revenues rose 52 percent to $242.1 million. Net income rose 39 percent to $11.9 million. Results reflect increased revenues from all client sectors and entities acquired in fiscal 1998. Net income was partially offset by increased interest expense and the volume increase in cost-reimbursable contracts. 
Waste Connections, Inc. (Nasdaq : WCNX)Waste Connections, Inc. is a regional integrated solid wastes services company which provides solid waste collection, transfer, disposal and recycling services. WCNX serves commercial, industrial and residential customers in ten states. For the three months ended 3/31/99, revenues increased 87 percent to $30.9 million. Net loss applicable to Common totalled $4.4 million, up from $220 thousand. Results reflect acquisitions, offset by $7.8 million in acquisition related expenses. 
Windswept Enviro. Group (OTC BB : WEGI)WEGI provides a broad range of environmental services through vertically integrated businesses in the areas of hazardous waste remediation, asbestos removal, laboratory testing and training, and lead remediation. For the nine months ended 1/31/99, revenues rose 13 percent to $11 million. Net loss applicable to Common fell 85 percent to $440 thousand. Results benefitted from higher revenues from subsidiaries, profitable mix of services and staff reductions. 
Waterlink, Inc. (NYSE : WLK)Waterlink, Inc. is an international provider of integrated water purification and wastewater treatment solutions, principally to industrial and municipal customers. For the six months ended 3/31/99, net sales increased 45 percent to $85.8 million. Net income decreased 37 percent to $1.4 million. Revenues benefitted from acquisitions and internal growth. Net income suffered from lower gross margins due to the acquisition of the Specialty Products Division. 
Waste Management Inc. NEW (NYSE : WMI)WMI provides integrated waste management services consisting of collection, transfer, disposal, recycling and resource recovery services as well as other hazardous waste services to commercial, industrial, municipal and residential customers. For the three months ended 03/31/99, sales rose 3 percent to $3.07 billion. Net income totalled $364.3 million, up from $181.4 million. Results benefitted from acquisitions, internal growth and lower general and administrative expenses. 
Waste Recovery, Inc. (OTC BB : WRII)WRII is a tire recovery company that specializes in processing scrap tires into a refined fuel supplement called tire-derived fuel (TDF). The Company generates income from the sale of TDF and wire, and from tipping fees charged for tire disposal. For the nine months ended 9/30/98, revenues fell 16 percent to $18 million. Net loss applicable to Common totalled $2.7 million, up from $959 thousand. Results reflect lower TDF sales at the Illinois plants and increases in compensation costs. 
Waste Systems Int'l, Inc. (Nasdaq : WSII)WSII is a regional integrated non-hazardous solid waste manangement company that provides solid waste collection, recycling, transfer and disposal services. For the three months ended 3/31/99, sales totalled $8.9 million, up from $1.5 million. Net loss applicable to Common before extraordinary item totalled $8.5 million, up from $1.4 million. Sales reflect acquisitions and the internal growth within the Vermont operations. Higher loss reflects a $5.6 million charge related to debt conversion. 
Waste Industries, Inc. (Nasdaq : WWIN)WWIN is a regional solid waste services company providing waste collection, transfer, recycling, processing and disposal services to customers in NC, SC, and to a limited extent in VA. For the three months ended 3/99, revenues rose 21 percent to $47.5 million. Net income (vs. pro-forma) rose 21 percent to $2.9 million. Revenues reflect eight businesses acquired, and new municipal and commercial contracts and residential subscriptions. Earnings also reflect synergy achieved through acquisition.%}
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Cannon Express, Inc. (AMEX : AB)Cannon Express, Inc. is an irregular route, truckload carrier transporting a wide range of commodities in the U.S. and Canada. For the nine months ended 3/31/99, operating revenues decreased 16 percent to $71.5 million. Net loss totalled $701 thousand vs. an income of $2.2 million. Revenues suffered from a reduction in business from Wal-Mart, the Company's major customer. Loss reflects increases in operating expenses as a  percentage of sales. 
Arkansas Best Corporation (Nasdaq : ABFS)Arkansas Best Corp. is a diversified holding company engaged primarily in motor carrier transportation operations, intermodal and ocean transportation operations, and truck tire retreading and new tire sales. For the three months ended 3/31/99, revenues rose 5 percent to $394.4 million. Net income from continuing operations applicable to Common rose from $2.7 million to $6.4 million. Results reflect a continuing favorable pricing environment, and lower linehaul costs due to retirements. 
American Freightways Corp (Nasdaq : AFWY)American Freightways operates as a regional and an interregional, scheduled, for hire, less-than-truckload motor carrier, serving all points in 28 contiguous states from a network of 223 Customer Centers. For the three months ended 3/99, revenues increased 15 percent to $265.4 million. Net income totalled $6.8 million, up from $3.2 million. Results reflect increased tonnage from new and existing customers and increased revenue per hundred weight. 
Allied Holdings, Inc. (NYSE : AHI)Allied Holdings, Inc. specializes in the transportation of new and used automobiles and light trucks and provides logistics and other solutions to the new and used vehicle distribution market. For the three months ended 3/99, revenues rose 3 percent to $261.2 million. Net loss totalled $4 million, vs. an income of $690 thousand. Revenues reflect higher new vehicle production and sales. Net loss reflects increased salaries and benefits and decline in load averages. 
Arnold Industries, Inc. (Nasdaq : AIND)Arnold Industries, Inc., through its subsidiaries, New Motor Penn Express and Arnold Transportation Services, is engaged in the trucking and warehousing business. For the three months ended 3/31/99, revenues increased 4 percent to $100.3 million. Net income increased 13 percent to $8.2 million. Revenues reflect increased business volume at Arnold Transportation Services and Arnold Logistics. Earnings also reflect an improved gross profit margin and lower interest expense. 
Alternate Marketing Ntwks (Nasdaq : ALTM)ALTM is a consolidator in the direct marketing services industry, and provides delivery of targeted sales and marketing materials to the home by means other than the US Postal Service. For the fiscal year ended 12/31/98, net sales rose 9 percent to $20.1 million. Net loss before extraordinary item totalled $270 thousand, vs. an income of $50 thousand. Revenues reflect in marketing services revenues. Loss also reflects a lower gross profit margin and lower interest income. 
Asche Transportation Svcs (Nasdaq : ASHE)Asche Transportation Services is a provider of truckload delivery of a variety of foods and other products requiring temperature-controlled service, and is a national for-hire carrier of municipal solid waste and special waste. For the three months ended 3/31/99, revenues rose 48 percent to $32.8 million. Net loss totalled $1.3 million vs. an income of $286 thousand. Results reflect the STS acquisition, offset by increased salaries and purchased transportation expenses. 
Avalon Holdings Corp. (AMEX : AWX)Avalon Holdings Corp. provides transportation services, technical environmental services and waste disposal brokerage and management services to industrial, commercial, municipal and governmental customers. For the three months ended 3/31/99, revenues rose 23 percent to $19.5 million. Net income fell 27 percent to $66 thousand. Results reflect an increase in the level of all the technical environmental services provided, offset by increased general corporate expenses. 
Boyd Bros. Transportation (Nasdaq : BOYD)Boyd Bros. Transportation is a truckload carrier that operates exclusively in the flatbed segment and hauls primarily steel products and building materials. For the three months ended 3/31/99, operating revenues increased 8 percent to $30 million. Net income rose 45 percent to $662 thousand. Revenues reflect better equipment utilization and an increase in fleet size. Earnings also reflect a $168 thousand gain on the disposal of property and equipment and a lower cost of operating supplies. 
Consolidated Delivery (AMEX : CDV)Consolidated Delivery and Logistics, Inc. provides an extensive network of same-day ground and air delivery and logistics services to a wide range of commercial, industrial and retail customers. For the fiscal year ended 12/31/98, revenues increased 8 percent to $185.7 million. Net income from continuing operations increased 39 percent to $2.3 million. Revenues reflect newly added customers. Net income reflects cost reduction measures. 
Consolidated Freightways (Nasdaq : CFWY)CFWY provides general freight services nationwide and in Canada and Mexico, and one-stop international freight service between the U.S. and 70 countries worldwide. For the three months ended 3/31/99, revenues increased 2 percent to $558.2 million. Net income decreased 4 percent to $6.8 million. Revenues reflect higher rates on non-contractual accounts. Net income was offset by lower efficiencies due to severe winter weather and a $2.3 million Teamster signing bonus. 
Celadon Group, Inc. (Nasdaq : CLDN)CLDN is a trucking company providing and arranging van and flatbed truckload transport services from the U.S. and Canada to and from locations in Mexico. For the nine months ended 3/99, revenues rose 28 percent to $210.1 million. Net income decreased 34 percent to $3.1 million. Revenues reflect increases from the van division due to acquisitions and increases in rate per mile and billings to customers. Earnings were offset by increased rent and merger related charges. 
CNF Transportation, Inc. (NYSE : CNF)CNF, through its subsidiaries, engages in regional less-than-truckload trucking, international air freight, contract logistics, air transportation to the U.S. Postal Service, ocean forwarding and customs brokerage. For the three months ended 3/99, revenues rose 15 percent to $1.26 billion. Net income applicable to Common totalled $40.3 million, up from $16.9 million. Results reflect increased revenues from Emery and Priority Mail operations, and a $16.5 million gain from the settlement of lawsuit. 
Motor Cargo Industries (Nasdaq : CRGO)Motor Cargo Industries is a less-than-truckload carrier which provides transportation and logistics services to shippers. CRGO transports general commodities, including consumer goods, packaged foodstuffs, electronics, computer equipment, apparel, hardware, industrial goods and auto parts. For the nine months ended 9/98, revenues rose 9 percent to $84.6 million. Net income totalled $4.5 million vs. proform of $4.3 million. Results reflect higher volume of freight, partially offset by higher wages. 
Covenant Transport, Inc. (Nasdaq : CVTI)Covenant Transport, Inc. is a truckload carrier that offers just-in-time and other premium transportation service for customers throughout the United States. For the three months ended 3/99, revenues increased 22 percent to $97.8 million. Net income increased 21 percent to $3.2 million. Revenues benefitted from an increase in weighted average tractors and higher per-mile rates. Earnings were partially offset by increased driving and non-driving employee payroll. 
Country Wide Transport (OTC BB : CWTV)Country Wide Transport Services operates a full service logistics company which provides truckload, less-than truckload (LTL), intermodal, and international transportation services. For the six months ended 12/31/98, revenues rose 9 percent to $18.8 million. Net income fell 23 percent to $311 thousand. Revenues reflect account penetration as well as new business. Net income was offset by increased costs in payroll and expenses related to the training of personnel. 
Dynamex, Inc. (AMEX : DDN)Dynamex Inc. provides same-day delivery and logistics services in the U.S. and Canada. Services include same-day, on-demand delivery, scheduled distribution, and fleet management. For the six months ended 1/31/99, revenues increased 23 percent to $117.2 million. Net loss totalled $1.4 million vs. income of $2 million. Revenues reflect acquisitions and increased sales at existing operations. Net loss suffered from $1.7 million in write-off and severance costs. 
Dispatch Management Svcs. (Nasdaq : DMSC)Dispatch Management Services Corp. provides urgent, on-demand, point-to-point delivery service by foot, bicycle, motorcycle, car and truck and operates eighteen metropolitan markets in U.S., U.K., and New Zealand. For the three months ended 3/31/99, revenues totalled $57.1 million, up from $24.3 million. Net loss before extraordinary item totalled $1.3 million, up from $32 thousand. Results reflect higher revenues from U.S. and U.K, offset by higher S/G/A costs, and higher debt levels. 
Frozen Food Express Ind. (Nasdaq : FFEX)FFEX is engaged in motor carrier transportation of perishable commodities, providing direct service for both full-truckload and less-than-truckload shipments. For the three months ended 3/31/99, revenues increased 14 percent to $88.3 million. Net income decreased 9 percent to $1.3 million. Results reflect increased revenue from the company-operated full-truckload fleet. Earnings were offset by higher salaries, wages and related expenses, and equipment rent expenses. 
FRP Properties, Inc. (Nasdaq : FRPP)FRPP and its subsidiaries are engaged in the transportation (hauling of liquid and dry bulk commodities and materials) and real estate (holds/leases real estate for mining and investment) businesses. For the six months ended 3/31/99, total revenues rose 13 percent to $40 million. Net income rose 48 percent to $3.1 million. Results benefitted from increased timber and land sales in the period, higher royality and rental income, and improved margins due to reduced fuel costs. 
Forward Air Corporation (Nasdaq : FWRD)FWRD provides scheduled surface transportation through an expansive network of terminals located on or near airports in the United States and Canada. For the three months ended 3/31/99, revenues rose 31 percent to $37.7 million. Net income from continuing operations rose 98 percent to $3.1 million. Revenues benefited from increased volume of freight shipments from air cargo customers. Earnings reflect lower insurance and claims expenses due to fewer accidents and lower premiums. 
Heartland Express, Inc. (Nasdaq : HTLD)Heartland Express, Inc., a short-to-medium haul truckload carrier, provides nationwide transportation service to major shippers. For the three months ended 3/31/99, revenues decreased 6 percent to $63.1 million. Net income decreased 3 percent to $7.6 million. Revenues reflect an industry-wide shortage of experienced employee drivers and independent contractors. Net income was partially offset by decreased taxes and licenses due to a decrease in fleet size. 
Intrenet Inc. (Nasdaq : INET)INET is a holding co. for truckload carrier subsid-iaries which provide general and specialized truckload carrier services on a regional basis throughout North America. For the fiscal year ended 12/31/98, revenues rose 6 percent to $262.7 million. Net income totalled $2.9 million, up from $1.3 million. Revenues reflect increases in the average number of owner-operator trucks and better freight availability. Earnings also reflect a decrease in fuel and other operating expenses. 
J.B. Hunt Transport Svcs. (Nasdaq : JBHT)J.B. Hunt Transport Services is a transportation services and logistics company. JBHT primarily transports full-load containerizable freight throughout the U.S. and portions of Canada and Mexico. For the three months ended 3/31/99, revenues rose 14 percent to $470.2 million. Net income increased 12 percent to $10.6 million. Revenues reflect increased dry-van revenues and growth in logistics revenues. Earnings were partially offset by a rise in salaries, wages and employee benefits. 
Jevic Transportation, Inc (Nasdaq : JEVC)Jevic Transportation Inc. is a motor carrier engaged in interregional and regional transportation of general commodity freight in the United States. For the three months ended 3/31/99, revenues increased 20 percent to $65.8 million. Net income increased 14 percent to $2.5 million. Revenues reflect increases in total shipments and revenues per shipment. Earnings were partially offset by increased salaries due to increased use of company drivers instead of owner-operators. 
KLLM Transport Services (Nasdaq : KLLM)KLLM provides transportation services for temperature-controlled and dry commodities. Service offerings include over-the-road long haul, regional and intermodal transportation. For the three months ended 4/2/99, revenues fell 7 percent to $55.3 million. Net loss totalled $225 thousand vs. income of $1 million. Revenues reflect decreased over-the-road temperature-controlled revenues. Net loss reflects a decreased gross profit due to the adverse effect of winter weather. 
Knight Transportation (Nasdaq : KNGT)KNGT is a short-to-medium haul, dry van truckload carrier. For the three months ended 3/99, revenues rose 19 percent to $33.5 million. Net income rose 20 percent to $3.5 million. Revenues reflect an increase due to the expansion of the Company's customer base, increased volume from existing customers and a rise in the independent contractor fleet. Earnings reflect a reduction in fuel costs per gallon, and a drop in the ratio of independent contractors to company drivers. 
Kenan Transport Company (Nasdaq : KTCO)KTCO provides transportation services for the petroleum, propane gas and chemical industries in the south-eastern U.S. For the three months ended 3/31/99, revenues rose 19 percent to $34 million. Net income increased 11 percent to $1.3 million. Revenues benefitted from the acquisition of Petro-Chemical Transport, Inc. Net income was partially offset by higher operating expenses due to the acquisition and an increase in miles operated. 
Landair Corporation (Nasdaq : LAND)Landair Corp. is a high-service level truckload carrier that transports a wide range of commodities in both intrastate and interstate commerce. For the three months ended 3/31/99, operating revenue rose 26 percent to $31.9 million. Net income fell 38 percent to $421 thousand. Revenues reflect an increase in the average number of tractors in service. Earnings were offset by an increase in salaries, wages and employee benefits and higher purchased transportation costs. 
Lynch Corporation (AMEX : LGL)Lynch Corp. is a holding company engaged in three business segments: multimedia (telecommunications services), services, and manufacturing (adhesives and industrial process equipment). For the three months ended 3/99, revenues rose 10 percent to $95.1 million. Net loss from continuing operations before extraordinary items totalled $10.3 million vs. income of $80 thousand. Revenues reflect growth in telecommunications services. Net loss suffered from a $15.4 million reserve for impairment charge. 
Landstar System, Inc. (Nasdaq : LSTR)LSTR is a transportation services company providing truckload carrier services, intermodal transportation services and expedited air and truck services to shippers. For the 13 weeks ended 3/27/99, revenues rose 5 percent to 312 million. Net income from continuing operations rose 52 percent to $7.5 million. Revenues benefited from increased revenue at the company's carrier, multi-modal and insurance segments. Net income reflects a decrease in insurance and claims as a  percentage of revenue. 
Morgan Group, Inc. (AMEX : MG)MG provides outsourced transportation and logistical services to manufactured housing and motor home industries, delivery services to commercial truck and trailer industries, and financing services to its owner operators. For the three months ended 3/99, revenues rose 4 percent to $35.3 million. Net income totalled $118 thousand vs. a loss of $231 thousand. Results reflect better service pricing, claims cost reductions, a reduction in the Company's operating cost structure, and lower interest costs. 
Matlack Systems (NYSE : MLK)Matlack Systems provides transportation of bulk commodities in tank trailers and containers to chemical and dry bulk shippers, operating approximately 1,100 tractors and 3,200 trailers. For the six months ended 3/31/99, revenues fell 14 percent to $106.2 million. Net loss totalled $2.5 million, vs an income of $944 thousand. Revenues reflect a decrease in the number of bulk trucking loads. Net loss also reflects increased spending for management information systems enhancements. 
Marten Transport, Ltd. (Nasdaq : MRTN)Marten Transport, Ltd. is a long haul truckload carrier providing protective service transportation of time and temperature sensitive materials and general commodities. For the three months ended 3/31/99, revenues rose 8 percent to $48.7 million. Net income rose 5 percent to $1.4 million. Revenues reflect an increase in freight transportation associated with an increase in fleet and rate increases. Net income was partially offset by higher operating expenses due to the fleet expansion. 
M.S. Carriers, Inc. (Nasdaq : MSCA)MSCA is a transportation company primarily engaged in the hauling of truckload shipments of general commodities throughout the U.S. and the provinces of Quebec and Ontario in Canada. For the three months ended 3/31/99, revenues rose 22 percent to $142.8 million. Net income rose 31 percent to $5.7 million. Revenues reflect the expansion of the fleet. Earnings also reflect lower operations and maintenance expenses due to lower fuel costs and improved accident claims. 
Mark VII, Inc. (Nasdaq : MVII)MVII, a holding company, is a sales, marketing and service organization that acts as a provider of transportation services and a transportation logistics manager. For the three months ended 4/3/99, revenues increased 7 percent to $183.8 million. Net income increased 39 percent to $2.3 million. Revenues benefitted from a higher total number of shipments. Net income also benefitted from closing of certain dedicated trucking fleet and lower S/G/A. 
Old Dominion Freight Line (Nasdaq : ODFL)Old Dominion Freight Line Inc. is a motor carrier transporting primarily less-than-truckload (LTL) shipments of general commodities, including consumer goods, textiles and capital goods. For the three months ended 3/31/99, revenues rose 12 percent to $99.3 million. Net income rose 29 percent to $2.5 million. Revenues reflect increases in freight volume and in average LTL revenue per shipment. Earnings also benefitted from lower purchased transportation and insurance expenses. 
OTR Express, Inc. (Nasdaq : OTRX)OTR Express, Inc. operates as a long-haul, dry van, truckload carrier. The Company transports general commodities throughout the continental United States. For the fiscal year ended 12/31/98, total revenues increased 13 percent to $72.3 million. Net income rose 73 percent to $883 thousand. Revenues reflect higher freight revenue due to an increase in the rate per mile and an increased number of tractors in service. Net income reflects higher margins. 
Ampace Corporation (OTC BB : PACE)Ampace Corporation is an irregular route, common and contract motor carrier specializing in dry van truckload transportation services. For the nine months ended 9/30/98, revenues increased 34 percent to $30.3 million. Net loss rose from $450 thousand to $6.4 million. Revenues benefitted from the Company's recent acquisitions. Higher loss reflects higher expenses related to the increased use of independent contractors and a $2 million restructuring charge. 
P.A.M. Transportation (Nasdaq : PTSI)P.A.M. Transportation Services, Inc. operating through its subsidiaries, is an irregular route, common and contract motor carrier which transports general commodities throughout the continental U.S., Ontario and Quebec. For the three months ended 3/31/99, revenues rose 45 percent to $51.4 million. Net income rose 44 percent to $2.8 million. Revenues benefitted from an increase in the number of tractors. Earnings were partially offset by increased interest expense. 
Roadway Express, Inc. (Nasdaq : ROAD)Roadway Express provides less-than-truckload (LTL) freight services on two day and longer major city-to-city routes in North America, and on international lanes to and from North America. For the 12 weeks ended 3/27/99, revenues fell 3 percent to $605.3 million. Net income fell 20 percent to $7.9 million. Revenues reflect a decrease in less-than-tuckload tonnage. Earnings also reflect increased wages due to a new labor contract and an increase in purchase transportation expense per ton. 
Simon Transportation (Nasdaq : SIMN)Simon Transportation is a truckload carrier that specializes in providing temperature-controlled transportation services for major shippers in the food industry. For the six months ended 3/31/99, revenues increased 10 percent to $102.3 million. Net loss totalled $1.9 million vs an income of $287 thousand. Revenues benefitted from a 12 percent increase in the weighted average number of tractors. Loss reflects an increase in driver wages and increased rental expense. 
Smithway Motor Xpress (Nasdaq : SMXC)Smithway Motor Xpress is a truckload carrier that transports diversified freight, concentrating primarily on the flatbed segment of the truckload market. For the three months ended 3/31/99, revenues rose 42 percent to $47.3 million. Net income increased 14 percent to $1.3 million. Revenues reflect expanded business with existing customers and revenues from acquired operations of East West and JHT. Net income was partially offset by higher purchased transportation expense. 
Swift Transportation Co. (Nasdaq : SWFT)Swift Transportation, a holding company, is a national truckload carrier operating throughout the continental U.S., combining regional operations with a transcontinental van operation. For the three months ended 3/31/99, revenues rose 23 percent to $234.9 million. Net income rose 29 percent to $12.1 million. Revenues reflect the expansion of the Company's fleet and strong shipper demand. Earnings reflect lower rental and fuel expenses as a  percentage of total revenue. 
Transport Corp. of Amer. (Nasdaq : TCAM)Transport Corporation of America provides a wide range of truckload carriage and logistics services in various lengths of haul in the United States and parts of Canada. For the three months ended 3/31/99, revenues rose 36 percent to $67.1 million. Net income rose 60 percent to $2.1 million. Revenues benefitted from the acquisition of North Star Transport. Earnings also benefitted from improved efficiencies and lower salaries and wages as a  percentage of revenues. 
Transfinancial Holdings (AMEX : TFH)TFH, a holding Co. operates in two industry segments; transportation, a diversified motor freight transportation system through Crouse Cartage Co. and financial services, through Universial Premium Acceptance Corp. For the fiscal year ended 12/98, revenues rose 14 percent to $151.7 million. Net loss totalled $2 million vs. income of $1.1 million. Results reflect a general rate increase and negotiated rate increases on some shipping contracts, offset by higher crouse's operating expenses. 
Transit Group, Inc. (Nasdaq : TRGP)TRGP is a holding company acquiring, consolidating and operating short and long haul trucking companies. For the three months ended 3/99, revenues totalled $64.8 million, up from $26.3 million. Net income rose 11 percent to $933 thousand. Results reflect the acquisitions of eight additional trucking companies since the prior quarter, a full period's results from a company acquired during the prior quarter, and higher gross margins, partially offset by increases in supply and lease expenses. 
Trism, Inc. (Nasdaq : TRSM)Trism, Inc. specializes in transporting heavy machinery and equipment, hazardous waste, explosives, and radioactive materials. For the three months ended 3/31/99, revenues decreased 5 percent to $68.6 million. Net loss increased 97 percent to $3.8 million. Revenues reflect decreases in load ratio and total miles driven. Higher loss also reflect the absence of $1 million in tax benefits and lower asset productivity in the Heavy Haul and Secured segments. 
Builders Transport, Inc. (OTC BB : TRUKQ)Builders Transport, Inc., through its wholly owned subsidiaries, is a truckload carrier that transports a wide variety of commodities in both intrastate and interstate commerce. For the three months ended 3/31/98, revenues decreased 8 percent to $65.4 million. Net loss increased from $2.4 million to $5.3 million. Revenues reflect the Company's inability to hire and retain a number of qualified drivers. Higher loss reflects increased rent and purchased transportation expenses. 
USA Truck, Inc. (Nasdaq : USAK)USA Truck, Inc. is engaged in the transportation of general commodity freight in interstate and foreign commerce. For the three months ended ended 3/99, revenues rose 3 percent to $36.2 million. Net income fell 1 percent to $2.3 million. Revenues reflect increased business from existing and new customers due to the higher number of tractors operated. Net income suffered from higher depreciation expense due to an increase in the cost of tractors and higher Other expense. 
USFreightways Corp. (Nasdaq : USFC)USFreightways Corp. operates five regional less than truckload general commodities motor carriers, focusing on overnight and second-day delivery throughout the U.S. and Canada. USFC also provides logistics, distribution and freight forwarding services. For the 13 weeks ended 4/3/99, revenues rose 16 percent to $513.2 million. Net income rose 28 percent to $17.5 million. Results reflect acquisitions, increased tonnage shipped and improved operating ratios. 
US 1 Industries Inc. (OTC BB : USOO)USOO is an interstate trucking company which carries all forms of freight transported by truck, except bulk goods and hazardous materials and include refrigerated and flatbed transportation. For the nine months ended 9/98, operating revenues rose 34 percent to $22.9 million. Net income applicable to Common totalled $25 thousand vs. a loss of $475 thousand. Results reflect the start up of Carolina National Transportation in January 1997 and a $61 thousand gain on the sale of real estate. 
Werner Enterprises, Inc. (Nasdaq : WERN)Werner Enterprises is a transportation Co. engaged in hauling truckload shipments of general commodities in both interstate and intrastate commerce. For the three months ended 3/99, revenues rose 21 percent to $241 million. Net income rose 16 percent to $12.6 million. Revenues reflect an 18.5 percent increase in the average number of tractors, and a 1.5 percent increase in revenue per mile excluding fuel surcharges. Earnings were partially offset by higher rent and purchased transportation. 
U.S. Xpress Enterprises (Nasdaq : XPRSA)XPRSA provides transportation and related information and logistics services throughout the United States, Canada and Mexico. For the three months ended 3/31/99, revenues rose 30 percent to $161.3 million. Net income rose 13 percent to $3.7 million. Results benefitted from the acquisitions of Victory Express and PST van, and increases the average revenue per load mile. Earnings were partially offset by increased expenses related to the owner operator fleet and higher debt levels. 
Yellow Corporation (Nasdaq : YELL)Yell provides transportation services primarily to the less-then-truckload market throughout North America. Yell's principal operating sub. are Yellow Freight System, Saia Motor Freight Line, WestEx and Action Express. For the three months ended 3/31/99, sales rose 5 percent to $727.5 million. Net income from continuing operations rose 27 percent to $4.8 million. Revenues reflect the acquisition of Action Express. Net income reflects lower operating costs as a  percentage of revenue.%}
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Brooke Group Ltd. (NYSE : BGL)BGL is engaged in the manufacture and sale of cigarettes. BGL is also engaged in the real estate development and investment banking and brokerage businesses. For the three months ended 3/99, revenues rose 28 percent to $108.4 million. Net income from continuing operations totalled $7.6 million vs. a loss of $17.4 million. Revenues benefitted from a rise in tobacco revenues at Liggett and Liggett-Ducall. Earnings also benefitted from price increases and improved production variances. 
British American Tobacco (AMEX : BTI)British American Tobacco is an international cigarette manufacturer with manufacturing and processing operations in over 50 countries. The Company's brands include State Express 555, Lucky Strike, Benson and Hedges, John Player and Kent. For the fiscal year ended 12/31/97, revenues fell 2 percent to L24.06 billion. Net income fell 34 percent to L995M. Results reflect the negative effects of the strength of the British pound and L266M in demerger and debt restructuring costs. 
Caribbean Cigar Company (OTC BB : CIGR)Caribbean Cigar Commpany is a vertically integrated manufacturer and distributor of hand rolled premium cigars in South Florida and the Dominican Republic. For the six months ended 9/30/98, sales fell 63 percent to $1.4 million. Net loss from continuing operations before extraordinary item decreased 76 percent to $584 thousand. Revenues reflect a weakening of the domestic market for cigars and supply problems. Lower loss reflects decreases in advertising and promotional expenses. 
DIMON Incorporated (NYSE : DMN)DIMON purchases, processes, and ships leaf tobacco to manufacturers of cigarettes and other tobacco products throughout the world. For the nine months ended 3/99, sales fell 12 percent to $1.46 billion. Net loss from continuing operations totalled $40.3 million vs. an income of $39.7 million. Revenues reflect lower prices and quantities of foreign grown tobaccos, and lower processing and service revenues. Loss reflects lower margins and a $23.1 million restructuring charge. 
Gallaher Group PLC (NYSE : GLH)Gallaher Group PLC is the largest manufacturer of tobacco products for the U.K. market and manufactures and markets a range of cigarettes, cigars and pipe and handrolling tobacco products. For the six months ended 6/30/98, revenues fell 6 percent to L1.95 billion. Net income fell 30 percent to L86.8 million. Revenues reflect lower sales in the U.K. and the negative effects of the strength of the sterling. Earnings also reflect a L27.9 million increase in interest expense. 
Holt's Cigar Holdings (Nasdaq : HOLT)Holt's Cigar Holdings is a distributor and retailer of brand name premium cigars, cigar related accessories and other tobacco products. For the nine months ended 12/31/98, net sales increased 13 percent to $24.9 million. Net income (vs. pro forma) rose 13 percent to $3.4 million. Revenues benefitted from increased sales of premium cigars. Earnings also reflect a favorable mix within the Ashton brand and the investment of the public offering proceeds in marketable securities. 
800-JR CIGAR, INC. (Nasdaq : JRJR)JRJR distributes and retails premium and mass market cigars, cigarettes, and other merchandise in the U.S. JRJR also operates specialty cigar and discount outlet stores, and direct mail. For the three months ended 3/31/99, revenues increased 17 percent to $72.8 million. Net income decreased 31 percent to $2.4 million. Revenues benefitted from a rise in discount store operations due to the opening of the Burlington Store. Earnings were offset by an increase in staffing. 
Philip Morris Companies (NYSE : MO)Philip Morris is a holding company whose principal subsidiaries are engaged in the manufacture and sale of various consumer products, including cigarettes, packaged and processed foods, and beverages. For the three months ended 3/31/99, revenues rose 6 percent to $19.5 billion. Net income rose 29 percent to $1.79 billion. Results reflect increased domestic tobacco revenues due to higher prices and improved product mix and the absence of $806 million in settlement charges. 
General Cigar Holdings (NYSE : MPP)General Cigar Holdings, Inc. is a manufacturer and marketer of brand name premium cigars. The Company's cigars include the Macanudo, Partagas, Temple Hall and Canaria D'oro brands. For the three months ended 2/28/99, net sales fell 23 percent to $52.5 million. Net income fell 48 percent to $4 million. Revenues suffered from lower unit sales of cigars, principally premium cigars. Earnings also reflect a lower gross profit margin and increased S/G/A expenses as a  percentage of sales. 
Premium Cigars Int'l, Ltd (OTC BB : PCIG)PCIG distributes moderately priced name-brand premium cigars and its private-label cigars using countertop humidors in convenience stores, grocery stores, and other retail outlets in the U.S. and Canada. For the three months ended 3/99, net sales rose 5 percent to $1.3 million. Net loss fell 55 percent to $626 thousand. Revenues reflect sales from new flavored cigar Prime Time. Lower loss reflects investment in integrated systems, staff cuts, and the absence of severance packages. 
R.J. Reynolds Tobacco (NYSE : RJR)R.J. Reynolds Tobacco Holdings is a holding company for Reynolds Tobacco, the second largest cigarette manufacturer in the United States, whose major brands include DORAL, WINSTON, CAMEL, SALEM and VANTAGE. For the three months ended 3/31/99, net sales rose 40 percent to $1.69 billion. Net income from continuing operations totalled $30 million vs. a loss of $141 million. Results reflect increased prices and the absence of $312 million in tobacco settlement and related expenses. 
Star Scientific, Inc. (OTC BB : STSI)STSI manufactures and sells tobacco products. STSI is also involved in the research and development of less harmful tobacco products and smoking cessation products. For the three months ended 3/31/99, net sales totalled $15.8 million, up from $2.9 million. Net income from continuing operations before extraordinary item totalled $2.1 million vs. a loss of $621 thousand. Revenues reflect a larger customer base and higher product prices. Net income reflects improved gross margins. 
Standard Commercial Corp (NYSE : STW)Standard Commercial Corp. is engaged in two international businesses: purchasing, processing, storing and selling leaf tobacco and various types of wool. For the nine months ended 12/31/98, sales fell 20 percent to $768.1 million. Net income fell 57 percent to $6.8 million. Revenues reflect continuing difficulties in the wool segment and lower prices in the tobacco segment. Earnings also suffered from increased S/G/A expenses and higher interest expense. 
UST Inc. (NYSE : UST)UST Inc., through its subsidiaries, manufactures and sells smokeless tobacco products (snuff and chewing tobacco), wines and craft beers, and premium cigars. For the three months ended 3/31/99, net sales rose 3 percent to $350.1 million. Net income fell 3 percent to $108.5 million. Revenues reflect higher selling prices and moderate volume increases in the tobacco segment. Earnings were offset by higher direct marketing and trade promotion expenses. 
Universal Corporation (NYSE : UVV)Universal Corporation is an independent merchant engaged in buying, storing, processing and financing leaf tobacco for resale to manufacturers. UVV also engages in agri-products, and the distribution of lumber and building products. For the nine months ended 3/31/99, revenues fell 1 percent to $3.4 billion. Net income fell 4 percent to $97.8 million. Results suffered from the timing of orders, lower green tobacco costs and lower volumes handled.%}
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American Tire Corporation (OTC BB : ATYR)American Tire Corporation is a development stage company, and it intends to engage in manufacturing, marketing, distribution, and sale of airless specialty tires and tire-wheel assemblies. For the three months ended 9/30/98, net sales rose 7 percent to $113 thousand. Net loss rose 18 percent to $526 thousand. Revenues reflect increased product sales. Higher loss reflects higher payroll related and depreciation expenses and higher debt levels. 
Bandag, Inc. (NYSE : BDG)Bandag engages in the manufacture and sale of precured tread rubber, equipment and supplies for retreading tires and the sale and maintenance of new and retread tires to commercial and industrial customers. For the three months ended 3/31/99, revenues fell 5 percent to $226.8 million. Net income rose 10 percent to $10 million. Results reflect foreign currency translation loss and competitive pressures, offset by lower raw material costs and lower personnel costs. 
Cooper Tire & Rubber Co. (NYSE : CTB)Cooper Tire and Rubber Co. is principally engaged in the conversion of natural and synthetic rubbers into a variety of carbon black reinforced rubber products, including tires, inner tubes, vibration control products and hose and hose assemblies. For the three months ended 3/31/99, total revenues rose 7 percent to $468.7 million. Net income rose 18 percent to $31.4 million. Results reflect growth in demand for the Co.'s engineered rubber products and improved product mix. 
EcoTyre Technologies Inc. (ETTIETTI is engaged in the importation, marketing and wholesale distribution of remanufactured/remolded automobile tires for sale in the U.S. passenger tire replacement market. For the nine months ended 12/97, revenues rose 53 percent to $2.5 million. Net loss applicable to Com. rose 8 percent to $3.3 million. Revenues reflect the Co.'s operations of its manufacturing facility for the entire nine months. Higher loss reflects higher selling and interest costs, and loss on marketable securities. 
Goodyear Tire & Rubber (NYSE : GT)GT, through its U.S. and international subsidiaries, develops, manufactures, distributes and sells tires, and rubber products. GT also provides automotive repair services. For the three months ended 3/31/99, net sales fell 3 percent to $2.99 billion. Net income from continuing operations fell 88 percent to $25.5 million. Revenues reflect continued competitive pricing pressures and adverse effects of currency translations. Earnings also reflect $167.4 million in rationalization charges. 
China Tire Holdings Ltd. (NYSE : TIR)TIR is a holding company for six Sino-foreign equity joint venture enterprises and two other int'l joint ventures (collectively known as the ``Operating Subsidiaries'') which manufacture tires and market them in China and abroad. For the fiscal year ended 12/31/97, revenues rose 2 percent to Rmb2.71 billion. Net income rose 28 percent to Rmb19.5 million. Results reflect increased sales in overseas market, the effort of the sales team in boosting sales volume and improvement in gross profit. 
Titan International, Inc. (NYSE : TWI)Titan International is a global manufacturer of off-highway steel wheels and tires in the agricultural, earth moving/construction, and consumer markets. For the three months ended 3/31/99, sales fell 15 percent to $158.6 million. Net income fell 98 percent to $128 thousand. Sales reflect a labor strike at its Des Moines, Iowa tire facility. Earnings reflect inefficiencies caused by labor issues and shut-downs at certain facilities by several of the largest customers.%}
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Caring Products Int'l (OTC BB : BDRY)Caring Products International, Inc. has designed and markets a line of proprietary urinary incontinence products that are sold under the Rejoice brand name in the United States and Canada. For the nine months ended 12/98, revenues decreased 15 percent to $1.2 million. Net loss increased 20 percent to $2.4 million. Revenues reflect lower re-order activity due to lack of radio advertising. Higher losses reflect an increase in legal fees, and a one time store set up cost. 
Bontex, Inc. (Nasdaq : BOTX)Bontex, Inc. is a worldwide manufacturer and distributor of uncoated and coated elastomeric wet web impregnated fiberboard products. For the nine months ended 3/31/99, net sales fell 10 percent to $29 million. Net loss totalled $852 thousand, up from $116 thousand. Revenues reflect lower sales due to the financial situation in Asia and South America and continued contraction of the U.S. market for Bontex related products. Loss also reflects lower margins. 
Chemfab Corporation (NYSE : CFA)Chamfab Corp. is a manufacturer and marketer of polymer-based engineered products and material systems for use in harsh conditions such as high temperature and/or corrosive chemical environments. CFA also makes and sells fluropolymer films and elastomeric closure products. For the nine months ended 3/28/99, net sales rose 30 percent to $97.6 million. Net income rose 10 percent to $8.1 million. Results reflect shipments to the Tent City project, partially offset by lower margins. 
Culp, Inc. (NYSE : CFI)Culp, Inc. manufactures and markets upholstery fabrics and mattress tickings for the furniture and bedding industries. For the 39 weeks ended 1/31/99, sales increased 3 percent to $350.9 million. Net income fell 98 percent to $206 thousand. Revenues reflect the acquisitions of Artee Industries and Phillips Mills. Earnings were offset by the under absorption of fixed costs as a result of lower than expected sales, higher S/G/A expenses, and increased borrowings. 
Crown Crafts, Inc. (NYSE : CRW)Crown Crafts, Inc. is principally engaged in the design, manufacture and sale of home furnishing products, including bedroom products, throws and decorative home accessories, and infant and juvenile products. For the nine months ended 12/27/98, net sales rose 14 percent to $275 million. Net income fell 97 percent to $204 thousand. Results reflect increased sales of infant and juvenile and bedding products, offset by lower margins due to under-utilization of production capacity. 
Dixie Group, Inc. (Nasdaq : DXYN)The Dixie Group, Inc. is primarily engaged in floor covering business. For the three months ended 3/27/99, net sales rose 19 percent to $141.2 million. Net income from continuing operations rose 15 percent to $2.6 million. Revenues benefitted from increased carpet manufacturing and floorcovering base materials segments volume due to the acquisition of Multitex. Earnings were partially offset by higher selling and administrative expenses as a  percentage of sales. 
Guardian Tech. Int'l, Inc (Nasdaq : GRDN)GRDN manufactures and distributes soft armor products, primarily superior quality ballistic protective vests, for law enforcement officers, armed forces personnel, and other individuals or groups requiring protective equipment. For the three months ended 3/31/99, revenues decreased 61 percent to $217 thousand. Net loss fell 81 percent to $31 thousand. Revenues reflect the absence of an order to supply armor products to an allied government. Lower loss reflects a gain of $110 thousand on the sale of assets. 
Interface, Inc. (Nasdaq : IFSIA)Interface is a global manufacturer, marketer, installer and servicer of products for the commercial and institutional interiors market such as modular and broadloom carpet, panel fabrics, chemical compounds and additives segments. For the three months ended 4/4/99, sales fell 3 percent to $307.9 million. Net income fell 45 percent to $5.6 million. Revenues reflect decreased sales in interior fabrics. Earnings reflect the failure to fully absorb overhead expenses. 
Innovo Group, Inc. (Nasdaq : INNO)INNO designs, manufactures and domestically markets and distributes various cut and sewn canvas and nylon consumer products, such as tote bags and insulated lunch bags and coolers, along with aprons and vests, for sale in the premium and advertising specialty market. For the three months ended 2/99, revenues fell 46 percent to $1.1 million. Net loss from continuing operations rose 89 percent to $592 thousand. Results reflect absence of large orders and increased interest expenses. 
Jason Inc. (Nasdaq : JASN)Jason Inc. is engaged in the manufacture of motor vehicle products and industrial products. For the three months ended 3/26/99, net sales rose 13 percent to $102.2 million. Net income from continuing operations rose 25 percent to $3.6 million. Revenues reflect increases in the automotive products business and the inclusion of the recent acquisitions of Power Brushes Ltd. and Sealeze Corporation. Earnings also reflect profitable product mix, improved efficiencies and lower debt levels. 
Johnston Industries, Inc. (NYSE : JII)JII and its subsidiaries are manufacturers of woven and non-woven fabrics used principally for home furnishings, industrial and basic apparel, automotive, and other textile markets. For the three months ended 4/3/99, net sales fell 19 percent to $65 million. Net loss increased 87 percent to $1.7 million. Revenues reflect decreased demand for certain textile and apparel fadric products. Higher loss also reflects reduced capacity utilization at the Greige Fabrics Division. 
Lydall, Inc. (NYSE : LDL)Lydall, Inc. develops and manufactures engineered fiber materials and composites in both roll and sheet form; fiber-based, metal-and-fiber, and all-metal automotive heat shields and other products. For the three months ended 3/99, revenues rose 48 percent to $83.6 million. Net income rose 15 percent to $4.1 million. Revenues reflect acquisitions. Earnings were partially offset by increased selling, product development and administrative expenses. 
Mohawk Industries, Inc. (NYSE : MHK)Mohawk Industries, Inc. designs and manufactures woven and tufted broadloom carpet and rugs for principally residential applications. For the three months ended 3/31/99, net sales rose 20 percent to $709.2 million. Net income rose 63 percent to $27.9 million. Revenues benefitted from acquisitions and internal growth. Earnings also benefitted from an increased gross profit margin due to manufacturing improvements and lower material costs, and lower interest expense. 
Shaw Industries, Inc. (NYSE : SHX)Shaw Industries designs and manufactures approx. 3,100 styles of tufted and woven carpets for commercial use. For the 13 weeks ended 4/3/99, revenues rose 10 percent to $955.8 million. Net income totaled $40.4 million, up from $19.5 million. Revenues benefited from the acquisition of Queen as well as increased demand. Net income reflects a lower S/G/A expense due to the company's exiting of the residential business. 
Unifi, Inc. (NYSE : UFI)Unifi, Inc. is engaged in the business of texturing polyester and nylon filament fiber to produce polyester and nylon yarns, dyed yarns and spandex yarns covered with nylon and polyester. For the nine months ended 3/28/99, net sales fell 7 percent to $943.5 million. Net income before accounting change fell 52 percent to $44.6 million. Revenues reflect lower unit sales prices and lower sales volumes. Earnings reflect a $14.8 million early retirement charge and higher manufacturing costs. 
Westpoint Stevens, Inc. (Nasdaq : WPSN)WPSN manufactures and markets bed and bath products (sheets, pillowcases, comforters, blankets, towels, and related products) for distribution to chain and department stores. For the three ended 3/31/99, revenues rose 11 percent to $441.5 million. Net income rose 34 percent to $15.6 million. Revenues benefitted from increased unit volumes and the acquisition of Liebhardt Mills. Earnings also benefitted from better product mix and lower interest expenses.%}
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Alpha Bytes, Inc. (OTC BB : ABYT)Alpha Bytes, Inc. is primarily engaged in producing, marketing, installing and supporting specialized software applications for the international vision care business. For the three months ended 4/30/99, revenue fell 62 percent to $162 thousand. Net loss totalled $37 thousand vs. an income of $161 thousand. Revenues reflect product implementation and shipments held back. Loss reflects increased research and development spending on the H-NET project. 
Accelr8 Technology Corp. (Nasdaq : ACLY)ACLY is a provider of software tools and consulting services for Year 2000 compliance and for the conversion of Digital Equipment Corp. VAX/WMS Legacy Systems to UNIX and NT open client/server environments. For the six months ended 1/31/99, total revenues fell 66 percent to $1.4 million. Net income fell 93 percent to $149 thousand. Revenues suffered from a general decline in market demand for year 2000 tools and training. Earnings also suffered from increased personnel and advertising expenses. 
Accent Software Intl Ltd. (OTC BB : ACNTF)Accent Software Int'l. designs, develops, markets, and supports multilingual application software programs for personal computers utilizing the Microsoft Windows operating environment. For the fiscal year ended 12/31/98, net sales fell 38 percent to $1.9 million. Net loss decreased 49 percent to $6.8 million. Revenues reflect the Company's marketing shift to OEM and business to business markets. Lower loss reflects lower cost of sales due to lower manufacturing and production costs. 
Actuate Corporation (Nasdaq : ACTU)ACTU is a provider of enterprise reporting solutions that enable organizations to systematically extract, publish and disseminate information across distributed computing environments. For the three months ended 3/99, revenues totalled $8.3 million, up from $4.1 million. Net income totalled $846 thousand vs. a loss of $1.9 million. Revenues reflect an increase in sales to new customer and follow-on sales to existing customers. Earnings reflect a decrease in R&D expenses as a  percentage of sales. 
A.D.A.M. Software, Inc. (Nasdaq : ADAM)ADAM, an Internet-based health information company, focuses on the delivery of interactive health, medical and wellness information to the consumer and professional markets. For the nine months ended 12/98, net revenues fell 20 percent to $4.3 million. Net loss totalled $651 thousand vs. an income of $534 thousand. Revenues reflect lower international, domestic education and consumer market sales. Loss reflects lower margins due to increased royalty, amortization and general expenses. 
Adobe Systems, Inc. (Nasdaq : ADBE)Adobe Systems, Inc. develops, markets and supports computer software products and technologies that enable users to express and use information across print and electronic media. For the three months ended 3/5/99, revenues rose 15 percent to $226.9 million. Net income increased 43 percent to $38.3 million. Revenues reflect the release of new and enhanced application products. Earnings also benefitted from lower material costs and an ongoing cost improvement program. 
Adrenalin Interactive (Nasdaq : ADRN)Adrenalin Interactive is engaged in the creation, development, publishing, marketing and selling of interactive multimedia software entertainment titles on CD-ROM for personal computers, and in the invention and development of electronic designs for toys and games. For the nine months ended 3/31/99, revenues fell 9 percent to $2.1 million. Net loss fell 18 percent to $896 thousand. Revenues reflect the delays in development of new games. Net loss benefitted from lower R&D expenses. 
Autodesk, Inc. (Nasdaq : ADSK)Autodesk, Inc. is engaged in the development and marketing of design and drafting software and multimedia tools, primarily for the business and professional environment. For the three months ended 4/30/99, net revenues fell 13 percent to $194.9 million. Net loss totalled $17.1 million vs. an income of $28.7 million. Revenues reflect lower sales in the Americas due to product transition issues related to AutoCAD 2000. Loss also reflects $21.8 million in special charges. 
Adaptive Solutions, Inc. (ADSOQAdaptive designs, develops, manufactures, and markets high performance image recognition solutions targeted at the transportation, finance, and health care industries. For the six months 6/30/98, total revenues rose 61 percent to $2.5 million. Net loss totalled $1.6 million, up from $449 thousand. Revenues reflect higher sales of Imagelink OCF products and CNAPS boards and revenues from services. Higher loss reflects a $678 thousand in-process research and development charge and higher labor costs. 
Advent Software, Inc. (Nasdaq : ADVS)Advent Software is a provider of stand-alone and client/server software products, data interfaces, related services that automate and integrate certain mission-critical functions of investment management organizations. For the three months ended 3/99, revenues rose 44 percent to $20.2 million. Net income rose 55 percent to $2 million. Revenues reflect higher development fees and a larger customer base. Net income reflects higher gross margins. 
American Education Co (OTC BB : AEDU)AEDU licenses or internally develops and markets educational microcomputer software and CD-ROM titles in reading, English, spelling, social studies, bilingual language development and early childhood development. For the fiscal year ended 12/31/98, net sales rose 64 percent to $6 million. Net income fell 61 percent to $982 thousand. Results reflect an increased number of installations in schools, offset by higher development, selling and marketing expenses. 
Saga Systems, Inc. (NYSE : AGS)Saga Systems, Inc. provides enterprise systems software and a full suite of enterprise integartion solutions that support mainframe transactions daily. For the three months ended 3/31/99, total revenues fell 4 percent to $53.6 million. Net income rose less than 1 percent to $5.4 million. Revenues reflect a decrease in software license fees. Earnings benefited from higher gross margins due to improved utilization and efficiency, reductions in infrastructure, bad debt reserve, and sales expenses. 
Acclaim Entertainment (Nasdaq : AKLM)AKLM is a developer, publisher, mass marketer and distributor of interactive entertainment software. AKLM also develops and publishes Software strategy guides and comic book magazines. For the six months ended 2/99, revenues rose 49 percent to $240.5 million. Net income rose from $6.8 million to $24.8 million. Revenues reflect continued increase in the installed base of N64 and PlayStation consoles. Earnings reflect higher margins and lower S/G/A expenses as a  percentage of sale. 
Aladdin Knowledge Systems (Nasdaq : ALDN)ALDN is engaged in securing digital content worldwide, from applications software to Internet use and access. Products include HASP and Hardlock, Privilege, the eSafe line of products, and eToken. For the nine months ended 9/30/98, revenues rose 8 percent to $26.3 million. Net income rose 18 percent to $7.7 million. Results reflect increased demand for the HASP and Hardlock products and a net capital gain of $900 thousand related to the sale of Wave Systems shares. 
Artificial Life, Inc. (Nasdaq : ALIF)ALIF develops, markets, and supports ``intelligent'' software robots (``bots'') that are used to automate and simplify time-consuming and complex business-related Internet functions such as Web navigation, user profiling and others. For the three months ended 3/99, revenues rose 32 percent to $439 thousand. Net loss totalled $707 thousand, up from $212 thousand. Results reflect increased application services, offset by increases in payroll, marketing and promotion, and travel costs. 
Allaire Corporation (Nasdaq : ALLR)ALLR develops, markets and supports software for a wide range of Web development, from building static Web pages to developing high-volume, interactive Web applications. For the three months ended 3/31/99, revenues totalled $7.8 million, up from $4 million. Net loss lowered 24 percent to $1.7 million. Revenues reflect an increase in the number of licenses sold to use Allaire's software products. Lower loss reflects economies of scale achieved with higher sales volume. 
Alpha Microsystems (Nasdaq : ALMI)Alpha Microsystems provides IT services (including consulting, maintenance, support and networking) and information technology products (including products for the internet/intranet market) to a variety of market segments. For the comparable fiscal year (10 months) ended 12/31/98, total net sales rose 51 percent to $24.1 million. Net loss applicable to Com. totalled $10 million, up from $2.8 million. Results reflect acquisition of DCI, offset by a $2.4 million in asset impairment and lower gross margin. 
Advantage Learning System (Nasdaq : ALSI)ALSI provides information systems to grades K-12, consisting of computer software and related training designed to improve students' academic performance by increasing the quality, quantity and timeliness of performance data. For the three months ended 3/99, revenues rose 73 percent to $18.4 million. Net income totalled $4.3 million, up from $1.9 million. Results reflect increased sales of Accelerated Reader title disks. Results also reflect economies of scale. 
Altris Software Inc. (OTC BB : ALTS)ALTS develops, markets and supports a suite of object-oriented, multi-tier client/server document management software products. For the fiscal year ended 12/31/98, revenues decreased 28 percent to $12.8 million. Net loss applicable to Common increased 2 percent to $8.8 million. Revenues reflect a decline in sales of new large systems. Loss reflects a decrease in gross profit margin, increased legal, accounting and consultancy costs, and a $1.1 million charge for settlement of lawsuits. 
Alydaar Software Corp. (ALYDAlydaar Software Corp. provides software reengineering services specializing in the correction of existing mainframe computer software systems to manage the year 2000 and thereafter. For the three months ended 3/31/99, revenues fell 32 percent to $5.7 million. Net loss totalled $3.2 million, vs. an income of $1.7 million. Results reflect a decrease in service demand for remediation services. Loss reflects higher payroll expenses. 
American Software, Inc. (Nasdaq : AMSWA)AMSWA develops, markets and supports application software systems that enable businesses to perform tasks such as enterprise resources planning, flow manufacturing, value chain planning, and warehouse management. For the nine months ended 1/99, revenues rose 4 percent to $80.4 million. Net loss totalled $37.7 million vs. income of $5.2 million. Revenues reflect increases in implementation, training and support services. Net loss reflects a $28 million asset impairment charge. 
Analogy Inc. (Nasdaq : ANLG)ANLG develops, markets, and supports high-performance software and model libraries for the top-down design and behavioral simulation of mixed-signal and mixed-technology systems. For the nine months ended 12/98, revenues fell 4 percent to $19.1 million. Net loss totalled $3.5 million, up from $541 thousand. Revenues reflect decreased revenues under the NIST grant and U.S. government contracts. Higher loss reflects a rise in personnel, commissions, salaries, and travel costs. 
Analysts International (Nasdaq : ANLY)Analysts International Corp. provides analytical and programming services including consulting, systems analysis, design, programming and instruction in the use of computer programs. For the nine months ended 3/31/99, revenues rose 9 percent to $465.6 million. Net income rose 5 percent to $16.8 million. Revenues reflect increased billed hours and higher hourly rates. Earnings were partially offset by increased idle time and increases in labor costs. 
ANSYS Incorporated (Nasdaq : ANSS)ANSS develops, markets and supports software solutions for design analysis and optimization in order to accelerate product time to market, improve engineering processes and optimize product quality and safety. For the three months ended 3/31/99, revenues increased 12 percent to $15.9 million. Net income increased 34 percent to $3.7 million. Revenues reflect increased sales of new paid-up licenses. Net income also reflects lower S/G/A expenses as a  percentage of revenues. 
Ansoft Corporation (Nasdaq : ANST)Ansoft develops, markets, and supports electronic design automation software used by engineers in the design of high performance electronic devices and systems, such as cellular phones, communications systems, computer circuit boards and motors. For the nine months ended 1/31/99, total revenue fell 9 percent to $16.7 million. Net loss totalled $2.9 million vs. an income of $2.7 million. Results reflect lower license revenue in the Asia-Pacific region and higher sales and marketing costs. 
Applix, Inc. (Nasdaq : APLX)Applix develops, markets, and supports front-office software applications which allow organizations to become ``real-time'' enterprises by improving decision making and corporate productivity. For the three months ended 3/99, revenues rose 3 percent to $12.9 million. Net income totalled $395 thousand, up from $190 thousand. Revenues reflect increased sales of Applix Enterprise and Applix TM1 products. Earnings also reflect decreased staff expenses. 
Ariba, Inc. (Nasdaq : ARBA)Ariba, Inc. is a provider of intranet and Internet based business to business electronic commerce solutions for operating resources. For the six months ended 3/31/99, revenues totalled $16.3 million, up from $1.2 million. Net loss rose 53 percent to $8.1 million. Revenues reflect increased sales to new customers resulting from increased headcount in the sales force. Higher loss reflects increased sales commissions and an increase in the number of sales and marketing employees. 
ARDENT Software, Inc. (Nasdaq : ARDT)ARDENT Software designs, develops, markets, sells, and supports software for developing, deploying, and maintaining business applications and data warehousing solutions. For the three months ended 3/99, revenues increased 21 percent to $31.2 million. Net income totalled $3.3 million vs. a loss of $9.4 million. Revenues reflect increased software license revenue from Ardent's data warehouse and embedded database licenses. Earnings also reflect the absence of a $14.9 million merger cost. 
Aspect Development, Inc. (Nasdaq : ASDV)ASDV develops, markets, and supports enterprise client/server software and content products that enable manufacturers to improve product development and business processes through component and supplier management. For the three months ended 3/99, revenues fell 19 percent to $14.4 million. Net income fell 86 percent $325 thousand. Revenues reflect delays in the contract signings. Earnings suffered from higher customer support expenses and additional development staffing. 
Artisoft, Inc. (Nasdaq : ASFT)ASFT is a provider of advanced computer telephony products that enhance how businesses communicate with their customers. The Company also provides networking and communications solutions primarily to small businesses. For the nine months ended 3/99, revenues fell 18 percent to $16.2 million. Net loss before extraordinary items totalled $1.1 million vs. income of $1.5 million. Results reflect decreased sales of Communications Software Group products and relocation related expenses. 
Aspec Technology, Inc. (Nasdaq : ASPC)Aspec Technology, Inc. is a provider of merchant semiconductor intellectual property solutions for high performance, complex IC designs, including system-on-a-chip ICs. For the three months ended 2/28/99, revenues decreased 44 percent to $2.9 million. Net loss applicable to Common totalled $4.7 million, up from $263 thousand. Results reflect a shift in industry pricing practices from up-front license fees to a royalty based model and operating expenses associated with the SIP products. 
Ashton Technology Group (Nasdaq : ASTN)Ashton Technology Group is engaged in the development and commercialization of online transaction systems for participants in the U.S. and international financial markets. For the nine months ended 12/31/98, net revenue decreased 68 percent to $1.1 million. Net loss applicable to Common totalled $16.9 million, up from $4.4 million. Results reflect the sale of the Company's CSI subsidiary, $4.6 million in noncash compensatory charges and increased preferred dividends. 
Architel Systems Corp. (Nasdaq : ASYCF)Architel Systems Corporation develops, markets and supports advanced Operations Support Systems used in the global telecommunications industry. For the nine months ended 6/30/98, total revenues rose 39 percent to C$32.1 million. Net income rose 67 percent to C$5.1 million. Revenues reflect increased services revenue due to the addition of new customers. Earnings also benefitted from the absence of C$1.4 million in royalties expense and lower S/G/A expenses as a  percentage of revenues. 
Astea International, Inc. (Nasdaq : ATEA)Astea International, Inc. develops, markets and supports front-office solutions for the Customer Relationship Management software market. For the three months ended 3/99, revenues rose 20 percent to $7.7 million. Net loss from continuing operations fell 20 percent to $1.4 million. Revenues reflect continued acceptance of ServiceAlliance and increased service and maintenance revenues. Lower loss reflects ongoing cost containment efforts. 
Alternative Technology (OTC BB : ATEK)ATEK provides contract computer programming and consulting services to an expanding base and a variety of industrial customers. For the nine months ended 3/31/99, revenues rose 45 percent to $5.1 million. Net loss applicable to Common fell 27 percent to $783 thousand. Revenues reflect higher billing hours per programmer and higher billing rates. Loss was partially offset by higher programmer costs such as salaries and benefits and higher debt. 
Activision, Inc. (Nasdaq : ATVI)Activision, Inc. is an international publisher, developer and distributor of interactive entertainment software. For the nine months ended 12/31/98, revenues increased 55 percent to $311.6 million. Net income increased 79 percent to $10 million. Revenues benefitted from higher console and PC sales due to initial product releases. Net income also benefitted from an increase in the capitalizable development costs and gained efficiencies. 
Avant! Corporation (Nasdaq : AVNT)AVNT develops, markets and supports software products that assist design engineers in the physical layout, design verification, simulation and timing analysis of advanced integrated circuits. For the three months ended 3/31/99, revenues rose 27 percent to $66 million. Net income totaled $14.5 million, up from $614 thousand. Results reflect increased revenues from place and route, physical verification, analysis and library software and the absence of $10.7 million in merger costs. 
AVT Corporation (Nasdaq : AVTC)AVT Corporation is a provider of software-based computer-telephony solutions for medium-sized enterprises. The Company's products address the voice messaging, call center, fax server and production fax markets. For the three months ended 3/31/99, net sales rose 32 percent to $22.6 million. Net income rose 73 percent to $3.3 million. Results reflect increased sales of enhanced fax products and a sales mix shift towards the higher margin enhanced fax and NT-based product lines. 
AW Computer Systems, Inc. (OTC BB : AWCSA)AW Computer Systems, Inc. was historically in the business of developing and marketing computer-based Point-of-Sale systems consisting of proprietary hardware and software. At 3/98, the Company decided to begin liquidation proceedings. For the nine months ended 9/30/98, revenues fell 63 percent to $305 thousand. Net loss applicable to Common decreased 60 percent to $863 thousand. Revenues reflect the ceasing of all operations. Lower loss reflects lower S/G/A and development expenses. 
AXENT Technologies, Inc. (Nasdaq : AXNT)AXENT Technologies, Inc. is a developer and provider of information security solutions for organizations using enterprise computer networks, including systems utilizing the Internet, internal networks, and individuals servers, workstations and desktop computers. For the three months ended 3/31/99, revenues rose 5 percent to $21.4 million. Net loss fell 38 percent to $6.1 million. Results reflect increases in implementation consulting services and reduced acquisition-related charges. 
Baan Company N.V. (Nasdaq : BAANF)Baan Company is a provider of enterprise business management software which reduces complexity, improves processes, enables adaptation and optimizes management. For the three months ended 3/31/99, total revenues decreased 2 percent to $175.8 million. Net loss totalled $19.1 million vs. an income of $2.1 million. Revenues reflect decreased license revenues. Loss reflects increased sales and marketing and R&D expenses due to the hiring of additional support and R&D personnel. 
BARRA, Inc. (Nasdaq : BARZ)BARZ develops, markets and supports application software and information services used to analyze, manage and trade portfolios of equity, fixed income, derivatives and other financial instruments. For the nine months ended 12/98, revenues rose 16 percent to $117.5 million. Net income totalled $13.7 million, up from $3.1 million. Revenues reflect the continued success of the BARRA Aegis System Tm. Earnings reflect the absence of a one-time acquisition charge of $9.9 million. 
Base Ten Systems, Inc. (Nasdaq : BASEA)Base Ten Systems is engaged in the development of software applications for the pharmaceutical and medical device industries, including manufacturing execution systems, medical screening and image processing software. For the three months ended 3/31/99, sales rose 83 percent to $1.7 million. Net loss applicable to Common rose 55 percent to $7.6 million. Results reflect increased revenues from services, installations and maintenance, offset by a $3.5 million debt conversion charge. 
BEA Systems, Inc. (Nasdaq : BEAS)BEAS provides cross-platform middleware and application server solutions for enterprise applications. For the three months ended 4/30/99, revenues increased 46 percent to $85.6 million. Net loss totalled $4 million, up from $1.1 million. Revenues reflect increased sales to existing customers, addition of new customer accounts and increased service offerings and direct sales force. Higher loss reflects costs related to acquisitions and expanded support infrastructure. 
Best Software, Inc. (Nasdaq : BEST)BEST is a provider of resource management software, helping organizations to better manage their human resources, assets and budgeting processes. The Company also provides support relating to implemenation, systems setup, and data conversion. For the three months ended 3/31/99, revenues rose 46 percent to $20 million. Net income totalled $1.4 million vs. a loss of $402 thousand. Revenues reflect higher license fees and services. Net income reflects lower write-off costs of R&D. 
Bitstream Inc. (Nasdaq : BITS)Bitstream Inc. develops and markets software products and technologies to enhance the creation, transport, viewing and printing of electronic text based information. BITS' products consist of type products, enabling technologies and TrueDoc, a portable type technology. For the fiscal year ended 12/98, revenues fell 32 percent to $8.9 million. Net income was $2.8 million vs. a loss of $6 million. Revenues reflect weak demand and slow growth. Earnings reflect a $10.3 million gain on sale of assets. 
BMC Software, Inc. (Nasdaq : BMCS)BMCS provides systems management software solutions for host mainframe and distributed information systems, and also offers maintenance, enhancement and support services. For the nine months ended 12/98, revenues rose 44 percent to $744.9 million. Net income rose from $99.1 million to $233.1 million. Revenues reflect increases in capacity-based upgrade fees and software product licensings, and a greater installed base. Earnings also reflect decreased acquired R&D charges and a lower tax rate. 
Business Objects S.A. (Nasdaq : BOBJ)Business Objects S.A. develops, markets, and supports integrated enterprise decision support software tools which allow non-technical end-users to access, report and analyze information in relational databases. For the three months ended 3/31/99, revenues rose 43 percent to $49.5 million. Net income totaled $3.2 million, up from $1.4 million. Revenues reflect a greater number of unit licenses sold. Net income benefitted from lower S/G/A and R and D as a  percentage of revenues. 
Portivity, Inc. (OTC BB : BRLS)Portivity, Inc. develops Arsenal, an advanced sales automation development tool which is designed to assist businesses in building and deploying customized mobile and client/server-based applications to enhance the productivity and effectiveness of their sales personnel. For the nine months ended 9/30/98, revenues fell 35 percent to $476 thousand. Net loss rose 16 percent to $6.8 million. Results reflect a slowdown in sales, partially offset by lower staffing levels. 
Brio Technology, Inc. (Nasdaq : BRYO)BRYO designs, develops, markets and supports software products that enable organizations to implement enterprise business intelligence solutions. For the nine months ended 12/98, revenues rose 74 percent to $32.3 million. Net loss fell 75 percent to $1.7 million. Revenues reflect increased follow-on sales to existing clients and higher maintenance and support revenues due to a growing installed base. Lower loss reflects higher margins and lower S/G/A expense as a  percentage of sales. 
BTG, Inc. (Nasdaq : BTGI)BTGI is an information technology company providing complete solutions to a broad range of complex systems and product needs in networking, internet application, and data correlation. For the nine months ended 12/31/98, total revenues fell 48 percent to $257.3 million. Net loss from continuing operations fell 88 percent to $93 thousand. Revenues reflect lower product sales due to the GTSI Transaction. Lower loss benefitted from lower debt levels and gains on sales of investments. 
BindView Development (Nasdaq : BVEW)BVEW develops, markets and supports a suite of systems management software products that manage the security and integrity of complex, distributed client/server networks operating on Windows NT and Novell NetWare environments. For the three months ended 3/31/99, total revenues totalled $11.9 million, up from $5.8 million. Net loss totalled $1.6 million, up from $671 thousand. Results reflect the continued market acceptance of the EMS product family, offset by $2.3 million in special charges. 
B.V.R. Technologies Ltd. (Nasdaq : BVRTF)B.V.R. Technologies Ltd. is engaged in the development, manufacture and marketing of commercial systems in the fields of telecommunications and entertainment-based applications of virtual reality. For the six months ended 6/30/98, sales rose 90 percent to $22.7 million. Net income totalled $2.2 million vs. a loss of $1.5 million. Results reflect an increased order backlog in the Defense division, higher margins and lower S/G/A expenses as a  percentage of sales. 
BroadVision, Inc. (Nasdaq : BVSN)Broadvision, Inc. develops, markets and supports application software solutions for one-to-one relationship management for the extended enterprise. For the three months ended 3/99, revenues rose 83 percent to $18.5 million. Earnings totalled $2.9 million, vs. a loss of $499 thousand. Revenues reflect continued strong market acceptance for the Company's core technology. Earnings also reflect lower sales and marketing and research and development expenses as a  percentage of revenues. 
BackWeb Technologies Ltd. (Nasdaq : BWEB)BWEB is a provider of Internet communication infrastructure software and application-specific software that enables companies to communicate business-critical, time-sensitive information to their customers, partners and employees. For the three months ended 3/31/99, revenues totalled $4.1 million, up from $1.6 million. Net loss fell 20 percent to $3.7 million. Revenues reflect growth in license revenues. Net loss was partially offset by increased sales and marketing expenses. 
Beyond.com Corporation (Nasdaq : BYND)Beyond.com is a online reseller of commercial off-the-shelf computer software to the consumer, small business and large enterprise markets. For the three months ended 3/31/99, revenues totalled $19.1 million, up from $6.2 million. Net loss totalled $18.8 million, up from $2.2 million. Revenues reflect new U.S. government contracts and higher sales to consumers and corporate customers. Higher loss reflects higher personnel and advertising costs. 
Computer Associates Int'l (NYSE : CA)Computer Associates designs, develops, markets, licenses and supports a wide range of integrated computer software products. For the fiscal year ended 3/31/99, revenues rose 11 percent to $5.25 billion. Net income fell 46 percent to $626 million. Revenues reflect growth in the client/server business, led primarily by Unicenter TNG. Earnings were offset by a one time $1.07 billion charge associated with the issuance of 20.25 million shares under the 1995 Key Employee Stock Ownership Plan. 
Capri Corp. (OTC BB : CAPI)Capri Corp., through its wholly owned subsidiary Cimnet Systems, supplies computer integrated manufacturing software to the printed circuit board industry. For the six months ended 12/31/98, revenues totalled $2.9 million, up from $1.2 million. Net income totalled $588 thousand, vs. a loss of $13 thousand. Revenues reflect record sales in history to Photocircuits Corp. Earnings also reflect an increase in operating margins due to the effects of economies of scale. 
CBQ, Inc. (OTC BB : CBQI)CBQ, Inc. is a development stage full service internet company, which specializes in developing, implementing and maintaining creative business Web sites, Intranets, Commerce sites, and Database Development. CBQI also operates three vertical marketplace web sites. For the three months ended 3/31/99, revenues totalled $19 thousand. Net loss totalled $136 thousand. Results are not comparable due to the absence of any operations until the fourth quarter of 1998. 
CIBER, Inc. (NYSE : CBR)CBR provides management consulting for business/IT solutions, Enterprise Resource Planning implementation services, information technology consulting services and network technology design/integration consulting. For the nine months ended 3/31/99, revenues rose 25 percent to $551.8 million. Proforma net income rose 58 percent to $41.6 million. Revenues reflect increased hours billed and average billing rates. Net income reflects better economies of scale and higher interest income. 
Complete Business Solut. (Nasdaq : CBSI)CBSI, is a provider of information technology services to large and mid-size organizations, offering a broad range of IT services, from advising and strategic plans to developing and implementing appropriate IT solutions. For the three months ended 3/31/99, revenues rose 35 percent to $112 million. Net income totalled $10.2 million, vs. a loss of $6.6 million. Results reflect an increase in IT professional workforce and the absence of an $11 million merger cost. 
CBT Group PLC (Nasdaq : CBTSY)CBT Group provides interactive education software designed to meet the information technology education and training needs of businesses and organizations. For the three months ended 3/31/99, revenues rose 1 percent to $40.2 million. Net income fell 82 percent to $1.3 million. Revenues reflect increased revenues in the United Kingdom as a  percentage of total revenues. Earnings were offset by an increase in the number of sales personnel in the United States. 
Computer Concepts Corp. (Nasdaq : CCEE)CCEE designs, develops, markets and supports information delivery software products, including end-user data access tools and systems management software. For the three months ended 3/99, revenues rose 83 percent to $14 million. Net loss rose 51 percent to $5.4 million. Revenues reflect increased licensings and higher revenues from professional services, both due in part to expansion of the sales force. Higher loss reflects lower margins, and increases in marketing and R&D expenses. 
Cadence Design Systems (NYSE : CDN)Cadence Design Systems provides comprehensive services and technology for the product development requirements of the world's leading electronic companies. For the three months ended 4/3/99, revenues rose 13 percent to $305.2 million. Net income totalled $51.8 million, up from $359 thousand. Revenues reflect strong demand for products used by customers to develop custom ICs and for service offerings. Earnings reflect a decrease in acquired in-process technology. 
CE Software Holdings, Inc (Nasdaq : CESH)CE Software Holdings, Inc. develops computer software products that enhance communications, connectivity, and productivity for businesses and home-based personal computer users. For the three months ended 12/31/98, revenues fell 29 percent to $868 thousand. Net loss fell 94 percent to $24 thousand. Revenues reflect lower revenues from both the Messaging and Personal Applications product groups. Lower loss benefitted from a change in market value of trading securities. 
Cotelligent, Inc. (NYSE : CGZ)CGZ is a software professional services firm providing information technology consulting services, including project management, staff augmentation, alliance services, network services and IT education to businesses with complex IT operations. For the nine months ended 12/98, revenues rose 34 percent to $236.6 million. Net income totalled $11.3 million, up from $3.7 million. Results reflect higher total client service hours and lower S/G/A costs as a  percentage of revenues. 
Check Point Software Tech (Nasdaq : CHKP)Check Point is engaged in secure enterprise networking solutions that enable customers to implement centralized policy-based management with enterprise-wide distributed deployment. For the nine months ended 9/98, revenues rose 82 percent to $101.4 million. Net income totalled $51.3 million, up from $25.6 million. Results reflect growth in the market for enterprise securityproducts, increased sales through SunSoft and the introduction of Versions 1.2, 2.0 and 2.1 of FireWall-I. 
Computer Horizons Corp. (Nasdaq : CHRZ)CHRZ provides information technology services and solutions such as professional services staffing, Year 2000 conversion services, as well as other value-added services to major corporations. For the three months ended 3/99, total revenues increased 24 percent to $138.1 million. Net income rose 10 percent to $9.5 million. Revenues reflect higher product and IT Services revenues. Earnings were partially offset by a decrease in the Company's higher margin Year 2000 business. 
Citadel Technology, Inc. (OTC BB : CITN)Citadel Technology, Inc. is a developer and marketer of computer software products including security and management utilities for networks and personal computers. For the nine months ended 11/30/98, revenues totalled $4 million, up from $1.1 million. Net loss before extraordinary item fell 30 percent to $2.1 million. Revenues reflect increased industry recognition of the Company's products. Lower loss was partially offset by lower margins and higher selling and marketing expenses. 
Crosskeys Systems Corp. (Nasdaq : CKEYCrosskeys is an independent software vendor that develops, markets and supports telecommunications management software products and services for telecommunications service providers. For the 26 weeks ended 11/1/98, total revenues rose 42 percent to C$25.1 million. Net income totalled C$4 million, up from C$1.9 million. Revenues reflect the growth in revenue from the CrossControl and Networkware product lines. Net income also reflects lower cost of sales as a  percentage of revenues. 
Clarify, Inc. (Nasdaq : CLFY)Clarify develops, markets, and supports adaptable client/server application software designed to address the external and internal service needs of today's global enterprises. For the three months ended 3/31/99, total revenues increased 75 percent to $43.5 million. Net income totalled $2.7 million, up from $700 thousand. Results reflect increased international license fees and service revenues. Earnings also reflect decreased product development and S/G/A expenses as a  percent of sales. 
Clarus Corporation (Nasdaq : CLRS)Clarus Corporation, develops, markets and supports Web-based Commerce applications and client/server financial and human resource applications. Clarus Commerce leverages Web technology to connect large populations of employees, management and suppliers. For the three months ended 3/31/99, revenues rose 38 percent to $11.4 million. Net loss totalled $1.3 million, up from $301 thousand. Results reflect higher services and maintenance fees, offset by increased personnel and royalty expenses. 
Celerity Systems, Inc. (Nasdaq : CLRT)CLRT designs, develops, integrates, installs, operates and supports interactive video services hardware and software. For the three months ended 3/99, revenues fell 89 percent to $78 thousand. Net loss from continuing operations fell 27 percent to $1.2 million. Revenues reflect lack of interactive video sales and discontinuance of the Company's CD-ROM division. Lower loss reflects decreased costs related to revenues and operations, and efforts to conserve cash. 
Celerity Solutions, Inc. (Nasdaq : CLTY)Celerity Solutions, Inc. engages in the development, marketing and support client-server and internet-enabled business software applications. For the nine months ended 12/31/98, total revenues rose from $3.6 million to $9 million. Net loss fell 71 percent to $505 thousand. Results benefitted from the SAI acquisition and increased licensing revenue at CSTI. Lower loss reflects the absence of a $3.1 million purchased R&D charge, partially offset by the absence of a $2 million gain on asset sale. 
Catalyst International (Nasdaq : CLYS)Catalyst International develops, markets, and supports advanced warehouse management software solutions. For the three months ended 3/31/99, total revenues increased 44 percent to $10.7 million. Net income totalled $1.5 million, up from $292 thousand. Revenues reflect higher number of projects sold and a greater base of installed customers who provided PCS revenue. Earnings also reflect lower cost of revenues as a  percentage of sales. 
Command Systems, Inc. (Nasdaq : CMND)Command Systems, Inc. provides a wide range of IT solutions and services to financial services organizations to support their business processes. For the three months ended 3/31/99, revenues fell 13 percent to $6.9 million. Net loss applicable to Common totalled $1.2 million vs. an income of $195 thousand. Revenues reflect lower revenue generated from Year 2000 solutions services and lower emphasis on hardware solutions services. Loss reflects increased staff support expenses. 
Computone Corporation (OTC BB : CMPT)Computone designs, manufactures and markets hardware and software communications connectivity products for business and industrial systems. For the nine months ended 1/1/99, net sales fell 15 percent to $7.6 million. Net loss totalled $2.7 million, up from $1.3 million. Revenues reflect delayed delivery of new products in conjunction with a reorganization of the sales force, and delays in the receipt of products from suppliers. Higher loss also suffered from increases in S/G/A and R&D. 
Credit Mgmnt. Solutions (Nasdaq : CMSS)Credit Management Solutions develops and provides software solutions and services for automating the consumer and small business credit analysis, decisioning and funding process. For the three months ended 3/31/99, revenues rose 45 percent to $6.1 million. Net loss decreased 52 percent to $646 thousand. Revenues reflect increased market acceptance of CreditRevue and increased demand for consulting services. Loss also benefitted from lower license and software development fees. 
CONNECT, Inc. (Nasdaq : CNKT)CONNECT, Inc. provides integration solutions to enable its customers to engage in Internet-based electronic commerce and extend their businesses through the emerging network supply chain. For the three months ended 3/31/99, revenues decreased 10 percent to $2 million. Net income totalled $274 thousand vs. a loss of $3 million. Results reflect lower license revenue due to product transitioning, offset by improved margins due to cost reductions in the services business. 
Concur Technologies, Inc. (Nasdaq : CNQR)Concur Technologies, Inc. is a provider of Intranet-based employee-facing applications that extend automation to employees throughout the enterprise and to partners, vendors and service providers in the extended enterprise. For the six months ended 3/31/99, revenues rose 92 percent to $13.6 million. Net loss totalled $11.3 million, up from $4.1 million. Results reflect increased sales of XMS, offset by increased sales and marketing personnel and trade show costs. 
Centura Software Corp. (Nasdaq : CNTR)Centura Software provides Secure, Embeddable, E-Business and Micro Database solutions and the Connectivity products necessary to integrate these solutions into business systems. For the fiscal year ended 12/98, revenues fell 8 percent to $53.5 million. Net income totaled $2.1 million vs. a loss of $649 thousand. Revenues reflect decreased sales of Centura tools products and lower sales to Europe and Asia. Net income reflects the absense of $1 million of restructuring and $500 thousand of aquisition cost. 
COGNICASE Inc. (Nasdaq : COGI)COGNICASE provides automated software maintenance solutions that enable organizations to convert computer systems in response to a change in the business/technical environment in which the systems operate, or to migrate to newer hardware platforms. For the fiscal year ended 9/30/98, revenues totalled $59.1 million. Net income totalled $8.5 million. Results reflect an acceleration of software conversion under fixed-priced contracts. 
Cognos Incorporated (Nasdaq : COGN)Cognos Incorporated develops, markets and supports two complementary lines of software tools that are designed to satisfy enterprise-wide business critical needs. For the fiscal year ended 2/99, total revenue increased 23 percent to $301.1 million. Net income rose 79 percent to $58.4 million. Revenues reflect increased sales of the Company's business intelligence tools and an expanded customer base. Earnings reflect lower charges for acquired research and development. 
Coda Music Technology,Inc (Nasdaq : COMT)Coda Music Technology, Inc. develops and markets proprietary music technology products that enhance music learning and composition, increase productivity and make practicing and performing music fun. For the three months ended 3/99, revenues fell 22 percent to $1.2 million. Net loss decreased 70 percent to $276 thousand. Results reflect a decrease in Finale and SmartMusic software product revenues. Lower losses reflect improved gross margin and absence of repositioning costs. 
Corel Corporation (Nasdaq : CORL)Corel Corporation develops, manufactures, licenses, sells and supports a wide range of software products including graphics, business productivity, consumer and video applications as well as network computers. For the three months ended 2/99, revenues fell 11 percent to $40.3 million. Net loss fell 31 percent to $14.6 million. Revenues reflect decreased aggregate unit sales and reduction in price of Corel's products. Lower loss reflects lower advertising and development expense. 
Cover-All Technologies (Nasdaq : COVR)Cover-All Technologies is a software company whose Classic product line is a self-contained rating, issuance and transaction management application system utilized in the property/casualty insurance industry. For the three months ended 3/31/99, total revenues rose 21 percent to $3.5 million. Net income fell 14 percent to $310 thousand. Results reflect increased professional services revenue due to a new contract, offset by lower margins due to increased licenses costs. 
Compuware Corporation (Nasdaq : CPWR)Compuware Corporation provides software products and professional services designed to increase the productivity of the information system departments of enterprises worldwide. For the nine months ended 12/31/98, total revenues rose 46 percent to $1.14 billion. Net income rose 92 percent to $225.9 million. Revenues reflect increased demand for client/server testing and implementation products. Earnings also reflect higher gross profits and average cash and investment balances. 
Celeris Corporation (Nasdaq : CRSC)Celeris Corporation provides specialty clinical research to pharmaceutical, medical device and biotechnology manufacturers. For the three months ended 3/99, revenues rose 48 percent to $1.9 million. Net loss from continuing operations totalled $1.2 million, vs. an income of $157 thousand. Revenues reflect expanded service capabilities and a higher volume of consulting services performed. Loss reflects higher general and administrative expenses associated with the expanded service offerings. 
Crystal Systems Solutions (Nasdaq : CRYSF)Crystal Systems develops and markets software tools and provides consulting services for the implementation of complex conversion projects primarily for mainframe computer systems. For the nine months ended 9/30/98, revenues rose 87 percent to $31.2 million. Net income totalled $6.7 million, up from $3.2 million. Revenues reflect increased demand for conversion projects. Earnings also reflect higher gross margins and enhanced efficiencies in conversion tools. 
ConSyGen, Inc. (OTC BB : CSGI)ConSyGen, Inc. is engaged in automated software conversion services offering solutions for year 2000 remediation and IV&V, and platform conversions. The Co. also offers Counterfeit Cop which detects counterfeit monetary exchange items and ID documents. For the nine months ended 2/28/99, revenues rose 92 percent to $690 thousand. Net loss rose 48 percent to $3.6 million. Results reflect the completion of several conversion contracts, offset by higher payroll expenses. 
CSK Corporation (Nasdaq : CSKKY)CSK Corporation provides comprehensive information services ranging from systems design, development and construction, to consulting and user support. For the fiscal year ended 3/31/98, revenues increased 55 percent to Y211B. Net loss rose from Y8.90 billion to Y20.28 billion. Revenues reflect increased sales of large-scale systems development services due to strong demand from various business fields. Loss reflects a Y49.73 billion expense for prepaid cards sales. 
Compressent Corporation (OTC BB : CSNE)CSNE is engaged in the development of digital image coding and data compression software products which will enable the facsimile transmission of color images from computers. For the nine months ended 6/98, revenues totalled $85 thousand vs. none. Net loss rose 85 percent to $6.5 million. Results reflect increased sales, offset by higher employees and consultants costs, warrants issued in exchange for services, and legal costs related to lawsuit against Color Communications Corp. 
Comshare, Incorporated (Nasdaq : CSRE)CSRE develops, licenses and supports client/server decision support software applications designed to improve business analysis, planning, reporting and decision making. For the six months ended 12/31/98, total revenues fell 23 percent to $34.1 million. Net income totalled $132 thousand vs. a loss of $3.5 million. Revenues suffered from a decrease in software license fees and maintenance revenue. Earnings reflect the absence of a $1.6 million unusual charge, and lower administrative costs. 
CTI Group Holdings (OTC BB : CTIG)CTI Group Holdings designs, develops, markets and supports software services and services for managing telecommunications systems. For the nine months ended 12/98, net sales rose from $2.2 million to $5.1 million. Net loss increased 12 percent to $816 thousand. Revenues reflect the 2/98 acquisition of Databit business from Siemens plc in the UK. Higher loss reflects increased expenses due to the acquisition, a $28 thousand bad debt expense, and a $86 thousand loan note imputed interest expense. 
Comptek Research, Inc. (AMEX : CTK)Comptek designs and develops dedicated defense related systems, software and proprietary products intended for the global military electronics market. For the 39 weeks ended 12/25/98, net sales increased 29 percent to $68 million. Net income increased 25 percent to $2.3 million. Revenues reflect increased Defense Systems segment sales due to the acquisition of PRB Associates, Inc. Net income was partially offset by increased interest expense and R&D expenses. 
Cellular Technical Serv. (Nasdaq : CTSC)Cellular Technical Services Co. designs, develops, markets, installs and supports integrated data processing systems for the wireless communications industries. For the three months ended 3/31/99, revenues fell 19 percent to $2.8 million. Net income totalled $515 thousand, vs. a loss of $1.8 million. Revenues reflect a reduction in market opportunities for cloning fraud prevention technology. Earnings reflect an improved gross profit margin and reduced staffing levels. 
Cognizant Technology Sol. (Nasdaq : CTSH)Cognizant Technology Solutions provides software solutions including application development and maintenance services, Year 2000 and Eurocurrency compliance services, testing and quality assurance services, and re-hosting and re-engineering services. For the three months ended 3/31/99, total revenues totalled $20.4 million, up from $10.2 million. Net income totalled $2.8 million, up from $712 thousand. Results reflect increased software development, maintenance and Eurocurrency services. 
Citrix Systems, Inc. (Nasdaq : CTXS)Citrix Systems, Inc. is a supplier of application server products and technologies that enable the effective and efficient enterprise-wide deployment and management of applications designed for Microsoft Windows operating systems. For the three months ended 3/31/99, revenues rose 72 percent to $85 million. Net income totalled $25.8 million, up from $12.3 million. Results relfect an increase in the volume of MetaFrame shipments and higher margins due to new product introductions. 
CyBear, Inc. (Nasdaq : CYBA)CyBear, Inc. is a development stage information technology company using Internet and Internet-based browser technologies to develop applications designed to improve communications and increase efficiencies for healthcare providers. For the three months ended 3/31/99, the Company reported no revenues. Net loss totalled $1.5 million, up from $563 thousand. Higher loss reflects costs associated with the establishment of company infrastructure. 
CyberGuard Corporation (CYBGCyberGuard Corporation is a developer and marketer of commercial network security products designed to protect data on computer networks from access by unauthorized users. For the nine months ended 3/31/98, total revenues rose 47 percent to $15.1 million. Net loss decreased 40 percent to $6 million. Results reflect increased shipments of the Company's CyberGuard firewall and Trade VPI products, partially offset by the hiring of additional sales personnel and increased marketing efforts. 
CyberCash, Inc. (Nasdaq : CYCH)CyberCash, Inc. is a provider of payment software and services, enabling electronic commerce for merchants operating either in the physical brick and mortar world or the virtual world of the Internet. For the three months ended 3/31/99, net revenues totalled $4.4 million, up from $1.1 million. Net loss applicable to Common rose 34 percent to $7.9 million. Results reflect an increase in the base of merchant customers, offset by increased development and amortization expenses. 
DBT Online, Inc. (NYSE : DBT)DBT, a holding company, through its subsidiaries is engaged in electronic information retrieval which provides on-line, real-time access to public records. DBT is also involved in patent enforcement and exploitation. For the three months ended 3/31/99, revenues rose 32 percent to $16.4 million. Net income rose 19 percent to $1.9 million. Results reflect an increased number of active customers and new products released, partially offset by a higher in sales and marketing payroll. 
Digital Courier Tech. (Nasdaq : DCTI)DCTI develops and markets proprietary electronic commerce software and technologies and online information services for computer platforms and other computing devices connected to the Internet. For the nine months ended 3/99, net sales totalled $1.2 million, up from $405 thousand. Net loss from continuing operations totalled $17.8 million, up from $2.6 million. Revenues reflect sales from Books Now and WeatherLab. Higher loss reflects a $5.2 million charge for the write-off of AOL contract costs. 
Documentum, Inc. (Nasdaq : DCTM)DCTM develops, markets and supports a software application environment for automating the flow of knowledge in and between organizations, and a family of Web applications that accelerate product and process innovation. For the three months ended 3/31/99, revenues fell 4 percent to $24 million. Net loss totaled $4.4 million, vs. income of $490 thousand. Revenues reflect a decrease in customer license sales. Loss reflects efforts to expand sales teams and marketing programs. 
Data Dimensions, Inc. (Nasdaq : DDIM)Data Dimensions provides a range of Information Technology (IT) consulting services including applications and infrastructure outsourcing, quality assurance and testing, and applications integration. For the three months ended 3/99, revenues rose 52 percent to $32.2 million. Net income rose 77 percent to $1.5 million. Revenues reflect Year 2000 problem resolution. Earnings reflect lower personnel costs and efforts to control growth in expenses. 
Digital Descriptor System (OTC BB : DDSI)DDSI develops, assembles and markets computer instal-lations, consisting of hardware and software, which utilize imaging technology to capture video and scanned images, digitize the image, link the digitized images to text and store and retrieve text. For the nine months ended 9/30/97, revenues rose 1 percent to $2.2 million. Net loss fell 62 percent to $774 thousand. Results reflect a change in policy that requires an initial deposit to be made, cost controls and lower personnel costs. 
Dega Technology, Inc. (OTC BB : DEGA)Dega Technology, Inc. develops, manufactures and markets proprietary software and the related equipment to provide long term data storage capability. Revenues for the nine months ended 9/30/97 increased 13 percent to $45 thousand. Net loss totalled $475 thousand, up from $81 thousand. Revenues reflect the acquisition of DTI Technology. Higher loss also reflects the costs associated with the acquisition and S/G/A and depreciation expenses increased. 
Digitran Systems, Inc. (OTC BB : DGTS)Digitran Systems develops, manufactures and markets simulator training systems which are used to train personnel in the petroleum, construction and transportation industries. For the nine months ended 1/99, revenues fell 26 percent to $1.8 million. Net loss applicable to Common totalled $1.4 million, up from $538 thousand. Revenues reflect lack of cash resources, lower petroleum industry prices and lack of alternative product offering. Net loss reflects higher Sales and Marketing expenses. 
Digital Lava, Inc. (AMEX : DGV)Digital Lava develops and markets video publishing software applications for corporate training, communications, distance learning, research and other applications. For the three months ended 3/31/99, revenues rose 52 percent to $116 thousand. Net loss before extraordinary item applicable to Common rose 49 percent to $1.9 million. Revenues benefitted from repeat business from the current client base. Higher loss reflects increased selling, general and administrative expenses. 
Diehl Graphsoft Inc. (Nasdaq : DIEG)DIEG is engaged in the design, manufacture and marketing of interactive graphics and CAD software. DIEG also creates manuals for software users and offers electronic information services on the Internet. For the nine months ended 2/28/99, sales rose 8 percent to $5.5 million. Net income rose 17 percent to $636 thousand. Revenues reflect the introduction of Vectorworks. Earnings also reflect a shift from municipals to corporate bonds, lower advertising costs and a lower effective tax rate. 
Dialogic Corporation (Nasdaq : DLGC)Dialogic Corp. designs, manufactures and markets hardware and software signal computing components for computer telephony systems. For the three months ended 3/99, revenues increased 9 percent to $72.3 million. Net income fell 68 percent to $5 million. Results reflect growth in revenue from Belgium. Earnings suffered from continuing investment of resources in the development of Dialogic DM3, IP telephony and other hardware and software, and from increased marketing expenses. 
Deltek Systems Corp. (Nasdaq : DLTK)DLTK is a provider of enterprise software products such as financial and project accounting, human resources, management and administration, materials management and project reporting. For the three months ended 3/31/99, revenues rose 32 percent to $23.5 million. Net income rose 30 percent to $4 million. Revenues reflect an increase in consulting services due to new implementations of Costpoint systems. Net income was partially offset by an increase in the bad debt reserve. 
DocuCorp International (Nasdaq : DOCC)DocuCorp International, Inc. develops, markets and supports a portfolio of open-architecture, enterprise-wide document automation software products that enable its customers to produce complex, high volume, individualized documents. For the six months 1/99, revenues rose 14 percent to $25.2 million. Net income rose 44 percent to $2.1 million. Revenues reflect additional licenses in the insurance market. Earnings reflect the cash balances maintained by the Company. 
PC DOCS Group Int'l Inc. (Nasdaq : DOCS)PC DOCS Group International, Inc. develops, markets and supports object-oriented, client/server and intranet enterprise document management systems and information management systems for professionals. For the six months ended 12/31/98, total revenues rose 49 percent to C$83.1 million. Net income rose from C$1.6 million to C$3.1 million. Results reflect increases in software license revenues. Earnings also reflect a C$2.5 million benefit for the reversal of restructuring charges. 
Document Sciences Corp. (Nasdaq : DOCX)Document Sciences Corporation develops, markets and supports a family of document automation software products and services used in high volume electronic publishing applications. For the three months ended 3/99, revenues rose 34 percent to $5.5 million. Net income totalled $226 thousand vs. a loss of $1.5 million. Revenues reflect an increase in license fees due to increased installed base. Net income reflects higher margins and lower personnel costs. 
Digital Origin, Inc. (Nasdaq : DODV)DODV designs, develops, assembles, markets and supports digital video computer products for professionals and consumers who use digital camcorders to manipulate video and audio information with multimedia authorizing and editing video systems. For the six months ended 3/99, net sales fell 48 percent to $5.5 million. Net income rose 10 percent to $3.9 million. Results reflect the discontinuation of the development of color graphics products offset by improved margins. 
Amdocs Limited (NYSE : DOX)Amdocs provides product-driven information system solutions to telecommunication companies through means of integrated, comprehensive customer care and billing systems for wireless and wireline network operators and service providers. For the six months ended 3/31/99, revenues increased 55 percent to $279.3 million. Net income rose from $12.1 million to $43.3 million. Results reflect increased CC&B System revenues and an increase in operating income as a  percentage of sales. 
Digital River, Inc. (Nasdaq : DRIV)Digital River provides comprehensive electronic commerce outsourcing solutions to software publishers and online retailers. DRIV derives its revenue primarily from sales of third party software. For the three months ended 3/99, sales rose from $2.3 million to $11.7 million. Net loss rose from $1.6 million to $5.3 million. Revenues reflect growth in the software publisher and online retailer clients. Higher loss reflects lower margin software publisher clients. 
Dendrite International (Nasdaq : DRTE)DRTE provides management solutions to control and coordinate large sales forces in complex environments through an Electronic Territory Management system. For the three months ended 3/99, revenues increased 43 percent to $32.4 million. Net income totalled $3.7 million, up from $1.8 million. Results reflect increases in the installed base of Dendrite ETM systems and the recognition of license fees from European customers. Earnings also reflect increased operational effeciencies. 
DSET Corporation (Nasdaq : DSET)DSET Corporation designs, develops, markets and supports an integrated suite of object-oriented application development tools and provides custom application development services. For the three months ended 3/99, revenues rose 40 percent to $7.5 million. Net income increased 96 percent to $572 thousand. Revenues reflect initial sales of carrier to carrier products. Earnings also reflect increased interest income. 
DelSoft Consulting, Inc. (OTC BB : DSFT)DelSoft Consulting, Inc. provides customized software solutions, system integration and development services to large commercial enterprises. For the six months ended 12/31/98, revenues decreased 14 percent to $4.4 million. Net loss totalled $148 thousand vs. an income of $145 thousand. Revenues reflect the Company redirecting its focus to expanding its professional service staffing operations. Net loss reflects the Company's continued investment in infrastructure. 
Descartes Systems Group (Nasdaq : DSGX)The Descartes Systems Group develops, markets, implements and supports inter-enterprise execution software for supply chain management. For the nine months ended 10/31/98, revenues totalled $34 million, up from $12.6 million. Net loss increased 95 percent to $23.5 million. Revenues reflect growing acceptance of the Company's software products and market introduction of the latest version of Energy. Higher loss reflects a $16.5 million charge for intangible write-off. 
Datastream Systems, Inc. (Nasdaq : DSTM)DSTM develops, markets, sells, and supports personal desktop computer, file/server and client/server enterprise software for the industrial automation market. For the three months ended 3/99, revenues rose 43 percent to $28.8 million. Net income rose from $711 thousand to $3.6 million. Revenues reflect newly acquired entities of Insta, SIS, DSTM-PAC, Computec and Computer-Mexico. Net income reflects the absence of $2.1 million in write-off of in-process research and development. 
Diversinet Corp. (Nasdaq : DVNT)Diversinet Corp. is a developer of information security products, technologies and services. The Company is developing enterprise public-key method infrastructure products to provide encryption, authentication, digital signatures and automated key management. For the three months ended 1/31/99, revenues fell 58 percent to C$42 thousand. Net loss from continuing operations totalled C$836 thousand vs. an income of C$5 thousand. Results reflect lower interest income and increased S/G/A expenses. 
Datawatch Corporation (Nasdaq : DWCH)Datawatch Corporation is a provider of Enterprise Reporting, Report Mining and Service Center software products that help organizations increase productivity, reduce costs and gain competitive advantages. For the three months ended 12/98, revenues rose 2 percent to $6.5 million. Net loss totalled $1.7 million vs. an income of $9.1 million. Revenues reflect higher sales of Monarch/ES and Monarch Data Pump products. Net loss reflect the absence of a $15.4 million gain on the sale of product line. 
DynamicWeb Enterprises (OTC BB : DWEB)DWEB develops, markets and supports software products and other services that enable business entities to engage in electronic commerce utilizing the Internet and traditional Electronic Data Interchange. For the fiscal year ended 9/30/98, revenues rose 86 percent to $1.2 million. Net loss applicable to Common fell 4 percent to $3 million. Revenues reflect increased sales of the Co.'s new EDI/Internet products and services. Lower losses reflect the absence of a $714 thousand purchased R&D charge. 
Dataware Technologies (Nasdaq : DWTI)DWTI develops software for enterprise information access, professional electronic publishing, and multimedia publishing services through its ``Ledge'' division. For the fiscal year ended 12/31/98, revenues fell 12 percent to $32.9 million . Net loss applicable to Common fell 97 percent to 207 thousand. Revenues reflect reductions in service revenue due to sale of a portion of the services business to IHS in 1997. Earnings reflect a shift in the product mix to software license fees. 
Engineering Animation (Nasdaq : EAII)Engineering Animation provides enterprise-wide software solutions for process management, collaboration, communication and analysis. EAII also offers interactive multimedia products for games, consumer, education, business training and litigation markets. For the three months ended 3/99, revenues rose 12 percent to $24.8 million. Net loss fell 23 percent to $500 thousand. Revenues reflect increased number of projects. Lower loss reflects higher margins. 
Storm Technology, Inc. (OTC BB : EASY)Storm Technology provides digital photo solutions which enable consumers and small businesses to input, store, organize, enhance and use photos easily on their personal computers. For the six months ended 6/98, revenues totalled $26.4 million, up from $8.6 million. Net loss applicable to Common rose 48 percent to $15.3 million. Revenues reflect increased European sales of Logitech-branded and Storm-branded products. Higher loss reflects a $4.4 million inventory write-down and higher S/G/A cost. 
Eclipsys Corporation (Nasdaq : ECLP)Eclipsys is a healthcare information technology company that offers an integrated suite of healthcare products in five areas: clinical management, access management, patient financial management, strategic decision support and integration. For the three months ended 3/31/99, total revenues rose 45 percent to $53.9 million. Net loss applicable to Common fell 92 percent to $1.3 million. Results reflect acquisitions, increased marketing efforts and the absence of a $7.2 million write-off. 
Edify Corporation (Nasdaq : EDFY)Edify Corporation provides Internet and voice e-Commerce portal solutions that help companies to manage customer relationships. EDFY's software offers the means to automate, integrate and personalize interactions with customers and employees. For the three months ended 3/31/99, revenues rose 16 percent to $16 million. Net loss totalled $6.4 million, up from $1.5 million. Results reflect increased demand for consulting services, offset by increased marketing expenses. 
Electronics For Imaging (Nasdaq : EFII)EFII designs and markets products that support color and B&W printing on a variety of peripheral devices. Its Fiery-line incorporates hardware and software technology that enhances digital copiers and printers. For the three months ended 3/31/99, revenues rose 45 percent to $120 million. Net income totalled $17 million up from $4.2 million. Revenues reflect higher unit volumes shipped. Earnings reflect lower relative promotional costs and interest earned on a higher avg. cash balance. 
eGames, Inc. (Nasdaq : EGAM)eGames, Inc. develops, publishes, markets and resells a diversified line of personal computer software for consumer, educational and business applications. For the nine months ended 3/31/99, net sales increased 18 percent to $8.6 million. Net income applicable to Common rose 4 percent to $1.3 million. Revenues reflect increased sales of the Company's Galaxy Series products. Earnings were partially offset by higher product development and selling, general and administrative costs. 
Egan Systems, Inc. (OTC BB : EGNS)Egan Systems, Inc. is engaged in the business of developing, selling and supporting computer software products, particularly products related to the COBOL computer language. For the three months ended 3/31/99, revenues rose from $242 thousand to $651 thousand. Net income totalled $133 thousand vs a loss of $142 thousand. Results reflect greater exposure from the Co's internet page, an agreement with Data General and lower SGA, promotion and advertising expenses. 
Eagle Point Software Corp (Nasdaq : EGPT)EGPT develops and markets application software for use by professionals in the engineering, construction, and architectural markets. For the nine months ended 3/31/99, total revenues increased 6 percent to $10.9 million. Net income rose from $306 thousand to $1.4 million. Revenues reflect the release of product upgrades and higher emphasis on support and maintenance programs. Earnings also reflect higher gross profit margins due to a shift in the sales mix and lower personnel costs. 
Eidos plc (Nasdaq : EIDSY)Eidos plc is a software developer which develops interactive video and computer games. EIDSY is one of Europe's largest publishers and developers of entertainment software. The Eidos group includes Eidos Interactive, Glassworks and Eidos Technologies. For the six months ended 9/98, revenues rose from L21.8 million to L47.6 million. Net loss before U.S. GAAP rose 15 percent to L13.8 million. Revenues reflect new products released in 1998. Higher loss reflects a lower gross profit margin. 
Elcom International, Inc. (Nasdaq : ELCO)Elcom International, Inc. develops and licenses automated procurement software applications which enable the conduct of interactive electronic commerce. For the three months ended 3/31/99, revenues decreased 8 percent to $174.4 million. Net loss totalled $1.5 million vs. income of $1.4 million. Results reflect residual impact of the Asian financial crisis on certain customers, as well as softer demand due to certain customers focusing on Year 2000 efforts. 
Echelon Corporation (Nasdaq : ELON)Echelon Corporation develops, markets and supports hardware and software products and services that enable original equipment manufacturers and systems integrators to design and implement open, interoperable, distributed control networks. For the three months ended 3/99, total revenues rose 11 percent to $8.8 million. Net loss fell 9 percent to $1.6 million. Revenues reflect increased sales of control and connectivity products. Lower loss reflects cost control measures. 
Effective Management Syst (OTC BB : EMSI)EMSI develops, markets and supports integrated manufacturing and business management software. EMSI's Time Critical Manufacturing software is designed to integrate different technologies to optimize labor, capital and inventory utilization. For the three months ended 2/28/99, revenues fell 27 percent to $7.5 million. Net loss totaled $2.2 million, up from $1.1 million. Revenues reflect delays in the sale of Baan products. Higher loss reflects lower margins in all lines. 
Emultek Ltd. (EMUEmultek Ltd. is a provider of simulation-based software for the design, development and support of embedded systems software applications. For the comparable nine months ended 10/31/98, revenues rose 44 percent to $4.6 million. Net loss decreased 6 percent to $1.8 million. Results reflect several new pilot projects with multinational companies which commenced during the period, partially offset by increased research and development costs and a $180 thousand restructuring charge. 
Entrust Technologies (Nasdaq : ENTU)Entrust Technologies develops, markets and sells products and services that allow enterprises to manage communications and transactions over advanced networks. For the three months ended 3/31/99, total revenues rose 70 percent to $16.8 million. Net income totalled $334 thousand, up from $125 thousand. Revenues reflect higher license revenues due to higher demand for consulting services. Net income also reflects shift to higher-margin maintenance revenues. 
Bottomline Technologies (Nasdaq : EPAY)Bottomline Technologies is a provider of software used to make and manage corporate payments. The Company's products and services enable organizations to transition from the traditional paper check process to electronic payments and to facilitate electronic commerce. For the nine months ended 3/31/99, revenues rose 36 percent to $28.6 million. Net income applicable to Common totalled $2.7 million, up from $937 thousand. Results reflect growing market acceptance of Paybase/32/. 
Epicor Software Corp. (Nasdaq : EPIC)Epicor Software designs, develops, markets and supports a broad range of client/server enterprise resource planning software for use by businesses worldwide. For the comparable three months ended 3/99, revenues rose from $26.4 million to $66.1 million. Net income fell 52 percent to $2.1 million. Revenues reflect the 12/98 acquisition of DataWorks, including sales of their Avante, Vantage and Vista product lines. Earnings were offset by lower margins yielded by DataWorks and higher S/G/A. 
Electronic Processing Inc (Nasdaq : EPIQ)EPIQ develops, markets, licenses and supports internally developed and proprietary software products for Chapter seven and 13 bankruptcy trustees, and other users of the federal bankruptcy system. For the fiscal year ended 12/98, revenues rose 38 percent to $11.5 million. Pro forma net income totalled $1.3 million, up from $638 thousand. Results benefitted from the growth in new Chapter seven trustee business for the Company. Earnings reflect higher gross profit due to TCMS for Chapter 7. 
Electronic Arts Inc. (Nasdaq : ERTS)Electronic Arts Inc. is an entertainment company that creates, markets and distributes interactive entertainment software for a variety of hardware platforms. For the nine months ended 12/31/98, net revenues increased 34 percent to $944.1 million. Net income decreased 11 percent to $51 million. Revenues reflect higher sales of PlayStation and Nintendo 64 products. Earnings were offset by a $44.1 million acquired in-process technology charge. 
eSoft, Inc. (Nasdaq : ESFT)eSoft develops and markets Internet connectivity solutions. The Company has developed software, which when integrated with a hardware component, allows LANs to connect with the Internet. For the fiscal year ended 12/31/98, revenues totalled $3.9 million, up from $1.2 million. Net loss totalled $2.9 million, up from $355 thousand. Revenues reflect higher sales of IPAD products and growth in the distributor base. Higher loss reflects costs related to expansion of the sales force. 
ESPS, Inc. (Nasdaq : ESPS)ESPS, Inc. provides electronic compliance management solutions to businesses in highly regulated industries, including the pharmaceutical, biotech, chemical and utility industries. For the fiscal year ended 3/99, total revenues rose from $8.6 million to $17.9 million. Net income fell 49 percent to $1.5 million. Results reflect increased market acceptance of the CoreDossier suite of products, offset by costs related to expansion of the sales force and the reversal of a tax valuation allowance. 
e-Net, Inc. (Nasdaq : ETEL)ETEL develops, produces, markets and supports open telecommunications software and related hardware that enables, enhances, and manage telephone communications over the Internet and private Internet Protocol networks. For the nine months ended 12/31/98, revenues totalled $1.1 million, up from $378 thousand. Net loss totalled $6.2 million, up from $2.3 million. Revenues reflect the availability of the T2000 product line. Higher loss reflects additional personnel expenses. 
Compu-DAWN, Inc. (Nasdaq : ETVC)Compu-DAWN, Inc. is engaged in the business of designing, developing, licensing, installing and servicing computer software products and systems for law enforcement and public safety agencies. For the fiscal year ended 12/98, sales totalled $1.2 million, up from $591 thousand. Net loss decreased 37 percent to $2.8 million. Revenues benefitted from an increase in software sales. Lower loss was partially offset by a $1.2 million write-off of loan and a $297 thousand loss due to investment termination. 
Evolving Systems, Inc. (Nasdaq : EVOL)Evolving Systems, Inc. provides Operational Support Systems software solutions to telecommunications companies. For the three months ended 3/31/99, revenues decreased 33 percent to $8.9 million. Net loss totalled $4.5 million vs. income of $440 thousand. Revenues suffered from the completion in prior months of certain major LNP projects and decreased demand for LNP. Losses reflect increased legal expenses, and a $3.3 million litigation settlement expense. 
Exchange Applications (Nasdaq : EXAP)Exchange Applications is a provider of open, enterprise customer optimization software and solutions that are designed to enable businesses to maximize profitability and revenue growth from new and existing customers. For the three months ended 3/31/99, revenues rose 74 percent to $8.3 million. Net income totalled $410 thousand vs. a loss of $447 thousand. Results reflect increased market awareness of the VALEX product and higher license and services margins. 
Excalibur Technologies (Nasdaq : EXCA)EXCA designs, develops, markets and supports knowledge retrieval software products capable of supporting paper, text, image and video data. EXCA offers consulting, training, product maintenance and systems implementation services. For the fiscal year ended 1/99, revenues rose 25 percent to $27.9 million. Net loss applicable to Com. fell 54 percent to $3.9 million. Results reflect expanded sales into the online services market and the absence of a $1.3 million acquired R&D expense. 
Expertelligence, Inc. (OTC BB : EXGP)Expertelligence, Inc. designs, develops, markets and implements software products for business applications. EXGP creates tools and applications both independently and under contract for WebBase providers. For the three months ended 12/31/98, revenues decreased 82 percent to $53 thousand. Net loss totalled $71 thousand vs. an income of $37 thousand. Results suffered from the Company's decision to focus on the development and marketing of it's new database portal Webdata.com 
FOCUS Enhancements, Inc. (Nasdaq : FCSE)FOCUS Enhancements, Inc. internally develops, markets, and sells a line of proprietary PC-to-TV video conversion products, for PC's and Macintoshes(R). For the three months ended 3/31/99, net sales decreased 4 percent to $5.1 million. Net income decreased 72 percent to $103 thousand. Revenues reflect the discontinuation of sales to non-performing resellers of the Co's consumer video conversion product line. Earnings also suffered from increased OEM sales and higher R&D expense. 
FlexiInternat'l. Software (Nasdaq : FLXI)FLXI designs, develops, markets and supports the Flexi family of financial and accounting software applications and related tools. The Flexi solutions are designed for users with sophisticated financial accounting requirements. For the three months ended 3/31/99, revenues fell 42 percent to $4.3 million. Net loss totalled $7.6 million vs. an income of $784 thousand. Results reflect delays in companies' buying decisions due to Year 2000 issues and an increase in the reserve for bad debts. 
Fundtech Ltd. (Nasdaq : FNDTF)Fundtech Ltd. designs, develops, markets and supports a suite of mission-critical, client/server software products which enable financial institutions and companies to electronically process payments, transfer funds and manage their cash positions. For the three months ended 3/99, revenues totalled $7.9 million, up from $3 million. Net income totalled $1.8 million, up from $231 thousand. Results reflect the sale of new product offering and acquisition of CheckFree. 
JetForm Corporation (Nasdaq : FORM)JetForm Corp. is an electronic forms and workflow automation solution provider. The Company develops software products that fill, design, transmit, print, and manage forms. For the nine months ended 1/31/99, total revenues increased 12 percent to C$88 million. Net income decreased 67 percent to C$1.9 million. Results benefitted from the shipment of FormFlow '99 and increased reseller, OEM and licensing revenues. Earnings were offset by increased sales and marketing and R and D expenses. 
Formula Systems (1985) (Nasdaq : FORTY)Formula Systems (1985) Ltd. is an Israeli software and information technology services company engaged in the design, development and implementation of business-critical information technology and proprietary software solutions. For the three months ended 3/31/98, revenues rose 70 percent to NIS188.8 million. Net income according to U.S. GAAP rose 91 percent to NIS55.2 million. Results reflect an increase in the delivery of software services and increased net financial income. 
Forte Software, Inc. (Nasdaq : FRTE)Forte Software, Inc. develops, designs, markets and supports Forte, a software application development for high-end client/server applications. For the nine months ended 12/98, total revenues rose 15 percent to $57 million. Net loss fell 87 percent to $1.5 million. Revenues reflect higher license fee revenues contributed by VAR channel and higher maintenance and service revenue due to the Co's international sales expansion. Net income reflects a re-organization and personnel reduction. 
Fourth Shift Corporation (Nasdaq : FSFT)Fourth Shift Corp. develops software for manufacturing and distribution enterprises. The Co.'s software has been licensed by more than 3,300 customer sites in 60 countries. For the three months ended 3/31/99, revenues rose 18 percent to $17 million. Net income from continuing operations totalled $503 thousand, vs. a loss of $311 thousand. Results reflect sustained license revenue growth, direct marketing of the Co.'s software and improved economies of scale for expenses. 
Firstwave Technologies (Nasdaq : FSTW)Firstwave Technologies, Inc. provides customer relationship management solutions to enterprises through its three product lines: Netgain Enterprise, Takecontrol and Firstwave for UNIX. For the three months ended 3/99, net revenues fell 4 percent to $3.5 million. Net loss rose 47 percent to $840 thousand. Revenues reflect lower international software licenses sold. Higher net loss reflects increased amortization expense and third party software costs related to Netgain products. 
FVC.com, Inc. (Nasdaq : FVCX)FVC.com, Inc. develops, manufactures and markets video networking systems for use in business, government, and educational environments. For the three months ended 3/31/99, revenues decreased 7 percent to $8.4 million. Net loss increased from $492 thousand to $3.2 million. Revenues reflect a 55 percent decline in sales to Nortel Networks. Higher loss also suffered from a lower gross profit and increased personnel and marketing expenses. 
Genesys Telecommunication (Nasdaq : GCTI)GCTI is a provider of enterprise-wide platform and application software that enables organizations to integrate critical business information and computing resources with telephony and other telecommunications media. For the nine months ended 3/31/99, total revenues rose 67 percent to $97.1 million. Net loss totalled $1.7 million, vs. an income of $4.9 million. Results reflect increased acceptance of the Co.'s products and underlying technology, offset by $15.5 million in employee compensation costs. 
Gateway Data Sciences (OTC BB : GDSCQGateway Data Sciences designs, develops, markets and implements software products and provides related customer support services for retail and warehouse management systems. For the nine months ended 10/31/97, total revenue fell 34 percent to $12.7 million. Net loss totalled $7.5 million vs. an income of $1.5 million. Revenues reflect reduced sales of Kinetics and the unavailability of the Company's new software products. Loss also reflects increased sales and marketing expenses. 
GK Intelligent Systems (AMEX : GKI)GK Intelligent Systems is principally engaged in the development and marketing of software products capable of both sophisticated real-time access to and interpretation of data, and interaction with, and adaptation to, the needs of software users. For the comparable three months ended 3/31/99, revenues totalled $13 thousand, up from $0 thousand. Net loss applicable to Common totalled $4.7 million, up from $2.2 million. Results reflect initial CD-ROM sales, offset by personnel increases. 
Greenland Corporation (OTC BB : GLCP)GLCP develops propietary software that is capable of providing automated payroll check cashing, ATM and money order services delivered through a freestanding kiosk, similar in appearence to an ATM machine. For the three months ended 3/31/99, revenues decreased 94 percent to $1 thousand. Net loss totalled $2.4 million, up from $484 thousand. Revenues reflect the absence of AMR operations. Loss reflects higher product development costs for Check Central and loss on the sale of investments. 
Global Med Technologies (OTC BB : GLOB)Global Med Technologies, through Wyndgate Technologies, designs, develops, markets and supports information management software products for blood banks, hospitals and other facilities. For the three months ended 3/99, sales rose 53 percent to $1.2 million. Net loss totalled $4.3 million, up from $2 million. Revenues reflect the signing of new customers and completing the installation for existing customers. Higher loss reflects $4 million in financing costs. 
General Magic, Inc. (Nasdaq : GMGC)GMGC develops and markets voice-enabled services for the internet designed to make it easy-to-use for subscribers to access and act on important information. For the three months ended 3/31/99, revenues fell 91 percent to $155 thousand. Net loss applicable to Common rose 21 percent to $14.3 million. Revenues reflect an absence of a $1.5 million licensing fees from Microsoft Corp. Higher loss reflects the addition of network operations costs and higher marketing and advertising expenses. 
Gensym Corporation (Nasdaq : GNSM)Gensym Corp. is a supplier of software products and services for developing and deploying intelligent systems that manage and improve complex, dynamic operations. For the three months ended 3/99, revenues decreased 8 percent to $8.4 million. Net loss totalled $918 thousand vs. an income of $152 thousand. Revenues reflect decreased sales of product licenses and services due to lower sales for the Company's product in Asia and North America. Loss reflects increased personnel expenses. 
Gentia Software plc ADR (Nasdaq : GNTI)Gentia Software plc ADR is the sipplier of analytical applications that enable clients to maximize their competitive position through enterprise-wide deployment of strategy management, performance measurement and operational analysis solutions. For the three months ended 3/99, revenues rose 1 percent to $6 million. Net loss rose 40 percent to $3.7 million. Results reflect higher service and other revenues, offset by higher cost of services and $500 thousand severance charge. 
Great Plains Software Inc (Nasdaq : GPSI)GPSI provides Microsoft Windows NT and SQL Server-based enterprise wide solutions to the midmarket which automate essential accounting functions and enhance the value of financial information. For the nine months ended 2/99, revenues rose 59 percent to $94.8 million. Net income rose 39 percent to $8.4 million. Results reflect increased demand for the Company's Dynamics products, partially offset by costs associated with accelerated hiring of additional technical personnel. 
Group 1 Software, Inc. (Nasdaq : GSOF)Group one Software, Inc., develops, manufactures, licenses, sells and supports specialized marketing and mail management software. For the six months ended 9/30/98, revenues fell 3 percent to $26.5 million. Net income applicable to Common totalled $410 thousand vs. a loss of $515 thousand. Revenues reflect lower license revenue from Mailing Efficiency and Database Marketing products. Earnings reflect lower costs relating to the WorldTrak licensing arrangement. 
GT Interactive Software (Nasdaq : GTIS)GTIS creates, publishes and merchandises interactive entertainment, edutainment and value-priced consumer software for a variety of platforms on a world-wide basis. For the nine months ended 12/31/98, net revenues rose 10 percent to $479.3 million. Net income totalled $19.9 million vs. a loss of $29.5 million. Revenues reflect increased publishing revenues due to strong sales of new releases. Earnings also reflect the absence of a $73.8 million royalty advance write-off. 
GSE Systems, Inc. (AMEX : GVP)GSE Systems designs, develops and delivers business and technology solutions by applying process control, data acquisition, simulation, client/server and business software, systems and services. For the three months ended 3/31/99, revenues increased 1 percent to $17.6 million. Net income totalled $860 thousand vs. a loss of $454 thousand. Revenues reflect increased orders. Net income reflects lower S/G/A expenses due to the disposition of the Erudite and Oil and Gas assets. 
Geoworks Corporation (Nasdaq : GWRX)GWRX develops and markets operating system and application software for the emerging markets of mobile communicating devices, focusing on smart phones. For the nine months ended 12/31/98, revenues decreased 49 percent to $4.7 million. Net loss increased 20 percent to $13.3 million. Revenues suffered from lower license sales and completed development work on several OEM projects. Higher loss was partially offset by decreases in staffing and cost reductions in sales and marketing programs. 
Hayes Corporation (OTC BB : HAYZQ)Hayes Corp. engages in the design, manufacturing, marketing and support of computer communication products for business, government, small office, professional and individual consumers worldwide through the sale of modem, access systems and broadband products. For the nine months ended 10/3/98, net sales fell 31 percent to $101.7 million. Net loss applicable to Common totalled $38.9 million, up from $14.5 million. Results reflect declining sales of modems and worldwide margin compression. 
HomeCom Communications (Nasdaq : HCOM)HomeCom Communications, Inc. develops secure and innovative e-commerce solutions to enable banking, insurance and brokerage firms to establish an electronic channel to their customers via the Internet. For the fiscal year ended 12/31/98, sales increased 14 percent to $3.3 million. Net loss applicable to Common decreased 62 percent to $1.8 million. Results benefitted from increased security consulting revenues, equipment sales and a $4.4 million gain from the sale of the HostAmerica division. 
HIE, Inc. (Nasdaq : HDIE)HIE, Inc. operates in two segments: licensing integration software products and performance of related integration services; and providing consulting services related to information systems integration for healthcare organizations. For the three months ended 3/31/99, revenues rose 1 percent to $5.2 million. Net loss totaled $1.8 million, up from $357 thousand. Results reflect an increase in service revenue, offset by increases in personnel needed to complete service projects. 
Webhire, Inc. (Nasdaq : HIRE)Webhire designs, develops, markets, implements and supports human resource staffing software and services to automate the recruitment, selection and placement of an organization's workforce. For the six months ended 3/31/99, total revenues fell 13 percent to $12.8 million. Net loss totalled $5.7 million vs. income of $326 thousand. Results reflect protracted sales cycles resulting from transitions to new internet/intranet product lines and a $2.6 million investment amortization charge. 
HNC Software Inc. (Nasdaq : HNCS)HNC Software Inc. develops, markets, and supports predictive software solutions for leading service industries. For the three months ended 3/31/99, revenues increased 40 percent to $49.2 million. Net income decreased 23 percent to $2.1 million. Revenues benefitted from the growth of license fees from the financial services and retail industry segments. Earnings were offset by a $2.3 million acquisition related amortization expense, and increases in staffing. 
Harbinger Corporation (Nasdaq : HRBC)HRBC develops, markets, and supports software products and provides computer communication network and consulting services to enable businesses to engage in electronic commerce. For the three months ended 3/99, revenues increased 11 percent to $33.5 million. Net income from continuing operations totalled $2.3 million vs. a loss of $1.3 million. Revenues reflect increases in professional services and maintenance revenues. Earnings also reflect the absence of a $8 million purchased R&D expense. 
H.T.E., Inc. (Nasdaq : HTEI)HTEI develops, markets, implements and supports fully-integrated enterprise-wide software applications designed for public sector organizations. For the three months ended 3/31/99, revenues rose 31 percent to $26.2 million. Net loss totalled $321 thousand vs. an income of $1.3 million. Revenues reflect an increased hardware sales and higher license fees and service offerings. Earnings suffered from employee severence pacakage benefits and termination of lease obligations. 
Hummingbird Communication (Nasdaq : HUMC)Hummingbird Communications designs, manufactures and markets a line of desktop to enterprise connectivity software products and a line of business intelligence software solutions, including consulting and training capabilities. For the fiscal year ended 9/98, sales rose 25 percent to $126.1 million. Net income according to U.S. GAAP fell 8 percent to $26.6 million. Results reflect additions of new accounts and product upgrades, offset by $5.7 million in merger expenses. 
Hyperion Solutions Corp. (Nasdaq : HYSL)Hyperion Solutions Corp. is a provider of analytic application software for reporting, analysis, modeling and planning. The Company's products are designed to help organizations maximize performance and gain competitive advantage. For the nine months ended 3/31/99, revenues rose 24 percent to $313.5 million. Net income fell 91 percent to $1.3 million. Results reflect strong demand for the Company's OLAP server and tools, offset by $21.8 million in merger costs. 
Information Advantage Inc (Nasdaq : IACO)Information Advantage develops, markets and supports enterprise scalable on-line Business Intelligence. For the fiscal year ended 1/31/99, total revenues increased 41 percent to $70.7 million. Net income totalled $6.7 million, vs. a loss of $4.5 million. Revenues benefitted from greater market acceptance of the ROLAP engine and increased average seats per customer. Earnings benefitted from economies of scale of the technical support center and growth in the number of experienced personnel. 
IA Corporation I (Nasdaq : IACP)IA Corporation I develops software applications and archive solutions that leverage the value of transaction information for financial institutions. For the fiscal year ended 12/98, revenues fell 41 percent to $13.2 million. Net loss totalled $12.3 million vs. income of $561 thousand. Revenues suffered from customer delays coupled with deferrals of expested new contracts. Higher loss reflects personnel costs related to the development of RemitVision, and other new software products. 
Information Analysis Inc. (Nasdaq : IAIC)IAIC develops and markets computer applications software systems, programming services, and related software products and automation systems for commercial and government clients. For the fiscal year ended 12/31/98, revenues rose 90 percent to $15.3 million. Net loss totalled $9 million, up from $1.6 million. Revenues reflect higher year 2000 program sales. Higher loss reflects a $3.1 million write-down of capitalized software costs and severance charges. 
IAT Multimedia, Inc. (Nasdaq : IATA)IATA Multimedia, Inc., markets high performance personal computers in Germany assembled according to customer specifications. The Company also sells components, peripherals and software for PCs. For the three months ended 3/31/99, revenues increased 48 percent to $13 million. Net loss totalled $478 thousand, up from $35 thousand. Revenues benefitted from Columbus' PC peripherals sales. Higher loss suffered from the sales of lower margins products and acquisition related S/G/A expenses. 
IBS Interactive, Inc. (Nasdaq : IBSX)IBS Interactive provides a broad range of computer networking, programming, applications development and Internet services primarily to businesses and organizations, enabling clients to outsource a variety of business needs. For the three months ended 3/99, revenues rose 13 percent to $3.3 million. Net loss totalled $163 thousand vs income of $204 thousand. Results reflect increased revenues from acquisitions and increased installation services, offset by increased S/G/A costs. 
ISOCOR (Nasdaq : ICOR)ICOR develops, markets and supports off-the-shelf electronic messaging and directory software products and services that enable businesses to engage in electronic communications over corporate networks and the Internet. For the three months ended 3/31/99, revenues rose 37 percent to $6.9 million. Net loss fell 9 percent to $1.9 million. Revenues reflect increased volumes of internet related products licensed. Lower Loss was partially offset by lower service gross margin. 
International Integration (Nasdaq : ICUB)International Integration Inc. is an IT solutions provider specializing in consulting, electronic business and transformation services for the complex IT environments inherent in Fortune 1000 companies and other large enterprises. For the three months ended 3/31/99, net revenues rose 45 percent to $12.8 million. Net income rose 56 percent to $2.1 million. Results reflect an increased volume of projects from new customers and more efficient utilization of administrative staff. 
Intelligent Decision Sys. (OTC BB : IDSI)Intelligent Decision Systems is engaged in the development, marketing and leasing of computer systems for business and health care management, including the Vision and Focus software/hardware systems. For the nine months ended 3/31/98, revenues fell 28 percent to $546 thousand. Net loss decreased 23 percent to $2.6 million. Revenues reflect a sharp decline in Vision sales. Lower loss reflects higher margins and lower R&D expenses due to reductions in programming resources. 
IDX Systems Corporation (Nasdaq : IDXC)IDX Systems provides health care information systems and solutions that include software, hardware, and related services which enable healthcare organizations to improve the quality of patient care and workflow processes. For the three months ended 3/99, revenues fell 17 percent to $60.2 million. Net loss totalled $6.9 million vs income of $4.4 million. Revenues reflect delays in purchasing decisions. Loss also reflects higher cost of sales, and selling, general and administrative costs. 
Informix Corporation (Nasdaq : IFMX)IFMX design, develops, manufactures, markets and supports relational database management systems and connectivity interfaces and gateways for governments and businesses worlwide. For the three months ended 3/31/99, revenues rose 22 percent to $196.6 million. Net income applicable to Common totaled $7.2 million vs. a loss of $386 thousand. Results reflect higher initial year maintenance fees and renewal of maintenance contracts as well as lower restructuring charges. 
IFS International Inc. (Nasdaq : IFSH)IFS International is engaged in the business of developing, marketing and supporting software products for the electronic funds transfer market. For the nine months ended 1/99, revenues totalled $7.6 million, up from $3.3 million. Net income totalled $297 thousand, up from $131 thousand. Revenues benefitted from an increase in software license and installation contract fees, and revenues generated by the acquisition of NCI. Earnings also benefitted from an increase in gross profit. 
Indus International, Inc. (Nasdaq : IINT)Indus International, Inc. develops, markets, implements and supports a proprietary line of enterprise asset management software and service solutions for capital intense industries worldwide. For the three months ended 3/31/99, total revenues rose 1 percent to $45 million. Net income fell 39 percent to $2.7 million. Results reflect increases in consulting services generated by new contracts, offset by increased R&D expenses and sales and marketing personnel increases. 
IITC Holdings, Ltd. (IITCEIITCE was engaged in the collection, processesing, and interpretation of engineering information for petroleum and resource companies and defense and other government agencies, but as of 9/96, the Company has no ongoing operations. For the fiscal year ended 9/30/98, revenues totalled $0, down from $1 million. Net income before U.S. GAAP totalled $2.2 million, up from $1 million. Results reflect the liquidation of all divisions. Net income reflects a $2.1 million gain on the sale of assets. 
ILOG S.A. (Nasdaq : ILOG)ILOG S.A. develops, markets and supports advanced software class libraries for user interface, resource optimization and data services functions that are fundamental to the development of strategic business applications. For the six months ended 12/98, revenues rose 33 percent to $31.6 million. Net loss fell 93 percent to $2.1 million. Revenues reflect increased product sales in Europe and North America. Lower loss reflects a decreases in write off of acquired intangibles. 
Information Mgmt. Assoc. (Nasdaq : IMAA)IMAA is engaged in the development, marketing and support of software that automates customer interaction including telemarketing, telesales, contract management, sales, marketing and customer service functions of businesses. For the three months ended 3/99, revenues rose 22 percent to $12.3 million. Net loss fell 52 percent to $3.4 million. Revenues reflect increased number of licenses sold. Lower loss benefitted from the absence of $7.7 million in acquired development costs. 
ImageMatrix Corporation (OTC BB : IMCX)ImageMatrix designs, markets and installs software that improves productivity and customer service for Managed Care Organizations. For the nine months ended 9/30/98, revenues rose 21 percent to $4.7 million. Net loss applicable to Common fell 8 percent to $3.8 million. Revenues reflect a smaller number of larger transactions for the proprietary and third party software. Lower loss was partially offset by increased third party subcontractor costs and longer implementation periods. 
Interactive Magic, Inc. (Nasdaq : IMGK)IMGK develops, publishes and distributes 3-D interactive, simulation and strategy entertainment software to customers around the world via retailers and a proprietary, pay-for-play online service on the Internet. For the three months ended 3/31/99, revenues fell 77 percent to $1.2 million. Net loss before extraordinary item rose from $1.2 million to $5 million. Results reflect a decrease in CD-ROM revenues, a lower gross profit margin and higher product development expenses. 
Industri-Matematik Intl. (Nasdaq : IMIC)IMIC develops, markets, implements and supports client/server application software that enables manufacturers, distributors, and wholesalers to effectively manage the supply chain. For the nine months ended 1/31/99, revenues rose 2 percent to $66.9 million. Net loss totalled $23.7 million vs. income of $7.9 million. Revenues reflect continued market acceptance of System ESS. Loss reflects increased staffing and administrative costs related to company expansion. 
ImaginOn, Inc. (Nasdaq : IMON)ImaginOn, Inc. engineers, produces and sells business and consumer software for CD-ROM and network users. The Co. also provides Internet services including connectivity, website hosting and design, and e-commerce support. For the three months ended 3/31/99, revenue totalled $14 thousand, up from $45. Net loss applicable to Common totalled $2.6 million, up from $447 thousand. Revenues reflect the acquisition of INOW. Higher loss reflects a $455 thousand employee stock bonus. 
IMRglobal Corp. (Nasdaq : IMRS)IMRglobal Corp. provides transitional software outsourcing solutions to the information technology departments of large businesses. The Company's services are provided to a variety of industries and customers located primarily in North America, Europe, Japan and Australia. For the three months ended 3/99, revenues rose 54 percent to $56.2 million. Net income rose 1 percent to $5.4 million. Results reflect increased outsourcing services, partially offset by acquisition costs. 
Int'l Microcomputer Soft. (Nasdaq : IMSI)IMSI develops and publishes premium productivity software for corporate, business and home markets through a network of dealers and distributors. For the six months ended 12/98, revenues decreased 18 percent to $23.6 million. Net loss totalled $5.4 million, up from $1.9 million. Revenues reflect decreased product sales of WinDelete and Net Accelerator. Net loss reflects increased product costs as a  percentage of sales due to fixed manufacturing and overhead costs. 
IntelliCorp, Inc. (Nasdaq : INAI)IntelliCorp, Inc. designs, develops and markets business process modeling and integration tools and provides related training, customer support, and consulting services. For the nine months ended 3/99, revenues rose 8 percent to $15.8 million. Net loss applicable to Common totalled $5.8 million, up from $1.5 million. Revenues reflect transitions in the sales and marketing organization. Loss reflects lower utilization rates and higher infrastructure costs in consulting segment. 
InfoCure Corporation (Nasdaq : INCX)InfoCure Corp. is a national provider of healthcare practice management software products and related services to targeted physician and dental practices, management service organizations and other managed care organizations. For the three months ended 3/31/99, revenues increased from $15.1 million to $35 million. Net income applicable to Common totalled $3.2 million vs loss of $503 thousand. Results reflect acquisitions and the absence of restructuring charges and preferred dividends. 
Informatica Corporation (Nasdaq : INFA)Informatica Corporation is a provider of software solutions that help large companies deploy, manage, maintain and grow systems that enable more effective business decision making. For the three months ended 3/31/99, revenues increased 85 percent to $10.3 million. Net loss decreased 60 percent to $894 thousand. Revenues reflect an increase in the number of licenses sold and the average transaction size. Lower loss was partially offset by lower margins and tax provisions. 
Infodata Systems (Nasdaq : INFD)INFD designs, develops, amd delivers solutions that enable enterprises to share, maintain, and retrieve electronic documents and their components. For the three months ended 3/31/99, revenues rose 16 percent to $3.4 million. Net loss fell 69 percent to $221 thousand. Revenues benefited from a one-time $500 thousand license fee from Adobe. Lower loss reflects the conclusion of development on the company's Virtual File Cabinet product. 
Infinite Graphics (OTC BB : INFG)INFG designs, assembles, integrates and markets CAD/CAM systems and software, produces computer-generated graphics on a custom basis, designs printed circuit boards and makes precision glass products. For the nine months ended 1/31/99, revenues rose 25 percent to $3.2 million. Net income from continuing operations totalled $244 thousand vs. a loss of $220 thousand. Revenues reflect production equipment upgrades in fiscal year 1999. Earnings also reflect decreases in salaries and commissions. 
Infinium Software, Inc. (Nasdaq : INFM)INFM develops, markets and supports business software applications for the financial management, human resource management and materials management functions of organizations. For the six months ended 3/31/99, revenues rose 22 percent to $61.4 million. Net income fell 31 percent to $1.7 million. Results reflect an increase in maintenance and consulting service revenue due to growth of the installed base, offset by increased marketing and NT platform development costs. 
Inference Corporation (Nasdaq : INFR)INFR develops, markets and supports enterprise customer relationship management software solutions for self service and agent assisted customer Contact Centers to improve customer care. For the fiscal year ended 1/31/99, reveneus increased 10 percent to $31.1 million. Net loss totaled $1.9 million vs. income of $627 thousand. Reveneus reflect higher unit sales volumes and an increase in maintainance revenue. Net loss reflects the absence of a $3.8 million gain on the sale of an investment. 
Infosys Technologies Ltd. (Nasdaq : INFY)INFY, an India-based IT services company, utilizes an extensive offshore infrastructure to provide managed software solutions to clients worldwide. For the fiscal year ended 3/31/99, revenues rose 77 percent to $121 million. Net income applicable to Common rose 41 percent to $17.4 million. Results reflect expansion of the client base, strong demand for Y2K conversion services, and higher margins, partially offset by a $12.9 million accelerated compensation charge upon declaration of a stock dividend. 
Inktomi Corporation (Nasdaq : INKT)Inktomi develops and markets scalable software applications designed to enhance the performance and intelligence of large-scale networks. Products include a large-scale network cache application, an Internet search engine and an Internet shopping engine. For the six months ended 3/31/99, revenues totalled $25.3 million, up from $5.9 million. Net loss rose 12 percent to $10.4 million. Results reflect increases from existing customers, offset by higher sales and marketing cost. 
Interlinq Software Corp. (Nasdaq : INLQ)Interlinq Software Corp. provides technology that helps organizations effectively manage complex, information intensive business transactions, including mortgage loan production and enterprise information integration. For the nine months ended 3/31/99, total revenues rose 40 percent to $17.9 million. Net income rose 12 percent to $1.2 million. Results reflect increased software license fees due to a favorable lending environment, partially offset by recapitalization costs. 
Inprise Corporation (Nasdaq : INPR)Inprise Corporation is a provider of cross-platform software, software development tools and services that simplify the complexity of application development, integration, deployment and management. For the three months ended 3/31/99, revenues fell 7 percent to $43.4 million. Net loss applicable to Common rose 89 percent to $25.6 million. Revenues reflect disruptions related to the restructuring of management. Net loss reflects the inclusion of a $8.2 million non-recurring charge. 
Input Software, Inc. (Nasdaq : INPT)INPT develops, markets, and supports information capture software that helps automate and manage the input of external information into an organization's internal computing systems. For the three months ended 3/31/99, revenues increased 55 percent to $5.3 million. Net income from continuing operations rose from $35 thousand to $127 thousand. Revenues benefitted from increased customer base and revenues from InputAccel. Earnings also reflect an increase in gross profit. 
Intelligent Systems Corp. (AMEX : INS)INS is involved in two industry segments: technology related products and services, and health care services. For the three months ended 3/31/99, revenues fell 44 percent to $2.7 million. Net income totaled $1.1 million, vs. a loss of $2.6 million. Revenues suffered from the sale of the InterQuad subsidiary and a reduction in the number of programs offered by Psycare. Net income reflects the sale of subsidiaries and improved cost control. 
Insignia Solutions plc (Nasdaq : INSGY)Insignia Solutions plc develops, markets and supports virtual machine technology that dynamically optimizes the use of available system resources. For the three months ended 3/31/99, total revenues decreased 54 percent to $2.3 million. Net loss totalled $3.1 million vs. an income of $7.6 million. Results reflect lower license revenue due to increased competition in the Macintosh and UNIX markets and the absence of NTRIGUE product line sale gains. 
Inso Corporation (Nasdaq : INSO)Inso supplies software solutions to store, manage, share, and publish electronic information, from simple memos to complex technical manuals in environments ranging from desktop computers to the Internet. For the fiscal year ended 12/98, revenues fell 27 percent to $60.1 million. Net loss rose from $440 thousand to $19.6 million. Revenues reflect the sale of its linguistic software assets. Net loss reflects $21.9 million in acquisition charges for certain purchased technology under R and D. 
INTASYS Corporation (Nasdaq : INTA)INTASYS Corporation designs, develops and markets, for sale and license, Year 2000 compliant subscriber management, billing and customer-care software for the telecommunications market. For the nine months ended 9/30/98, revenues totalled $3 million, up from $1.3 million. Net loss rose 29 percent to $1.4 million. Revenues reflect growth in the U.K. and Australia. Higher loss reflects costs associated with the commencement of the U.S. sales operation and data center. 
Intelidata Technologies (Nasdaq : INTD)Intelidata Technologies develops and markets software products and implementation services to assist financial institutions in their Internet Banking and electronic bill payment initiatives. For the three months ended 3/99, revenues fell 14 percent to $2.1 million. Net loss from continuing operations rose 84 percent to $1.5 million. Revenues reflect decreased billable Caller ID leases. Higher loss reflects increased payroll, travel and professional expenses. 
Integrated Systems, Inc. (Nasdaq : INTS)INTS provides comprehensive solutions of software products and engineering services for the development of embedded microprocessor-based applications for the real-time embedded computer market. For the fiscal year ended 2/99, revenues increased 11 percent to $133.5 million. Net income increased 59 percent to $9.6 million. Revenues reflect increased product sales and an increase in the number of licenses of ISI's pRISM+ product. Earnings also reflect a lower effective income tax rate. 
Intuit, Inc. (Nasdaq : INTU)INTU provides software that enable households and small businesses to automate commonly performed financial tasks (paying bills, reconciling bank accounts, maintaining budgets, tax preparation, etc.). For the nine months ended 4/99, revenues rose 47 percent to $697.6 million. Net income totalled $113.2 million, up from $26.9 million. Revenues reflect the release of a new version of Quickbooks and the acquisition of Lacerte. Earnings reflect $68.7 million in realized gains on the sale of securities. 
IONA Technologies PLC (Nasdaq : IONA)IONA Technologies PLC is a provider of software products that enable the development, integration and management of network-based applications. IONAY also provides consulting, training and technical support. For the nine months ended 9/98, revenue increased 805 to $58.5 million. Net income applicable to Common decreased 42 percent to $2.9 million. Results reflect the development of new products, a broadened geographic presence and higher demand for the products. 
Interplay Entertainment (Nasdaq : IPLY)Interplay Entertainment develops, publishes and distributes interactive entertainment software for both core gamers and the mass market, for use on both PCs and video game consoles, such as the PlayStation and Nintendo 64. For the three months ended 3/31/99, net revenues fell 47 percent to $21.6 million. Net loss totalled $8.3 million vs. an income of $2.8 million. Results reflect decreased title releases, increased product returns and lower margins due to royalty write-offs. 
Information Resources (Nasdaq : IRIC)Information Resources and its subsidiaries provides UPC scanner-based business solutions to the consumer package goods industry. The Company's software products assist clients in making more cost effective decisions. For the three months ended 3/99, revenues rose 11 percent to $131.7 million. Net loss totalled $251 thousand vs. income of $1.9 million. Revenues reflect growth in the U.S. Services business. Net loss suffered from increased compensation expenses. 
ISG Technologies, Inc. (Nasdaq : ISGTF)ISG Technologies, Inc. is engaged in the development, production and sale of imaging software for the medical imaging and informatics industry. For the fiscal year ended 6/30/98, revenues rose 17 percent to C$36.1 million. Net income totalled C$498 thousand vs. a loss of C$3.2 million. Revenues reflect growth in contract engineering services and increased software licensing fees. Earnings also benefitted from higher margins due to increased internal efficiencies. 
Insignia Systems, Inc. (Nasdaq : ISIG)ISIG markets in-store promotional programs, products and services to retailers and manufacturers. Products include thermal sign card supplies for the company's SIGNright and Impulse systems, Stylus software and Insignia POPS. For the three months ended 3/31/99, revenues fell 2 percent to $2.3 million. Net loss fell 82 percent to $274 thousand. Revenues suffered from decreases in sign card sales and lower printing sales. Lower loss reflcets the company's restructuring program. 
ISS Group, Inc. (Nasdaq : ISSX)ISS Group, Inc. is a provider of network security monitoring, detection and response software that protects the security and integrity of enterprise information systems. For the three months ended 3/31/99, total revenues increased from $6.1 million to $16 million. Net income totalled $1.3 million vs. a loss of $1.6 million. Revenues reflect higher perpetual license revenues and subscription revenues. Earnings also benefitted from lower S/G/A expenses as a  percentage of sales. 
Int'l Telecom. Data Sys. (Nasdaq : ITDS)ITDS provides comprehensive transactional billing and management information solutions to providers of wireless, long distance and satellite telecommunications services. For the three months ended 3/99, revenues increased 28 percent to $33.4 million. Net income totalled $4.2 million vs. a loss of $13.5 million. Revenues reflect growth or recurring revenue from existing customers and a rise in the number of subscribers. Earnings reflect the absence of a $25 million in process R&D and acquisition cost. 
InterVU, Inc. (Nasdaq : ITVU)InterVU, Inc. provides Web site owners and content publishers with services for the delivery or streaming of live and on-demand video and audio content over the Internet. For the three months ended 3/31/99, revenues totalled $1.2 million, up from $113 thousand. Net loss decreased 46 percent to $3.1 million. Results reflect expansion of the Company's streaming media services and its customer base, partially offset by an increase in personnel and associated costs. 
i2 Technologies, Inc. (Nasdaq : ITWO)I2 Technology Inc. is a provider of client/server based eBPO software products for supply chain management and related business process optimization applications. For the three months ended 3/31/99, revenues increased 64 percent to $117.2 million. Net income increased 8 percent to $3.7 million. Revenues reflect increased customer awareness and continued strength in key targeted vertical markets. Earnings were partially offset by additional research personnel and related expenses. 
Instant Video Technol. (OTC BB : IVDO)Instant Video Technologies is an independent provider of client/server network software for the delivery of video and audio information over networks, resulting in full-motion video and CD-quality audio to the end-user. For the three months ended 3/31/99, the Company reported no revenues. Net loss totalled $1.6 million, up from $636 thousand. Higher loss reflects personnel increases and a targeted advertising campaign. 
JDA Software Group, Inc. (Nasdaq : JDAS)JDAS provides comprehensive enterprise-wide software solutions that address the business information requirements of retail organizations. JDAS also provides software licensing, consulting, and maintenance. For the three months ended 3/99, revenues rose 14 percent to $35.2 million. Net loss totalled $1.3 million vs. income of $3.5 million. Revenues reflect increased consulting revenues due to increased billing rates. Net loss reflects the inclusion of a $2.1 million restructuring charge. 
J.D. Edwards & Company (Nasdaq : JDEC)J.D. Edwards develops, markets, and supports highly functional Enterprise Resource Planning software solutions that operate on multiple computing platforms. For the six months ended 4/30/99, revenues rose 17 percent to $454.5 million. Net loss totaled $6.1 million vs. income of $18.8 million. Revenues reflect higher consulting revenue and an increased number of customers. Net loss suffered from higher sales and marketing expenses due to increased personnel and advertising. 
Jenkon International, Inc (Nasdaq : JNKN)Jenkon International, Inc. is a developer of specialized software solutions for network marketing and other companies involved in the direct sales industry. For the six months ended 12/31/98, revenues decreased 6 percent to $4 million. Net loss totalled $1.1 million, up from $296 thousand. Revenues suffered from a decrease in system sales and additional modules sold to new and existing clients. Higher losses reflect a decrease in gross profit. 
Keane, Inc. (AMEX : KEA)Keane, Inc. provides management and information technology (IT) consulting, application software development and integration, application management, and call center management services to corporations, government services and healthcare facilities. For the three months ended 3/99, sale rose 24 percent to $285 million. Net income rose 32 percent to $30.2 million. Results reflect strong growth in the Company's Year 2000 compliance and supplemental staffing services and higher margins. 
Kofax Image Products, Inc (Nasdaq : KOFX)KOFX is a supplier of application software, developers toolkits, and image processing hardware for the imaging, workflow and document management market, specializing in the area of document capture. For the nine months ended 3/31/99, net sales rose 15 percent to $28.1 million. Net income rose 49 percent to $3.3 million. Results reflect increased sales of Ascent application software products and higher margins due to improved manufacturing efficiencies. 
Kronos, Inc. (Nasdaq : KRON)Kronos Inc. designs, develops, manufactures and markets time, attendance, and other data collection systems. Kronos also develops software that enhances productivity in the workplace. For the six months ended 4/3/99, revenues increased 26 percent to $114.8 million. Net income increased 46 percent to $7.8 million. Results reflect increased demand for the Company's Windows and client/server products, services to new customers and upgrade sales to existing customers. 
Latitude Communications (Nasdaq : LATD)Latitude Communications provides integrated voice and data conferencing solutions for geographically dispersed organizations. The Company develops, markets and supports its MeetingPlace system, which allows companies to conduct virtual meetings. For the three months ended 3/99, revenues rose 47 percent to $6.4 million. Net income increased from $70 thousand to $288 thousand. Results reflect increased sales of MeetingPlace products and economies of scale. 
Landmark Systems Corp. (Nasdaq : LDMK)LDMK is a provider of performance management software products which measure, analyze, report and predict performance for both mainframe and client/server computing environments. For the three months ended 3/31/99, total revenues rose 35 percent to $14.2 million. Net income totalled $1.7 million, up from $842 thousand. Revenues reflect new and modified licensing arrangements. Net income also reflects decreased cost of revenues as a  percentage of revenues. 
Interleaf, Inc. (Nasdaq : LEAF)Interleaf, Inc. develops and markets software that is used in the creation, publication, management and distribution of electronic and paper documents. For the nine months ended 12/98, revenues decreased 17 percent to $32.7 million. Net income applicable to Common totalled $6.1 million, up from $1.6 million. Revenues reflect a decline in licensing of the Company's UNIX-based high-end products. Net income reflects the inclusion of a $8.8 million gain on the redemption of preferred stock. 
Legato Systems, Inc. (Nasdaq : LGTO)LGTO develops, markets, and supports network storage management software products for heterogeneous client/server computing environments and large scale enterprises. For the three months ended 3/99, revenues rose 70 percent to $48.3 million. Net income rose 95 percent to $10.1 million. Revenues reflect continued market acceptance, and an increase in the number of registered customers. Earnings also reflect a decrease in general and administrative expenses as a  percentage of revenues. 
Logility, Inc. (Nasdaq : LGTY)LGTY develops, markets and supports software applications that optimize the operating efficiencies of manufacturers, suppliers, distributors, retailers and other organizations along the value chain. For the nine months ended 1/31/99, revenues fell 24 percent to $19.2 million. Net loss totalled $8.5 million vs. an income of $1.7 million. Revenues reflect lower license fee revenues. Loss also reflects costs associated with new product development. 
LHS Group Inc. (Nasdaq : LHSG)LHS Group Inc. provides scaleable client/server-based billing and custumer care solutions to carriers in the global telecommunications industry. For the three months ended 3/31/99, revenues increased 49 percent to $49.3 million. Net income increased 79 percent to $8 million. Revenues benefitted from the addition of new customers, ongoing implementation and support from existing customers. Earnings also benefitted from an increase in gross margin. 
Loronix Information Sys. (Nasdaq : LORX)LORX designs, markets and sells a family of closed circuit television digital recording and video management products and digital identification products based on its proprietary software. For the three months ended 3/31/99, revenues totalled $7.4 million, up from $1.9 million. Net income totalled $555 thousand, vs. a loss of $669 thousand. Revenues reflect growing demand for digital video recording technology. Earnings reflect higher gross profits and lower expenses as a  percent of revenues. 
LifeRate Systems, Inc. (OTC BB : LRSI)LRSI develops and markets a software operating system that stores, retrieves, integrates and analyzes data to produce information for health care providers and payors. For the nine months ended 9/30/98, revenues increased 20 percent to $439 thousand. Net loss decreased 43 percent to $2.3 million. Revenues reflect increased development fees under contractual agreements. Lower loss also reflects decreased R&D and sales and marketing expenses due to cost reduction programs. 
Level 8 Systems, Inc. (Nasdaq : LVEL)LVEL is a provider of scaleable enterprise application integration solutions through a combination of technologies and services that enable organizations to meet their information systems integration and management needs. For the fiscal year ended 12/31/98, total revenues fell 27 percent to $10.7 million. Net loss from continuing operations totalled $23.7 million vs. an income of $1 million. Results reflect disposition of businesses and a $5.9 million charge for purchased R&D and $4.6 million in writeoffs. 
LEX2000, Inc. (OTC BB : LXTO)LEX2000 develops, markets and supports comprehensive financial management and consolidation software to extract financial information in meaningful report formats from existing financial and accounting systems. For the fiscal year ended 12/31/97, revenues rose 11 percent to $3.3 million. Net loss increased 34 percent to $344 thousand. Revenues reflect an increase in software sales. Higher loss reflects increased cost of services, and higher costs for human resources and support services. 
LaserMedia Communications (OTC BB : LZMCF)LaserMedia Communications Corp. is engaged in the development and marketing of interactive technology products and services for the health and fitness industries and operates the www.actfit.com web site. For the three months ended 3/31/99, revenue fell 88 percent to C$51 thousand. Net loss fell 11 percent to C$436 thousand. Revenues suffered from reduced software sales. Lower loss reflects lower sales and marketing costs and reduced research and development expenses. 
Macromedia, Inc. (Nasdaq : MACR)Macromedia, Inc. develops, markets and delivers software for digital media creation and delivery for Windows, Macintosh, and the Internet. For the fiscal year ended 3/31/99, revenues increased 33 percent to $149.9 million. Net income totalled $19.8 million vs. a loss of $6.2 million. Revenues benefitted from the sale of Dreamweaver, Fireworks and Flash. Earnings also benefitted from cost control programs and the absence of a $7.7 million merger costs. 
Manchester Equipment Co. (Nasdaq : MANC)Manchester Equipment is a systems integrator and reseller of computer hardware, software and networking products, primarily for commercial customers. For the nine months ended 4/30/99, revenues rose 10 percent to $165.7 million. Net income fell 41 percent to $938 thousand. Revenues reflect growth at the Electrograph and Coastal subsidiaries. Earnings suffered from a lower gross profit margin, higher salaries and personnel costs, and lower invested cash balances. 
Manhattan Associates (Nasdaq : MANH)Manhattan Associates provides information technology solutions for distribution centers that are designed to enable the efficient movement of goods through the supply chain. For the three months ended 3/31/99, total revenues rose 60 percent to $18.2 million. Pro forma net income rose totalled $240 thousand vs. a loss of $324 thousand. Revenues reflect increased demand for services. Earnings also reflect the absence of a $1.6 million acquired research and development charge. 
Manugistics Group, Inc. (Nasdaq : MANU)Manugistics Group, Inc., through its subsidiaries, develops, markets and supports software products for synchronized supply chain management and provides related services. For the fiscal year ended 2/28/99, revenues decreased 1 percent to $177.6 million. Net loss totalled $96.1 million, up from $13.2 million. Revenues reflect a decrease in license fees. Higher losses reflect a $3.1 million acquisition costs, a $33.8 million restructuring charge and higher personnel costs. 
MapInfo Corporation (Nasdaq : MAPS)MAPS designs, develops, markets, licenses and supports mapping software products, application development tools and data products, and also provides a range of consulting and support services. For the three months ended 12/98, revenues rose 23 percent to $16.1 million. Net income totalled $608 thousand, up from $304 thousand. Revenues reflect higher data products and the acquisition of Data Consultancy. Earnings also reflect lower operating costs as a  percentage of sales. 
MAPICS, Inc. (Nasdaq : MAPX)MAPICS, Inc. is a provider of enterprise resource planning software applications for discrete and batch-process manufacturing enterprises worldwide. For the six months ended 3/99, revenues rose 17 percent to $68.7 million. Net income fell 3 percent to $8 million. Revenues reflect higher license sales to new customers and number of customers paying periodic licenses fees. Earnings reflect hiring of additional sales and marketing personnel and higher commission expenses. 
Mastech Corporation (Nasdaq : MAST)Mastech Corp. is a worldwide provider of information technology services to large and medium-sized organizations, including client/server design and development, software modernization services, E-business solutions, Year 2000 services and others. For the three months ended 3/31/99, revenues rose 45 percent to $121.4 million. Net income rose 45 percent to $10.1 million. Results reflect additional services provided to existing clients and continued market penetration. 
MathSoft, Inc. (Nasdaq : MATH)MathSoft, Inc. develops, markets and supports software productivity tools and services for the technical calculation and data analysis markets comprised of technical professionals, researchers, students and educators. For the three months ended 3/99, total revenues rose 15 percent to $6.5 million. Net income rose 33 percent to $637 thousand. Revenues benefitted from increased Data Analysis Products Division revenues. Earnings also reflect lower research and development expenses. 
MC Informatics, Inc. (OTC BB : MCIF)MC Informatics is a professional services firm that provides a range of information technology outsourcing, consulting, strategic and operations management services to the healthcare marketplace. For the three months ended 3/31/99, revenues totalled $711 thousand, up from $0 thousand. Net loss from continuing operations totalled $473 thousand, up from $22 thousand. Results reflect the merger of Healthdesk and MCIF, offset by $368 thousand in non-cash costs associated with a stock offering. 
MetaCreations Corporation (Nasdaq : MCRE)MCRE designs, develops, publishes, markets and supports visual computing software tools for the creation, editing and manipulation of computer graphic images and digital art. For the three months ended 3/31/99, revenues decreased 16 percent to $12.1 million. Net loss increased 33 percent to $1.1 million. Revenues suffered from lower demand in the retail channels and lower OEM revenues. Net loss reflects increased research and development expenses as a  percentage of revenues. 
Mechanical Dynamics, Inc. (Nasdaq : MDII)MDII develops, markets and supports virtual prototyping solutions that allow the engineer to design a complete product by simulating a product in motion. For the three months ended 3/31/99, revenues increased 19 percent to $10.4 million. Net income totalled $474 thousand vs. a loss of $613 thousand. Revenues reflect an increase in services provided and an increase in sales of third-party products. Net income reflects the absence of a $1.2 million acquisition-related and non-recurring charge. 
MDSI Mobile Data Solution (Nasdaq : MDSI)MDSI develops, markets, implements and supports mobile workforce management and wireless connectivity software and related network and mobile computing equipment. For the three months ended 3/31/99, revenues rose 92 percent to C$18.8 million. Net income from continuing operations totalled C$907 thousand vs. a loss of C$93 thousand. Results reflect additional revenues from customers in the telecommunications and utility markets and higher operating margins. 
MECON (Nasdaq : MECN)Mecon offers data/information products, decision support software and value-added services that bridge the information gap faced by hospitals and other healthcare providers. For the nine months ended 12/31/98, revenues rose 15 percent to $12.5 million. Net income rose from $170 thousand to $2.1 million. Revenues reflect increased recurring revenue from multi-year subscription contracts and software sales. Net income reflects the absence of a $749 thousand reorganization charge. 
Mentor Graphics Corp. (Nasdaq : MENT)MENT manufactures, markets and supports software and hardware Electronic Design Automation products and provides related services which enable engineers to design, analyze, simulate, model, implement and verify the components of electronic systems. For the three months ended 3/31/99, revenues rose 13 percent to $122.6 million. Net loss rose 12 percent to $8.4 million. Results reflect growth of the Company's newer software products, offset by a $10.8 million increase in special charges. 
Mercury Interactive Corp. (Nasdaq : MERQ)Mercury Interactive develops, markets and supports a suite of automated software testing solutions that allow for the testing of complex software applications throughout the enterprise by anticipating problems and identifying issues. For the three months ended 3/31/99, revenues rose 69 percent to $37.6 million. Net income rose 98 percent to $5.6 million. Results reflect growth in license fees from the LoadRunner and WinRunner products and higher margins due to higher volumes. 
MessageMedia Inc. (Nasdaq : MESG)MESG is a services company and provides e-mail based customer relationship management and direct marketing services for customers from the financial services, publishing, direct marketing, retailing and electronic commerce industries. For the three months ended 3/99, revenues totalled $754 thousand, up from $281 thousand. Net loss applicable to Com. increased 91 percent to $7 million. Results reflect increased messaging service revenues, offset by restructuring charges. 
Micrografx, Inc. (Nasdaq : MGXI)Micrografx, Inc. develops and markets graphics software which enhances visual communication and empowers creative expression. For the nine months ended 3/31/99, revenues fell 9 percent to $47.3 million. Net income totalled $2.1 million, up from $235 thousand. Results suffered from a decline in Corporate graphic revenues due to the end of some product lifcycles and a decline in the Japanese economy. Earnings benefitted from a decrease in cost of revenues and R&D expenses. 
Midisoft Corporation (OTC BB : MIDI)Midisoft Corp. provides innovative music applications and utilities for the control and use of sound on the personal computer. For the fiscal year ended 12/31/98, revenues decreased 41 percent to $1.8 million. Net loss applicable to Common decreased 13 percent to $4.2 million. Revenues reflect a decline in OEM sales due to industry-wide reductions in PC prices. Lower loss was partially offset by higher S/G/A expenses, as a  percentage of sales, and higher interest expense. 
Mitek Systems Inc. (Nasdaq : MITK)Mitek Systems Inc. designs, manufactures and markets advanced character recognition products for intelligent forms processing applications, document imaging system products and solutions systems integration services. For the six months ended 3/31/99, sales rose 54 percent to $4.3 million. Net income totalled $708 thousand vs. loss of $1.8 million. Revenues reflect the penetration of target markets. Earnings reflect the absence of goodwill and license fee impairment charges. 
Microleague Multimedia (MLMIQMLMIQ sells its products primarily through software retailers, mail orders, wholesale clubs and mass market mer-chandisers throughout the U.S. For the nine months ended 9/97, revenues rose 76 percent to $3.2 million. Net loss from continuing operations before extraordinary item totalled $5.2 million, up from $1.2 million. Revenues reflect the new sports products and the new Teacher's Tool Box Deluxe released by the Co. Higher loss reflects additional costs due to the Co.'s acquisitions and high professional fees. 
Medical Manager Corp. (Nasdaq : MMGR)Medical Manager Corp. is a provider of physician practice management information systems to independent physicians, independent practice associations, management service organizations, physician associations, managed care organizations and others. For the three months ended 3/31/99, revenues rose 33 percent to $41.3 million. Net income rose 57 percent to $5.6 million. Results reflect a volume increase in new system sales and higher margins due to efficiencies in acquired companies. 
Marine Management Systems (OTC BB : MMSY)MMSY develops, markets, sells and supports software systems, and sells and supports associated hardware and communications systems for the management of commercial ships in the int'l maritime industry. For the nine months ended 9/30/98, total revenues fell 24 percent to $2.1 million. Net loss remained flat at $2.1 million. Revenues reflect a reduction in marine software, hardware and contract sales. Loss reflects lower margins, offset by lower operating expenses. 
Multicom Publishing, Inc. (OTC BB : MNET)Multicom Publishing is an interactive multimedia company concentrating on new media products and services in the home/family/lifestyle category. MNET also develops custom publishing products. For the fiscal year ended 6/97, net revenues fell 22 percent to $5.5 million. Net loss applicable to Common before extraordinary item rose 41 percent to $5.7 million. Revenues suffered from the fact that the Company worked on lesser scale projects. Higher loss reflects decreased gross margins. 
MSC.Software Corp. (NYSE : MNS)MSC.Software Corporation designs, produces and markets proprietary computer software products for use in computer-aided engineering. For the nine months ended 10/31/98, revenues increased 2 percent to $98 million. Net income decreased 12 percent to $6 million. Revenues benefitted from continued growth in maintenance revenue. Losses reflect reflect changes in staffing and staff mix related to a strategic revision in product development activity. 
Mobius Management Systems (Nasdaq : MOBI)Mobius Management Systems, Inc. is a provider of enterprise software products designed to optimize the storage, retrieval and presentation of large volumes of transactional information. For the nine months ended 3/31/99, total revenues rose 47 percent to $52.7 million. Net income rose 49 percent to $3.9 million. Revenues reflect higher sales of the ViewDirect and DocumentDirect products. Earnings also reflect earnings on higher cash balances and higher software license installments. 
ModaCAD, Inc. (Nasdaq : MODA)ModaCAD, Inc. is a developer of technologies and digital content for electronic merchandising in the fashion, accessories, footwear, cosmetics, home furnishing, decorating and improvement industries. For the fiscal year ended 12/98, net sales rose 75 percent to $7.8 million. Net loss totalled $8.6 million vs. income of $354 thousand. Revenues reflect sales generated from the new business-to-business product line. Net loss reflects the hiring of additional personnel. 
InnovaCom, Inc. (OTC BB : MPEG)InnovaCom, Inc. is a development stage technology company. MPEG's principal product focus is video compression technology including boards and intergrated solution levels. For the nine months ended 9/30/98, revenues decreased 48 percent to $77 thousand. Net loss from continuing operations increased 89 percent to $13.6 million. Revenues reflect the absence of developer kits sales in the period. Higher loss also reflects increased S/G/A expenses and $937 thousand in impairment charges. 
MPSI Systems Inc. (Nasdaq : MPSI)MPSI Systems Inc. provides decision support products and services in the form of proprietary computer software, specific information data bases and consulting services. For the six months ended 3/31/99, total revenues rose 8 percent to $9.9 million. Net income totalled $360 thousand vs. a loss of $625 thousand. Revenues reflect increased pricing revenue and profitability due to growth in the number of clients and markets. Net income reflects improved gross margins. 
Marimba, Inc. (Nasdaq : MRBA)Marimba is a provider of Internet based software solutions enabling companies to expand market reach, stream line business processes and strengthen relationships with customers, business partners and employees. For the three months ended 3/99, total revenues rose from $3 million to $6.1 million. Net loss rose 17 percent to $1.6 million. Results reflect increases in licensings and maintenance revenue for the Castanet product line, offset by costs related to expansion of the sales force. 
Marcam Solutions, Inc. (Nasdaq : MRCM)Marcam Solutions, Inc. develops, globally markets, implements, and supports enterprise resource planning software applications components designed exclusively for process plant manufacturers and other capital-intensive industries. For the six months ended 3/31/99, revenues fell 7 percent to $55.2 million. Net loss totalled $21.1 million, up from $3.3 million. Results reflect lower license revenues from the Company's ERP products and increased selling and marketing costs. 
MERANT plc (Nasdaq : MRNT)MERANT plc is engaged in the design and development of computer software products. The Company supplies solutions for the development and maintenance of enterprise application systems. For the nine months ended 1/31/99, revenues rose 2 percent to $278.2 million. Net loss totalled $29.9 million vs. an income of $21.6 million. Revenues reflect increased revenues from maintenance services. Loss reflects $49.7 million in one time charges related to the merger with INTERSOLV. 
Microsoft Corporation (Nasdaq : MSFT)MSFT develops, manufactures, licenses and supports a range of software products, including scalable operating systems, server applications, business/consumer productivity applications, software development tools and Internet software and technologies. For the nine months ended 3/99, revenue rose 26 percent to $13.22 billion. Net income applicable to Common rose 79 percent to $5.56 billion. Results reflect continued adoption of MS Windows and MS Office and the absence of acquired technology charge. 
Multi Soft Inc. (OTC BB : MSOF)Multi Soft, Inc. is engaged in the production, marketing and maintenance of communications front-ending, client-server and cooperative processing technologies called The Windows Communications Library for Windows and INFRONT and QuickFRONT For DOS. For the nine months ended 10/98, revenues decreased 16 percent to $645 thousand. Net income increased 51 percent to $106 thousand. Revenues reflect the absence of advance royalty payments. Earnings benefitted from an increase in other income. 
Mustang Software, Inc. (Nasdaq : MSTG)Mustang Software, Inc. is a internet software company that designs, develops, markets and supports Internet Message Center and other software products. For the fiscal year ended 12/98, revenues rose 6 percent to $2 million. Net loss fell 14 percent to $1.2 million. Revenues reflect higher revenues from the Web Essentials line due to market acceptance on the IMC Enterprise Edition. Lower loss was partially offset by higher travel, insurance and legal expenses and lower invested cash balances. 
MicroStrategy Inc. (Nasdaq : MSTR)MSTR is a provider of enterprise decision support system software and related services. The Company's products enable active and passive delivery of information from large-scale databases. For the three months ended 3/31/99, revenues rose 80 percent to $35.8 million. Net income totalled $1.9 million, up from a pro forma net income of $336 thousand. Revenues reflect market acceptance of the Co.'s software products and expansion of sales and marketing segments. Earnings reflect cost controls. 
Management Technologies (MTCIManagement Technologies Inc. develops, markets, licenses, installs, maintains and supports software products for international banks and financial institutions. For the six months ended 10/31/97, total revenues fell 77 percent to $3 million. Net loss rose 60 percent to $2.5 million. Revenues reflect the absence of the consolidated results of UK subsidiaries, which became insolvent in the first quarter. Higher loss reflects the poor performance of the companies subsidiaries. 
Made2Manage Systems, Inc. (Nasdaq : MTMS)Made2Manage Systems, Inc. develops, markets and supports business management systems for small and midsize manufacturing companies primarily in the U.S. For the three months ended 3/31/99, revenues rose 87 percent to $8.9 million. Net income rose 23 percent to $348 thousand. Revenues reflect a greater volume of license transactions, an increase in average contract size and increased support fees. Earnings were partially offset by increased sales and marketing expenses. 
Metrowerks, Inc. (Nasdaq : MTWK)Metrowerks, Inc. is a computer software development company that designs, develops, markets, and supports software programming tools. For the six months ended 1/31/99, revenues increased 18 percent to $12.9 million. Net loss totalled $1.7 million, up from $726 thousand. Revenues benefitted from an increase in sales of the Company's CodeWarrior professional programming tools. Losses reflect an increase in headcount and personnel-related costs. 
Multi Solutions, Inc. (OTC BB : MULT)Multi Solutions, Inc.'s wholly owned subsidiary is Multi Soft, Inc. (55.4 percent owned). Multi Soft is engaged in the production, marketing and maintenance of communication front-ending, client-server and cooperative processing tech-nologies. For the fiscal year ended 1/99, revenues fell 11 percent to $806 thousand. Net income totalled $49 thousand, up from $5 thousand. Revenues reflect decreased maintenance fees. Earnings benefitted from lower levels of salaries and related costs. 
Micromuse, Inc. (Nasdaq : MUSE)Micromuse develops, markets, and supports scaleable, confi-gurable, rapidly deployable, software solutions for the effective monitoring and management of multiple elements underlying an enterprise's information technology infrastructure. For the six months ended 3/31/99, revenues totalled $23.5 million, up from $11 million. Net income applicable to Common totalled $3.4 million vs. a loss of $3.2 million. Results reflect a rise in product licenses sold, and a rise in gross profit. 
Muse Technologies, Inc. (Nasdaq : MUZE)Muse Technologies, Inc. has developed and commenced marketing several software products designed to enhance the user's ability to understand and analyze data and information and to provide solutions to complex data integration and data management problems. For the six months ended 3/31/99, revenues totalled $1.1 million, up from $522 thousand. Net loss rose 95 percent to $2.3 million. Results reflect increased product sales, offset by personnel increases and increased professional fees. 
Microware Systems Corp. (Nasdaq : MWAR)Microware develops, markets and supports sophisticated real-time operating system software and development tools for the traditional embedded systems, communications, and consumer products markets. For the nine months ended 12/98, revenues rose 2 percent to $12.8 million. Net loss fell 16 percent to $7.1 million. Revenues reflect an increase in DAVID and Java distribution license and prepaid royalty fees. Lower loss benefitted from the absence of $940 thousand in special charges. 
Midway Games Inc. (NYSE : MWY)Midway Games Inc. designs, publishes and markets interactive entertainment software played in both the coin-operated and home markets. For the nine months ended 3/31/99, revenues rose 1 percent to $295.3 million. Net income fell 34 percent to $21.6 million. Revenues reflect increased sale of video games for the Nintendo Game Boy. Earnings were offset by a lower gross profit margin, and a lower level of cash and cash equivalents and short term investments. 
MediaX Corporation (OTC BB : MXMXMediaX Corporation is a development stage company which designs and hosts high-value celebrity web sites. The web site entertainment content includes live-chats, on-line shopping and production of Internet events. For the three months ended 3/31/99, sales fell 85 percent to $41 thousand. Net loss fell 22 percent to $435 thousand. Revenues reflect a change in the sales mix and early stages of the Internet business. Lower loss reflects the utilization of prepaid advertising. 
MySoftware Company (Nasdaq : MYSW)MYSW designs, markets and supports a family of task specific software applications, annuity-based products and Internet services for small businesses, including home-based businesses. For the three months ended 3/31/99, net revenues rose 38 percent to $4.3 million. Net income totalled $299 thousand vs. a loss of $190 thousand. Revenues reflect higher sales of annuity-based products and increased licensings. Earnings reflect higher margins and decreased S/G/A as a  percentage of net revenues. 
Navarre Corporation (Nasdaq : NAVR)NAVR is engaged in the distribution of prerecorded music and personal computer software in the U.S. NAVR's products include compact discs, cassettes, personal computer software and interactive CD-ROM software. For the nine months ended 12/98, sales rose 16 percent to $182.7 million. Net loss applicable to Common totalled $40.3 million vs. income of $37 thousand. Revenues reflect the addition of new customers. Net loss reflects the inclusion of a $34.2 million preferred warrant valuation. 
NeoMedia Technologies (Nasdaq : NEOM)NEOM provides computer software and consulting services through its three principal business units: Intelligent Document Solutions, Document Systems Solutions and Year 2000/Migration Solutions. For the three months ended 3/99, total revenues rose 30 percent to $7.8 million. Net loss rose 38 percent to $1.8 million. Revenues reflect increased equipment resales to a customer in the telecommunications industry. Higher loss reflects a lower gross profit margin. 
New Era of Networks, Inc. (Nasdaq : NEON)New Era of Networks, Inc. develops, markets, and supports application integration software and provides application integration services. For the three months ended 3/31/99, total revenues rose from $9.6 million to $29.6 million. Net income rose from $792 thousand to $2.6 million. Revenues benefitted from the sale of products acquired from CAI and higher royalty revenues. Earnings also reflect increased interest earned on cash invested from the proceeds of the public offering. 
Network Systems Internat. (Nasdaq : NESI)Network Systems International is a developer and marketer of Enterprise Resource Planning software for use in manufacturing and general business applications. For the six months ended 3/31/99, total revenues rose 12 percent to $7.2 million. Net income applicable to Common rose 8 percent to $1.2 million. Revenues reflect increased servicing revenue due to increased billable development. Earnings were partially offset by personnel increases and the write-off of trade accounts. 
Nestor, Inc. (OTC BB : NEST)Nestor, Inc. designs, develops, markets, and supports intelligent software solutions for mission-critical decision applications in real-time environments. For the three months ended 3/31/99, revenues increased 55 percent to $1.4 million. Net income applicable to Common totalled $17 thousand vs. a loss of $853 thousand. Revenues reflect increased software licensing revenues due to four new licenses. Net income also reflects decreased wages and consulting fees. 
NEON Systems, Inc. (Nasdaq : NESY)NESY develops, markets and supports enterprise access and integration software. Neon's Shadow product line helps organizations access and integrate data, transactions and applications from the Internet and mainframe client server systems. For the nine months ended 12/98, revenues rose 70 percent to $13.8 million. Net income applicable to Common rose 61 percent to $1.3 million. Results reflect growth in licensings and the installed base, partially offset by $631 thousand in stock compensation costs. 
Networks Associates, Inc. (Nasdaq : NETA)NETA provides software products that address network security and network management concerns. Offerings include the McAfee anti-virus and Sniffer network fault and performance management product lines. For the three months ended 3/99, net revenues rose 8 percent to $245.2 million. Net income fell 20 percent to $26.2 million. Revenues reflect the acquisitions of CyberMedia and Magic, and expansion of the product lines. Earnings were offset by increased S/G/A and $15.1 million in amortization charges. 
Netegrity, Inc. (Nasdaq : NETE)NETE designs, develops, markets and supports software for controlling user access to e-commerce applications, and also offers related integration and support services. For the three months ended 3/99, revenues rose from $810 thousand to $2.1 million. Net loss fell 3 percent to $1.4 million. Revenues reflect a 695 percent increase in SiteMinder-related revenue. Lower loss lagged from higher S/G/A associated with expansion of the sales and marketing infrastructure to support SiteMinder sales growth. 
NetGravity, Inc. (Nasdaq : NETG)NetGravity, Inc. is a provider of online advertising and direct marketing software solutions. NETG develops, markets and supports a mission-critical Adserver family of software products. For the three months ended 3/31/99, total revenues rose from $2 million to $4.6 million. Net loss rose 33 percent to $3.7 million. Results reflect increased consulting and support revenues and international expansion. Higher loss reflects transactional cost and increased personnel-related expenses. 
NetManage, Inc. (Nasdaq : NETM)NETM develops, markets and supports software tools for connecting personal computers to corporate mainframe, midrange and UNIX(R) computers and software that increases the productivity of corporate call centers. For the three months ended 3/31/99, net sales rose less than 1 percent to $17.4 million. Net loss totalled $1 million vs. an income of $531 thousand. Revenues reflect the acquisitions of FTP. Loss reflects increased marketing costs and higher amortization of goodwill. 
NetObjects, Inc. (Nasdaq : NETO)NetObjects, Inc. is a provider of software and solutions that enable small businesses and large enterprises to build, deploy and maintain web sites on the Internet and corporate intranets. For the six months ended 3/31/99, total revenues rose 88 percent to $11.2 million. Net loss rose 44 percent to $16.9 million. Revenues reflect growing market acceptance of the Company's products. Higher loss reflects a $7.5 million nonrecurring interest charge on convertible debt. 
Net Perceptions, Inc. (Nasdaq : NETP)NETP provides marketing solutions that enable Internet retailers to market to customers on a personalized, one-to-one basis, allowing retailers to adjust advertising and product offerings to a customer in real time. For the three months ended 3/99, revenues rose from $670 thousand to $1.9 million. Net loss rose from $876 thousand to $2.9 million. Results reflect market acceptance of the Net Perceptions for E-Commerce product line, offset by increases in marketing and R&D expenditures. 
Newkidco International (OTC BB : NKCIF)Newkidco International Inc. is involved in the publishing of video games for ``next generation'' game console systems for young children. The products are sold nationwide through the retail channel. For the fiscal year ended 12/31/98, sales totalled C$3.6 million, up from C$738 thousand. Net loss from continuing operations according to U.S. GAAP fell 88 percent to C$1.4 million. Results reflect increased sales and the absence of an $11.7 million charge for the amortization of acquired software. 
New Paradigm Software (OTC BB : NPSC)NPSC, through its subsidiaries, provides electronic data interchange and develops applications for the Internet. For the nine months ended 12/31/98, revenues totalled $1.9 million, up from $105 thousand. Net loss from continuing operations before extraordinary item fell 52 percent to $305 thousand. Revenues reflect an increase in customers and activity of Kapelus and Cipriano, Inc., acquired 4/98. Lower loss was partially offset by higher employee expenses due to increase in staff from SKC. 
INSpire Insur. Solutions (Nasdaq : NSPR)INSpire Insurance Solutions and subsidiary is a provider of policy and claims administration and information technology outsourcing services to the property and casualty insurance industry. For the three months ended 3/99, revenues rose 71 percent to $31.4 million. Net income rose 47 percent to $3.4 million. Revenues reflect increased outsourcing services revenues. Earnings were partially offset by increased staff and equipment expenses. 
Network-1 Security Sol. (Nasdaq : NSSI)NSSI develops, markets, licenses and supports a family of network security software products designed to provide security to computer networks, including Internet based systems and internal networks and computing resources. For the fiscal year ended 12/31/98, revenues decreased 23 percent to $1.8 million. Net loss totalled $5.8 million, up from $2.4 million. Revenues reflect the absence of $500 thousand in prepaid royalty payments. Loss also reflects $469 thousand in R&D writeoff and consultant expenses. 
Netplex Group, Inc. (Nasdaq : NTPL)Netplex, an information technology services co., helps transform traditional organizations into streamlined e-business enterprises by providing consulting/specialized solutions to maximize enterprise and networked information systems. For the three months ended 3/99, revenues rose 71 percent to $22.7 million. Net loss applicable to Common fell 98 percent to $12 thousand. Results reflect strength in IT staffing and IT solutions, contributions from recent acquisitions, and higher margins. 
National Transaction Net. (OTC BB : NTRN)National Transaction Network is engaged in designing, developing, integrating, marketing and maintaining electronic payment systems for use in retail applications. For the three months ended 3/31/99, total revenues fell 35 percent to $1 million. Net loss decreased 44 percent to $82 thousand. Revenues reflect the 1998 decision by a significant customer to upgrade a large number of its systems. Lower loss reflects decreases in compensation and benefits expense due to staff reductions. 
Netsol International (OTC BB : NTWK)Netsol International, Inc. is engaged in software development, and resource and consulting services. During 1998, the Co. divested from its fashion and apparel business. For the nine months ended 3/31/99, net sales totalled $3.4 million, up from $126 thousand. Net loss totalled $933 thousand, up from $376 thousand. Revenues reflect the acquisitions of NetSol Pvt and NetSol UK. Higher loss reflects losses at the acquired companies and increased minority interests. 
Novadigm, Inc. (Nasdaq : NVDM)Novadigm, Inc. designs, markets and supports an automated solution to software management in medium and large organizations with complex distributed computing environments. For the nine months ended 12/98, revenues rose 41 percent to $22.8 million. Net income totalled $685 thousand vs. a loss of $6.4 million. Revenues reflect the closing of contracts with higher average contract prices. Earnings reflect reduced staff, redefined service packages and reduced outside consultants. 
ObjectShare, Inc. (OTC BB : OBJS)ObjectShare, Inc., develops, markets and supports fully object-oriented development software for the client/ server market. Company also provides support, training, and consulting services. For the nine months ended 12/31/98, revenues fell 22 percent to $11.6 million. Net loss fell 70 percent to $2.4 million. Revenues reflect decreased service revenues. Net loss reflects decreased personnel costs and R&D expenses, and a $167 thousand restructuring credit vs. a $2.6 million charge. 
OrCAD Inc. (Nasdaq : OCAD)OrCAD Inc. develops, markets and supports software products that assist electronics designers in the management of component data and in the design of field-programmable gate arrays, including complex programmable logic devices and printed circuit boards. For the three months ended 3/99, sales fell 1 percent to $11.6 million. Net income totalled $498 thousand vs. a loss of $1.6 million. Results reflect lower sales volume. Net income reflects lower merger and acquisition related costs. 
OCG Technology, Inc. (OTC BB : OCGT)OCG Technology, Inc. is engaged in the development, marketing and distribution of software and diagnostic cardiological products. For the nine months ended 3/31/99, sales increased 30 percent to $793 thousand. Net loss decreased 40 percent to $693 thousand. Revenues benefitted from changes in revenues of Mooney-Edwards Enterprises. Loss also benefitted from lower S/G/A expenses due to decreased amortization of Black Scholes valuations. 
OCTuS, Inc. (OTC BB : OCTS)OCTuS, Inc. is engaged primarily in the design, de-velopment, marketing and licensing of computer software and associated hardware products focused on the unification of the personal computer and the telephone in the office environment. For the nine months ended 9/30/98, revenues decreased 75 percent to $10 thousand. Net loss decreased 19 percent to $138 thousand. Revenues reflect a decrease in royalty income. Lower loss reflects continued downsizing of the Company. 
Object Design, Inc. (Nasdaq : ODIS)Object Design, Inc. develops, markets and supports the ObjectStore database management system and related tools used in a wide variety of industries to build component-based computing applications. For the three months ended 3/31/99, revenues increased 1 percent to $13.1 million. Net loss totalled $2 million vs. an income of $25 thousand. Revenues reflect higher service fees due to a growth in installed base. Loss reflects additional staffing. 
Omega Research, Inc. (Nasdaq : OMGA)Omega Research is a provider of real-time investment analysis software for the Microsoft Windows operating system. OMGA products include TRADESTATION, OPTIONSTATION and SUPERCHARTS. For the three months ended 3/99, total revenues rose 34 percent to $9.4 million. Net income rose 51 percent to $1.2 million. Revenues reflect higher gross sales due to the release of the Company's 2000I software products. Earnings reflect lower sales and marketing costs as a  percentage of licensing fees. 
Open Market, Inc. (Nasdaq : OMKT)OMKT develops, markets, licenses and supports enterprise-class, packaged application software products and professional services enabling its customers to engage in Internet commerce, info commerce and publishing. For the three months ended 3/31/99, revenues rose 3 percent to $15.6 million. Net loss fell 45 percent to $3.2 million. Revenues benefitted from strong demand for consulting, implementaion and education services. Lower loss reflects decreases in S/G/A and R&D expenditures. 
OMNIS Technology Corp. (OTC BB : OMNS)OMNS develops, markets and supports software products for the development and deployment of applications for accessing multi-user databases. For the nine months ended 12/31/98, revenues fell 36 percent to $4.3 million. Net loss fell 84 percent to $1.2 million. Revenues reflect the Company's decision to de-empha-size its consulting service in order to reduce conflicts with certain of its channel partners. Lower loss reflects decreases in headcount in the consulting and sales. 
Omtool, Ltd. (Nasdaq : OMTL)Omtool designs, develops, markets and supports open client/server facsimile software, delivering solutions which automate and integrate fax communications throughout the enterprise. For the fiscal year ended 12/98, revenues rose 44 percent to $31.1 million. Net income totalled $1.1 million vs. a loss of $1.5 million. Results reflect market acceptance of Fax Sr. for Windows NT, acquisitions, expansion into new markets, and the absence of a $3.1 million charge for acquired R&D from CMA Ettworth. 
OnHealth Network Company (Nasdaq : ONHN)OnHealth Network is an Internet-based provider of health and medical information and applications. The Company's internet site produces and distributes original, relevant health content, including in-depth reports, personalized information and editorials. For the three months ended 3/31/99, revenues fell 39 percent to $200 thousand. Net loss rose 85 percent to $4.2 million. Results reflect lower contract development revenue and increased web site advertising expenses. 
Onyx Software Corporation (Nasdaq : ONXS)ONXS is a provider of enterprise relationship management software solutions, that automates key functions that enable enterprises to more effectively acquire, manage and retain customers, partners and other relationships. For the three months ended 3/99, revenues rose 61 percent to $11.2 million. Net loss applicable to Common rose 29 percent to $2.7 million. Revenues reflect higher follow-on sales to existing customers. Net loss reflects higher cost of sales as a  percentage of sales. 
Optical Systems Inc. (OTC BB : OPSY)Optical Systems is engaged in rendering document management, Year 2000 program source code remediation, networking and Intra/Internet services, rendering optical storage and retrieval products and services. For the six months ended 3/98, revenues increased 41 percent to $902 thousand. Net loss totalled $217 thousand, up from $74 thousand. Revenues reflect an emphasis by management to develop the Y2K business. Higher loss reflects costs to complete the recapitalization. 
Optika Imaging Systems (Nasdaq : OPTK)Optika Imaging Systems, Inc., is a provider of client/server, integrated imaging software, as well as software for managing business-to-business commerce transactions. For the three months ended 3/99, total revenues rose 40 percent to $5.2 million. Net loss fell 79 percent to $280 thousand. Revenues reflect an increased number of installed systems and the release of Optika eMedia. Lower loss reflects the closing of several Asian sales offices. 
OptiSystems Solutions Ltd (Nasdaq : OPTL)OptiSystems Solutions Ltd. designs, develops, sells and supports a family of system management products that manage, enhance and optimize the performance of application and system software. For the nine months ended 9/30/98, revenues rose 52 percent to $2.2 million. Net loss totaled $2.2 million, up from $108 thousand. Revenues reflect Energizer sales. Net loss suffered from higher selling and marketing expenses due to new product rollouts. 
Online Resources & Comms. (Nasdaq : ORCC)Online Resources and Communications Inc. is a provider of electronic commerce services that enables regional and community financial institutions to provide Internet and other online banking services to their retail customers. For the three months ended 3/31/99, total revenues rose 83 percent to $1.5 million. Net loss applicable to Common totalled $7.4 million, up from $3.5 million. Results reflect increased core and support services revenues, offset by increased personnel and interest expenses. 
Oracle Corporation (Nasdaq : ORCL)ORCL designs, develops, markets and supports computer software products with a variety of uses, including database management, application development and business intelligence and business applications. For the nine months ended 2/28/99, revenues rose 24 percent to $5.88 billion. Net income increased 86 percent to $762.3 million. Revenues reflect continued growth of the installed base of customers. Earnings also reflect the absence of a $167.1 million acquired R&D charge. 
Objective Sys. Integrator (Nasdaq : OSII)Objective Systems Integrator provides software solutions that simplify the integration and management of communications services and networks in complex multivendor environments. For the nine months ended 3/31/99, total revenues rose 14 percent to $46.6 million. Net loss totalled $34.3 million, up from $12.5 million. Revenues benefitted from higher license fees due to new and existing orders from international customers. Higher loss reflects $23.9 million in income tax expense. 
Open Text Corporation (Nasdaq : OTEX)OTEX markets, develops, licenses and supports mgmt. application software for use in intranets, extranets and the Internet. The software enables users to find electronically stored information, do group calendaring and scheduling and distribute the resulting work product. For the nine months ended 3/99, revenues rose from $29.3 million to $63.1 million. Net income totalled $6.9 million vs. a loss of $7.5 million. Results reflect higher maintenance service revenues and lower acquired R&D expense. 
PACE Health Mgmt. Systems (OTC BB : PCES)PCES develops and markets patient care management software that enable healthcare providers to standardize the delivery of care, maximize resource utilization and improve clinical outcomes. For the nine months ended 9/30/98, net revenues fell 57 percent to $1.1 million. Net loss fell 74 percent to $2.1 million. Results reflect lower systems revenues due to delays in the implementation of several signed contracts. Lower loss reflects the absence of $589 thousand in purchased R&D expenses. 
PaperClip Imaging Softw. (OTC BB : PCLP)PCLP develops and distributes off-the-shelf computer software for document management and imaging systems. PCLP products enable the user to scan, retrieve, display, print and route documents while continuing to use their existing application. For the nine months ended 9/97, revenues fell 22 percent to $1.2 million. Net loss fell 41 percent to $2.2 million. Revenues reflect reduced marketing efforts. Lower loss reflects the completion of development on Internet products. 
pcOrder.com, Inc. (Nasdaq : PCOR)pcOrder.com, Inc. is a provider of Internet-based electronic commerce solutions that enable the computer industry's suppliers, resellers and end users to buy and sell computer products online. For the three months ended 3/31/99, total revenues rose 70 percent to $7.7 million. Net loss totalled $2.8 million, up from $13 thousand. Results reflect an increase in the Company's customer base for software and services, offset by increased personnel and marketing expenses. 
PeakSoft Multinet Corp. (OTC BB : PEAMF)PeakSoft Multinet Corp. is a diversified Internet software company engaged in the development of Java-based Internet productivity and communication software products. For the six months ended 3/31/99, sales fell 68 percent to C$287 thousand. Net loss fell 44 percent to C$711 thousand. Revenues reflect the Company focusing its efforts on its small business community portal strategy. Lower loss reflects reductions in cost of goods sold and reduced amortization. 
Pegasystems Inc. (Nasdaq : PEGA)Pegasystems Inc. develops, markets, and supports its customer service management software that automates customer interactions across transaction-intensive enterprises. For the three months ended 3/31/99, revenues fell 2 percent to $13.9 million. Net loss totalled $8.2 million, up from $350 thousand. Revenues suffered from no software licenses acceptances and fewer license agreement. Higher loss also suffered from increased staffing and the inability to invoice customers. 
Paradigm Geophysical (Nasdaq : PGEO)Paradigm Geophysical is a seismic data analysis company, which provides computer-aided exploration and production software products and services to the oil and gas industry. For the three months ended 3/31/99, total revenues rose 6 percent to $11.6 million. Net loss totalled $3.7 million vs. an income of $531 thousand. Results reflect increased revenues from software sales and data processing and interpretation services, offset by $3.7 million in one-time acquisition related charges. 
Phone.com, Inc. (Nasdaq : PHCM)Phone.com, Inc. develops and markets software that enables the delivery of Internet-based services to mass-market wireless telephones. For the nine months ended 3/31/99, total revenues totalled $6.7 million, up from $924 thousand. Net loss rose 81 percent to $14 million. Revenues reflect increased demand for maintenance and engineering support services by wireless telephone manufacturers. Higher loss reflects research and development personnel increases. 
Phoenix International Ltd (Nasdaq : PHXX)Phoenix International Ltd. is a provider of highly adaptable, enterprise-wide client/server application software and related services to the financial services industry. For the three months ended 3/31/99, revenues rose 20 percent to $5.5 million. Net loss totalled $1.3 million vs. an income of $35 thousand. Results reflect increased implementation revenues due to an increased number of installations, offset by higher product development costs due to personnel increases. 
Platinum Technology Itn'l (Nasdaq : PLAT)Platinum Technology Itn'l., develops, markets, and supports software products, and provides related professional services to organizations to help improve and manage their information technology. For the three months ended 3/99 revenues fell 12 percent to $170.1 million. Net loss totalled $266 million vs income of $1.2 million. Revenues reflect lower software product sales due to delays related to proposed acquisitions. Loss reflects a $136.3 million restructuring cost. 
PulsePoint Communications (Nasdaq : PLPT)PLPT designs, develops and markets high-capacity, network-based enhanced services solutions. For the three months ended 3/31/99, sales increased 69 percent to $7.1 million. Net loss decreased 52 percent to $1.7 million. Revenues reflect increased sales into the VIS markets. Lower loss also reflects a higher gross margin due to increased production volumes which allow for the wider spreading of fixed costs, and an increase in the number of larger system sales. 
Premis Corporation (OTC BB : PMIS)Premis develops, markets and supports a line of enterprise-wide retail automation systems to meet the information needs of multistore specialty and general merchandise retailing chains. For the nine months ended 12/98, revenues rose 3 percent to $5.1 million. Net income totalled $1.6 million vs. a loss of $1.5 million. Revenues reflect $3.3 million in license fees from NCR Corporation. Net income reflects lower S/G/A expenses due to reduced administrative personnel. 
Primix Solutions, Inc. (Nasdaq : PMIX)Primix is a consulting and services organization which delivers business and information technology solutions on a fixed price/fixed time basis, with an emphasis on e-business solutions. For the three months ended 3/31/99, revenues rose 83 percent to $1.9 million. Net loss decreased 7 percent to $922 thousand. Revenues reflect PMIX's successful transition away from software sales in favor of IT consulting. Lower loss lagged mainly from costs related to expansion of the sales force. 
Parametric Technology (Nasdaq : PMTC)Parametric Technology Corp. develops, markets and supports a comprehensive suite of integrated product development and information management software. For the six months ended 4/3/99, revenues fell 2 percent to $513.4 million. Net income before extraordinary item fell 10 percent to $40.5 million. Revenues suffered from a decrease in the average price of the company's software. Net income reflects investments in information technology and Y2K expenditures. 
Point of Sale Limited (Nasdaq : POSI)Point of Sale provides enterprise-wide open software solutions. The Company's software solutions cover a wide variety of retail applications, including point-of-sale and back office store systems. For the nine months ended 9/30/98, revenues rose 45 percent to $11.7 million. Net income rose from $994 thousand to $2.8 million. Results reflect higher revenues associated with the Tesco arrangement. Net income also reflects decreased cost of product sales as a  percentage of revenues. 
Piranha Interactive Publg (PRANEPiranha publishes interactive multimedia software products providing education and entertainment as well as reference and personal productivity titles for the home personal computer market. For the nine months ended 9/98, sales totalled $2.7 million, up from $77 thousand. Net loss fell 36 percent to $1 million. Revenues reflect the initial sales of DEAD RECKONING and MORPHEUS. Lower loss reflects an increase in interest income and a decrease in interest expense. 
Peregrine Systems Inc. (Nasdaq : PRGN)PRGN is a provider of IT infrastructure management solutions through the development, marketing and supporting of the ServiceCenter and AssetCenter product lines. For the nine months ended 12/98, revenues rose from $41.7 million to $92 million. Net loss rose from $28.8 million to $78.9 million. Revenues reflect increased licensings of ServiceCenter and AssetCenter, expansion of the sales force, a larger installed base and acquisitions. Higher loss reflects a $57 million increase in acquired R&D charges. 
Progress Software (Nasdaq : PRGS)Progress Software is a supplier of application development, deployment and management technology, network management solutions and support services to business, industry and government worldwide. For the three months ended 2/99, revenues increased 24 percent to $67.1 million. Net income totalled $7.1 million, up from $3.5 million. Revenues reflect increases in software licence and service revenues. Earnings also reflect lower general/administrative expenses. 
Prologic Management Sys. (PRLOPrologic Managment Sys. provides a range of hardware and commercial software solutions, with a focus on UNIX-based products, as well as NT and legacy interoperabilitiy. PRLO also provides systems integration and networking services. For the nine months ended 12/31/98, net sales fell 18 percent to $13.8 million. Net loss applicable to Common rose 31 percent to $1.5 million. Results reflect a sales cancellation due to a change in the customer's business, and increases in technical staffing. 
Peerless Systems Corp. (Nasdaq : PRLS)Peerless Systems Corporation is a leading provider of software-based embedded imaging systems to original equipment manufacturers of digital document products. For the three months ended 4/30/99, total revenues fell 3 percent to $8.2 million.Net income fell 20 percent to $1.1 million. Results suffered from a decrease in engineering services revenues. Earnings also suffered from the growth of the research and development staff and increased professional services expenses. 
Programmer's Paradise Inc (Nasdaq : PROG)Programmer's Paradise Inc. is an international direct marketer of software for microcomputers, servers and networks, operating through three distribution channels in theU.S. and Europe. For the three months ended 3/31/99, revenues rose 8 percent to $57.4 million. Net income rose 30 percent to $987 thousand. Revenues benefitted from increased internet sales due to enhanced and expanded websites. Earnings also reflect a foreign exhange gain vs. a loss. 
CFI ProServices, Inc. (Nasdaq : PROI)CFI ProServices, Inc. and its subsidiaries develops, sells, and services customer service software used by financial institutions. Revenues for the three months ended 3/31/99 increased 5 percent to $20.1 million. Net income applicable to Common fell 20 percent to $799 thousand. Revenues reflect higher maintenance revenue from a larger base of installed products. Earnings were offset by a lower gross profit margin and higher product development expenditures. 
Portal Software Inc. (Nasdaq : PRSF)Portal Software develops, markets and supports real-time customer management and billing software for providers of Internet-based services. For the three months ended 4/30/99, revenues totalled $15.2 million, up from $4.1 million. Net loss totalled $5.5 million, up from $2.1 million. Results reflect higher service revenues from the increased support and maintenance service fees related to Portal's growing installed base, offset by higher sales and marketing costs. 
PRT Group Inc. (Nasdaq : PRTG)PRT Group provides information technology solutions and services internationally. PRT's services include Project Solutions, Strategic Consulting, and Staff Augmentation. For the three months ended 3/31/99, revenues fell 2 percent to $18.5 million. Net loss rose 62 percent to $6.8 million. Revenues reflect a decrease in number of IT workforce. Higher loss reflects lower margins due to underutilized consultants $2.3 million in severence charges and costs related to hiring a new group President. 
Project Software & Devel. (Nasdaq : PSDI)Project Software and Development, Inc. develops, markets and supports enterprise-wide client/server applications software used by business, government and other organizations. For the six months ended 3/31/99, total revenues rose 25 percent to $66.8 million. Net income totalled $8.6 million vs a loss of $2.5 million. Revenues reflect growth from MAXIMO client/server software and related support services. Net income reflects the absence of a $9.2 million purchased R&D cost. 
PeopleSoft, Incorporated (Nasdaq : PSFT)PeopleSoft, Inc. designs, develops, markets and supports a family of enterprise client/server application software products for large and medium sized organizations. For the three months ended 3/31/99, total revenues increased 10 percent to $305.4 million. Net loss totalled $171.5 million vs. an income of $33.8 million. Revenues reflect higher customer base for service maintenance. Net loss reflects $176.5 million for the development of Momentum Business Applications. 
Phoenix Technologies Ltd. (Nasdaq : PTEC)Phoenix Technologies designs, develops, and markets system and chip level software for personal computers, peripheral devices and information appliances. For the six months ended 3/31/99, revenues rose less than 1 percent to $62.1 million. Net income fell 43 percent to $4.5 million. Revenues reflect the acquisition of Sand Microelectronics and continued demand for outsourced circuit intellectual property. Earnings were offset by a $1.9 million restructuring charge. 
Peritus Software Services (OTC BB : PTUS)Peritus provides software products and services that enable oranizations to improve the productivity, quality and effectiveness of their IT systems mainaintance. For the fiscal year ended 12/31/98, revenues fell 21 percent to $31.5 million. Net loss applicable to Common. fell 61 percent to $26.7 million. Revenues reflect a decrease in the licensing of the Company's Auto Enhancer/2000 software. Lower loss reflects increased staffing, commission and promotional activities. 
Puma Technology, Inc. (Nasdaq : PUMA)Puma Technology, Inc. develops, markets and supports mobile data exchange software which allows users to access, exchange and synchronize information stored on a variety of different computing devices. For the nine months ended 4/30/99, revenues fell 19 percent to $14.3 million. Net loss totalled $2.9 million vs. an income of $1.3 million. Revenues reflect lower levels of customer funding engineering. Loss also reflects greater research and development personnel and related costs. 
PurchaseSoft, Inc. (OTC BB : PURC)PurchaseSoft, Inc. develops, markets, and maintains software products (primarily PurchaseSoft 2.0) for purchasing and materials management. For the nine months ended 2/28/99, revenues decreased 32 percent to $289 thousand. Net loss totalled $3.3 million, up from $1.5 million. Revenues reflect decreased product revenues. Higher loss suffered from the addition of executive sales management, personnel and marketing costs, and a $610 thousand restructuring charge. 
Princeton Video Image (Nasdaq : PVII)PVII develops and markets real-time video insertion systems that place computer generated electronic advertising images into TV broadcasts of sporting and other events. For the nine months ended 3/31/99, revenues rose 62 percent to $796 thousand. Net loss applicable to Common decreased 7 percent to $6.8 million. Revenues reflect increased usage of L-VIS System in the broadcast of baseball and football games. Loss reflects the elimination of financing costs related to a bridge loan. 
Pervasive Software (Nasdaq : PVSW)Pervasive Software is a provider of information management solutions that simplify the development, deployment and maintenance of Web-based and client/server applications. For the nine months ended 3/31/99, revenues rose 62 percent to $41.9 million. Net income decreased 3 percent to $1.7 million. Revenues reflect increased market acceptance of the Company's products. Earnings were offset by a $1.8 million purchased research and development charge. 
Proxicom, Inc. (Nasdaq : PXCM)PXCM provides Internet solutions to large companies and organizations, including business to consumer electronic commerce web sites, business to business electronic commerce extranets and company-specific intranets. For the three months ended 3/99, revenues rose 65 percent to $13.3 million. Net loss applicable to Common totalled $5 million, up from $487 thousand. Results reflect increases in client engagements, offset by lower margins and a $4.9 million provision related to the Series D Preferred Stock. 
QAD Inc. (Nasdaq : QADI)QAD Inc. is a provider of supply chain enabled Enterprise Resource Planning software designed to facilitate global management of resources and information to allow manufacturers to reduce order fulfillment cycle times and inventories. For the three months ended 4/30/99, total revenues rose 20 percent to $53.3 million. Net loss totalled $9.9 million, up from $2.3 million. Results reflect a new emphasis on services, offset by lower margins due to shifts in revenue mix. 
QuadraMed Corporation (Nasdaq : QMDC)QMDC develops, markets and sells software products and services enabling healthcare providers and payors to increase efficiency, improve cash flow, measure costs and administer managed care contracts. QMDC also offers outsourcing and consulting. For the three months ended 3/99, revenues rose 39 percent to $59.7 million. Net loss rose from $11 million to $26.1 million. Results reflect expansion of the client base through various recent acquisitions, offset by a $28.7 million increase in unusual items. 
QueryObject Systems Corp. (OTC BB : QUOB)QueryObject Systems develops and markets proprietary business intelligence software solutions that enable business managers to make strategic decisions leveraging existing corporate data. For the three months ended 3/31/99, total revenues fell 32 percent to $76 thousand. Net loss fell 23 percent to $1.7 million. Revenues reflect the non-renewal of certain maintenance agreements. Lower loss reflects a decrease in personnel related costs. 
Ramp Networks, Inc. (Nasdaq : RAMP)RAMP provides shared Internet access solutions for the small office market. The WebRamp product family enables multiple users in a small office to share the same Internet connection simultaneously while optimizing each user's access speed. For the three months ended 3/31/99, revenues rose 47 percent to $3.9 million. Net loss fell 21 percent to $3 million. Results reflect market acceptance of the WebRamp product family, partially offset by the amortization of deferred stock compensation. 
Rational Software Corp. (Nasdaq : RATL)Ratioinal Software Corp. develops, markets and supports a comprehensive solution for developing and managing software systems. RATL also provides a range of technical consulting, training, and support services. For the nine months ended 12/31/98, revenues rose 28 percent to $286.8 million. Net income totalled $38.2 million vs. a loss of $49.1 million. Results reflect increased demand for the Company's products and a $1.2 million merger cost recovery vs. a $63.8 million provision. 
Research Engineers, Inc. (Nasdaq : RENG)Research Engineers, Inc. is a provider of engineering software solutions. The Company's software provides fully integrated easy-to-use design automation and analysis solutions for use by engineering analysis and design professionals worldwide. For the nine months ended 12/98, total revenues fell 22 percent to $7.1 million. Net loss totalled $345 thousand vs. income of $3 thousand. Results reflect the decline in economic conditions in Southeast Asia and additional personnel costs. 
Robocom Systems Int'l Inc (Nasdaq : RIMS)RIMS develops, markets and supports advanced warehouse management software solutions that enable companies to realize significant cost savings by automating their warehouse operations. For the nine months ended 2/99, revenues rose 11 percent to $5.6 million. Net loss (vs. pro-forma) fell 50 percent to $1.1 million. Revenues reflect a higher number of installations of computer systems networks and office software. Lower losses reflect a $678 thousand tax benefit vs. a $932 thousand tax expense. 
Reality Interactive, Inc. (OTC BB : RINT)Reality Interactive, Inc. develops technology-based knowledge solutions for the industrial marketplace. RINT has developed multimedia training products within the areas of international quality and management standards. For the nine months ended 9/98, revenues fell 24 percent to $623 thousand. Net loss fell 47 percent to $1.4 million. Revenues reflect lower sales of off-the-shelf multimedia products. Lower loss reflect reduced personnel and reduced sales and travel expenses. 
Realax Software AG (Nasdaq : RLAXY)Realax Software AG is a development stage company that develops, markets and supports virtual reality (VR) software and solutions for a variety of commercial applications. For the fiscal year ended 12/31/97, total revenues rose 21 percent to $407 thousand. Net loss totalled $584 thousand, up from $69 thousand. Revenues reflect increased sales of products to Windows NT users. Higher loss reflects increased compensation costs due to personnel increases, and increased amortization. 
Registry Magic Inc. (Nasdaq : RMAG)RMAG is engaged in the development and marketing of applications software incorporating core speech recognition technology. RMAG products are designed to enable a user to perform tasks or retrieve information by speaking into a telephone or computer. For the six months ended 1/31/99, revenues totalled $1.1 million, up from $338 thousand. Net loss totalled $2.2 million, up from $675 thousand. Results reflect the addition of computer software sales, offset by higher personnel costs. 
Remedy Corporation (Nasdaq : RMDY)Remedy Corporation develops, markets and supports highly adaptable client/server and web-based application software and solutions for employee-intensive business processes. For the three months ended 3/31/99, total revenues rose 39 percent to $42.4 million. Net income rose 35 percent to $3.2 million. Revenues reflect renewal of maintenance contracts after initial 1-year term. Earnings were partially offset by increased sales and marketing resources and marketing activities. 
RealNetworks, Inc. (Nasdaq : RNWK)RNWK provides branded software products and services enabling the delivery of streaming media content over the Internet and intranets. For the three months ended 3/99, net revenues rose 88 percent to $23.5 million. Net loss decreased 93 percent to $736 thousand. Revenues reflect increased licensings of the RealPlayer and RealSystem products, expansion of the product line, higher upgrade revenues, and fees from Microsoft. Lower loss benefitted from the absence of $8.7 million in charges. 
Ross Systems, Inc. (Nasdaq : ROSS)ROSS is a supplier of enterprise-wide business systems and related services to companies installing open systems/client-server software products. For the nine months ended 3/99, total revenues rose 19 percent to $76 million. Net loss before extraordinary items totalled $1.2 million vs. a income of $743 thousand. Revenues reflect increased sales of software product licenses and consulting and other services. Net loss reflects higher travel and personnel cost and the absence of $381 thousand litigation gain. 
Byron Preiss Multimedia (OTC BB : RSVP)RSVP develops and markets educational software and publishes books and software for the educational and consumer markets. For the nine months ended 9/98, revenues rose from $2.3 million to $5.5 million. Net loss from continuing operations fell 20 percent to $1.6 million. Revenues benefitted from the inclusion of revenues from Dolphin, Inc. Lower loss was partially offset by a lower gross profit margin and interest costs associated with the issuance of convertible notes and debentures. 
Rogue Wave Software (Nasdaq : RWAV)RWAV is engaged in the development, sale and support of object-oriented software parts and related tools. For the six months ended 3/31/99, total revenues increased 21 percent to $25.6 million. Net income increased 59 percent to $2 million. Revenues reflect an increase in the number of licenses sold to new and existing customers, additional product offerings and an expanding market. Net income also reflects decreased acquisition, relocation and goodwill amortization costs. 
Strategia Corporation (AMEX : SAA)Strategia Corporation provides disaster recovery, consulting, information processing and outsourcing services to users of large-scale computer systems in North America and Europe. For the three months ended 3/31/99, revenues rose 19 percent to $6.4 million. Net income totalled $605 thousand, vs. a loss of $67 thousand. Revenues reflect increased millennium service contracts. Earnings reflect lower selling, general and administrative expenses and lower interest expense. 
SAP AG (NYSE : SAP)SAP AG is engaged in the design and development of business application software. The Company develops software that helps companies link their business processes, tying together disparate business functions. For the fiscal year ended 12/31/97, revenues rose 61 percent to DM6.10 billion. Net income (US GAAP) applicable to pref. rose 97 percent to DM362.5 million. Results reflect strong demand for enterprise business application software, new product introductions and improved margins. 
Siscom, Inc. (OTC BB : SATI)Siscom, Inc. operates as a software development company that provides computer based products and services to the electronic media and sports industry. For the three months ended 9/98, revenues fell 40 percent to $318 thousand. Net income fell 78 percent to $12 thousand. Revenues reflect decreased software sales due to the NBA player lock-out. Net income reflects lower gross margins and higher depreciation expense due to sizable additions to property and equipment. 
Saville Systems PLC (Nasdaq : SAVLY)Saville Systems PLC provides convergent customer care and billing solutions to service providers in the global telecommunications and energy industries. The Co. uses its library of proprietary software applications to provide customers with customized billing solution. For the three months ended 3/99, revenues fell 21 percent to $30.2 million. Net loss totalled $3.2 million vs income of $9.2 million. Results suffered from fewer services performed and higher personnel costs. 
Starbase Corporation (Nasdaq : SBAS)SBAS develops, markets and supports team-oriented product development software that addresses the evolving needs of the corporate IT enterprise users involved in projects requiring substantial collaboration. For the nine months ended 12/98, total revenues rose from $1.4 million to $4.7 million. Net loss applicable to Common remained flat at $6.9 million. Revenues reflect the release of the Starteam 2.1 family of products. Loss reflects increased R&D and S/G/A expenses. 
Simione Central Holdings (Nasdaq : SCHI)Simione Central Holdings is a provider of integrated systems and services designed to enable home health care providers to more effectively operate their businesses and compete in a managed care environment. For the nine months ended 9/30/98, total revenues rose 5 percent to $34.5 million. Net loss totalled $10.2 million vs. an income of $2.5 million. Revenues reflect the acquisition of Dezine Healthcare Solutions, Inc. Loss suffered from $9.6 million in restructuring and other charges. 
Santa Cruz Operation (Nasdaq : SCOC)SCOC provides UNIX-based, open system software, enabling integration of technology and products from different vendors to create powerful networked information systems. For the six months ended 3/99, revenues rose 11 percent to $108.4 million. Net income rose 92 percent to $6.9 million. Revenues reflect increased demand for Y2K upgrades and an increase in projects abroad. Earnings also benefitted from higher gross margins and decreased R&D expenditures due to reductions in personnel. 
Systems & Computer Tech. (Nasdaq : SCTC)SCTC develops, licenses and supports a suite of client/server, enterprise software, and provides a range of information technology services, including outsourcing, system implementation and integration, and maintenance and enhancements. For the six months ended 3/31/99, revenues rose 24 percent to $226.8 million. Net income fell 37 percent to $8.6 million. Revenues reflect increased implementation and integration services. Earnings were offset by higher product devolopment costs. 
Secure Computing Corp. (Nasdaq : SCUR)Secure Computing Corporation designs, develops, markets and sells a comprehensive offering of interoperable, standards-based products for end-to-end network solutions. For the three months ended 3/31/99, revenues fell 36 percent to $8.2 million. Net loss rose 32 percent to $9.7 million. Revenues suffered from the timing of several large transactions. Higher loss was partially offset by the absence of a $7.8 million restructuring charge and lower selling and marketing expenses. 
Structural Dynamics Res. (Nasdaq : SDRC)SDRC supplies CAD/CAM/CAE (computer aided design, manufacturing, and engineering) software used for mechanical design automation, product data management software, and related services. Revenues for the three months ended 3/99 rose 19 percent to $108.1 million. Net income fell 3 percent to $10 million. Revenues reflect sales of maintenance, services and Metaphase licenses. Net income reflects higher cost of maintenance and services, higher commissions and larger sales staff. 
Security Dynamics Technl. (Nasdaq : SDTI)SDTI provides enterprise network and data security solutions, helping companies to conduct business securely, protect corporate assets and facilitate electronic commerce. For the three months ended 3/31/99, revenues rose 21 percent to $48.7 million. Net income rose from $3 million to $41 million. Revenues reflect higher sales of SecurID tokens and increased licensings of ACE/Server software. Earnings benefitted from the sale of 1,000,000 shares of VRSN stock, netting the Company a gain of $74.5 million. 
Sterling Commerce, Inc. (NYSE : SE)SE develops, markets and supports electronic commerce software products and provides electronic commerce services that enable businesses to engage in business-to-business electronic communications and transactions. For the six months ended 3/99, revenues rose 35 percent to $293.4 million. Net income rose 31 percent to $67.1 million. Results reflect increased licensing of CONNECT and GENTREN software products, partially offset by costs associated with expanding software licensing. 
SeaChange International (Nasdaq : SEAC)SeaChange International develops, markets and supports products to manage, store and distribute digital video for television operators and broadcast and telecommunications companies. For the three months ended 3/31/99, revenues rose 14 percent to $20.6 million. Net income totalled $53 thousand vs. a loss of $1.1 million. Revenues benefitted from the sale of new broadcast systems. Earnings also reflect higher margins and lower payroll and related costs. 
Siebel Systems, Inc. (Nasdaq : SEBL)Siebel Systems, Inc designs, develops, markets and supports enterprise-class sales, marketing and customer service information software systems. For the three months ended 3/31/99, revenues increased 81 percent to $134.1 million. Net income increased from $9.7 million to $21.3 million. Revenues reflect an increase in the number of licenses of Siebel applications sold to new and existing customers. Earnings also benefitted from an increase in operating income and margin. 
Sector Communications,Inc (OTC BB : SECT)SECT is in a transitional phase of becoming an int'l telecommunications and software Co. through the acquisitions of already existing Co.'s and products. Co. has curtailed any significant gold exploration activities. For the six months ended 8/31/98, revenues fell 50 percent to $557 thousand. Net loss fell 33 percent to $1 million. Results reflect a decrease in the use of hotel phones in Bulgaria by international travelers. Lower loss reflects a decrease in S/G/A expenses. 
SEEC, Inc. (Nasdaq : SEEC)SEEC, Inc. provides a suite of software products and related services to assist primarily Fortune 1000 companies and governmental organizations in the reengineering of legacy COBOL software applications, as well as solutions for year 2000 compliance. For the nine months ended 12/31/98, revenues rose 4 percent to $8.5 million. Net income fell 71 percent to $453 thousand. Results reflect customers' increased demand for on-site assistance, offset by increased sales and marketing expenses. 
Segue Software, Inc. (Nasdaq : SEGU)SEGU develops, markets and supports e-business software products and provides professional services for the management and testing of various e-business enterprise applications. For the three months ended 3/31/99, revenues rose 4 percent to $9 million. Net loss totalled $6.4 million, up from $234 thousand. Revenues reflect higher services and maintenanace revenues. Hoigher loss reflects lower margins, increased marketing and and a $1 million in restructuring and employee severance charges. 
7th Street.com (Nasdaq : SEVL)SEVL provides and develops Internet software tools and technologies for the preparation and streaming of real-time, intelligent, interactive animated content and characters over the Internet and other networks. For the three months ended 3/31/99, revenues rose 64 percent to $756 thousand. Net loss totalled $13.7 million, up from $2.5 million. Results reflect the integration of the two business (7th Level and 7th Street.com), offset by $12.2 million in acquistion related charges. 
Sonic Foundry, Inc. (AMEX : SFO)SFO is a provider of PC-based software products designed to run under the Windows and Windows NT operating systems. SFO's products allow musicians, audio engineers and home users to create, record, edit and design digital audio files. For the three months ended 12/98, revenues totalled $2.8 million, up from $931 thousand. Net loss totalled $1.4 million, up from $324 thousand. Revenues reflect the release of the ACID family of products. Higher losses reflect an increase in promotional costs. 
Enlighten Software Solut. (Nasdaq : SFTW)SFTW develops, markets, and supports software products that automate computer management systems for the banking, finance, telecommunications, and information technology industries. For the three months ended 3/99, total revenue rose 81 percent to $1.3 million. Net loss totaled $249 thousand vs. income of $212 thousand. Revenues reflect increased license fees from the Co's OEM relationship with SGI. Net loss reflects increased personnel cost due to expansion. 
Smith-Gardner Associates (Nasdaq : SGAI)SGAI provides mission-critical, enterprise-wide software solutions, and related hardware and services, to the non-store marketing industry. SGAI's MACS product line is designed to automate various non-store commerce activities. For the three months ended 3/99, revenues rose 64 percent to $9.1 million. Net income applicable to Common totalled $1 million vs. a loss of $311 thousand. Results reflect a greater installed base, higher margins and decreased R&D as a  percentage of revenues. 
Sagent Technology, Inc. (Nasdaq : SGNT)Sagent Technology, Inc. develops, markets and supports software products that gather, analyze and deliver information throughout an organization using the World Wide Web. For the three months ended 3/31/99, revenues totalled $6.5 million, up from $3 million. Net loss fell 80 percent to $1 million. Revenues benefitted from the acquisition of Talus, Inc. Lower loss reflects higher margins and the absence of $2.4 million in acquired in-process technology. 
Silknet Software, Inc. (Nasdaq : SILK)Silknet Software provides software that allows companies to offer personalized marketing, sales, electronic commerce and customer support services through a single, company-tailored Web site interface. For the nine months ended 3/31/99, revenues rose from $2.1 million to $9.2 million. Net loss applicable to Common rose 61 percent to $7.6 million. Revenues reflect an increased number of licenses sold for Silknet eService. Higher loss reflects an increase in direct sales personnel. 
Simulations Plus, Inc. (Nasdaq : SIMUC)Simulations Plus develops and produces simulation software for use in pharmaceutical research and for education. SIMU also produces computer software and specialized hardware for use by people with disabilities, and personal productivity software program for the retail market. For the six months ended 2/99, revenues rose 54 percent to $1.7 million. Net loss fell 73 percent to $273 thousand. Results reflect higher software sales, technological improvements and labor efficiency. 
Simware Inc. (Nasdaq : SIMW)SIMW, markets and supports software products for Internet, information access, remote connectivity and the automation of LAN tasks for enterprise networks. For the six months ended 10/98, revenues rose 45 percent to C$10.1 million. Net income according to U.S. GAAP totalled C$1 million vs. a loss of C$721 thousand. Revenues reflect sharply higher licensings of the Salvo product line. Earnings reflect increased higher margin licensings due to a more favorable sales mix. 
ISG Int'l Software Group (Nasdaq : SISG)ISG International Software Group develops, markets and supports computer software application development and integration tools which are sold in the U.S., Israel, Europe, the Far East and Australia. For the nine months ended 9/30/98, total revenues increased 24 percent to $11.4 million. Net income increased 79 percent to $945 thousand. Results benefitted from increased ISG Navigator products sales. Earnings also benefitted from increased gross profit margins. 
Site Technologies, Inc. (OTC BB : SITE)Site Technologies provides Web site development, management and maintenance software solutions for Web-based business environments. For the nine months ended 9/30/98, revenues decreased 84 percent to $270 thousand. Net loss decreased 47 percent to $2.5 million. Revenues reflect the disposition of the DeltaGraph product line and the Company's reduced ability to market its newly released products. Lower loss reflects lower R&D expenses due to decreases in staffing and outside consultants. 
SK Technologies Corp. (OTC BB : SKTC)SK Technologies Corp. is engaged in developing and marketing retail store management software for the specialty retail industry. The Company's StoreKare product family is a modular system of information technology products. For the nine months ended 12/31/98, revenues fell 4 percent to $580 thousand. Net loss decreased 18 percent to $906 thousand. Results reflect lower sales of equipment and software. Lower loss reflects a reduction in staffing and increased other income. 
SELECT Software Tools (OTC BB : SLCTY)Select Software Tools develops, markets, and supports component-based modeling tools which enable users to develop high-end client/server software application. For the nine months ended 9/98, revenues rose 18 percent to $19.4 million. Net loss totalled $12.1 million, up from $3.1 million. Revenues reflect higher service and maintenance revenues from existing and new customers. Higher net loss reflect a one-time restructuring charge of $1.4 million and refinancing costs of $874 thousand. 
SalesLogix Corp. (Nasdaq : SLGX)SalesLogix is a provider of software that enables mid-market businesses to automate sales, marketing and customer support iteractions. The Company also provides maintenance, technical support, consulting, and training services for its products. For the three months ended 3/31/99, revenues rose 99 percent to $6.3 million. Net loss increased 4 percent to $1.1 million. Revenues reflect market acceptance of products and higher license sales. Higher loss reflects higher personnel costs. 
Summit Design, Inc. (Nasdaq : SMMT)Summit Design, Inc. is a supplier of software tools designed to solve the integrated circuit engineering problems caused by increasing chip complexity and the corporate problem of reusing the intellectual property created by engineers. For the three months ended 3/31/99, revenues fell 34 percent to $6.8 million. Net loss totalled $2.2 million vs. an income of $1.4 million. Results reflect the absence of license revenues from CSC and $1.3 million in non-recurring charges. 
Smith Micro Software (Nasdaq : SMSI)Smith Micro Software develops, manufactures and sells personal computer communication software for personal and business use. For the three months ended 3/31/99, revenues fell 12 percent to $2.9 million. Net loss totalled $692 thousand, vs. an income of $113 thousand. Revenues reflect reduced demand by the Company's largest OEM analog modem customers. Loss also reflects costs related to promotional campaigns in retail channels for fax and Internet communications products. 
Synopsys, Inc. (Nasdaq : SNPS)SNPS develops, markets and supports integrated circuit (IC) design, verification and analysis products that are used by designers of advanced ICs, including system-on-a-chip ICs and electronic systems. For the six months ended 4/3/99, revenues rose 8 percent to $370.4 million. Net income before extraordinary item totalled $67 million, up from $16.7 million. Revenues reflect increased licensing and consulting service revenue. Net income reflect the absence of $47.9 million in merger costs. 
Security First Technolog. (Nasdaq : SONE)Security First Technologies develops integrated, brandable internet applications that enable companies offering financial services to create their own financial portals on the internet. For the three months ended 3/31/99, revenues totalled $12 million, up from $3.4 million. Net loss from continuing operations fell 60 percent to $3.3 million. Revenues reflect projects at a number of large financial services companies. Lower loss reflects reduced amortization of goodwill. 
Software Publishing Corp. (Nasdaq : SPCO)Software Publishing is an international developer and supplier of visual communications, companion utility and business productivity computer software products to retail and wholesale customers and original equipment manufacturer. For the three months ended 3/31/99, net sales rose 26 percent to $4.9 million. Net loss applicable to Com. rose 23 percent to $698 thousand. Results reflect the sales of the Company's GO Digital Camera Pak direct response promotion, offset by increased product expenses. 
Sapiens International (Nasdaq : SPNS)Sapiens International develops, markets and supports enterprise-wide solutions for the rapid development of scaleable mission-critical software applications. For the nine months ended 9/30/98, total revenues rose 60 percent to $49.3 million. Net income applicable to Common totalled $5.7 million, up from $304 thousand. Revenues reflect strength of the Company's core businesses and the success of the Euro initiative. Earnings also reflect lower R&D expenses as a  percentage of revenues. 
SPSS Inc. (Nasdaq : SPSS)SPSS develops, markets and supports statistical software products. SPSS products enable managers and analysts to bring marketplace and enterprise data to bear on decision making. For the three months ended 3/99, net revenues increased 14 percent to $32.5 million. Net income increased 2 percent to $3.3 million. Revenues reflect an increase in annual license renewals of Desktop products. Net income was partially offset by higher S/G/A expenses due to an increased administrative staff. 
Spyglass, Inc. (Nasdaq : SPYG)SPYG develops, markets and distributes Internet enabling technologies, content services and professional services that enable various non-PC devices to work with the Internet. For the six months ended 3/31/99, revenues rose 17 percent to $10.8 million. Net loss fell 66 percent to $2.1 million. Revenues reflect management's focus on improving customer service within the vertical sectors of the Internet device market. Lower losses reflect decreased salary costs due to staff reductions. 
SERENA Software, Inc. (Nasdaq : SRNA)SERENA Software, Inc. is a provider of software change management products and services used to manage and control software change for organizations whose business operations are dependent on managing information technology. For the three months ended 4/30/99, total revenues rose 65 percent to $14.2 million. Net income totalled $2.2 million, up from $1.1 million. Results reflect increased demand for new software licenses and lower stock-based compensation costs. 
System Software Assocs. (Nasdaq : SSAX)System Software provides business enterprise information systems to the industrial sector. The Business Planning and Control System product line provides business process re-engineering and integration of an enterprises operations. For the three months ended 1/31/99, revenues fell 9 percent to $89.7 million. Net loss applicable to Common totalled $5.4 million, up from $1.6 million. Results reflect slowness in the ERP market and increased marketing expenditures. 
Strategic Solutions Group (OTC BB : SSGI)Strategic Solutions Group and its subsidiaries are full-service providers of technology based software solutions and computer systems integration (including the sale of hardware and software products) support services. For the three months ended 3/31/99, total revenues fell 62 percent to $276 thousand. Net loss decreased 86 percent to $111 thousand. Revenues reflect the divestiture of UST. Lower loss reflects lower personnel costs. 
Sound Source Interactive (Nasdaq : SSII)SSII creates, develops, produces, publishes and distributes interactive educational and entertainment software properties for personal computers worldwide. For the six months ended 12/31/98, net sales fell 27 percent to $3 million. Net loss totalled $1.6 million vs. income of $689 thousand. Revenues reflect the failure at retail of certain of the Company's products. Net loss reflects increased cost of sales and S/G/A expenses as a  percentage of revenues. 
SS&C Technologies, Inc. (Nasdaq : SSNC)SSNC provides client/server-based financial software solutions, and related consulting services, designed to improve the efficiency and effectiveness of financial institutions. For the three months ended 3/31/99, revenues rose 55 percent to $19.4 million. Net income totalled $1.5 million vs. a loss of $2.9 million. Revenues reflect growth in the Company's installed base of clients. Net income reflects the absence of a $5.4 million write-off of purchased in-process R&D. 
Software Spectrum, Inc. (Nasdaq : SSPE)Software Spectrum is a supplier of microcomputer software and services. SSPE provides software products, volume software licensing services and technology support services. For the nine months ended 1/31/99, net sales rose 5 percent to $686.2 million. Net income rose 51 percent to $4.7 million. Revenues reflect higher software sales under VLM agreements. Net income also reflects higher margins from fee-based services, decreased interest expenses and a lower effective tax rate. 
Sterling Software, Inc (NYSE : SSW)SSW is a developer and supplier of application development, information management and systems management software products and services. SSW supplies specialized information technology services for sectors of the federal government. For the six months ended 3/99, revenues rose 6 percent to $366.8 million. Net income fell 5 percent to $39.4 million. Results reflect increased sales from systems management and federal systems segments, offset by charges of $29.3 million for restructuring. 
Spatial Technology, Inc. (AMEX : STY)STY designs, develops, markets and supports 3D modeling software and licenses it to software developers, enabling integration of advanced 3D modeling functions into applications. For the fiscal year ended 12/98, revenues rose 32 percent to $14.4 million. Net income totalled $201 thousand vs. a loss of $1.8 million. Revenues reflect increases in contracts and ACIS software shipments, and new product introductions. Earnings reflect higher margins and the absence of a $621 thousand acquired R&D charge. 
SVI Holdings, Inc. (AMEX : SVI)SVI Holdings, Inc. is a holding company, through its subsidiaries, is engaged in the development and distribution of computer software training courses and computer software and hardware for retail establishments. For the comparable nine months ended 12/31/98, revenues rose 54 percent to $25.5 million. Net income fell 31 percent to $5.7 million. Revenues reflect the inclusion of ARS and IBIS. Earnings were offset by the absence of a $7.8 million gain on the sale of Softline Limited shares. 
Silicon Valley Research (OTC BB : SVRI)SVRI offers a broad line of integrated placement, routing and floorplanning physical layout software products which enable electronics manufacturers to achieve improved performance and smaller die size in IC designs. For the nine months ended 12/98, revenues fell 41 percent to $1.3 million. Net loss fell 50 percent to $3.8 million. Revenues reflect the absence of a multi-license order. Lower loss reflects the absence of a $1.2 million prepaid royalties impairment and a $1 million software write-off. 
Software.com, Inc. (Nasdaq : SWCM)Software.com is a leading developer and provider of scalable, high performance messaging software applications for providers of Internet communications and services. For the three months ended 3/31/99, revenues rose 65 percent to $8.1 million. Net loss applicable to Common fell 23 percent to $2.2 million. Revenues reflect increased sales of the Intermail Mx product offerings. Lower loss was partially offset by increased sales and marketing expenses and higher interest expense. 
Softworks, Inc. (Nasdaq : SWRX)Softworks designs, develops, markets, licenses and supports a family of enterprise systems management software products for enterprise computing environments primarily in the United States. For the three months ended 3/31/99, total revenue rose 56 percent to $10.3 million. Net income totalled $93 thousand vs a loss of $767 thousand. Revenues reflect higher sales of MIPS-based product licenses and higher international sales. Earnings reflect the termination of certain royalty agreements. 
Sybase, Inc. (Nasdaq : SYBS)Sybase, Inc. develops, markets and supports client/ server software products and services for integrated enterprise-wide information management systems. For the three months ended 3/99, revenues rose 1 percent to $208.3 million. Net income totalled $5.9 million vs. a loss of $81.2 million. Revenues reflect increased licence fees in the North American region. Net income reflects the absence of $51.7 million in restructuring costs and lower expenses due to the restructuring program. 
Syncronys Softcorp (OTC BB : SYCR)SYCR develops, licenses and publishes software products, primarily in the business utility category, designed to make PC's operate more efficiently, effectively and securely. For the nine months ended 3/98, total revenues fell 82 percent to $715 thousand. Net loss rose 70 percent to $5.8 million. Revenues reflect lower than anticipated sell-through results. Higher loss was partially offset by cost control measures and the development model of licensing technology. 
Symantec Corporation (Nasdaq : SYMC)SYMC designs, delivers and supports utility software products. SYMC is organized into three business units: Security and Assistance; Remote Productivity Solutions; and Internet Tools, Royalties and other. For the nine months ended 12/31/98, revenues rose 9 percent to $458.2 million. Net income fell 78 percent to $13.2 million. Revenues reflect increased revenues from Norton SystemWorks and Norton Ghost. Earnings were offset by a $41.9 million in-process R&D charge $ a $5.8 million litigation judgement. 
Symix Systems, Inc. (Nasdaq : SYMX)Symix Systems, Inc. designs, develops, markets and supports a fully integrated manufacturing, planning and financial software system. For the nine months ended 3/31/99, revenues rose 39 percent to $91.3 million. Net income totalled $4 million, vs. a loss of $3.7 million. Revenues reflect increased sales representatives and overall market acceptance of the Symix product line. Earnings reflect the absence of a $6.5 million research and development write-off. 
CPS Systems, Inc. (AMEX : SYS)CPS Systems, Inc. develops, markets, implements and supports fully integrated software applications designed for public sector organizations, including states, counties, townships and city governments. For the three months ended 3/31/99, revenues decreased 13 percent to $1.9 million. Net loss rose 4 percent to $495 thousand. Revenues suffered from lower RPS product and installation sales. Higher loss was partially offset by lower cost of product and sales personnel. 
SystemSoft Corporation (OTC BB : SYSF)SYSF designs, develops, markets, licenses and supports call avoidance, PC Card and advanced system-level software products for manufacturers of mobile and desktop personal computers and peripherals. For the nine months ended 10/31/98, revenues fell 81 percent to $7.7 million. Net loss totalled $27.2 million vs. an income of $3.7 million. Results reflect lower revenues from the PC CARD, BIOS and SystemWizard product lines. Loss also reflects $9.2 million in restructuring and licensing loss charges. 
Tecnomatix Technologies (Nasdaq : TCNO)TCNO develops, markets and supports computer-aided production engineering software products which allow users to create on screen virtual environment that graphically displays and simulates actual manufacturing operations in the aerospace, electronic and other industries. For the nine months ended 9/98, total revenues rose 18 percent to $48.5 million. Net income before extraordinary item fell 18 percent to $6.9 million. Results reflect higher maintenance revenues, offset by higher selling costs. 
TCSI Corporation (Nasdaq : TCSI)TCSI Corp. provides integrated software products and services for the global telecommunications industry, enabling telecom service providers, equipment manufacturers and systems integrators to provide automated management of networks and services. For the three months ended 3/31/99, total revenues fell 9 percent to $10.1 million. Net loss totalled $1.8 million vs. a loss of $516 thousand. Results reflect reduced revenues from the Asia-Pacific region and increased development expenses. 
3Dfx Interactive, Inc. (Nasdaq : TDFX)TDFX is a developer of high performance, cost effective 3D media processors, software and related technology for the interactive electronic entertainment market. For the fiscal year ended 12/31/98, revenues totalled $202.6 million, up from $44.1 million. Net income totalled $21.7 million vs. a loss of $1.7 million. Results reflect the sales of the Voodoo2 and Voodoo Graphics chipset. Earnings reflect higher gross profit and increased earnings from investments of higher cash balances. 
3D Systems Corporation (Nasdaq : TDSC)TDSC develops, manufactures, and markets Stereo-lithography Apparatus (SLA) systems designed to produce 3-D objects from computer-aided design and manufacturing-generated solid/surface data. For the fiscal year ended 12/31/98, revenues rose 9 percent to $98.1 million. Net income totalled $2.1 million vs. a loss of $4.6 million. Revenues reflect a rise due to a larger installed base of SLA systems in the U.S. and Europe. Earnings also reflect a reduction in the cost of factory operations. 
TriTeal Corporation (TEALETriTeal Corp. develops, markets and supports open systems-based, mission-critical desktop system software and integrated applications that enable multi-platform deployment of client/server applications. For the six months ended 9/97, revenues fell 3 percent to $6.2 million. Net loss totalled $8 million, up from $1.2 million. Revenues reflect the failure to close any large license contracts. Higher loss reflects a $3.9 million charge related to uncollectible receivables. 
Teknowledge Corp. (Nasdaq : TEKC)Teknowledge Corp. operates in the Internet knowledge system business. Business lines include: Distributed Systems Engineering, Situation Assessment and Data Fusion, Education and Training Technologies, Information Assurance, and E-Commerce. For the three months ended 3/31/99, revenues fell 9 percent to $2.8 million. Net income fell 31 percent to $152 thousand. Results reflect government-initiated cutbacks in the latter part of 1998 and increased general and administrative expenses. 
TenFold Corporation (Nasdaq : TENF)TenFold Corporation is a software and services company that builds and implements large-scale, complex applications in short time frames for a fixed price. For the three months ended 3/31/99, revenues totalled $16 million, up from $5.2 million. Net income applicable to Common totalled $125 thousand vs. a loss of $619 thousand. Results reflect an increase in the number of customer contracts and higher margins due to a higher revenue stream from licensing. 
Tangram Enterprise (Nasdaq : TESI)Tangram Enterprise Solutions develops and markets asset tracking and software distribution solutions that enable automated enterprise-wide information system management. For the three months ended 3/31/99, revenues increased 42 percent to $5.9 million. Net income totalled $354 thousand, up from $6 thousand. Revenues reflect increased Asset Insight product sales. Net income reflects decreased sales and marketing expenses as a  percentage of revenues. 
3DO Company (Nasdaq : THDO)The 3DO Company develops, publishes and markets interactive entertainment products for multiple platforms. For the nine months ended 12/31/98, revenues decreased 34 percent to $24.8 million. Net loss totalled $15.7 million vs. an income of $28.9 million. Revenues reflect the absence of royalties and fees recognized from the M2 agreement. Losses reflect the absence of an $18 million gain on sale of the Systems assets and higher development and marketing costs. 
THQ Incorporated (Nasdaq : THQI)THQ develops, publishes and distributes interactive entertainment software for hardware platforms in the home video game market. The software titles are primarily based on properties licensed from 3rd parties. For the three months ended 3/99, net sales rose 62 percent to $78.5 million. Net income rose 56 percent to $10.1 million. Results reflect strength in titles Quest 64, WCW/NWO Revenge, WCW Nitro, Rugrats, Pixar's A Bugs Life, and higher margins, partially offset by increased marketing. 
Tenet Information Service (OTC BB : TISV)TISV designs and markets a computer-based medical and health information system related to respiratory therapy and pulmonary function analysis. For the nine months ended 3/31/99, revenues rose 39 percent to $684 thousand. Net income before extra item totalled $84 thousand vs. a loss of $95 thousand. Revenues reflect the Company's decision to make EDNet32 system its main product line. Earnings reflect decreased software development costs and debt reduction. 
Timberline Software (Nasdaq : TMBS)TMBS develops and markets accounting and management information computer software primarily for the construction and property management industries. For the three months ended 3/99, revenues rose 42 percent to $13.3 million. Net income increased 92 percent to $2.2 million. Revenues reflect increased sales from the Gold Collection for Construction Accounting, and increased user base. Net income also reflects lower documentation and fulfillment costs with software sales and software releases. 
Timeline, Inc. (OTC BB : TMLN)Timeline develops, markets and supports enterprise-wide financial management and reporting software. The Company's software products automatically access and distribute business information with full accounting control. For the nine months ended 12/31/98, revenues rose 6 percent to $2.7 million. Net loss totalled $165 thousand vs. an income of $11 thousand. Revenues benefitted from a one time license fee from Seagate Software, Inc. Loss reflects the absence of a $1 million gain on the sale of Timeline Europe. 
TMS, Inc. (OTC BB : TMSS)TMSS is engaged in the research, design, development, and marketing of software tools and applications for document capture, image enhancement, image viewing, forms processing, intranets and the Internet. For the six months ended 2/28/99, revenues decreased 37 percent to $2.5 million. Net loss totalled $574 thousand vs. income of $356 thousand. Revenues reflect a decline in image viewing products. Net loss also reflects increased cost of licensing and royalties and software development services. 
T-NETIX Inc. (Nasdaq : TNTX)TNTX offers specialized call processing services, primarily for correctional facilities, and fraud prevention services utilizing the SpeakEZ process to telecom carriers. For the comparable fiscal year (5 months) ended 12/31/98, revenues fell 7 percent to $15.1 million. Net loss totalled $2.2 million vs. an income of $467 thousand. Revenues reflect call control measures levied on inmates and non-renewals of certain existing site specific contracts. Net loss reflects lower margins and higher S/G/A. 
TREEV, Inc. (Nasdaq : TREV)TREEV, Inc. is a developer and marketer of document management technologies, providing client/server and Internet solutions for document management, document imaging, enterprise report management and workflow process reengineering. For the three months ended 3/31/99, revenues fell 5 percent to $5.9 million. Net loss applicable to Common fell 23 percent to $2.1 million. Results reflect postponed contracts from prospective customers, offset by cost reduction efforts. 
Triangle Imaging Group (OTC BB : TRIG)TRIG designs, develops and markets Windows based software systems for the mortgage quality control, risk management and credit reporting industries, and also processes quality control files for mortgage banks. For the three months ended 3/31/99, revenues rose 24 percent to $2.1 million. Net income fell 69 percent to $85 thousand. Results reflect the recent acquisitions of three credit bureaus by TRIG's QuickCredit subsidiary and the launch of DESC, offset by lower gross margins and higher S/G/A. 
Tripos, Inc. (Nasdaq : TRPS)Tripos engages in discovery services, informatics, products and analysis services for life science organizations in the pharmaceutical, agrochemical, biotechnology and related research industries. TRPS also is a reseller of third-party hardware products. For the three months ended 3/31/99, net sales remained flat at $6.2 million. Net loss increased 61 percent to $486 thousand. Results reflect increased R&D and selling, general and administrative costs. 
Transition Analysis Comp. (OTC BB : TRZA)Transition Analysis Component Technology, Inc. is a semiconductor information service company which licenses proprietary computer software tools combined with electronic semiconductor availability libraries and data bases to the Department of Defense, the defense industry and others. For the nine months ended 3/31/99, revenues rose 30 percent to $3.2 million. Net income totalled $66 thousand vs. a loss of $356 thousand. Results reflect the conversion of products and increased subscription prices. 
Transaction Systems Arch. (Nasdaq : TSAI)TSAI develops, markets, installs and supports a broad line of software products and services primarily focused on facilitating electronic payments and electronic commerce. For the six months ended 3/31/99, revenues increased 23 percent to $173 million. Net income increased 27 percent to $20.3 million. Revenues reflect demand for BASE24 products and growth of the installed base of customers paying license fees. Earnings also benefitted from improved margins. 
TSI Int'l Software Ltd. (Nasdaq : TSFW)TSFW is a provider of software and related services that enable organizations to integrate their business applications both internally and with external partners. For the three months ended 3/31/99, revenues totalled $17.2 million, up from $8.2 million. Net loss totalled $220 thousand vs. income of $871 thousand. Revenues reflect an increase in Mercator license and maintenance revenues. Net loss reflects the inclusion of a $2.3 million amortization of intangibles charge. 
Thinking Tools, Inc. (OTC BB : TSIM)TSIM develops flexible PC-based business simulation software programs enabling users to simulate real life business situations, explore complex operational problems and improve business skills. For the nine months ended 9/98, revenues rose from $94 thousand to $358 thousand. Net loss fell 27 percent to $2.2 million. Revenues reflect sales of the ``Think 2000'' product. Lower loss reflects decreased R&D and S/G/A expenses due to lower headcount and the closure of the San Jose office. 
Computer Task Group, Inc. (NYSE : TSK)TSK, an information technology services co., works with customers to develop effective business solutions through information systems and technology. For the three months ended 3/26/99, revenues increased 6 percent to $116.6 million. Net income fell 7 percent to $4.7 million. Revenues reflect additional billable personnel and the Company's providing of higher-value services. Net income was offset by increased S/G/A expenses as a  percentage of revenues and increased interest expense. 
TSR, Inc. (Nasdaq : TSRI)TSRI provides contract computer programming services. TSRI also provides technical computer personnel to companies that desire to supplement their in-house information technology capabilities. For the nine months ended 2/28/99, revenues rose 23 percent to $63 million. Net income rose 49 percent to $3.6 million. Results reflect an increased number of programmers on billing with clients, increased billing rates and lower research and development expenditures. 
TouchStone Software Corp. (Nasdaq : TSSW)TouchStone Software Corp. designs, develops and distributes utility software for the setup, maintainence, security and management of computer networks. For the three months ended 3/31/99, revenues fell 33 percent to $1.3 million. Net loss totalled $1.4 million vs. income of $59 thousand. Revenues reflect a rise in competition in the anti-virus product market and a change in the sales mix away from royalty based sales to direct sales. Net loss also reflects a $1.5 million restructuring charge. 
Take-Two Interactive Sft. (Nasdaq : TTWO)TTWO designs, develops, publishes, markets and distributes interactive software games for use on multimedia personal computer and video game console platforms. For the three months ended 1/99, net sales increased 33 percent to $68.3 million. Net income applicable to Common increased 98 percent to $2.9 million. Revenues benefitted from the Company's expanded presence in international markets. Net income also reflects decreased S/G/A expenses as a  percentage of revenues. 
UBICS, Inc. (Nasdaq : UBIX)UBIX provides IT services to large and mid-sized organizations, offering client/server design and development, enterprise resource planning, applications maintenance programming, and database and systems administration services. For the three months ended 3/99, revenues rose 46 percent to $9.1 million. Net income fell 54 percent to $293 thousand. Results reflect strong demand for IT services and higher hourly billing rates, offset by lower gross margins and increased S/G/A expenditures. 
ULTRADATA Corporation (Nasdaq : ULTD)ULTRADATA Corp. provides information management software and solutions for relationship-oriented financial financial institutions, allowing their customers to engage in cross-selling, data mining and workflow control and to provide financial services. For the three months ended 3/31/99, revenues rose 1 percent to $7.3 million. Net income totalled $242 thousand, up from $40 thousand. Results reflect increased maintenance revenues and an increase in the gross margin on services. 
Ultimate Software Group (Nasdaq : ULTI)Ultimate Software Group, Inc. designs, markets, implements and supports technologically advanced cross industry human resource management and payroll software solutions. For the three months ended 3/99, revenues rose 42 percent to $10.7 million. Net loss decreased 81 percent to $1.3 million. Revenues reflect higher service revenues of UltiPro HRMS/Payroll. Lower loss reflects the absence of $4.2 million compensation expense related to the modification of an escrow agreement. 
Unify Corporation (Nasdaq : UNFY)Unify Corp. develops, markets and supports Internet application server solutions that enable corporations to deliver enterprise networked applications by integrating legacy, custom-built, and packaged applications with the Internet. For the nine months ended 1/31/99, net revenues rose 23 percent to $21.9 million. Net income totalled $2.5 million, vs. a loss of $2.8 million. Revenues reflect higher graphical license sales. Earnings also reflect cost controls measures. 
UOL Publishing, Inc. (Nasdaq : UOLP)UOLP publishes interactive and on-demand educational courseware for the online education and training market through the World Wide Web. For the nine months ended 9/30/98, net revenues increased 75 percent to $11.3 million. Net loss applicable to Common totalled $12.9 million, up from $3.8 million. Revenues reflect initial instructor-led training revnues and the addition of HTR product sales. Higher loss reflects higher sales and marketing and product development expenses. 
USDATA Corporation (Nasdaq : USDC)USDC is a global supplier of real-time manufacturing application software and development tools. For the fiscal year ended 12/31/98, net sales rose 2 percent to $22.9 million. Net loss from continuing operations fell 46 percent to $2.1 million. Revenues reflect increased software licensing revenues and overall unit shipments. Lower loss also benefitted from the replacement of printed product documentation with CD based product documentation, and lower labor costs and provisions for doubtful accounts. 
USinternetworking, Inc. (Nasdaq : USIX)USinternetworking, Inc. implements, operates and supports packaged software applications used over the Internet that are designed for sales force automation, customer support, e-commerce, and human resource and financial management. For the three months ended 3/31/99, revenues totalled $4.4 million. Net loss applicable to Common totalled $43.6 million. Results are not comparable, due to the January 14th, 1998 inception of operations. 
United Systems Technology (OTC BB : USTI)United Systems Technology is engaged in the business of developing, supporting and marketing computer software products to county and local governments located throughout the U.S. For the three months ended 3/99, total revenues increased 41 percent to $517 thousand. Net income applicable to Common before extraordinary item totalled $84 thousand vs. a loss of$36 thousand. Results reflect an increase in licensing of Legacy and Asyst products and lower depreciation expenses. 
USA Video Interactive (OTC BB : USVO)USA Video Interactive Corp. is a turnkey Video on Demand service provider which designs, develops, integrates and delivers interactive video solutions and services. USVO offers comprehensive system integration expertise targeted to the corporate, education, and governmental markets. For the six months ended 6/30/98, the Company reported no revenues. Net loss increased 52 percent to C$336 thousand. Higher loss reflects increased management and consulting fees. 
Unitronix Corp. (OTC BB : UTRX)UTRX is in the business of marketing, installing and supporting turnkey computer systems incorporating PRAXA and equipment manufactured by DEC. For the three months ended 9/98, revenues rose 72 percent to $318 thousand. Net income applicable to Common totalled $75 thousand, vs. a loss of $39 thousand. Revenues reflect a $109 thousand gain from the sale of the Y2K compliant version of PRAXA. Net income reflects the absence of product development expenses and income the from write-off of accounts payable. 
VASCO Data Security Int'l (OTC BB : VDSI)VDSI designs, develops, markets and supports open standards-based hardware and software security systems which manage and secure access to information assets. For the three months ended 3/31/99, revenues rose 65 percent to $4.3 million. Net loss rose 36 percent to $1 million. Revenues reflect strong performance from international operations and increased demand for authentication products. Higher loss reflects higher legal fees, addition R&D personnel, and sales force expansion. 
Veramark Technologies (Nasdaq : VERA)VERA produces telecommunications management systems and telephone company billing systems. For the three months ended 3/31/99, sales increased 40 percent to $5 million. Net income totalled $558 thousand, up from $103 thousand. Revenues reflect an increase in sales of the Company's core call accounting products. Net income also reflects an increased gross margin due to increased sales volume and decreased direct product costs as a  percentage of revenues. 
Vertex Industries, Inc. (OTC BB : VETX)VETX develops software products and systems designed for data collection and computer networking and communications along with software resold from third parties. The Company also manufactures and markets weighing equipment and weights. For the nine months ended 4/30/99, revenues totaled $6.2 million, up from $2.5 million. Net income totaled $473 thousand vs. a loss of $297 thousand. Results reflect a Bell Atlantic software order and lower S/G/A expenses due to the closing of NetWeave Philadelphia. 
Viasoft, Inc. (Nasdaq : VIAS)Viasoft, Inc. provides business solutions that help organizations worldwide understand, manage, evolve, reuse, transition and modernize mission-critical applications that support their fundamental business processes. For the nine months ended 3/31/99, total revenues fell less than 1 percent to $80.8 million. Net loss totalled $5.1 million vs. an income of $4.7 million. Results reflect a slowdown in demand for Year 2000 software tools and increased royalty and restructuring costs. 
ViaGrafix Corporation (Nasdaq : VIAX)ViaGrafix Corporation is engaged primarily in the business of developing, producing and selling a range of computer software training videos and interactive CD-ROM software training products as well as Computer-Aided Design software. For the three months ended 3/31/99, net sales rose 80 percent to $7.3 million. Net loss totalled $551 thousand vs. an income of $537 thousand. Results reflect increases in volumes of IT traning products sold, offset by increased advertising expenses. 
Vignette Corporation (Nasdaq : VIGN)Vignette Corpoation is a provider of Internet Relationship Management software products and services, which enable enterprises to develop and manage online customer relationships and capitalize on Internet business opportunities. For the three months ended 3/31/99, revenues totalled $9.1 million, up from $2.3 million. Net loss totalled $7.9 million, up from $2.1 million. Results reflect an increase in the client base and increased sales and marketing expenses. 
Voicenet, Inc. (OTC BB : VNET)Voicenet, Inc. is a development stage company established for the marketing and distribution of continuous speech and voice recognition systems and of digital audio reporting, transcription, archival and retrieval systems. For the three months ended 3/31/99, revenues totalled $0 thousand, down from $16 thousand. Net loss decreased 35 percent to $112 thousand. Revenues reflect the absence of interest and other income. Lower loss reflects lower travel expenses and professional fees. 
Vantive Corporation (Nasdaq : VNTV)Vantive designs, markets and supports a suite of software applications in the front-office automation market that enable businesses to improve sales performance and enhance customer loyalty. VNTV also performs consulting, education and support services. For the three months ended 3/31/99, revenues rose 23 percent to $44.8 million. Net income fell 93 percent to $252 thousand. Results reflect increased demand for consulting services, offset by increased personnel expenses. 
Visual Networks, Inc. (Nasdaq : VNWK)Visual Networks, Inc. designs, manufactures and sells wide-area-network (``WAN'') service level management systems for statistically multiplexed technologies such as Frame Relay, and IP/Internet. For the three months ended 3/99, revenues rose 63 percent to $16.8 million. Net income totalled $2.8 million vs a loss of $1.6 million. Revenues reflect the acceptance of Visual UpTime in the Frame Relay market. Net income also reflects product cost reductions and improved margins. 
VeriSign, Inc. (Nasdaq : VRSN)VRSN provides Internet-based trust services needed by websites, enterprises and individuals to conduct secure communications and electronic commerce on-line. For the three months ended 3/31/99, revenues rose from $6.7 million to $15.6 million. Net loss fell 58 percent to $2 million. Revenues reflect higher sales of Web Site IDs and OnSite products, and market acceptance of digital certificates for authentication. Lower loss lagged primarily from increases in marketing and R&D expenses. 
Veritas Software Corp. (Nasdaq : VRTS)VRTS designs, markets and supports enterprise data storage management solutions, providing storage management software for protection against data loss and file corruption, efficient file processing and networks back-up. For three months ended 3/31/99, total net revenues rose 84 percent to $71.9 million. Net income rose 50 percent to $13.6 million. Revenues reflect higher user license fees. Earnings was partially offset by additional personnel due to expansion. 
Verity, Inc. (Nasdaq : VRTY)Verity Inc. develops, markets and supports knowledge retrieval software products for application developers, corporate internet users and e-commerce sites that enables organizations to manage text based information. For the nine months ended 2/99, revenues rose 76 percent to $45.2 million. Net income totaled $7.1 million vs. a loss of $17.5 million. Results reflect increased licensing of Internet/Publishing and enterprise products and the absence $3 million in restructuring charges. 
Visio Corporation (Nasdaq : VSIO)Visio Corporation is a supplier of business drawing and diagramming software. The Company's software enables end users to create drawings and diagrams using a simple drag and drop approach. For the six months ended 3/31/99, revenues rose 28 percent to $99.5 million. Net income rose 93 percent to $20.7 million. Revenues reflect growth of the IT Design and Business Diagramming and Technical Drawing group. Earnings also reflect the absence of $7.1 million in acquired technology costs. 
Versant Corporation (Nasdaq : VSNT)Versant Corporation designs, develops, and supports high performance object database management systems for commercial applications in distributed computing environments. VSNT's core product is the Versant Object Database Management System. For the three months ended 3/31/99, revenues rose 37 percent to $6.3 million. Net loss fell 77 percent to $1.4 million. Results reflect an increase in runtime licenses and service revenues, and reduced cost of revenues due to restructuring. 
Vital Images, Inc. (OTC BB : VTAL)Vital Images, Inc. develops and markets visualization software and workstations for clinical diagnosis, surgical planning and medical research. For the three months ended 3/31/99, total revenues increased from $766 thousand to $1.7 million. Net loss decreased 33 percent to $765 thousand. Revenues reflect shipments of Vitrea(R). Lower loss was partially offset by increased sales commission, the addition of a Vice President-Engineering and other personnel, and lower interest income. 
Veronex Technologies, Inc (OTC BB : VXTK)Veronex designs, develops, licenses and supports computer software products for complete enterprise wide management application development and implementation. The flagship software product is the I/Nova System. For the nine months ended 11/98, revenues totalled $17.4 million, up from $250 thousand. Net income totalled $7.4 million vs. a loss of $137 thousand. Results reflect increased licensings and maintenance of software products and benefits of economies of scale. 
Walker Interactive System (Nasdaq : WALK)Walker Interactive Systems designs, develops, markets and supports client/server financial application software products. For the three months ended 3/31/99, revenues increased 1 percent to $23.9 million. Net loss totalled $1 million, vs. an income of $1 million. Revenues reflect increased consulting revenues. Loss reflects a lower gross profit margin, increased sales and marketing expenses, increased usage of outside contractors and increased labor and facility expenses. 
Wall Data, Inc. (Nasdaq : WALL)WALL develops, markets and supports enterprise and Internet software products and associated application tools and provides comprehensive support and services for its products. For the comparable nine months ended 01/31/99, sales rose 19 percent to $119.6 million. Net income totalled $5.4 million vs. a loss of $5.7 million. Sales reflect the increase in license fees due to the introduction of new Cyberprice products. Earnings benefitted from the absence of a $9.1 million lawsuit settlement. 
Warp 10 Technologies (Nasdaq : WARP)Warp 10 Technologies develops software which enables corporations to optimize, manage and distribute large amounts of image, audio, video and text files over Intranets and the Internet. For the three months ended 10/31/98, the Company reported no revenues, down from $125 thousand. Net loss decreased 58 percent to $301 thousand. Revenues reflect the transition from selling to Internet development. Lower loss reflects reduced selling and marketing expenses. 
WebTrends Corporation (Nasdaq : WEBT)WebTrends Corporation provides enterprise management and reporting solutions for Internet-based systems, facilitating the analysis and reporting of Web site traffic, Internet advertising campaigns, e-commerce activities and return on investment. For the three months ended 3/31/99, revenues rose 85 percent to $3 million. Net income totalled $178 thousand, up from $25 thousand. Results reflect the continued growth of the Company's suite products and increased interest income. 
Wind River Systems, Inc. (Nasdaq : WIND)Wind River Systems develops, markets, supports and provides consulting services for advanced operating systems and development tools that allow customers to create complex, robust, real-time software applications for embedded computers. For the three months ended 4/30/99, revenues rose 23 percent to $32.6 million. Net income fell 6 percent to $4.2 million. Results reflect increased revenues from engineering services, offset by increased product development expenses. 
Wiztec Solutions Ltd. (Nasdaq : WIZTF)Wiztec Solutions Ltd. develops, markets and supports computer software which provides multi-channel subscription television system operators with a comprehensive and advanced customer care and billing system. For the nine months ended 9/98, revenues rose 45 percent to $13.2 million. Net income rose 94 percent to $3 million. Revenues reflect expansion of the customer base and higher revenues from existing customers. Earnings also benefitted from increased gross profit margins. 
White Pine Software, Inc. (Nasdaq : WPNE)WPNE develops, markets and supports multi-platform desktop multimedia software that facilitates worldwide video and audio communication and data collaboration across the Internet, intranets, and other networks. For the three months ended 3/31/99, revenues rose 23 percent to $2.5 million. Net loss fell 32 percent to $1.3 million. Revenues benefitted from increased conferencing revenues. Loss also benefitted from a reduction in travel and marketing program expenses. 
Worldtalk Communications (Nasdaq : WTLK)Worldtalk Communications is a provider of Internet security and policy management solutions, enabling organizations to define and manage Internet e-mail and Web security and usage policies, reducing the risks associated with Internet communications. For the three months ended 3/31/99, revenues fell 11 percent to $3.2 million. Net loss rose 29 percent to $872 thousand. Results reflect weak NetJunction sales, personnel increases and the opening of new sales office space. 
Exigent International (Nasdaq : XGNT)Exigent International, through its subsidiaries Software Technology and FotoTag, provides advanced technical solutions for defense, government, and industry, including advanced embedded software products. For the three months ended 3/31/99, revenues increased 18 percent to $9.1 million. Net income rose 58 percent to $154 thousand. Results reflect increased government business revenue and lower R&D costs due to the completion and rollout of product additions for the OS/COMET. 
Xionics Document Tech. (Nasdaq : XION)XION designs, develops and supplies software and silicon solutions for printing, scanning, copying, processing and transmitting digital documents to computer peripheral devices that perform document imaging functions. For the nine months ended 3/31/99, sales rose 5 percent to $22.9 million. Net income from continuing operations totalled $1.6 million vs. a loss of $3.5 million. Sales reflect increased engineering services fees. Earnings reflect the absence of a $3.9 million non-recurring charge. 
Xiox Corporation (Nasdaq : XIOX)Xiox Corporation designs, develops, manufactures and markets telephone management and call accounting systems. These systems can operate on personal computers, local area networks and XIOX hardware. For the three months ended 3/31/99, sales rose 10 percent to $1.3 million. Net loss rose 36 percent to $1.4 million. Revenues reflect higher demand for call accounting products. Higher loss reflects increased R&D expenses due to increased investment in new product development. 
iXOS Software AG (Nasdaq : XOSY)iXOS provides client/server software solutions for the management of business documents in the SAP R/3 System environment worldwide. For the nine months ended 3/31/99, revenues rose 76 percent to DM128.1 million. Net income totalled DM10.7 million, up from DM605K. Revenues reflect strong demand for the Company's flagship product, iXOS-ARCHIVE, and success of the sales focus on SAP's installed base. Earnings also reflect increased higher-margin licensings and higher interest income. 
XOX Corporation (OTC BB : XOXC)XOX Corporation develops and sells computer software products used in geometric computing. For the three months ended 3/31/99, total revenues rose 71 percent to $559 thousand. Net income totalled $151 thousand vs. a loss of $102 thousand. Revenues reflect certain agreements the Company entered into with Geoquest, a division of Schlumberger Technology Corporation. Earnings also reflect a decrease in R and D expenses, selling, general, and administrative expenses, and lower interest expense. 
Zitel Corporation (Nasdaq : ZITL)Zitel Corporation is an information technology company specializing in systems optimization, correlation and search technology. For the six months ended 3/31/99, revenues decreased 18 percent to $10.1 million. Net loss decreased 52 percent to $4.8 million. Revenues reflect lower sales and royalty revenue due to the disposition of the storage business unit. Lower loss reflects higher margins due to changes in product mix, and lower research and development expenses. 
Zamba Corporation (Nasdaq : ZMBA)Zamba Corp. is a consulting and systems integration company focused exclusively on the customer care market. The Co. encompasses applications such as Sales Force Automation, Call Centers, Marketing Automation and Automated Field Service and Sales. For the three months ended 3/31/99, revenues totalled $4.8 million, up from $1.4 million. Net loss totalled $1 million, up from $496 thousand. Results reflect the acquisition of The QuickSilver Group, offset by increased amortization.%}
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Ambient Corp. (OTC BB : ABTG)ABTG, a development stage co., designs and develops advanced smart card interface Technology. A smart card is a credit card-sized, Plastic Card that stores and transfers information in electronic form. For the three months ended 3/99, the Company reports no revenue. Net loss decreased 46 percent to $405 thousand. Results reflect decreased research and development expenses and reduced selling, general and administrative costs. 
Actel Corporation (Nasdaq : ACTL)Actel Corporation designs, develops and markets field programmable gate arrays and associated development system software and programming hardware. For the three months ended 4/4/99, revenues rose 2 percent to $40.8 million. Net income rose 17 percent to $4.2 million. Revenues reflect an increase in unit sales of field programmable gate arrays. Earnings reflect a rise in gross margins due to reduction of wafer costs, improved sort yileds, and better utilization on manufacturing capacity. 
Analog Devices, Inc. (NYSE : ADI)Analog Devices, Inc. is a semiconductor company that designs, manufactures, and markets precision high-performance integrated circuits used in analog and digital signal processing applications. For the six months ended 5/1/99, revenues rose 1 percent to $640.6 million. Net income before accounting change fell 18 percent to $69 million. Revenues reflect increased OEM sales in the communications and computer markets. Earnings were offset by lower margins due to lower production rates. 
Alpha Industries, Inc. (Nasdaq : AHAA)Alpha Industries, Inc. designs and manufactures GaAs integrated circuits and discrete components for wireless semiconductor and other application specific products, as well as ceramic-based products designed to improve signal selection and filtering. For the 39 weeks ended 12/27/98, net sales rose 8 percent to $92.1 million. Net income rose 96 percent to $13 million. Results reflect shipments of new digital handsets and higher margins due to improved operating efficiencies. 
Alliance Semiconductor (Nasdaq : ALSC)Alliance Semiconductor Corporation designs, develops and markets high performance memory and memory intensive products to the personal computer, networking, telecommunications and instrumentation industries. For the nine months ended 12/31/98, net revenues fell 62 percent to $33.9 million. Net loss rose from $5.8 million to $22.6 million. Results reflect the decline in unit shipments of SRAM, DRAM and graphics products, and a $20.3 million pre-tax inventory charge. 
Altera Corp. (Nasdaq : ALTR)ALTR designs, develops, manufactures and markets complementary-metal-oxide semiconductor programmable logic integrated circuits and associated engineering development software and hardware. For the three months ended 3/31/99, revenues rose 19 percent to $186.4 million. Net income rose 34 percent to $47 million. Revenues reflect increased sales of new and mainstream products. Earnings reflect improved gross margins, reduced interest expense and higher cash balances. 
Applied Materials (Nasdaq : AMAT)Applied Materials develops, manufactures, markets and services semiconductor wafer fabrication equipment and spare parts for the worldwide semiconductor industry. For the six months ended 5/2/99, revenues decreased 25 percent to $1.86 billion. Net income decreased 47 percent to $194.5 million. Revenues reflect lower order levels. Earnings suffered from increased marketing, selling and general and administrative expenses as a  percentage of net sales. 
Applied Micro Circuits (Nasdaq : AMCC)Applied Micro Circuits develops, manufactures and markets high performance and high-bandwidth silicon solutions for the telecommunications, data communications, high-speed computing and military markets. For the fiscal year ended 3/99, revenues increased 37 percent to $105 million. Net income rose 13 percent to $17.1 million. Revenues reflect introductions of new products. Earnings were partially offset by $2.4 million in merger-related expenses. 
Advanced Micro Devices (NYSE : AMD)AMD is a semiconductor manufacturer with manufacturing facilities in the U.S. and Asia and sales offices throughout the world. For the three months ended 3/28/99, revenues rose 17 percent to $631.6 million. Net loss totalled $128.4 million, up from $62.7 million. Revenues reflect a rise in CPG sales due to increases in unit shipments of microprocessors at higher average selling prices. Higher losses reflect an $15 million restructuring charge, and increased SGA expenses. 
Amkor Technology, Inc. (Nasdaq : AMKR)Amkor Technology, Inc. is a provider of semiconductor packaging and test services as well as wafer fabrication services to semiconductor and computer manufacturers located in strategic markets throughout the world. For the three months ended 3/31/99, revenues rose 13 percent to $420 million. Net income vs. pro forma net income rose 96 percent to $18.9 million. Results reflect growth in wafer fabrication services, and a decline in net interest expense. 
Amistar Corporation (Nasdaq : AMTA)Amistar Corp. designs, develops, manufactures, markets and services a variety of automatic equipment used to assemble electronic components to printed circuit boards. For the fiscal year ended 12/98, net sales fell 9 percent to $20.7 million. Net income fell 79 percent to $231 thousand. Revenues reflect delays in supplier deliveries and customer acceptance of the newest private label model. Earnings also reflect negative margins generated by the AMS division. 
ANADIGICS, Inc. (Nasdaq : ANAD)ANAD supplies radio frequency and microwave gallium arsenide integrated circuits, which are used to receive and transmit signals in cellular telephone systems, television systems and in fiber optic communication systems. For the three months ended 4/4/99, sales rose 33 percent to $25 million. Net loss fell 54 percent to $488 thousand. Revenues reflect higher sales of integrated circuits for cable and broadcast applications. Lower loss also reflects the absence of a $1.1 million charge for staff reductions. 
Advanced Photonix, Inc. (AMEX : API)API designs and manufactures optoelectronic semiconductor based components, and proprietary and other solid state light and radiation detection devices. For the 39 weeks ended 12/27/98, revenues increased 17 percent to $5.8 million. Net income totalled $400 thousand vs. a loss of $92 thousand. Revenues benefitted from higher shipments of military aerospace products. Earnings also benefitted from lower levels of R&D efforts and improved operating efficiencies. 
AstroPower, Inc. (Nasdaq : APWR)AstroPower, Inc. develops, manufactures, markets and sells photovoltaic (PV) solar cells, modules and panels for generating solar electric power. Solar cells are semiconductor devices which convert sunlight directly into electricity. For the three months ended 3/31/99, revenues rose 45 percent to $7.1 million. Net income fell 8 percent to $286 thousand. Results reflect ongoing strong demand for the Company's products, offset by lower margins and a higher effective tax rate. 
ARM Holdings plc (Nasdaq : ARMHY)ARM designs high performance low-cost, power-efficient RISC microprocessors and related technology and software, and sells development systems, to enhance the performance, cost-effectiveness and power efficiency of an extensive range of embedded applications. For the fiscal year ended 12/31/98, revenues rose 59 percent to L42.3 million. Earnings totalled L6.1 million, up from L2.9 million. Results reflect increased microprocessor shipments and a decrease in production costs. 
Artisan Components, Inc. (Nasdaq : ARTI)Artisan Components, Inc. is a developer of high performance, low power and high density embedded memory and other IP components for the design and manufacture of complex ICs. For the six months ended 3/31/99, revenues fell 16 percent to $5.9 million. Net loss totaled $1.4 million, vs. income $598 thousand. Revenues suffered due to decreased licensing of the company's memory products. Net loss reflects an increase in engineering headcount and purchases of computers and software. 
Aeroflex, Incorporated (NYSE : ARX)ARX designs and manufactures microelectronic circuits and interconnect products, instrument products and motion control systems, for both commercial and defense markets. For the nine months ended 3/31/99, revenues increased 28 percent to $108.4 million. Net income increased 7 percent to $5.3 million. Revenues reflect increased sales volume in both thin film interconnects and microelectronic modules. Earnings were partially offset by a $3.5 million acquired R&D expense. 
ASM Lithography Holding (Nasdaq : ASML)ASM Lithography Holding N.V. is engaged in the development, production, marketing, sale and servicing of advanced photolithography systems, consisting of wafer steppers and Step and Scan systems for the semiconductor industry. For the six months ended 6/30/98, net sales rose 31 percent to NLG1B. Net income fell 5 percent to NLG140M. Results reflect strong demand for DUV photolithography equipment, offset by the absence of a NLG31.1 million securities sale gain. 
Amtech Systems, Inc. (Nasdaq : ASYS)Amtech designs, assembles, sells and installs capital equipment and related consumables used in the manufacture of wafers of various materials, primarily silicon wafers for the semiconductor industry, and in certain semiconductor fabrication processes. For the three months ended 12/98, revenues fell 17 percent to $3.4 million. Net loss totalled $53 thousand vs. income of $109 thousand. Results reflect a slowdown in the semiconductor industry and increased R&D expenses. 
ATMI, Inc. (Nasdaq : ATMI)ATMI, Inc. is a supplier of thin film materials, equipment and services used in the manufacture of semiconductor devices. For the three months ended 3/31/99, total revenues fell 21 percent to $24 million. Net income fell 56 percent to $2 million. Revenues reflect the continued effect of the downturn in the semiconductor capital equipment cycle. Net income reflects lower margins due to different fee arrangements and indirect cost absorbtion. 
Atmel Corporation (Nasdaq : ATML)ATML designs, develops, manufactures, and markets high performance non-volatile memory and logic integrated circuits using its metal-oxide semiconductor technologies. For the three months ended 3/31/99, revenues rose 11 percent to $290 million. Net income before accounting change fell 38 percent to $16.7 million. Revenues reflect the acquisition of Temic. Net income reflects lower margins due to the erosion of average selling prices. 
Aureal, Inc. (OTC BB : AURL)Aureal, Inc. and its subsidiary Crystal River Engineering are engaged in the development and marketing of advanced audio semiconductor technologies for the PC and consumer electronics markets. For the fiscal year ended 1/3/99, revenues totalled $25.3 million, up from $1.6 million. Net loss applicable to Common rose 92 percent to $34 million. Revenues reflect sales of the AU8820 and AU8830 chips and sound cards. Higher loss reflects increased R and D and personnel expenses. 
American Xtal Tech., Inc. (Nasdaq : AXTI)American Xtal Tech. uses a proprietary vertical gradient freeze technique to produce high-performance compound semiconductor base materials, or substances, for use in a variety of electronic and opto-electronic applications. For the three months ended 3/31/99, revenues rose 26 percent to $12.3 million. Net income rose 51 percent to $2.1 million. Results reflect an increase in the volume of sales to new and existing customers as well as lower R&D expenses. 
Burr-Brown Corporation (Nasdaq : BBRC)Burr Brown Corp. designs, manufactures and markets high-performance, analog and mixed signal semiconductor components used in the processing of electronic signals. For the three months ended 4/3/99, revenues fell 11 percent to $61 million. Net income fell 27 percent to $7.5 million. Revenues reflect lower North American and European sales. Net income reflects higher R and D expenses as a  percentage of revenue, higher interest expenses and lower foreign exchange gains. 
Bell Microproducts Inc. (Nasdaq : BELM)Bell Microproducts Inc. markets and distributes a select group of semiconductor and computer products to OEMs and value-added resellers and dealers, including memory, microprocessor, peripheral, disk, tape and other products. For the three months ended 3/31/99, net sales rose 88 percent to $219.6 million. Net income from continuing operations rose 15 percent to $1.9 million. Results reflect growth in unit sales of existing product lines, partially offset by lower gross margins. 
BE Semiconductor Industr. (Nasdaq : BESI)BESI designs, develops, manufactures, markets and services automated molding, trim and form plating systems and integrated lines for back-end assembly operations of chipmakers. For the nine months ended 9/98, net sales fell 18 percent to NLG251.4 million. Net income according to U.S. GAAP fell 81 percent to NLG2.6 million. Revenues reflect the industrywide slowdown including decreased demand from Asia. Earnings also reflect lower margins and increased S/G/A as a  percentage of sales. 
Broadcom Corporation (Nasdaq : BRCM)Broadcom Corp. is a developer of highly integrated silicon solutions that enable broadband digital data transmissions to the home and within the business enterprise. BRCM's products enable the high-speed transmission of data over existing communications infrastructures. For the three months ended 3/99, revenues rose from $35.3 million to $96.3 million. Net income totalled $19.3 million, up from $7.7 million. Results reflect increased volume shipments of ICs and high-speed networking. 
Brooks Automation, Inc. (Nasdaq : BRKS)Brooks Automation is a supplier of material handling robots, modules, real-time software and controls, fully integrated cluster tool platforms and manufacturing execution systems to semiconductor, flat panel display and data storage manufacturers worldwide. For the six months ended 3/31/99, revenues fell 20 percent to $43.1 million. Net loss applicable to Common fell 95 percent to $441 thousand. Results reflect an economic downturn in the industry, offset by higher margins. 
BTU International Inc. (Nasdaq : BTUI)BTUI designs, manufactures, sells and services thermal processing equipment and related process controls for use in the electronics, power generation, automotive and other industries. For the three months ended 3/28/99, revenues increased 31 percent to $15.9 million. Net income totalled $544 thousand, up from $126 thousand. Revenues reflect increased demand for products. Net income also reflects decreased S/G/A expenses as a  percentage of revenues. 
California Micro Devices (Nasdaq : CAMD)CAMD designs and manufactures a line of specialty and precision passive electronic components to OEMs and distributors. CAMD also designs and manufactures semiconductor products for the telecommunications industry. For the nine months ended 12/31/98, total revenues rose 3 percent to $25.1 million. Net loss rose 62 percent to $2.2 million. Results reflect higher sales of the Company's P/Active(R) family of products, offset by lower margins due to a changing product mix. 
Catalyst Semiconductor (OTC BB : CATS)CATS designs, develops, and markets a broad range of nonvolatile semiconductor memory products. Nonvolatile memory retains stored data when system power is turned off. For the nine months ended 1/99, revenues fell 20 percent to $23.9 million. Net loss decreased 92 percent to $675 thousand. Revenues reflect price erosion due to excess supply and other adverse industry-wide conditions. Lower loss reflects a higher gross profit due to the benefit of $1.2 million in credits and vendor debt reductions. 
CFM Technologies, Inc. (Nasdaq : CFMT)CFM Technologies, Inc. designs, manufactures and markets advanced wet processing equipment for sale to the worldwide semiconductor and flat panel display industries. For the fiscal year ended 10/31/98, net sales fell 56 percent to $33.2 million. Net loss totalled $11.8 million vs. income of $6.2 million. Revenues reflect broad semiconductor industry downturn caused by industry-wide overcapacity. Loss reflects underabsorption of manufacturing overhead and fixed costs. 
Credence Systems Corp. (Nasdaq : CMOS)CMOS designs, manufactures, sells and services automatic test equipment used in the production of semiconductors. CMOS also develops, licenses and distributes related software products. For the six months ended 4/99, sales fell 59 percent to $64.6 million. Net loss before extraordinary item totalled $12.9 million vs. income of $18 million. Revenues reflect lower demand for semiconductor automatic test equipment. Loss reflects a $6.2 million charge for the disposal of excess facilities. 
Conexant Systems Inc. (Nasdaq : CNXT)Conexant supplies analog PC and fax modem chipsets and provides semiconductor products for a broad range of wireline and wireless communication applications. For the six months ended 4/2/99, revenues fell 7 percent to $611.6 million. Net loss totaled $49.5 million vs. income of $5 million. Revenues reflect lower selling prices for modems due to pricing pressures. Net loss reflects $40 million inventory charge, a $20 million plant write-down, an $18 million severance charge and $13 million restructuring costs. 
Cree Research, Inc. (Nasdaq : CREE)Cree Research, Inc. develops, manufactures, and markets silicon carbide-based semiconductor devices. For the 39 weeks ended 3/28/99, total revenues increased 37 percent to $42.4 million. Net income rose 95 percent to $8.6 million. Revenues reflect increased sales of SiC material and LED products due to strong demand. Earnings also benefitted from higher margins due to design and manufacturing improvements that occurred over the past year. 
Cirrus Logic, Inc. (Nasdaq : CRUS)Cirrus Logic, Inc. designs and manufactures integrated circuits for mass storage, communications, industrial and consumer electronics markets. For the nine months ended 12/26/98, net sales decreased 25 percent to $500.7 million. Net loss totalled $213 million vs. an income of $24.3 million. Revenues reflect lower sales due to divested businesses and lower graphics products sales. Loss also reflects $43.6 million in restructuring costs and pricing pressures. 
Compositech Ltd. (Nasdaq : CTEK)Compositech Ltd. manufactures laminates for printed circuit boards and designs the equipment used to manufacture the laminates. For the three months ended 3/99, total revenues rose 9 percent to $109 thousand. Net loss rose 10 percent to $1.6 million. Revenues benefitted from higher sales of laminates. Higher loss reflects higher levels of direct expenditures, the addition of a new chief executive officer, a director and other personnel, and an increase in development efforts. 
Cypress Semiconductor (NYSE : CY)CY designs, develops, manufactures and markets digital and mixed-signal integrated circuits for a wide range of markets, including telecommunications, computers, data communications, and instrumentation systems. For the three months ended 4/4/99, revenues rose 15 percent to $151.6 million. Net income totaled $8.7 million vs. a loss of $95.8 million. Revenues reflect an increase in the sale of memory products. Net income reflects the absence of a $58.9 million restructuring charge. 
Diodes Incorporated (AMEX : DIO)Diodes Incorporated manufactures, purchases and sells discrete semiconductor devices. For the fiscal year ended 12/31/98, net sales decreased 8 percent to $60.3 million. Net income decreased 48 percent to $2.7 million. Revenues reflect industry-wide lower average prices, decreased unit sales in North America and $3 million loss in supplier-specific business. Earnings also suffered from lower margins, higher interest expense and lower currency exchange gains. 
Dionics, Inc. (OTC BB : DION)Dionics, Inc. designs, manufactures and sells silicon semiconductor electronic products, as individual discrete components, as multi-component integrated circuits and as multi-component hybrid circuits. For the three months 3/31/99, sales increased 16 percent to $353 thousand. Net income totalled $300 vs. a loss of $24 thousand. Revenues benefitted from an increase in sales volume. Earnings also reflect higher margins and lower S/G/A expenses as a  percentage of sales. 
Dense-Pac Microsystems (Nasdaq : DPAC)DPAC designs and manufactures proprietary and patented three-dimensional higher density memory products that enable commercial, industrial and military customers to stack large amounts of memory into small spaces. For the fiscal year ended 2/28/99, net sales fell 6 percent to $12.6 million. Net loss rose 86 percent to $3.6 million. Revenues relect lower aerospace, defence and industrial sales due to an emphasis on commercial sales. Higher loss reflects a $373 thousand write-off and a $774 thousand inventory write-down. 
Dupont Photomask Inc. (Nasdaq : DPMI)DPMI is a manufacturer of photomasks which are high purity quartz or glass plates containing precision images of integrated circuits and are used to optically transfer these images onto semiconductor wafers. For the nine months ended 3/31/99, revenues decreased 7 percent to $190 million. Net income fell 57 percent to $10.9 million. Revenues reflect decreased unit volume and lower average selling prices. Net income also reflects increased cost of goods sold as a  percentage of revenues. 
Dallas Semiconductor (NYSE : DS)Dallas Semiconductor designs, manufactures, and markets high-performance complementary metal oxide silicon (CMOS) integrated circuits and semiconductor-based systems for solutions to electronic design problems. For the three months ended 4/4/99, sales rose 1 percent to $88.6 million. Net income rose 12 percent to $15.2 million. Revenues reflect increased activity in Communications, Microcontrollers and System Extension segments. Earnings reflect a decrease in headcount. 
8x8, Inc. (Nasdaq : EGHT)8x8, Inc. designs, develops and markets integrated video communication semiconductors and associated software to original equipment manufacturers. For the nine months ended 12/31/98, revenues fell 30 percent to $26.2 million. Net loss totaled $10.8 million vs. income of $3.6 million. Revenues suffered from a decrease in semiconducter revenues. Higher loss reflects lower gross profit margins from the company's VideoCommunicator products. 
Electroglas, Inc. (Nasdaq : EGLS)Electroglas, Inc. develops, manufactures, markets, services and supplies semiconductor wafer inspection products and yield enhancement software for the global semiconductor industry. For the three months ended 3/31/99, net sales fell 53 percent to $17.3 million. Net loss totaled $5.9 million, up from $416 thousand. Revenues reflect lower prober unit sales. Higher loss reflects lower margins due to under-absorbed manufacturing overhead. 
Elantec Semiconductor (Nasdaq : ELNT)ELNT designs, manufactures and markets high performance analog integrated circuits for the video/multimedia, data processing, instrumentation and communications markets. For the six months ended 3/31/99, net revenues rose 2 percent to $23.4 million. Net loss totaled $7.1 million vs. income of $2.5 million. Revenues increased optical storage sales. Net loss reflects $11 million in asset impairment charges, $638 thousand in severance, $174 thousand in patent writedowns, and a $1 million inventory write-down. 
EMCORE Corporation (Nasdaq : EMKR)Emcore designs and develops compound semiconductor materials and process technology and is a manufacturer of production systems used to fabricate compound semiconductor wafers. For the six months ended 3/31/99, revenues were unchanged at $26.2 million. Net loss applicable to Common decreased 47 percent to $11 million. Lower net loss reflects the absence of a $19.5 million write-off of acquired research and development related to the MODE acquisition. 
Electrocon International (Nasdaq : EPLTF)Electrocon International is a holding Company which, through its subsidiaries, distributes semiconductor products to manufacturers in Hong Kong and China. EPLTF also distributes irrigation products and systems, fertilizers, turf equipment and golf carts to golf clubs in Hong Kong, Macau and China. For the fiscal year ended 12/97, revenues fell 46 percent to $29.1 million. Net loss totalled $367 thousand, up from $48 thousand. Results reflect the decision to drop the DRAM product line and lower margins. 
ESS Technology, Inc. (Nasdaq : ESST)ESS Technology, Inc. designs, markets and supports highly integrated mixed signal semiconductor, hardware, software and system solutions for multimedia applications in the Internet, personal computer and consumer marketplaces. For the three months ended 3/31/99, net revenues rose 50 percent to $79.3 million. Net income totalled $12.6 million vs. a loss of $12.4 million. Revenues reflect higher overall unit shipments. Earnings also reflect higher margins due to reduced product costs. 
Etec Systems, Inc. (Nasdaq : ETEC)ETEC designs, develops, manufactures, markets and services electron beam and laser beam maskmaking systems and equipment for the semiconductor industry. For the nine months ended 4/30/99, total revenues decreased 6 percent to $189.1 million. Net income decreased 83 percent to $5 million. Results suffered from decreased product revenues related to the sale of ten fewer systems. Earnings also suffered from excess manufacturing capacity, increased R&D expenses and $2.5 million in restructuring charges. 
E-Tek Dynamics, Inc. (Nasdaq : ETEK)E-Tek Dynamics, Inc. designs, packages, manufactures and sells high quality passive components for fiber optic networks. For the nine months ended 4/2/99, revenues rose 59 percent to $121.1 million. Net income applicable to Common totalled $16.9 million, up from $6.6 million. Revenues reflect an increase in unit shipments, andsubstantial growth for submarine applications. Earnings also reflect an increase in gross profit, and a decrease in SGA expenses as a  percentage of revenues. 
Exar Corporation (Nasdaq : EXAR)EXAR designs, develops and markets analog and mixed signal integrated circuits for use in communications, video and imaging, silicon microstructures and other selected product areas. For the nine months ended 12/31/98, revenues decreased 26 percent to $56.8 million. Net income decreased 18 percent to $4.7 million. Revenues suffered from the sale of the Company's silicon microstructures businesses unit and related product lines. Earnings were partially offset by higher gross margins. 
FEI Company (Nasdaq : FEIC)FEI Company designs, manufactures, and sells products based on focused charged particle beam technology. The Company's products include focused ion beam workstations, transmission electron microscopes and other components based on emission technology. For the 13 weeks ended 4/4/99, revenues rose 26 percent to $45.4 million. Net income totalled $706 thousand vs. a loss of $293 thousand. Revenues reflect acquisitions. Earnings reflects higher margins. 
Flextronics International (Nasdaq : FLEX)FLEX provides electronics manufacturing services to OEMs in the networking, computer, medical, consumer and telecommunications industries. For the nine months ended 12/31/98, net sales rose 66 percent to $1.3 billion. Net income totalled $40 million, up from $19.1 million. Revenues reflect increased sales to existing customers and growth during the holiday season. Earnings also benefitted from reduced amortization expenses and the absence of $4 million in merger related costs. 
FSI International, Inc. (Nasdaq : FSII)FSII designs, manufactures, markets and supports microlithography, surface conditioning and chemical management equipment used in the fabrication of microelectronics. For the six months ended 2/27/99, revenues decreased 46 percent to $67.2 million. Net loss totalled $14.7 million up, from $2.7 million. Revenues reflect decreased sales in the Chemical Management and Microlithography product lines. Higher loss also reflects increased costs of sales and S/G/A cost as a  percent of sales. 
Galileo Technology Ltd. (Nasdaq : GALT)Galileo Technologies defines, develops and markets advanced digital semiconductor devices that perform critical functions for network systems. For the three months ended 3/31/99, revenues rose less than 1 percent to $15.2 million. Net income fell 5 percent to $5 million. Revenues reflect unit sales growth of system controllers and switched Ethernet LAN controllers. Earnings were offset by increased research and development expenses due to additional personnel. 
Genesis Microchip Inc. (Nasdaq : GNSS)Genesis Microchip Inc. designs, develops and markets sophisticated, real-time, cost-effective, high-quality, digital image manipulation IC solutions. For the nine months ended 2/28/99, revenues totalled $26.4 million, up from $10.2 million. Net income before US GAAP totalled $7 million, up from $1.5 million. Revenues reflect increased revenues from the flat panel LCD monitor, and imaging markets. Earnings also reflect a decrease in SGA expenses as a  percentage of sales. 
GaSonics Int'l Corp. (Nasdaq : GSNX)GSNX is a global supplier of products and services for the dry photoresist and residue removal segments of advanced integrated circuit manufacturing. For the six months ended 3/31/99, revenues decreased 62 percent to $23.2 million. Net loss totalled $12.9 million vs. income of $2.2 million. Revenues suffered from the result of the general slowdown in the semiconductor industry. Net loss reflects a lower gross margin due to the under utilization of the Co's field service organization. 
GlobeSpan, Inc. (Nasdaq : GSPN)GlobeSpan, Inc. is a worldwide developer of advanced digital subscriber line (DSL) integrated circuits (chip sets) which enable high-speed data transmission over the existing network of copper telephone wires known as the local loop. For the three months ended 3/31/99, total revenues rose 14 percent to $8.6 million. Net loss totalled $3.9 million vs. an income of $516 thousand. Results reflect increased unit shipments to existing customers, offset by personnel increases. 
Hauppauge Digital, Inc. (Nasdaq : HAUP)Hauppauge Digital designs, manufactures and sells WinTV(R) digital video computer boards and video conferencing boards. For the six months ended 3/99, net sales rose 70 percent to $29.6 million. Net income totalled $1.8 million, up from $800 thousand. Revenues benefitted from the expansion of the Company's domestic distribution and retail channels and continued sales growth in Europe. Earnings also reflect a growth in sales to direct corporate customers. 
HEI, Inc. (Nasdaq : HEII)HEII designs and manufactures ultraminiature microelectronic devices and technology products incorporating these devices for medical, industrial and computer markets. For the six months ended 2/27/99, net sales increased 51 percent to $13.2 million. Net income rose 6 percent to $106 thousand. Revenues reflect an increase in sales in all major product lines. Net income was partially offset by the inclusion of a $490 thousand severance charge and decreased interest income. 
Helix Technology Corp. (Nasdaq : HELX)Helix Technology Corp. is engaged in the development and application of cryogenic vacuum technology and provides innovative solutions to customer requirements in select markets worldwide. For the three months ended 4/2/99, revenues decreased 18 percent to $25.9 million. Net income decreased 32 percent to $1.3 million. Revenues suffered from a slowdown in the global market for semiconductor capital equipment. Earning also suffered from a decrease in gross profit due to changes in sales volume. 
hi/fn, inc. (Nasdaq : HIFN)hi/fn, inc. designs, develops and markets high-performance, multi-protocol packet processors -semiconductor devices that enable secure, high-bandwidth network connectivity and efficient storage of business information. For the six months ended 3/31/99, revenues rose 29 percent to $14.8 million. Net income rose 40 percent to $2.2 million. Results reflect higher sales to storage and networking customers and higher margins due to changes in product mix. 
Hytek Microsystems, Inc. (Nasdaq : HTEK)HTEK designs, manufactures, markets and sells custom and standard hybrid microcircuits to original equipment manufacturers serving the computer, telecommunications, military, medical, industrial electronic system and automatic test equipment markets. For the fiscal year ended 1/2/98, revenues rose 39 percent to $12.5 million. Net income rose 26 percent to $2.1 million. Revenues reflect higher volume of shipments to Chesapeake. Earnings reflect an increase in direct labor costs. 
Ibis Technology Corp. (Nasdaq : IBIS)Ibis Technology Corp. produces and sells SIMOX (Separation by Implantation of Oxygen) wafers to the semiconductor industry, and also conducts research. For the three months ended 3/31/99, total revenues totalled $4.4 million, up from $1.7 million. Net income totalled $246 thousand vs. a loss of $909 thousand. Revenues benefitted from higher sales of Ibis 1000 implanters. Net income also benefitted from the spreading of fixed costs and lower professional fees. 
Integrated Device Tech. (Nasdaq : IDTI)IDTI designs, develops, manufactures and markets high performance semiconductor products and modules for data communications and telecommunications equipment, personal computers and shared network devices. For the nine months ended 12/27/98, sales fell 8 percent to $400.8 million. Net loss totalled $291.6 million vs. income of $6.9 million. Revenues reflect a decline in SRAM and related module revenues. Loss reflects the inclusion of asset impairment and restructuring charges. 
Int'l Meta Systems, Inc. (OTC BB : IMESQ)International Meta Systems, Inc. designs and develops high-performance, industry-standard, Intel X86 Compatible Microprocessors and Internet Language Accelerators. For the nine months ended 9/97, revenues fell 50 percent to $150 thousand. Net loss rose 72 percent to $7.2 million. Revenues reflect a reduction in contract payments received. Higher loss reflects an increase in research and development costs and S/G/A expenses related to the establishment of the Austin design center. 
IMP, Inc. (Nasdaq : IMPX)IMP, Inc. develops and manufactures mixed analog signal CMOS integrated circuit solutions for communications, computer and control applications. For the nine months ended 12/27/98, revenues decreased 27 percent to $23.1 million. Net loss totalled $6.8 million, up from $2.6 million. Revenues suffered from a decrease in demand by customers. Higher loss reflects an increase in cost of revenues due to a less than optimum utilization of the Company's foundry. 
Intel Corporation (Nasdaq : INTC)INTC designs, manufactures and markets microcomputer components and related products at various levels of integration. INTC's principal components consist of silicon-based semiconductors etched with complex patterns of transistors. For the three months ended 3/28/99, revenues increased 18 percent to $7.10 billion. Net income increased 57 percent to $2 billion. Revenues reflect higher processor unit volumes. Earnings also reflect the absence of a $165 million purchased R&D charge. 
Integrated Pack. Assembly (OTC BB : IPAC)IPAC is an independent semiconductor packaging foundry. IPAC assembles and packages integrated circuits from wafers consigned by its customers. For the fiscal year ended 12/31/98, revenues increased 18 percent to $23.3 million. Net loss rose 98 percent to $29.8 million. Revenues benefitted from increased orders. Higher loss reflects a $18.2 million increase in write downs of impaired assets, lower average selling prices and higher depreciation costs. 
International Rectifier (NYSE : IRF)International Rectifier designs, manufactures and markets power semiconductors which are used for power conversion. For the nine months ended 3/31/99, revenues fell 5 percent to $397.9 million. Net income increased 48 percent to $23.8 million. Revenues suffered from pricing pressures and a shift in product mix. Net income reflects the company's cost reduction efforts and proceeds from a new license agreement. 
Illinois Superconductor (OTC BB : ISCO)ISCO develops, manufactures and markets high performance front end equipment products for wireless telecommunications markets based on its proprietary high temperature superconductor materials. For the fiscal year ended 12/98, revenues totalled $3.2 million, up from $1 million. Net loss applicable to Com. rose 81 percent to $21.9 million. Revenues reflect increased sales of radio frequency front-end products. Higher loss suffered from increased interest expenses. 
Integrated Sensor Solut. (Nasdaq : ISNR)Integrated Sensor Solutions designs, manufactures and markets high performance, intelligent sensor products that are used in electronic control systems by customers in the automotive and industrial markets. For the nine months ended 12/31/98, revenues rose 53 percent to $16.8 million. Net loss totalled $1.3 million vs. an income of $95 thousand. Results reflect increased shipments of ISDs for Diesel Injection and Stability Control Systems, offset by higher R&D expenses. 
Integrated Silicon Solut. (Nasdaq : ISSI)ISSI designs, develops and markets high-performance memory devices including static random access memory (SRAM), specialty dynamic random access memory (DRAM), and nonvolatile memory (NVM). For the six months ended 3/99, revenues decreased 45 percent to $44.2 million. Net loss decreased 19 percent to $7.9 million. Revenues reflect decreased selling prices of SRAM products and lower unit shipments of 256 thousand SRAM. Lower loss reflects the absence of a $7.1 million technology charge. 
Kyocera Corporation (NYSE : KYO)Kyocera is global producer of high tech solutions in such fields as electronics, telecommunications, metal processing, automotive components, optics, medicine and energy. For the six months ended 9/30/98, revenues rose 1 percent to Y358.31 billion. Net income fell 33 percent to Y16.61 billion. Revenues reflect increased international sales partially offset by decreased domestic sales. Earnings suffered from lower margins, higher S/G/A and Y5.47 billion in goodwill amortization. 
Level One Communications (Nasdaq : LEVL)LEVL provides silicon connectivity, Local Area Network switching and Wide Area Network access solutions for high speed telecom and networking applications. For the three months ended 3/28/99, revenues rose 49 percent to $84.3 million. Net income rose from $3.7 million to $12.3 million. Revenues reflect the successful introduction of new products and increased sales of existing products. Earnings also reflect an increased gross profit margin and higher interest income. 
Linear Technology Corp. (Nasdaq : LLTC)LLTC designs, manufactures and markets high perfoemance linear integrated circuits. Applications for the Company's products include telecommunications, notebook and desktop computers, video/multimedia, computer peripherals, cellular phones, network products and satellites. For the nine months ended 3/28/99, revenues rose 4 percent to $366.1 million. Net income rose 7 percent to $140.1 million. Results reflect increased unit shipments and lower SGA expenses as a  percentage of net sales. 
Logic Devices Inc. (Nasdaq : LOGC)LOGC develops and markets high-performance digital integrated circuits. These circuits address applications that require high computational speeds, reliability, levels of circuit integration and lower power consumption. Revenues for the comparable six months ended 3/31/99 fell 6 percent to $6.3 million. Net income totalled $47 thousand, up from $12 thousand. Revenues reflect lower DSP product sales. Earnings benefitted from a change in the product mix to proprietary products. 
Lam Research Corporation (Nasdaq : LRCX)Lam Research Corp. designs, manufactures, markets and services semiconductor processing equipment used in the fabrication of integrated circuits. For the nine months ended 3/31/99, revenues decreased 47 percent to $437.1 million. Net loss increased 58 percent to $124.3 million. Revenues reflect a decrease in sales of stand-alone TCP etch systems and CVD systems. Higher losses reflect a decrease in grodd profit due to competitive pricing pressures and the Company's lower volume of sales. 
Lattice Semiconductor (Nasdaq : LSCC)Lattice Semiconductor designs, develops and markets high performance programmable logic devices (PLDs) and related development system software. For the nine months ended 1/2/99, revenues fell 21 percent to $146.3 million. Net income fell 29 percent to $30.2 million. Revenues suffered from the Asian economic crisis and decreased demand from the computing and communications end markets. Earnings also suffered from increased spending on the development of new products. 
Laser Corporation (OTC BB : LSER)Laser Corporation designs, manufactures, markets, and services lasers and laser systems through its subsidiary, American Laser Corp. For the fiscal year ended 12/31/98, revenues decreased 35 percent to $3.3 million. Net loss totalled $1.7 million, up from $255 thousand. Revenues suffered from decreases in laser product and service sales to the Company's major OEM customers. Higher losses reflect an increase in cost of products sold as a  percentage of sales. 
LSI Logic Corporation (NYSE : LSI)LSI Logic Corporation designs, manufatures, markets and sells semi-conductor products and storage systems solutions. For the three months ended 3/99, revenues increased 41 percent to $456.8 million. Net income before accounting change fell 84 percent to $4.9 million. Revenues reflect revenues related to Symbios included as of 8/98. Net income was offset by a higher amortization of intangibles, lower margins and $10.5 million interest expense charges. 
LTX Corporation (Nasdaq : LTXX)LTXX designs, manufactures, and markets automatic test equipment for the semiconductor industry that is used to test digital, linear, and mixed signal integrated circuits and discrete semiconductor components. For the six months ended 1/31/99, net sales fell 44 percent to $60.7 million. Net loss totalled $5.8 million vs. income of $1.9 million. Revenues reflect declines in the STE and semiconductor industries. Loss also reflects an adverse product mix and lower sales prices. 
Maker Communications, Inc (Nasdaq : MAKR)MAKR is a semiconducter company that develops and markets high-performance programmable processors, development tools and application software for use in communication system equipment. For the three months ended 3/31/99, revenues totaled $3.2 million, up from $1 million. Net loss fell 99 percent to $12 thousand. Results reflect an increase in the number of customers reaching volume production, partially offset by an increase in personnel and related costs. 
Align-Rite International (Nasdaq : MASK)Align-Rite International manufactures and markets photomasks in the U.S. and Europe. Photomasks are used by semiconductor manufacturers as master images to transfer circuit patterns onto silicon wafers during the fabrication of integrated circuits. For the nine months ended 12/98, net sales rose 18 percent to $39.8 million. Net income rose less than 1 percent to $4.4 million. Results reflect higher demand for photomasks and the Temic acquisition, partially offset by increased S/G/A cost. 
Microchip Technology Inc. (Nasdaq : MCHP)MCHP develops, manufactures and markets programmable 8-bit microcontrollers, application specific standard products and related specialty memory products for consumer, automotive, office automation, industrial and communications markets. For the fiscal year ended 3/31/99, net sales increased 2 percent to $406.5 million. Net income fell 22 percent to $50.1 million. Revenues reflect higher backlog levels. Net income reflects an increased special charge ($28.9 million vs. $5 million). 
Micrel, Inc. (Nasdaq : MCRL)MCRL designs, develops, manufactures and markets analog and mixed-signal semiconductor devices. The Company also provides custom and foundry services which include silicon wafer fabrication, integrated circuit assembly and testing. For the three months ended 3/99, revenues rose 24 percent to $40.6 million. Net income rose 29 percent to $7.4 million. Revenues reflect increased sales of low dropout regulators. Earnings also reflect increased manufacturing efficiency. 
Micrion Corporation (Nasdaq : MICN)Micrion Corporation designs, develops, manufactures, and markets Focused-Ion-Beam (FIB) systems for use in the design, fabrication and testing of semiconductor integrated circuits (ICs) and other high technology devices. For the nine months ended 3/99, revenues fell 22 percent to $32.2 million. Net loss totalled $2.5 million vs. income of $19 thousand. Revenues reflect a slowdown in the semiconductor and data storage industries. Net loss reflects $635 thousand in merger expenses. 
Mikros Systems Corp. (OTC BB : MKRS)Mikros Systems Corp. is principally engaged in the development of a digital radio system that will allow simultaneous broadcasting of the present radio signal with a digital channel to be used for additional voice channels. For the three months ended 3/31/99, total revenues fell 99 percent to $7 thousand. Net loss before extraordinary item rose 2 percent to $259 thousand. Results reflect the absence of revenues under government contracts, partially offset by downsizing cost savings. 
Micro Linear Corporation (Nasdaq : MLIN)MLIN designs, develops, and markets high performance analog and mixed signal integrated circuits for a broad range of applications within the communications, computer, and industrial markets. For the fiscal year ended 12/31/98, revenues fell 27 percent to $47.8 million. Net income fell 87 percent to $944 thousand. Revenues reflect lower direct product demand and decreased Asia Pacific subcontract work. Net income also reflects lower margins due to decreased production output levels. 
Microelectronic Packaging (OTC BB : MPIX)MPIX provides electronic manufacturing services including surface mount, chip-on-board, and mixed assembly microelectronic design, manufacturing, and testing capabilities. For the three months ended 3/99, revenues fell 76 percent to $1.7 million. Net loss totaled $1.1 million vs. income of $954 thousand. Revenues reflect decreased shipments to the Company's largest customer. Net loss suffered from product mix changes and higher interest expenses. 
MRV Communications, Inc. (Nasdaq : MRVC)MRV Communications, designs, manufactures and sells computer networking products, primarily Ethernet local area network switches, hubs and related equipment, and fiber optic components for voice, video and data transmission. For the three months ended 3/31/99, revenues rose 15 percent to $70.1 million. Net loss fell 97 percent to $909 thousand. Revenues reflect greater marketing efforts. Lower loss reflects the absence of $20.6 million in purchased technology and $23.2 million in restructuring charges. 
Microsemi Corporation (Nasdaq : MSCC)MSCC designs and manufactures a broad line of discrete semiconductors and provides related services principally for military, aerospace, medical, computer, telecommunications and other electronics markets. For the 26 weeks ended 4/4/99, net sales fell 7 percent to $78.9 million. Net income fell 34 percent to $4.2 million. Revenues reflect lower demand for space satellite, computer, telecommunications and commerical products. Earnings also reflect increased commission payments and marketing expenses. 
Metrologic Instruments (Nasdaq : MTLG)MTLG designs, manufactures and markets bar code scanning equipment incorporating laser and holographic technology. MTLG's main products are hand-held scanners, fixed projection scanners, in counter and industrial scanners. For the three months ended 3/31/99, revenues rose 20 percent to $18.3 million. Earnings rose 2 percent to $1 million. Revenues reflect increased market acceptance of point-of-sale(POS) products. Earnings were partially offset by increased marketing efforts. 
Mattson Technology, Inc. (Nasdaq : MTSN)Mattson Technology, Inc. designs, manufactures and markets advanced fabrication equipment to the semiconductor manufacturing industry worldwide. For the three months ended 3/28/99, revenues decreased 29 percent to $14.3 million. Net loss totalled $2.4 million, up from $1.2 million. Revenues reflect decreased unit shipments. Higher loss suffered from increased research, development and engineering expenses as a  percentage of revenues. 
Micron Technology, Inc. (NYSE : MU)MU designs, develops, manufactures, and markets semiconductor memory products, personal computers and custom complex printed circuit boards, memory module and system level assemblies. For the six months ended 3/4/99, sales rose 6 percent to $1.82 billion. Net loss fell 47 percent to $23.7 million. Revenues reflect an increase in megabits of semiconductor memory sold. Lower loss reflects decreases in per megabit manufacturing costs. 
MSU Corporation (OTC BB : MUCP)MSU Corporation primarily operates through MSU (UK) Limited, which is engaged in the design and development of computer chips and chipsets for use in consumer electronic products. For the six months ended 12/98, revenues rose 11 percent to $10 thousand. Net loss fell 34 percent to $1.3 million. Revenues reflect the Company's continued concentration on its efforts to further software and hardware developments. Lower loss reflects the absence of amortization of deferred financing costs. 
Macronix International (Nasdaq : MXICY)Macronix is an independent semiconductor designer, developer, manufacturer and marketer of nonvolatile memory integrated circuits including flash memory, EPROM and mask ROM products, and of logic products, including audio, network and video applications devices. For the nine months ended 9/98, revenues increased 30 percent to NT$8.33 billion. Net loss totalled NT$1.06 billion vs. an income of NT$1.03 billion. Results reflect increased production capacity, offset by lower prices. 
Maxim Integrated Products (Nasdaq : MXIM)Maxim designs, develops, manufactures and markets linear and mixed-signal integrated (analog) circuits. Some of the Co.'s products include; data converters, interface circuits, microprocessor supervisors and amplifiers. For the nine months ended 3/27/99, revenues rose 10 percent to $447.5 million. Net income rose 11 percent to $143.6 million. Revenues reflect new proprietary products and increased market acceptance. Net income also reflects increased investment income. 
Newcor, Inc. (AMEX : NER)Newcor designs and manufacturers precision machined components and assemblies and custom rubber and plastic products for the automotive and agricultural vehicle markets. NEWC also supplies standard and special machine and equipment systems. For the comparable three months ended 3/31/99, sales rose 39 percent to $64.7 million. Net income rose 78 percent to $505 thousand. Revenues reflect increased product sales due to acquisitions. Net income also reflects improved gross margins. 
NeoMagic Corporation (Nasdaq : NMGC)NeoMagic designs, develops, markets and supports semiconductor solutions for OEMs of mobil computing devices, integrating large DRAM memory with analog and logic circuitry to provide high-performance multimedia solutions on a single chip. For the three months ended 4/30/99, net sales rose 52 percent to $72.4 million. Net income fell 51 percent to $3.3 million. Results reflect increased market acceptance of the product families, offset by lower margins and $5.3 million in acquired R&D charges. 
National Semiconductor (NYSE : NSM)NSM designs, develops, manufactures and markets a variety of semiconductor products, including microprocessors for the personal computer industry, and a line of integrated circuits for a variety of industries. For the 39 weeks ended 2/28/99, net sales fell 27 percent to $1.48 billion. Net loss totalled $226.4 million vs. an income of $113.8 million. Revenues reflect decreased sales volume and price erosion. Net loss reflects a $12.5 million restructuring charge and lower factory utilization. 
NVIDIA Corporation (Nasdaq : NVDA)NVIDIA Corporation designs, develops and markets 3D graphic processors and related software that provide high performance interactive 3D graphics to the mainstream PC market. For the 13 weeks ended 5/2/99, total revenue totalled $71 million, up from $28.3 million. Net income totalled $6.3 million vs. a loss of $1 million. Results reflect increased product revenues due to increased sales of the RIVA family of graphic processors, particularly the RIVA TNT2 processors. 
Novellus Systems, Inc. (Nasdaq : NVLS)Novellus Systems Inc. manufactures, markets and services advanced automated wafer fabrication systems for the deposition of thin films within the semiconductor equipmnet market. For the three months ended 3/27/99, revenues fell 29 percent to $115.2 million. Net income fell 55 percent to $9.4 million. Revenues reflect a slowdown in capital spending by semiconductor equipment manufactures. Earnings suffered from unabsorbed fixed overhead costs. 
Oak Technology Inc. (Nasdaq : OAKT)Oak Technology Inc. provides high performence semiconductors to OEMs worldwide who serve the optical storage, consumer electronics and digital office equipment markets. For the nine months ended 3/31/99, revenues fell 55 percent to $57.8 million. Net loss totalled $34.9 million vs. an income of $10.8 million. Revenues suffered from lower unit sales of CD-ROM controllers. Loss also reflects $7.2 million in acquired in-process technology costs and an unfavorable product mix. 
QC Optics, Inc. (AMEX : OPC)QC Optics, Inc. designs, manufactures and market laser based defect detection systems for the semiconductor, flat-panel display and computer hard disk drive markets. For the fiscal year ended 12/31/98, revenues decreased 2 percent to $9.9 million. Net income fell 14 percent to $211 thousand. Revenues suffered from a relatively small number of high dollar volume sales. Earnings also suffered from a decrease in gross profit due to decreased margins on certain newly introduced products. 
OPTi, Inc. (Nasdaq : OPTI)OPTi, Inc. is an independent volume supplier of multimedia chipsets, which include core and audio logic products, to the PC market. OPTi's products enable PC manufacturers to introduce high performance low-cost systems. For the three months ended 3/99, sales fell 27 percent to $7.2 million. Net loss fell 57 percent to $784 thousand. Revenues reflect lower sales of audio controller chips and core logic chipsets. Lower loss reflects reduced wafer and assembly costs. 
OSI Systems, Inc. (Nasdaq : OSIS)OSIS designs and manufactures optoelectronic devices and value-added subsystems for OEMs for use in a broad range of applications, including medical diagnostics and aerospace. For the nine months ended 3/31/99, revenues rose 3 percent to $70.9 million. Net income fell 76 percent to $1.4 million. Revenues reflect increased sales of optoelectronic devices to the oil exploration industry and the acquisitions of Osteometer and SMI. Earnings were offset by a $2.6 million in-process R&D charge and increased S/G/A expenses. 
Photon Dynamics, Inc. (Nasdaq : PHTN)Photon Dynamics, Inc. is a manufacturer of test, inspection and repair systems for the flat panel display (FPD) industry. The Company's products are used to control, monitor and refine the manufacturing process to increase the yield of FPDs. For the six months ended 3/31/99, revenues fell 11 percent to $11.3 million. Net loss totalled $1.5 million vs. an income of $268 thousand. Results reflect reduced orders from customers in Korea and Taiwan, lower margins and higher commission expense. 
Photronics Inc. (Nasdaq : PLAB)PLAB manufactures photomasks, which are photographic quartz plates containing microscopic images of electronic circuits used as masters to transfer circuit patterns onto semiconductor wafers. For the six months ended 5/2/99, net sales fell 9 percent to $101.6 million. Net income fell 77 percent to $2.7 million. Revenues reflect lower average selling prices. Earnings also suffered from lower gross margins, higher S/G/A related to corporate expansion efforts, and increased R&D. 
PLX Technology Inc. (Nasdaq : PLXT)PLXT develops and markets input/output inter-connectivity solutions that speed the transfer of data in high-performance embedded systems. For the three months ended 3/31/99, net revenues increased 65 percent to $8.9 million. Net income totalled $1.1 million, up from $138 thousand. Revenues reflect increased unit shipments due to increased market acceptance. Net income also reflects an increased gross profit as a  percentage of revenues. 
PMC-Sierra, Inc. (Nasdaq : PMCS)PMC-Sierra designs, develops, markets and supports high-performance semiconductor networking solutions for use in the high speed transmission and networking systems of the global telecommunications and data communications infrastructure. For the three months ended 3/31/99, revenues rose 46 percent to $50.1 million. Net income rose 29 percent to $12.5 million. Results reflect increased demand for networking products, partially offset by increased research and development costs. 
Panda Project, Inc. (OTC BB : PNDA)The Panda Project is a computer technology company engaged in the development, manufacture and sale of products incorporating proprietary semiconductor packaging and interconnect devices and a line of powerful, modular computers. For the fiscal year ended 12/31/98, revenues totalled $823 thousand. Net loss applicable to Common totalled $18.2 million. Results are not comparable due to the Company changing its fiscal year end from March to December. 
Power Integrations, Inc. (Nasdaq : POWI)Power Integrations designs, develops, manufactures and markets proprietary, high-voltage analog integrated circuits (ICs) for use in AC/DC power conversion primarily for the cellular phone, personal computer and industrial electronics marketplace. For the three months ended 3/99, revenues rose 44 percent to $20.8 million. Net income rose from $2 million to $4.9 million. Results reflect higher sales of TOPSwitch and TOPSwitch II products across a larger customer base, and higher gross margins. 
PRI Automation, Inc. (Nasdaq : PRIA)PRI Automation designs, develops, manufactures and markets factory automation systems for semiconductor manufacturers and OEM equipment suppliers to automate the fabrication of integrated circuits in cleanroom manufacturing operations. For the six months ended 3/28/99, revenues fell 53 percent to $59.9 million. Net loss rose from $2.2 million to $17.9 million. Results reflect a downturn in the semiconductor industry and deteriorating margins due to lower sales volumes. 
Pericom Semiconductor (Nasdaq : PSEM)PSEM designs, develops and markets high performance interface integrated circuits used in advanced electronic systems. The Company markets to both end users and OEM's worldwide. For the nine months ended 3/27/99, net revenues rose 22 percent to $43.8 million. Net income rose 37 percent to $4.9 million. Revenues reflect increased sales volumes in the SiliconSwitch and SiliconClock product lines. Earnings also benefitted from decreases in S/G/A and R&D as  percentages of revenues. 
Plasma-Therm, Inc. (Nasdaq : PTIS)PTIS designs, supports and markets thin film etching and deposition systems to manufacturers of ICs and other electronics, serving the photomask, data storage, telecom and microelectromechanical markets worldwide. For the three months ended 2/99, net sales fell 24 percent to $9.3 million. Net loss totalled $1.4 million vs. income of $1.5 million. Revenues reflect slowdowns in the four market segments, specifically data storage. Net loss reflect lower margins, increased R&D and $805 thousand in charges. 
QLogic Corporation (Nasdaq : QLGC)QLGC is a designer and supplier of semiconductor and board level I/O products, providing a high performance interface between computer systems and their attached data storage peripherals. For the nine months ended 12/27/98, revenues rose 40 percent to $82.1 million. Net income rose 86 percent to $17.2 million. Revenues benefitted from increased sales of the TEC and Host Board product lines. Earnings also reflect a shift in product mix and manufacturing efficiencies. 
QSound Labs, Inc. (Nasdaq : QSND)QSound Labs, Inc. provides 3D audio solutions for the PC/Multimedia, consumer electronics, home entertainment, video game, professional audio and hearing-aid industries. For the fiscal year ended 12/31/98, total revenues fell 39 percent to $2.1 million. Net loss according to U.S. GAAP rose 82 percent to $1.2 million. Revenues reflect lower royalty and licensing fees revenue and lower rental revenue. Net loss reflects reduced gross margins and higher product development costs. 
Quad Systems Corporation (Nasdaq : QSYS)Quad Systems designs, manufactures, markets and supports surface mount technology equipment used in the assembly of printed wiring boards. For the six months ended 3/31/99, net sales fell 44 percent to $23.1 million. Net loss rose 80 percent to $2.2 million. Results reflect decreased SMT and APT assembler sales due to worldwide industry softness and SMT printed wiring board assembly plant overcapacity, and a $6.6 million income tax provision compared to a $473 thousand benefit in the prior period. 
Reliability Incorporated (Nasdaq : REAL)REAL designs, manufactures and sells equipment used to test and condition integrated circuits. REAL also designs power sources which convert direct current voltage into a higher or lower voltage. For the three months ended 3/31/99, revenues fell 62 percent to $4.3 million. Net loss totalled $262 thousand vs. an income of $1.8 million. Results reflect decreased demand by the semiconductor industry, the shutdown of the North Carolina service facility, price competition and reduced margins. 
RF Micro Devices, Inc. (Nasdaq : RFMD)RF Micro Devices designs, develops and markets proprietary analog radio frequency and intermediate frequency integrated cicuits for wireless applications. For the nine months ended 12/98, revenues rose from $32.7 million to $96.4 million. Net income rose from $3.1 million to $9.6 million. Revenues reflect strong growth in the GaAs HBT product line and higher sales to South Korean customers. Earnings also benefitted from decreased S/G/A and R&D expenditures as  percentages of revenues. 
Rambus, Inc. (Nasdaq : RMBS)Rambus designs, develops, licenses, and markets high speed chip to chip interface technology to enhance the performance and cost-effectiveness of computers, consumer electronics and other electronic systems. For the six months ended 3/31/99, revenues rose 7 percent to $20.4 million. Net income rose 21 percent to $4.1 million. Results reflect accelerated revenue recognition on the deferred revenue in the Texas Instruments DRAM contract and a $713 thousand gain on securities sales. 
SatCon Technology Corp. (Nasdaq : SATC)SatCon designs, develops, manufactures and sells hardware and software systems related to energy storage, energy conservation and power management with an emphasis on environmental friendliness. For the three months ended 12/98, revenues rose 1 percent to $3.7 million. Net loss decreased 58 percent to $262 thousand. Revenues reflect higher sales of manufacturing products and the commencment of shipments for the ISAM. Lower loss benefitted from decreases in S/G/A and R&D. 
SDL, Inc. (Nasdaq : SDLI)SDL, Inc. is a designer, manufacturer and marketer of semiconductor optoelectronic integrated circuits and high power semiconductor lasers. For the three months ended 3/99, total revenues rose 41 percent to $35.7 million. Net income increased 12 percent to $3 million. Revenues reflect strong demand for 980 nm pump modules. Net income was partially offset by the inclusion of a $1.5 million in-process research and development charge and increased S/G/A expenses due to higher personnel costs. 
General Semiconductor Inc (NYSE : SEM)General Semiconductor designs, manufactures, and sells low-to-medium-power rectifiers, small signal transistors and transient voltage suppression components in axial, bridge, surfacce mount and array packages. For the three months ended 3/99, net sales fell 9 percent to $97 million. Net income fell 55 percent to $4.3 million. Revenues suffered from lower worldwide selling prices. Earnings also suffered from increased average debt balances. 
Semicon, Inc. (OTC BB : SEME)Semicon is engaged in the manufacture and sale of discrete semiconductors, including rectifiers, zener diodes, transient voltage suppressors and unique assemblies used in high-reliability military-aerospace, telecommunications and commerical applications. For the three months ended 10/4/98, net sales fell 33 percent to $868 thousand. Net loss before extraordinary item rose 84 percent to $254 thousand. Revenues reflect lower net sales. Higher loss reflects higher costs and expenses as a  percentage of sales. 
All American Semiconduct. (Nasdaq : SEMID)All American Semiconductor distributes a range of semiconductors, including transistors, diodes, memory devices and other integrated circuits, as well as passive components, such as capacitors, resistors, inductors and electromechanical products. For the fiscal year ended 12/31/98, net sales fell 6 percent to $250 million. Net income fell 74 percent to $831 thousand. Results reflect price erosion, adverse market conditions in the industry and $2.9 million in restructuring and other charges. 
SpeedFam-IPEC, Inc. (Nasdaq : SFAM)SpeedFam-IPEC designs, develops, manufactures, markets and services chemical mechanical planarization, or ``CMP,'' systems and other high throughput precision surface processing equipment. For the nine months ended 2/28/99, total sales fell 42 percent to $92.5 million. Net loss totalled $6.2 million, vs income of $18.3 million. Revenues reflect lower sales of CMP systems to the semiconductor industry. Loss reflects higher material costs and an increased R&D expense. 
Siliconix Incorporated (Nasdaq : SILI)Siliconix Incorporated develops, produces and markets power and analog semiconductor components for the computer, data storage, communications, and automotive markets. For the three months ended 4/4/99, net sales increased 24 percent to $81 million. Net income totalled $9.7 million vs. a loss $11.4 million. Revenues reflect increased sales in the Asia Pacific region for the Power IC and Power Mosfet products. Earnings also reflect the absence of $19.8 million in restructuring charges. 
Sipex Corporation (Nasdaq : SIPX)Sipex designs, manufactures, markets high performance and high value added standard analog integrated circuits and application specific circuits. For the three months ended 3/99, net sales remained flat at $16.2 million. Earnings decreased 45 percent to $2.7 million. Revenues reflect increased international sales, offset by declines in the U.S. Earnings suffered from higher research and development and S/G/A expenses related to additional personnel. 
Semiconductor Laser (OTC BB : SLIC)Semiconductor Laser International Corporation is engaged in the development and production of high power semiconductor diode lasers (HPDLs) which meet the quality standards of existing HPDL's at lower cost. For the nine months ended 9/30/98, revenues increased from $327 thousand to $1.4 million. Net loss decreased 7 percent to $3.1 million. Revenues reflect the start of commercial production on April 1, 1997. Lower loss reflects decreased research and development expenses. 
Smart Modular Tech. (Nasdaq : SMOD)SMOD designs, manufactures and markets memory modules, Flash memory cards, high performance embedded computer modules and communication card products to the computer, networking and telecommunication industries. For the six months ended 4/30/99, net sales increased 36 percent to $521.9 million. Net income decreased 18 percent to $24.9 million. Revenues reflect increased sales of standard memory products. Net income was offset by a decreased gross margin. 
Standard Microsystems (Nasdaq : SMSC)SMSC is a worldwide supplier of MOS/VLSI integrated circuits for the personal computer industry, local area networks and embedded control systems. SMSC also operates a wafer foundry that specializes in MEMs devices. For the fiscal year ended 2/28/99, revenues rose 5 percent to $155.8 million. Net income from continuing operations totalled $6 million vs. loss of $1.1 million. Revenues reflect an increase in unit shipments of I/O integrated circuits. Earnings reflect an increase in gross profit. 
Semtech Corporation (Nasdaq : SMTC)Semtech Corp. designs, develops and manufactures a range of analog and mixed-signal semiconductors, used in computer, communications, industrial, military-aerospace and automotive applications. For the 13 weeks ended 5/2/99, net sales rose 12 percent to $33 million. Net income rose 5 percent to $4.8 million. Results reflect continued improvement in the Company's ability to market and produce its products, partially offset by increased product development expenses. 
Semitool, Inc. (Nasdaq : SMTL)Semitool, Inc. designs, manufactures, markets and services automation systems and equipment used in the fabrication of semiconductors. For the six months ended 3/99, net sales fell 39 percent to $56.2 million. Net loss totalled $4.1 million vs income of $4 million. Revenues reflect the reduction in spending by the Co.'s customers due to the turndown in the semiconductor industry. Loss also reflects a lower level of cost absorption caused by reduced manufacturing activity. 
Solitron Devices, Inc. (OTC BB : SODI)Solitron Devices designs, develops, manufactures and markets solid-state semiconductor components and related devices primarily for the military and aerospace markets. For the fiscal year ended 2/28/99, net sales rose 1 percent to $7.9 million. Net income totalled $476 thousand, up from $194 thousand. Revenues reflect a strong order backlog and the ability to ship more. Earnings also benefitted from lower imputed interest expense and reduced writedowns. 
Sparton Corporation (NYSE : SPA)Sparton develops and manufactures electronic parts and assemblies including microprocessor-based systems and sensors. SPA also manufactures and develops air deployed anti-submarine warfare devices for the U.S. Navy. For the nine months ended 3/31/99, net sales fell 10 percent to $98.4 million. Net income from continuing operations fell 71 percent to $688 thousand. Results reflect decreased Q-62 sonobuoy sales, adverse capacity variances, and the absence of a $511 thousand gain on the sale of equipment. 
Spire Corporation (Nasdaq : SPIR)SPIR develops, manufactures and markets highly-engineered photovoltaic module manufacturing equipment and optoelectronic products and provides biomedical processing services. For the fiscal year ended 12/31/98, revenues decreased 39 percent to $14.1 million. Net loss totalled $3.8 million vs. income of $1.7 million. Revenues reflect lower manufacturing equipment sales due to a decline in photovoltaic module production. Net loss reflects higher cost of sales as a  percentage of revenues. 
SIMTEK Corporation (OTC BB : SRAM)SRAM designs, develops, produces and markets high performance nonvolatile semiconductor memories, such as 4, 16, 64 and 256 kilobit nvSRAM products. For the fiscal year ended 12/31/98, revenues decreased 7 percent to $6.2 million. Net income decreased 79 percent to $163 thousand. Revenues reflect decreased demand for semiconductor memories. Net income reflects increased selling, general and administrative expenses due to increased advertising expenses. 
SRS Labs, Inc. (Nasdaq : SRSL)SRSL develops, markets and licenses proprietary audio technologies for use in four worldwide markets: consumer home audio and video, computer multimedia, car audio and professional sound. For the three months ended 3/31/99, revenues increased 9 percent to $7.7 million. Net loss decreased 92 percent to $1.5 million. Revenues benefitted from the acquisition of Valence Technology, Inc. Lower loss reflects the absence of a $18.5 million acquired in-process R&D expense. 
Silicon Storage Tech. (Nasdaq : SSTI)SSTI is a supplier of Flash memory devices, which consist of density devices that target a broad range of applications in the personal computer, communications, multimedia and video game markets. For the three months ended 3/31/99, net revenues rose 12 percent to $18.3 million. Net loss totalled $6.6 million, up from $2.3 million. Revenues reflect increased unit shipments. Net loss also reflects increased R&D expenses due to the hiring of additional personnel. 
STMicroelectronics N.V. (NYSE : STM)STM is a global independent limited liability semiconductor company that designs, develops, manufactures and markets a broad range of semiconductor intergrated circuits and discrete devices used in a wide variety of microelectronic applications. For the nine months ended 10/3/98, revenues rose 7 percent to $3.12 billion. Net income rose 3 percent to $289.4 million. Revenues reflect higher sales of differentiated products. Net income was partially offset by pricing pressures. 
SubMicron Systems Corp. (OTC BB : SUBM)SUBM designs, manufactures and markets a broad line of advanced wet surface preparation and cleaning equipment used in the manufacture of microelectronic devices such as semiconductors and integrated circuits. For the three months ended 3/31/99, revenues fell 13 percent to $6.5 million. Net loss fell 45 percent to $4.3 million. Revenues reflect the continued downturn in the semiconductor industry. Lower loss reflects an improved gross profit margin and lower R and D expenditures. 
Supertex, Inc. (Nasdaq : SUPX)Supertex, Inc. designs, develops, manufactures and markets integrated circuits utilizing state-of-the-art high voltage DMOS, HVCMOS and HVBiCMOS analog and mixed signal technologies. For the fiscal year ended 3/31/99, net sales fell 4 percent to $50.7 million. Net income fell 40 percent to $5.3 million. Net sales reflect continuing weakness in product demand and price pressure. Net income reflects lower margins due to a $2.5 million write-off charge related to asset acquisition. 
Silicon Valley Group (Nasdaq : SVGI)Silicon Valley Group, Inc. designs, manufactures and markets semiconductor wafer processing equipment used in the fabrication of integrated circuits. For the six months ended 3/31/99, net sales decreased 62 percent to $147 million. Net loss totalled $25 million vs. an income of $21.7 million. Revenues reflect decreased shipments of SVGL, Track and Thermco products. Loss also reflect increased marketing and general and administrative expenses as a  percent of sales and higher debt levels. 
Symmetricom, Inc. (Nasdaq : SYMM)SYMM, through its subsidiaries, designs, manufactures and markets advanced network synchronization systems and intelligence access systems; and linear and mixed signal integrated circuits. For the nine months ended 3/31/99, net sales rose 5 percent to $57.9 million. Net income from continuing operations fell 43 percent to $1.9 million. Revenues reflect higher sales of synchronization and transmission products. Net income reflects increased sales-related and administrative costs. 
IXYS Corporation (Nasdaq : SYXI)SYXI designs, develops and markets SRAMs and other semiconductors used primarily for controlling energy in motor drives, power conversion and medical electronics. For the nine months ended 12/98, net revenues rose 20 percent to $49.6 million. Net loss totalled $3.3 million vs. an income of $3.3 million. Revenues reflect higher unit volumes in the power semiconductor line. Net loss reflects lower margins and a $5.8 million acquired R&D charge related to the 9/23/98 acquisition of Paradigm. 
Taitron Components Inc. (Nasdaq : TAIT)Taitron Components, Inc. distributes a variety of transistors, diodes and other discrete semiconductors, optoelectronic devices and passive components to other distributors, original equipment manufacturers and contract electromic manufacturers. For the three months ended 3/31/99, net sales fell 21 percent to $6.8 million. Net income fell 48 percent to $264 thousand. Results reflect a decline in demand for discrete semiconductors and lower operating margins due to lower sales. 
3Dlabs Inc., Ltd. (Nasdaq : TDDD)3Dlabs Inc., Ltd. is an innovator and supplier of graphics semiconductors, software and related technology designed to bring two dimensional and three dimensional graphics to the PC. For the nine months ended 9/98, revenues fell 20 percent to $37.5 million. Net loss totalled $27 million vs. an income of $13.1 million Revenues reflect decreased unit shipments. Net loss reflects $21.3 million in write-off of acquired in-process R&D and acquisition related charges. 
Three-Five Systems, Inc. (NYSE : TFS)TFS designs and manufactures a wide range of display modules for use in the end products of original equipment manufacturers. The Co. specializes in liquid crystal display components and technology. For the three months ended 3/99, sales rose 25 percent to $23 million. Net income loss totaled $642 thousand vs. income of $995 thousand. Revenues reflect new business in Asia. Net loss reflects lower margins due to under-absorption of fixed overhead, yiels issues and product mix. 
Tegal Corporation (Nasdaq : TGAL)Tegal Corporation designs, manufactures, markets and services plasma etch systems used in the fabrication of integrated circuits and related devices in the thin film head, small flat panel and printer head applications. For the nine months ended 12/31/98, revenues decreased 31 percent to $23 million. Net loss increased from $3.5 million to $10.4 million. Revenues reflect reduced sales from 6500 series systems, spareparts and services. Loss also reflects increased legal expenses. 
TelCom Semiconductor Inc. (Nasdaq : TLCM)TLCM designs, develops, manufactures and markets high-performance analog integrated circuits for use in a wide variety of electronic systems. For the three months ended 3/31/99, net sales fell 17 percent to $12.8 million. Net income rose from $2.1 million to $4.8 million. Revenues reflect decreased sales volumes in the power management product line and lower sales to MOT, INTC and CPQ. Earnings reflect a $5 million gain upon the exchange of shares held in IC Works for common shares in CY. 
TriQuint Semiconductor (Nasdaq : TQNT)Triquint Semiconductor, Inc. designs, develops, manufactures and markets high performance analog and mixed signal circuits for the wireless communications, telecommunications and computer markets. For the three months ended 3/31/99, total revenues rose 42 percent to $33.7 million. Net income totalled $3.2 million vs. a loss of $12.3 million. Results reflect strong demand for wireless communications products and the absence of $8.8 million in special and $1.4 million in lawsuit settlement charges. 
Trident Microsystems (Nasdaq : TRID)Trident Microsystems designs, develops and markets integrated circuit graphics and multimedia products for IBM compatible PCs. For the nine months ended 3/31/99, total revenues decreased 28 percent to $67.8 million. Net loss totalled $8.3 million vs. an income of $201 thousand. Revenues reflect reduced demand for older 2D desktop products and a decline in the average selling prices of desktop products. Net loss also reflects decreased margins and increased R&D expenses as a  percent of sales. 
Tower Semiconductor Ltd. (Nasdaq : TSEMF)Tower Semiconductor Ltd. is an advanced independent foundry manufacturer and service provider of semiconductor integrated circuits (ICs) on silicon wafers. For the nine months ended 9/30/98, sales fell 44 percent to $52.9 million. Net loss totalled $11.3 million vs. an income of $14.8 million. Revenues reflect continued price erosion due to an overall weak business environment. Loss also reflects negative gross margins due to lower prices, and higher research and development costs. 
Taiwan Semiconductor (NYSE : TSM)Taiwan Semiconductor is engaged mainly in the manufacture, sale, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices, and the manufacture and design of masks. For the nine months ended 9/30/98, net sales rose 35 percent to NT$38.6 billion. Net income rose 14 percent to NT$12.82 billion. Results reflect increased sales of 8-inch equivalent wafers and higher average selling prices, partially offset by increased equity losses. 
TranSwitch Corporation (Nasdaq : TXCC)TranSwitch Corporation designs, develops, markets and supports highly integrated digital and mixed-signal semiconductor solutions for the data communications and telecommunications markets. For the three months ended 3/31/99, revenues rose 68 percent to $14.5 million. Net income rose from $561 thousand to $3.1 million. Revenues reflect increased revenue from SONET/SDH, Asynchronous and ATM product lines. Earnings also reflect lower costs due to improved pricing from vendors. 
Texas Instruments (NYSE : TXN)Texas Instruments is a global semiconductor company and a leading designer and supplier of digital signal processing solutions. For the three months ended 3/31/99, revenues fell 7 percent to $2.04 billion. Net income rose from $11 million to $233 million. Revenues reflect the absence of revenue from the divested memory business. Net income benefitted from improved operating margins as a  percentage of sales due to the absence of the low margin memory business. 
Uniphase Corporation (Nasdaq : UNPH)Uniphase designs, develops, manufactures, and markets laser-based instrumentation for semiconductor wafer inspection, laser subsystems for various applications and telecommunications products. For the nine months ended 3/99, sales rose 47 percent to $195.7 million. Net income rose 36 percent to $23.3 million. Revenues reflect increased sales of telecommunication products and the UNL acquisition. Earnings were partially offset by a $5.9 million acquisition related charge. 
Unico, Inc./NM/ (OTC BB : UNRC)Unico, Inc./NM/ is principally engaged in the marketing of computer memory chips, central processing units and other basic computer components. The Company also markets a proprietary line of computer peripherals under the Paradise brand name. For the nine months ended 3/31/99, net sales rose 17 percent to $22.4 million. Net loss totalled $1.7 million, up from $241 thousand. Results reflect increased sales of branded peripherals, offset by increased advertising and legal costs. 
Ultratech Stepper, Inc. (Nasdaq : UTEK)Ultratech Stepper, Inc. develops, manufactures, and markets photolithography equipment designed to reduce the cost of manufacturing integrated circuits and thin-film heads for disk drives. For the three months ended 3/31/99, net sales fell 7 percent to $25.8 million. Net loss totalled $2.5 million vs. an income of $361 thousand. Revenues reflect weak markets for both the semiconductor and thin film head products. Loss also reflects lower margins due to pricing pressures and product mix. 
Unitrode Corporation (NYSE : UTR)Unitrode Corporation designs, manufactures, markets and sells a range of analog/linear and mixed-signal integrated circuits, modules, and non-volatile products. For the three months ended 5/1/99, net revenues rose 20 percent to $44.3 million. Net income totalled $6.4 million vs. a loss of $2.5 million. Revenues reflect increased demand in the electronic data, communications and portable PC markets. Earnings also reflect the absence of $3.7 million in merger and other charges. 
Vitesse Semiconductor (Nasdaq : VTSS)Vitesse Semiconductor designs, develops, markets and manufactures digital gallium arsenide integrated circuits for telecommunications, data communications and automated test equipment systems providers. For the six months ended 3/31/99, revenues rose 70 percent to $127 million. Net income rose 47 percent to $33.1 million. Results reflect an increase in the total number of units shipped to the communications and ATE markets, partially offset by a higher effective tax rate. 
V3 Semiconductor, Inc. (Nasdaq : VVVI)VVVI designs and markets high performance peripheral and core silicon products for the Embedded Systems market, offering Burst DRAM and SDRAM memory controllers, system controllers and PCI bridge controllers, all produced by 3rd parties including INTC, MOT, IBM, HIT, TXN and AMD. For the six months ended 3/31/99, sales rose 73 percent to $3 million. Net income fell 58 percent to $112 thousand. Results reflect strong demand for BMC and EPC devices, offset by increased marketing and R&D expenses. 
MEMC Electronic Materials (NYSE : WFR)MEMC Electronic Materials, Inc. is engaged in the production of silicon wafers used in the manufacture of semiconductors. The Company's principal products are prime polished wafers and epitaxial wafers. For the three months ended 3/99, revenues decreased 32 percent to $159.8 million. Net loss rose 63 percent to $50.3 million. Revenues reflect weakening demand for smaller diameter wafers. Higher loss reflects lower margins and higher research and development expenses. 
White Electronic Designs (AMEX : WHT)WHT manufactures high density memory components used in commercial and military systems; and designs and manufactures flat panal display units suitable for avionics. For the three months ended 1/2/99, revenues increased 31 percent to $12.3 million. Net loss from continuing operations applicable to Common totalled $1.2 million vs. income of $154 thousand. Revenues reflect an increase in sales of new interface products in the electromechanical segment. Loss reflects a $752 thousand merger expense. 
Xicor, Inc. (Nasdaq : XICO)XICO develops, manufactures and markets proprietary reprogrammable, nonvolatile semiconductor ICs containing digital, analog and reprogrammable nonvolatile elements. For the 13 weeks ended 4/4/99, net sales fell 8 percent to $25.7 million. Net loss rose 87 percent to $4.4 million. Revenues reflect weak demand from Asia and competitive pricing pressures due to excess global capacity. Higher loss also reflects lower margins and increased S/G/A as a  percentage of net sales. 
Xilinx, Incorporated (Nasdaq : XLNX)Xilinx, Incorporated designs, develops and markets complete programmable logic solutions, including integrated circuits, software design tools, predefined system functions delivered as cores of logic, and field engineering support. For the fiscal year ended 4/3/99, revenues rose 8 percent to $662 million. Net income before accounting change rose 2 percent to $129.2 million. Results reflect continued penetration in high-growth end markets, offset by United Silicon joint venture losses. 
Zing Technologies Inc. (Nasdaq : ZING)Zing Technologies is engaged in the manufacture and sale of high reliability power semiconductor multi-chip modules for use in military/aerospace and high-end industrial applications. For the nine months ended 3/31/99, net sales rose 18 percent to $18.7 million. Net income fell 11 percent to $1.4 million. Revenues reflect increased shipments of custom power hybrids and power modules and semiconductor devices. Net income was offset by higher sales personnel expenses. 
Zoran Corporation (Nasdaq : ZRAN)Zoran Corporation develops and markets software, integrated circuits and IC Intellectual Property cores for digital audio and video applications enabled by compression. For the three months ended 3/99, total revenues rose 6 percent to $11.9 million. Net income fell 84 percent to $102 thousand. Revenues reflect increased DVD and Suped VCD product line sales. Earnings were offset by a lower gross profit margin, increased sales and marketing expenses and lower interest income.%}
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American Bank Note Holo. (NYSE : ABH)ABH originates, mass-produces and markets secure holograms used for security applications such as counterfeiting protection for credit and other transaction cards, identification cards and documents of value, licensed products, and for tamper resistance/authentication of high-value products. For the nine months ended 9/98, sales rose 38 percent to $27.1 million. Net income rose 57 percent to $6.8 million. Results reflect higher sales of authentication and transaction card holograms. 
Armor Holdings, Inc. (NYSE : AH)Armor Holdings is a global provider of security risk management services to multi-national corporations and governmental agencies. AH also manufactures security products for law enforcement personnel around the world. For the three months ended 3/31/99, revenues rose 37 percent to $26.8 million. Net income rose 54 percent to $2.7 million. Results benefitted from acquisitions, internal growth, a higher gross profit margin and higher other income. 
BI Incorporated (Nasdaq : BIAC)BI Incorporated manufactures and provides electronic monitoring equipment and services, institutional management software systems, and community correctional services to the criminal justice market worldwide. For the nine months ended 3/99, total revenues rose 19 percent to $53.5 million. Net loss totalled $193 thousand vs. an income of $1.7 million. Revenues benefitted from higher service and monitoring income. Earnings suffered from a $4.1 million asset imparement charge of its CIS unit. 
BorgWarner Security Corp. (NYSE : BOR)BorgWarner Security Corp. provides contract guard and related security services, including background screening, contract employment, and investigative services. For the three months ended 3/31/99, net revenues rose 4 percent to $330.5 million. Net income from continuing operations totalled $6.5 million, vs. a loss of $15.2 million. Revenues reflect acquisitions, new accounts, and higher billing rates. Earnings also reflect an increased gross profit margin. 
Checkpoint Systems, Inc. (NYSE : CKP)CKP is a designer, manufacturer and distributor of integrated electronic security systems designed to help retailers prevent theft of merchandise. Net revenues for the 13 weeks ended 3/28/99 increased 2 percent to $81.8 million. Net income increased 9 percent to $1.4 million. Revenues reflect increased Electronic Article Surveillance revenues. Net income also reflects decreased S/G/A expenses due to savings associated with the restructuring of the co's foreign subsidiaries. 
Command Security Corp. (Nasdaq : CMMD)Command Security provides uniformed security guard services in NY, PA, FL, GA, CT, CA, NJ, and IL to commercial, financial, industrial, aviation and governmental clients in the United States. For the nine months ended 12/31/98, revenues rose 15 percent to $45.2 million. Net income applicable to Common totaled $36 thousand vs. a loss of $2.4 million. Revenue reflects account acquisitions and new contract starts. Net income reflects lower unemployment taxes and insurance reserves. 
Code-Alarm, Inc. (OTC BB : CODL)Code-Alarm, Inc. designs, manufactures, imports and markets automobile and home security systems, including alarm and remote key-less entry systems. For the nine months ended 9/30/98, sales fell 20 percent to $32.6 million. Net loss applicable to Common fell 44 percent to $2.7 million. Revenues reflect prolonged weakness in several of the Company's key overseas markets. Lower loss reflects the absence of goodwill impairment charges and restructuring charges. 
Cylink Corporation (Nasdaq : CYLK)Cylink Corp. supplies network information security products that enable secure transmission of data over LANs, WANs, public packet switched networks, such as the Internet, and broadcast networks. For the three months ended 3/28/99, revenues rose 47 percent to $11.9 million. Net loss from continuing operations rose 20 percent to $4.1 million. Revenues reflect increased unit shipments of existing products. Higher loss reflects higher development costs and increased legal fees for litigation defense. 
Digital Biometrics, Inc. (Nasdaq : DBII)Digital Biometrics develops, manufactures, markets, and integrates computer-based products and services for the identification of individuals. DBII provides information technology (IT) services to commercial and governmental clients. For the six months ended 3/99, sales rose 76 percent to $7.6 million. Net loss fell 62 percent to $1.1 million. Net sales reflect higher revenues from identification systems. Lower loss reflects higher gross margins and lower development costs. 
Detection Systems, Inc. (Nasdaq : DETC)DETC designs, manufactures and markets electronic detection, control and communication equipment for the security, fire protection, access control and closed circuit T.V. industries. For the nine months ended 12/31/98, net sales rose 10 percent to $103.5 million. Net income rose 90 percent to $3.3 million. Revenues reflect sales of security sensors and controls and CCTV products. Earnings also reflect reduction in the use of outside consultants and lower borrowings outstanding. 
Fingermatrix, Inc. (OTC BB : FINX)Fingermatrix, Inc., (a development stage company), develops, manufactures and markets electronic fingerprint scanners for use in the criminal justice system. For the nine months ended 6/30/97, revenues decreased 19 percent to $16 thousand. Net loss increased 3 percent to $1.7 million. Revenues reflect lower interest income. Higher loss reflects increased S/G/A expenses due to higher professional and accounting fees, higher payroll and higher telephone and traveling expenses. 
Firecom, Inc. (OTC BB : FRCM)FRCM designs, manufactures and distributes safety and security systems for high rise buildings, hotels, apartment buildings and other large commercial buildings, mainly in the N.Y. metro area. For the nine months ended 1/99, sales rose 30 percent to $13.2 million. Net income totalled $642 thousand, up from $307 thousand. Revenues reflect a higher backlog of orders and an increase in subcontract work taken. Earnings reflect lower S/G/A expenses as a  percentage of revenues. 
Firetector, Inc. (Nasdaq : FTEC)FTEC designs, manufactures, markets and services data communications products and systems with applications in the fire alarm, life safety, security, transit and communications industry. For the three months ended 12/31/98, revenues increased 25 percent to $3.6 million. Net income totalled $100 thousand, up from $6 thousand. Revenues reflect higher product sales due to certain large NYC projects. Earnings also benefitted from the absorption of overhead costs. 
Guardian International (OTC BB : GIIS)Guardian International, Inc. is a supplier of security monitoring and high grade monitored security systems in the United States. For the three months ended 3/99, revenues rose 66 percent to $4.3 million. Net loss applicable to Common totalled $1.2 million, up from $376 thousand. Revenues reflect the Company's acquisitions and increased subscribers. Higher losses reflect a rise in SGA expenses due to additional personnel and resources necessary to service the cumstomer base. 
Home Security Int'l (AMEX : HSI)HSI sells, installs and services a residential security alarm system marketed under the tradename SecurityGuard, principally in Australia and New Zealand, with expanding international operations in Europe, S. Africa and N. America. For the nine months ended 3/99, revenues rose 6 percent to $34 million. Net income rose 3 percent to $3.7 million. Results reflect the inclusion of sales from acquisitions, partially offset by research and development costs. 
ICTS International N.V. (ICTSFICTSF is a provider of advanced aviation security services. The Co. operates primarily in Europe and the U.S., providing passenger handling related services to major carriers. ICTSF is also engaged in security consulting, training and auditing for airlines and airports. For the three months ended 3/99, revenues rose from $13.6 million to $28.6 million. Net income before acct. change fell 45 percent to $283 thousand. Results reflect the acquisition of Huntleigh, offset by lower margins. 
International Electronics (Nasdaq : IEIB)International Electronics designs, manufactures and markets electronic products, including access control products, digital keypad products and electronic glassbreak protectors for the security industry and other commercial applications. For the six months ended 2/28/99, net sales fell 1 percent to $4.5 million. Net income fell 19 percent to $176 thousand. Revenues reflect decreased glassbreak detecor sales. Earnings also reflect higher R&D cost due to the hiring of additional personnel. 
InVision Technologies (Nasdaq : INVN)InVision Technologies develops, manufactures, markets and supports an explosive detection system for civil aviation security based on advanced CT Tech. For the fiscal year ended 12/31/98, revenues increased 12 percent to $63.3 million. Net income increased 21 percent to $8 million. Revenues reflect growth in unit shipments, and continuing demand from international markets. Earnings also reflect improved manufacturing efficiencies and lower overhead cost per unit. 
ITI Technologies, Inc. (Nasdaq : ITII)ITI Technologies designs, manufactures and markets electronic security systems and access control systems. ITI also has an ongoing research and development program which focuses on products for related markets. For the three months ended 3/31/99, revenues increased 16 percent to $27.8 million. Net income increased 43 percent to $3.6 million. Revenues reflect acquisitions and an increase in volume. Earnings also reflect the leveraging of fixed manufacturing costs. 
Integrated Security Sys. (OTC BB : IZZI)IZZI develops, manufactures, sells and services commercial and industrial security and traffic control products, including warning gates, crash barriers, lane changers, navigational lighting and electronically controlled security gates. For the six months ended 12/98, sales fell 3 percent to $5.5 million. Net loss increased 34 percent to $1.6 million. Sales reflect a decline in business for the Security Systems group. Net loss reflects an increased staff and higher sales and marketing expenses. 
LoJack Corporation (Nasdaq : LOJN)LOJN develops and markets the LoJack System, a patented system for locating, tracking and recovering stolen vehicles. For the fiscal year ended 2/28/99, revenues increased 12 percent to $83.2 million. Net income increased 11 percent to $11 million. Revenues benefitted form higher domestic sales due to an increase in the number of LoJack Units sold. Earnings were partially offset by an adverse shift to lower margin products and an increase marketing effort. 
Litronic Inc. (Nasdaq : LTNX)Litronic designs and produces high grade information security solutions. LTNX also provides engineering and other services to various government agencies on a time and material basis. For the three months ended 3/31/99, revenues decreased 15 percent to $1.4 million. Net loss totalled $973 thousand, up from $240 thousand. Revenues reflect decreased sales of the ARGUS 300 products. Higher losses reflect increased staffing and professional fees. 
Magal Security Systems (Nasdaq : MAGSF)Magal Security Systems is engaged in the development, manufacture, and marketing of computerized security systems which automatically detect, locate, and identify intrusions and explosive devices. For the nine months ended 9/30/98, revenues increased 30 percent to $23.4 million. Net income totalled $1.4 million vs. a loss of $520 thousand. Revenues benefitted from the acquisitions of Senstar and PPI. Earnings also benefitted from the absence of non-recurring charges. 
Napco Security Systems (Nasdaq : NSSC)Napco Security Systems, Inc. and its subsidiaries are engaged in the development, manufacture, distribution and sale of security alarm products and door security devices for commercial and residential installations. For the nine months ended 3/99, revenues fell 6 percent to $33.6 million. Net income rose 19 percent to $847 thousand. Revenues reflect negative effects of Hurricane Georges. Earnings benefitted from income tax benefits received. 
Pilot Network Services (Nasdaq : PILT)Pilot Network Services, Inc. is a provider of comprehensive security services that incorporate high-bandwidth connectivity and enable secure electronic commerce over the Internet. For the nine months ended 12/31/98, revenues increased 46 percent to $12 million. Pro forma net loss rose from $3.3 million to $13.4 million. Revenues benefitted from an increase in the number of customers. Higher loss reflects costs associated with expanding the Company's network. 
Protection One, Inc. (NYSE : POI)Protection One, Inc. is a provider of security alarm monitoring services to residential, commercial customers, and wholesale segments of the alarm monitoring market. For the three months ended 3/31/99, revenues rose 98 percent to $148.5 million. Net loss totalled $4.6 million vs. an income of $398 thousand. Results reflect the 1998 acquisitions and the growth of Protection One North America, offset by higher S/G/A at Protection One Europe, higher depreciation and $2 million in severance expenses. 
Percon Incorporated (Nasdaq : PRCN)PRCN develops, assembles, and markets data collection hardware and data management software products, including portable data terminals, fixed station and integrated decoders, hand held laser scanners, and application software for the automatic identification and data collection market. For the three months ended 3/99, sales rose 12 percent to $7.9 million. Net income fell 16 percent to $613 thousand. Results reflect higher unit volume offset by higher selling costs. 
Pittston Brink's Group (NYSE : PZB)PZB consists of Brink's Home Security, Inc., which markets, sells, installs and monitors residential security systems, and Brink's, Inc., a security transportation and services Co. For the three months ended 3/31/99, revenues rose 24 percent to $385.9 million. Net earnings fell 1 percent to $16.8 million. Revenues reflect operations in Europe and North American. Earnings were offset by lower operating profit due to increased information technology expenditures and higher interest rates. 
Rainbow Technologies, Inc (Nasdaq : RNBO)RNBO designs, develops, manufactures and sells anti-piracy, license management, distribution and tracking products; satellite and network communication products using encryption technology; and systems that treat metal surfaces with ion beam technology. For the three months ended 3/31/99, revenues rose 4 percent to $26.1 million. Net income totalled $1.3 million vs. a loss of $619 thousand. Results reflect higher sales of Cryptoswift products and the absence of a $1.5 million acquired R&D charge. 
Response USA, Inc. (Nasdaq : RSPN)RSPN is a fully-integrated security systems provider engaged in the monitoring, sale, installation and maintenance of residential and commercial security systems and personal emergency response systems. For the six months ended 12/98, sales rose from $6.5 million to $13.1 million. Net loss applicable to Common before extraordinary item rose 21 percent to $4.7 million. Results reflect the acquisition of Triple A, Jupiter and OEC, offset by acquisition related expense and a $725 thousand non-recurring charge. 
Sac Technologies, Inc. (OTC BB : SACM)Sac Technologies, Inc. is a development stage company engaged in developing real time, stand-alone systems capable of indentifying individuals through automated fingerprint analysis for use in controlling access to resources, information and facilities. For the fiscal year ended 12/98, revenues fell 17 percent to $385 thousand. Net loss rose 56 percent to $6 million. Results reflect the mutual termination of the Inter-Con PC technical support agreement, higher personnel and R&D expenses and debt levels. 
Security Associates Intl. (AMEX : SAI)Security Associates International, through its subsidiaries, provides security alarm monitoring services for both residences and businesses through a network of over 3,000 independent alarm dealers. For the three months ended 3/31/99, total revenues rose 52 percent to $6.3 million. Net loss applicable to Common rose 2 percent to $1.4 million. Revenues benefitted from central station acquisitions. Higher loss reflects salary increases and increased amortization of goodwill. 
Symbol Technologies (NYSE : SBL)Symbol Technologies, Inc. is engaged in the design, manufacture and marketing of bar code scanning products, hand-held computers and radio frequency data communications systems. For the three months ended 3/31/99, revenues rose 22 percent to $259.7 million. Net earnings rose 24 percent to $24.3 million. Results reflect increased sales of scanner products and scanner integrated application specific mobile computer systems. Results also reflect an increase in federal tax credits. 
Stratesec, Incorporated (AMEX : SFT)Stratesec, Inc. is a single-source provider of comprehensive technology-based security solutions for medium and large commercial and government facilities in the U.S. and abroad. For the three months ended 3/31/99, earned revenues rose 14 percent to $1.5 million. Net loss fell 68 percent to $293 thousand. Revenues reflect new customers and increased revenues from the Metropolitan Washington Airport Authority. Lower loss reflects lower administrative overhead costs. 
Sentry Technology Corp. (AMEX : SKV)Sentry Technology Corp. designs, develops, markets, installs and services a programmable travelling closed circuit television surveillance system and a line of electronic article surveillance equipment. For the three months ended 3/31/99, revenues rose 4 percent to $5.4 million. Net loss applicable to Common decreased 27 percent to $1.6 million. Results reflect increased CCTV product sales by one of the Company's major customers and a $503 thousand gain on the sale of facilities. 
Sensormatic Electronics (NYSE : SRM)SRM designs, manufactures, markets and services Electronic Article Surveillance (EAS), Electronic Asset Protection (EAP), Closed Circuit TV (CCTV) and Access Control systems. For the nine months ended 3/31/99, revenues fell less than 1 percent to $723.1 million. Net income totalled $15.1 million vs. a loss of $47.5 million. Revenues reflect the disposition of non-core business. Net income reflects the absence of $29.2 million in restructuring costs and $45.7 million in litigation settlement. 
Tyco Int'l. Ltd. (NEW) (NYSE : TYC)TYC, through its subsidiaries, designs, manufactures, and sells disposable medical supplies, electronic security and electrical components, flow control products, fire suppression and detection equipment, environmental services, and conducts vehicle auctions. For the six months ended 3/99, sales rose 26 percent to $7.78 billion. Net income before extraordinary item fell 22 percent to $433.3 million. Results reflect acquisitions partially offset by $434.9 million in merger and $76 million in impairment costs. 
Vicon Industries Inc. (AMEX : VII)Vicon Industries designs, manufactures, assembles and markets closed circuit television systems for use in security, surveillance, safety and control purposes by end users. For the six months ended 3/31/99, net sales rose 17 percent to $34.6 million. Net income rose 3 percent to $2.2 million. Revenues benefitted from system sales supplied under a contract with the United States Postal Service. Earnings were partially offset by an increase in selling expenses. 
Vikonics, Inc. (OTC BB : VKSI)Vikonics, Inc. designs, manufactures, markets, installs and supports a line of sophisticated computer-based security systems combining hardware components and proprietary software. For the nine months ended 12/98, net sales fell 6 percent to $1.3 million. Net loss totalled $173 thousand, up from $28 thousand. Revenues reflect the absence of a $355 thousand government contract. Net loss reflects lower margins due to product mix, higher R and D expenses and higher salary expenses. 
Versus Technology, Inc. (OTC BB : VSTI)VSTI develops and markets products using infrared technology for the health care industry and other markets in North America. VSTI also writes and maintains software for computer-aided design and manufacturing. For the six months ended 4/30/99, revenues rose 44 percent to $1.8 million. Net loss fell 43 percent to $581 thousand. Results reflect higher infrared tracking sales, higher margins due to lower component costs and sales mix and lower professional fees. 
Wackenhut Corporation (NYSE : WAK)The Wackenhut Corporation is an international provider of security-related and other support services and a developer and manager of privatized correctional and detention facilities. For the 13 weeks ended 4/4/99, revenues rose 25 percent to $500.1 million. Net income before accounting change rose 60 percent to $4 million. Revenues reflect acquisitions and new security services contracts. Earnings also reflect an improved gross profit margin and higher equity income of affiliates.%}
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American Bio Medica Corp. (Nasdaq : ABMC)ABMC acquires, develops and markets biomedical technologies and products. ABMC also sells audiovisual packages, educational books, and software. For the nine months ended 1/31/99, revenues rose from $1.4 million to $5.1 million. Net loss applicable to Comm. fell 49 percent to $1.1 million. Revenues reflect higher sales of drug testing kits. Lower loss was partially offset by higher S/G/A costs due to higher infrastructure costs and Preferred Stock beneficial conversion feature adjustments. 
AutoCyte, Inc. (Nasdaq : ACYT)AutoCyte, Inc. develops, manufactures and markets the only integrated automated sample preparation and image analysis system to support cytology professionals in cervical cancer screening. For the three months ended 3/31/99, net sales increased 8 percent to $1.2 million. Net loss increase 5 percent to $2.4 million. Results reflect an increase in sales of PREP units and related consumables both domestically and internationally. Higher loss suffered from decreased interest income. 
ADE Corporation (Nasdaq : ADEX)ADE designs, manufactures, markets, and services highly precise, automated measurement, defect detection and handling equipment with applications in the production of integrated circuits, semiconductor wafers and computer memory disks. For the nine months ended 1/99, revenues fell 55 percent to $48.7 million. Net loss totalled $15.3 million vs. an income of $10.2 million. Results reflect reduced demand for capital equipment, decreased margins and a $2.3 million restructuring charge. 
NDC Automation (OTC BB : AGVS)AGVS acquires, develops, markets and sells hardware, software and engineering services used to control automatic guided vehicle systems. AGVS markets its products and services to designers, manufacturers and end users in North America. For the three months ended 2/99, revenues rose 25 percent to $932 thousand. Net loss fell 12 percent to $157 thousand. Revenues reflect an increased volume of business. Lower loss was paritally offset by costs associated with attending a trade show. 
Analogic Corporation (Nasdaq : ALOG)Analogic Corporation designs, manufactures, and sells high technology, high precision analog/digital signal processing instruments and systems to customers in the medical and industrial industry. For the nine months ended 4/30/99, revenues decreased 1 percent to $210.7 million. Net income fell 6 percent to $15.7 million. Revenues reflect decreased sales of Signal Processing Technology Products. Earnings also reflect higher research and development expenditures. 
Advanced Machine Vision (Nasdaq : AMVC)Advanced Machine Vision designs, manufactures and markets machine vision systems that process images not discernible to the human eye, for use in markets where human vision is inadequate. For the three months ended 3/99, sales decreased 27 percent to $5.2 million. Net loss totalled $576 thousand vs. an income of $182 thousand. Revenues reflect decreased sales at Ventek. Loss reflects higher development and personnel costs. 
APA Optics, Inc. (Nasdaq : APAT)APAT manufacturers and markets advanced products for the fiber optic communications, optoelectronics and laser industries, including wavelength division multiplexed (WDM) components, ultraviolet (UV) detectors, Nitride epitaxial layers and custom optics. For the nine months ended 12/31/98, revenues fell 65 percent to $629 thousand. Net loss totalled $1.8 million, up from $539 thousand. Results reflect lower revenues from government contracts work and increased consulting costs. 
Aseco Corporation (Nasdaq : ASEC)Aseco Corporation designs, manufactures and markets test handlers used to automate the testing of surface mount integrated circuits, integrated circuit lead inspection equipment and wafer handling and wafer inspection equipment. For the nine months ended 12/27/98, net sales fell 55 percent to $15.3 million. Net loss rose 63 percent to $6.3 million. Revenues reflect an industry wide market downturn. Loss also reflects lower margins due to higher than normal discounts offered. 
Alcohol Sensors Intl. LTD (OTC BB : ASIL)Alcohol Sensors International, Ltd. designs, markets and sells electronic motor vehicle after-market safety products, including a patent-pending line of breath alcohol ignition interlock devices. For the nine months ended 9/98, net sales fell 2 percent to $64 thousand. Net loss applicable to Common fell 18 percent to $1.9 million. Revenues reflect lower sales of Sens-O-Lock units. Lower loss reflects lower selling, general and administrative expenses as a result of reduced staff levels. 
Asyst Technologies, Inc. (Nasdaq : ASYT)ASYT develops, manufactures and markets systems utilizing isolation technology, material tracking products and factory automation solutions used in cleanrooms for semiconductor manufacturing. For the nine months ended 12/31/98, revenues fell 44 percent to $66.9 million. Net loss from continuing operations totalled $15.6 million vs. income of $12.9 million. Revenues reflect a global reduction in expenditures of semiconductor producers. Loss reflects a $7.1 million in-process R and D charge. 
Arizona Instrument Corp. (Nasdaq : AZIC)Arizona Instrument Corp. designs and manufactures precision instruments used in quality control, industrial control and environmental monitoring applications. For the fiscal year ended 12/31/98, sales increased 10 percent to $13.7 million. Net income from continuing operations totalled $125 thousand vs. a loss of $602 thousand. Revenues reflect an increase in sales of the Company's instruments. Earnings reflect lower personnel and promotional expense and the reduction of bad debt expense. 
Bioanalytical Systems,Inc (Nasdaq : BASI)BASI, a contract research organization, provides research and development resources through both its services and products to pharmaceutical, medical device and biotechnology companies. For the six months ended 3/31/99, total revenues rose 10 percent to $9.7 million. Net income fell 55 percent to $194 thousand. Revenues reflect higher service revenues due to the expansion of types and volume of services provided. Lower income reflects higher cost of revenues as a  percentage of sales. 
Biacore International AB (Nasdaq : BCOR)Biacore International AB develops, manufactures and markets advanced scientific instruments that employ affinity-based biosensor technology. For the fiscal year ended 12/31/97, sales rose 2 percent to SEK266.5 million. Net income according to U.S. GAAP decreased 37 percent to SEK24.4 million. Sales reflect increased sales of BIACORE 2000 instruments. Net income suffered from higher S/G/A as a  percentage of revenue due to new product launches and a Japanese distributor acquisition. 
Beckman Coulter, Inc. (NYSE : BEC)BEC designs, manufactures and services a broad range of laboratory systems consisting of instruments, reagents and related products that customers use to conduct basic scientific and drug discovery research and diagnostic analysis of patient samples. For the three months ended 3/31/99, revenues rose 1 percent to $405.1 million. Net income totalled $17.1 million, vs. a loss of $8.4 million. Results reflect the addition of the Coulter operations and lower S/G/A expenses. 
BEI Technologies, Inc. (Nasdaq : BEIQ)BEIQ, through BEI Sensors and Systems Co., designs, manufactures and sells electronic devices that provide sensory input for control systems of advanced machinery and automation systems. For the six months ended 4/3/99, net sales rose 28 percent to $75.8 million. Net income from continuing operations before extraordinary item rose 34 percent to $2.2 million. Results reflect increased sales of GyroChip sensors to automotive customers and lower S/G/A expenses as a  percentage of sales. 
Bio-Rad Laboratories Inc. (AMEX : BIOa)Bio-Rad manufactures and supplies the life sciences research with products and systems used to separate complex chemical and biological materials and to identify, analyze and purify their components. For the three months ended 3/99, sales rose 8 percent to $125.7 million. Net income rose 23 percent to $10.8 million. Revenues reflect sales growth in Clinical Dignostics and Life Science. Earnings reflect improved gross margin and decreased SG&A expenses as a  percentage of sale. 
Badger Meter, Inc. (AMEX : BMI)BMI manufactures and markets products using flow measurement and control technology serving industrial and utility markets worldwide. BMI's products include water meters, lubrications tubes, small valves and others. For the three months ended 3/99, revenues rose 15 percent to $38.4 million. Net income rose 35 percent to $2.2 million. Revenues reflect higher sales of both residential and commercial water meters. Earnings also reflect lower SG&A costs as a  percentage of sales. 
Calypte Biomedical Corp. (Nasdaq : CALY)Calypte Biomedical Corporation is engaged in the development of a urine-based screening test for the detection of antibodies to the Human Immunodeficiency Virus, Type-1 (HIV-1), the putative cause of Acquired Immunodeficiency Syndrome (AIDS). For the three months ended 3/31/99, revenues totalled $834 thousand, up from $241 thousand. Net loss applicable to Common rose 81 percent to $3 million. Results reflect the sale of Cambridge products, offset by increased R&D costs. 
PubliCARD, Inc. (Nasdaq : CARD)CARD designs, develops, manufactures and markets products and technologies used in niche areas of the smart card industry. Products include conditional access and security systems, payment systems and data storage. For the three months ended 3/99, revenues rose 25 percent to $5.2 million. Net loss from continuing operations totalled $5.8 million, up from $155 thousand. Revenues reflect acquisitions. Higher loss suffered from a $ $2.9 million charge for acquired R&D. 
Chromatics Color Sciences (Nasdaq : CCSI)CCSI researches, develops and commercializes certain intellectual property rights and technology in the color science field for the medical, dental, biological, cosmetics, beauty-aid and fashion industries. For the three months ended 3/99, revenues decreased 74 percent to $31 thousand. Net loss increased 17 percent to $2.1 million. Revenues reflect decreased interest income. Loss was partially offset by lower medical regulatory expenses. 
CEM Corporation (Nasdaq : CEMX)CEMX develops, manufactures, sells, and services microwave-based instrumentation for testing, analysis and process control in analytical laboratory and industrial markets. For the nine months ended 3/31/99, net sales fell 1 percent to $23.2 million. Net income fell 15 percent to $1.3 million. Revenues suffered from softness in international orders. Earnings also reflect a lower gross profit margin due to competitive pricing pressures and higher research and development costs. 
Cognex Corporation (Nasdaq : CGNX)Cognex Corporation designs, develops, manufactures and markets a family of machine vision systems which are used to automatically perform gauging, guidance, inspection and identification tasks. For for the three months ended 3/99, revenues fell 31 percent to $27.5 million. Net income fell 71 percent to $3.1 million. Revenues reflect a worldwide slowdown in the semiconductor and electronics industries. Net income reflects higher service and personnel-related costs. 
Euro Tech Holdings (Nasdaq : CLWT)Euro Tech Holdings, through its Far East subsidiary, distributes a wide range of water treatment equipment, laboratory instruments, analyzers, test kits and related supplies. For the fiscal year ended 12/31/97, net sales fell 9 percent to $12.5 million. Net income fell 7 percent to $438 thousand. Revenues reflect the streamlining of product line offerings, discontinuation of certain product lines, and economic slowdown in Asia. Earnings were partially offset by lower debt levels. 
Cellex Biosciences, Inc. (CLXXCellex Biosciences supplies a wide variety of cell culture instrumentation and related cell production services to vaccine, biotechnology, pharmaceutical and diagnostic companies. For the three months ended 12/97, revenues fell 38 percent to $1.1 million. Net loss applicable to Common rose 64 percent to $1.8 million. Revenue reflect lower systems and consumable sales and in contract cell culture services. Higher loss reflects higher MG&A and interest expenses and lower currency transaction gain. 
Coherent, Inc. (Nasdaq : COHR)Coherent designs, manufactures and supplies electro-optical systems and medical instruments utilizing laser, precision optic and microelectronic technologies. For the 27 weeks ended 4/3/99, sales rose 7 percent to $222.2 million. Net income fell 33 percent to $9.6 million. Results reflect higher sales volumes in commercial solid-state products and in industrial systems. Earnings were offset by an increase in inventory reserves and the implementation of the catalog distribution system. 
Chart Industries, Inc. (NYSE : CTI)CTI designs, engineers, and manufactures standard and custom-built industrial process equipment primarily for low temperature applications. CTI also supplies products for high vacuum systems and specialty stainles steel tubing. For the three months ennded 3/31/99, sales fell 21 percent to $44.6 million. Net income fell 63 percent to $2.9 million. Revenues reflect the lower sales in the DS&A and Special Products segments. Earnings reflect low margin orders and higher interest expenses. 
Cubic Corporation (AMEX : CUB)CUB designs, develops, and manufactures electronic products such as: military range instrumentation, communications, surveillance and avionics systems, computer simulators and automatic revenue collection equipment. For the six months ended 3/31/99, total revenues increased 30 percent to $240 million. Net income totalled $5.9 million vs. a loss of $3 million. Results benefitted from the Prestige contract, sales of the MILES 2000 and AWES systems, and the absence of $9.5 million loss reserve. 
CVD Equipment Corp. (OTC BB : CVDE)CVDE designs, manufactures and markets chemical vapor deposition equipment, annealing and brazing furnaces and etching systems; gas flow control systems; and fabricates standard and custom quartzware. Revenues for the three months ended 3/31/99 fell 6 percent to $831 thousand. Net loss totalled $293 thousand vs. an income of $160 thousand. Revenues reflect a reduction in volume. Net loss reflects an increase in cost of revenues as a  percentage of sales and higher salaries and benefits. 
ChromaVision Medical Sys. (Nasdaq : CVSN)CVSN, is a laboratory medicine diagnostics company that develops and manufactures an automated cellular imaging system for a wide variety of clinical and research applications. For the three months ended 3/99, revenues rose from $0 to $16 thousand. Net loss rose 20 percent to $2.3 million. Net sales reflect monthly rental charges from commercial placement of the ACIS. Higher loss reflects an increase in the sales and marketing staff and addition of technical personnel. 
CyberOptics Corporation (Nasdaq : CYBE)CyberOptics designs manufactures and markets intelligent, non-contact sensors and integrated systems that measure the minute characteristics, dimensions and distances required for process and quality control in the automated assembly of complex manufactured goods. For the fiscal year ended 12/98, revenues rose 4 percent to $36.6 million. Net income fell 20 percent to $3.7 million. Results reflect increased sale from the OEM sensor segment, offset by higher personnel expense. 
Cymer, Inc. (Nasdaq : CYMI)CYMI provides excimer laser illumination sources for use in deep ultraviolet photolithography systems targeted at the pilot and volume production segments of the semiconductor manufacturing market. For the three months ended 3/99, revenues fell 19 percent to $40.1 million. Net loss totalled $2.3 million vs. income of $2.7 million. Revenues reflect lower sales of DUV photolithography laser systems. Loss reflects continued development of worldwide field support infrastructure. 
CYTYC Corporation (Nasdaq : CYTC)CYTYC Corporation designs, develops, manufactures and markets a sample preparation system for medical diagnostic applications. For the three months ended 3/31/99, net sales totalled $16.2 million, up from $8.1 million. Net income totalled $657 thousand vs. a loss of $6.5 million. Revenues reflect increased sales of the Company's ThinPrep Pap Test for cervical cancer screening. Earnings also benefitted from decreased legal expenses associated with litgation. 
Data I/O Corporation (Nasdaq : DAIO)DAIO designs, manufactures, and sells programming systems that are used by designers and manufacturers of electronic products. For the three months ended 3/31/99, net sales fell 8 percent to $7.8 million. Net income from continuing operations totalled $38 thousand, vs. a loss of $2.1 million. Revenues reflect a decline in non-automated programming system sales. Earnings also reflect an improved gross profit margin and lower selling, general and administrative expenses. 
Datum Inc. (Nasdaq : DATM)DATM designs, manufactures, and markets a variety of high-performance time and frequency products to synchronize information flow in telecommunications networks and other applications. For the fiscal year ended 12/31/98, net sales fell 11 percent to $101.2 million. Net loss totalled $1.5 million vs. an income of $4.8 million. Revenues reflect continued softness in the cellular and PCs wireless telecommunications market. Loss also reflects higher product development, hiring and moving costs. 
Dionex Corporation (Nasdaq : DNEX)Dionex designs, manufactures, markets and services a range of chromatography systems, sample preparation devices and related products that are used by chemists to isolate and quantify the individual components of complex chemical mixtures. Net sales for the nine months ended 3/31/99 rose 13 percent to $126.4 million. Net income decreased 9 percent to $19.2 million. Results reflect sales growth in Europe and Japan and the acquisition of Softron, offset by a $5 million write-off of in-process R and D. 
Earth Search Sciences (OTC BB : EDIS)Earth Search Sciences is a development stage research and development company engaged in the identification of applications for hyperspectral remote sensing technology. For the nine months ended 12/31/98, revenues totalled $637 thousand, up from $0 thousand. Net loss before extraordinary item fell 51 percent to $1.4 million. Revenues reflect revenue from remote sensing services performed. Lower loss reflects lower general and administrative expenses. 
EG&G, Inc. (NYSE : EGG)EGG designs, manufactures and markets optoelectronic, mechanical and electromechanical components and instruments for manufacturers and end-user customers. For the three months ended 4/4/99, sales remained flat at $357.5 million. Net income decreased 59 percent to $14.1 million. Results reflect increased product sales, offset by the absence of a $67.5 million gain on the disposition of assets and increased R&D expenses as a  percentage of revenues. 
Electric & Gas Technology (Nasdaq : ELGT)ELGT operates in three business segments: the manfacture of electric meter enclosures and pole-line hardware; natural gas measurement, metering and odorization equipment; and atmospheric water, filtration and enhanced water products. For the six months ended 1/99, revenues increased 1 percent to $5.6 million. Loss from continuing operations applicable to Common totaled $302 thousand vs. income of $369 thousand. Results reflect higher electric revenues offset by the absence of a $1.3 million investment gain. 
Electro-Sensors, Inc. (Nasdaq : ELSE)ELSE is engaged in the manufacture and distribution of industrial production monitoring and process control systems and small gas torches, and the development of PC-based software for automated survey processing and hand printed character recognition. For the three months ended 3/31/99, sales fell 2 percent to $1.6 million. Net income fell 49 percent to $28 thousand. Results reflect reduced demand for electronic controls and increased research and development expense. 
Elscint Limited (NYSE : ELT)Elscint Ltd. develops, manufactures, markets and services computer-based diagnostic medical imaging equipment in three modalities: computerized tomography, nuclear medicine imaging and magnetic resonance imaging. For the nine months ended 9/98, revenues increased 2 percent to $226.2 million. Net loss totalled $1.8 million vs. an income of $1.7 million. Revenues reflect increased sales of the Company's products. Net loss reflects an increase in cost of sales as a  percentage of revenues. 
Engineering Measurements (Nasdaq : EMCO)Engineering Measurements designs, develops, markets, manufactures, and distributes electronic and electro-mechanical instruments for measuring the flow of liquids, steam and gases. For the nine months ended 1/31/99, sales fell 1 percent to $7.6 million. Net income rose 94 percent to $240 thousand. Revenues suffered from weak foreign markets particularly Asia and Russia. Earnings benefitted from lower sales commissions and decreased material and overhead costs. 
Emerson Electric Co. (NYSE : EMR)Emerson Electric Co. is engaged principally in the worldwide design, manufacture and sale of a broad range of electrical, electromechanical and electronic products and systems. For the six months ended 3/31/99, net sales rose 7 percent to $7.02 billion. Net income rose 7 percent to $628.3 million. Results reflect acquisitions in the Commercial and Industrial segment and strong demand for residential and light commercial air conditioning products in the U.S. and China. 
Esterline Technologies (NYSE : ESL)Esterline Technologies designs, manufactures and markets an array of capital intensive engineered products for the aerospace and defense industry, electronic equipment manufacturers, metal fabricators and general manufacturing industries. For the three months ended 1/99, revenues rose 14 percent to $108.7 million. Net income rose 5 percent to $5.1 million. Results reflect the addition of Kirkhill Rubber Co., partially offset by declining margins in Automation Group and higher debt levels. 
Environmental Tectonics (AMEX : ETC)Environmental Tectonics is primarily engaged in the development, marketing and manufacturing of Aircrew Training Systems and Process Simulation equipment. For the fiscal year ended 2/26/99, net sales remained flat at $29.2 million. Net income applicable to Common rose 23 percent to $1.9 million. Revenues reflect lower domestic sales, offset by increased international sales. Earnings benefitted from higher margins due to a product mix shift to higher margin ATS products. 
Envirometrics, Inc. (OTC BB : EVRM)EVRM operates as consultants in environmental and occupational health matters, provides civil engineering, surveying and environmental consulting services and manufactures and distributes equipment and supplies for the industrial hygiene industry. For the nine months ended 9/96, revenues fell 29 percent to $3.5 million. Net loss totalled $1.3 million, up from $568 thousand. Revenues reflect the disposal of the Environmental Consulting Division. Loss reflects the amortization of goodwill. 
FARO Technologies, Inc. (Nasdaq : FARO)FARO designs, develops, markets and supports portable, software-driven, three dimensional measurement systems that are used in manufacturing and industrial applications. For the three months ended 3/31/99, sales increased 3 percent to $6.9 million. Net loss totalled $1.1 million vs. income of $1 million. Revenues reflect increased product sales in the USA and outside the USA. Net loss reflects increased selling expenses due to the expansion of the sales and marketing staff and activities. 
Flexpoint Sensor Systems (OTC BB : FLXP)Flexpoint Sensor Systems is a development stage company engaged principally in designing, engineering and manufacturing sensors and related equipment using flexible potentiometer technology owned by the Company. For the three months ended 3/31/99, sales totalled $122 thousand, up from $60 thousand. Net loss totalled $1.1 million, up from $456 thousand. Results reflect development fee revenues generated under the Delphi agreement, offset by increased engineering personnel. 
FiberChem, Inc. (OTC BB : FOCS)FiberChem, Inc. develops, produces, markets and licenses its patented fiber optic chemical sensor technology which detects and monitors hydrocarbon pollution in the air, water and soil. For the three months ended 12/98, revenues rose 46 percent to $329 thousand. Net loss rose 22 percent to $620 thousand. Revenues reflect lower sales to Whessoe Varec, Inc. Higher loss reflects lower margins and higher personnel and related expenses. 
Fisher Scientific Int'l. (NYSE : FSH)FSH engages in the supply, marketing, service and manufacture of scientific, clinical, educational, occupational health, safety products, and strategic procurement services. Sales for the three months ended 3/31/99 rose 9 percent to $600.9 million. Net income totalled $3.5 million vs. a loss of $41.9 million. Revenues benefitted from the sales of companies acquired and internal growth. Earnings also benefitted from the absence of $71 million transaction-related costs. 
Galileo Corporation (Nasdaq : GAEO)GAEO develops, manufactures and markets fiberoptic and electro-optic products which transmit, sense or intensify light or images. For the six months ended 3/31/99, sales increased 8 percent to $21.6 million. Net loss increased 97 percent to $4 million. Revenues benefitted from the acquisition of OFC Corporation. Higher loss reflects the inclusion of a $1.8 million reduction in carrying value of certain long-lived assets and higher S/G/A expenses as a result of the acquisition. 
GenRad, Inc. (NYSE : GEN)GEN designs, manufactures and markets integrated hardware and software solutions that enable the successful manufacture, test and service of microprocessors. For the 13 weeks ended 4/3/99, revenues rose 8 percent to $53.1 million. Net income rose 16 percent to $10.3 million. Revenues reflect higher sales for GDS products due to the acquistion of ICC. Net income reflects cost savings in selling, general and admin. expenses from restructuring and lower R&D expenses. 
GeoScience Corporation (Nasdaq : GSCI)GSCI designs, develops, manufactures and markets seismic data acquisition systems, related products/services. GSCI's products are used by the oil and gas exploration and production industry to identify and define subsurface geologic structures. For the three months ended 3/99, revenues fell 10 percent to $30.1 million. Net income rose 11 percent to $2.6 million. Revenues reflect lower volume shipments. Net income reflects a $2.5 million increase in interest income. 
Hach Company (Nasdaq : HACH)HACH is engaged in an industry that encompasses laboratory instruments, process analyzers and test kits which are used to analyze the chemical content and other properties of water and other aqueous solutions. For the nine months ended 1/30/99, sales rose 10 percent to $103.3 million. Net income rose 2 percent to $8.8 million. Revenues reflect the acquisition of Environmental Test Systems. Earnings were partially offset by higher S/G/A and R&D costs for ETS and higher debt levels. 
Hathaway Corporation (Nasdaq : HATH)Hathaway Corporation is engaged in the designing, manufacturing, and selling advanced electronic instrumentation and systems, and motion control products . For the six months ended 12/31/98, revenues decreased 5 percent to $19.7 million. Net loss totalled $1.7 million, up from $746 thousand. Revenues reflect a decrease in power and process revenues due to lower sales from thr process instrumentation products group. Higher losses reflect an increase in engineering and development. 
Hickok Incorporated (Nasdaq : HICKA)HICKA develops and manufactures measuring, indicating, instrumentation and control products, fastening systems and related engineering services for the transportation industry. For the three months ended 12/31/98, net sales fell 21 percent to $3.8 million. Net loss totalled $247 thousand vs. income of $287 thousand. Revenues reflect decreased shipments of fastening systems products. Net loss reflects higher cost of products sold as a  percentage of sales due to change in product mix. 
Honeywell Inc. (NYSE : HON)Honeywell Inc. is an international controls company that develops and supplies advanced-technology products, systems and services designed to conserve energy, protect the environment, improve productivity, enhance comfort and increase safety. For the three months ended 4/4/99, net sales rose 3 percent o $1.99 billion. Net income rose 9 percent to $105.4 million. Results reflect higher sales in the Space and Aviation segment and improved product mix and gains from asset sales. 
Hurco Companies, Inc. (Nasdaq : HURC)Hurco Companies, Inc. designs and produces computer numerical control (CNC) systems and software; and computerized machine systems for sale through their distribution network to the machine tool consuming market. For the three months ended 1/31/99, revenues decreased 4 percent to $21.1 million. Net income decreased 92 percent to $175 thousand. Revenues reflect reduced shipments of stand-alone computer control systems. Earnings also reflect higher development costs. 
Ionic Fuel Technology (OTC BB : IFTI)IFTI designs, assembles, markets, sells and leases its patented IFT system, designed to reduce airborne emissions from and increase fuel efficiency of heating and power generation systems. For the nine months ended 3/31/99, total revenues rose 26 percent to $451 thousand. Net loss increased 23 percent to $1.2 million. Revenues reflect an increase in sales revenues. Higher loss reflects a lower gross profit margin and increased marketing promotion and recruitment costs. 
IGEN International Inc. (Nasdaq : IGEN)IGEN International develops, manufactures and markets diagnostic systems utilizing its patented Origen technology, which is based on electrochemiluminescence. For the nine months ended 12/98, revenues increased 8 percent to $11 million. Net loss applicable to Common increased 23 percent to $11 million. Revenues reflect higher royalties on sales of products by corporate collaborators. Higher loss reflects increased staffing levels for the ORIGEN M-SERIES system. 
Image Guided Technologies (OTC BB : IGTI)Image Guided designs, develops, manufactures and markets proprietary, hand-held electro-optical 3-dimensional position input devices for medical and industrial application. For the three months ended 3/31/99, revenues rose 8 percent to $1.9 million. Net loss from continuing operations rose 31 percent to $362 thousand. Revenues reflect increased optical localizer business from new customers and increased wireless sales. Higher loss reflects severance costs from a former officer and increased legal fees. 
II-VI, Inc. (Nasdaq : IIVI)IIVI designs, manufactures and markets optical and electro-optical components, devices and materials for precision use in infrared, near-infrared, visible-light and X-ray/gamma-ray instruments and applications. For the nine months ended 3/99, revenues fell 5 percent to $44.5 million. Net income decreased 40 percent to $3.4 million. Revenues reflect lower shipments of infrared optics and material products. Earnings suffered from higher per units costs at the Co's VLOC subsidiary. 
Integrated Measurement (Nasdaq : IMSC)IMSC manufactures, designs, markets and services a family of versatile, high performance engineering test stations used to test and measure complex electronic devices. For the three months ended 3/31/99, net sales rose 32 percent to $11.2 million. Net income totalled $434 thousand, up from $48 thousand. Results reflect higher systems sales due to increased customer capital spending. Earnings also reflect lower research and development expenditures as a  percentage of sales. 
Industrial Technologies (OTC BB : INTE)Industrial Technologies designs, assembles and markets automated surface inspection systems, electro-optical sensors, laser-based equipment and industrial computers and related products. For the nine months ended 6/98, revenues decreased 9 percent to $5.2 million. Net income totalled $268 thousand vs. a loss of $353 thousand. Revenues reflect reduced backlog at the beginning of the year. Earnings benefitted from decreased legal expenses and a reduction in personnel in certain areas. 
Input/Output, Inc. (NYSE : IO)IO is a designer and manufacturer of seismic data acquisition products used across land, transition zone and marine environments. For the nine months ended 2/28/99, revenues fell 37 percent to $178.7 million. Net loss totalled $55.2 million vs. an income of $41.5 million. Revenues reflect lower sales levels of systems and components. Net income also suffered from recent acquisition expenses, an increase in allowance for doubtful accounts, and $3.8 million in amortization of intangibles. 
International Remote Imag (AMEX : IRI)IRI designs, develops, manufactures and markets in vitro diagnostic (IVD) imaging equipment and special purpose centrifuges and other small instruments for automating microscopic procedures. For the three months ended 3/31/99, sales rose less than 1 percent to $6.6 million. Net loss totalled $1.3 million, vs. an income of $4 thousand. Revenues reflect a larger installed base of the Yellow IRIS IVD imaging systems. Loss reflects a $1.6 million charge related to the pending settlement with Poly UA. 
Isco, Inc. (Nasdaq : ISKO)Isco, Inc. designs, manufactures and markets products used to monitor water quality regulations and are used in a variety of research and testing laboratories and by industries to monitor product quality. For the six months ended 1/29/99, revenues increased 15 percent to $25.2 million. Net income decreased 64 percent to $88 thousand. Revenues benefitted from higher sales of the core products. Earnings were offset by a decrease in gross profit, and an increase in SGA costs. 
Instron Corporation (AMEX : ISN)Instron designs, manufactures, markets and services materials and structural testing systems, software, and accessories. The products are used in research and development, and quality control applications. For the three months ended 4/3/99, net sales rose 44 percent to $48.7 million. Net income fell 59 percent to $1.6 million. Revenues reflect the acquisitions of Satec and IST. Net income was offset by a $5 million special items charge for consolidating European operations. 
Image Sensing Systems (Nasdaq : ISNS)Image Sensing Systems, Inc. markets and develops products using video image processing technology for use in advanced traffic management systems and traffic data collection. For the three months ended 3/31/99, revenues rose 53 percent to $1.2 million. Net income totalled $55 thousand, up from $1 thousand. Revenues reflect increased sales of Autoscope (R) systems. Net income also reflects decreased product costs as a  percentage of revenues. 
Itron, Inc. (Nasdaq : ITRI)Itron Inc. is a provider to the utility industry of data acquisition and wireless communications solutions for collecting, communicating and analyzing electric, gas and water usage. For the three months ended 3/99, revenues decreased 18 percent to $51.9 million. Net loss before extraordinary item totalled $231 thousand vs. income of $153 thousand. Revenues suffered from a decrease in shipments due to the near completion of a large contract. Losses reflect a $1.1 million restructuring charge. 
Mark IV Industries, Inc. (NYSE : IV)Mark IV Industries, Inc. is a manufacturer of a broad range of proprietary and other power and fluid transfer products and systems serving primarily automotive and industrial markets. For the fiscal year ended 2/99, revenues rose 6 percent to $1.95 billion. Net income from continuing operations before extraordinary item fell 46 percent to $52.4 million. Revenues reflect increased internal sales growth, and the acquisitions. Earnings were offset by duplicative costs and inefficiencies incurred. 
ICOS Vision Systems NV (Nasdaq : IVIS)ICOS Visions Systems NV is a Belgian company primarily engaged in the design, development, manufacture, marketing, sale and support of machine vision and inspection systems for industrial applications. For the nine months ended 9/30/98, revenues rose 6 percent to $26.1 million. Net loss totalled $692 thousand vs. an income of $3.5 million. Revenues reflect increased capital spending in the U.S., Europe and Taiwan. Loss reflects a $2.1 million one-time charge for in-process R&D. 
JMAR Technologies, Inc. (Nasdaq : JMAR)JMAR develops, manufactures and markets precision measurement, yield enhancement and laser manufacturing systems. JMAR also provides custom semiconductor products and develops lithography sources. For the three months ended 3/31/99, sales rose 56 percent to $6.7 million. Net loss totalled $593 thousand, vs. income of $18 thousand. Revenues reflect growth in the Semiconductor Products and Processes Segment. Loss reflects higher sales of lower margin semiconductor products. 
Kewaunee Scientific Corp. (Nasdaq : KEQU)Kewaunee Scientific manufactures and sells scientific laboratory products and related accessories for use in chemistry, physics, biology and other general science laboratories, and technical products for computers, light electronic assembly and testing. For the nine months ended 1/99, net sales rose 7 percent to $57.3 million. Net income rose 19 percent to $2 million. Results reflect increased sales of laboratory furniture, lower commissionable sales expenses and decreased debt levels. 
KFX Inc. (AMEX : KFX)KFX, anchored by its K-Fuel technology, is an energy solutions corp. that develops and commercializes technologies to enhance energy value while preserving the environment. For the fiscal year ended 12/31/98, revenues increased from $1.1 million to $2.2 million. Net loss increased 33 percent to $6.8 million. Revenues reflect the acquisition of Pegasus and the formation of Net Power Solutions. Higher loss reflects costs associated with growing operations. 
KLA-Tencor Corporation (Nasdaq : KLAC)KLAC designs, manufactures, markets, and services systems which are used to automate testing and inspection for the manufacture of very large scale integrated circuits. For the nine months ended 3/31/99, net sales decreased 33 percent to $609.5 million. Net income decreased 90 percent to $13.4 million. Revenues reflect reduced capital spending by major semiconductor manufacturers worldwide. Lower net income reflects reduced capacity utilization and higher restructuring charges. 
THERMOGENESIS Corp. (Nasdaq : KOOL)THERMOGENESIS Corp. designs and sells devices which utilize its proprietary thermodynamic technology for the processing of biological substances. For the six months ended 12/31/98, revenues increased 59 percent to $2.4 million. Net loss applicable to Common increased 4 percent to $5.7 million. Revenues reflect the sales of BioArchive Stem Cell System. Higher losses reflect the last stage of restructuring within the senior management team, and a $2.3 million preferred stock discount. 
K-Tron International (Nasdaq : KTII)K-Tron International designs, produces, sells and markets gravimetric and volumetric feeders and related equipment for the handling of bulk solids in a wide variety of manufacturing processes. For the three months ended 4/3/99, revenues fell 8 percent to $19.8 million. Net income rose 4 percent to $1.4 million. Revenues suffered from a decrease in revenues from domestic facilities. Net income reflects improved gross margin and a lower interest expense. 
LaserSight Incorporated (Nasdaq : LASE)LASE develops, manufactures and markets ophthalmic lasers for use in photorefractive keratectomy (PRK) to correct myopia, hyperopia and astigmatism. LASE also licenses related patents. Sales for the three months ended 3/31/99 increased 15 percent to $4.9 million. Net loss applicable to Common increased 8 percent to $3.3 million. Results reflect improvement in technology related revenues, offset by lower margins and higher G and A expenses. 
Lifschultz Industries Inc (Nasdaq : LIFF)Lifeschultz Industries develops, manufactures and markets scientific and industrial instrumentation, and instrument calibration equipment. The Co. also manages real estate interests. For the nine months ended 4/30/99, revenues rose 1 percent to $11.5 million. Net income before extraordinary item increased 12 percent to $925 thousand. Revennues benefitted from higher revenues generated by Hart Scientific. Earnings also reflect lower general and administrative expenses. 
Interlink Electronics (Nasdaq : LINK)LINK designs, manufactures and sells input devices for computers and other electronic products based on the Company's proprietary technologies, including Force Sensor Resistor technology. For the three months ended 3/31/99, revenues rose 26 percent to $6.5 million. Net income totaled $408 thousand, up from $50 thousand. Revenues reflect increased sales from the computer pointing device line. Earnings reflect a greater mix of OEM sales with a lower S/G/A requirement. 
LJL BioSystem, Inc. (Nasdaq : LJLB)LJL Biosystems, Inc. designs, produces and sells to pharmaceutical and biotechnology firms products and services that accelerate and enhance the drug discovery process. For the three months ended 3/31/99, net sales totalled $1.4 million, up from $320 thousand. Net loss applicable to Common rose 3 percent to $2.4 million. Revenues reflect sales of the Company's HTS and Ultra HTS products. Higher loss reflects the addition of sales and marketing personnel. 
Laser Power Corporation (Nasdaq : LPWR)LPWR designs, manufactures and markets high performance lasers and laser optics for industrial, medical and military applications. For the three months ended 12/27/98, total revenues fell 6 percent to $8.7 million. Net loss rose 38 percent to $671 thousand. Revenues suffered from decreased sales of laser optics for industrial and medical applications. Higher loss reflects competition and manufacturing disruptions associated with relocation of the laser optics business. 
Laser Technology, Inc. (AMEX : LSR)LSR develops, manufactures and markets laser-based measurement instruments using its proprietary technology. For the three months ended 12/98, net sales increased 10 percent to $2.7 million. Net loss totalled $73 thousand vs. income of $235 thousand. Revenues reflect increased volume sales of the Company's second generation Ultralyte. Net loss reflects a decreased gross margin, and increased operating expenses as a  percentage of revenues. 
Lumisys, Inc. (Nasdaq : LUMI)LUMI designs, manufactures and markets computed radiography systems that scan medical or industrial images from a reusable phosphor plate and a family of precision digitizers that convert medical images on film or video into digital formats. For the three months ended 3/99, revenues rose 4 percent to $6.7 million. Net income rose 6 percent to $252 thousand. Revenues reflect increased sales of ACR-2000. Earnings also reflect lower research and development costs. 
Micro Component Tech.,Inc (Nasdaq : MCTI)Micro Component Technology Inc. designs, manufactures, markets, services and distributes handling and testing equipment for the semiconductor industry. For the nine months ended 3/27/99, revenues fell 15 percent to $10.7 million. Net loss rose 19 percent to $1.5 million. Revenues reflect weakness in the semiconductor capital equipment market. Higher loss reflects the shift from older higher margin products to products with lower margins. 
Molecular Devices Corp. (Nasdaq : MDCC)Molecular Devices Corporation designs, develops, manufactures and markets proprietary, high performance bioanalytical measurement systems designed to improve the drug development process. For the three months ended 3/31/99, total revenues rose 31 percent to $13.5 million. Net income rose 40 percent to $2 million. Revenues reflect higher sales from Maxline and Cell Analysis product families. Earnings also reflect interest earned on increased cash investment balances. 
Medar, Inc. (Nasdaq : MDXR)Medar, Inc. develops, manufactures and markets microprocessor-based process monitoring and control systems for use in industrial manufacturing environments. For the fiscal year ended 12/31/98, net revenues decreased 14 percent to $34.8 million. Net loss totalled $11.2 million, up from $144 thousand. Revenues reflect decreased sales of optical inspection equipment and decreased orders for the Company's turnkey systems. Loss also reflects $5.6 million in product restructuring charges. 
Meade Instruments Corp. (Nasdaq : MEAD)MEAD is a designer and distributor of telescopes and accessories for the beginning to serious amateur astronomers. The Company offers more than 40 different telescope models and more than 250 accesorry products. For the fiscal year ended 2/99, revenues rose 27 percent to $76.3 million. Net income applicable to Com. rose 67 percent to $5.6 million. Revenues reflect increased demand for smaller and more affordable telescopes. Earnings also reflects decreased interest expenses. 
Microfluidics Int'l Corp. (OTC BB : MFIC)Microfluidics International Corporation produces and markets microfluidizer devices used for the creation of micro droplets in liquid streams for very fine mixing and blending. For the nine months ended 9/98, revenues rose 12 percent to $5.9 million. Net loss totalled $271 thousand vs. an income of $572 thousand. Revenues reflect additional revenue generated by the Co's Epworth and Morehouse divisions. Net loss reflects higher cost of goods sold and the absence of the gain on security sale. 
Megatech Corporation (OTC BB : MGTC)Megatech Corporation is engaged in the production and sale of educational training programs and equipment in the energy, power and transportation areas. The Co.'s products are sold domestically and internationally to educational institutions and government agencies. For the three months ended 3/31/99, sales fell 16 percent to $521 thousand. Net income fell 20 percent to $8 thousand. Results reflect a decrease in domestic sales and higher general expenses as a  percentage of sales. 
Mikron Instrument Co. (Nasdaq : MIKR)Mikron Instrument Company is engaged in designing and manufacturing a broad range of infrared thermometers for sale to domestic and foreign markets. The Company also sells a family of high sesitivity infrared thermal imagers. For the three months ended 1/99, revenues fell 22 percent to $1.7 million. Net loss totalled $79 thousand vs. income of $232 thousand. Revenues reflect purchase reductions. Net loss suffered from costs related to additional personnel and outside consultants. 
Millipore Corporation (NYSE : MIL)MIL is engaged primarily in the development, manufacture and sale of products which are based on separations technology and which are used for the analysis, identification, monitoring and purification of liquids and gasses. For the three months ended 3/99, revenues fell 3 percent to $180.4 million. Net income fell 64 percent to $11.3 million. Results reflect a downturn in the semiconductor industry and the abcense of a $35.6 million gain on the sale of securities. 
Metrika Systems Corp. (AMEX : MKA)MKA develops, manufactures, and markets on-line process optimization systems that employs ultra-high-speed measurement technologies for applications in raw materials analysis and finished materials quality control. For the three months ended 4/3/99, revenues rose 29 percent to $18.9 million. Net income fell 8 percent to $1.3 million. Revenues reflect the acquisition of Radiometric U.S. in 7/98. Earnings were offset increased research and development costs. 
MKS Instruments, Inc. (Nasdaq : MKSI)MKSI develops, manufactures and markets instruments and components used to measure, control and analyze gases in semiconductor manufacturing and industrial manufacturing processes. For the three months ended 3/99, net sales fell 18 percent to $37.9 million. Net income vs. pro forma fell 28 percent to $2.2 million. Results reflect decreased sales of existing products in the U.S. due to the industrywide slowdown, lower margins, and increased S/G/A expenditures as a  percentage of revenues. 
Mechanical Technology (Nasdaq : MKTY)Mechanical Technology manufactures advanced test and measurement products that combine precision sensing capabilities with proprietary software and systems. For the six months ended 3/26/99, revenues decreased 41 percent to $6 million. Net loss from continuing operations totalled $4.2 million vs. an income of $865. Revenues suffered from weakening European sales and its markets. Net loss also suffered from $3.3 million loss in Power Plug joint venture. 
Mesa Laboratories, Inc. (Nasdaq : MLAB)MLAB designs, develops, acquires, manufactures and markets instruments and systems used in hemodialysis therapy and industrial applications such as recording systems, pipe-line interface detectors and flow meters. For the nine months ended 12/31/98, sales rose 1 percent to $6 million. Net income rose 5 percent to $1.5 million . Revenues reflect higher sales of the Echo Dialyzer Reprocessing System. Net income also reflects decreased R&D expenses as a  percentage of revenues. 
MOCON Inc. (Nasdaq : MOCO)MOCON Inc. develops, manufactures and markets high technology instrumentation and performs consulting and analytical services. The Company markets to research laboratories, manufacturers and Quality Control departments of corporations. For the three months ended 3/31/99, sales rose 26 percent to $4.5 million. Net income rose 39 percent to $694 thousand. Results reflect acquisitions and increased sales volume of the Co.'s weighing products and consulting services. 
Moore Products Co. (Nasdaq : MORP)MORP provides solutions to process measurement and control challenges. The Co.'s instruments and control systems help increase plant safety and productivity, reduce time-to market and improve product quality. For the three months ended 3/31/99, revenues rose 2 percent to $39.2 million. Net income applicable to Common fell 27 percent to $882 thousand. Results reflect higher sales of process automation systems in the U.S., offset by higher payroll, and tax expenses. 
Misonix, Inc. (Nasdaq : MSON)Misonix, Inc. designs, develops, manufactures and marketsultrasonic equipment for scientific and industrial applications, ductless fume enclosures for filtration of gaseous contaminates, and environmental control products for the abatement of air pollution. For the six months ended 12/31/98, net sales rose 5 percent to $11.4 million. Net income fell 90 percent to $185 thousand. Results reflect an increase in Mystaire Division sales, offset by $2.1 million in bad debt expenses. 
Measurement Specialties (AMEX : MSS)MSS designs, develops, produces and sells electronic products which measure and display distance, motion, force, pressure and temperature. For the nine months ended 12/31/98, net sales increased 22 percent to $28.3 million. Net income increased 52 percent to $1.3 million. Revenues reflect higher sales from the Sensors Products Division, tire pressure guages and bath scales. Earnings also benefitted from improved margins due to changes in the product mix and manufacturing cost reductions. 
Metrisa, Inc. (OTC BB : MTRE)Metrisa, Inc. specializes in manufacturing instruments and providing contract test services for measuring the properties of a variety of materials, liquids and gases. For the six months ended 3/31/99, net sales rose 1 percent to $3.6 million. Net loss totalled $595 thousand, up from $240 thousand. Revenues reflect slightly increased sales in all divisions except Nametre. Higher loss reflects lower margins and increased selling and marketing costs. 
MTS Systems Corporation (Nasdaq : MTSC)MTSC provides engineering services, equipment, and software for applications in research, product development, quality control and production. Technologies include sensors for measuring machine and process parameters, and control technologies for test and process automation. For the six months ended 3/99, revenues rose 12 percent to $174.7 million. Net income fell 38 percent to $5.7 million. Results reflect acquisitions, offset by a $2.1 million restructuring charge. 
Nanometrics Incorporated (Nasdaq : NANO)NANO designs, manufactures, markets and supports process monitoring systems for the semiconductor, data storage, and flat panel display industries. For the three months ended 3/31/99, revenues fell 41 percent to $6.2 million. Net loss totaled $201 thousand, vs. income of $624 thousand. Revenues suffered from decreased shipments made due to slower worldwide demand for semiconducters. Loss reflects lower sales volume resulting in higher per unit manufacturing costs. 
North American Tech. (Nasdaq : NATK)NATK acquires and develops businesses based on technologies, manufacturing processes and defensible market niches to commercially develop and provide products services and licensing agreements to customers. For the three months ended 3/99, revenues totalled $128 thousand, up from $17 thousand. Net loss applicable to Common totalled $641 thousand, up from $271 thousand. Revenues reflect increased shipments of crossties. Higher loss reflects the absence of a $370 thousand gain on sale of assets. 
New Brunswick Scientific (Nasdaq : NBSC)NBSC designs, manufactures and markets equipment used in biotechnology to create, maintain, measure and control conditions required for the growth and detection of micro-organisms. For the three months ended 3/31/99, net sales rose 7 percent to $11.8 million. Net loss totalled $995 thousand, up from $309 thousand. Revenues reflect increased international sales. Higher loss reflects increased R&D expenses due to increased spending by DGI BioTechnologies, the Co's drug lead discovery operation. 
Newport Corporation (Nasdaq : NEWP)Newport is a global supplier of high precision components, instruments, micropositioning and measurement products and systems to the fiber optic communications, computer peripherals, semiconductor equipment and scientific research markets. For the three months ended 3/31/99, net sales fell 13 percent to $29.4 million. Net income fell 54 percent to $914 thousand. Results reflect lower sales to the semiconductor equipment market and higher research and development costs. 
Nanogen, Inc. (Nasdaq : NGEN)Nanogen, Inc. integrates advanced microelectronics and molecular biology into a platform technology with applications in the fields of medical diagnostics, genetic testing, genomics, biomedical research, and drug discovery. For the three months ended 3/99, revenues rose from 35 percent to $1.9 million. Net loss increased 20 percent to $6.9 million. Revenues reflect higher sponsored research. Higher loss reflects increased development costs and $660 thousand in equity loss of joint venture. 
Novitron Int'l, Inc. (Nasdaq : NOVI)Novitron International, Inc. designs, manufactures and markets scientific instrumentation used in clinical and analytical laboratories. For the nine months ended 12/31/98, revenues increased 25 percent to $11.3 million. Net loss totalled $394 thousand vs. an income of $155 thousand. Revenues reflect the delivery of two new products for allergy testing and the measurement of drugs-of-abuse. Net loss reflects new product development costs and the effect of currency transactions. 
Nicollet Process Engineer (OTC BB : NPET)NPET designs, manufactures, markets, and supports monitoring and control systems, host level client/server software, and machine diagnostic tools for the die casting and plastic injection molding industries. For the six months ended 2/28/99, revenues rose 10 percent to $777 thousand. Net loss rose 5 percent to $1.3 million. Results reflect stronger system sales of die cast and plastics products. Higher loss reflects a lower gross profit margin and higher financing fees. 
National Registry Inc (Nasdaq : NRID)The National Registry Inc. provides a suite of data and network security software products that utilize biometric identification technology, which analyzes and measures certain biological characteristics of an individual. For the three months ended 3/31/99, revenues fell 87 percent to $173 thousand. Net loss applicable to Common totalled $1.1 million, up from $335 thousand. Results reflect the absence of prepaid license revenues and a lower gross profit margin. 
Integ Incorporated (Nasdaq : NTEG)Integ, Inc. is a development stage company engaged in the development of a hand-held glucose monitoring product for use by people with diabetes that avoids the pain and blood associated with conventional ``finger stick'' technology. For the three months ended 3/99, the Company reported no revenues. Net loss fell 39 percent to $2 million. Lower loss reflects decreased staffing, pilot plant allocation, consulting and recruitment expenses. 
Optical Coating Lab. Inc. (Nasdaq : OCLI)OCLI designs, develops, manufactures and markets multi-layer thin film coatings and related products which alter transmission of lightwaves. For the six months ended 4/30/99, revenues rose 31 percent to $153.8 million. Net income applicable to Common rose 55 percent to $6.8 million. Revenues reflect strength in the telecommunications and pigment segments. Earnings benefitted from a $3 million litigation award related to a failed 1996 merger and decreased S/G/A as a  percentage of sales. 
O.I. Corporation (Nasdaq : OICO)O.I. Corp. develops, manufactures, markets and services products for the analytical instruments markets, including sample preparation, detection, measurement and monitoring instruments used to analyze chemical compounds. For the three months ended 3/31/99, net sales rose 5 percent to $6.1 million. Net income fell 25 percent to $323 thousand. Revenues reflect the acquisition of General Analysis Corp. Earnings were offset by lower margins due to changes in product mix. 
Onix Systems Inc. (AMEX : ONX)Onix Systems Inc. designs, develops, markets and services sophisticated field measurement instruments and on-line sensors. For the 13 weeks ended 4/3/99, revenues decreased 8 percent to $34 million. Net income decreased 45 percent to $1.2 million. Revenues reflects reduced discretionary capital spending in the intstrument segment due to poor market conditions. Earnings also reflect by lower margins revenues at Mid-South Companies and higher capacity in the level and density business. 
Optimal Robotics Corp. (Nasdaq : OPMR)Optimal Robotics develops, markets, installs and services automated self-service transaction systems for use in retail point-of-sale applications. For the three months ended 3/99, total revenues rose from US$525 thousand to US$5.1 million. Net loss according to U.S GAAP rose from US$938 thousand to US$9.5 million. Revenues reflect U-Scan installations at several Kroger, Meijer and Wal-Mart stores. Higher loss reflects lower margins on U-Scan sales, and US$8.6 million in stock compensation. 
Orbotech Ltd. (Nasdaq : ORBK)Orbotech Ltd. is an Israeli company engaged in the design, development, manufacture, marketing and service of automated optical inspection equipment, computer aided manufacturing systems and plotters. For the nine months ended 9/30/98, revenues rose 23 percent to $169.8 million. Net income rose 24 percent to $30.6 million. Revenues reflect continued strong demand for the Company's printed circuit board products. Earnings also benefitted from higher margins. 
ORBIT/FR, Inc. (Nasdaq : ORFR)ORBIT/FR, Inc. develops, markets and supports automated microwave test and measurement systems for the wireless communications, satellite, automotive and aerospace/ defense industries. For the fiscal year ended 12/31/98, revenues decreased 46 percent to $11.9 million. Net loss totalled $4.1 million vs. an income of $3.1 million. Revenues reflect decline in defense/ aerospace, satellite and automative markets. Loss reflects costs associated with acquisitions. 
OYO Geospace Corporation (Nasdaq : OYOG)OYO Geospace Corp. designs, manufactures and distributes instruments and equipment used in the acquisition and processing of seismic data. The Company markets its products primarily to the oil and gas industry worldwide. For the three months ended 12/31/98, revenues fell 12 percent to $11.1 million. Net income fell 88 percent to $115 thousand. Revenues reflect decreased demand and pricing pressures of land-based seismic products. Earnings also reflect higher new product development costs. 
PE Corp.
PE Biosystems (NYSE : PEB)PEB develops, manufactures and markets life science systems for the pharmaceutical, biotech, environmental, agricultural, forensics and chemical industries. For the nine months ended 3/99, revenues rose 32 percent to $869.1 million. Net income from continuing operations totalled $67.4 million vs. a loss of $9.2 million. Revenues reflect recent acquisitions and sales of the new ABI Prism 3700 DNA Analyzer. Earnings also reflect the absence of a $28.9 million acquired R&D charge, and a lower income tax rate. 
Photon Technology Int'l. (OTC BB : PHTO)PHTO researches, develops, manufactures and markets proprietary electro-optical systems enabling customers in health care, science and industrial process control to perform advanced analysis utilizing light. For the six months ended 12/98, revenues fell 2 percent to $4 million. Net loss fell 93 percent to $41 thousand. Revenues reflect the impact of product orders received late in the period. Lower loss reflects higher margins and decreases in S/G/A and R&D expenditures. 
Pall Corporation (NYSE : PLL)Pall Corporation manufactures and markets filtration and separation products and systems to a diverse group of customers within three segments: Health Care, Aeropower and Fluid Processing. For the nine months ended 5/1/99, revenues rose 5 percent to $828 million. Net income fell 98 percent to $1.1 million. Revenues reflect higher sales helped by the acquisition of Rochem. Earnings were offset by lower margins, increased interest expense and higher restructuring charges. 
Precision Optics Corp. (Nasdaq : POCI)Precision Optics Corp. designs, develops, manufactures and sells specialized optical systems and components and optical thin film coatings. For the six months ended 12/31/98, revenues fell 26 percent to $1.5 million. Net loss fell 18 percent to $762 thousand. Revenues suffered from lower sales of night-vision products due to the completion of government subcontracts. Lower loss reflects lower costs of goods and favorable change in product mix. 
PPT Vision Inc. (Nasdaq : PPTV)PPTV designs, manufactures, markets and integrates machine vision based automated inspection systems for end-user manufacturers, system integrators and machine builders. For the three months ended 1/31/99, revenues fell 57 percent to$1.7 million. Net loss totaled $711 thousand vs. income of $321 thousand. Results suffered from declines in the electronics segment as well as new product introduction delays and higher R&D due to new product development programs. 
Pollution Research & Con. (Nasdaq : PRCC)Pollution Research and Control Corporation designs, manufactures and markets automated continuous air pollution monitoring instruments used to detect and measure various types of air pollution. For the three months ended 3/31/99, revenues rose 12 percent to $649 thousand. Net loss from continuing operations rose from $5 thousand to $242 thousand. Revenues reflect increased orders from core customers. Higher loss reflects increased staff levels and operating structure related to China expansion. 
Perceptron, Inc. (Nasdaq : PRCP)PRCP designs, develops, manufactures and markets information based process measurment and guidance solutions for the automotive and forest and wood products markets. For the fiscal year ended 12/31/98, revenues fell 24 percent to $49.6 million. Net loss totaled $3.3 million vs. income of $10.8 million. Revenues suffered from a decrease in sales of the Company's P-1000 systems. Net loss reflects an increase in S/G/A expenses related to the hiring of new personnel. 
QualMark Corporation (Nasdaq : QMRK)Qualmark Corp. manufactures and sells proprietary vibration and thermal chambers for quality control testing of various electronic devices. For the fiscal year ended 12/98, revenues rose 29 percent to $13.7 million. Net income totalled $1.7 million vs. a loss of $901 thousand. Revenues reflect a greater concentration of larger, more expensive systems. Earnings also benefitted from efficiencies gained from sales increases and a decrease in legal costs ($131 thousand vs. $1.6 million). 
Research Frontiers, Inc. (Nasdaq : REFR)Research Frontiers Incorporated develops and licenses suspended particle technology and devices that control the transmission of light. For the three months ended 3/31/99, fee income increased 1 percent to $51 thousand. Net loss decreased 15 percent to $690 thousand. Revenues reflect increased fee income from licensing activities. Lower loss also reflects decreased operating expenses due to lower public relations, payroll, travel and stock listing expenses. 
Rheometric Scientific (OTC BB : RHEM)Rheometric Scientific designs, manufactures and markets computer-controlled materials test systems for use in research, product development, on-line process monitoring and quality control. For the nine months ended 9/98, sales fell 14 percent to $23.1 million. Net loss fell 99 percent to $39 thousand. Revenues suffered from decreased sales in Europe and Japan. Lower loss reflects a decrease in cost due to cost reduction measures and the absence of $1.6 million in restructuring expense. 
Robotic Vision Systems (Nasdaq : ROBV)Robotic Vision designs, manufactures, markets and sells automated two and three dimensional vision-based products and systems for inspection, measurement and identification. The Company also markets electro-optical sensor technology. For the three months ended 12/98, revenues fell 45 percent to $29.4 million. Net loss totalled $1.8 million vs. an income of $3.5 million. Results reflect a severe semiconductor industry downturn and high level of fixed manufaturing costs. 
Reuter Manufacturing Inc. (OTC BB : RTMF)Reuter Manufacturing, Inc. is principally a contract manufacturer of precision machined components, assemblies and devices for medical and industrial original equipment manufacturers. For the three months ended 3/31/99, net sales fell 19 percent to $2.9 million. Net loss decreased 46 percent to $238 thousand. Revenues reflect decreased sales of industrial products and engine products. Lower loss reflects higher margins due to lower labor costs due to personnel reductions. 
Substance Abuse Technol. (OTC BB : SATKQ)Substance Abuse Tech. designs, manufactures and markets alcohol breath testing devices which measure blood alcohol content with a breath sample. The Company also runs drug-free workplace programs. For the three months ended 6/30/97, net sales increased 49 percent to $898 thousand. Net loss applicable to Common Stock increased 18 percent to $2.4 million. Revenues benefitted from increased sales from the employer services division. Loss reflects increased consulting expenses. 
SBS Technologies, Inc. (Nasdaq : SBSE)SBS Technologies, Inc. is a designer and manufacturer of open-architecture, standard bus embedded computer components that system designers can utilize to create a custom solution specific to the user's unique application. For the nine months ended 3/31/99, sales rose 46 percent to $78.3 million. Net income rose 22 percent to $8.8 million. Revenues reflect acquisitions and increased unit shipments. Net income was partially offset by increased expenses resulting from recent acquisitions. 
Sensar Corporation (Nasdaq : SCII)Sensar Corp. designs, develops, manufactures and markets analytical instruments related to the environmental sciences, and accompanying hardware/software technology for industrial and military applications. For the three months ended 3/99, net sales fell 33 percent to $1.6 million. Net income applicable to Common totalled $1.5 million, vs. a loss of $1.7 million. Revenues reflect lower acoustics and chemical analysis sales. Earnings reflect a $2.1 million gain on the sale of the acoustics division. 
Scientific Measurement (OTC BB : SCMS)SCMS designs, develops, assembles, services and markets radiographic/tomographic scanning systems used for the nondestructive examination of the surface and interior structure of various materials. For the three months ended 10/31/98, total revenues rose 62 percent to $718 thousand. Net loss decreased 47 percent to $172 thousand. Revenues reflect higher upgrade, maintenance and scanner field services revenues. Lower loss lagged from higher direct contract costs. 
Scientific Industries (OTC BB : SCND)Scientific Industries, Inc. manufactures and markets laboratory equipment consisting primarily of vortex mixers and other lab apparatus, including timers, rotators and pumps. For the six months ended 12/31/98, net sales rose 7 percent to $1.8 million. Net income rose 3 percent to $81 thousand. Revenues reflect higher sales of existing laboratory products. Earnings were partially offset by higher labor and labor-related costs within factory overhead during the period. 
Sentex Sensing Technology (OTC BB : SENS)Sentex Sensing Technology designs, develops, assembles and markets instruments for the measurement of clarity, suspended solids content, color, purity, flow, level and volume of liquids in industrial and waste water environments. For the three months ended 2/28/99, total revenues fell 9 percent to $1.2 million. Net loss fell 61 percent to $192 thousand. Results reflect the sale of Systems to ALR Group, offset by higher margins and cost reduction measures. 
Selfcare, Inc. (AMEX : SLF)SLF develops, manufactures and markets self-test and self-care products for the diabetes, women's health and infectious disease markets. For the three months ended 3/31/99, net revenues rose 19 percent to $29.2 million. Net loss applicable to Common before extraordinary item rose 57 percent to $5 million. Results reflect a full period's results from the 2/98 acquisition of Can-Am Care and higher sales of the FastTake system, offset by lower margins, higher S/G/A and $1.1 million in Preferred dividend provs. 
SpectruMedix Corporation (OTC BB : SMDX)SMDX develops, manufactures and markets high technology measuring instruments and software packages that focus on medical and scientific technologies and associated instrumentation. SMDX also provides systems maintenance. For the nine months ended 12/31/98, revenues fell 38 percent to $163 thousand. Net loss before extraordinary item decreased 33 percent to $2.2 million. Revenues reflect a decrease in Luminoscope sales. Net loss reflects the absence of a $1.7 million amortization cost. 
Schmitt Industries, Inc. (Nasdaq : SMIT)Schmitt Industries, Inc. designs, assembles and markets computer-controlled balancing equipment for use primarily by the machine tool industry. For the nine months ended 2/28/99, sales decreased 28 percent to $5.9 million. Net loss totalled $150 thousand, vs. income of $1.2 million. Revenues reflect a decrease in sales of Schmitt Measurement Systems products. Net loss reflects a higher  percentage of lower margin products sold and costs of hiring and training staff. 
SmarTire Systems, Inc. (Nasdaq : SMTR)SmarTire Systems, Inc. is engaged in developing and marketing Tire Monitoring Systems designed for improved vehicle safety, performance, reliability and fuel efficiency. For the nine months ended 4/30/99, revenues rose 41 percent to C$1.9 million. Net loss totalled C$14.6 million, up from C$5.4 million. Revenues reflect higher sales of the Racing TMS product and TMS systems. Higher loss reflects increased public relations, compensation, legal insurance and travel expenses. 
Socrates Technologies (Nasdaq : SOCT)SOCT is an information technology solutions company focusing on the assembly, integration and marketing of built to order proprietary computer systems. SCOT also provides computer software training and related services. For the comparable three months ended 3/31/99, revenues fell 47 percent to $7.9 million. Net loss from continuing operations rose from $359 thousand to $1.4 million. Results reflect the recent strategic reorganization, higher S/G/A, decreased interest income, and a $344 thousand charge. 
Sonex Research (OTC BB : SONX)Sonex Research, Inc. is engaged in the research, development and commercialization of patented technology which controls the combustion of fuel in engines. For the three months ended 3/31/99, revenues decreased 47 percent to $39 thousand. Net loss increased 38 percent to $198 thousand. Revenues suffered from a decrease in development contracts. Higher losses reflect an increase in personnel costs resulting from an increase in wage rates of technical personnel. 
Sepragen Corporation (OTC BB : SPGNA)SPGNA develops, assembles and markets liquid chromato-graphy columns and computer-controlled liquid chromatography process systems for use in the separation and purification of biopharmaceuticals and food and beverage products. For the nine months ended 9/98, net sales rose 64 percent to $1.2 million. Net loss fell 16 percent to $1.2 million. Revenues reflect increased sales of core products. Lower loss was partially offset by increased interest expense due to bridge loans and notes payable. 
Spectra-Physics Lasers (Nasdaq : SPLI)Spectra-Physics Lasers designs, develops, manufactures and distributes lasers and laser systems for the industrial, original equipment manufacturer (OEM), and research and development markets. For the three months ended 3/31/99, net sales fell 29 percent to $31.1 million. Net loss totalled $1.9 million vs. an income of $2.1 million. Results reflect reduced orders and sales in the commercial printing and graphics market and lower margins due to changes in sales mix. 
Spectrum Laboratories (OTC BB : SPTM)SPTM develops, manufactures, and sells hollow fiber membrane disposable products for use by research labs, biotechnology and pharmaceutical companies. SPTM, through its subsidiaries, also provides artificial capilliary systems and medical disposable devices. For the fiscal year ended 1/2/99, sales fell 7 percent to $12.5 million. Net income fell 79 percent to $98 thousand. Results reflect decreased demand in Asia and the absence of $803 thousand in gain on the sale of product lines. 
Sierra Monitor Corp. (OTC BB : SRMC)Sierra Monitor Corp. is engaged in the design, manufacture and marketing of products which detect combustible and toxic gases for the protection of personnel and facilities in industrial workplaces. For the three months ended 3/31/99, net sales rose 8 percent to $1.7 million. Net loss totalled $62 thousand vs. an income of $113 thousand. Results reflect increased sales of products for telephone company applications, offset by increased selling and marketing costs. 
Scientific Technologies (Nasdaq : STIZ)STIZ develops, manufactures and markets safety light curtains, industrial sensors, power monitoring devices, microcomputers and optical profilers for factory automation applications. For the three months ended 3/31/99, sales increased 4 percent to $11.6 million. Net income fell 28 percent to $1 million. Revenues reflect increased acceptance of the Company's products. Earnings were offset by changes in the product mix to lower margin products. 
Stake Technology Ltd. (Nasdaq : STKL)STKL develops and commercializes a proprietary steam explosion technology for processing biomass into higher value products. The Co. also sells and recycles inorganic materials. For the nine months ended 9/98, revenues increased 34 percent to C$16.4 million. Net income according to U.S. GAAP totalled C$754 thousand vs. a loss of C$154 thousand. Revenues reflect an increase in the number of products B.E.I. distributed. Earnings also reflect an increase in gross margin. 
Stocker & Yale, Inc. (OTC BB : STKR)Stocker and Yale is a diversified Company engaged predominantly in the production of lighting systems for measuring and inspection equipment in the microscopy and machine vision markets. For the fiscal year ended 12/98, revenues rose 13 percent to $12.6 million. Net loss totalled $10 million, up from $727 thousand. Revenues reflect increase in the sale of lighting products. Higher loss reflects $8.5 million in goodwill impairment and acquired in-process R&D charges. 
TAT Technologies Ltd. (Nasdaq : TATTF)TAT Technologies Ltd. designs, manufactures and sells heat transfer equipment used in mechanical and electronic systems on board commercial and military aircraft and in other electronic equipment. For the six months ended 6/98, revenues fell 9 percent to $6.9 million. Net loss totalled $241 thousand vs. an income of $69 thousand. Revenues reflect the absence of hardware and software services. Loss reflects an increase in research and development expenses. 
Thermo Bioanalysis Corp. (AMEX : TBA)Thermo Bioanalysis Corp. designs, manufactures and markets products for immunoassay testing, clinical equipment and consumables, and laboratory information management systems and chromatography data systems. For the 13 weeks ended 4/3/99, revenues rose 21 percent to $65.8 million. Net income rose 21 percent to $3.9 million. Results reflect acquisitions, higher demand at the Information Management Systems segment and expansion of sales and distribution channels. 
Thermedics Detection (AMEX : TDX)TDX develops, manufactures and markets high-speed detection and measurement systems for quality assurance and security applications. TDX also manufactures and markets electrochemistry systems. For the three months ended 4/3/99, revenues fell 14 percent to $20.4 million. Net income fell 11 percent to $1.8 million. Revenues reflect lower shipments of security systems and decrease demand for titration products. Earnings reflect higher S/G/A expenses as a  percentage of sales. 
Teradyne, Inc. (NYSE : TER)TER manufactures automatic test equipment and related software for the electronics and communications industries, offering systems for testing semiconductors, circuit boards, phone lines, networks and software. For the three months ended 4/4/99, net sales fell 20 percent to $344.5 million. Net income fell 64 percent to $18 million. Results reflect decreased sales of semiconductor test systems, lower margins, unfavorable changes in the mix, and increases in R&D and S/G/A as  percentages of net sales. 
Thermo Instrument Systems (AMEX : THI)Thermo Instrument Systems is a worldwide leader in the development, manufacture, and marketing of measurement instruments used to monitor, collect, and analyze information. For the three months ended 4/3/99, revenues rose 14 percent to $463.6 million. Net income fell 50 percent to $18.9 million. Revenues reflect recent acquisitions. Earnings were offset by a lower gross profit margin, higher selling, general and administrative expenses and a $1.2 million restructuring charge. 
Laminaire Corporation (OTC BB : THMZ)Laminaire Corporation designs, assembles and sells a family of products and systems used in cleanroom facilities and to monitor a wide variety of environmental conditions. For the three months ended 3/31/99, revenues fell 38 percent to $996 thousand. Net loss from continuing operations totalled $266 thousand, up from $123 thousand. Revenues reflect a lower level of new orders in all divisions. Higher loss also reflects higher general and administrative expenses. 
ThermoSpectra Corporation (AMEX : THS)ThermoSpectra Corp. develops, manufactures, and markets imaging and inspection, temperature control and test and measurement instruments. For the 13 weeks ended 4/3/99,revenues fell 21 percent to $41.9 million. Net income totaled $4 thousand, down from $2.1 million. Revenues reflect a severe reduction in capital-equipment expenditures in the semiconductor industry. Net income suffered from $800 thousand in restructuring costs and lower margins due to lower sales volumes. 
Technology 80 Inc. (OTC BB : TKAT)TKAT designs, manufactures and markets motion control components and systems for original equipment manufacturer machine and instrument builders, and end users worldwide. For the six months ended 2/28/99, revenues fell 25 percent to $2.1 million. Net income fell 95 percent to $26 thousand. Revenues reflect a slowdown in the semiconductor industry. Earnings also suffered from increases in R&D expenses and higher S/G/A expenses as a  percentage of revenues. 
Thermedics, Inc. (AMEX : TMD)TMD develops, manufactures and markets implantable heart-assist devices and other biomedical products, security instruments, power and quality assurance equipment. For the three months ended 4/3/99, revenues rose 3 percent to $77.6 million. Net income before extra item fell 52 percent to $2.6 million. Results reflect strength at Thermo Sentron and Thermo Cardiosystems, offset by lower margins and a $1.4 million charge for pending reorganizations involving Thermo Electron and several of its 22 subsidiaries. 
Thermo Electron Corp. (NYSE : TMO)TMO develops, manufactures and markets analytical and monitoring instrument; biomedical product; paper recycling and papermaking equipment; industrial process equipment; and other specialized products. TMO provides industrial outsourcing and conducts advanced technology R&D. For the 13 weeks ended 4/3/99, revenues rose 7 percent to $1.01 billion. Net income before extraordinary item fell 56 percent to $28.3 million. Results reflect recent acquisition, offset by the absence of a $39.6 million gain on issuance of stock. 
ThermoQuest Corporation (AMEX : TMQ)TMQ develops and distributes mass spectrometers, liquid chromatographs and gas chromatographs used for analyzing chemical compounds at ultratrace levels. For the three months ended 4/3/99, revenues fell 2 percent to $105.6 million. Net income fell 4 percent to $10.8 million. Revenues reflect decreased demand for the Fourier transform mass spectrometer, and weakness in Brazil. Earnings reflect lower margins due to unfavorable changes in the sales mix, and increased marketing expenses. 
Thermo Optek Corporation (AMEX : TOC)Thermo Optek Corporation is engaged in analytical instruments that use a range of optical spectroscopy and energy-based techniques, and systems for materials analysis, characterization, and preparation. For the three months ended 4/3/99, revenues fell 7 percent to $106.2 million. Net income fell 28 percent to $7.1 million. Revenues reflect lower sales to Asia and a decrease in demand in certain divisions. Net income reflects an increase in S/G/A expenses as a  percentage of sales. 
Trimble Navigation Ltd. (Nasdaq : TRMB)TRMB designs, manufactures and markets electronic products enabled by GPS technology for determining precise geographic location. The Co's. principal products are integrated systems for collecting, analyzing and displaying position data. For the 13 weeks ended 4/02/99, revenues fell 7 percent to $68.8 million. Net income from continuing operations fell 25 percent to $3 million. Results reflect lower sales from Mobile and Timing Technologies and increased allowance for doubtful accounts. 
Transmation, Inc. (Nasdaq : TRNS)TRNS is primarily engaged in the sale and distribution, development, manufacture and service of electronic instrumentation which is used principally for measurement, indication and transmission of information. For the nine months ended 12/98, net sales fell 13 percent to $51.1 million. Net income increased 44 percent to $956 thousand. Revenues suffered from lower sales to customers in the Far East. Net income benefitted from improved margins in the Cal-Lab operation. 
Trio-Tech International (AMEX : TRT)Trio-Tech International is a designer and manufacturer of equipment used to test the structural integrity of semiconductor devices that must meet high-reliability specifications. For the 39 weeks ended 3/26/99, net sales fell 2 percent to $15.1 million. Net income fell 75 percent to $148 thousand. Revenues suffered from poor economic conditions in the semiconductor market. Earnings also suffered from lower margins due to a shift towards distribution sales. 
TSI Incorporated (Nasdaq : TSII)TSII develops, manufactures, and markets measuring and control instruments for industry and research, with applications ranging from monitoring air quality to controlling industrial processes. For the nine months ended 12/31/98, net sales rose 7 percent to $63.9 million. Net income rose 9 percent to $5.4 million. Revenues reflect strong demand for the Company's safety, comfort and health instruments. Earnings also reflect lower research and development expenses. 
Unidyne Corporation (Nasdaq : UDYNE)Unidyne Corporation, through its subsidiaries, manufactures emissions testing and post manufacturing testing, specialized AC and DC electric motors and variable speed drives and control. For the nine months ended 9/30/98, revenues increased 53 percent to $20 million. Net loss applicable to Common decreased 12 percent to $775 thousand. Revenues benefitted from the acquisition of Sabina Industries. Lower loss was partially offset by higher debt levels and S/G/A expenses. 
Veeco Instruments, Inc. (Nasdaq : VECO)VECO designs, manufactures, markets and services a line of precision process equipment and process metrology equipment used to manufacture and test micro-electronic products for the data storage and semiconductor industries. For the three months ended 3/99, revenues rose 4 percent to $56 million. Net income vs. proforma net income rose 11 percent to $5.1 million. Results reflect increased process equipment sales and higher margins due to increased volumes and product mix shifts. 
Visible Genetics Inc. (Nasdaq : VGIN)Visible Genetics Inc. develops, manufactures and markets automated DNA sequencing systems and provides genotyping testing services for HIV and other diseases. For the three months ended 3/31/99, sales increased from $1.1 million to $4.5 million. Net loss increased 10 percent to $3.3 million. Sales benefitted from strong demand for the Co.'s DNA sequencer, GeneKits and testing services. Loss reflects increased research and development and personnel expenses. 
Thermo Vision Corporation (AMEX : VIZ)VIZ designs, manufacturers, and markets a diverse array of photonics products, including optical components, imaging sensors and systems, lasers, optically based instruments, optoelectronics, and fiber optics. For the three months ended 4/3/99, revenues decreased 13 percent to $9.2 million. Net income fell 99 percent to $6 thousand. Revenues suffered from a slowdown in the semiconductor industry. Net income also reflects a decreased gross margin due to production startup costs. 
Vivid Technologies, Inc. (Nasdaq : VVID)VVID develops, manufactures and markets automated inspection systems which detect plastic and other explosives in airline baggage by analyzing the physical characteristics of each item. For the three months ended 12/31/98, revenues fell 61 percent to $3.6 million. Net loss totalled $2 million vs. an income of $1.5 million. Revenues reflect lower product sales due to the Asian economic troubles. Loss also reflects higher fixed manufacturing labor and overhead costs over lower revenues. 
VWR Scientific Products (Nasdaq : VWRX)VWR Scientific Products Corp. is a supplier of laboratory equipment, chemicals and supplies to life science, educational and industrial organizations worldwide. For the three months ended 3/31/99, revenues increased 12 percent to $360.3 million. Net income decreased 8 percent to $7.3 million. Revenues reflect the 7/98, acquisition of Science Kit Group Companies. Earnings were offset by higher operating expenses due to the Science Kit acquisition and the implementation of a new computer system. 
Waters Corporation (NYSE : WAT)Waters Corp. manufactures, distributes and provides high performance liquid chromatography instruments, chromatography columns and other related services. For the three months ended 3/99, net sales rose 16 percent to $160.4 million. Net income applicable to Common totalled $22.7 million, up from $5 thousand. Results reflect higher pharmaceutical customer demand, HPLC growth, higher sales of mass spectrometry products and the absence of $16.5 million in revaluation of acquired inventory. 
Winland Electronics, Inc. (Nasdaq : WLET)WLET is engaged in the design and manufacture of custom electronic controls and assemblies for several OEM customers. WLET also is a supplier of microprocessor and mechanically controlled sensors and alarms. For the three months ended 03/31/99, sales rose 50 percent to $6.6 million. Net income totalled $443 thousand, up from $175 thousand. Revenues benefitted from the increased sales to OEM customers. Earnings also reflect improved gross profits as a persentage of sales. 
Xenometrix, Inc. (OTC BB : XENO)Xenometrix, Inc. is a biotechnology company with proprietary gene response profiling technology designed to help the pharmaceutical industry improve the effectiveness of drug discovery and development. For the nine months ended 3/31/99, revenues totalled $2.9 million, up from $497 thousand. Net income totalled $701 thousand vs. a loss of $2.9 million. Results reflect increased up-front licensing fees relating to the Company's issued patents in the United States and Europe. 
X-Rite, Incorporated (Nasdaq : XRIT)X-Rite, Incorporated develops, manufactures and sells quality control instruments and accessories which measure color and appearance, optical density, photographic density and various types of light sources. For the three months ended 4/3/99, revenues rose less than 1 percent to $23.7 million. Net income fell 4 percent to $3 million. Results reflect higher engineering, general and administrative expenses and higher research and development expenses. 
Zygo Corporation (Nasdaq : ZIGO)Zygo Corporation is primarily engaged in the design and manufacture of metrology, process control and yield enhancement solutions for high precision manufacturing industries. For the nine months ended 3/31/99, net sales fell 43 percent to $44.5 million. Net loss totalled $5.2 million vs. an income of $8.9 million. Revenues reflect the adverse impacts of the weak Asian economic environment and semiconductor market. Loss also reflects lower margins due to lower volume. 
Zonic Corporation (OTC BB : ZNIC)Zonic designs, manufactures, and markets integrated standard systems which are used to measure and analyze the vibration and noise characteristics of mechanical structures. For the nine months ended 12/31/98, revenues increased 11 percent to $1.7 million. Net income applicable to Common totalled $123 thousand vs. a loss of $321 thousand. Revenues reflect a rise in the Medallion and WCA product lines. Earnings reflects a decrease in rent and other facility related costs, and professional services.%}
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Apollo Group, Inc. (Nasdaq : APOL)Apollo Group is a provider of higher education programs for working adults. APOL offers its services at 70 campuses and learning centers in the United States and Puerto Rico. For the six months ended 2/28/99, revenues rose 30 percent to $227.7 million. Net income rose 29 percent to $23.7 million. Revenues benefitted from an increase in student enrollments and tuition prices. Earnings were partially offset by higher selling and promotional expenses. 
Argosy Education Group (Nasdaq : ARGY)ARGY is a for-profit provider of doctoral level programs, offering doctoral and masters degrees in psychology, education and business, bachelor degrees in business, and associate degrees in healthcare and IT. For the six months ended 2/28/99, net revenues rose 32 percent to $18.4 million. Net income rose 17 percent to $2.7 million. Results reflect customer growth, higher tuition rates, and the acquisitions of PrimeTech and MIM, partially offset by lower margins at PrimeTech and MIM. 
Berlitz International (NYSE : BTZ)BTZ is a language services firm which publishes travel guides, foreign language phrase books, dictionaries and other related language instruction products. For the three months ended 3/31/99, sales decreased less than 1 percent to $104.4 million. Net loss before extraordinary item totalled $2.7 million vs. an income of $23 thousand. Revenues reflect reduced intensive English program revenues and unfavorable exchange rate fluctuations. Earnings also suffered from higher S/G/A. 
Concorde Career Colleges (OTC BB : CCDC)CCDC owns and operates 12 proprietary, post-secondary schools which offer career vocational training programs, primarily in the allied health field. For the three months ended 3/31/99, net revenues fell 9 percent to $8.3 million. Net loss applicable to Common totalled $400 thousand vs. an income of $56 thousand. Revenues reflect the pending closure of the Miami Campus and a decrease in the student population. Net loss reflects lower margins, higher S/G/A and an increase in uncollectibles. 
Career Education Corp. (Nasdaq : CECO)Career Education Corp. is a provider of private, for-profit postsecondary education in North America. The Co's schools offer a variety of bachelor's degree, associate degree and non-degree programs in career-oriented disciplines. For the three months ended 3/99, revenues rose 39 percent to $45.4 million. Net income before accounting change applicable to Common totalled $1.5 million vs. a loss of $3.1 million. Results reflect higher student population and the absence of preferred dividends. 
Canterbury Info. Tech. (Nasdaq : CITI)CITI provides information technology services which includes operating computer software training companies, a management training co., and developing and selling software to individuals and corporations. For the three months ended 2/28/99, revenues rose 1 percent to $2.8 million. Net income decreased 71 percent to $43 thousand. Results reflect increased sales of technical training products. Earnings were offset by higher cost of revenues due to labor and facilities costs. 
Caliber Learning Network (Nasdaq : CLBR)Caliber Learning Network owns and operates a state-of-the-art distance learning network designed to deliver post-secondary education and training for prominent universities, major corporations and working adults. For the three months ended 3/31/99, revenues totalled $4.6 million, up from $1.3 million. Net loss applicable to Common fell 28 percent to $6.2 million. Results reflect the 2/98 inception of primary business activities, partially offset by increased depreciation. 
Computer Learning Centers (Nasdaq : CLCX)Computer Learning Centers, Inc. provides information technology and computer-related training and education. The Company designs programs and courses in client/server, databases, networking and object-oriented programming. For the fiscal year ended 1/31/99, revenues increased 49 percent to $144.4 million. Net loss before accounting change totalled $341 thousand vs. an income of $9.6 million. Results reflect an increase in student enrollment, offset by start up of new learning centers. 
Corinthian Colleges, Inc. (Nasdaq : COCO)Corinthian is a for-profit educational institution operating 35 colleges in 16 states, and offering a variety of degrees and diploma programs in the healthcare, electronics, and business fields. For the nine months ended 3/99, net revenues rose 25 percent to $98.2 million. Net income applicable to Common before extraordinary item totalled $4.2 million, up from $899 thousand. Results reflect growth in the student base, higher tuition rates, higher margins and decreased S/G/A as a  percentage of sales. 
California Culinary Acdmy (Nasdaq : COOK)California Culinary Academy is a public for profit professional chef training school that offers a wide variety of consumer education classes. COOK operates two restaurants, a retail store and is involved in media projects. For the six months ended 12/31/98, total revenues increased 13 percent to $9.2 million. Net income applicable to Common totalled $539 thousand vs. a loss $314 thousand. Results reflect increased student enrollment and decreased operating expenses as a  percentage of sales. 
DeVRY, Inc. (NYSE : DV)DeVRY, Inc., through its wholly owned subsidiaries, operates an international system of degree-granting, career-oriented higher-education schools, as well as an international training firm. For the nine months ended 3/31/99, revenues rose 18 percent to $311.9 million. Net income rose 25 percent to $28.7 million. Revenues reflect increased enrollments and the opening of new DeVry and Keller sites. Earnings also reflect the benefits of improved student retention. 
Education Management Corp (Nasdaq : EDMC)Education Management Corp. is a provider of proprietary postsecondary education, offering degreed and non-degreed programs in the areas of design, media arts and technology, culinary arts, fashion and professional development. For the nine months ended 3/31/99, net revenues increased 18 percent to $195.6 million. Net income rose 32 percent to $16.3 million. Results reflect increased average student enrollment and higher operating margins due to higher enrollments. 
EduTrek International Inc (Nasdaq : EDUT)EDUT provides career-oriented, int'l focused higher education designed to prepare students to compete in the global marketplace. EDUT operates The American College, a secondary educational institution. For the comparable three months ended 3/31/99, revenues rose 24 percent to $16.7 million. Net loss totalled $406 thousand vs. income of $1.7 million. Revenues reflect the a rise in student enrollment and a tuition increase. Losses reflect a rise in salary, and other cost increases. 
ITT Educational Services (NYSE : ESI)ITT Educational Services provides technology-oriented postsecondary degree programs in the U.S., offering associate, bachelor and master degree programs and non-degree diploma programs to 25,000 students. For the three months ended 3/99, revenues rose 11 percent to $80 million. Net income before acct. change rose less than 1 percent to $7.3 million. Results reflect higher student enrollment and tuition rates. Earnings were partially offset by increased costs at new institutes. 
Educational Video Confer. (Nasdaq : EVCI)Educational Video Conferencing, Inc. delivers educational courses and programs to employees of major corporations via interactive video conferencing systems, enabling instructors and students to see, hear and interact with eachother at multiple locations. For the three months ended 3/99, net revenues totalled $204 thousand, up from $38 thousand. Net loss totalled $977 thousand, up from $462 thousand. Results reflect an increase in student enrollments, offset by higher S/G/A. 
Franklin Covey Company (NYSE : FC)Franklin Covey Co. is a professional services and leadership development firm that provides training seminars and products designed to improve individual and organization productivity through effective time management. For the six months ended 2/27/99, sales fell 2 percent to $277.5 million. Net income before accounting change fell 33 percent to $17.5 million. Results reflect lower core program sales, mainly public leadership seminars, and higher costs related to new store openings. 
Fortune Financial Systems (OTC BB : FFSY)Fortune Financial Systems, Inc. is a financial and business training, coaching and consulting company which provides training services and consulting, specializing in personal finance, small business, real estate and Internet products and services. For the nine months ended December 31, 1997, revenues totalled $19 million. Net loss applicable to Common totalled $552 thousand. Results are not comparable due to the Company's inception of operations on September 3, 1996. 
Intl. Business Schools (Nasdaq : IBSDF)International Business Schools is a Canadian-based private education group which owns, operates and franchises 48 post-secondary schools in eight provinces of Canada and a further two in Mexico City and Beijing. For the 10 months ended 12/31/98, total revenues totalled C$31.7 million. Net loss before accounting change according to U.S. GAAP totalled $1.3 million. Results are not comparable due to the fiscal year end change from February to December. 
Kiddie Academy Int'l Inc. (OTC BB : KAII)KAII is a franchisor and operator of education based child care centers. KAII also sells school supplies and educational toys and equipment. For the 40 weeks ended 7/6/97 (vs. 39 weeks ended 6/30/96), revenues increased 95 percent to $6.2 million. Net loss totalled $7.3 million, up from $1.1 million. Revenues reflect an increase in the total number of centers owned and operated and higher average enrollment levels. Net loss reflects the inclusion of a $6 million restructuring charge. 
KinderCare Learning Ctrs. (OTC BB : KDCR)KinderCare Learning Centers, Inc. provides proprie-tary child care centers and pre-school education services in 38 states and the United Kingdom. For the 40 weeks ended 3/5/99, operating revenues increased 6 percent to $477.6 million. Net income totalled $10.4 million, up from $2.4 million. Revenues reflect average tuition increases and the opening of new centers. Net income also reflects the inclusion of a $521 thousand restructuring credit vs. a $4.9 million charge. 
Lucas Educational Systems (OTC BB : LEDS)Lucas Educational Systems, Inc., through its wholly owned subsidiary, Lucas Nevada, produces, markets and distributes proprietary learning and memory techniques and related products that have been developed by Mr. Lucas over the past thirty years. For the nine months ended 12/31/98, revenues totalled $0. Net loss totalled $535 thousand. Year-to-date results are not comparable due to 12/5/96 date of inception. 
Learning Tree Internat. (Nasdaq : LTRE)Learning Tree International, Inc. is a worldwide provider of education and training to information technology professionals in businessand government organizations. For the six months ended 3/31/99, revenues increased 2 percent to $91.7 million. Net income increased 59 percent to $5.4 million. Results reflect higher average revenues per multi-day course participant and growth in the CBT product line. Earnings also reflect a reduction in direct mail marketing costs and increased interest income. 
Mentortech, Inc. (OTC BB : MNTK)MNTK develops and offers instructor-led training (``ILT'') and technology-based training (``TBT'') courses for information technology professionals and end-users and also provides consulting services. For the fiscal year ended 12/98, revenues rose 14 percent to $20 million. Net loss rose 19 percent to $1 million. Revenues reflect increased number of application courses offered and more high-end technical courses. Higher loss suffered from a $300 thousand charge for goodwill write-down. 
New Horizons Worldwide (Nasdaq : NEWH)New Horizons Worldwide both owns and franchises computer training centers, offering a variety of training choices including instructor-led classes, Web-based training, computer-based training, computer labs and others. For the three months ended 3/31/99, revenues rose 51 percent to $22.1 million. Net income totalled $1.6 million, up from $811 thousand. Results reflect improved revenues at Company-owned locations and higher margins due to increased revenues. 
Nobel Learning Commun. (Nasdaq : NLCI)Nobel Learning Communities, Inc. provides affordable private education (from preschool to the eighth grade) for children of middle-income working families across the country. For the comparable six months ended 12/31/98, revenues rose 25 percent to $51.7 million. Net income applicable to Common before extraordinary item totalled $156 thousand vs. a loss of $2.2 million.Revenues reflect acquisitions. Earnings reflect the absence of a $3 million restructuring charge. 
Prosoft I-Net Solutions (Nasdaq : POSO)POSO engages in the business of training individuals in small, medium and large organizations in Internet and Intranet technologies. For the six months ended 1/31/99, total revenues increased 21 percent to $3.5 million. Net loss fell 30 percent to $5.9 million. Revenues reflect greater acceptance of the Co's class offerings. Lower loss also reflects decreased cost of services due to a reduced number of classroom sites, and lower S/G/A expenses due to a reduced number of employees. 
Quest Education Corp. (Nasdaq : QEDC)Quest Education Corp. operates diversified career-oriented postsecondary education schools. The Company offers diploma and, in certain locations, degree programs through 24 schools located in 10 states. For the nine months ended 12/98, revenues rose 54 percent to $64 million. Net income rose 42 percent to $3 million. Revenues reflect increased enrollment and acquisitions. Earnings were partially offset by increased interest expenses. 
Sylvan Learning Systems (Nasdaq : SLVN)Sylvan provides educational services to families, schools and businesses. The Co. operates through three segments: computer based testing for academic admissions, information technology and certification programs, and instructional services. For the three months ended 3/99, revenues rose 43 percent to $123.8 million. Net income before acct. change rose 60 percent to $6.8 million. Results reflect increases in all business segments and improved magins from Sylvan Prometric. 
Strayer Education, Inc. (Nasdaq : STRA)Strayer Education, Inc., through its wholly-owned subsidiary Strayer University, is a regional proprietary institution of higher education that offers undergraduate and graduate degree programs at 11 campuses in Washington, D.C., Maryland and Virginia. For the three months ended 3/99, revenues increased 12 percent to $18.9 million. Net income increased 15 percent to $6.2 million. Results reflect increased student enrollments, a 5 percent tuition increase and increased income from securities. 
Touchstone Applied Sci. (Nasdaq : TASA)TASA develops and publishes a proprietary line of reading tests designed according to clients' specifications and distributes them to elementary, secondary schools and universities nationwide. For the three months ended 1/99, net revenues rose 82 percent to $2.4 million. Net loss totalled $200 thousand, up from $33 thousand. Revenues reflect higher sales of traditional reading tests and recent acquisition activity. Higher loss suffered primarily from lower gross margins. 
Tesseract Group, Inc. (Nasdaq : TSST)TSST is an integrated education management company, serving private preschool students, private and public charter elementary, middle, and high school students, and post-secondary career college students in six states. Total revenues for the six months ended 12/31/98 rose from $2.5 million to $16.8 million. Net loss totalled $4.4 million, up from $1.7 million. Revenues reflect the acquisition of Sunrise and ABC and more private schools opened. Loss reflects higher operating and integration costs. 
Wade Cook Financial Corp. (OTC BB : WADE)WADE is a holding company which through its subsidiary conducts seminars, produces video and audiotapes, distributes books and other written material focusing on financial and personal wealth creation strategies. For the fiscal year ended 12/31/98, revenues rose 27 percent to $118.2 million. Net income from continuing operations fell 64 percent to $3 million. Revenues reflect a change in fiscal year end for a subidiary. Earnings reflect increased advertising and payroll expenses. 
Wave Technologies Intl. (Nasdaq : WAVT)Wave Technologies International Inc., designs, develops, markets, and delivers training and instructional products addressing data communications, networking and client/server computing technologies. For the nine months ended 1/99, total sales rose 1 percent to $27 million. Net loss totalled $116 thousand vs income of $547 thousand. Revenues reflect increases in publishing and instructor led training sales. Loss reflects increased sales and marketing expenses. 
Whitman Education Group (AMEX : WIX)Whitman Education Group operates degree and non-degree granting proprietary schools devoted to career training primarily in the medical, technical, and business fields. For the nine months ended 12/31/98, revenues increased 21 percent to $53.1 million. Net income totalled $537 thousand vs a loss of $1.3 million. Revenues reflect an 19.5 percent higher average student enrollment. Earnings benefitted from an increase in operating income from the Associate Degree Division.%}
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Applied Computer Tech. (OTC BB : ACTIE)Applied Computer Technology principally assembles and distributes personal computers and related products and services to customers throughout the United States. The Company also has six retail and training locations in Colorado. For the six months ended 6/30/98, revenues fell 53 percent to $4 million. Net loss applicable to Common fell 39 percent to $1.9 million. Results reflect changing conditions in the industry, offset by higher margins and lower marketing and selling expenses. 
Best Buy Company, Inc. (NYSE : BBY)Best Buy Company sells personal computers and other home office products, consumer electronics, entertainment software, major appliances and related accessories through its retail stores. For the fiscal year ended 2/27/99, revenues increased 21 percent to $10.08 billion. Net income totalled $224.4 million, up from $94.5 million. Revenues reflect strong consumer spending, market share gains, and revenue from new stores. Earnings reflect higher gross margins and higher net interest. 
Circuit City Group (NYSE : CC)Circuit City Group is a national retailer of brand-name consumer electronics, personal computers, major appliances and entertainment software. As of 4/99, the Company operated 590 retail stores throughout the United States. For the fiscal year ended 2/28/99, revenues rose 17 percent to $9.34 billion. Net income rose 32 percent to $148.4 million. Revenues reflect continued geographic expansion. Earnings also reflect higher operating margins due to increased same store sales. 
Campo Electronics, Appl. (OTC BB : CMPOQ)Campo Electronics, Appliances and Computers is a retailer of name brand electronics, major appliances, computers and home office products with 20 stores in LA, AL, MS, and FL. For the nine months ended 5/98, net sales fell 41 percent to $114.5 million. Net loss fell 78 percent to $5.2 million. Revenues reflect weakness in the retail consumer electronics industry, and increased competition in many markets. Lower loss reflects the absence of $13.3 million in non-recurring charges. 
Cyberian Outpost, Inc. (Nasdaq : COOL)Cyberian Outpost, Inc. is a global internet retailer of computer hardware, software and accessories to the consumer and small office/home office marketplace. The Company's online store offers more than 160,000 products. For the fiscal year ended 2/28/99, net sales totalled $85.2 million, up from $22.7 million. Net loss applicable to Common totalled $26 million, up from $7.1 million. Revenues reflect increases in the customer base. Higher loss reflects increased advertising costs. 
CompUSA, Inc. (NYSE : CPU)CompUSA, Inc. is a retailer of personal computer hardware, software, accessories, and related products and services. As of 6/98, CPU operated 162 computer superstores. For the 39 weeks ended 3/27/99, net sales increased 19 percent to $4.86 billion. Net income decreased 77 percent to $18.8 million. Revenues reflect the opening of new stores and the acquisition of Computer City. Net income reflects increased personnel and facilities expenses due to the acquisition. 
Egghead.Com, Inc./WA (Nasdaq : EGGS)EGGS is a reseller of PC software, hardware and related products through its subsidiaries (DJ&J Software, Surplus Direct, Surplus Software, and EH Direct). For the 39 weeks ended 12/26/98, net sales fell 51 percent to $106.4 million. Net loss increased 42 percent to $21.6 million. Revenues suffered from the the closure of the retail store chain. Higher loss was partially offset by a gain of $3.3 million from the 11/98 sale of all equity in Elekom Corporation. 
Electronics Boutique Hldg (Nasdaq : ELBO)ELBO is a retailer of electronic games. ELBO's primary products are video games and PC entertainment software, supported by the sale of video game hardware, PC productivity software and accessories. For the three months ended 5/1/99, revenues rose 15 percent to $123.6 million. Net income (vs. pro forma net income) rose 60 percent to $2.9 million. Results reflect an increase in comparable store sales, the addition of new stores and an increase in the Company's store base. 
Good Guys, Inc. (Nasdaq : GGUY)The Good Guys, Inc. is a speciality retailer of consumer electronics products through 79 Company-owned and operated stores in CA, WA, OR and NV. For the six months ended 3/31/99, sales increased 3 percent to $513.2 million. Net loss totaled $5.6 million vs. income of $409 thousand. Revenues reflect two new stores. Net loss reflects lower margins due to a reduction in the sales mix of the higher margin Premier Performance Guarantee contracts. 
Harvey Electronics, Inc. (Nasdaq : HRVE)Harvey Electronics, Inc. is engaged in the retail sale, service and custom installation of high quality audio, video and home theater equipment. For the 26 weeks ended 5/1/99, total revenues increased 30 percent to $11.5 million. Net income applicable to Common totalled $214 thousand, up from $5 thousand. Revenues reflect the opening of two new retail store locations. Earnings also benefitted from an improved gross profit margin and decreased interest expense. 
InterTAN, Inc. (NYSE : ITN)InterTAN, Inc. sells consumer electronic products and services through retail stores and dealer outlets in Canada, the United Kingdom and Australia. For the nine months ended 3/31/99, total revenues fell 5 percent to $408.5 million. Net loss totalled $27.8 million, up from $9.3 million. Revenues suffered from reduced sales related to the sale of InterTAN U.K. Ltd. Net loss reflects charges associated with the disposal of InterTAN U.K. and other restructuring. 
Musicland Stores Corp. (NYSE : MLG)MLG is a specialty retailer of prerecorded home entertainment products and a full-media retailer of music, video sell-through, computer software, and related products. MLG operates under the names Sam Goody, Musicland, Suncoast, Media Play and On Cue. For the three months ended 3/99, sales rose 2 percent to $401.8 million. Earnings totalled $1.4 million vs. a loss of $3.6 million. Revenues reflect comparable store sales increases. Earnings reflect less promotional pricing. 
Onsale, Inc. (Nasdaq : ONSL)Onsale, Inc. is an electronic retailer that sells merchandise through an interactive online auction designed to serve as an efficient and entertaining marketing channel for products that are typically unavailable through conventional distribution channels. For the three months ended 3/99, revenue rose 69 percent to $67.8 million. Net loss rose 32 percent to $5.5 million. Results reflect the introduction of Onsale atCost and growth in customer base, offset by marketing program costs. 
REX Stores Corporation (NYSE : RSC)RSC is a consumer electronics retailer, locating its stores in small-to-medium sized markets. As of 4/30/99, RSC operated 227 stores in 35 states. For the three months ended 4/30/99, net sales rose 13 percent to $99.1 million. Net income rose from $1 million to $2.1 million. Results reflect the net additions of four stores since the prior period, and higher comparable-store sales. Earnings reflect decreased S/G/A as a  percentage of sales and a lower tax rate due to tax credits from LP investments. 
Semi-Tech Corporation (SEMCFSemi-Tech Corporation is a Canadian multinational company engaged in the retailing and distribution of consumer electronic products. For the nine months ended 12/31/97, revenues decreased 16 percent to C$1.13 billion. Net loss increased 88 percent to C$40 million. Revenues suffered from a sluggish consumer electronics industry and weak demand in the domestic and Asian markets. Higher loss reflects increased operating expenses as a  percentage of revenues. 
Sound Advice, Inc. (Nasdaq : SUND)Sound Advice, Inc. is a full service specialty retailer of high-quality, upscale entertainment and consumer electronic products. As of 1/99, SUND operated 24 stores in Florida. For the three months ended 4/30/99, net sales increased 16 percent to $39 million. Net income totalled $620 thousand, up from $117 thousand. Results benefitted from an increase in comparable store sales, the addition of two new full size stores and two Bang and Olufsen concept stores and decreased interest expenses. 
Tandy Corp. (NYSE : TAN)Tandy is engaged in consumer electronics retailing principally through RadioShack's company-owned stores and dealer/Franchise outlets. For the three months ended 3/31/99, net sales fell 29 percent to $890.2 million. Net income applicable to Common rose 53 percent to $54.5 million. Revenues suffered from the sale of Computer City to CompUSA and lower audio and video sales. Earnings benefitted from $5.1 million in restricted stock awards and the sale of the lower margin Computer City. 
Tops Appliance City, Inc. (Nasdaq : TOPS)TOPS is a retailer of major household appliances, audio/video electronic goods and home office products, with nine stores in New Jersey and New York. TOPS also has a commercial division which sells to small retailers and others. For the three months ended 3/30/99, net sales rose 1 percent to $61.7 million. Net loss before extraordinary item rose from $2.5 million to $5.4 million. Results reflect improved performance by the commercial division, offset by higher operating expenses. 
Tweeter Home Entertain. (Nasdaq : TWTR)Tweeter Home Entertainment Group, Inc. is a specialty retailer of mid to high-end audio and video consumer electronics products. The Company operates 52 stores under the Tweeter, Bryn Mawr and HiFi Buys names. For the six months ended 3/99, total revenue increased 15 percent to $149 million. Net income applicable to Common rose from $2.7 million to $6 million. Results benefitted from new stores, an increase in comparable store sales and decreased debt outstanding. 
Ultimate Electronics Inc. (Nasdaq : ULTE)ULTE is a consumer electronics retailer which sells a wide range of audio and video components and home office equipment. ULTE operates stores under the name SoundTrack, Audio King and Ultimate Electronics. Net sales for the three months ended 4/30/99, rose 13 percent to $80.3 million. Net income totalled $439 thousand vs. a loss of $2.2 million. Revenues benefitted from an increase in comparable store sales. Net income reflects higher margin product mix and lower interest expense. 
Virtual Technology Corp. (OTC BB : VTCO)Virtual Technology Corp. is a technology sales company specializing in electronic commerce of computer hardware and software sales via the Internet. The Company's E-Commerce site offers over 40,000 products from 1,000 vendors. For the three months ended 4/30/99, net sales totalled $17.4 million, up from $590 thousand. Net loss totalled $8.4 million, up from $471 thousand. Results reflect the GTI acquisition, offset by increased consulting and warrant expenses.%}
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A.C. Moore Arts & Crafts (Nasdaq : ACMR)ACMR is a holding company for A.C. Moore Inc., which operates 37 retail arts and craft stores in the Mid-Atlantic and Northeast regions. For the three months ended 3/31/99, revenues rose 26 percent to $48.1 million. Net income rose 16 percent to $470 thousand. Revenues benefitted from the opening of new superstores and increases in comparable store sales. Earnings were partially offset by a lower gross profit margin and an increase in selling, general and administrative expenses. 
Alloy Online, Inc. (Nasdaq : ALOY)ALOY is a Web site serving the unique interests and tastes of the Generation Y (10 to 24 year olds) marketplace. At www.alloy.com, Generation Y interacts, explores content, and shops for apparel, accessories, footwear, cosmetics, music and magazine subscriptions. For the three months ended 4/30/99, revenues rose 89 percent to $2.6 million. Net loss applicable to Common rose 76 percent to $2.3 million. Results reflect growth in site traffic, offset by increased personnel costs and higher S/G/A. 
Ambassador Food Services (OTC BB : AMBF)Ambassador Food Services is principally engaged in two segments: food service (vending, cafeteria and catering), and janitorial service. The Company's customers are located primarily in the Midwest and Northeast U.S. For the fiscal year ended 5/28/98, net sales fell 16 percent to $19.2 million. Net loss decreased 92 percent to $76 thousand. Revenues reflect the sale or closure of operations in St. Louis and Tyler. Lower loss reflects higher margins and payroll reductions. 
Amazon.com, Inc. (Nasdaq : AMZN)Amazon.com, Inc., is an online book, CD and video retailer offering more than 4.7 million music CDs, videos, DVDs, computer-games, books, and other titles. For the three months ended 3/31/99, revenues rose from $87.4 million to $293.6 million. Net loss totalled $61.7 million, up from $10.4 million. Revenues reflect an increase in units sold due to growth of the customer base and repeat customers. Higher loss reflects a $25.3 million merger and acquisition related charge. 
Autonation, Inc. (NYSE : AN)Autonation, Inc. is a automotive retailer. The Company operates the National Car Rental, Alamo Rent-A-Car and CarTemps USA vehicle rental companies. For the three months ended 3/99, total revenues rose 72 percent to $5.35 billion. Net income from continuing operations rose 38 percent to $50.7 million. Revenues reflect higher automotive retail sales due to acquisitions. Earnings were partially offset by higher fleet costs and the implementation of Global Odyssey at National. 
AutoZone, Inc. (NYSE : AZO)AutoZone is a specialty retailer of auto and truck parts, chemicals, and accessories through 2,695 AutoZone and Chief stores in 39 states. AZO also sells heavy-duty truck part and accessories at 43 TruckPro stores in 14 states. For the 36 weeks ended 5/8/99, net sales rose 34 percent to $2.72 billion. Net income rose 8 percent to $146.1 million. Results reflect net additions of 694 stores since the prior period and higher same-store sales, partially offset by increases in S/G/A and debt levels. 
Books-A-Million, Inc. (Nasdaq : BAMM)Books-A-Million, Inc. is principally engaged in the sale of books, magazines and related items through a chain of 173 retail bookstores (as of 1/99). BAMM also serves as a wholesale book distributor. For the 13 weeks ended 5/1/99, net sales rose 14 percent to $85.1 million. Net income totalled $310 thousand, up from $10 thousand. Results reflect a 5 percent increase in same store sales, the opening of new stores and higher margins due to lower warehouse distribution costs. 
Bombay Company Inc. (NYSE : BBA)Bombay Company, Inc. is a specialty retailer which markets classic and traditional furniture, prints, and accessories through a network of 412 retail stores in the U.S. and Canada. For the three months ended 5/1/99, sales increased 10 percent to $75.3 million. Net loss decreased 37 percent to $2.4 million. Revenues reflect increases in same store sales and the opening of 11 new stores. Lower loss also reflects improved product offerings and decreased S/G/A expenses as  percentage of sales. 
Bed Bath & Beyond Inc. (Nasdaq : BBBY)Bed Bath and Beyond, Inc. is a nationwide chain of superstores selling better quality domestics merchandise and home furnishings. As of 5/99, the Co. operates 189 stores in 35 states. For the fiscal year ended 2/27/99, net sales rose 31 percent to $1.4 billion. Net income rose 33 percent to $97.3 million. Revenues reflect the addition of 45 new superstores and higher same-store sales. Earnings also reflect decreases in payroll and related expenses. 
Barbeques Galore Limited (Nasdaq : BBQZY)Barbeques Galore Limited is a specialty retail chain of barbecue and barbecue accessory stores in Australia and the U.S. BBQZY also carries fireplace products, home heating products, camping equipment and outdoor furniture. For the fiscal year ended 1/99, sales rose 25 percent to A$225 million. Net income rose 47 percent to A$5.2 million. Revenues reflect new stores opened and increased wholesale revenues. Earnings reflect reduced cost of goods purchased and the absence of closure costs. 
Borders Group, Inc. (NYSE : BGP)Borders Group, Inc. is an operator of book and music superstores and mall-based bookstores throughout the world. BGP through its subsidiary Borders Online, Inc. is also an online retailer of books, music, and videos. For the 13 weeks ended 4/25/99, sales increased 13 percent to $618.7 million. Net loss totalled $4.1 million vs. an income of $3.8 million. Results reflect higher sales from new store openings and comparable stores, offset by Borders.Com expenses and higher debt levels. 
BJ's Wholesale Club, Inc. (NYSE : BJ)BJ's Wholesale Club, Inc., is engaged in the operation of food and general merchandise warehouse clubs. As of 5/99, the Company operated 96 warehouse clubs in the eastern U.S. For the 13 weeks ended 5/1/99, net sales increased 14 percent to $879.7 million. Net income before accounting change rose 62 percent to $14.4 million. Revenues reflect the opening of new stores and higher comparable store sales. Net income reflects improved profit margins. 
Barnes & Noble, Inc. (NYSE : BKS)Barnes and Noble, Inc. is principally engaged in the retail sale of trade books, mass market paperbacks, children's books, off-price bargain books and magazines through 1,009 bookstores in 49 states and through the Internet. For the 13 weeks ended 5/1/99, revenues rose 9 percent to $718.3 million. Net loss before accounting change fell 57 percent to $1.4 million. Results reflect the opening of additional stores and lower pre-opening expenses. 
Brookstone, Inc. (Nasdaq : BKST)Brookstone, Inc. is a nationwide specialty retailer that offers consumer products which are functional in purpose, distinctive in quality and design and not widely available from other retailers. BKST also operates a mail order catalog business. For the 13 weeks ended 5/1/99, revenues rose 11 percent to $42.1 million. Net loss rose 5 percent to $4.6 million. Results reflect the opening of 23 new stores, offset by a lower gross profit as a  percentage of sales. 
barnesandnoble.com inc. (Nasdaq : BNBN)barnesandnoble.com inc. is an online retailer of books and complementary information, entertainment and intellectual property-based products. For the three months ended 3/31/99, net sales totalled $32.3 million, up from $9 million. Net loss totalled $20.2 million, up from $9.5 million. Revenues reflect an increase in units sold due to the growth of the related customer base. Higher loss reflects costs related to bn.com's aggressive marketing and branding campaign. 
BOWLIN Outdoor Advert. (AMEX : BWN)BWN is a regional operator of full-service travel centers and restaurants which offer brand name food and gasoline in the Southwestern United States. BWN also operates outdoor billboard advertising displays which are situated on interstate highways. For the fiscal year ended 1/31/99, net sales rose 12 percent to $30.3 million. Net income fell 37 percent to $673 thousand. Results reflect higher merchandise sales, offset by higher G&A and interest cost and lower gains from the sale of assets. 
BIOZHEM Cosmeceuticals (OTC BB : BZHM)BIOZHEM Cosmeceuticals is principally engaged in the marketing of a series of skin care formulations sold using the name Biozhem, made from natural ingredients. For the six months ended 3/31/99, net sales fell 9 percent to $561 thousand. Net loss totalled $228 thousand, up from $104 thousand. Revenues reflect decreased sales volume and the need for a new infomercial. Loss also reflects increased bad debt, legal, lease and health insurance expenses. 
CSK Auto Corporation (NYSE : CAO)CSK Auto Corporation is a specialty retailer of automotive aftermarket parts and accessories. As of 1/31/99, the Company operated 807 stores under the brand names: Checker Auto Parts, Schuck's Auto Supply and Kragen Auto Parts. For the 13 weeks ended 5/2/99, net sales rose 13 percent to $269.4 million. Net income before extraordinary item and acct. change totalled $9.9 million vs. a loss of $752 thousand. Results reflect an increased number of stores and the absence of charges. 
CDnow, Inc. (Nasdaq : CDNW)CDnow, Inc. is an online retailer of CDs and other music-related products with over 390,000 different items available for purchase through its web site. For the three months ended 3/31/99, net sales totalled $22.8 million, up from $10 million. Net loss totalled $19.1 million, up from $9.2 million. Revenues reflect growth of the customer base, repeat purchases by existing customers and higher advertising revenue. Higher loss reflects higher costs related to marketing agreements. 
CD Warehouse, Inc. (Nasdaq : CDWI)CD Warehouse, Inc. is engaged in the franchising and ownership of music stores offering new and pre-owned compact discs and related products. For the three months ended 3/99, total revenues increased 97 percent to $6.4 million. Net income fell 57 percent to $69 thousand. Revenues reflect 71 Company and majority owned stores in operation compared to 20 in 1998. Earnings were offset by lower margins, higher personnel and operating expenses as a  percentage of revenues. 
Crown Group, Inc. (Nasdaq : CNGR)CNGR is a buy-out firm which presently engages in the businesses of used car sales and finance, sale and rental of intermediate bulk containers, sub-prime mortgage loans, and casino and lodging facilities operations. For the nine months ended 1/99, total revenues rose from $2.2 million to $64.1 million. Net income totalled $14.1 million vs. a loss of $347 thousand. Results reflect a $19 million gain on sale of certain securities, and the inclusion of operations of Car-Mart, Paaco and Precision. 
Cole National Corporation (NYSE : CNJ)CNJ, through its subsidiaries, provides eyewear products, optometric services and personalized gifts through two units: Cole Vision and Things Remembered. For the three months ended 5/1/99, revenues fell 2 percent to $266.6 million. Net income fell 50 percent to $3 million. Revenues suffered from lower comparable store sales. Earnings were offset by higher payroll, information systems and managed vision care expenses as a  percentage of sales. 
Cornerstone Propane Part. (NYSE : CNO)CNO acquires, owns and operates the propane businesses of Synergy and Empire Energy, Myers and Coast. CNO also engages in the sale, distribution and marketing of propane and other natural gas liquids. For the nine months ended 3/31/99, revenues rose 18 percent to $732.6 million. Net income applicable to limited partner fell 3 percent to $16.1 million. Revenues reflect an increase in retail volumes due to acquisitions. Net income was offset by an increase in salaries expense. 
Consolidated Stores Corp. (NYSE : CNS)Consolidated Stores is a value retailer focused on closeout merchandise and toys providing consumers with a broad range of quality, name-brand products. As of 1/99, CNS operates 2,450 retail stores in the U.S. and Puerto Rico. For the 13 weeks ended 5/1/99, net sales rose 12 percent to $923.7 million. Net loss totalled $3.7 million vs. an income of $817 thousand. Revenues reflect the addition of new stores. Loss reflects a higher level of distribution and transportation costs. 
Cosmetic Center, Inc. (COCQCOCQ operates 201 outlet and 66 retail stores in 42 states. The outlets sell excess, returned, discontinued and refurbished Beauty Products. The retail units sell brand name prestige and mass-merchandised cosmetic products and operate salons. For the nine months ended 9/26/98, net sales rose 25 percent to $118 million. Net loss totalled $26.5 million, up from $9.3 million. Revenues reflect the acquisition of CCI. Higher loss reflects planned markdowns to sell slow moving merchandise. 
Costco Companies, Inc. (Nasdaq : COST)Costco Companies, Inc. operates a chain of wholesale cash and carry membership warehouses. For the 36 weeks ended 5/9/99, total revenues increased 13 percent to $18.64 billion. Net income before accounting change increased 17 percent to $362.1 million. Revenues benefitted from the opening of new warehouses and higher comparable warehouse sales due to new marketing and merchandising efforts. Earnings reflect higher margins and an increase in interest income. 
Copart, Inc. (Nasdaq : CPRT)CPRT provides vehicle suppliers, primarily insurance companies, with a full range of services to process and sell salvage vehicles through auctions, principally to licensed dismantlers, rebuilders and used vehicle dealers. For the nine months ended 4/30/99, revenues rose 21 percent to $102.3 million. Net income rose 40 percent to $15.3 million. Results reflect an increase in salvage fees, lower costs of Purchase Program vehicles, additional interest and rental income, and lower debt levels. 
Cost Plus, Inc. (Nasdaq : CPWM)Cost Plus, Inc. is a specialty retailer of casual home living and entertaining products. As of 1/30/99, the Company operated 85 stores in 16 states under the name Cost Plus World Market. For the 13 weeks ended 5/1/99, net sales increased 33 percent to $75.4 million. Net income totalled $707 thousand, up from $292 thousand. Revenues benefitted from the addition of new stores and increased comparable store sales. Earnings also benefitted from an increase in gross profit. 
Crown Books Corporation (OTC BB : CRWNQ)CRWNQ is a retailer operating discount specialty stores. CRWNQ offers popular hardback and paperback books, magazines, videos, computer software and other items. For the 39 weeks ended 10/31/98, revenues decreased 20 percent to $160.3 million. Net loss increased 39 percent to $45.2 million. Revenues reflect interruptions in the flow of merchandise inventory due to liquidity problems. Higher loss also reflects $26.2 million reorganization costs and higher book purchase costs. 
Discount Auto Parts (NYSE : DAP)DAP is a specialty retailer of automotive replace-ment parts, maintenance items and accessories for the ``Do-It-Yourself'' consumer. DAP operates stores throughout FL, GA, AL, SC and MS. For the 39 weeks ended 3/2/99, revenues rose 14 percent to $370.7 million. Net income rose 2 percent to $19.9 million. Revenues benefitted from higher core retail store operations and sales from new stores opened. Earnings were partially offset by a rise in SGA expenses as a  percentage of revenues. 
Dollar General Corp. (NYSE : DG)Dollar General Corporation is a discount retailer of general merchandise at everday low prices through 3,687 Co. owned stores located primarily in small towns in the midwestern and southeastern U.S. For the three months ended 4/30/99, sales rose 20 percent to $844.6 million. Net income applicable to Common rose 20 percent to $35.2 million. Revenues reflect 532 net new stores and a 5.7 percent increase in same-store sales. Earnings benefitted from higher gross profit and cost controls. 
D.H. Marketing & Consult. (OTC BB : DHMG)DHMG is engaged in the marketing and distribution of chemical burn cleansing solutions, the purchase and sale of valuable collectibles, network marketing, and consultation to small companies. For the fiscal year ended 12/31/98, revenues fell 65 percent to $1.7 million. Net loss totalled $3.3 million vs. an income of $216 thousand. Revenues reflect key restructuring projects and lower sales activity related to the Company's Universal subsidiary. Loss also reflects increased S/G/A expenses. 
HEARx LTD. (AMEX : EAR)EAR operates a network of hearing care centers which provide a full range of audiological products and services for the hearing impaired. For the fiscal year ended 12/25/98, revenues increased 14 percent to $27.5 million. Net loss applicable to Common increased 16 percent to $12.9 million. Revenues benefitted from an increase in the Company's non-insured self-pay business. Higher losses reflect a $2.2 million restructuring charge. 
Elegant Illusions, Inc. (Nasdaq : EILL)Elegant Illusions engages in the retail copy jewelry business and currently owns and operates 26 retail copy jewelry stores, three fine jewelry stores and one fine art gallery. For the three months ended 3/31/99, revenues increased 4 percent to $2.3 million. Net loss totalled $33 thousand, up from $15 thousand. Revenues reflect the addition of seven new locations. Higher loss reflects increased S/G/A expenses as a  percentage of revenues due to the additional stores. 
eToys Inc. (Nasdaq : ETYS)eToys Inc. is a Web-based retailer focused exclusively on children's products, including toys, video games, software, videos, and music. For the fiscal year ended 3/31/99, net sales totalled $30 million, up from $687 thousand. Net loss totalled $28.6 million, up from $2.3 million. Revenues benefitted from significant growth of the customer base and an increase in repeat customers. Higher loss reflects the expansion of online and offline advertising and increased personnel. 
Evans Systems, Inc. (Nasdaq : EVSI)EVSI is a vertically integrated company engaged in petroleum marketing, convenience store operations and environmental remediation services. For the six months ended 3/31/99, revenues fell 25 percent to $40.2 million. Net loss from continuing operations totaled $2.2 million, up from $607 thousand. Revenues reflect lower petroleum marketing revenues and convenience stores revenues. Higher loss reflects a $1.3 million write-down of accounts receivable and $480 thousand in merger related costs. 
EZCORP, Inc. (Nasdaq : EZPW)EZCORP, Inc. is primarily engaged in establishing, acquiring, and operating pawnshops which function as sources of consumer credit and as value-oriented specialty retailers of previously owned merchandise. For the six months ended 3/99, revenues increased 19 percent to $120.5 million. Net income increased 5 percent to $4.5 million. Revenues reflect an increase in same store pawn service charge revenue and new store sales. Earnings were partially offset by higher operating expenses. 
Fatbrain.com, Inc. (Nasdaq : FATB)Fatbrain.com is an online retailer of technical books,technology based training solutions, product manuals, research reports and other information resources. The Company also operates four physical retail stores. For the three months ended 4/99, revenues rose 40 percent to $6.1 million. Net loss totalled $5.2 million, up from $1.7 million. Revenues reflect an increase in customer base. Higher loss suffered from increased promotional and marketing expenses. 
Premier Concepts, Inc. (Nasdaq : FAUXC)Premier Concepts, Inc., specializes in the marketing and retailing of high-end reproduction jewelry and 14 karat gold jewelry with cubic zirconia and other synthetic stones. For the 13 weeks ended 5/2/99, revenues decreased 3 percent to $2.8 million. Net loss decreased 28 percent to $239 thousand. Revenues reflect reduced retail sales due to reduced promotional activity. Lower loss reflects higher margins due to a more focused merchandise mix, and lower personnel expenses. 
First Cash, Inc. (Nasdaq : FCFS)First Cash is engaged in acquiring, establishing and operating pawnshops which lend money on the security of pledged tangible personal property. FCFS also operates outlets that provide check cashing, short term unsecured advances and other related financial services. For the comparable five months ended 12/31/98, revenues rose 47 percent to $34.1 million. Net income rose 77 percent to $2.6 million. Results reflect the 75 stores opened or acquired since 8/1/97. 
Factory Card Outlet Corp. (Nasdaq : FCPYQ)Factory Card Outlet Corp. is a chain of company-owned superstores for ``one-stop'' shopping destination for party supplies, greeting cards, gift wrap, ballons and other special occasion merchandise. As of 4/99, the Company operated 210 stores in 23 states. For the comparable fiscal year ended 1/30/99, net sales rose 30 percent to $226.5 million. Net loss totalled $28.4 million vs. an income of $2.2 million. Results reflect the opening of new stores, offset by lower margins. 
Family Dollar Stores, Inc (NYSE : FDO)Family Dollar Stores, Inc. operates a chain of neighborhood retail discount stores in 38 contiguous states in the Northeast, Southeast, Midwest and Southwest. As of 11/98, the Company operated 3,066 stores. For the six months ended 2/27/99, net sales rose 17 percent to $1.38 billion. Net income rose 37 percent to $71.3 million. Revenues reflect a broader assortment of hardlines merchandise and the opening of new stores. Earnings also reflect higher margins due to fewer markdowns. 
Ferrellgas Partners, L.P. (NYSE : FGP)Ferrellgas Partners, L.P. is engaged in the sale, distribution, marketing and trading of propane and other natural gas liquids. For the nine months ended 4/99, revenues fell 8 percent to $530.3 million. Net income applicable to limited partners before extraordinary item rose 40 percent to $42 million. Revenues reflect lower sales price per retail gallon, decreased retail propane volumes and lower revenues from other operations. Net income reflects increased retail margins. 
FFP Marketing Company (AMEX : FMM)FMM owns and operates retail convenience stores, truck stops and self-service motor fuel outlets. FMM also operates check cashing booths and conducts a wholesale motor fuel business. For the 13 weeks ended 3/28/99, total revenues fell less than 1 percent to $101.1 million. Net loss totaled $190 thousand vs. income of $336 thousand. Results reflect lower fuel prices and lower margins on fuel sales, increased interest expense due to higher debt levels and added personnel. 
Funco, Inc. (Nasdaq : FNCO)FNCO provides interactive home entertainment through the purchase and resale of new and used video games and related hardware and accessory items through its Funco Land stores and mail order operation. For the 39 weeks ended 12/27/98, net sales increased 28 percent to $151.1 million. Net income increased 21 percent to $6.5 million. Revenues reflect the opening of 61 new stores and increased comparable store sales. Net income was partially offset by higher cost of sales as a  percentage of revenues. 
Finlay Enterprises, Inc. (Nasdaq : FNLY)Finlay Enterprises, Inc. operates licensed fine jewelry departments in the U.S. and France through Finlay Fine Jewelry Corp. For the 13 weeks ended 5/1/99, sales increased 5 percent to $168.4 million. Net loss decreased 27 percent to $3.1 million. Revenues reflect increased same store sales due to the emphasis on certain merchandising programs and an increased focus on holiday promotions. Loss also benefitted from lower interest expense due to lower interest rates. 
Friedman's Inc. (Nasdaq : FRDM)Friedman's Inc. is a specialty retailer of fine jewelry, operating 469 stores in 22 states, which are located primarily in the southern U.S. For the six months ended 3/31/99, total revenues increased 21 percent to $204.6 million. Net income increased 3 percent to $17.1 million. Results reflect increased net merchandise sales due to new stores openings and higher comparable store sales. Earnings were partially offset by a change in the sales mix and promotional product offerings. 
Fred's, Inc. (Nasdaq : FRED)FRED's is engaged in the sale of general merchandise through 283 discount stores in the southeastern U.S. FRED also sells general merchandise to its franchisees through its wholesale division, and operates full service pharmacies. For the 13 weeks ended 5/1/99, net sales rose 8 percent to $154.9 million. Net income rose 26 percent to $2.9 million. Results reflect increased comparable store sales, improved initial purchase margins, strong pharmacy sales and a change in the inventory provision. 
Garden Botanika, Inc. (OTC BB : GBOT)Garden Botanika develops, manufactures, distributes, and markets proprietary, botanically based personal care products. GBOT's products include color cosmetics, bath and body care, skin care, fragrances, and related accessories. For the 13 weeks ended 5/1/99, sales fell 17 percent to $17.9 million. Net loss rose from $5 million to $10.5 million. Revenues reflect a decreased number of stores and lower comparable store sales. Higher loss reflects a $5.5 million provision for store closings. 
Global Imaging Systems (Nasdaq : GISX)Global Imaging Systems is a provider of office imaging solutions, which includes the sale and service of automated office equipment, electronic presentation systems, document imaging management systems, and network integration and management services. For the nine months ended 12/31/98, total revenues rose 83 percent to $200.9 million. Net income applicable to Comm. before extraordinary item rose from $1.4 million to $7.9 million. Results reflect the acquisitions and changes in the revenue mix. 
Gaylord Companies, Inc. (OTC BB : GJCO)GJCO operates specialty retail stores for quality cookware and serving equipment, cooking accessories and certain select food products through 19 company-owned stores and 21 franchised locations. For the six months ended 6/98, revenues decreased 23 percent to $1.1 million. Net loss from continuing operations totalled $765 thousand, up from $227 thousand. Results reflect lower inventory stock, the absence of promotional activities and higher costs due to operating in bankruptcy. 
Group 1 Automotive, Inc. (NYSE : GPI)GPI owns 30 automobile dealership franchises located in FL, GA, OK and TX. GPI sells new and used cars and light trucks, provides maintenance and repair services and provides financing, insurance and service contracts. For the three months ended 3/31/99, revenues rose 93 percent to $489.4 million. Net income rose 98 percent to $6.2 million. Revenues benefited from strong sales incentives and advertising programs. Net income reflects improved gross margin. 
Garden Ridge Corporation (Nasdaq : GRDG)Garden Ridge Corporation is a retailer offering home accessories, seasonal products and crafts through its 27 megastores in 12 states, primarily in Texas and the southeastern United States. For the 13 weeks ended 5/2/99, revenues rose 23 percent to $84.5 million. Net income decreased 86 percent to $148 thousand. Revenues benefitted from new store openings and higher comparable store sales. Earnings were offset by expenses for new store openings and additional personnel. 
Gart Sports Company (Nasdaq : GRTS)Gart Sports Company is a sporting goods retailer in the midwest and western United States. As of 1/99, the Company operated 125 stores in 16 states. For the fiscal year ended 1/30/99 (vs. 52 weeks ended 1/3/98), revenues totalled $658 million, up from $228.4 million. Net loss totalled $3.4 million vs. an income of $6.7 million. Revenues benefitted from the 1/98 acquisition of Sportmart. Loss reflects increased stay bonuses to employees and higher merger integration costs. 
Guitar Center, Inc. (Nasdaq : GTRC)Guitar Center, Inc. operates a chain of retail stores which sell musical instruments primarily guitars, keyboard, percussion and pro-audio equipment. For the three months ended 3/31/99, net sales rose 29 percent to $109.9 million. Net income before accounting change fell 8 percent to $3.9 million. Revenues reflect higher new store sales and comparable store sales. Earnings were offset by increased occupancy and buying costs due to the fact that the store base is only one year old. 
Great Train Store Co. (Nasdaq : GTRN)The Great Train Store Co. is a national chain of unique, upscale specialty retail stores, offering a range of train-themed merchandise not generally available from any other single retailer. The Company currently operates 56 stores. For the 13 weeks ended 4/3/99, net sales rose 10 percent to $5.9 million. Net loss rose 52 percent to $1.8 million. Results reflect improved merchandise levels due to a new credit arrangement, offset by increased store operating expenses. 
Hastings Entertainment (Nasdaq : HAST)HAST is a multimedia entertainment retailer whose superstores combine the sale of books, music, software, periodicals, videocassettes and DVDs with the rental of videos, video games and DVDs. As of 4/99, the Co. operated 131 stores in 19 states. For the three months ended 4/30/99, revenues rose 13 percent to $100.6 million. Earnings rose 42 percent to $1.7 million. Results reflect growth in each merchandise category, higher selling prices and better purchasing deals from vendors. 
Hometown Auto Retailers (Nasdaq : HCAR)HCAR sells new and used cars and replacement parts, and provides maintenance and repair services, related financing, and insurance and service contracts through nine franchised dealerships located in NJ, CT, MA, and VT. For the fiscal year ended 12/31/98, total revenues rose from $59.5 million to $121.5 million. Net loss totalled $1 million vs. an income of $316 thousand. Revenues reflect increased average revenue received per unit sold. Loss reflects higher owner's compensation and acquisition costs. 
Hibbett Sporting Goods (Nasdaq : HIBB)HIBB is engaged in the operation of full-line sporting goods stores in small to mid-sized markets in the southeastern U.S. For the fiscal year ended 1/30/99, revenues increased 26 percent to $143.4 million. Net income rose 14 percent to $6.8 million. Revenues reflect the opening of 51 Hibbett Sports stores and two Sports Addition stores. Earnings were partially offset by higher store operating and selling and depreciation expenses and higher levels of borrowings. 
Gallery of History, Inc. (Nasdaq : HIST)HIST markets historical documents such as letters, documents and signatures of presidents and other noteworthy people through galleries in malls. HIST is also engaged as an auction house dedicated to original historical documents. For the six months ended 3/31/99, revenues fell 11 percent to $1.3 million. Net loss totalled $75 thousand vs. income of $58 thousand. Revenues reflect lower sales due to the closure of the Georgetown gallery. Net loss reflects higher maintenance and repair expenses. 
Hancock Fabrics, Inc. (NYSE : HKF)HKF and its subsidiaries are engaged in the retail and wholesale fabric business, selling fabric and related accessories to the home sewing and home decorating market and at wholesale to retailers. As of 1/99, HKF operated 462 fabric stores in 40 states. For the 13 weeks ended 5/2/99, revenues fell 1 percent to $96.4 million. Net income fell 48 percent to $1.1 million. Results reflect pricing pressures and increases in interest expenses and promotional costs. 
Heilig-Meyers Company (NYSE : HMY)Heilig Meyers Co., and its subsidiaries, are engaged in the retail sale of home furnishings and bedding. Stores are located in small towns and rural markets in the southern, mid-western and western US. For the fiscal year ended 2/28/99, revenues rose 10 percent to $2.73 billion. Net loss fell 96 percent to $2 million. Revenues reflect increases in operating units and comparable store sales. Lower loss reflects the absence of $25.5 million in store closing and other charges. 
Hot Topic, Inc. (Nasdaq : HOTT)HOTT is a mall-based specialty retailer of music-licensed and music-influenced apparel, accessories and gift items for young men and women principally between the ages of 12 and 22. For the 13 weeks ended 5/1/99, revenues rose 63 percent to $28.3 million. Net income totalled $635 thousand, up from $45 thousand. Revenues reflect new stores opened and increased comparable store sales. Earnings also reflect a reduction of store payroll and overhead expense as a  percentage of sales. 
Heritage Propane Partners (NYSE : HPG)Heritage Propane Partners, L.P. was formed to acquire, own and operate the propane business and substantially all of the assets of Heritage Holdings, Inc. For the six months ended 2/28/99, revenues decreased 6 percent to $110.1 million. Net income applicable to Limited Partners increased 3 percent to $14.3 million. Revenues reflect decreased volume and lower selling prices. Earnings benefitted from decreased product costs. 
Haverty Furniture Cos. (NYSE : HVT)HVT is a full-service home furnishings retailer which provides a wide selection of furniture and accessories primarily in the middle to upper-middle price ranges. HVT offers financing through a revolving charge credit plan. For the three months ended 3/99, revenues rose 16 percent to $149.8 million. Net income rose 88 percent to $6.3 million. Revenues reflect an increase in comparable store sales. Earnings also reflect decreased provision for doubtful accounts. 
MarineMax, Inc. (NYSE : HZO)MarineMax is a recreational boat dealer which through its forty retail locations in nine states sells new and used boats and related marine products including engines, trailers, parts and accessories. For the six months ended 3/31/99, revenues rose 50 percent to $162.7 million. Net income vs. pro forma net loss totaled $2.7 million vs. $10.7 million. Revenues reflect newly acquired stores. Net income reflects the absence of a $15 million legal settlement. 
International Cutlery Ltd (OTC BB : ICUT)International Cutlery, Ltd. operates retail cutlery stores and kiosks (mini-stores) in malls and transportation centers. ICUT currently operates eleven cutlery retail stores and fifteen kiosks located in NY, NJ, CT, MD, and FL. For the comparable 26 weeks ended 8/1/98, revenues increased 7 percent to $1.1 million. Net loss decreased 30 percent to $1.1 million. Revenues reflect an increase in the number of retail outlets operated. Lower loss reflects an increase in gross profit. 
Sterling Vision, Inc. (Nasdaq : ISEE)ISEE owns or franchises and licenses retail optical stores, offering eye care products and services. As of 3/99, there were 45 company owned units and 244 franchises. For the three months ended 3/99, revenues rose 5 percent to $9.3 million. Net income applicable to Common totalled $232 thousand vs. a loss of $971 thousand. Revenues reflect strength in the Insight Laser division. Earnings reflect higher gross margins and the absence of a $1.1 million provision for debt discount amortization. 
Jo-Ann Stores, Inc. (NYSE : JASa)Jo-Ann Stores, Inc. is a national specialty retailer serving the fabric and craft industries. The Co. provides fashion, decorator, quilting and craft fabrics, notions, patterns, craft components, silk and dried flowers. For the 13 weeks ended 5/1/99, sales increased 17 percent to $295.7 million. Net income totalled $2.3 million vs. a loss of $4.4 million. Revenues reflect the inclusion of House of Fabrics stores. Earnings reflects the absence of a $12.2 million in non-recurring charges. 
Great White Marine & Rec. (OTC BB : JAWS)Great White Marine and Recreation, Inc. is an international distribution company of marine watercraft and recreational vehicles and related products through its network of dealers extending from the southwestern United States into Mexico and Central and South America. For the nine months ended 9/30/98, total sales totalled $21.2 million. Net income totalled $2.8 million. Results are not comparable due to the lack of financial information available. 
Jan-Bell Marketing, Inc. (AMEX : JBM)Jan-Bell Marketing Inc. is primarily engaged in the sale of jewelry, watches and other consumer products through leased departments in wholesale clubs. For the 13 weeks ended 5/1/99, revenues increased 67 percent to $87.7 million. Net loss totalled $2.8 million, up from $572 thousand. Revenues reflect merchandise strategies to emphasize higher margin products, and improved distribution. Higher loss suffered from increased payroll and incentive costs. 
Jennifer Convertibles,Inc (OTC BB : JENN)Jennifer Convertibles is the owner and licensor of sofabed specialty retail stores that specialize in the sale of a complete line of sofabeds, companion pieces, and leather furniture stores. For the twenty six weeks ended 2/27/99, revenues decreased 3 percent to $51.6 million. Net loss totalled $2.1 million, up from $958 thousand. Revenues reflect a decrease in comparable store sales. Higher losses reflect an increase in payroll and advertising expenses. 
CarMax Group (NYSE : KMX)CarMax Group is engaged in the sale of both used and new vehicles utilizing non-negotiable prices. As of 4/99, the Company operated 32 store locations, including 29 used-car superstores and 17 new-car franchises. For the fiscal year ended 2/28/99, revenues rose 68 percent to $1.47 billion. Net loss fell 30 percent to $5.5 million. Results reflect the addition of 12 locations during the year, partially offset by costs associated with the expansion of CarMax superstores. 
King Power Int'l. Group (AMEX : KPG)King Power owns and operates more than 55 duty free concessions and retail tourist shops in Bangkok, Phuket, Hat Yai and Chian Mai, Thailand. Revenues for the fiscal year ended 12/98 decreased 5 percent to $91.1 million. Net loss totalled $4.3 million vs. income of $7.9 million. Revenues suffered from the devaluation of the Thai Baht. Net loss reflects the inclusion of a $15.7 million provision for doubtful acounts, and decreased managment fee income and interest income. 
Lithia Motors, Inc. (NYSE : LAD)Lithia Motors sells new and used cars and light trucks, sells replacement parts, provides vehicle maintenance, warranty, paint and repair services, and arranges related financing and insurance for its automotive customers. For the three months ended 3/31/99, net sales increases 53 percent to $224.1 million. Net income increases 99 percent to $3 million. Revenues reflect acquisitions and internal growth. Net income also reflects spreading of fixed assets due to economies of scale. 
Lechters, Inc. (Nasdaq : LECH)Lechters is a specialty retailer of brand-name basic housewares and decorative housewares. As of 1/30/99, LECH operated 578 stores in 42 states. Net sales for the 13 weeks ended 5/1/99 decreased 3 percent to $83.4 million. Net loss applicable to Common Stock increased 16 percent to $4.5 million. Revenues reflect a reduced number of stores in operation and a decrease in comparable store sales. Higher loss reflects increased selling, general and administrative expenses. 
Linens'n Things (NYSE : LIN)Linens 'n Things, Inc. is a national large format retailer of home textiles, housewares, and home accessories operating 196 stores in 38 states (as of 12/98). For the three months ended 4/3/99, net sales rose 25 percent to $273.5 million. Net income totaled $3.6 million, up from $1.5 million. Net sales benefited from new store openings and increased store square footage. Net income reflects a decrease in selling, general and administrative expesnes as a  percentage of revenue. 
Liquidation World, Inc. (Nasdaq : LIQWF)Liquidation World, Inc. specializes in marketing merchandise from distress situations, such as bankruptcies, receiverships, close-outs, inventory overruns and insurance claims. As of 10/98, the Co. operated 74 retail outlets in Canada, Washington State and Idaho. For the fiscal year ended 10/4/98, revenues increased 39 percent to C$134.7 million. Net income increased 42 percent to C$5.8 million. Results reflect the opening of nine new outlets and an improved gross profit margin. 
Little Switzerland, Inc. (Nasdaq : LSVI)Little Switzerland is a specialty retailer of luxury items, operating 26 retail stores on 10 Caribbean islands and Alaska and eight franchise locations in the Bahamas. For the nine months ended 2/27/99, net sales decreased 25 percent to $57.6 million. Net loss totalled $7.5 million vs. income of $1.5 million. Revenues reflect the absence of Rolex products in the Company's stores. Net loss reflects a $1.7 million charge for the closing of three stores and the impact of markdowns. 
Let's Talk Cell & Wire (Nasdaq : LTCW)Let's Talk Cellular and Wireless, Inc. is an independent specialty retailer of cellular and wireless products, services and accessories in the U.S. For the six months ended 1/31/99, revenues increased 56 percent to $85.2 million. Net income before extraordinary item totalled $1.8 million, up from $172 thousand. Revenues benefitted from an increase in retail sales, activation commissions and residual income, and acquisitions. Earnings also reflect an increase in gross profit. 
Levitz Furniture, Inc. (OTC BB : LVFIQ)Levitz Furniture, Inc. is a specialty retailer of brand-name furniture and accessories which includes living room, bedroom, dining room, kitchen, furniture and bedding. For the nine months ended 12/31/98, net sales fell 17 percent to $538.5 million. Net loss before extraordinary item rose 20 percent to $87.4 million. Revenues suffered from the closing of thirty-nine stores. Higher loss also reflects the absence of $32.9 million in income tax benefits. 
Mazel Stores, Inc. (Nasdaq : MAZL)MAZL is engaged in the closeout retail and wholesale businesses. MAZL sells value-oriented consumer products at a broad range of price points offered at a substantial discount to the original retail or wholesale price. For the fiscal year ended 1/30/99, net sales increased 14 percent to $237.1 million. Net income decreased 39 percent to $5.2 million. Revenues benefitted fromsales from newly opened stores. Earnings were offset by $1.4 million relocation charges and increased debt levels. 
Media Arts Group, Inc. (NYSE : MDA)Media Arts designs, manufactures, markets and sells art-based home decorative accessories, collectibles and gift products based upon the works of the artist Thomas Kinkade, Painter of Light. For the nine months ended 12/31/98, sales rose 66 percent to $95 million. Net income rose 67 percent to $14 million. Revenues reflect increased wholesale sales due to an increase in the number of Signature Galleries. Earnings also benefitted from higher margins due to volume efficiencies. 
Michaels Stores, Inc. (Nasdaq : MIKE)MIKE owns and operates 496 Michaels stores and 78 Aaron stores, which feature creative art products and home decor items. MIKE stores are located in 46 states, Puerto Rico, and Canada. For the 13 weeks ended 5/1/99, revenues rose 16 percent to $388.5 million. Net income fell 6 percent to $5.2 million. Revenues reflect new stores opened and increased comparable store sales. Earnings were offset by costs related to information systems infrastructure and occupancy costs. 
Mid-States PLC (MSADYMid-States PLC, through its wholly owned subsidiaries, is primarilly engaged in the wholesale and retail distribution of automotive replacement parts in the United States of America. For the fiscal year ended 12/97, turnover fell 10 percent to L71.6 million. Loss before extraodinary items totalled L5.7 million vs. profit of L2.5 million. Results reflect unfavorable movements in the U.S. dollar exchange rate and a L7.2 million restructuring charge. 
Maxim Group, Inc. (NYSE : MXG)MXG and subsidiaries are engaged in retail and commercial sales of floorcovering products. The Company is also engaged in the sale of franchises for the retail floorcovering industry and other related products and services. For the nine months ended 10/98, revenues increased 68 percent to $464.1 million. Net loss before extraordinary items totalled $7.8 million vs. income of $13 million. Results reflect increased floorcovering product sales, offset by $33 million in non-recurring charges. 
Natural Wonders, Inc. (Nasdaq : NATW)NATW is a specialty gift retailer of unique and affordable family gifts inspired by the wonders of science and nature. Products include telescopes, minerals, gardening and outdoor products, educational toys and games and apparel. For the fiscal year ended 1/30/99, sales remained flat at $149.8 million. Net loss totalled $1.9 million vs. an income of $1.4 million. Revenues reflect new stores openings. Loss reflects higher occupancy costs due to the new store openings. 
99 Cents Only Stores (NYSE : NDN)99 Cents Only Stores and its subsidiaries are deep-discount retailer of name-brand, consumable general merchandise both on the retail and wholesale levels. NDN operated 139 stores as of 12/98. For the three months ended 3/31/98, net sales increased 49 percent to $93.7 million. Net income increased 39 percent to $6.3 million. Revenues reflect the opening of three new 99 cents only stores, and sales from Universal stores. Earnings were partially offset by increased S/G/A expenses. 
Noodle Kidoodle, Inc. (Nasdaq : NKID)Noodle Kidoodle, Inc. is a specialty retailer of a broad assortment of educationally oriented, creative and non-violent children's products. The Company operated 44 stores as of 5/1/99. For the 13 weeks ended 5/1/99, net sales increased 27 percent to $22.9 million. Net loss before accounting change increased less than 1 percent to $1.1 million. Revenues reflect additionalnew stores. Higher loss reflects higher variable warehousing costs and higher staff levels. 
National Propane Partners (NYSE : NPL)NPL is engaged in retail marketing of propane to residential, commercial and agricultural customers and dealers. NPL also markets propane-related supplies and equipment. For the three months ended 3/31/99, revenues fell 2 percent to $45.2 million. Net income applicable to limited partners fell 21 percent to $4.2 million. Revenues reflect lower average selling prices of propane. Earnings also reflect legal and professional fees associated with the Partnership sale. 
National Record Mart, Inc (Nasdaq : NRMI)National Record Mart is a specialty retailer of home entertainment products, including CD's, audio and video cassettes and related accessories. NRMI operates 174 stores in 30 states (as of 3/99). For the fiscal year ended 3/27/99, revenues rose 15 percent to $129.9 million. Net loss totalled $1.7 million vs. income of $893 thousand. Revenues reflect an increase in comparable store sales and additional stores. Net loss suffered from remodelling and expansion costs. 
OfficeMax, Inc. (NYSE : OMX)OfficeMax, Inc. operates a chain of high-volume, deep-discount office products superstores. As of 1/23/99, the Company operated 832 stores in 49 states and Puerto Rico. For the 13 weeks ended 4/24/99, sales rose 11 percent to $1.18 billion. Net income rose 15 percent to $22 million. Revenues reflect a full period of sales from the 120 stores opened in 1998 and 24 stores opened during the current period. Earnings also benefitted from enhanced marketing of higher margin items. 
O'Reilly Automotive, Inc. (Nasdaq : ORLY)ORLY is a specialty retailer of automotive aftermarket parts, tools, supplies, equipment and accessories for do-it-yourself customers and professional installers, operating 500 stores primarily in the midwest. For the three months ended 3/99, sales rose 41 percent to $166.4 million. Net income rose 48 percent to $8.6 million. Revenues reflect a full period's results from the 1/98 acquisition of 189 Hi-Lo stores, and higher same-store sales. Earnings also reflect higher margins. 
Oshman's Sporting Goods (AMEX : OSH)Oshman's Sporting Goods operates a chain of 78 retail sporting goods stores: SuperSports USA, clearance and traditional stores located in medium to large metropolitan areas. For the 13 weeks ended 5/1/99, net sales decreased 1 percent to $71.4 million. Net loss decreased 56 percent to $497 thousand. Revenues suffered from the closing of stores. Lower loss reflects reduced promotional and depreciation expenses and lower borrowing. 
Pep Boys (NYSE : PBY)The Pep Boys-Manny, Moe and Jack is engaged in the retail sale of automotive parts and accessories, automotive maintenance and service, and parts installation through 645 stores. For the 13 weeks ended 5/1/99, total revenues rose 2 percent to $598.3 million. Net income rose less than 1 percent to $10.1 million. Revenues reflect higher comparable store service and merchandise revenue. Net income was partially offset by higher debt levels and office and store expenses. 
Party City Corporation (Nasdaq : PCTYE)Party City Corporation is a specialty retailer of party supplies through its network of discount super stores. The Company operates 124 Company-owned and 157 franchise locations. For the nine months ended 9/98, total revenues rose from $65.1 million to $155.6 million. Net loss totalled $2.4 million, vs. income of $365 thousand. Revenues reflect increases in Company-owned stores and same store sales. Net loss reflects higher store operating costs due to increased number of stores operated. 
Petco Animal Supplies (Nasdaq : PETC)PETC is a specialty retailer of premium pet food and supplies, operating 476 stores in 37 states and the District of Columbia. PETC also provides veterinary services, obedience training and grooming services. For the fiscal year ended 1/30/99, revenues increased 12 percent to $839.6 million. Net loss fell 82 percent to $2.4 million. Revenues benefited from the addition of 40 new stores. Lower loss reflects improved gross margin. 
PETsMART, Inc. (Nasdaq : PETM)PETsMART operates superstores specializing in pet food, supplies and services. PETsMART operates 423 superstores in the United States, 93 in the United Kingdom and 18 in Canada. For the 13 weeks ended 5/2/99, revenues increased 14 percent to $564.1 million. Net income before acctg. change totalled $4.1 million, up from $153 thousand. Revenues benefitted from new stores in operation. Net income also reflects improved product margins and store expense control. 
Piercing Pagoda, Inc. (Nasdaq : PGDA)Piercing Pagoda, Inc. is a specialty retailer of gold jewelry through kiosk stores, offering gold chains, bracelets, earrings, charms and rings, as well as silver jewelry, through 931 stores in 44 states and Puerto Rico. For the fiscal year ended 3/31/99, net sales rose 15 percent to $255.1 million. Net income fell 30 percent to $7.6 million. Results reflect sales generated by new stores opened or acquired by the Company, offset by increased non-recurring pre-opening costs. 
Pier 1 Imports, Inc. (NYSE : PIR)Pier one Imports, Inc. is an international specialty retailer of imported decorative home furnishings, gifts and related items. For the fiscal year ended 2/28/99, revenues increased 6 percent to $1.14 billion. Net income increased 3 percent to $80.4 million. Revenues benefitted from the continued success of the national television advertising campaign and the store remodel and remerchandising programs. Earnings were partially offset by the absence of a $9.1 million trading recovery. 
Play Co. Toys & Entertain (OTC BB : PLCO)Play Co. Toys and Entertainment Corp. is a retailer of children's and adult toys, games and hobby products. The Company operates nineteen stores located in California and Arizona. For the nine months ended 12/31/98, net sales rose 53 percent to $27.2 million. Net loss applicable to Common fell 89 percent to $222 thousand. Revenues benefitted from the opening of new stores and increased same store sales. Lower loss also reflects a favorable shift in the product mix towards educational toys. 
Room Plus, Inc. (PLUSQRoom Plus, Inc. is a manufacturer and retailer of high-pressure, mica-laminated furniture for residential uses, primarily bedroom furniture for children ages three to 16 years old. For the fiscal year ended 12/31/98, revenues rose 14 percent to $19.2 million. Net loss rose 46 percent to $2.8 million. Revenues reflect increases in existing store sales and sales from four new showrooms. Higher loss also reflect increased cost of sales expenses and increased borrowings and interest rates. 
Pawnmart, Inc. (Nasdaq : PMRT)Pawnmart, Inc. is engaged in establishing, acquiring and operating pawnshops that lend money on the security of pledged tangible personal property. For the nine months ended 10/31/98, total revenues increased 13 percent to $8.1 million. Net loss applicable to Common increased 50 percent to $3.5 million. Revenues benefitted from store maturation, increased store traffic and marketing programs. Higher losses reflect an increase in labor costs, additional personnel, and professional fees. 
Power Plus Corporation (OTC BB : PRPS)Power Plus, through its wholly owned subsidiary Power Stuff, is a retail distributor of beepers/pagers, cellular telephones, portable handheld computers, and battery accessories. For the nine months ended 10/31/98, revenues fell 91 percent to C$598 thousand. Net loss fell from C$10.3 million to C$37 thousand. Results reflect the insolvency of the U.S. operations and the sale of Canadian operations due to inability to fund start-up operations. 
Paper Warehouse (Nasdaq : PWHS)PWHS operates a chain of stores specializing in party supplies and paper goods. PWHS retails its products in four markets in the Midwestern U.S., where it specializes in special ocassion, seasonal and everyday paper products. For the fiscal year ended 1/29/99, revenues 20 percent to $63.5 million. Net loss (vs. pro forma) totalled $521 thousand up from $96 thousand. Results reflect an increased number of stores in operation, offset by continued increases in hourly compensation. 
Cash America Internat'l (NYSE : PWN)Cash America International is a specialty financial services enterprise engaged in acquiring, establishing and operating pawnshops, which advance money on the security of pledged tangible personal property. PWN also offers check cashing services. For the three months ended 3/31/99, total revenues rose 14 percent to $95.7 million. Net income rose 6 percent to $4.8 million. Results benefitted from the net additions of 46 locations since 3/98, partially offset by higher operating expenses. 
Rag Shops, Inc. (Nasdaq : RAGS)Rag Shops, Inc. operates 66 specialty retail stores which sell fabric and craft merchandise. The Company's stores offer crafts, fabrics and related items to creative sewing and craft consumers. For the six months ended 2/27/99, revenues rose 1 percent to $51.8 million. Net income fell 11 percent to $1.3 million. Revenues benefitted from the addition of new stores. Earnings reflect higher store and general and administrative costs due to increases in payroll. 
SunGlass Hut Int'l, Inc. (Nasdaq : RAYS)RAYS and its subsidiaries are engaged in retail sunglass and watch sales. RAYS operates stores throughout the U.S., Canada, the Carribbean, Europe, Australia, New Zealand, and Southeast Asia. For the 13 weeks ended 5/1/99, net sales rose 4 percent to $152.6 million. Net income rose 57 percent to $6 million. Revenues reflect new stores opened during the quarter. Earnings also reflect an improved gross profit  percentage due to lower occupancy expenses and improved vendor terms. 
Roberds, Inc. (Nasdaq : RBDS)Roberds, Inc. is a retailer of a broad range of home furnishing products, including furniture, bedding, major appliances and high technology consumer electronics. For the fiscal year ended 3/99, revenues fell 8 percent to $72.4 million. Net loss fell 89 percent to $210 thousand. Revenues reflect severe weather conditions in the Ohio market area. Lower loss reflects higher margin products and $1.1 million life insurance proceeds received as a result of the death of the Company's chairman. 
Blue Rhino Corporation (Nasdaq : RINO)RINO is a provider of grill cylinder exchange in the United States offering consumers a convenient means to obtain fuel for their barbecue grills. For the six months ended 1/31/99, net sales totalled $18.1 million, up from $8.3 million. Net loss applicable to Common decreased 99 percent to $2 thousand. Revenues reflect an increase in the number of retail locations. Lower loss also reflects a higher gross margin due to a price increase on cylinder transactions. 
Reeds Jewelers, Inc. (AMEX : RJI)Reeds Jewelers, Inc. operates a chain of 106 specialty retail jewelry stores primarily in enclosed malls located principally in the Southwest. For the fiscal year ended 2/28/99, revenues rose 6 percent to $109.3 million. Net income before extraordinary item rose 52 percent to $4.2 million. Revenues benefitted from an increase in same-store sales. Net income also benefitted from a reduction in occupancy costs and higher sales of higher margin products. 
Restoration Hardware (Nasdaq : RSTO)RSTO is a retailer of home furnishings, functional and decorative hardware and related merchandise that reflects the Co's classic and authentic American point of view. For the three months ended 5/1/99, revenues rose 84 percent to $60 million. Net loss applicable to Common rose 52 percent to $2.7 million. Revenues reflect the opening of additional stores and the ``Turn of the Century Sale''. Higher loss reflects higher costs associated with the ``Turn of the Century Sale''. 
Rush Enterprises, Inc. (Nasdaq : RUSH)Rush Enterprises, Inc. operates a regional network of truck centers that provide an integrated one-stop source for the trucking needs of its customers, including retail sales of new Peterbilt and used heavy-duty trucks and after market parts, service and body shop facilities. For the three months ended 3/31/99, total revenues rose 41 percent to $177.8 million. Net income rose from $1.3 million to $3.3 million. Results reflect the addition of new dealerships and improved margins. 
Holiday RV Superstores (Nasdaq : RVEE)Holiday RV Superstores Inc. is a multi-store retail chain engaged in the retail sale and service of recreational vehicles and boats. For the six months ended 4/30/99, net revenues rose 12 percent to $44.4 million. Net income rose 38 percent to $1.3 million. Revenues benefitted from increased sale prices of new vehicles and boats. Earnings also benefitted from lower interest expense and a $317 thousand gain from the sale of the Company's Atlanta dealership property and equipment. 
Sonic Automotive, Inc. (NYSE : SAH)Sonic Automotive, Inc. sells new and used cars and light trucks, replacement parts, provides vehicle maintenance, and repair services, and arranges related financing and insurance for its customers through its 45 dealerships, four used vehicle facilities and 17 repair centers. For the three months ended 3/99, revenues totaled $593.5 million, up from $264 million. Earnings totaled $6.7 million, up from $2.1 million. Results reflect acquisitions, higher vehicle sales and sales of higher margin vehicles. 
Sharper Image Corporation (Nasdaq : SHRP)Sharper Image Corporation is a specialty retailer of a wide variety of gift and entertainment products that are sold through its retail stores, catalogs and other channels. For the three months ended 4/30/99, revenues increased 3 percent to $40.9 million. Net loss decreased 22 percent to $1.7 million. Revenues reflect an increase in comparable stores sales, the opening of six new stores and internet sales at sharperimage.com. Lower loss also reflect increased margins due to an improved product mix. 
Smart Choice Auto. Group (Nasdaq : SMCH)Smart Choice Automotive Group operates a network of self-financed used vehicle dealerships in Florida and underwrites, finances, and services retail installment contracts. The Co. also is a provider of Corvette parts and accessories. For the fiscal year ended 12/31/98, revenues totalled $95.4 million, up from $43.4 million. Net loss applicable to Common from continuing operations decreased 56 percent to $7.8 million. Results reflect higher sales of used cars due to the opening of new stores. 
Service Merchandise Co. (NYSE : SME)Service Merchandise with 350 stores in 34 states is a retailer of jewelry and offers a wide selection of brand-name hard goods and other product lines. For the 13 weeks ended 4/4/99, net sales fell 14 percent to $510.5 million. Net loss before extraordinary item rose from $24.1 million to $160.5 million. Revenues reflect the closure of facilities due to restructuring and remerchandising activities. Net loss also reflects $99.5 million in restructuring charges and the absence of a tax benefit. 
Samuels Jewelers, Inc. (OTC BB : SMJW)SMJW operates, as of 5/30/98, 117 retail jewelry stores, located primarily in regional malls, which offer fine jewelry items with a principal emphasis on diamond and gemstone jewelry. For the nine months ended 2/27/99, revenues fell 6 percent to $93 million. Net income before extraordinary item totalled $57.4 million, vs. a loss of $14.5 million. Revenues reflect a reduction in the number of stores and comparable store sales decreases. Earnings reflect a $67.9 million fresh start adjustment. 
Solo Serve Corporation (OTC BB : SOLO)Solo Serve operates a chain of off-price retail stores offfering a variety of name-brand and other merchandise at prices below those of traditional department and specialty stores. As of 1/98, the Company operated 27 stores in TX and LA. For the 39 weeks ended 10/31/98, net revenues fell 12 percent to $50.9 million. Net loss fell 8 percent to $4.7 million. Revenues reflect lower comparable store sales due to increased competition. Net loss reflects a $329 thousand reduction in store closing costs. 
RMS Titanic Inc. (OTC BB : SOST)RMS Titanic Inc. is engaged in the exploration of the wreck and surrounding oceanic areas of the Titanic. The company uses recovered items for historical verification, education, public awarness, exhibitions and sale. For the nine months ended 11/30/98, revenues totalled $8.4 million up from $2.9 million. Net income rose 41 percent to $2.9 million. Results reflect an increase in licensing fees, exhibitions, and merchandise sales partially offset by higher operating expenses. 
Sport Chalet, Inc. (Nasdaq : SPCH)Sport Chalet, Inc. is an operator of full service, specialty sporting goods superstores in Southern CA. As of 3/31/98, the Company had 18 stores located in Los Angeles, Orange, San Diego, San Bernardino and Ventura Counties. For the nine months ended 12/31/98, net sales increased 9 percent to $115.5 million. Net income increased 40 percent to $4.1 million. Revenues reflect increased comparable store sales. Net income also reflects a higher gross profit due to buying efficiencies. 
Sports Entertainment Ent. (OTC BB : SPEN)Sports Entertainment Enterprises, Inc. owns and operates one retail golf store and sells golf and tennis merchandise to franchisees of its subsidiary, St. Andrews Golf Corporation. For the three months ended 3/31/99, total revenues increased 60 percent to $2.1 million. Net loss decreased 12 percent to $570 thousand. Results benefitted from the revenues generated as a result of the opening of SportPark Las Vegas, partially offset by higher cost of sales, staffing and marketing costs. 
Strouds, Inc. (Nasdaq : STRO)STRO is a specialty retailer of bed, bath, tabletop, other home textile products, decorative accessories, and other selected home furnishings which operates 65 stores, as of 2/99, under the name of Strouds. For the fiscal year ended 2/27/99, net sales rose 3 percent to $227.6 million. Net income totalled $214 thousand vs. a loss of $3.8 million. Revenues reflect sales from new stores and expanded or replacement stores. Earnings reflect improved gross margins and lower average borrowings. 
Tandycrafts, Inc. (NYSE : TAC)TAC markets consumer products through four distinct product-related operating divisions: Frames and Wall Decor, Leather and Crafts, Office Supplies, and Novelties and Promotion. For the nine months ended 3/31/99, net sales fell 15 percent to $154.2 million. Net loss totalled $13.1 million vs. income of $4.2 million. Revenues suffered from divested operations. Net loss reflects $8.1 million in restructuring charges and increased competition in the office supplies division. 
Three D Departments, Inc. (OTC BB : TDDBQ)Three D Departments, Inc. is a chain of specialty retail home textiles and decorative housewares products stores generally located in regional shopping centers. As of 8/1/98, the Company operated 21 stores. For the fiscal year ended 8/1/98, sales decreased 15 percent to $37.6 million. Net loss totalled $7.4 million, up from $1.7 million. Revenues reflect the closure of stores and a tightening of bank credit. Loss also reflects $1.2 million in restructuring expenses and a $649 thousand impairment loss. 
Tiffany & Company (NYSE : TIF)TIF designs, manufactures, distributes, and retails fine jewelry, timepieces, sterling silverware, china, crystal, writing instruments, scarves and ties. For the three months ended 4/30/99, revenues increased 20 percent to $272.2 million. Net income increased 45 percent to $16.2 million. Results reflect increased U.S. and International retail sales due to an increased number of transactions, higher average transaction size, new store openings and higher margins due to shifts in sales mix. 
Toys R Us, Inc. (NYSE : TOY)Toys 'R' Us, Inc. is the world's largest retailer of children's products. As of 1/99, TOY operated 1,156 toy stores, 212 Kids R Us children's clothing stores and 113 Babies R Us infant stores. For the 13 weeks ended 5/1/99, net sales increased 6 percent to $2.17 billion. Net income fell 11 percent to $17 million. Results reflect store expansion and the growth in the Babies R Us division. Earnings were offset by lower margins due to changes in sales mix. 
Travis Boat & Motors,Inc. (Nasdaq : TRVS)Travis Boat and Motors, Inc. is a multi-state superstore retailer of recreational boats, motors, trailers and related marine accessories in the southern United States. For the six months ended 3/31/99, net sales rose 29 percent to $56.1 million. Net income decreased 72 percent to $177 thousand. Revenues benefitted from growth in comparable store sales and new stores. Net income was offset by increased S/G/A expenses related to new store openings. 
Sports Authority (NYSE : TSA)The Sports Authority operates 221 large format sporting goods stores in the U.S., Canada and Japan, offering extensive selections of brand name sporting equipment and athletic and active footwear and apparel. For the 13 weeks ended 4/25/99, revenues rose 3 percent to $357 million. Net loss decreased 61 percent to $1.5 million. Revenues reflect the closing of 15 stores due to restructuring. Lower loss benefitted from a $5 million gain on deconsolidation. 
Trans World Entertainment (Nasdaq : TWMC)TWMC is a specialty retailer of compact discs, prerecorded audio cassettes, prerecorded videocassettes and related accessories. As of 1/98, TWMC operated 539 stores in 34 states, the District of Columbia and the Virgin Islands. For 13 weeks ended 5/1/99, revenues increased 14 percent to $287 million. Net loss totalled $8.6 million vs. income of $2.2 million. Revenues reflect an increase in comparable store sales. Losses reflect a $25.7 million cost related to the Camelot merger. 
United Auto Group, Inc. (NYSE : UAG)UAG is engaged in the sale of new and used motor vehicles and related products and services, including vehicle service and parts, finance and other aftermarket products. UAG also purchases, sells and services vehicle financing contracts. For the three months ended 3/99, total revenues rose 27 percent to $904.7 million. Net income from continuing operations before extraordinary item rose 61 percent to $3.7 million. Results reflect dealership acquisitions and an improved gross profit margin. 
Ugly Duckling Corporation (Nasdaq : UGLY)Ugly duckling operates a national chain of Buy Here-Pay Here used car dealerships, and underwrites, finances and services retail installment contracts generated from the sale of used cars. For the three months ended 3/99, revenues increased 48 percent to $130.1 million. Net income from continuing operations fell 89 percent to $420 thousand. Revenues reflect both higher sales prices and number of used cars sold. Net income was offset by increased provisions for credit losses. 
U.S. Pawn, Inc. (Nasdaq : USPN)U.S. Pawn, Inc. operates pawnshops that lend money on the security of pledged tangible personal property, for which the Company receives a pawn service charge to compensate for the loan. The pledged property is held through the term of the loan, generally less than 120 days. For the three months ended 3/99, revenues fell 23 percent to $2.3 million. Earnings applicable to Common fell 51 percent to $68 thousand. Results reflect lower pawn service charges and merchandise sales. 
U.S. Vision, Inc. (Nasdaq : USVI)U.S. Vision is a retailer of optical products and services through licensed retail optical departments located in national and regional department stores. For the three months ended 4/30/99, net sales increased 9 percent to $37.8 million. Net income decreased 19 percent to $2.3 million. Revenues reflect increased comparable store sales and additional sales from new store openings. Earnings were offset by increased S/G/A costs related to new store openings. 
Vista Eyecare, Inc. (Nasdaq : VSTA)Vista Eyecare, Inc. is engaged in the retail sale of optical goods and services. As of 4/99, Company operated 930 vision centers in the United States and Mexico. For the 13 weeks ended 4/3/99, net sales rose 59 percent to $86.6 million. Net income decreased 40 percent to $1.5 million. Revenues reflect increased sales in the domestic host store business. Net income was offset by debt levels incurred to finance the acquisition of Frame-n-Lens and higher S/G/A expenses. 
Welcome Home, Inc. (OTC BB : WELC)Welcome Home, Inc. is a specialty retailer of gifts and decorative home furnishings and accessories in North America, with 120 stores (as of 12/98) located primarily in factory outlet centers in 36 states. For the three months ended 4/3/99, net sales fell 2 percent to $9.5 million. Net loss applicable to Common fell 29 percent to $1.7 million. Net sales reflect a decline in comparable store sales. Lower loss reflects improved gross margin due to lower markdowns taken. 
Whitehall Jewellers, Inc. (Nasdaq : WHJI)Whitehall Jewellers is a national specialty retailer of fine jewelry, operating 262 stores in 29 states, as of 4/99. The Company also operates under the names Whitehall Co. Jewellers and Lundstrom Jewelers. For the three months ended 4/30/99, net sales rose 42 percent to $58.9 million. Net income increased 66 percent to $1.2 million. Revenues reflect acquisitions and new store openings. Net income also reflects higher mechandise margins and lower occupancy and buying expenses. 
West Marine, Inc. (Nasdaq : WMAR)West Marine, Inc. sells an extensive selection of boating products and apparel to recreational and commercial boaters through retail stores and mail order catalogs. For the 13 weeks ended 4/03/99, net sales rose 11 percent to $93.6 million. Net loss fell 22 percent to $2.8 million. Revenues reflect increased sales from the Company's Stores and Port Supply divisions. Loss also reflects the absence of a $3.3 million charge related to the distribution center move. 
World of Science (Nasdaq : WOSI)World of Science is a specialty retailer of a variety of traditional and distinctive science and nature products. The Company's merchandising strategy emphasizes both the educational and entertainment values of its products. For the three months ended 5/01/99, revenues rose 12 percent to $8.8 million. Net loss increased 46 percent to $1.6 million. Revenues reflect the opening of new stores. Higher loss reflects a 5.6 percent increase in occupancy costs spread over lower than expected sales base. 
Williams-Sonoma, Inc. (NYSE : WSM)WSM is a national specialty retailer of fine quality cooking and serving equipment, home furnishings and other home and garden accessories, marketed through 305 retail stores and five mail order catalogs. For the 13 weeks ended 5/2/99, net sales rose 25 percent to $258.7 million. Net income rose 52 percent to $3.3 million. Results reflect strength at Pottery Barn, the net additions of 29 stores since the prior period, higher same store sales, and decreases in debt servicing and state taxes. 
Zany Brainy, Inc. (Nasdaq : ZANY)Zany Brainy, Inc. is a specialty retailer of high quality toys, games, books and multimedia products for kids. Fof the thirteen weeks ended 5/1/99, revenues increased 48 percent to $40.6 million. Net loss decreased 44 percent to $1.4 million. Revenues benefitted from an increase in customer transaction level, and strong sales of popular items. Lower losses reflect an increase in gross profit due to greater leveraging of store occupancy expenses. 
Zale Corporation (NYSE : ZLC)Zale Corporation is a specialty retailer of fine jewelry with 1,125 retail jewelry stores located primarily in shopping malls throughout the United States, Guam and Puerto Rico. For the nine months ended 4/30/99, net sales rose 7 percent to $1.1 billion. Net income rose 18 percent to $72.4 million. Revenues reflect enhanced merchandise assortments and successful marketing initiatives. Earnings also benefitted from higher margins and store productivity improvements.%}
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Ag Services of America (NYSE : ASV)ASV is engaged in retail sales of farm inputs, including seed, fertilizer and agricultural chemicals. ASV also provides crop insurance and cash advances for rent, fuel and irrigation, to farmers primarily in the central U.S. For the fiscal year ended 2/28/99, revenues increased 21 percent to $225.3 million. Net income rose 25 percent to $6.5 million. Revenues reflect increased market penetration in the Company's 30 state market area. Earnings reflect an increase in gross profit. 
Building Materials Hldg. (Nasdaq : BMHC)Building Materials Holding is a distributor and retailer of building materials, selling mainly to contractors and advanced service-oriented customers. For the three months ended 3/31/99, revenues increased 17 percent to $215.6 million. Net income totalled $2.5 million, up from $850 thousand. Revenues reflect the acquisitions and increased same-store sales. Earnings also reflect an increase in gross profit due to increased focus on value-added products. 
Calloway's Nursery Inc. (Nasdaq : CLWY)CLWY, a specialty retailer of lawn and garden products and Christmas merchandise, currently operates 16 retail stores in the Dallas and Forth Worth area. For the six months ended 3/31/99, net sales increased 27 percent to $11.1 million. Net loss decreased 6 percent to $961 thousand. Revenues reflect increased same store sales. Net loss was partially offset by increased operating expenses due to the costs of opening two new stores, and decreased gross profit margins. 
D.I.Y. Home Warehouse (OTC BB : DIYH)DIYH operates warehouse-format home improvement centers selling products primarily for do-it-yourself home repair and remodeling. For the three months ended 4/3/99, revenues fell 22 percent to $29.2 million. Net loss fell 8 percent to $733 thousand. Revenues suffered from the closing of two stores and lower comparable store sales. Lower loss reflects an improved gross profit margin, ongoing efforts to reduce operating costs, and lower interest expense. 
Griffin Land & Nurseries (Nasdaq : GRIF)GRIF is engaged in the growing of container landscape nursery products for sale; owning and operating wholesale sales and service centers; owning, building and managing commercial and industrial properties; and the developing of residential subdivisions. For the 13 weeks ended 2/27/99, revenues rose 47 percent to $5.2 million. Net loss rose 5 percent to $1.5 million. Revenues reflect increased net sales at Imperial. Higher loss was partially offset by increased capitalized interest. 
HomeBase, Inc. (NYSE : HBI)HomeBase, Inc. operates home improvement warehouse stores in the western U.S. The company offers brand name home improvement and building supply products. For the 13 weeks ended 5/1/99, net sales rose 5 percent to $365.3 million. Net income totalled $653 thousand, up from $91 thousand. Revenues reflect an increase in the number of stores in operation and comparable store sales growth. Net income benefitted from lower selling, general and administrative expenses. 
Home Depot, Inc. (NYSE : HD)HD operates retail Do-It-Yourself Warehouse stores which sell building materials and home improvement products. HD operates 707 HD stores and eight EXPO Design Centers in the U.S., 43 HD stores in Canada, two HD stores in Chile and one in Puerto Rico. For the 13 weeks ended 5/2/99, net sales rose 26 percent to $8.95 billion. Net earnings rose 45 percent to $489 million. Revenues reflect 141 new stores and higher comparable store-for-store sales. Earnings reflect improved sales mix. 
Jewett-Cameron Trading Co (Nasdaq : JCTCF)JCTCF operates as a distributor of lumber and other building products, as a distributor of industrial tools and as a retailer of building materials. For the nine months ended 5/31/98, sales decreased 8 percent to $18.8 million. Net income increased 6 percent to $364 thousand. Revenues reflect a decrease in sales of lumber due to weather and decreased lumber prices. Net income reflects decreased S/G/A expenses due to lower wages and benefits, and a gain on foreign exchange vs. a loss. 
Lowe's Companies Inc. (NYSE : LOW)Lowe's Companies Inc. is a retailer serving the do-it-yourself home improvement, home decor, and home construction markets. LOW operates 484 stores located in 24 states predominantly in the eastern half of the U.S. For the three months ended 4/30/99, net sales increased 20 percent to $3.77 billion. Net income increased 24 percent to $125 million. Results reflect strong sales increases in tools, appliances, kitchen cabinets and home decor, and higher margins. 
National Home Centers (Nasdaq : NHCI)NHCI is a retailer of home improvement products and building materials. NHCI operates large home center super-stores coupled with complete building supply operations. For the three months ended 4/30/99, net sales fell 13 percent to $25.3 million. Net income totaled $212 thousand vs. a loss of $1.6 million. Revenues reflect eight stores vs. ten. Net income reflects higher margins and lower S/G/A as a  percentage of revenue both due to the closing of unprofitable locations. 
Payless Cashways, Inc. (OTC BB : PCSH)PCSH is a retailer of building materials and home improvement products in the United States. PCSH operates 154 retail stores in 18 states. For the 13 weeks ended 2/27/99, revenues fell 1 percent to $392.2 million. Net loss fell 60 percent to $10 million. Revenues reflect the closing of six stores. Lower loss reflects the absence of a $5.6 million severance charge, higher margins due to increased supplier support and lower S/G/A expenses due to expense control. 
Alliance Forest Products (NYSE : PFA)Alliance Forest Products specializes in the production and marketing of lumber and related products, pulp, newsprint, and uncoated groundwood papers. For the fiscal year ended 12/31/98, sales rose 32 percent to C$1.09 billion. Net loss according to U.S. GAAP adjustment rose 43 percent to C$10.7 million. Revenues reflect strong sales of the Company's lumber products. Higher loss reflects increased cost of sales and admin. expenses, as well as increased depreciation costs. 
Riverside Group, Inc. (Nasdaq : RSGI)Riverside Group, Inc. is a holding company, which is engaged in marketing internet connectivity through its Cybermax unit, E-commerce and Internet advertising through its Buildscape unit and the retailing and distribution of building materials through its Wickes unit. For the three months ended 3/99, revenues fell 99 percent to $477 thousand. Net loss fell 38 percent to $3.2 million. Results reflect a change in the accounting of the Wickes, offset by the lack of a $5.4 million restructuring charge. 
Tractor Supply Company (Nasdaq : TSCO)TSCO is a specialty retailer which supplies daily farming and maintenance needs of its target customers: hobby, part-time and full-time farmers and ranchers, as well as contractors, tradesmen and rural customers. For the three months ended 3/27/99, sales rose 19 percent to $125.6 million. Net loss decreased 24 percent to $1.1 million. Revenues reflect a 12.5 percent increase in comparable store sales and new store openings. Loss also reflects decreased sales of lower margin products. 
Wickes Inc. (Nasdaq : WIKS)Wickes Inc., through its sales and distribution facilities, markets lumber, building materials and services primarily to professional contractors, repair and remodelers and do-it-yourself home owners, principally in the Midwest, Northeast and Southern U.S. For the three months ended 3/27/99, net sales rose 13 percent to $191.1 million. Net loss fell 52 percent to $3.3 million. Results reflect increased same store sales to building professionals and the absence of $5.4 million in charges. 
Wolohan Lumber Company (Nasdaq : WLHN)Wolohan Lumber Company is engaged in the retail sale of a full line of lumber and building materials and related items, through a chain of building supply stores located in the Midwest. For the three months ended 03/27/99, sales fell less than 1 percent to $73.1 million. Net loss rose 9 percent to $932 thousand. Sales reflect a closure of 12 Company's stores. Higher loss reflects lower gross margin due to the Company's transition towards more project selling, builder and remodeler sales.%}
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All American Food Group (OTC BB : AAFGE)All American Food Group, Inc. franchises two distinct bagel store concepts, distributes bagel bakery equipment and operates 10 retail bagel stores. For the nine months ended 7/31/98, revenues rose 20 percent to $2.5 million. Net loss applicable to Common rose less than 1 percent to $2.8 million. Revenues benefitted from higher in store sales, and an increase in the number of franchise stores. Higher loss reflects a $334 thousand non-recurring consultant expense. 
Albertson's Inc. (NYSE : ABS)Albertson's Inc. operates combination food-drug stores, conventional supermarkets and warehouse stores. For the 13 weeks ended 4/29/99, sales increased 8 percent to $4.17 billion. Net income increased 24 percent to $137.1 million. Revenues benefitted from continued expansion of net retail square footage, and increased store sales. Earnings also benefitted from an increase in gross profit as a  percentage of sales, and the absence of a $29.4 million impairment for store closures charge. 
Ahold (NYSE : AHO)Ahold is principally engaged in the operation of food retail supermarkets. As of 12/98, the Company operated over 3,600 stores in The Netherlands, United States, Southern and Central Europe, Latin America and Southeast Asia. For the fiscal year ended 1/3/99, total sales rose 15 percent to NLG58.36 billion. Net income applicable to Common rose 29 percent to NLG1.18 billion. Results reflect increased sales at all U.S. supermarket operations and higher U.S. operating results. 
Arden Group, Inc. (Nasdaq : ARDNA)Arden Group, Inc. is a holding company whose Arden-Mayfair subsidiary currently operates 13 supermarkets in the greater Los Angeles, California area under the names Gelson's and Mayfair. For the 13 weeks ended 4/3/99, sales rose 11 percent to $78 million. Net income rose 27 percent to $3 million. Revenues reflect a more robust economy in Southern California and price increases. Earnings also benefitted from higher margins due to product pricing decisions and cost containment. 
Western Beef, Inc. (Nasdaq : BEEF)Western Beef, Inc. and subsidaries operate high-volume, warehouse-type, retail food stores and a wholesale meat and poultry business. During 1998, the Company operated 23 retail food stores. For the 13 weeks ended 4/3/99, net sales rose 11 percent to $77.4 million. Net income fell 30 percent to $665 thousand. Revenues reflect the two Western Beef supermarkets opened in N.J. and two Junior's Food Outlet stores in N.Y., offset by higher opening costs and insurance reserves. 
Bruno's, Inc. (OTC BB : BRNOQ)Bruno's, Inc. is principally engaged in the operation of supermarkets in the Southeastern United States. As of 1/99, the Company operated 149 supermarkets in AL, GA, FL, MS. For the 13 weeks ended 5/1/99, net sales fell 19 percent to $406.7 million. Net income totalled $606 thousand vs. a loss of $11.4 million. Revenues reflect a reduced number of stores in operation due to divestitures. Earnings benefitted from higher margins and lower labor costs. 
Blue Square-Israel Ltd. (NYSE : BSI)Blue Square-Israel Ltd. owns supermarkets, apparel stores and department stores in Israel. As of 9/98, the Company owns 155 supermarkets and 41 department stores. For the nine months ended 9/30/98, revenues increased 11 percent to NIS4.19 billion. Net income before U.S. GAAP remained flat at NIS83.5 million. Revenues benefitted from higher supermarket sales. Earnings were partially offset by higher operating expenses and a decrease in financial income. 
Casey's General Stores (Nasdaq : CASY)CASY and its subsidiaries operate convenience stores under the name ``Casey's General Store'', which offer food, health, beauty aids, auto products and gas in nine Midwestern States. For the nine months ended 1/31/99, sales rose 3 percent to $950.7 million. Net income rose 18 percent to $34 million. Revenues reflect a higher number of gasoline gallons sold and increased general merchandise sales due to 69 new stores. Net income also reflects lower cost of goods sold as a  percentage of sales. 
AMCON Distributing Co. (Nasdaq : DIST)DIST distributes a broad portfolio of consumer products, including beverages, candy, cigarettes, groceries and health and beauty care products, in the Great Plains and Rocky Mountain regions. For the six months ended 3/31/99, sales rose 29 percent to $172.3 million. Net income rose from $940 thousand to $2.3 million. Revenues reflect higher cigarette sales due to price increases and higher sales at the Food for Health Company. Earnings also reflect increased gross margins. 
Dairy Mart Convenience (AMEX : DMCb)Dairy Mart Convenience Stores, Inc. operates or franchises 618 stores under the name Dairy Mart in seven states located in the Midwest and Southeast. For the 13 weeks ended 5/1/99, revenues rose 14 percent to $123.6 million. Net income totalled $97 thousand vs. a loss of $629 thousand. Revenues reflect increased convenience store revenues and an increased volume of gasoline sold. Earnings also reflect lower environmental remediation expenses. 
Disco S.A. (DXODisco S.A. is a food retailer in Argentina with 107 Supermarkets (as of 12/97) operating under the names Disco, Vea, Su, Elefante and La Gran Provision. For the nine months ended 9/30/98, net sales rose 58 percent to P$1.19 billion. Net income fell 35 percent to P$10.9 million. Revenues reflect the incorporation of the Su and Vea stores and the ramping-up of operations at new stores. Earnings were offset by higher selling expenses and higher depreciation and amortization due to acquisitions. 
Distribucion y Servicio (NYSE : DYS)Distribucion y Servicio D&S S.A. is engaged in the operation of supermarkets in Chile and Argentina. As of 12/31/97, the Company operated 37 supermarkets in Chile and five supermarkets in Argentina. For the fiscal year ended 12/31/97, revenues rose 37 percent to CH$486.99 billion. Net income according to U.S. GAAP rose 13 percent to CH$21.59 billion. Revenues benefitted from new stores and higher selling areas. Net income was partially offset by higher personnel costs and increased debt. 
Eagle Food Centers, Inc. (Nasdaq : EGLE)EGLE is a regional supermarket chain with 90 supermarkets in the Quad Cities area of IL and IA, north, central and eastern IL, eastern IA, and the Chicago/Fox Valley and northwestern ID. For the 13 weeks ended 5/1/99, sales fell less than 1 percent to $230.7 million. Net loss totaled $1.5 million vs. income of $124 thousand. Revenues reflect lower same store sales and competitive store growth. Net loss suffered from a $1.7 million asset revaluation charge. 
Food Lion Inc. (Nasdaq : FDLNB)Food Lion Inc. is engaged in the operation of retail food supermarkets principally in the southeastern United States. As of 1/99, the Company operated 1,207 retail food supermarkets and eight distribution centers in 11 states. For the 12 weeks ended 3/27/99, net sales rose 4 percent to $2.41 billion. Net income rose 6 percent to $58.6 million. Revenues benefitted from the opening of new stores. Earnings also reflect higher margins due to continued category management initiatives. 
Fleming Companies, Inc. (NYSE : FLM)FLM markets food and related products and offers retail services to supermarkets in 42 states. FLM also operates 280 company-owned stores in several states. For the 16 weeks ended 4/17/99, net sales decreased 2 percent to $4.47 billion. Net loss totalled $24.2 million vs. an income of $15.3 million. Revenues reflect lower sales from the food distribution segment. Loss also reflects higher S/G/A expenses, lower interest income and a $37 million impairment/restructuring charge. 
Fresh America Corp. (Nasdaq : FRES)FRES provides procurement, processing, re-packing, warehousing and distribution services of fresh produce and other refrigerated products for a variety of customers in the retail, food service and food distribution businesses. For the three months ended 4/2/99, revenues rose 30 percent to $173.4 million. Net income totalled $1.2 million, up from $454 thousand. Results reflect acquisitions made subsequent to the first qarter of 1998 contributing higher gross profit margin. 
Foodarama Supermarkets (AMEX : FSM)Foodarama Supermarkets operates a chain of 21 Shop-Rite supermarkets in Central NJ. FSM also operates two liquor stores and two garden centers. For the 26 weeks ended 5/1/98, sales increased 19 percent to $399 million. Net income decreased 12 percent to $912 thousand. Revenues benefitted from improved same store sales due to increased promotional activities, including double couponing. Earnings were offset by higher operating and general and administrative expenses and higher debt levels. 
Great A & P Tea Company (NYSE : GAP)GAP is a supermarket company which operates under the names: A&P, Waldbaum's, Farmer Jack, Save-A-Center, Super FoodMart, Food Emporium, Kohl's, Dominion and Food Basics. For the fiscal year ended 2/27/99, sales fell 1 percent to $10.18 billion. Net loss before extraordinary item totalled $67.2 million vs. an income of $63 million. Revenues reflect Canadian exchange rate losses and one less week of sales. Earnings suffered from charges for the closing of stores. 
Gristede's Sloan's Inc. (AMEX : GRI)GRI owns and operates 40 supermarkets, (the ``Supermarkets''), 35 in Manhattan, three in Westchester County, one in Brooklyn, and one in Long Island, NY. 11 of the Supermarkets are operated under the ``Sloan's'' name and 29 are operated under the ``Gristede's'' name. For the 13 weeks ended 2/99, revenues rose 12 percent to $44.2 million. Net income totalled $407 thousand, up from $30 thousand. Results reflect a remodeling program and cost control efforts. 
Grand Union Company (Nasdaq : GUCO)The Grand Union Co., a regional food retailer, operates 222 food stores in six northeastern states. For the 40 weeks ended 1/2/99, revenues fell 1 percent to $1.74 billion. Net loss applicable to Common before extraordinary item decreased 39 percent to $115.6 million. Revenues suffered from increased competition, adverse weather conditions, and historical deferral of capital expenditures. Lower loss reflects higher gross margins and lower S/G/A and depreciation expenses. 
Harry's Farmers Market (Nasdaq : HARY)HARY owns and operates concept megastores specializing in perishable food products. HARY stores also sells gourmet nonperishable food products. For the 13 weeks ended 5/5/99, net sales rose 2 percent to $33.7 million. Net loss applicable to Common totalled $220 thousand, vs. an income of $23 thousand. Revenues reflect sales increases from new stores. Net loss reflects the the addition of two new Harry's In a Hurry stores and a decrease in comparable store sales. 
Healthrite, Inc. (Nasdaq : HLRT)Healthrite, Inc. is engaged in production, distribution and sale of consumable energy, health and diet products, including energy formulated products, bee pollen, bee-related products, herbal extracts and meal substitutes. For the three months ended 3/31/99, revenues fell 2 percent to $2.9 million. Net loss applicable to Com. rose 8 percent to $769 thousand. Results reflect a decline in sales to the largest contract manufacturing customer, initial advertising campaign, and higher debt level. 
Homeland Holding Corp. (Nasdaq : HMLD)Homeland Holding Corporation, through its subsidiaries, operates a chain of supermarkets in the OK, southern KS and Texas Panhandle region. As of 3/99, the Company operated 69 stores. For the 12 weeks ended 3/27/99, net sales rose 2 percent to $123.7 million. Net loss fell 16 percent to $2 million. Revenues reflect increased promotional activity and re-opening of one store. Lower loss reflects lower amortization of excess reorganization value. 
Hannaford Bros. Company (NYSE : HRD)Hannaford Bros. and its subsidiaries are involved in the distribution and retail sale of food, prescription drugs and related products through supermarkets and combination stores in ME, NH, NY, MA, VA, VT, NC and SC. For the three months ended 4/3/99, net sales rose 6 percent to $839.1 million. Net income rose 12 percent to $20 million. Revenues reflect the impact of new, expanded, and relocated stores and higher same store sales. Earnings also reflect improved selling margins and lower debt levels. 
Ingles Markets, Inc. (Nasdaq : IMKTA)Ingles Markets, Inc. is a supermarket chain operating 207 stores in NC, SC, GA, TN, VA, and AL. For the six months ended 3/27/99, sales increased 12 percent to $895.5 million. Net income increased 33 percent to $8.2 million. Revenues reflect successful marketing efforts, increased community involvement and improvement in store conditions. Earnings also benefitted from decreased payroll and depreciation expenses as a  percentage of sales and increased rental income. 
Santa Isabel (NYSE : ISA)Santa Isabel is a multinational supermarket chain headquarted in Chile. As of 12/97, the Company operated 68 stores in Chile, 15 in Peru, five in Paraguay, and one in Ecuador. For the fiscal year ended 12/97, net sales rose 8 percent to Ch$357.16 billion. Net income fell 72 percent to Ch$3.09 billion. Revenues benefitted from continued expansion of net retail selling area. Net income suffered from increased levels of shrinkage, and higher employee and store rental expenses. 
Ito Yokado Co., Ltd. (Nasdaq : IYCOY)IYCOY and its consolidated subsidiaries operate sup-erstores, convenience stores, restaurants, supermarkets, department stores, specialty shops and discount chains. For the fiscal year ended 2/98, revenues rose 4 percent to Y3.13T. Net income decreased 5 percent to Y70.46 billion. Revenues reflect an increase in convenience stores due to foreign exchange gains on the translation of Southland's results into yen. Earnings reflect higher pension related expenses and cheaper yen. 
Kroger Company (NYSE : KR)The Kroger Co. operates in the retail food and drug stores business in the Midwest and South U.S. KR also manufactures and processes food for sale by its supermarkets and operates convenience stores. For the fiscal year ended 01/02/99, sales rose 6 percent to $28.2 billion. Net income before extraordinary item rose 1 percent to $449.9 million. Revenues reflect higher food store sales due to additional stores built. Earnings suffered from costs relating to logistics initiatives. 
Marsh Supermarkets, Inc. (Nasdaq : MARSA)MARSA operates 89 supermarkets and 181 Village Pantry convenience stores in central IN and western OH. MARSA also operates over 1,290 unaffiliated convenience stores and a food services division. Sales for the 40 weeks ended 1/2/99, rose 6 percent to $1.23 billion. Net income before extraordinary item rose 30 percent to $8.7 million. Revenues reflect same store sales gains and passing on higher cigarette prices to customers. Earnings reflect decreased S/G/A costs as a  percentage of sales. 
Merkert American Corp. (Nasdaq : MERK)Merkert American Corporation is a food brokerage firm providing outsourced sales, merchandising and marketing services to manufacturers, suppliers and producers of food products and consumer goods. For the three months ended 3/31/99, revenues rose 55 percent to $56.6 million. Net income totalled $1.8 million vs. a loss of $1.6 million. Results reflect increased sales and operating earnings due to the acquisitions of Rogers and Merkert Enterprises. 
Nash Finch Company (Nasdaq : NAFC)Nash Finch Company is a food wholesaler engaged in the supply of food and non-food items to grocery stores and institutional customers. NAFC also operates retail grocery stores and supplies food and related products to military commissaries. For the 12 weeks ended 3/27/99, total revenues remained flat at $934.8 million. Net income from continuing operations before extraordinary item fell 68 percent to $1.2 million. Results reflect lower margins due to growth of the wholesale business. 
Wild Oats Markets, Inc. (Nasdaq : OATS)OATS owns and operates 67 natural foods supermarkets in 18 states and Canada under the names Wild Oats Community Markets, Alfalfa's Markets and Oasis Fine Foods. OATS also operates bakeries, kitchens and a warehouse that supplies the retail stores. For three months ended 4/3/99, revenues rose 34 percent to $122.5 million. Net loss before acctg. chnage totalled $3 million vs. an income of $2.7 million. Results reflect new store openings and acquisitions, offset by $10.9 million charge for store closings. 
Penn Traffic Company (OTC BB : PNFT)The Penn Traffic operates 216 retail supermarkets in PA, NY, WV, and OH. The Company also operates a wholesale food distribution business. For the 13 weeks ended 5/1/99, revenues decreased 14 percent to $615 million. Net loss before extraordinary items increased 27 percent to $21.6 million. Revenues reflect a decrease in the number of stores in operation and decreased wholesale revenues. Higher loss suffered from the absence of $10.4 million in tax benefits. 
Pantry, Inc. (Nasdaq : PTRY)The Pantry is a convenience store operator in the southeastern United States offering merchandise and gasoline as well as ancillary services. As of 3/99, the Company operated 1,149 stores. For the 26 weeks ended 3/25/99, total revenues increased 62 percent to $675.4 million. Net loss applicable to Common and before extraordinary items decreased 88 percent to $369 thousand. Results reflect improved same store sales, store acquisitions and improved gasoline margins. 
Publix Super Markets (OTC BB : PUSH)Publix Super Markets, Inc. is engaged in the business of operating retail food supermarkets in Florida, Georgia, South Carolina and Alabama. As of 12/98, PUSH operates 586 supermarkets. For the 13 weeks ended 3/27/99, revenues rose 9 percent to $3.39 billion. Net income fell less than 1 percent to $118.6 million. Revenues benefitted from higher comparable same store sales and new stores openings. Earnings were offset by lower margins due to competitive pricing. 
Ruddick Corporation (NYSE : RDK)RDK is a holding company, through its subsidiaries, operates a regional chain of supermarkets, and manufactures and distributes industrial and consumer sewing thread and yarn. For the six months ended 3/28/99, sales rose 5 percent to $1.3 billion. Net income rose 9 percent to $25.4 million. Revenues reflect higher sales at Harris Teeter due to increased promotional and customer service activities. Earnings also reflect a combination of higher sales and improved cost controls. 
Richfood Holdings, Inc. (NYSE : RFH)Richfood Holdings Inc., sells a wide variety of groceries, frozen foods, meats, produce, dairy products, bakery, delicatessen and non-food items to retail supermarkets. For the 36 weeks ended 1/9/99, revenues rose 25 percent to $2.76 billion. Net income rose 1 percent to $47.8 million. Sales benefitted from the newly acquired Shoppers and Farm Fresh retail chains. Earnings were partially offset by higher operating and financing costs related to the acquisitions. 
Rocky Mountain Chocolate (Nasdaq : RMCF)RMCF is a manufacturer, international franchiser, and retail operator. The Company manufactures an extensive line of premium chocolate candies and other confectionary products for sale at 37 Company-owned and 184 franchised stores. For the nine months ended 11/98, revenues rose 12 percent to $19.5 million. Net income from continuing operations rose 8 percent to $1.2 million. Results reflect a shift to higher priced point packaged products, partially offset by expansion of the sales group. 
Super-Sol Ltd. (NYSE : SAE)Super-Sol Ltd. is Israel's largest supermarket chain, operating 127 stores from Kiryat Shmona in the north to Eilat in the South. For the nine months ended 9/30/98, revenues rose 4 percent to NIS 3.71 billion. Net income rose 18 percent to NIS 96.5 million. Revenues reflect the openings of six additional stores since the prior period. Earnings also benefitted from higher profit margins and a NIS 31.6 million capital gain upon sale of an interest in Super Kozert. 
Schultz Sav-O Stores (Nasdaq : SAVO)SAVO is engaged in distributing food and related products at wholesale and retail. As of 1/98, SAVO operated 18 supermarkets and served as wholesaler to 68 independently-owned franchised stores under the Piggly Wiggly name. For the three months ended 4/24/99, revenues rose 3 percent to $147 million. Net income rose 7 percent to $1.8 million. Results reflect an increase in wholesale business volume. Earnings also reflect higher margin retail sales from additional corporate stores. 
Seaway Food Town, Inc. (Nasdaq : SEWY)Seaway Food Town, Inc. is a regional supermarket chain operating 71 retail stores in northwest and central OH and southeast MI. For the 26 weeks ended 2/27/99, net sales rose 4 percent to $327 million. Net income rose 8 percent to $3.7 million. Revenues benefitted from higher same-store sales and strength at remodeled locations. Earnings also reflect decreased S/G/A as a  percentage of sales, higher miscellaneous income and a lower tax rate due to the implementation of tax strategies. 
Smart & Final Inc. (NYSE : SMF)Smart and Final is principally engaged in the operation of non-membership warehouse grocery stores, serving restaurants, caterers, clubs, organizations and small businesses. As of 3/99, the Company operated 211 stores in seven states. For the 12 weeks ended 3/28/99, sales rose 19 percent to $398.3 million. Net loss before acct. change fell 47 percent to $474 thousand. Revenues reflect the acquisition of United Grocers Cash and Carry. Lower loss reflects cost controls. 
7-Eleven, Inc. (Nasdaq : SVEV)7-Eleven is an operator, franchisor, and licensor of approximately 18,200 7-Eleven convenience stores worldwide. For the three months ended 3/31/99, revenues rose 11 percent to $1.79 billion. Net income before extraordinary item totalled $1.9 million vs a loss of $12.1 million. Revenues reflect increased per-store sales and more stores. Earnings reflect lower operating, selling, general and administrative expenses as a  percentage of sales due to the absence of severance costs. 
SUPERVALU, Inc. (NYSE : SVU)SUPERVALU, Inc. is engaged in the business of selling food and nonfood products at wholesale and operating a variety of store formats at retail. As of 2/99, the Company supplied 4,672 stores and operated 345 retail stores. For the fiscal year ended 2/27/99, sales rose 1 percent to $17.42 billion. Net income fell 17 percent to $191.3 million. Revenues reflect new store openings and acquisitions. Earnings were offset by the absence of a $93.4 million gain on the sale of Shopko. 
Safeway, Inc. (NYSE : SWY)Safeway, Inc. is engaged in the operation of retail supermarkets, with over 1,500 stores (as of 3/27/99) located throughout North America. For the 12 weeks ended 3/27/99, sales rose 13 percent to $6.11 billion. Net income rose 25 percent to $205.8 million. Results reflect the 11/98 acquisition of Dominick's, higher comparable and same store sales, increased operating margins due to improved buying practices and a favorable product mix, and strength at unconsolidated affiliate Casa Ley. 
Synergy Brands, Inc. (Nasdaq : SYBR)Synergy Brands, Inc. is a distributor of groceries, general household merchandise, health and beauty aids and premium handmade cigars and related tobacco products. For the three months ended 3/31/99, revenues increased 67 percent to $3.3 million. Net income increased 86 percent to $318 thousand. Revenues benefitted from increased sales to primary suppliers and Procter and Gamble. Earnings also benefitted from decreased selling, general and administrative expenses. 
U.S. Foodservice (NYSE : UFS)UFS distributes fresh, frozen, and packaged foods, paper products, equipment and ancillary products to food-service businesses (restaurants, healthcare facilities, hotels and schools). For the nine months ended 3/27/99, net sales rose 11 percent to $4.48 billion. Net income before extraordinary item totalled $54 million, vs. loss of $64.1 million. Revenues reflect several recent acquisitions and higher ``chain'' and ``street'' sales. Net income reflects the absence of acquisition and restructuring charges. 
Uni-Marts, Inc. (AMEX : UNI)UNI operates 256 convenience stores and 20 Choice Cigarette Discount Outlets, as of 9/98, in PA, VA, NY, DE, and MD. For the six months ended 3/31/99, total revenues decreased 14 percent to $118.4 million. Net loss totalled $1.7 million, up from $704 thousand. Revenues suffered from the termination of the Company's relationship with Getty Petroleum Corp. Higher loss reflects decreased selling expenses as a result of fewer stores in operation and lower interest expense. 
Supermercados Unimarc (NYSE : UNR)Supermarcados Unimarc owns and operates supermarkets in Chile and Argentina. As of 6/98, UNR operated 35 in Chile and six in Argentina. For the six months ended 6/30/98, net sales increased 13 percent to CH$107.56 billion. Net income before U.S. GAAP decreased 3 percent to CH$4.54 billion. Revenues benefitted from increased average selling space and higher same store sales in Chile. Earnings were offset by higher depreciation and additional operating costs at new supermarkets. 
Village Super Market, Inc (Nasdaq : VLGEA)Village Super Market owns and operates 22 ShopRite supermarkets in New Jersey and one in Pennsylvania. VLGEA is a member of Wakefern Food Corporation, a retailer owned food cooperative. For the 39 weeks ended 4/24/99, sales rose 6 percent to $552.8 million. Net income increased 38 percent to $3.3 million. Revenues reflect the successful introduction of double coupons to northern New Jersey. Earnings reflect higher margins due to reduced sale item penetration related to the double coupons. 
Whole Foods Market, Inc. (Nasdaq : WFMI)Whole Foods Market engages in the sale of natural food and nutritional products, primarily through its 87 natural foods supermarkets (as of 9/98) and direct marketing of nutritional supplements. For the 28 weeks ended 4/11/99, sales rose 11 percent to $815.1 million. Net income rose 6 percent to $24.6 million. Results reflect new stores opened or acquired since last year and a 7 percent increase in same store sales, partially offset by increased store labor and Year 2000 costs. 
Winn-Dixie Stores, Inc. (NYSE : WIN)Winn-Dixie Stores, Inc. is a food retailer with 1,168 supermarkets in 14 states and the Bahama Islands. For the 40 weeks ended 03/31/99, sales rose 3 percent to $10.66 billion. Net income fell 24 percent to $125.7 million. Sales reflect the opening of new stores, the enlarging or remodeling of additional stores and the increase in average store sales. Earnings suffered from increased training costs associated with the emphasis toward increased customer service and occupancy cost. 
Weis Markets, Inc. (NYSE : WMK)Weis Markets is principally engaged in the retail sale of food and pet supplies in Pennsylvania and surrounding states. As of 12/98, the Company operated 158 food stores and 34 pet supply stores. For the 13 weeks ended 03/27/99, sales rose 9 percent to $496.3 million. Net income fell 20 percent to $21.2 million. Sales benefitted from the opening of new stores and the remodeling of additional stores. Earnings were offset by a decrease in investment income.%}
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Accuhealth, Inc. (OTC BB : AHLT)AHLT provides comprehensive home health care service, including administration of infusion therapies, sales of oral medications and sales and rentals of durable medical equipment and supplies. For the nine months ended 12/98, revenues rose 13 percent to $27.5 million. Net loss applicable to Common totalled $1.1 million, up from $258 thousand. Revenues reflect a rise in the institutional pharmacy and oral medication businesses. Higher losses reflect a decrease in gross profit. 
CVS Corporation (NYSE : CVS)CVS is a drugstore chain specializing in prescription drugs, over-the-counter drugs, photofinishing services and film, greeting cards, beauty and cosmetics, convenience foods and seasonal merchandise. For the three months ended 3/27/99, net sales rose 18 percent to $4.24 billion. Net income applicable to Common rose 25 percent to $161 million. Revenues reflect increased same store sales. Net income reflects lower operating expenses as a  percentage of revenues. 
Drug Emporium (Nasdaq : DEMP)DEMP is national chain of 141 Company-owned and 52 franchised drug stores operating as Drug Emporium, F&M Super Drug Stores and Vix Drug Stores. The Company also operates an on-line drug store, DrugEmporium.com. For the three months ended 5/29/99, net sales rose 8 percent to $226.2 million. Net income fell 69 percent to $224 thousand. Revenues reflect the addition of the 12 Vix Stores purchased in February 1999. Earnings reflect higher payroll and depreciation costs and lower franchise fees. 
Duane Reade Inc. (NYSE : DRD)DRD operates 128 drug stores in the NY metropolitan area. DRD sells OTC drugs and prescription pharmaceuticals, health and beauty aids, food and beverage items, tobacco products, cosmetics, housewares and seasonal items. For the 13 weeks ended 3/27/99, revenues rose 59 percent to $190.4 million. Net income before extraordinary item totalled $2 million, vs. a loss of $955 thousand. Results reflect the acquisition of 28 Rock Bottom stores, lower pre-opening costs and lower interest expense. 
General Nutrition Comp. (Nasdaq : GNCI)GNCI is a nationwide specialty retailer of vitamin, mineral and sport nutrition supplements, and also provides personal care, fitness and other health-related products. For the 12 weeks ended 5/1/99, sales rose 3 percent to $336.4 million. Net income decreased 45 percent to $16.8 million. Revenues reflect the net addition of 647 new stores. Net income was offset by lower margins due to adjustments made to align the Company's pricing on sports nutrition products. 
Herbalife International (Nasdaq : HERBA)Herbalife International distributes and markets weight-control products, health and nutritional supplements, and skin and personal care products. The Co. operates in 36 countries in the Americas, Europe and Asia. For the three months ended 3/31/99, revenues rose 8 percent to $226.4 million. Net income fell 21 percent to $11.7 million. Results reflect increased sales of weight management products due to operations in new countries, offset by additional salaries and related expenses. 
Irwin Naturals/4Health (Nasdaq : HHHH)HHHH is a supplier and formulator of vitamins and nutritional supplements which are produced from natural ingredients and are formulated for the purpose of acheiving dietary and nutritional goals. For the three months ended 3/31/99, net sales fell 9 percent to $7.9 million. Net income fell 93 percent to $115 thousand. Revenues reflect the reduction of opportunistic product launched in 1998. Net income also reflects reserve established for bad debt. 
Horizon Pharmacies, Inc. (AMEX : HZP)Horizon Pharmacies, Inc. owns and operates a chain of 45 retail pharmacies (as of 12/98) located principally in the south central United States. For the three months ended 3/31/99, net sales totalled $31 million, up from $12.8 million. Net income rose 41 percent to $387 thousand. Revenues benefitted from higher prescription drugs sales and other services due to higher in store operating months. Net income was partially offset by increased number of store with low gross margins. 
Longs Drug Stores Corp. (NYSE : LDG)Longs Drug Stores Corporation is one of the largest drug store chains with stores in CA, HI, NV, WA, OR and CO. The Company operated 381 stores as of 1/99. For the three months ended 4/29/99, revenues rose 15 percent to $869.4 million. Net income rose 15 percent to $16.4 million. Revenues reflect a 5 percent sales growth from the Pacific Northwest acquisition and a 9.1 percent growth in same store sales. Earnings were partially offset by the continued decline in pharmacy  percentage margins. 
NCS HealthCare, Inc. (Nasdaq : NCSS)NCS HealthCare, Inc. provides a range of health care services to long-term care institutions, including pharmacy and related management services, automated medical record keeping, drug therapy evaluation and regulatory assistance. For the nine months ended 3/31/99, revenues rose 50 percent to $535.5 million. Net income rose 33 percent to $16 million. Results reflect acquisitions and marketing efforts to new clients, partially offset by increased interest expense. 
Nutrition For Life Int'l (Nasdaq : NFLI)Nutrition for Life International develops products that are designed for health-conscious consumers, and sells those products through its network of approximately 80,000 distributors. For the six months ended 3/31/99, net sales fell 7 percent to $33.5 million. Net income increased 17 percent to $419 thousand. Revenues reflect a decrease in the number of North American distributors by approximately 15,200. Net income reflects lower cost of sales as a  percentage of revenues. 
Natural Health Trends (Nasdaq : NHTC)Natural Health Trends develops and operates businesses to promote human wellness. NHTC, through its wholly-owned subsidiary, markets a line of natural, over-the-counter homeopathic pharmaceutical products. For the three months ended 3/99, revenues rose from $2.8 million to $430 thousand. Net loss from continuing operations before extraordinary item applicable to Common rose from $584 thousand to $1.3 million. Revenues reflect acquisitions. Higher loss reflect $1.3 million in commissions. 
Omnicare, Incorporated (NYSE : OCR)OCR is a provider of pharmacy services to long term care institutions such as nursing homes, retirement centers and other health care facilities. For the three months ended 3/31/99, sales rose 31 percent to $445.7 million. Net income rose 36 percent to $27.8 million. Results benefitted from acquisitions of long-term care pharmacy providers, continued internal growth of the pharmacy services and contract research organization business, and lower acquisition expenses. 
Phar-Mor, Inc (Nasdaq : PMOR)PMOR operates a chain of discount retail drugstores devoted to the sale of prescription and over-the-counter drugs, health and beauty care products, video rental and other general merchandise. For the 39 weeks ended 3/27/99, sales rose 4 percent to $857.3 million. Net income totalled $3.4 million vs. a loss of $9.5 million. Revenues reflect an increase in comparable pharmacy store sales. Earnings also reflect the absence of a $6.4 million chief executive officer severance cost. 
Perfumania, Inc. (Nasdaq : PRFM)Perfumania is a specialty retailer and wholesale distributor of fragrances and related products. As of 1/99, the Company operated 289 stores located in regional malls, outlet malls, airports and on a stand-alone basis. For the 13 weeks ended 5/99, net sales rose 2 percent to $39.4 million. Net loss rose 48 percent to $4.1 million. Results reflect the increase in the number of stores operated and higher comparable store sales, offset by costs associated with additional stores opened. 
Rite Aid Corporation (NYSE : RAD)Rite Aid Corporation operates a chain of 3,821 (as of 2/27/99) retail drugstores in 30 states and D.C. The Company also engages in pharmacy benefit management and other managed health care services. For the fiscal year ended 2/27/99, revenues rose 12 percent to $12.73 billion. Net income applicable to Com. fell 53 percent to $142.9 million. Revenues reflect increased same-store pharmacy sales. Earnings were offset by $257.3 million in store closing and other charges. 
Scottsdale Scientific Inc (OTC BB : STDSScottsdale Scientific Inc. is involved in the wholesale distribution of nutritional health supplements which are distributed to physicians, nutritionists, storefront businesses and direct to consumers. STDS's product line includes vitamins, minerals, food concentrates and targeted supplements. For the fiscal year ended 12/31/98 revenues totalled $13.5 million. Net loss totalled $1.1 million. Results are not comparable due to the 4/97 company inception. 
Twinlab Corporation (Nasdaq : TWLB)TWLB manufactures and markets brand name nutritional supplements sold through domestic health food stores and international distributors. For the three months ended 3/99, revenues fell 4 percent to $71.5 million. Net income (vs. pro-forma) decreased 78 percent to $1.7 million. Revenues reflect a decrease in sales of herbal supplements and teas. Net income also reflects a decreased gross profit due to the lower sales volume, and increased advertising expenses. 
Futurebiotics, Inc. (Nasdaq : VITK)Futurebiotics, Inc. is engaged in the distribution, marketing and sale of vitamins, minerals, herbal formulations and specialty nutritional supplements. For the three months ended 2/28/99, net sales fell 25 percent to $1.7 million. Net loss fell 52 percent to $86 thousand. Revenues reflect decreased net sales. Lower loss reflects the absence of $58 thousand in interest expense, the consolidation of sales territories, and a decrease in sales force salaries and expenses. 
Walgreen Company (NYSE : WAG)Walgreen Company is principally engaged in the retail drugstore business. As of 2/99, the Company operated 2,667 retail drugstores and two mail service facilities in 35 states and Puerto Rico. For the six months ended 2/28/99, net sales rose 15 percent to $8.71 billion. Net income before accounting change rose 18 percent to $304.2 million. Revenues reflect increases in same store sales and the addition of new stores. Earnings also reflect lower payroll costs.%}
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Ames Department Stores (Nasdaq : AMES)Ames Department Stores operates 453 discount department stores in 19 states in the Northeast, Mid-Atlantic and Mid-West and the District of Columbia. For the 13 weeks ended 5/1/99, sales increased 67 percent to $829.1 million. Net loss totalled $26.4 million, up from $2.9 million. Revenues reflect acquisition of Hills Store Co. and Caldor Sites and an increase in the number of stores in operation. Higher loss reflects additional borrowings to fund the acquisitions. 
Bon-Ton Stores, Inc. (Nasdaq : BONT)BONT, a fashion retailer, operates 65 Bon-Ton department stores offering apparel, cosmetics and accessories, home furnishings, furniture, bedding, shoes and other items. For the 13 weeks ended 5/1/99, revenues fell 1 percent to $142.9 million. Net loss before extraordinary item totaled $2.5 million, up from $246 thousand. Revenues reflect a decrease in same store sales. Net loss reflects lower margins due to an increase in the ratio of markdowns to sales. 
Bradlees, Inc. (Nasdaq : BRAD)Bradlees, Inc. and its subsidiaries is a discount department store retailer in seven states in the Northeast, operating 102 stores. For the 13 weeks ended 5/1/99, net sales increased 11 percent to $315.3 million. Net loss decreased 5 percent to $23.5 million. Revenues benefitted from an increase in comparable store sales. Lower loss also reflects the absence of $2.1 million in reorganization charges and a $241 thousand loss from the sale of properties, partially offset by higher debt levels. 
Caldor Corporation (OTC BB : CLDRQ)CLDRQ operates a discount retail chain offering a diverse line of branded and private label products such as houseware, electronics, toys, apparel, furniture, jewelry, cosmetics, etc. For the 39 weeks ended 10/31/98, net sales fell 4 percent to $1.61 billion. Net loss fell 16 percent to $74.9 million. Revenues reflect the closing of 16 stores since the first quarter of 1997. Lower loss reflects lower general and administrative expenses due to store closings and cost control initiatives. 
Coles Myer Ltd. (NYSE : CM)CM owns and operates stores (as of 7/98, 1,994 stores) in most sectors of the Australian retail market and in the general merchandise sector of the New Zealand retail market. For the fiscal year ended 7/26/98, revenues rose 7 percent to A$20.63 billion. Net income according to U.S. GAAP applicable to Common rose 37 percent to A$386 million. Revenues reflect an increase in the Company's market share. Earnings reflect the absence of a $68.3 million loss on the sale of leased back properties. 
Cost-U-Less, Inc. (Nasdaq : CULS)CULS operates mid-sized warehouse club-style stores in U.S. territory island markets throughout the Pacific and Caribbean. The Company's seven island stores are located in Hawaii, the U.S. Virgin Islands, Guam and American Samoa. For the 13 weeks ended 3/28/99, revenues rose 20 percent to $38 million. Net income fell 15 percent to $276 thousand. Results reflect two new stores in Fiji, a new store in Curacao, and higher store sales, offset by expansion program costs and store opening costs. 
Crowley, Milner and Co. (CWYMECrowley, Milner and Co. engages in the operation of nine retail specialty department stores in Detroit and suburban Flint, Michigan. For the nine months ended 10/31/98, net sales decreased 8 percent to $124.5 million. Net loss increased 38 percent to $6.2 million. Revenues reflect a reduction in promotional sales and delays in restocking key commodity items. Higher loss reflects increased operating expenses as a  percentage of sales due to the operation of two new Steinbach stores. 
Dillard's Inc. (NYSE : DDS)Dillard's, a regional (Southeast, Southwest, and the Midwest) retailer, which operates 335 department stores offering a distinctive mix of name-brand and private label merchandise. DDS places emphasis on fashion apparel and home furnishings, with value pricing. For the 13 weeks ended 5/1/99, revenues rose 27 percent to $2.19 billion. Net income applicable to Common rose 6 percent to $66.9 million. Results reflect higher comparable store sales, partially offset by lower margins. 
Dayton Hudson Corp. (NYSE : DH)Dayton Hudson Corp. is a general merchandise retailer. As of 1/99, the Company operated 851 Target locations, 268 Mervyn's locations, and 63 department store locations throughout the U.S. For the 13 weeks ended 5/1/99, revenues rose 12 percent to $7.21 billion. Net income before extraordinary item applicable to Common rose 22 percent to $189 million. Results reflect increased same store sales at Target and higher margins due to favorable markup and markdowns. 
Dollar Tree Stores, Inc. (Nasdaq : DLTR)Dollar Tree Stores, Inc. is engaged in the ownership and operation of Dollar Tree discount variety retail stores, which offer merchandise at the $1 price point. As of 12/98, the Company operated 1,156 stores in 31 states. For the three months ended 3/31/99, net sales rose 26 percent to $221.2 million. Net income rose 39 percent to $10.7 million. Results reflect the opening of 257 net new stores in 1998 and 1999 and lower S/G/A expenses as a  percentage of sales. 
Duckwall-ALCO Stores, Inc (Nasdaq : DUCK)Duckwall-ALCO Stores, Inc. engages in retailing general merchandise throughout the midwestern and south central region of the U.S. through discount department and variety store outlets. For the 13 weeks ended 5/2/99, net sales increased 7 percent to $87 million. Net earnings before accounting change fell 27 percent to $701 thousand. Revenues reflect increased non-comparable store sales. Earnings reflect higher depreciation expenses due to the store expansion program. 
Elder-Beerman Stores (Nasdaq : EBSC)The Elder-Beerman Stores operates department stores that sell a range of moderate to better brand merchandise, including apparel, cosmetics, home furnishings and other consumer goods. EBSC also owns a specialty shoe store chain. For the 13 weeks ended 5/1/99, total revenues rose 18 percent to $157.2 million. Net loss fell 57 percent to $188 thousand. Results reflect the acquisition of stores from Stone and Thomas and a reduced provision for doubtful accounts. 
Grupo Elektra, SA de CV (NYSE : EKT)Grupo Elektra, SA de CV and its subsidiaries buy and sell, distribute, and import and export consumer electronics, major appliances, household furniture and clothing in Mexico and Latin America. EKT is also involved in the money transfer business. For the nine months ended 9/30/98, total revenues rose 27 percent to PS6.11 billion. Net income fell 67 percent to PS139.4 million. Results reflect increased sales of Elecktra merchandise, offset by increased foreign exchange losses. 
Federated Department Str. (NYSE : FD)FD operates department stores in the U.S. under the names: Bloomingdale's, The Bon Marche, Burdines, Macy's, Rich's/Lazarus/Goldsmith's, and Stern's. For the 13 weeks ended 5/1/99, net sales rose 7 percent to $3.71 billion. Net income rose 45 percent to $87 million. Revenues benefitted from a 4 percent increase in comparable store sales. Earnings reflect lower selling, general and administrative expenses as a  percentage of sales and lower interest expense resulting from refinancing of debt. 
Gottschalks, Inc. (NYSE : GOT)Gottschalks is a regional department and specialty store chain. As of 3/99, the Co. operates 40 full-line department stores and 22 specialty stores in CA, OR, WA and NV. For the 13 weeks ended 5/1/99, revenues rose 25 percent to $121.4 million. Net loss fell 46 percent to $1.1 million. Revenues reflect the additional sales volume generated by eight new Harris/Gottschalks locations. Lower loss also reflects an increase in sales of higher gross margin merchandise. 
Jacobson Stores Inc. (Nasdaq : JCBS)JCBS operates specialty department stores that features fashion apparel, accessories and home furnishings for the family. The Company has stores in 24 cities in Michigan, Indiana, Kansas, Kentucky, Ohio and Florida. For the 13 weeks ended 5/1/99, revenues fell 1 percent to $114 million. Net income rose 4 percent to $2.6 million. Revenues reflect decreased comparable store sales. Earnings benefitted from decreaesd sales promotion expenses. 
J.C. Penney Company, Inc. (NYSE : JCP)J.C. Penny operates in retail department stores and catalog, drugstores, and insurance. JCP markets family apparel, shoes, home furnishings, jewelry, and offers credit cards. For the 13 weeks ended 5/1/99, revenues rose 7 percent to $7.57 billion. Net income applic to Common fell 4 percent to $158 million. Revenues reflect increased sales of private brand merchandise. Net income was offset by lower gross margins due to an increase in promotional activities. 
JG Industries, Inc. (OTC BB : JGIN)JGIN is a holding co. for nine discount department and furniture stores, located in the Chicago, IL vicinity and one in IN. For the thirteen weeks ended 5/1/99, revenues decreased 1 percent to $11.7 million. Net loss applicable to Common decreased 1 percent to $710 thousand. Revenues suffered from the store closing. Lower losses reflect a decrease in SGA expenses due to reductions in outside serice related expenses, supplies and health insurance, and payroll costs. 
Kmart Corp. (NYSE : KM)Kmart Corp. is a mass merchandise retailer, operating discount department stores in all 50 states in the United States as well as Puerto Rico, Guam and the U.S. Virgin Islands. For the 13 weeks ended 4/28/99, revenues rose 8 percent to $8.14 billion. Net income applicable to Com. rose 43 percent to $67 million. Revenues reflect improved merchandise assortments and execution of pricing strategies. Earnings benefitted from lower interest expenses. 
Kohl's Corporation (NYSE : KSS)Kohl's Corp. operates family oriented, specialty department stores primarily in the Midwest and Mid-Atlantic that feature quality, moderately priced apparel, shoes, accessories, soft home products and housewares. For the 13 weeks ended 5/1/99, sales rose 22 percent to $910.3 million. Net income rose 46 percent to $39.3 million. Revenues reflect the inclusion of 45 new stores opened since 1998 and comparable store sales growth. Earnings reflect higher gross margins. 
Lot$Off Corporation (OTC BB : LOTS)LOTS operates a chain of retail stores in five states in the south and southwestern U.S. that carry a broad mix of merchandise targeted at lower to moderate income customers and other bargain hunters. For the 39 weeks ended 10/30/98, revenues rose 7 percent to $33.8 million. Net loss applicable to Common fell 22 percent to $6.3 million. Revenues reflect a rise in comparable store sales and in the number of stores in operation. Lower losses reflect a $4.2 million gain from the corporate reorganization. 
May Department Stores (NYSE : MAY)May Department Stores operates eight regional department store companies with a total of 393 stores in 32 states and the District of Columbia. For the 13 weeks ended 5/1/99, total revenues increased 8 percent to $3.05 billion. Net income applicable to Common rose 11 percent to $117 million. Revenues reflect increased comparable store sales. Net income also reflects decreased S/G/A expenses as a  percentage of revenues due to an improved expense leverage. 
Neiman-Marcus Group, Inc. (NYSE : NMG)NMG, operating through Neiman Marcus Stores, Bergdorf Goodman and NM Direct, is a high-end specialty retailer. NMG offers women's and men's apparel, fashion and home accessories, shoes, cosmetics, furs, jewelry, and gourmet food products. For the 39 weeks ended 5/1/99, revenues rose 8 percent to $1.99 billion. Net income rose 1 percent to $90.8 million. Results reflect sales from Chef's Catalog and the new Neiman Marcus store in Hawaii, offset by higher selling and promotion costs and debt levels. 
Pamida Holdings Corp. (AMEX : PAM)Pamida Holdings Corporation operates 147 general merchandise stores in fifteen Midwestern, North Central, and Rocky Mountain states. For the 13 weeks ended 5/2/99, sales increased 7 percent to $154.4 million. Net loss increased 81 percent to $4.2 million. Revenues reflect increase in pharmacy prescriptions, audio and video, yarns and crafts, furniture, the bath and floor areas, and athletic shoes. Higher loss reflects lower margins and higher personnel costs. 
PriceSmart, Inc. (Nasdaq : PSMT)PSMT is engaged in the international merchandising business, licensing warehouse stores in Guam, the Northern Mariana Islands and Asia, and holding a 51 percent interest in a warehouse store in Panama. PSMT also operates auto referral and travel programs. For the six months ended 2/28/99, total revenues fell 6 percent to $45.8 million. Net income fell 97 percent to $49 thousand. Results reflect reduced export sales due to weakness in the Asian region, and increased corporate administrative costs. 
Sears, Roebuck & Co. (NYSE : S)Sears, Roebuck and Co. is a multi-line retailer providing merchandise and services through retail, service, credit, corporate and int'l segments. For the 13 weeks ended 4/3/99, revenues fell 2 percent to $9.04 billion. Net income rose 10 percent to $146 million. Revenues reflect a decrease in auto stores revenues due to the sale of the Parts Group. Net income reflects a decrease in S/G/A expenses due to leveraging marketing and payroll and other employee related costs. 
School Specialty, Inc. (Nasdaq : SCHS)SCHS is a distributor of non-textbook educational supplies and furniture for grades pre-kindergarten through 12 to school districts, administrators and teachers through its catalogs. For the nine months ended 1/23/99, revenues rose 71 percent to $424.3 million. Net income rose 21 percent to $10.7 million. Revenues reflect the acquisitions of nine companies. Net income was partially offset by increased S/G/A expenses, $5.3 million non-recurring restructuring charges, and higher debt levels. 
ShopKo Stores Inc. (NYSE : SKO)SKO provides general and health services through its retail stores. SKO also provides prescription benefit management, vision benefit management services, pharamacy mail services, and claims processing. For the 13 weeks ended 5/1/99, net sales rose 18 percent to $762.8 million. Net income before extraordinary item totalled $4.3 million, up from $2.2 million. Results reflect internally generated growth in claims processing and mail pharmacy and the absence of a $1.7 million non-recurring charge. 
Saks, Inc. (NYSE : SKS)Saks Inc. is a national retailer operating department stores offering moderate to better brand name fashion apparel, cosmetics, shoes, accessories and home furnishings. The Co. also operates a direct mail business. For the 13 weeks ended 5/1/99, net sales rose 9 percent to $1.54 billion. Net income before extraordinary item rose 20 percent to $33.7 million. Results reflect higher comparable store sales, new stores opened, higher gross margins and economies of scale. 
Tuesday Morning Corp. (Nasdaq : TUES)Tuesday Morning Corporation is a closeout retailer of upscale home furnishings, gifts and related items. As of 12/98, the Company operated 354 stores in 36 states. For the three months ended 3/31/99, net sales rose 22 percent to $71.7 million. Net loss applicable to Common decreased 40 percent to $2.4 million. Revenues reflect a 13 percent increase in same store sales and the addition of new stores. Loss also benefitted from higher margins due to a reduction in markdowns. 
Value City Depart. Stores (NYSE : VCD)VCD operates a chain of 97 department stores located in Ohio and 14 other Midwestern, Eastern and Southern states. VCD products include apparel, housewares, giftware, home furnishings, sporting goods, shoes, health and beauty aids. For the three months ended 5/1/99, net sales rose 41 percent to $344.5 million. Net income fell 8 percent to $1.6 million. Results reflect higher non-apparel sales and the acquisition of Shonac, offset by the reduction of Shonac licence fees and higher interest expense. 
Wal-Mart Stores, Inc. (NYSE : WMT)WMT operates discount department stores (Wal-Mart), warehouse membership clubs (Sam's Clubs) and a combination full-line supermarket and discount department store (Wal-Mart Su percenters) in the U.S., Puerto Rico, Mexico, Indonesia, Canada, Argentina, China and Brazil. For the three months ended 4/99, revenues rose 16 percent to $35.12 billion. Net income rose 34 percent to $1.11 billion. Results reflect the expansion program in Wal-Mart stores, higher comparable store sales, and better product mix. 
Venator Group, Inc. (NYSE : Z)Venator Group, Inc. is a global retailer operating 6,002 primarily mall-based stores in North America, Europe, Asia and Australia selling primarily athletic footwear and apparel, as well as jewelry, cosmetics, music and other products. For the 13 weeks ended 5/1/99, sales rose 2 percent to $1.08 billion. Net loss from continuing operations totalled $11 million vs. an income of $8 million. Results reflect the impact of 143 net additional stores, offset by lower margins due to markdowns. 
Zions Coop. Mercantile (OTC BB : ZNCO)Zions Cooperative Mercantile Institution operates full-line conventional department stores, and men's and women's ready to wear specialty stores and outlet stores. For the three months ended 5/1/99, revenues decreased 10 percent to $50 million. Net loss increased 80 percent to $3.6 million. Revenues reflect variations in the seasonal buying pattern of consumers. Loss also reflects increased interest expense and miscellaneous income deductions.%}
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Amway Asia Pacific Ltd. (NYSE : AAP)AAP is the exclusive distribution vehicle for Amway Corp. AAP offers products principally in four core Amway product lines: Personal Care, Home Care, Home Tech, and Nutrition and Wellness. For the fiscal year ended 8/31/98, revenues fell 30 percent to $587.6 million. Net income fell 99 percent to $1.5 million. Results reflect the difficult operating environment in China, the negative impact of weaker local currencies against the U.S. dollar and a $12.3 million charge for excess and obsolete inventory. 
Blair Corporation (AMEX : BL)Blair Corporation is principally engaged in the sale of fashion apparel for men and women, plus a range of home products, primarily through direct mail merchandising. BL also operates two retail stores and two outlet stores. For the three months ended 3/31/99, total revenues rose 3 percent to $131 million. Net income fell 58 percent to $2.3 million. Results reflect an increase in the average order size, offset by lower margins due to increased offerings of sale-priced merchandise. 
Collegiate Pacific, Inc. (OTC BB : BUBA)Collegiate Pacific is a mail order marketer of sports equipment to country clubs, schools, YMCAs, YWCAs, municipal recreation departments and other governmental agencies. For the nine months ended 3/31/99, revenues totalled $4.1 million, up from $1.4 million. Net income totalled $3 thousand vs. a loss of $691 thousand. Revenues benefitted from increased marketing, larger customer base and acquisitions. Earnings also benefitted from an increase in gross margin. 
Concepts Direct, Inc. (Nasdaq : CDIR)Concepts Direct, Inc. is a direct marketing company that sells personalized paper products and a diverse line of merchandise (gift items, home decorative items and apparel). For the three months ended 3/31/99, net sales decreased 19 percent to $12.5 million. Net loss decreased 29 percent to $445 thousand. Revenues reflect a decrease in sales due to a change in the Company's strategy. Lower loss reflects decreased S/G/A expenses due to a reduction in total catalog circulation. 
CDW Computer Centers, Inc (Nasdaq : CDWC)CDWC sells MS-DOS/Microsoft Windows and Apple/ Macintosh based microcomputer hardware and peripherals including: desktop computers, notebooks and laptops, printing devices, video monitors, networking products, software and accessories. For the three months ended 3/99, revenues rose 40 percent to $539.4 million. Net income rose 33 percent to $19.7 million. Results reflect expanded marketing efforts and new product offerings. Earnings were partially offset by expanded spending on branding. 
Corporate Express, Inc. (Nasdaq : CEXP)Corporate Express, Inc. supplies office products and other non-production goods and related services to corporations and organizations that value innovative procurement solutions. For the three months ended 5/2/99, net sales rose 6 percent to $972.1 million. Net income from continuing operations before extraordinary item fell 36 percent to $10 million. Results reflect internal growth and higher sales of computer software, offset by lower margins and higher level of borrowing. 
Chronimed, Inc. (Nasdaq : CHMD)CHMD develops, manufactures, markets and distributes prescription drugs, medical products and proprietary educational materials to populations of patients with chronic conditions. For the nine months ended 4/2/99, revenues increased 43 percent to $143.2 million. Net income fell 17 percent to $4.4 million. Revenues reflect growth in the Injectables program and StatScript Pharmacy growth. Earnings were offset by lower margins due to continued pricing pressures from HMOs. 
1-800 CONTACTS, INC. (Nasdaq : CTAC)CTAC is a direct marketer of replacement contact lenses. Through its toll-free telephone number, it sells substantially all of the most popular brands of contact lenses. For the 13 weeks ended 4/3/99, revenues rose from $10.4 million to $22.3 million. Net income (vs. pro forma) totalled $297 thousand, vs. a loss of $211 thousand. Revenues benefitted from increased internet sales and a growing customer base. Earnings also reflect an improved gross profit margin. 
Specialty Catalog Corp. (Nasdaq : CTLG)Specialty Catalog Corp. is a direct catalog marketer targeting niche consumer product categories, principally wigs and hairpieces to women over 50. CTLG also sells continuing education courses to nurses and CPAs. For the 13 weeks ended 4/3/99, net sales fell less than 1 percent to $13.3 million. Net income totalled $497 thousand vs. a loss of $375 thousand. Results reflect a decrease in sales at the Paula Young catalog, offset by lower advertising expenses. 
Coldwater Creek Inc. (Nasdaq : CWTR)Coldwater Creek is a specialty direct mail retailer of apparel, gifts, jewelry, and home furnishings. CWTR markets its merchandise through a family of three catalogs, and operates retail and outlet stores. For the fiscal year ended 2/27/99, net sales rose 32 percent to $325.2 million. Net income fell 9 percent to $10.7 million. Revenues benefitted from increased circulation of and order volume from Northcountry and Bed and Bath catalogs. Earnings suffered from higher circulation costs. 
Diplomat Direct Marketing (Nasdaq : DIPL)DIPL is a specialty retailer of women's apparel sold through mail order catalogs in its Lew Magram and Brownstone Studio subsidiaries. The Co. also manufactures and sells children's products to mass merchandisers. For the six months ended 3/99, revenues rose 14 percent to $41.6 million. Net loss applicable to Common from continuing operations totalled $4.8 million vs. income of $1.6 million. Revenues reflect a rise in the sales of Brownstone. Losses reflect a rise in catalog production costs. 
dELiA*s Inc. (Nasdaq : DLIA)dELiA*s is a direct marketer of casual apparel and related accessories for women between the ages of 10 and 24. DLIA offers an assortment of recognized and emerging brands of teen apparel and accessories, and dELiA*s own branded products. For the fiscal year ended 1/99, revenues rose 40 percent to $158.4 million. Net income rose 32 percent to $5.8 million. Results reflect acquisitions and increased catalog circulation, partially offset by spending on catalog circulation, advertising and database management. 
Damark International Inc. (Nasdaq : DMRK)Damark International, Inc., a marketing solutions provider, brings a range of products, programs and services to consumers via direct mail, telesales and the Internet. For the three months ended 4/3/99, net revenues fell 19 percent to $109.4 million. Net loss totalled $906 thousand vs. an income of $135 thousand. Revenues reflect lower product revenues due to changes in promotional strategies. Loss also reflects increased advertising and marketing expenses. 
Enesco Group, Inc. (NYSE : ENC)Enesco Group, Inc. through its subsidiaries and licensed distributors sells branded gifts, collectibles and decorative accents, including designed and licensed porcelain figurines and other giftwares. For the three months ended 3/31/99, revenues decreased 13 percent to $93.9 million. Net income increased 19 percent to $4.3 million. Results reflect lower U.S. retailer ordering due to high retail inventory levels and tighter credit controls, offset by a $350 thousand gain on asset sales. 
E4L, Inc. (NYSE : ETV)E4L, Inc. uses direct repsonse transactional television programming, known as infomercials, to market consumer products. The Co. makes infomercial programming available to 370 million households in 70 countries. For the nine months ended 12/31/98, net revenues rose 36 percent to $253 million. Net loss before extraordinary item applicable to Common rose 12 percent to $40.1 million. Results reflect a greater number of successful infomercials, offset by unusual charges. 
Fashionmall.com, Inc. (Nasdaq : FASH)FASH engages in the marketing and sale of fashion, apparel, footwear, beauty and related lifestyle products over the internet. FASH is a centralized site for retailers, manufacturers, magazines and catalogs to advertise, display and sell their product lines. For the three months ended 3/31/99, revenues rose 84 percent to $770 thousand. Pro forma net loss fell 75 percent to $22 thousand. Results reflect increased industry acceptance, partially offset by higher payroll expenses. 
Global Media Corporation (OTC BB : GLMC)Global Media Corp. is in the process of developing a web site and associated licensing program to sell music CDs, video cassettes, DVDs, books, magazine subscriptions and other entertainment products via a series of internet web sites. For the six months ended 1/99, revenues fell 85 percent to $21 thousand. Net loss from continuing operations rose from $59 thousand to $368 thousand. Revenues reflect fundamental changes in the Company's business. Higher loss reflects $93 thousand in marketing costs. 
GlobeNet International (OTC BB : GNII)GlobeNet is engaged in the marketing of over 200 nutritional supplements and personal care products including herbs, vitamins, minerals and natural skin, hair and body care products. For the three months ended 3/99, sales rose 75 percent to $8.1 million. Net income from continuing operations totaled $284 thousand vs. a loss of $160 thousand. Results reflect sales of Microhydrin and growth of RBC's independent distributor base and higher margins due to sales mix and lower S/G/A as a  percent of sales. 
Sport Supply Group, Inc. (NYSE : GYM)Sport Supply Group, Inc. is a direct mail marketer of sporting goods and leisure products to institutional customers in the U.S., including schools, universities, the govt., military facilities and youth organizations. For the six months ended 4/2/99, revenues rose 9 percent to $50.3 million. Net income rose 25 percent to $2.5 million. Revenues reflect strength in the youth and ATEC segments. Earnings also benefitted from higher margins and decreased S/G/A as a  percentage of sales. 
Hanover Direct, Inc. (AMEX : HNV)Hanover Direct is a direct specialty retailer that publishes mail order catalogs which offer men's and women's fashions, home furnishings and other general merchandise. For the 13 weeks ended 3/27/99, revenues rose 3 percent to $127.7 million. Net loss applicable to Common fell 8 percent to $4.4 million. Revenues benefitted an improved upsell program. Lower loss also benefitted from lower selling costs due to an improved catalogue productivity. 
Initio, Inc. (Nasdaq : INTO)Initio, Inc. markets leather goods by way of the Deerskin catalog, and gifts and housewares through its Joan Cook catalog. For the nine months ended 1/31/99, net sales decreased 12 percent to $8.7 million. Net loss totalled $405 thousand vs. an income of $23 thousand. Revenues reflect lower deerskin catalog sales due to reduced response rates attributable to warmer weather. Loss also reflects lower margins due to a dramatic reduction in media revenue. 
J. Jill Group, Inc. (Nasdaq : JILL)The J. Jill Group, Inc. is a specialty direct marketer of women's apparel, accessories, shoes and gifts. DMMC markets its products through the J. Jill and Nicole Summers catalogs. For the 13 weeks 3/27/99, net sales rose 44 percent to $64.7 million. Net income rose 11 percent to $1.3 million. Revenues reflect sales volume increases from J. Jill due to increased catalog circulation. Earnings were partially offset by inefficiencies related to new facilities. 
Kids Stuff, Inc. (OTC BB : KDST)Kids Stuff, Inc. is a specialty direct marketer which publishes three catalogs with an emphasis on childrens' hardgood products from prenatal to age three. The Company's products include child safety products, children's clothes and toys. For the three months ended 3/99, net sales increased 13 percent to $3.6 million. Net income increased from $59 thousand to $128 thousand. Results reflect higher The Perfectly Safe and the Natural Baby catalog sales. 
Audio Book Club, Inc. (AMEX : KLB)Audio Book Club Inc. is a direct marketer of audio books through Audio Book Club, a membership club which markets and sells audio books by mail and via the Internet. For the three months ended 3/31/99, net sales totalled $9.9 million, up from $3.5 million. Net loss fell 41 percent to $665 thousand. Results reflect continued expansion of Audio Book Club's membership base, sales from the CH audiobook club and the Radio Group, partially offset by increased personnel and bad debt expenses. 
Lands' End, Inc. (NYSE : LE)Lands' End Inc., is a direct merchant of traditionally styled, casual clothing for men, women and children, accessories, domestics, shoes and soft luggage. For the three months ended 4/30/99, net sales rose 8 percent to $289.6 million. Net income increased 25 percent to $6.5 million. Revenues reflect increased liquidations primarily from Willis and Geiger and increases from the Co's specialty segment. Net income reflects a $1.3 million reversal of non-recurring charges. 
Lillian Vernon Corp. (AMEX : LVC)LVC is a direct mail specialty catalog company concentrating on the marketing of gift, household, kitchen, gardening, Christmas and children's products. For the fiscal year ended 2/27/99, revenues fell 1 percent to $255.2 million. Net income fell 68 percent to $3.1 million. Revenues reflect a decrease in the average revenue per catalog due to lower response rates. Net income also reflects higher S/G/A expenses due to higher catalog unit costs, and the inclusion of a $2.2 million write-off charge. 
Creative Computers, Inc. (Nasdaq : MALL)Creative Computers is a direct marketer of personal computer hardware, software and peripheral products for individual customers, home offices, small businesses and large corporations. For the three months ended 3/31/99, net sales rose 28 percent to $210.6 million. Net loss fell 82 percent to $2.3 million. Revenues reflect higher PC/WINTEL sales and improved Mac sales. Lower loss reflects the absence of $10.5 million in store closing costs and interest income vs. interest expense. 
Micro Warehouse, Inc. (Nasdaq : MWHS)MWHS is a specialty catalog and online retailer and direct marketer of personal computers, software, accessories and peripherals. For the three months ended 3/31/99, sales increased 10 percent to $605.4 million. Net income increased 26 percent to $12.3 million. Revenues reflect an increase in average order size and an increase in the number of orders shipped. Net income also reflects decreased S/G/A expenses as a  percentage of revenues due to lower advertising and fulfillment costs. 
Multiple Zones Int'l,Inc. (Nasdaq : MZON)MZON, through its subsidiaries, is an international direct marketer of brand name microchip-based hardware, software, accessories and peripheral products for users of both the PC/Wintel and Macintosh operating systems. For the three months ended 3/31/99, net sales rose 15 percent to $135.1 million. Net income totalled $343 thousand vs. a loss of $1.2 million. Results reflect an increase in the Company's Zones Business solutions division, and reduced staffing and overhead expenses. 
Insight Enterprises, Inc. (Nasdaq : NSIT)Insight is a direct marketer of computers, hardware, and software, primarily to small and medium-sized enterprises through a combination of outbound telemarketing, direct mail catalogs and advertising in magazines and other publications. For the three months ended 3/99, revenues rose 64 percent to $338.1 million. Net income rose 57 percent to $6.8 million. Revenues reflect increased number of orders shipped. Earnings were partially offset by a higher effective income tax rate. 
Numex Corp. (OTC BB : NUMX)Numex Corporation is an e-commerce company that is developing InternetMercado.com, an electronic shopping mall for U.S. Hispanics. For the nine months ended 12/31/98, net sales decreased 97 percent to $5 thousand. Net loss decreased 55 percent to $235 thousand. Net sales suffered from decreased dealer sales. Lower loss reflects the reduction in operations, and lower interest expense due to the conversion of notes payable into common stock. 
U.S. Office Products Co. (Nasdaq : OFIS)U.S. Office Products Co. sells a variety of office and educational products to corporate, commercial, industrial and educational customers. For the nine months ended 1/23/99, revenues rose 4 percent to $2.01 billion. Net loss before extraordinary item and disc. operations totalled $100 million vs. proforma income of $37.2 million. Revenues benefitted from the inclusion of acquired companies. Loss suffered from $97.5 million in strategic restructuring and $17.2 million in operating restructuring charges. 
PC Connection, Inc. (Nasdaq : PCCC)PC Connection is a direct marketer of brand-name personal computers and related peripherals, software, accessories and networking products. For the three months ended 3/31/99 vs. pro forma, total revenues rose 33 percent to $225 million. Net income rose 46 percent to $4.4 million. Revenues reflect growth in the telemarketing group, average order sizes, catalog mailings and the Company's internet sales. Earnings also reflect the absence of a $2.4 million in stockholders/officer charges. 
Genesis Direct, Inc. (Nasdaq : PRTM)Genesis Direct, Inc., a database-driven specialty retailer, offers products directly to consumers in targeted niche markets primarily through a variety of information-rich catalogs, Internet websites and electronic media. For the 39 weeks ended 12/26/98, net sales totalled $192.8 million, up from $81.5 million. Net loss before extraordinary item applicable to Common rose 2 percent to $58.8 million. Results reflect acquisitions and start-ups launched, offset by a higher average debt balance. 
Real Goods Trading Corp. (Nasdaq : RGTC)RGTC sells environmentally related products and renewable energy products through mail order catalogs, direct sales, retail stores and its Internet web site. For the nine months ended 12/26/98, revenues fell 4 percent to $13 million. Net loss totalled $184 thousand, up from $38 thousand. Revenues reflect the discontinuation of the Earth Care Catalog. Higher loss reflects lower gross margins due to a $60 thousand shrinkage adjustment and a $180 thousand obsolescence reserve charge. 
Rowecom Inc. (Nasdaq : ROWE)ROWE is a business-to-business provider of e-commerce solutions for purchasing and managing the acquisition of magazines, newspapers, journals, books and other printed sources of commercial, scientific and general interest information and analysis. For the three months ended 3/31/99, revenues rose 30 percent to $1.7 million. Net loss totalled $3 million, up from $1.1 million. Revenues reflect higher sales per client. Loss reflects higher S/G/A expenses due to additional personnel. 
Right Start, Inc. (Nasdaq : RTST)The Right Start, Inc. is a merchant offering over 800 products for infants and children from pre-birth up to age four. The Company markets its products through The Right Start Catalog and 41 retail stores. For the 13 weeks ended 5/1/99, revenues rose 19 percent to $10.7 million. Net loss applicable to Common and before extraordinary item fell 95 percent to $59 thousand. Revenues reflect new store openings and increased same store sales. Lower loss reflects improved operating efficiencies. 
Shop At Home, Inc. (Nasdaq : SATH)SATH sells and distributes consumer products through interactive retail sales programms transmitted via satellite to cable TV, TV stations and dish receivers nationwide. For the nine months ended 3/99, net sales rose 57 percent to $110.4 million. Net loss applicable to Common totalled $2.4 million vs. income of $2 million. Results reflect a 59 percent increase in full time equivalent cable households, offset by lower margins and a full period's worth of interest payments on the $75 million in 11 percent notes issued 3/98. 
Sportsman's Guide (Nasdaq : SGDE)The Sportsman's Guide is catalog retailer and Internet E-tailer of outdoor gear and general merchandise, with a special emphasis on outdoor clothing, equipment and footwear. For the 13 weeks ended 4/4/99, sales rose 21 percent to $38.4 million. Net income fell 35 percent to $428 thousand. Revenues reflect an increase in catalog circulation, increased Internet sales and higher response rates. Earnings were offset by lower margins due to planned merchandise clearance promotions. 
SkyMall, Inc. (Nasdaq : SKYM)SKYM is an in-flight catalog company which markets and sells a broad selection of premium merchandise provided by participating merchants, including major catalog companies and specialty retailers. For the three months ended 3/99, revenues fell less than 1 percent to $13.1 million. Net loss totalled $2.1 million vs. income of $74 thousand. Revenues reflect a decrease in placement fees. Net loss suffered from increased personnel, marketing and infrastructure expenses. 
Spiegel, Inc. (Nasdaq : SPGLA)SPGLA is a international specialty retailer that, together with its subsidiaries, offers merchandise and credit services through a merchandising segment (Eddie Bauer, Spiegel Catalog and Newport News) and a bankcard segment (First Consumers National Bank). For the 13 weeks ended 4/3/99, revenues rose 6 percent to $625.2 million. Net loss fell 57 percent to $10 million. Results reflect stronger customer response to merchandise offerings and higher merchandising segment margins. 
Stamps.com Inc. (Nasdaq : STMP)Stamps.com Inc. is developing an Internet-based postal service delivery system that enables users to print information based indicia, or electronic stamps, directly on envelopes, labels, or business documents. For the three months ended 3/31/99, the Company reported no revenues. Net loss totalled $3.7 million, up from $363 thousand. Higher loss reflects increases in personnel, facility costs, professional service fees and development expenses. 
Systemax Inc. (NYSE : SYX)Systemax is a direct marketer of brand name and private label computer related, office and industrial products in North America and Europe. For the three months ended 3/99, net sales rose 18 percent to $421.7 million. Net income fell 16 percent to $10.8 million. Revenues benefitted from the acquisition of Simply Computers and higher demand for PC's. Earnings were offset by an unfavorable shift in the product mix and higher selling, general and administrative expenses. 
Trend Lines, Inc. (Nasdaq : TRND)TRND is a retailer of hand and power tools and accessories, as well as golf equipment and supplies and operates 109 Woodworkers Warehouse stores and 24 Post Tool stores. TRND also operates 40 Golf Day stores, a retailer of golf equipment and supplies. For the fiscal year ended 2/27/99, revenues rose 14 percent to $262.6 million. Net loss totalled $7.4 million vs. income of $4.4 million. Revenues reflect the expansion of the Co.'s retail store base, offset by the Company's changing sales mix. 
Value America Inc. (Nasdaq : VUSA)VUSA is an Internet-based retailier that sells a large selection of high quality, brand name products and services at competitive prices to both consumers and businesses. For the three months ended 3/31/99, revenues totalled $28 million, up from $2.2 million. Net loss applicable to Common totalled $64.8 million, up from $4.7 million. Revenues reflect increased units sold due to growth in the customer base. Net loss reflects increased preferred dividends ($30.4 million vs. $1.2 million). 
ValueVision International (Nasdaq : VVTV)ValueVision International is an integrated direct marketing company which markets its products directly to consumers through print and electronic media. For the three months ended 4/30/99, net sales rose 22 percent to $53.1 million. Net income fell 44 percent to $6.4 million. Revenues reflect increased sales from the television home shopping operations. Net income suffered from lower gains on the sale of broadcast stations, $10 million in 4/30/99 down from $19.8 million in 4/30/98.%}
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American Eagle Outfitters (Nasdaq : AEOS)American Eagle Outfitters, Inc. is a specialty retailer of men's and women's casual lifestyle apparel, footwear, and accessories. As of 4/99, the Company operated 394 mall-based stores in 41 states. For the three months ended 5/1/99, revenues increased 46 percent to $145.4 million. Net income totalled $12.2 million, up from $5.8 million. Revenues reflect increases in comparable and non-comparable store sales. Earnings reflect improved mark-ons. 
Abercrombie & Fitch Co. (NYSE : ANF)Ambercrombie and Fitch is engaged in the purchase, distribution, and sale of men's, women's and kids' casual apparel. For the 13 weeks ended 5/1/99, revenues rose 40 percent to $188.3 million. Net income rose 98 percent to $12.5 million. Revenues benefited from higher comparable store sales and an increase in transactions per store. Net income reflects higher gross income and lower general and administrative and store operating expenses. 
AnnTaylor Stores Corp. (NYSE : ANN)AnnTaylor Stores Corp., through its wholly owned subsidiary, AnnTaylor Inc., is a specialty retailer of women's apparel, shoes and accessories. For the three months ended 5/1/99, sales increased 26 percent to $249.4 million. Net income totalled $14.8 million, up from $6.4 million. Revenues benefitted from the opening of new stores and the expansion of existing stores. Net income also reflects higher profit margins and lower S/G/A expenses as a  percentage of sales. 
Burlington Coat Factory (NYSE : BCF)BCF operates a chain of 251 off-price apparel stores which offer a broad range of current brand name merchandise for men, women and children at prices below traditional retail prices. For the comparable nine months ended 2/27/99, total revenues rose 3 percent to $1.55 billion. Net income fell 27 percent to $41.9 million. Revenues reflect the addition of new stores and a 1.4 percent increase in same store sales. Earnings were offset by lower margins due to increases in markdowns. 
Big Dog Holdings, Inc. (Nasdaq : BDOG)BDOG develops, markets and retails a branded, lifestyle collection of unique, popular priced consumer products, including activewear, casual sportswear, gifts and accessories. The Company operates 177 stores. Sales for the three months ended 3/99 rose 18 percent to $16.7 million. Net loss fell 5 percent to $2.2 million. Revenues reflect higher sales from stores not yet qualifying as comparable. Lower loss reflects operating efficiencies in the Company's distribution center. 
BEBE Stores, Inc. (Nasdaq : BEBE)BEBE designs, develops and produces a line of contemporary women's apparel and accessories, which it markets under the BEBE and BEBE Moda brand names through its 86 specialty retail stores. For the nine months ended 3/31/99, revenues rose 36 percent to $147.1 million. Net income rose 62 percent to $20.3 million. Revenues reflect broader product line offering and strong customer acceptance of the product line. Earnings reflect higher initial markups and lower markdowns. 
Braun's Fashions Corp. (Nasdaq : BFCI)Braun's Fashions Corp. is a Minneapolis-based regional retailer of women's specialty apparel. As of 5/99, the Company operated a chain of 199 stores in 22 states, primarily in the Midwest. For the fiscal year ended 2/27/99, net sales rose 11 percent to $110.1 million. Net income before extraordinary item rose 45 percent to $6.2 million. Results reflect an increase in the number of stores operated by the Company and the absence of $775 thousand in non-recurring expenses. 
Buckle, Inc. (NYSE : BKE)The Buckle, Inc. is a retailer of medium to better priced casual apparel for young men and women. As of 1/99, the Company operated 222 stores in 29 states throughout the central United States under the names Brass Buckle and The Buckle. For the 13 weeks ended 5/1/99, net sales increased 19 percent to $79.7 million. Net income rose 29 percent to $6.5 million. Results reflect the opening of new stores, higher average prices and lower selling expenses as a  percentage of sales. 
Filene's Basement Corp. (Nasdaq : BSMT)Filene's Basement Corp. is a holding company for Filene's Basement, an off-price specialty store operating 55 apparel stores, primarily in the Northeast. For the 13 weeks ended 5/1/99, net sales increased 7 percent to $136.8 million. Net loss totalled $6.4 million, up from $741 thousand. Revenues benefitted from an increased number of stores in operation. Higher loss reflects lower margins due to an increase in markdowns and occupancy costs as a  percentage of sales. 
Cache, Inc. (Nasdaq : CACH)CACH specialized in the sale of high fashion women's apparel and accessories. As of 1/99, the Co. owns and operates 172 stores under the trade name Cache, and operates 12 stores under the name Lillie Rubin. For the 13 weeks ended 4/3/99, net sales rose 16 percent to $36.5 million. Net income totalled $752 thousand, up from $57 thousand. Revenues reflect increased number of operational stores in 1999. Earnings reflect lower S/G/A expenses as a  percentage of revenues. 
Cato Corporation (Nasdaq : CACOA)CACOA operates 732 women's apparel specialty stores under the names ``Cato,'' ``Cato Fashions,'' ``Cato Plus'' and ``It's Fashion!'' in 21 states, principally in the Southeast. For the three months ended 5/1/99, revenues increased 12 percent to $158.3 million. Net income rose 24 percent to $13.7 million. Revenues reflect improved merchandise offerings and increased store development activity. Net income also reflects decreased cost of goods sold as a  percentage of revenues. 
Catherines Stores Corp. (Nasdaq : CATH)Catherines Store Corp. is a specialty retailer of a large-size women's apparel, operating 432 stores in 40 states. For the 13 weeks ended 5/1/99, net sales rose 5 percent to $80.3 million. Net income rose 39 percent to $3.4 million. Revenues benefitted from increases in the number of saleschecks generated and the average number of units per salescheck. Earnings also reflect the amendment and extension of a third-party agreement and a decrease in consulting fees. 
Chico's FAS, Inc. (Nasdaq : CHCS)Chico's FAS, Inc. is a specialty retailer of exclusively designed, private label casual to dressy clothing and complementary accessories. As of 4/99, the Company's retail store system consisted of 168 stores located throughout the U.S. For the 13 weeks ended 5/1/99, net sales rose 41 percent to $36.4 million. Net income rose 81 percent to $4.2 million. Results reflect the opening of new stores and higher margins due to higher same store sales. 
Charming Shoppes, Inc. (Nasdaq : CHRS)Charming Shoppes, Inc. operates a chain of specialty stores throughout the U.S. which merchandises moderately priced junior, misses, large-size and girls-size sportswear, dresses, coats, lingerie, accessories and footwear. Revenues for the 13 weeks ended 5/1/99 rose 5 percent to $262 million. Net income before extraordinary item totalled $4.8 million, vs. a loss of $19.9 million. Revenues reflect increased comparable store sales. Earnings also reflect the absence of a $34 million restructuring charge. 
Claire's Stores, Inc. (NYSE : CLE)Claire's Stores, Inc. is a a mall-based retailer of popular-priced fashion accessories and apparel targeted towards teenagers. As of 3/99, the Company operated a total of 2,067 stores in all 50 states, Canada, Japan and Europe. For the 13 weeks ended 5/1/99, net sales rose 30 percent to $170.7 million. Net income from continuing operations rose 32 percent to $13.8 million. Results reflect the addition of a net 241 stores, increased customer traffic and increased operating margins. 
David's Bridal, Inc. (Nasdaq : DABR)David's Bridal, Inc. is a retailer of bridal gowns and bridal-related apparel and accessories in the U.S. The Co.'s broad in-stock assortments offer the convenience of one-stop shopping for the bridal party. As of 5/99, DABR operated 86 stores in 32 states. For the 13 weeks ended 4/3/99, total revenues increased 51 percent to $56.8 million. Net income rose 62 percent to $4.6 million. Results reflect higher comparable store sales, new stores opened and higher merchandise margins. 
Dress Barn, Inc. (Nasdaq : DBRN)DBRN operates a national chain of 690 women's value priced specialty apparel stores offering career fashion to the working woman. For the 39 weeks ended 4/24/99, net sales increased 1 percent to $449.3 million. Net income fell 24 percent to $21.9 million. Revenues reflect an increase in store square footage due to the opening of new combination stores. Lower net income reflects lower gross profit margin, higher store operating costs and depreciation expense on purchased fixed assets. 
Deb Shops, Inc. (Nasdaq : DEBS)DEBS operates 264 women's specialty apparel stores, offering moderately-priced sportswear, dresses and accessories for the junior and plus sizes. DEBS also operates nine retail apparel stores under the name Tops 'N Bottoms. For the three months ended 4/30/99, revenues rose 20 percent to $59.5 million. Net income applicable to Common totalled $2.2 million, up from $388 thousand. Revenues reflect increased customer acceptance of the Company's products. Earnings also reflect higher margins. 
Designs, Inc. (Nasdaq : DESI)Designs, Inc. is a specialty retailer of quality branded apparel and accessories, and markets Levi Strauss and Co., Boston Traders and Dockers brand products. For the three months ended 5/1/99, sales fell 8 percent to $39.8 million. Net loss fell 72 percent to $863 thousand. Revenues reflect the closure of 34 stores in fiscal 1998. Lower loss reflects higher margins due to stable occupancy costs, expense reduction actions taken and lower store payroll expense. 
Edison Brothers Stores (EDBREdison Brothers Stores owns and operates chains of specialty retailing stores located in 47 states, the District of Columbia, Puerto Rico, the Virgin Islands, and Canada, specializing in apparel and footwear. For the 39 weeks ended 10/31/98, net sales fell 8 percent to $623.4 million. Net loss decreased 15 percent to $55 million. Revenues reflect a decrease in the average number of stores in operation. Lower loss reflects the absence of $44.7 million in restructuring expenses. 
Evans, Inc. (Nasdaq : EVAN)Evans, Inc. is a retailer of fur apparel, cloth coats and suits, sportwear, dresses and related items and services. Evans also operates leased departments in 54 locations. For the 39 weeks ended 11/28/98, revenues rose 1 percent to $52 million. Net loss increased 88 percent to $6.1 million. Results reflect increased service revenues from locations acquired, offset by higher rental costs related to the rentals on locations acquired and higher payroll and benefits. 
Just For Feet, Inc. (Nasdaq : FEET)Just For Feet, Inc. is a national retailer of athletic and outdoor footwear and activewear for men, women and children primarily in the southeast and southwest regions of the U.S. For the three months ended 5/1/99, net sales rose 46 percent to $221 million. Net income before acct. change fell 20 percent to $4.6 million. Revenues reflect the opening of 53 new superstores and 66 new specialty stores. Earnings were offset by higher store operating costs and corporate staff hirings. 
Finish Line, Inc. (Nasdaq : FINL)FINL, a retailer of men's, women's and children's brand name athletic, outdoor and lifestyle, activewear and accessories, operates 365 stores in 39 states (as of 4/99). For the fiscal year ended 2/27/99, net sales increased 19 percent to $522.6 million. Net income fell 23 percent to $20.7 million. Revenues reflect an increase in the number of stores in operation. Net income was offset by decreased margins due to an increase in occupancy costs and inventory shrink. 
Footstar, Inc. (NYSE : FTS)Footstar, Inc. is a specialty retailer conducting business in the branded footwear and apparel and discount footwear segments through its Meldisco and Footaction businesses. For the 13 weeks ended 4/3/99, net sales rose 10 percent to $439.1 million. Net income rose 60 percent to $8.5 million. Results benefitted from higher sales due to a shift in the calender with Easter week falling in the first quarter selling period and effective expense control at the store level. 
Factory 2-U Stores, Inc. (Nasdaq : FTUS)Factory 2-U Stores Inc. operates through 168 Factory 2-U and Family Bargain Center off-price retail apparel and housewares stores located in CA, AZ, WA, NM, OR, NV and TX. For the 13 weeks ended 5/1/99, net sales rose 28 percent to $85.1 million. Net income before extraordinary item applicable to Common totalled $334 thousand, vs. a loss of $4.4 million. Revenues reflect higher comparable store sales. Earnings reflect increased gross profit due to lower markdowns and reduced shrinkage. 
Gadzooks, Inc. (Nasdaq : GADZ)Gadzooks, Inc. is a mall-based, specialty retailer of casual apparel and related accessories for young men and women, principally between the ages of 13 and 19. At 1/99, the Company operated 312 stores in 32 states. For the 13 weeks ended 5/1/99, revenues rose 14 percent to $51.5 million. Net income fell 58 percent to $600 thousand. Revenues reflect the addition of 67 new stores. Earnings were offset by lower margins due to increased store occupancy expenses. 
Genesco Inc. (NYSE : GCO)Genesco manufactures, markets and distributes, branded men's and women's shoes and boots. GCO also owns a network of 674 retail shoe stores and leased shoe departments. For the three months ended 5/1/99, sales fell 4 percent to $128.7 million. Net income applicable to Common rose 8 percent to $4 million. Results reflect exiting of Jarman lease business and lower orders from military footware suppliers, offset by lower professional, compensation and interest expenses. 
Goody's Family Clothing (Nasdaq : GDYS)Goody's Family Clothing is a retailer of moderately priced apparel for women, men and children, operating 257 stores in 16 Southeastern and Midwestern states as of Jan. 30, 1999. For the 13 weeks ended 5/1/99, revenues rose 15 percent to $259.9 million. Net income rose 1 percent to $7.9 million. Revenues reflect increased number of stores in operation and increased comparable store sales. Earnings were partially offset by increased costs of sales due to lower margin sales. 
Gap, Inc. (NYSE : GPS)The Gap, Inc. is a global specialty retailer which operates stores selling casual apparel, personal care and other accessories for men, women and children. GPS's brands include Gap, Banana Republic and Old Navy. For the three months ended 5/1/99, net sales rose 32 percent to $2.28 billion. Net income rose 49 percent to $202.4 million. Revenues reflect increased retail selling space and expansion of existing stores. Earnings reflect decreased occupancy expenses as a  percentage of sales. 
Gantos, Inc. (Nasdaq : GTOS)Gantos, Inc. is a specialty retailer of women's apparel and accessories at moderate to upper moderate prices, operating 115 stores in 23 states. For the 13 weeks ended 5/1/99, net sales rose 4 percent to $40.8 million. Net loss decreased 81 percent to $142 thousand. Revenues reflect increased same store sales due to an increase in average sales dollards per unit. Loss also benefitted from higher margins and lower administrative payroll expenses. 
Gymboree Corporation (Nasdaq : GYMB)GYMB is a specialty retailer of high quality apparel and accessories for children ages newborn to preteen. GYMB also offers directed parent-child development play programs for ages newborn to four years old. For the 13 weeks ended 5/1/99, net sales rose 22 percent to $125.7 million. Net income rose 15 percent to $4.8 million. Revenues reflect the additional sales from the 120 stores opened. Earnings were offset by lower gross profits in European stores due to higher occupancy expenses. 
Harolds Stores Inc. (AMEX : HLD)Harolds Stores Inc. owns and operates a chain of ladies' and men's specialty apparel stores located primarily in the South and Southwest. For the 13 weeks ended 5/1/99, net sales rose 5 percent to $35.3 million. Net income before accounting change rose 15 percent to $531 thousand. Revenues reflect the opening of new stores, expansion of existing stores and improved customer acceptance of product offerings. Earnings also reflect higher gross margins. 
Intimate Brands, Inc. (NYSE : IBI)IBI is a specialty retailer of women's apparel, lingerie and personal care products. The Co operates primarily under its Victoria's Secret and Bath and Body Works brand names. For the three months ended 5/1/99, net sales rose 14 percent to $877.8 million. Net income rose 13 percent to $46.4 million. Results reflect three new product lines including 'Body by Victoria' and solid customer response to new product offerings, partially offset by higher advertising expense and lower interest income 
Jay Jacobs, Inc. (OTC BB : JAYJ)Jay Jacobs, Inc. operates a chain of retail apparel stores, which sell fashion merchandise to young women and men at reasonable prices. For the nine months ended 10/31/98, net sales increased 1 percent to $44.8 million. Net loss applicable to Com. before extraordinary item totalled $4.3 million, up from $1.8 million. Revenues reflect 21 new location and increased comparable store sales. Higher loss suffered from a $895 thousand option compensation charge and increased personnel costs. 
J. Baker, Inc. (Nasdaq : JBAK)JBAK is engaged in the retail sale of apparel and footwear. JBAK's Casual Male Big and Tall, Work 'n Gear and Licensed Discount footwear businesses operated 1,395 locations in 47 states and DC. For the three months ended 5/1/99, revenues increased 2 percent to $129.2 million. Net income increased 90 percent to $980 thousand. Revenues reflect an increase in comparable apparel store sales. Earnings also reflect a rise in gross profit, and lower interest rates on borrowings. 
Jos. A. Bank Clothiers (Nasdaq : JOSB)JOSB is a retailer, cataloger and manufacturer of men's tailored and casual clothing and accessories. For the three months ended 5/1/99, net sales rose 1 percent to $43.6 million. Net income from continuing operations fell 43 percent to $472 thousand. Revenues reflect increased catalog sales and internet activity. Earnings were offset by higher sales and marketing expenses due to increased advertising, higher store occupancy and higher payroll costs related to additional stores in operation. 
Nordstrom, Inc. (NYSE : JWN)Nordstrom sells apparel, shoes and accessories for women, men and children through specialty and clearance stores. The Company also operates a men's boutique, and a direct sales division. For the three months ended 4/30/99, sales decreased less than 1 percent to $1.04 billion. Net income decreased 2 percent to $31.5 million. Revenues suffered from lower comparable store sales. Net income also suffered from additional personnel and consulting resources. 
Lamonts Apparel Inc. (OTC BB : LMNT)LMNT is a northwest-based regional retailer with 38 stores in five states. LMNT offers an assortment of moderately priced fashion apparel, and home and fashion accessories for the entire family. For the 13 weeks ended 5/1/99, revenues rose 4 percent to $41.2 million. Net loss fell 15 percent to $4.2 million. Revenues reflect higher average inventory levels and strong sales in the Alaska market. Lower loss reflects the conversion from LIFO to FIFO accounting for inventories. 
Loehmann's, Inc. (OTC BB : LOEHE)LOEHE is a specialty retailer of well known designer and brand name women's fashion apparel, men's furnishings, accessories and shoes offered at prices that are typically 30 percent-65 percent below department store prices. The Co. operates 69 stores in 22 states. For the three months ended 5/1/99, net sales fell 2 percent to $108.2 million. Net loss totalled $3.9 million vs. an income of $1.7 million. Results reflect lower comparable store sales, higher markdowns and increased advertising expenses. 
Limited, Inc. (NYSE : LTD)The Limited purchases, distributes and sells women's, men's and children's apparel, women's intimate apparel, personal care products and a variety of sporting goods. For the 13 weeks ended 5/1/99, sales rose 5 percent to $2.10 billion. Net income fell 58 percent to $33.5 million. Revenues reflect higher sales due to 193 new Baths and Body Works and Victoria's Secret stores. Earnings reflect the absence of a $93.7 million gain on the sale of the remaining interest in Brylane, Inc. 
Mothers Work, Inc. (Nasdaq : MWRK)Mothers Work, Inc. is a specialty retailer of maternity clothing in the United States. As of 9/98, the Company operates 613 retail store locations offering a full range of career, casual and special occasion maternity wear. For the six months ended 3/99, revenues fell 1 percent to $143.2 million. Net income applicable to Com. totalled $441 thousand vs. a loss of $1.9 million. Results reflect the absence of the now closed Episode America stores, offset by a lower tax rate. 
One Price Clothing Stores (Nasdaq : ONPR)One Price Clothing Stores operates a chain of off-price retail women's and children's specialty stores offering a wide variety of first quality, contemporary, in-season apparel and accessories. Net sales for the three months ended 5/1/99 rose 6 percent to $87.1 million. Net income rose 52 percent to $3.1 million. Revenues reflect increased comparable store sales. Earnings also reflect an improved gross profit margin and lower store rent and related expenses. 
Paul Harris Stores, Inc. (Nasdaq : PAUH)PAUH is a specialty retailer which offers moderately priced casual attire for fashion-conscious women. As of 5/1/99, PAUH operated 307 stores in 29 states. For the 13 weeks 5/1/99, net sales rose 12 percent to $58.4 million. Net income fell 57 percent to $683 thousand. Revenues reflect the additions of 35 stores since the prior period. Earnings were offset by lower margins due to both an increase in occupancy expenses and a 12.3 percent decrease in the average selling price per unit sold. 
Children's Place (Nasdaq : PLCE)The Children's Place is a specialty retailer of apparel and accessories for children from newborn to 12 years of age. The Company designs, sources and markets its products for sale exclusively in its 209 stores. For the 13 weeks ended 5/1/99, revenues increased 65 percent to $92.6 million. Net income totalled $7.4 million, up from $2.7 million. Results reflect sales at new and existing stores, higher margins and higher net interest income. 
Payless Shoesource Hldgs. (NYSE : PSS)Payless Shoesource, a holding company, is a footwear retailer which provides a complete assortment of affordably priced, quality footwear for women, men and children from all age groups. The stores are located in 50 states, D.C., Guam, Puerto Rico, Saipan, the U.S. Virgin Islands and Canada. For the 13 weeks ended 5/1/99, sales rose 1 percent to $689.2 million. Net income fell 7 percent to $35.3 million. Results reflect higher selling prices, offset by higher personnel costs. 
Pacific Sunwear of CA (Nasdaq : PSUN)PSUN is a specialty retailer of everyday casual apparel, footwear and accessories. PSUN products include shirts, shorts, pants, overshirts, sweatshirts, outerwear, footwear and accessories. For the 13 weeks ended 5/99, sales rose 33 percent to $81.4 million. Net income rose 40 percent to $4 million. Revenues reflect increased same store sales, the addition of 29 new stores and the expansion of 17 existing stores. Net income also reflects lower S/G/A expenses as a  percentage of sales. 
Ross Stores, Inc. (Nasdaq : ROST)ROST operates a national chain of off-price retail apparel and home accessories stores whose products include in-season branded apparel, shoes, fragrances, gift items for the home, and bed and bath accessories. For the three months ended 5/1/99, sales rose 14 percent to $550.8 million. Net income rose 23 percent to $34.2 million. Results reflect a greater number of stores in operation, an increase in comparable store sales, and favorable economies of scale. 
Shoe Carnival, Inc. (Nasdaq : SCVL)Shoe Carnival, Inc. is a high volume, value-oriented retailer of family footwear operating predominately in the Midwest, South and Southeastern regions of the U.S. For the 13 weeks ended 5/1/99, net sales rose 19 percent to $78.1 million. Net income rose 30 percent to $4 million. Revenues reflect the opening of 23 new stores and increased comparable store sales. Net income benefited from improved margins, lower S/G/A expenses as a  percentage of revenue and lower interest expenses. 
Stage Stores, Inc. (NYSE : SGE)SGE operates 688 family apparel stores nationwide primarily under the names BEALLS, PALAIS ROYAL and STAGE, offering branded fashion apparel and accessories for women, men and children. For the three months ended 5/1/99, net sales fell 4 percent to $262.6 million. Net loss before acctg. change totalled $2.3 million vs. income of $9 million. Results reflect a net addition of 72 stores since the prior period, offset by a 10 percent decline in same-store sales, increased debt servicing and lower margins. 
Shoe Pavilion, Inc. (Nasdaq : SHOE)Shoe Pavilion, Inc. is an off-price retailer of women's and men's designer label and name brand shoes in the West Coast. For the three ended 4/3/99, net sales increased 24 percent to $14.3 million. Pro forma net income increased 27 percent to $543 thousand. Revenues benefitted from higher comparable store sales and sales from new store openings. Earnings also benefitted from lower selling and administrative costs due to the leveraging of advertising and promotional expenses. 
S&K Famous Brands, Inc. (Nasdaq : SKFB)S&K Famous Brands, Inc. is engaged in the retail sale of menswear, including tailored clothing, furnishings, sportswear and accessories. The Co. operates 234 stores in 27 states. For the three months ended 5/1/99, net sales rose 7 percent to $39.8 million. Net income fell 9 percent to $1.4 million. Revenues reflect the addition of 22 new stores. Earnings were offset by incurring planned store payroll and rent costs while sales were less than planned. 
Stein Mart, Inc. (Nasdaq : SMRT)Stein Mart, Inc. operates a chain of 155 off-price retail stores in 26 states. Each store offers women's, men's and children's apparel, as well as accessories, gifts, linens and shoes. For the three months ended 4/3/99, net sales rose 25 percent to $212.1 million. Net income rose 33 percent to $243 thousand. Revenues reflect the opening of nine new stores during the quarter. Earnings also reflect lower S/G/A expenses as a  percentage of sales and increased other income. 
Men's Wearhouse, Inc. (Nasdaq : SUIT)The Men's Wearhouse, Inc. is an off-price retailer of men's tailored business attire. As of 1/30/99, SUIT operated 431 stores in 40 states. For the 13 weeks ended 5/1/99, sales rose 11 percent to $222.2 million. Net income before extraordinary item fell 65 percent to $2.4 million. Revenues reflect an increased number of stores in operation and a 5 percent increase in same store U.S. sales. Earnings were offset by $8.5 million in transaction and duplicative store closing costs. 
Syms Corp. (NYSE : SYM)Syms Corp. operates a chain of 44 off-price retail stores located throughout the U.S., offering a range of first quality in-season merchandise bearing nationally recognized designer or brand-name labels. For the fiscal year ended 2/27/99, net sales fell 3 percent to $343.9 million. Net income fell 24 percent to $17.4 million. Revenues reflect increased promotional activity and price competition from other retailers. Earnings also suffered from lower margins due to higher markdowns. 
TJX Companies, Inc. (NYSE : TJX)The TJX Companies, Inc. operates off-price apparel and home fashions retail stores. TJX operates 604 T.J. Maxx Stores, 475 Marshalls Stores, and 87 Winners Apparel Ltd. Stores. For the 13 weeks ended 5/1/99, sales rose 10 percent to $1.95 billion. Net income applicable to Common rose 48 percent to $127.7 million. Net sales reflects an increase in same store sales and new stores. Net income reflects strong inventory management and a reduction in certain corporate expenses. 
Track 'n Trail (Nasdaq : TKTL)TKTL is a specialty retailer focusing on casual, outdoor, adventure footwear and apparel. As of 12/26/98, TKTL operates 192 stores in 36 states, under the Track 'n Trail, Overland Trading and Eagle's Nest names. For the 13 weeks ended 3/27/99, net sales rose 23 percent to $23.3 million. Net loss rose 88 percent to $1.6 million. Net sales reflect new store openings and the acquisition of Eagles Nest stores. Loss reflects debt increases and costs related to Eagles Nest. 
Talbots, Inc. (NYSE : TLB)TLB is a specialty retailer and cataloger of women's classic apparel, shoes and accessories. As of 1/31/98, the Company operated 603 stores in the U.S., Canada and the U.K. For the 13 weeks ended 5/1/99, revenues increased 8 percent to $293 million. Net income increased 33 percent to $19.4 million. Revenues benefitted from increased retail store sales attributable to 12 new stores opened. Earnings also reflect higher merchandise margins due to fewer markdowns. 
Today's Man, Inc. (Nasdaq : TMAN)Today's Man operates menswear stores specializing in tailored clothing, furnishings sportswear and shoes. The Company operates 25 superstores (as of 1/99) in the Greater Philadelphia, D.C. and NY markets. For the 13 weeks ended 5/1/99, net sales fell 3 percent to $44.9 million. Net loss totalled $504 thousand vs. income of $442 thousand. Revenues reflect the decision to shorten the first quarter clearance period. Earnings reflect costs of branding and relationship marketing. 
Urban Outfitters, Inc. (Nasdaq : URBN)Urban Outfitters, Inc. operates through two business segments: Urban Retail and Anthropologie, and a wholesale subsidiary. The Co. offers lifestyle oriented merchandise, fashion apparel, accessories and household and gift items. For the three months ended 4/30/99, net sales rose 47 percent to $58 million. Net income rose 40 percent to $3 million. Revenues reflect the addition of new stores and an increase in same store sales. Earnings were partially offset by MXG media costs. 
United Retail Group, Inc. (Nasdaq : URGI)United Retail Group, Inc. is a nationwide specialty retailer of large-size women's apparel and accessories, offering private label merchandise using the AVENUE trademark. Revenues for the 13 weeks ended 5/1/99 increased 2 percent to $96.7 million. Net income increased 15 percent to $5.3 million. Revenues reflect an increase in unit volume and comparable store sales. Net income reflects reduced insurance expense and higher net interest income. 
Wilsons The Leather Exp. (Nasdaq : WLSN)Wilsons The Leather Experts is a specialty retailer of leather outerwear, apparel and accessories. As of 1/99, the Company operated 518 retail stores in 44 states, Canada and England. For the 13 weeks ended 5/1/99, net sales rose 18 percent to $80.5 million. Net loss decreased 34 percent to $3 million. Revenues reflect the continued strong sales of women's and accessories merchandise in mall stores. Loss also benefitted from higher margins due to changes in sales mix. 
Wet Seal, Inc. (Nasdaq : WTSLA)The Wet Seal, Inc. is a nationwide specialty retailer of fashionable and contemporary apparel and accessory items designed for consumers with a young, active lifestyle. As of 4/99, the Company operated 522 retail stores. For the 13 weeks ended 5/1/99, sales rose 17 percent to $122.8 million. Net income rose 26 percent to $4.4 million. Revenues reflect the net increase of 130 stores. Earnings also benefitted from higher margins due to a decrease in distribution costs.%}
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American Restaurant Prtnr (ACNRZAmerican Restaurant Partners, L.P. owns and operates 71 Pizza Hut Restaurants, 15 delivery/carryout facilities, three dualbrand locations, and one convenience store locations. For the three months ended 3/30/99, net sales rose 57 percent to $14.4 million. Net income applicable to Class A Units totalled $52 thousand, up from $13 thousand. Revenues reflect the successful introduction of the Big New Yorker pizza. Earnings reflect lower equity in the loss of affiliate. 
Applebee's Int'l, Inc. (Nasdaq : APPB)APPB develops, franchises and operates casual dining restaurants under the names Applebees's Neighborhood Grill and Bar and Rio Bravo Cantina. For the 13 weeks ended 3/28/99, revenues increased 22 percent to $179.3 million. Net income rose 38 percent to $7.4 million. Revenues reflect restaurant openings and the 3/98 acquisition of 33 Virginia restaurants. Earnings also reflect decreased labor costs, ccupancy costs and general and administrative expenses as a  percentage of sales. 
Ark Restaurants Corp. (Nasdaq : ARKR)ARKR and subsidiaries own and operate 21 restaurants and manage five restaurants. The Company also operates the Resort's room service, banquet facilities, employee dining room and a complex of nine smaller cafes and food operations. For the 26 weeks ended 4/3/99, revenues fell 4 percent to 50.3 million. Net income rose 84 percent to $869 thousand. Revenues reflect lower sales at restaurants that the Co. no longer operates. Earnings benefitted from gains on sales of restaurants. 
Arthur Treacher's, Inc. (OTC BB : ATCH)Arthur Treacher's owns, operates and franchises quick service seafood restaurants under the names Arthur Treacher's Fish and Chips and Arthur Treacher's Seafood Grille. For the six months ended 12/27/98, revenues fell 7 percent to $11.3 million. Net loss applicable to Common totalled $1.3 million, up from $612 thousand. Revenues reflect reduction in sales coupons, promotions and discounts. Higher loss reflects lower margins and higher personnel costs. 
Austins International (OTC BB : AUST)Austin International develops, owns and operates a chain of full-service restaurants specializing in Southwest-style American cuisine. For the nine months ended 12/97, total revenues decreased 58 percent to $2.2 million. Net loss increased 14 percent to $1.1 million. Results suffered from the closing of the Ft. Lauderdale and Pembroke Pines units. Higher loss also reflects increased food and beverage and general and administrative expenses as a  percentage of sales. 
Avado Brands, Inc. (Nasdaq : AVDO)Avado Brands operates casual dining restaurants under the names Applebee's, Don Pablo's, Hops Restaurant Bar and Brewery, McCormick and Schmick's, Canyon Cafe and Harrigan's Grill and Bar. For the three months ended 4/4/99, revenues fell 32 percent to $164.1 million. Net income before accounting change rose 85 percent to $6 million. Revenues reflect fewer units in the Applebee's brand. Earnings also reflect the absence of a $49 million gain on the disposal of assets held for sale. 
BAB Holdings, Inc. (Nasdaq : BAGL)BAGL operates, franchises and licenses bagel, muffin and coffee retail units under the Big Apple Bagels, My Favorite Muffin and Brewster's Coffee tradenames. For the three months ended 2/28/99, revenues fell 12 percent to $3.3 million. Net loss applicable to Common fell 35 percent to $119 thousand. Revenues reflect a decrease in the number of stores in operation. Lower loss reflects the closure of under performing units and improvements in training and management techniques. 
Big Buck Brewery & Stkhs. (Nasdaq : BBUC)Big Buck Brewery and Steakhouse develops, owns and operates microbrewery/restaurants under the name Big Buck Brewery and Steakhouse. BBUC operates three locations in Gaylord, Grand Rapids and Auburn Hills, MI (as of 1/99). For the 13 weeks ended 4/4/99, total revenues fell 17 percent to $3.3 million. Net loss before accounting change totalled $474 thousand, up from $143 thousand. Revenues reflect the impact of severe winter weather. Loss also reflects $127 thousand in preopening expenses. 
Flanigan's Enterprises (AMEX : BDL)BDL owns and/or operates restaurants, lounges, package liquor stores and entertainment oriented clubs. As of 10/03/98, BDL operated five full service restaurants, three package liquor stores, four combination stores, and one club. Revenues for the 13 weeks ended 1/02/99 rose 1 percent to $5.5 million. Net income increased 23 percent to $346 thousand. Revenues reflect higher restaurant food sales. Earnings also reflect lower food cost, lower payroll expenses and recovery on judgment. 
BFX Hospitality Group (AMEX : BFX)BFX Hospitality owns and operates food service, lodging and entertainment facilities in TX and LA through three subsidiaries; American Food Classics, Boutique Inns, and BFX-LA (Bourbon Street Hospitality). For the six months ended 3/98, net revenues rose 76 percent to $8.5 million. Net loss fell 74 percent to $180 thousand. Revenues reflect the openings of the H3 Ranch Eatery and two new Cabos since the prior period. Lower loss lagged primarily from low margins yielded by the Stockyards Hotel. 
Big City Bagels, Inc (OTC BB : BIGC)Big City Bagels, Inc. operates and franchises retail bagel/deli cafes under the trademark Big City Bagels, sells Big City Bagels franchises, and sells its products to wholesale accounts and food service operators. For the three months ended 3/31/99, total revenues fell 45 percent to $558 thousand. Net loss decreased 34 percent to $440 thousand. Revenues reflect the sale or closure of Company-owned stores. Lower loss reflects lower salaries, rent and advertising expenses. 
Blimpie International,Inc (AMEX : BLM)Blimpie International, Inc. engages in franchising, subfranchising, and master licensing the Blimpie trademarks, trade names, service marks, logos, marketing concepts and marketing programs. For the six months ended 12/31/98, total revenues decreased 12 percent to $17.3 million. Net income decreased 40 percent to $934 thousand. Revenues suffered from lower store equipment sales. Earnings also suffered from additional personnel costs and an unfavorable product mix. 
Benihana, Inc. (Nasdaq : BNHN)Benihana, Inc. owns and operates 49 Japanese teppanyaki-style restaurants and licenses 12 others under the name of Benihana. For the 40 weeks ended 1/3/99, total revenues rose 22 percent to $89.1 million. Net income applicable to Common decreased 6 percent to $4 million. Revenues benefitted from the acquisition of Rudy's, higher menu prices and increased customer count. Earnings were offset by higher labor and employee benefit costs and amortization of goodwill. 
Bob Evans Farms, Inc. (Nasdaq : BOBE)Bob Evans Farms, owns and operates restaurants in 20 states as Bob Evans Restaurants and Owen Family Restaurants. The Co. also produces and distributes fresh and fully-cooked sausage products, fresh, deli-style salads, frozen rolls, biscuits and entrees to grocery stores. For the nine months ended 1/29/99, net sales rose 10 percent to $730.2 million. Net income rose 32 percent to $43.8 million. Results reflect restaurant openings, higher same-store sales and reductions in hog costs. 
Brazil Fast Food Corp. (Nasdaq : BOBS)Brazil Fast Food Corp. through its subsidiary Venbo Comercio de Alimentos Ltda. conducts business under the tradename Bob's, owns and franchises a chain of hamburger fast food restaurants in Brazil. For the three months ended 3/31/99, total revenues fell 20 percent to CR$15.2 million. Net loss totalled CR$3.7 million, up from CR$1.2 million. Revenues reflect lower restaurant sales due to less stores in operation. Higher loss also reflects CR$2.4 million in foreign exchange loss. 
Buffets, Inc. (Nasdaq : BOCB)Buffets is principally engaged in the development and operation of buffet style restaurants under the names Old Country Buffet and HomeTown Buffet. As of 3/99, the Company operated 389 restaurants in 35 states, and franchised 24. For the 16 weeks ended 4/21/99, sales rose 8 percent to $277.8 million. Net income rose 3 percent to $10.2 million. Results reflect an increase in the number of restaurants in operation, partially offset by increased advertising expenses. 
Boston Chicken, Inc. (OTC BB : BOSTQ)Boston Chicken operates and franchises retail food service stores under the name ``Boston Market'' that specialize in fresh, convenient meals featuring chicken, turkey, ham and meat loaf. For the 40 weeks ended 10/4/98, revenues rose 87 percent to $643.5 million. Net loss applicable to Common totalled $727.9 million vs. income of $49.7 million. Results reflect a higher number of Company owned stores, offset by a $237.5 million provision for loan losses and $93.6 million in developers losses. 
Boston Restaurant Assoc. (Nasdaq : BRAI)Boston Restaurant Associates owns and operates a chain of 10 pizzerias under the name Pizzeria Regina(R) and one full service restaurant under the Polcari's North End(TM) Name. For the 39 weeks ended 1/24/99, net sales rose 7 percent to $9.2 million. Net income rose 38 percent to $202 thousand. Revenues reflect the opening of four new Pizzeria Regina restaurants. Earnings also reflect lower payroll and other operating expenses as a  percentage of sales, and higher interest income. 
Rock Bottom Restaurants (Nasdaq : BREW)BREW, a holding company, operates casual dining restaurants that offer moderately priced food and a selection of microbrewed and specialty beers under the ``Rock Bottom Restaurant and Brewery'' and ``Old Chicago'' names. For the three months ended 3/28/99, revenues rose 6 percent to $40.8 million. Net loss before acctg. change totalled $363 thousand, vs. income of $945 thousand. Revenues reflect four new brewery restaurants opened. Net loss reflects $985 thousand in acquisition transaction costs. 
BUCA, Inc. (Nasdaq : BUCA)BUCA owns and operates 24 full service, dinner only restaurants under the name BUCA di BEPPO, offering immigrant Southern Italian cuisine in a fun, energetic atmosphere that parodies the decor and ambiance of post-War Italian/American eateries. For the 13 weeks ended 3/28/99, sales rose from $7.1 million to $14.2 million. Net loss applicable to Common before extraordinary item fell 66 percent to $375 thousand. Results reflect the openings of additional restaurants, partially offset by expansion costs. 
Schlotzsky's, Inc. (Nasdaq : BUNZ)BUNZ franchises quick service restaurants that feature made-to-order sandwiches. The company also operates a Turnkey Development Program to assist franchisees in obtaining store sites. For the three months ended 3/31/99, revenues rose 25 percent to $10.6 million. Net income rose 5 percent to $1.4 million. Results reflect an increase in restaurant revenues and royalties due to restaurants and stores opened partially offset by higher Turnkey development costs and higher debt. 
Back Yard Burgers, Inc. (Nasdaq : BYBI)Back Yard Burgers operates and franchises quick-service restaurants named Back Yard Burgers. As of 1/2/99 there are 33 Company-operated restaurants and 48 franchised restaurants located in 15 states. For the fiscal year ended 1/2/99, revenues increased 5 percent to $27.4 million. Net income rose from $162 thousand to $1.2 million. Revenues reflect an increase in same-store sales. Earnings reflect higher margins due to lower beef prices and lower paper and condiment costs. 
Host America Corporation (Nasdaq : CAFE)CAFE, is a regional contract food service management company specializing in providing full restaurant and employee dining, special event catering, vending service, home food replacement and management of corporate dining rooms and cafeterias. For the nine months ended 3/26/99, revenues rose 22 percent to $6.1 million. Net loss rose from $87 thousand to $490 thousand. Revenues reflect the addition of new facilities. Loss reflects higher account development costs and additional employees. 
Cheesecake Factory (Nasdaq : CAKE)The Cheesecake Factory operates 29 casual dining restaurants under the The Cheesecake Factory name. CAKE also creates, produces and markets approximately 50 varieties of cheesecake and other baked desserts. For the 13 weeks ended 3/30/99, revenues rose 26 percent to $74.8 million. Net income before accounting change remained flat at $3.6 million. Results reflect higher comparable restaurant sales and menu price increases, offset by an increase in pre-opening expenses. 
Mexican Restaurants Inc. (Nasdaq : CASA)Mexican Restaurants Inc. operates and franchises Mexican-theme restaurants featuring various elements associated with the casual dining experience, under the names Casa Ole, Monterey's and Tortuga Cantina. For the 13 weeks ended 4/4/99, total revenues rose 4 percent to $12.3 million. Net income before extraordinary item fell 7 percent to $394 thousand. Results reflect the net increase of one restaurant, offset by higher cheese and meat costs and increased rent expense. 
California Beach Rest. (OTC BB : CBHR)California Beach Restaurants is engaged in the ownership and management of two restaurants, Gladstone's four Fish and RJ's -Beverly Hills. For the nine months ended 1/31/99, sales fell 6 percent to $10.6 million. Net loss fell 41 percent to $415 thousand. Revenues reflect reduced sales at Gladstone's due to road closures and reduced tourism due to storms generated by the El Nino weather phenomenon. Lower loss reflects the absence of bonuses for two executives. 
CBRL Group, Inc. (Nasdaq : CBRL)CBRL, a holding company, operates 369 full service ``country store'' restaurants located in the southeast, midwest, mid-atlantic and southwest U.S. CBRL also operates country gift shops. For the 39 weeks ended 4/30/99, net sales increased 16 percent to $1.10 billion. Net income decreased 16 percent to $57.9 million. Results reflect improved assortment of retail and increased sales of marked down items, offset by higher labor and manager trainee costs and advertising expense. 
CEC Entertainment, Inc. (NYSE : CEC)CEC Entertainment, Inc. is engaged in the family restaurant/entertainment center business. As of 3/99, the Company operated 276 Chuck E. Cheese's Pizza restaurants and franchisees operated an additional 54. For the 13 weeks ended 4/4/99, revenues rose 13 percent to $118.4 million. Net income applicable to Common rose 23 percent to $14.3 million. Results reflect the opening of new stores, game upgrades at existing stores and reduced costs of certain products. 
Cooker Restaurant Corp. (NYSE : CGR)CGR owns and operates 68 full service Cooker restaurants designed to provide traditional and comfortable dining experiences rather than a theme atmosphere. For the fiscal year ended 1/3/99, sales rose 19 percent to $160.5 million. Net income before accounting change fell 7 percent to $6 million. Revenues reflect new restaurant openings. Earnings suffered from expanded media advertising and from higher interest expense due to the additinal financing needed to repurchase common stock. 
Chefs International (OTC BB : CHEF)Chefs International currently operates eight seafood restaurants and one Mexican theme restaurant on a year-round basis in NJ and FL. For the nine months ended 10/25/98, revenues increased 3 percent to $15.2 million. Net income increased 17 percent to $627 thousand. Revenues benefitted from an increase in the average check per paid customer and favorable weather. Net income also benefitted from lower operating expenses as a  percentage of revenues. 
Chicago Pizza & Brewery (Nasdaq : CHGO)Chicago Pizza and Brewery owns and operates 26 restaurants in Southern CA, OR, WA and CO, and an interest in a restaurant in Lahaina, Maui, operated as either a BJ'S Pizza, Grill and Brewery, BJ's Pizza and Grill or Pietro's Pizza. For the three months ended 3/31/99, revenues rose 17 percent to $8.1 million. Net loss before accounting change fell 96 percent to $8 thousand. Results reflect the opening of the Arcadia restaurant and higher margins due to operating efficiencies. 
Furr's/Bishop's Inc. (NYSE : CHI)Furr's/Bishop's operates family style cafeteria restaurants and buffets in the Southwest, West and Midwest. As of 3/99, the Co. operated 98 restaurants and one buffet. For the 13 weeks ended 3/30/99, revenues fell less than 1 percent to $46 million. Net loss income fell 35 percent to $1.3 million. Revenues reflect the closure of four units, partially offset by higher comparable store sales. Lower income reflects a $566 thousand charge for the relocation of the Co.'s support center. 
Checkers Drive-In Rest. (Nasdaq : CHKR)Checkers develops, produces, owns, operates and franchises quick-service ``double drive-thru'' restaurants under the name ``Checkers(R)''. For the 12 weeks ended 3/22/99, revenues decreased 14 percent to $31.7 million. Net loss totalled $1.1 million vs. an income of $394 thousand. Revenues reflect lower comparable restaurant sales due to severe winter weather and intense competitor discounting. Loss also reflects reduced margins and higher advertising expense. 
Creative Host Services (Nasdaq : CHST)Creative Host Services, Inc. is engaged in the business of acquiring and operating food, beverage and other concessions at airports throughout the United States. For the fiscal year ended 12/31/98, revenues increased 50 percent to $14.7 million. Net income applicable to Common totalled $481 thousand vs. a loss of $42 thousand. Revenues benefitted from an increase in concession activities. Earnings also benefitted from a decrease in costs of goods sold as a  percentage of revenues. 
Chart House Enterprises (NYSE : CHT)Chart House Enterprises operates 57 Chart House restaurants and one Peohe's restaurant. CHT's restaurants are located in 21 states, Puerto Rico and the U.S. Virgin Islands. For the 13 weeks ended 3/29/99, revenues fell 7 percent to $34.6 million. Net income fell 84 percent to $124 thousand. Revenues reflect the closing of two Chart House restaurants and the sale of Solana Beach Baking Co. Earnings suffered from increased labor expenses and training costs for the new menue. 
O'Charley's Inc. (Nasdaq : CHUX)O'Charley's, Inc. owns and operates 99 O'Charley's restaurants located in 11 southeastern and midwestern states, intending to appeal to traditional casual dining and value-oriented customers. For the 16 weeks ended 4/18/99, revenues rose 24 percent to $87.8 million. Net income before accounting change rose 29 percent to $4.5 million. Results reflect the opening of additional units, increased traffic at existing units and higher margins due to menu price increases. 
Chicken Kitchen Corp. (OTC BB : CKKC)Chicken Kitchen Corporation is engaged in the business of operating five Chicken Kitchen(R) restaurants in Florida, with one additional under construction, and in offering franchise opportunities. For the nine months ended 12/31/97, sales increased 95 percent to $953 thousand. Net loss increased 95 percent to $774 thousand. Revenues reflect the growth in restaurant locations. Net loss reflect higher prices of chicken and produce and $367 thousand in consulting fees. 
CKE Restaurants, Inc. (NYSE : CKR)CKE Restaurants, Inc. owns, operates and franchises 3,801 quick-service restaurants primarily under the Carl's Jr., Hardee's and Taco Bueno brand names. For the fiscal year ended 1/31/99, total revenues rose 65 percent to $1.89 billion. Net income before extraordinary item rose 59 percent to $74.5 million. Revenues reflect increased sales from Company-owned Hardee's restaurants due to acquisitions. Earnings were partially offset by increased advertising support for Hardee's. 
Cafe Odyssey, Inc. (Nasdaq : CODY)Cafe Odyssey, Inc., develops, owns and operates theme restaurants with a retail component designed to appeal to the upscale casual dining market. For the 13 weeks ended 4/4/99, net sales totalled $2.3 million, up from $804 thousand. Net loss increased 44 percent to $1.4 million. Revenues reflect increased sales at the Mall of America Restaurant and the opening of the Denver Pavilions Restaurant. Higher loss reflects higher start-up and personnel-related expenses. 
Consolidated Products (NYSE : COP)COP is engaged primarily in the ownership, operation and franchising of Steak n Shake restaurants through its wholly-owned subsidiary, Steak n Shake, Inc. For the 28 weeks ended 4/4/99, revenues rose 17 percent to $183.1 million. Net income fell 1 percent to $8.7 million. Revenues reflect the opening of new Steak n Shake units. Earnings were offset by higher wage rates due to labor shortages in most markets and new unit opening labor inefficiencies and higher rent costs. 
Century Park Pictures (CPPCCentury Park Pictures develops, produces and markets various entertainment properties for the motion picture, pay/cable and commercial television markets. For the six months ended 3/31/99, the Company reported no revenues. Net loss from continuing operations decreased 77 percent to $32 thousand. Results benefitted from lower general and administrative expenses due to the elimination of expenses related to the Minnesota Arena Football, Inc. 
Champion Sports, Inc. (OTC BB : CSBR)Champion Sports, Inc. promotes a sports theme restaurant bar concept through company owned and licensed operations. At 4/30/98, the Company owned one CHAMPIONS sports bar restaurant and licensed one. For the nine months ended 1/31/99, total revenues fell 3 percent to $1.6 million. Net loss applicable to Common totalled $71 thousand vs. an income of $287 thousand. Results reflect a decrease in food and beverage sales due to the NBA lockout and higher restaurant operating costs. 
Cucos, Inc. (OTC BB : CUCO)Cucos, Inc. operates and franchises full-service restaurants serving moderately-priced Sonoran and Tex-Mex cuisine. As of 6/98, 20 restaurants were operated by CUCO and franchises. For the 40 weeks ended 4/4/99, revenues fell 4 percent to $15.7 million. Net loss before extraordinary item totalled $3.4 million, up from $204 thousand. Revenues reflect decreased sales of food and beverages due to fewer restaurants. Higher loss reflects the inclusion of a $1.9 million asset impairment charge. 
Dave & Buster's, Inc. (NYSE : DAB)Dave and Buster's operates 19 large format, high volumeReataurant/Entertainment complxes that offer food and beverage items combined with entertainment attractions such as pocket billiards, shuffleboard, interactive simulators, virtual reality systems and carnival style games. For the fiscal year ended 1/31/99, revenues rose 42 percent to $182.3 million. Net income rose 53 percent to $13.6 million. Results reflect new stores opened and lower S/G/A expenses as a  percentage of revenue. 
Famous Dave's of America (Nasdaq : DAVE)DAVE develops, owns and operates restaurants under the name ``Famous Dave's''. As of 1/3/99, the Company owned and operated 22 restaurants in the Midwest US. For the 13 weeks ended 4/4/99, revenues increased 34 percent to $10.4 million. Net loss before effect of accounting change fell 93 percent to $316 thousand. Revenues benefited from the addition of six new restaurants. Lower loss reflects lower food and beverage expenses as a  percentage of revenue due to improved purchasing economies. 
Diedrich Coffee, Inc. (Nasdaq : DDRX)DDRX is a specialty coffee roaster, wholesaler, retailer and franchisor that operates 40 retail units located in CA, CO and TX. DDRX also sells light food items. For the fiscal year ended 1/27/99, net sales increased 5 percent to $24.2 million. Net loss decreased 72 percent to $2.6 million. Revenues reflect an increase in comparable store sales and increased demand for wholesale coffee products. Net loss reflects the absence of a $3.9 million provision for store closings and restructuring costs. 
Jerry's Famous Deli, Inc. (Nasdaq : DELI)DELI operates 11 New York deli-style restaurants, including eight in Southern California under the name ``Jerry's Famous Deli,'' one in Southern California under the name ``Solley's'' and two in Florida, under the name ``Rascal House.'' For the nine months ended 9/30/98, revenues rose 14 percent to $47.6 million. Net income fell 54 percent to $303 thousand. Results reflect revenues from the Epicure acquisition, offset by costs of the Epicure acquisition and a new restaurant. 
DenAmerica Corp. (AMEX : DEN)DEN operates 203 (100 Denny's restaurants and 103 Black-eyed Pea restaurants) family oriented, full service restaurants primarily in the southeastern, midwestern and western United States. For the 13 weeks ended 3/31/99, revenues fell 16 percent to $60.9 million. Net loss before extraordinary item totaled $199 thousand, up $31 thousand. Revenues reflect the sale o76 restaurants in 1998. Net loss reflects the absence of $575 thousand gain on the sale of restaurants. 
Advantica Restaurant Grp. (Nasdaq : DINE)DINE operates 2,600 moderately priced restaurants in six chains: Denny's, Hardee's, Quincy's, El Pollo Loco, Coco's and Carrows. DINE also provides contract food services. For the three months ended 3/99, revenues decreased 1 percent to $416.6 million. Net loss applicable to Common from continuing operations before extraordinary item totalled $61.7 million vs. income of $691.2 million. Revenues reflect a decrease in Company-owned units. Earnings reflect absence of a $714.2 million reorganization items credit. 
Darden Restaurants, Inc. (NYSE : DRI)Darden Restaurants, Inc. is a full service restaurant organization. DRI operates 1,118 restaurants under the names: Red Lobster, The Olive Garden and Bahama Breeze. For the 39 weeks ended 2/28/99, sales rose 8 percent to $2.54 billion. Net income rose 45 percent to $89.5 million. Revenues reflect strong same restaurant sales at both Red Lobster and The Olive Garden. Earnings also benefitted from higher margins and lower depreciation and amortization expenses. 
Brinker International (NYSE : EAT)EAT is engaged in the operation, development and franchising of the Chili's Grill and Bar, Romano's Macaroni Grill, On The Border Cafe, Cozymel's Coastal Mexican Grill, Maggiano's Little Italy, Corner Bakery, and Eatzi's Market and Bakery restaurant concepts. For the 39 weeks ended 3/24/99, revenues rose 16 percent to $1.34 billion. Net income rose 31 percent to $60.2 million. Results reflect a net increase of 86 Company-owned restaurants since 3/98, and decreased interest expense. 
Eateries, Inc. (Nasdaq : EATS)Eateries, Inc. operates and franchises a 72-unit (64 Company owned and eight franchise owned) chain of Garfield's and Pepperoni Grill restaurants located in 26 states. Total revenues for the 13 weeks ended 3/28/99 fell 2 percent to $23.1 million. Net income decreased 54 percent to $247 thousand. Revenues reflect the sale of four Casa Lupita locations in February and May 1998. Earnings suffered from higher Garcia's costs of sales as a  percent of sales and higher depreciation costs. 
Elmer's Restaurants, Inc. (Nasdaq : ELMS)ElMS is a franchisor and operator of full service, family-oriented restaurants under the names ``Elmer's Pancake and Steak House'' and ``Elmer's Colonial Pancake and Steak House''. ELMS owns and operates 11 restaurants and franchises 18 restaurants. Total revenues for the nine months ended 12/98 rose 2 percent to $12.8 million. Net income fell 3 percent to $458 thousand. Results reflect higher restaurant sales and video poker revenues, offset by higher employee costs and corporate operating costs. 
ELXSI Corporation (Nasdaq : ELXS)ELSXI Corporation owns and operates 58 Bickford's restaurants, and four Abdow's restaurants. ELXS also manufactures and services video inspection and repair equipment for wastewater and drainage systems. For the fiscal year ended 12/31/98, revenues rose 13 percent to $98.6 million. Net income fell 67 percent to $4.8 million. Results reflect higher sales in the Restaurant and Cues divisions, offset by higher S/G/A costs due to increased labor expenses and lower interest income. 
Einstein/Noah Bagel Corp (Nasdaq : ENBX)ENBX owns and operates specialty retail stores that feature fresh-baked bagels, proprietary cream cheeses, specialty coffees and teas, and soups, salads and sandwiches. For the fiscal year ended 12/27/98, total revenues rose from $78.3 million to $371.9 million. Net loss totalled $203.9 million, up from $1.4 million. Revenues reflect an increased number of stores and average net weekly per store sales. Higher loss reflects a $201.5 million increase in impairment of long-lived assets. 
Entertainment Technol. (OTC BB : ETPI)Entertainment Technologies and Products provides audio and video entertainment at U.S.military bases, designs and sells sound and lighting equipment, installs and operates amusement equipment, and operates restaurants and facilities in the civilian markets. For the six months ended 3/31/99 (vs. six months ended 6/30/98), revenues rose 7 percent to $3.1 million. Net loss totalled $654 thousand vs. an income of $71 thousand. Results reflect new sites, offset by higher operating costs. 
Fine Host Corporation (FINEFine Host is a contract food service management company that provides food and beverage concession and catering services. The Company targets three distinct markets: recreation and leisure; education and business restaurant; and healthcare and corrections . For the 13 weeks ended 3/99, sales fell 10 percent to $76.5 million. Net loss fell 53 percent to $3.6 million. Results reflect lower recreation and leisure revenues. Lower loss reflects lower restructuring charges. 
Foodmaker, Inc. (NYSE : FM)Foodmaker, Inc. owns, operates and franchises Jack In The Box, a chain of fast-food restaurants located in the western and southwestern U.S. For the six months ended 4/11/99, revenues rose 12 percent to $729.1 million. Net income fell 11 percent to $40.7 million. Revenues reflect an increase in both per store average sales and in the average number of company operated restaurants. Earnings were offset by a lower gross profit margin and higher selling, general and administrative costs. 
Fresh Foods, Inc. (Nasdaq : FOOD)FOOD produces and markets branded and private label sandwiches for the foodservice and home markets, and owns and operates 61 franchises and 42 restaurants under the Sagebrush, Western Steer, Prime Sirloin and Bennett's concepts. For the 40 weeks ended 12/5/98 (vs. 36 weeks ended 11/7/97), revenues rose 67 percent to $187.2 million. Net income before extraordinary item fell 64 percent to $1.3 million. Revenues reflect the Pierre acquisition. Earnings were offset by costs related to the acquisition. 
FRM Nexus, Inc. (OTC BB : FRMO)FRM Nexus, Inc. owns, operates and administers three divisions through wholly-owned subsidiary corporations. The three divisions are food services, real estate development, and medical financing. For the nine months ended 11/30/98, revenues increased 1 percent to $13.8 million. Net loss before extraordinary item decreased 29 percent to $207 thousand. Results reflect increased sales in the real estate and medical financing divisions. Lower loss reflects a decrease in interest expense. 
Friendly Ice Cream Corp (Nasdaq : FRND)Friendly Ice Cream Corporation owns and operates 646 restaurants, franchises 42 others and manufactures frozen desserts for retail sale in 16 states. For the 13 weeks ended 3/28/99, revenues decreased 4 percent to $145.7 million. Net loss before accounting change rose 56 percent to $6.2 million. Results reflect a decline in revenues for restaurants due to the closing of 21 underperforming restaurants, higher relocation, consulting and depreciation expenses, and higher debt levels. 
Frisch's Restaurants,Inc. (AMEX : FRS)Frisch's Restaurants operates and licenses family restaurants with drive-thru service under the name Frisch's Big Boy in OH, IN and KY. FRS also operates two hotels with restaurants in metropolitan Cincinnati. For the 40 weeks ended 3/7/99, revenues rose 4 percent to $121.2 million. Net income before extraordinary item fell 19 percent to $3.1 million. Revenues reflect same store sales gains in Big Boy restaurants. Net income was offset by $1.1 million in impairment of long lived asset charges. 
Giant Group Ltd. (NYSE : GPO)Giant Group Ltd. is engaged in the operation and franchising of double drive through restaurants through Rally's Hamburgers. For the fiscal year ended 12/31/98, revenues increased 82 percent to $4.7 million. Net income totalled $493 thousand vs. a loss of $4.6 million. Revenues benefitted from $1.1 million in net sales from women's and children's apparel. Earnings also reflect a $2.9 million gain on the sale of property and equipment, and a decrease in corporate expenses. 
Grill Concepts, Inc. (Nasdaq : GRIL)Grill Concepts, Inc. is engaged in the ownership and operation of restaurants. As of 12/98, the Company operated 14 restaurants under the names Daily Grill, Rhino Chasers and Pizzeria Uno. For the fiscal year ended 12/27/98, sales rose 21 percent to $34.9 million. Net loss before accounting change applicable to Common rose 86 percent to $1.4 million. Revenues reflect a full 52 weeks of sales from the Washington D.C. Daily Grill. Higher loss reflects $964 thousand in unusual charges and higher debt levels. 
Roadhouse Grill, Inc. (Nasdaq : GRLL)Roadhouse Grill, Inc. owns and operates 52 restaurants and franchises four full-service, casual dining restaurants under the name ``Roadhouse Grill'' located in FL, GA, SC, MS, LA, NV, AR, AL, NY and OH. For the comparable 39 weeks ended 1/24/98, revenues rose 21 percent to $86 million. Net income totaled $3.9 million vs. a loss of $1.2 million. Revenues reflect seven new company owned restaurants. Net income benefitted from the absence of $1.1 million in impairment charges and improved productivity. 
Good Times Restaurants (Nasdaq : GTIM)Good Times Restaurants, Inc. is engaged in the business of developing, owning, operating and franchising restaurants under the name Good Times Drive Thru Burgers. For the six months ended 3/99, revenues increased 10 percent to $6.8 million. Net income applicable to Common totalled $52 thousand vs. a loss of $360 thousand. Revenues reflect additional company-owned restaurant in service. Earnings also reflect decreased interest expenses. 
Hudson's Grill of America (OTC BB : HDSG)Hudson's Grill of America operates 13 full service Hudson's Grill restaurants which serve lunch, dinner and a wide range of alcoholic beverages. For the 39 weeks ended 9/30/98, revenues increased 22 percent to $648 thousand. Net income fell 98 percent to $103. Revenues reflect an increase in net sales due to the operations of a subsidiary. Earnings suffered from lower interest income due to the declining principal of the Company's notes receivable. 
Host Marriott Services (NYSE : HMS)HMS is a provider of food, beverage and retail concessions at airports, on tollroads, and in shopping malls, with facilities at nearly every major airport and tollroad in the United States. For the three months ended 3/26/99, revenues increased 11 percent to $308.9 million. Net loss before accounting change increased 5 percent to $4.1 million. Revenues reflect strong growth in domestic airport food and beverage concessions. Higher losses reflect an increase in payroll and benefits. 
Interfoods of America (OTC BB : IFDA)Interfoods of America is principally engaged in the ownership and operation of its Popeye's restaurants. As of 9/98, the Company operates 30 restaurants located in Florida, Alabama and Lousiana. For the six months ended 3/31/99, revenues rose 70 percent to $13.5 million. Net loss applicable to Common totalled $351 thousand vs. an income of $367 thousand. Revenues store acquisitions and openings. Loss reflects $77 thousand in losses on the sale of subsidiary vs. $1 million in gains. 
Int'l Fast Food Corp. (OTC BB : IFFC)International Fast Food Corp. develops and operates franchised Burger Kingand Domino's restaurants in Poland. Company currently operates 21 BK and 15 Domino's stores. For the fiscal year ended 12/31/98, sales rose 40 percent to $8.5 million. Net loss applicable to Common totalled $6.1 million, up from $1.4 million. Revenues reflect increased number of new restaurants opened. Higher loss reflects increased office rent, salaries and benefits, and the accretion of senior notes. 
ICH Corporation (NEW) (AMEX : IH)ICH Corporation owns and operates quick service restaurants under the Arby's name, as well as full-service family dining restaurants under the Lyon's name. As of 12/31/98, the Company operated 181 Arby's and 73 Lyon's restaurants. For the three months ended 3/31/99, total revenues totalled $59.8 million, up from $28.7 million. Net income totalled $707 thousand, up from $293 thousand. Results reflect increased restaurant sales due to the acquisition of Lyon's. 
IHOP Corp. (Nasdaq : IHOP)IHOP develop, operate and franchise International House of Pancakes restaurants. At December 31, 1998, there were 835 IHOP restaurants (624 operated by franchisees, 145 by area licensees, and 66 by IHOP) located in 37 states, Canada, and Japan. For the three months ended 3/99, revenues rose 10 percent to $61.3 million. Net income rose 40 percent to $6.6 million. Results reflect an increase in the number of effective restaurants and improved margins. 
IL Fornaio America Corp. (Nasdaq : ILFO)ILFO is engaged in restaurant operations and the production and sale of Italian bakery products for the wholesale and retail market. As of 12/98, the Co. owned 17restaurants and five wholesale bakeries. For the three months ended 3/28/99, totalled revenues rose 19 percent to $23.5 million. Net income before accounting change fell 1 percent to $942 thousand. Results reflect higher comparable restaurant sales, offset by higher dairy prices and wage costs and lower invested cash balances. 
Jake's Pizza Int'l. Inc. (OTC BB : JAKE)Jake's Pizza International Inc. operates and fran-chises ``Jake's Pizza'' restaurants which specialize in the sale of pizza, using the Company's recipes, ingredients and food preparation methods. For the nine months ended 6/97, revenues fell 75 percent to $643 thousand. Net loss before extraordinary item fell 28 percent to $727 thousand. Revenues reflect the discontinuance of the distribution business. Lower loss reflects the absence of $172 thousand in settlement expenses. 
J. Alexanders Corp. (NYSE : JAX)J. Alexanders Corp. operates as a proprietary concept 20 J. Alexander's full service, casual dining restaurants with a contemporary American menu. For the fiscal year ended 1/3/99, net sales rose 30 percent to $74.2 million. Net loss before change in accounting principle fell 71 percent to $1.5 million. Revenues benefited from new restaurant openings. Lower loss reflects higher restaurant operating income and reduced pre-opening expenses. 
Eat at Joe's Ltd. (OTC BB : JOES)Eat at Joe's Ltd. is engaged in the opening and operation of restaurants styled in an American Diner atmosphere. As of 12/98, the Company operated eight restaurants. For the three months ended 3/31/99, revenues totalled $847 thousand, up from $147 thousand. Net loss before accounting change decreased 58 percent to $169 thousand. Results reflect the opening of additional restaurants, partially offset by expenses related to an increasing corporate overhead structure. 
JRECK Subs Group, Inc. (OTC BB : JSUB)JSUB is a multiconcept franchiser. JSUB's subsidiaries include: JRECK Subs, Hymie's Bagels, Seawest Subs, Little King, Georgio's, Mountain Mike's Pizza, Sobik's Sandwich Shops and Li'l Dino. For the nine months ended 9/30/98, revenues rose from $594 thousand to $4.8 million. Net loss fell 32 percent to $1.9 million. Revenues reflect recent acquisitions. Lower loss was partially offset by higher operating costs related to the acquisitions and additional franchise servicing costs. 
Landry's Seafood Restaur. (Nasdaq : LDRY)LDRY owns and operates 143 full-service, mid-priced, casual dining seafood restaurants named Landry's Seafood House, Joe's Crab Shack and The Crab House, and three limited-menu take out units. For the three months ended 3/99, revenues rose 12 percent to $101.3 million. Net income before accounting change fell 97 percent to $238 thousand. Revenues reflect the opening of new restaurants. Net income was offset by $3.7 million special charge, increased staffing levels and additional training programs. 
Garden Fresh Restaurant (Nasdaq : LTUS)Garden Fresh Restaurant Corp. operates 58 salad buffet restaurants in CA, FL, AZ, NM, UT, NV, WA, GA, TX and OR under the names Souplantation and Sweet Tomatoes. For the six months ended 3/31/99, net sales increased 19 percent to $61.3 million. Net income increased 41 percent to $2.7 million. Revenues reflect higher comparable restaurant sales and the opening of nine new restaurants. Net income also reflects decreased S/G/A expenses as a  percentage of sales. 
Luby's, Inc. (NYSE : LUB)Luby's, Inc. owns and operates restaurants in the southern United States. As of 8/31/98, the Company operated a total of 229 units. For the six months ended 2/28/99, sales rose 1 percent to $249.5 million. Net income fell 2 percent to $12.9 million. Revenues benefitted from a 2.5 percent increase in sales volumes at restaurants opened over one year. Earnings were offset by increased advertising, food-to-go packaging costs and costs associated with the rollout of a new uniform program. 
Main St. & Main, Inc. (Nasdaq : MAIN)MAIN currently owns 40 T.G.I. Friday's and one FrontRow Sports Grill, operates 10 T.G.I. Friday's under management agreements, and possesses rights to develop restaurants in seven states. For the fiscal year ended 12/28/98, revenues increased 7 percent to $115.3 million. Net income before extraordinary item decreased 13 percent to $4.2 million. Revenues reflect higher same store sales and new units. Net income reflects the absence of $5.2 million gain in the sale of assets. 
Max & Erma's Restaurants (Nasdaq : MAXE)MAXE, directly or through affiliated partnerships, owns and operates a chain of 49 restaurants, as of 12/98, under the name Max and Erma's-Neighborhood Gathering Place, in the midwestern U.S. For the 16 weeks ended 2/14/99, revenues rose 5 percent to $31.1 million. Net income before extraordinary item decreased 49 percent to $342 thousand. Revenues benefitted from the opening of new restaurants. Earnings were offset by wage pressures and the expansion of the headquarters. 
McDonald's Corporation (NYSE : MCD)MCD develops, operates, franchises and services a worldwide system of restaurants which prepare, assemble, package and sell a limited menu of value-priced foods. For the three months ended 3/31/99, total revenues rose 8 percent to $3.04 billion. Net income rose 11 percent to $402.7 million. Revenues reflect restaurant expansion and positive comparable sales trends. Earnings also reflect lower selling, general and administrative expenses and higher operating income. 
Amarillo Mesquite Grill (OTC BB : MESQ)Amarillo Mesquite Grill is the owner and operator of one franchised Cotton Patch Cafe in Oklahoma and 12 Amarillo Grill restaurants in Kansas, Oklahoma, Missouri, Arkansas. For the fiscal year ended 1/31/99, sales increased 28 percent to $20.5 million. Net loss decreased 61 percent to $490 thousand. Revenues reflect the operations of additional Amarillo Mesquite Grill restaurants. Lower loss also reflects operations of more Amarillo Restaurants with higher profit margins than others. 
Morrison Health Care (NYSE : MHI)Morrison Health Care operates the food and nutrition services departments of hospitals and other health care facilities. For the nine months ended 2/28/99, revenues increased 29 percent to $234.2 million. Net income increased 16 percent to $9.8 million. Revenues reflect growth in continuing and new accounts and higher account retention. Earnings were partially offset by costs related to acquisitions and expenses related to the opening of new accounts. 
Million Dollar Saloon (OTC BB : MLDS)Million Dollar Saloon owns and operates an adult entertainment lounge and restaurant facility in Dallas, Texas under the name Million Dollar Saloon. MLDS also owns and manages commercial rental property in Dallas County. For the three months ended 3/31/99, total revenues rose 7 percent to $1 million. Net income rose 80 percent to $115 thousand. Revenues reflect scheduled increases in weekly rental income. Earnings also reflect a decrease in legal and professional fees. 
Macheezmo Mouse Rest. (OTC BB : MMRI)Macheezmo Mouse operates a chain of 13 (as of 6/98) quick service restaurants primarily in the Portland, Oregon metropolitan area. MMRI offers fresh, high quality, healthy Mexican-style food. For the 28 weeks ended 1/99, revenues decreased 6 percent to $3 million. Net loss decreased 56 percent to $252 thousand. Revenues reflect fewer operating restaurants (13 vs. 14 last year). Lower losses reflect a reduction in general and administrative employees and lower corporate spending. 
Coffee People, Inc. (Nasdaq : MOKA)MOKA, a retailer of gourmet coffee, operates, as of 6/98, 246 franchised and 69 company-owned retail stores in 36 states and six foreign countries, under the names Gloria Jean's, Coffee People and Coffee Plantation. For the 36 weeks ended 3/6/99, revenues rose 57 percent to $40.1 million. Net income fell 80 percent to $400 thousand. Revenues reflect increased retail sales from company-operated stores. Earnings were offset by a $950 thousand acquisition and integration expense. 
Morgan's Foods, Inc. (AMEX : MR)Morgan's Foods, Inc. operates Kentucky Fried Chicken restaurants and East Side Mario's restaurants under franchises. As of 3/98, the Company operated 39 KFC and six East Side Mario's restaurants. For the 36 weeks ended 11/8/98, revenues rose 4 percent to $28.6 million. Net loss fell 42 percent to $68 thousand. Revenues reflect the addition of KFC restaurants, and higher comparable restaurant sales. Lower losses reflect the absence of a $80 thousand loss on disposal of restaurants. 
Morton's Restaurant Group (NYSE : MRG)MRG owns and operates restaurants utilizing two distinct restaurant concepts: Morton's of Chicago and Bertolini's Authentic Trattorias. For the three months ended 4/4/99, revenues rose 11 percent to $52.7 million. Net income before acct. change rose 14 percent to $3.1 million. Revenues reflect incremental revenues from eight new restaurants opened after 12/98. Earnings also reflect lower pre-opening costs, depreciation, amortization and non-cash charges as a  percentage of revenues. 
Nathan's Famous (Nasdaq : NATH)Nathan's Famous develops and operates a chain of retail fast food style restaurants with 28 Company-owned stores and 158 franchised units operating as of 6/28/98. For the 39 weeks ended 12/27/98, total revenues rose 4 percent to $23.2 million. Net income rose 31 percent to $1.7 million. Revenues reflect local store marketing activities, new product introductions and value pricing strategies. Earnings also reflect a four month cost hiatus during the renovation of a restaurant. 
NPC International, Inc. (Nasdaq : NPCI)NPC International, Inc. operates 573 Pizza Hut restaurants and 162 delivery units in 26 states (as of 3/99) pursuant to franchise agreements with Pizza Hut, Inc. For the fiscal year ended 3/30/99, revenues fell 12 percent to $401.2 million. Net income totalled $47.9 million, up from $10.3 million. Revenues reflect lower Romacorp revenues due to the recapitalization and the closure of certain Pizza Hut units. Earnings benefitted from a $39.4 million gain on the Roma recapitalization. 
Noble Roman's, Inc. (OTC BB : NROM)Noble Roman's Inc. sells franchises of Noble Roman's Pizza Express and operates casual dining restaurants that specialize in pizza. The Noble Roman's system currently includes 57 full-service restaurants and 155 franchized Express units. For the six months ended 6/30/98, total revenues fell 12 percent to $12.3 million. Net loss fell 86 percent to $638 thousand. Revenues reflect the closing of 19 restaurants. Lower loss reflects the absence of $5.2 million in restructuring costs. 
New World Coffee-Man.Bag. (Nasdaq : NWCI)New World Coffee-Manhattan Bagel owns, operates and franchises coffee bars, bagel bakeries and integrated coffee bar/bagel bakeries in 18 states and internationally. For the fiscal year ended 12/27/98, revenues rose 9 percent to $17.3 million. Net loss rose 11 percent to $7.5 million. Revenues benefited from the sale of company owned stores to franchisees. Higher loss reflects two restructuring charges totaling $6.5 million associated with the closing of the company's New York office. 
New York Bagel Ent. (OTC BB : NYBS)NYBS owns and franchises NY Bagel and Lots A' Bagels eateries, specializing in traditional NY style bagels. As of 3/99, NYBS owned 37 and franchised 17 eateries. For the fiscal year ended 12/27/98, total revenues remained flat at $19 million. Net loss before acctg. change rose 58 percent to $6 million. Results reflect strength at NYBS-owned eateries, offset by closures of 11 eateries, decreases in same-eatery sales and eatery operating margins, and increased provisions for weak eatery closures. 
Outback Steakhouse, Inc. (Nasdaq : OSSI)Outback Steakhouse, Inc. operates, as of 12/98, 540 full-service restaurants under the name Outback Steakhouse and 64 restaurants under the name Carrabba's Italian Grill. Revenues for the three months ended 3/99 rose 17 percent to $379.3 million. Net income before accounting change increased 26 percent to $28 million. Revenues benefitted from the opening of new restaurants and increased comparable store sales. Earnings also reflect lower operating expenses as a  percentage of sales. 
Pancho's Mexican Buffet (Nasdaq : PAMX)Pancho's Mexican Buffet operates and develops a restaurant chain serving Mexican food cafeteria style. The Company currently operates 48 restaurants. For the three months ended 12/98, net sales decreased 12 percent to $13.8 million. Net income totalled $114 thousand vs. a loss of $298 thousand. Revenues reflect lower sales due to the closing of nine restaurants. Net income reflects lower restaurant labor and related expenses due to a lower bonus expense and labor cost control efforts. 
Prandium, Inc. (OTC BB : PDIM)Prandium, Inc. owns and operates a total of of 314 full service and fast-casual dining restaurants primarily under the Chi-Chi's, El Torito, Casa Gallardo, Koo Koo Roo and Hamburger Hamlet concepts (as of 12/98). For the 13 weeks ended 3/28/99, sales rose 18 percent to $134.3 million. Net loss rose 2 percent to $8.4 million. Revenues reflect the addition of the Koo Koo Roo and Hamburger Hamlet restaurants. Higher loss reflects increased interest expense. 
P.F. Chang's China Bistro (Nasdaq : PFCB)P.F. Chang's China Bistro owns and operates 23 full service restaurants that feature a blend of traditional Chinese cuisine and American hospitality in a sophisticated, contemporary bistro setting. For the 13 weeks ended 3/28/99, revenues rose 94 percent to $30.5 million. Net income applicable to Common totalled $1.2 million, up from $217 thousand. Results reflect the opening of new restaurants, increased customer visits and higher margins due to cost efficiencies. 
Planet Hollywood Intl. (NYSE : PHL)PHL operates and franchises Planet Hollywood and Official All-Star Cafe theme restaurants, which also offer retail merchandise displaying Company logos. For the 13 weeks ended 3/28/99, revenues fell 22 percent to $75 million. Net loss before acctg. change totalled $34.7 million vs. income of $1.6 million. Results reflect declining same-eatery sales, lower margins, higher S/G/A, $8.1 million in various charges, and another $8.1 million in debt servicing for $250 million in 12 percent Senior Notes issued 3/98. 
Piccadilly Cafeterias (NYSE : PIC)Piccadilly Cafeteries operates 257 cafeterias in 17 states and seven Ralph and Kacoo's seafood restaurants in Louisiana, Mississippi, Alabama. For the nine months ended 3/31/99, net sales increased 63 percent to $381.8 million. Net income decreased 11 percent to $6.7 million. Revenues benefitted from the acquisition of Morrison Restaurants and higher average check amounts. Earnings were offset by lower customer traffic and higher debt levels. 
PJ America, Inc. (Nasdaq : PJAM)PJ America, Inc. is a franchisee of Papa John's pizza delivery and carry-out restaurants. As of 12/98, the Company operated 119 Papa John's restaurants in nine states and Puerto Rico. For the three months ended 3/28/99, revenues rose 54 percent to $21.9 million. Net income before accounting change rose 26 percent to $1.5 million. Revenues reflect a 65 percent increase in the number of equivalents restaurants open. Earnings were partially offset by increased salaries and benefits costs. 
Panera Bread Company (Nasdaq : PNRA)Panera Bread Co. operates two retail bakery cafe businesses and two franchising businesses under the concept names ``Au Bon Pain'' and ``Saint Louis Bread Company.'' For the fiscal year ended 12/26/98, sales fell less than 1 percent to $249.7 million. Net loss totalled $20.5 million vs. an income of $1.8 million. Revenues reflect the disposition of a number of underperforming bakery cafes and lower wholesale sales. Loss reflects a $26.2 million non-recurring charge. 
Paradise Holdings, Inc. (PRDQEParadise Holdings operates under the brand name of Paradise Bakery and Cafe through its subsidiary, Paradise Bakery, Inc. and is engaged in the business of selling baked cookies, muffins, croissants, along with a full lunch menu. For the fiscal year ended 3/98, revenues fell 29 percent to $10.5 million. Net loss rose 29 percent to $6.9 million. Revenues reflect the sale of two Company operated locations. Net loss reflects a $1.9 million charge for impairment of goodwill. 
Performance Industries (OTC BB : PRFI)Performance Industries, Inc. operates, through its subsidiaries, in one primary business segment. This segment is restaurants. For the nine months ended 9/30/98, revenues decreased 16 percent to $13.7 million. Net loss from continuing operations decreased 2 percent to $413 thousand. Revenues suffered from the leasing of the two Carlos Murphy's Restaurants and declining sales in the Company's three Southern California stores. Net loss reflects decreased operating expenses. 
Premium Restaurant Co. (OTC BB : PRXC)Premium Restaurant owns and operates a Ciatti's casual dining Italian eatery in St. Paul, MN and eight Bruegger's bagel bakeries in Dallas, TX through its DFW Bagels subsidiary. For the 26 weeks ended 12/27/98, net sales fell 55 percent to $3.3 million. Net loss before extraordinary item rose 12 percent to $714 thousand. Results reflect the sale of several full-service underperforming eateries, increased competitive pressures, lower margins and lower gains upon sales of weak eateries. 
Elephant & Castle Group (Nasdaq : PUBSF)Elephant and Castle Group operates a chain of twenty two full-service English-style dining restaurants and pubs. PUBSF also engages in hotel and restaurant catering. For the thirteen weeks ended 3/28/99, sales increased 31 percent to C$12.2 million. Net loss applicable to U.S. GAAP increased 71 percent to C$579 thousand. Revenues benefitted from the opening of new locations. Higher loss reflects increased costs associated with the opening of these locations. 
Pudgie's Chicken, Inc. (OTC BB : PUDGQ)PUDGQ owns, operates and franchises quick service Pudgie's restaurants featuring fresh, skinless, fried chicken. As of 12/96, there are 47 Pudgies' restaurants in operation. For the nine months ended 9/30/97, revenues fell 43 percent to $5.2 million. Net loss fell 70 percent to $1.9 million. Revenues reflect a lower number of Company-owned restaurants. Net loss reflects the absence of a $1.7 million arbitration award and a $347 thousand restaurant closing expense and lower S/G/A expenses. 
Grand Havana Enterprises (OTC BB : PUFF)PUFF is engaged in the business of the ownership, operation and development of private membership restaurants and cigar clubs (Grand Havana Rooms), and retail cigar stores known as Grand Havana House of Cigars. For the nine months ended 6/28/98, revenues increased 15 percent to $4.3 million. Net loss from continuing operations totalled $1.9 million, up from $607 thousand. Revenues reflect increases in merchandise sales, membership fees, and food and beverage revenues, offset by occupancy/labor costs. 
Papa John's Int'l, Inc. (Nasdaq : PZZA)Papa John's International, Inc. operates and franchises pizza delivery and carry-out restaurants under the trademark Papa John's. As of 12/27/98, there were 478 Co.-owned and 1407 franchised restaurants. For the three months ended 3/28/99, revenues rose 20 percent to $187.4 million. Net income before acctg. change rose 52 percent to $11.4 million. Revenues reflect increases in company-owned and new franchised restaurants. Net income also reflects gained efficiencies. 
Pizza Inn, Inc. (Nasdaq : PZZI)Pizza Inn is the franchiser and food and supply distributor to a system of restaurants operating under the trade name ``Pizza Inn'', which are franchised in 22 states and 19 foreign countries. For the 39 weeks ended 3/28/99, revenues fell 2 percent to $50 million. Earnings fell 43 percent to $2 million. Results reflect lower restaurant sales and franchise revenues and an increase in the price of cheese, increased transportation costs and allowance for doubtful accounts. 
Quality Dining, Inc. (Nasdaq : QDIN)QDIN owns and operates 144 eateries, including 38 Grady's American Grills, four Spageddies, four Papa Vino's, 70 Burger Kings and 28 Chili's. For the 16 weeks ended 2/14/99, total revenues fell 2 percent to $68.1 million. Net income fell 29 percent to $87 thousand. Revenues reflect strength at Burger King offset by inclement weather in key markets throughout the period leading to a decrease in eatery patronage. Earnings also reflect a decrease in eatery operating margins. 
Quizno's Corporation (Nasdaq : QUIZ)QUIZ is engaged in franchising and, to a lesser extent, operating quick service eateries under the names Quizno's and Quizno's Subs, with over 500 locations worldwide. For the three months ended 3/31/99, total revenues rose 41 percent to $5.9 million. Net income applicable to Common before acctg. change rose from $86 thousand to $737 thousand. Results reflect a 40 percent increase in the number of eateries, higher margins and $861 thousand in income upon the sale of a Japanese master franchisee agreement. 
Rainforest Cafe, Inc. (Nasdaq : RAIN)Rainforest Cafe, Inc. owns, operates, and licenses large, high volume, themed restaurant/retail facilities and under the name ``Rainforest Cafe-A Wild Place to Shop and Eat''. For the 13 weeks ended 4/4/99, revenues increased 34 percent to $59.8 million. Net income before accounting change fell 23 percent to $2.7 million. Revenues reflect the addition of new domestic Rainforest Cafe Units. Net income was offset by an increase in food and beverage costs due to unit expansion. 
Rare Hospitality Int'l (Nasdaq : RARE)Rare Hospitality International operates and franchises 107 Longhorn Steakhouses, 17 Bugaboo Creek Steak Houses, 11 The Capital Grilles, and two additional specialty restaurants. For the three months ended 3/28/99, total revenues rose 18 percent to $93 million. Net income before accounting change rose 56 percent to $4.2 million. Revenues reflect an increase in the number of LongHorn restaurants and The Capital Grille restaurants in operation and lower pre-opening expenses. 
Redneck Foods, Inc. (OTC BB : RDNK)Redneck Foods, Inc., a development stage company, intends to acquire and operate barbecue restaurants to be known as ``Foxworthy's Smoke House Grill'' or ``Foxworthy's Backyard Bar-B-Q.'' For the nine months ended 9/98, net sales totalled $290 thousand, up from $0. Net loss totalled $1.6 million, up from $406 thousand. Results reflect the developmental stage of the company and an increase in consulting, insurance, professional, rent, utilities, and travel expenses. 
Red Hot Concepts, Inc. (OTC BB : RHCS)Red Hot Concepts is a holding Company the sole operation of which consists of the owning of approximately 46 percent of equity of Celebrated, which is engaged in the operation of hotels and restaurant chains. For the 13 weeks ended 3/28/99, revenues remained flat at $0. Net loss decreased 23 percent to $273 thousand. Lack of revenues reflects the sale of Chili's Restaurants. Lower loss reflects a reduced interest expense. 
Ruby Tuesday, Inc. (NYSE : RI)RI owns and operates approximately 392 casual dining restaurants under the names: Ruby Tuesday, Mozzarella's Cafe and Tia's Tex-Mex. For the 39 weeks ended 3/7/99, revenues increased 2 percent to $538.7 million. Net income increased 27 percent to $25.8 million. Revenues reflect increased same store sales for all three restaurant concepts. Net income also reflects decreased payroll and related costs as a  percentage of revenues as a result of improved staffing efficiencies. 
Rick's Cabaret Int'l, Inc (Nasdaq : RICK)Rick's Cabaret International owns and operates Rick's Cabaret, an adult nightclub offering topless entertainment and restaurant and bar operations. The Company also owns and operates a discotheque and billiard club. For the six months ended 3/31/99, revenues increased 74 percent to $6.4 million. Net income was $693 thousand vs. a loss of $165 thousand. Revenues reflect an increase in the number of the company's locations. Net income reflects positive income from operations. 
Rally's Hamburgers, Inc. (Nasdaq : RLLY)Rally's Hamburgers Inc. operates and franchises 475 hamburger drive-thru restaurants in 18 states, as of 12/98. For the three months ended 3/22/99, total revenues fell 6 percent to $30.1 million. Net loss increased 48 percent to $1.6 million. Revenues reflect decreased comparable store sales. Higher loss also reflects increased restaurant labor costs as a  percentage of revenues due to inefficiencies associated with operating the restaurants at lower sales levels. 
Tanner's Restaurant Group (OTC BB : ROTI)ROTI and its subsidiaries operate casual dining restaurants under the name ``Rick Tanner's Original Rotisserie Grill'' that specialize in fresh, convenient meals featuring rotisserie chicken entrees, barbecued ribs, salads and other side dishes. For the 16 weeks ended 4/18/99, revenues fell 17 percent to $3.1 million. Net loss applicable to Common rose 61 percent to $989 thousand. Results reflect a decline in same store sales and a $300 thousand loss on restaurant closing. 
Restaurant Teams Intl. (OTC BB : RTIN)Restaurant Teams International operates three full-service restaurants located in the Texas cities of Addison, The Colony and Richardson, under the name Street Talk Cafe. For the three months ended 3/31/99, sales rose 59 percent to $1.3 million. Net income fell 28 percent to $154 thousand. Revenues benefitted from an increased number of restaurants in operation. Earnings were offset by $188 thousand in acquisition costs related to Old San Francisco Steak House. 
Rattlesnake Holding Co. (OTC BB : RTTL)RTTL operates several NY, NJ and CT area restaurants under the names Rattlesnake Southwestern Grill and Ottomanelli's Cafe. For the nine months ended 3/29/98, net revenues fell 55 percent to $2.9 million. Net loss decreased 66 percent to $865 thousand. Revenues reflect the closure of underperforming restaurants and an 18 percent decline in same store sales. Lower loss benefitted from the implementation of cost reduction measures, yielding decreased payroll and S/G/A expenses. 
Rubio's Restaurants, Inc. (Nasdaq : RUBO)Rubio's Restaurants, Inc. owns and operates 67 Mexican restaurants under the name ``Rubio's Baja Grill'' located principally in the southwest region of the United States. For the three months ended 3/28/99, revenues increased 56 percent to $14.4 million. Net loss applicable to Common decreased 84 percent to $41 thousand. Revenues reflect the success of a 99-cent fish taco radio promotion. Lower loss also reflects lower labor, minimum rent and interest expenses. 
Ryan's Family Steak House (Nasdaq : RYAN)Ryan's Family Steak Houses, Inc. operates 280 Company-owned and 24 franchised restaurants which feature steaks, salad and soup bars, table service dinners and self-service ice cream bars. For the three months ended 3/99, revenues increased 4 percent to $159.6 million. Net income increased 11 percent to $10.2 million. Revenues benefitted from increased new restaurant and same-store sales. Earnings also benefitted from improved store-level controls and lower food costs. 
Family Steak Houses of FL (Nasdaq : RYFL)Family Steak House of Florida is the sole franchisee of Ryan's Family Steak House restaurants in the state of Florida. For the fiscal year ended 12/30/98, sales rose 4 percent to $38.4 million. Net loss fell 50 percent to $709 thousand. Revenues reflect an increase in same-store sales due to remodeled restaurants. Lower loss reflects lower food and beverage costs as a  percentage of sales due to lower beef prices and the elimination of unemployment taxes in FL in 1998. 
Fresh Choice, Inc. (Nasdaq : SALD)Fresh Choice, Inc. is engaged in operating self service restaurants offering speciality and traditional salads, hot pasta dishes, soups, bakery goods, and desserts. For the 12 weeks ended 3/21/99, net sales increased 4 percent to $16.8 million. Net loss before acct. change decreased 45 percent to $353 thousand. Revenues reflect increases in comparable store sales due to price increases and reductions in discounting. Lower loss also reflects lower food cost from improved cost efficiencies. 
Sbarro, Inc. (NYSE : SBA)SBA operates and franchises a global chain of family oriented Italian eateries. As of 4/99, there were 635 SBA owned and 275 franchised eateries. For the 16 weeks ended 4/25/99, revenues rose 3 percent to $104.5 million. Net income before acct. change fell 13 percent to $6.9 million. Results reflect eatery menu price increases, higher same eatery sales and the additions of 39 eateries since the prior period, offset by lower eatery margins, higher eatery employee wages and higher eatery S/G/A. 
Santa Barbara Restaurant (Nasdaq : SBRG)SBRG is engaged in the food service industry. As of 12/31/98, the Company operated 56 JB's restaurants, 21 Timber Lodge Steakhouse restaurants, six Galaxy Diner restaurants and six Green Burrito restaurants. For the three months ended 4/22/99, revenues totalled $30.7 million, up from $1.2 million. Net income rose 85 percent to $467 thousand. Revenues reflect the addition of JB's and Timber Lodge Steakhouse restaurants. Earnings were partially offset by payroll and benefits costs. 
Stacey's Buffet, Inc. (OTC BB : SBUFQ)Stacey's Buffet owns and operates a chain of 21 restaurants (as of 12/31/97) in Florida and the Northeast. The Company also licenses one restaurant in Florida. For the 12 weeks ended 3/25/98, sales fell 30 percent to $7.1 million. Net loss totalled $2.2 million vs. an income of $700 thousand. Revenues reflect fewer operating restaurants and a decline in same store sales. Loss also reflects a $1.1 million sales tax assessment charge and $533 thousand in restaurant closings and $622 thousand in impairment charges. 
Sodexho Marriott Services (NYSE : SDH)Sodexho Marriott Services provides outsourced food and facilities management services to businesses, health care facilities, colleges and universities, and primary and secondary schools. For the 26 weeks ended 2/26/99 (vs. 28 weeks ended 3/27/98), sales fell 16 percent to $2.3 billion. Net income from continuing operations before extraordinary item totalled $40 million vs. a loss of $11 million. Results reflect the distributions, offset by higher operating margins. 
Shells Seafood Restaurant (Nasdaq : SHLL)Shells Seafood Restuarants manage and operate 49 full service, casual dining seafood restaurants in FL, IL, IN, KY, and OH under the name Shells. For the 13 weeks ended 4/4/99, revenues rose 24 percent to $26.6 million. Net income before accounting change applicable to Common fell 37 percent to $799 thousand. Results reflect the opening of eight new restaurants in 1998 and one in 1999, offset by lower margins and increased advertising expenses. 
Shoney's, Inc. (NYSE : SHN)Shoney's, Inc. operates and franchises a chain of 1,261 restaurants in 28 states. The food service chain consists of three restaurant divisions: Shoney's, Captain D's and a Casual Dining group. For the 16 weeks ended 4/14/99, revenues fell 12 percent to $300 million. Net loss before extraordinary item rose 65 percent to $15.9 million. Revenues reflect lower comparable restaurant sales and lower restaurants in operation. Net loss also reflects $14.5 million in litigation settlement. 
Sixx Holdings, Inc. (OTC BB : SIXX)Sixx Holdings, Inc. operates full service restaurants under the name ``Patrizio'' that offer moderately priced, high quality, Italian-style cuisine and alcoholic beverages. For the three months ended 3/99, revenues rose 2 percent to $1.6 million. Net loss fell 40 percent to $30 thousand. Revenues reflect increase cover count and higher prices at Patrizio I. Lower loss reflects lower higher margins due to lower meat prices and lower interest expenses. 
Galveston's Steakhouse (Nasdaq : SIZL)Galveston's Steakhouse owns and operates 152 full-service steakhouse restaurants, operating under the names Mountain Jack's, Hungry Hunter, Hunter Steakhouse and Paragon Steakhouse. For the 12 weeks ended 3/23/99, revenues totalled $40.4 million, up from $386 thousand. Net loss totalled $1.6 million, up from $226 thousand. Revenues reflect the 12/98 acquisition of Paragon and its 78 restaurants. Higher loss reflects increased consulting and acquisition related costs. 
Silver Diner, Inc. (Nasdaq : SLVR)SLVR develops and operates the Silver Diner chain. As of 5/99, the Company operated 10 eateries throughout the Washington/Baltimore Metropolitan area and one eatery in Cherry Hill, NJ. For the 16 weeks ended 4/25/99, net sales rose 5 percent to $8.7 million. Net loss before acct. change fell 31 percent to $312 thousand. Revenues reflect an 8.3 percent rise in comparable-eatery sales. Lower loss also reflects higher eatery operating margins due to decreased food and labor expenses as  percentages of sales. 
Sonic Corporation (Nasdaq : SONC)Sonic Corporation operates and franchises the largest chain of drive-in restaurants in the United States. As of 8/98 Sonic had 1,847 restaurants in operation, consisting of 292 Company-owned and 1,555 franchise restaurants. For the six months ended 2/99, revenues rose 20 percent to $113.8 million. Net income before accounting change rose 19 percent to $10.2 million. Results reflect the net addition of 47 Company-owned restaurants, partially offset by lower margins due to promotions and higher wages. 
Stoico Restaurant Group (OTC BB : SRGI)Stoico Restaurant Group is in the quick-service restaurant industry, operating through its two wholly-owned subsidiaries, Spaghetti Jack's, Inc. and Sub and Stuff, Inc. The Company has 23 restaurants in operation in KS, MO, TX and SD (as of 12/96). For the 40 weeks ended 10/7/97, total revenues rose 32 percent to $7.1 million. Net loss totalled $3.8 million, up from $1.6 million. Results reflect new restaurant openings in 1996 and 1997, offset by $1.7 million in restaurant closing expenses. 
Austins Steaks & Saloon (OTC BB : STAK)Austins Steaks and Saloon, Inc. owns and operates seven moderately priced, casual dining full-service Austins restaurants. For the three months ended 3/31/99, revenues fell 5 percent to $2.3 million. Net income totalled $7 thousand vs. a loss of $65 thousand. Revenues reflect one less store in operations during period due to poor performance. Earnings benefitted from decreased operating costs due to improved food and beverage margins and the absence of a $35 thousand charge for real estate fees. 
Lone Star Steakhouse (Nasdaq : STAR)STAR owns and operates a chain of 267 mid-priced, full service restaurants which specialize in steaks, ribs, chicken and fish. STAR operates restaurants in the U.S., Amsterdam and Australia. For the 12 weeks ended 3/23/99, revenues fell 9 percent to $139.9 million. Net income before accounting change fell 52 percent to $7.8 million. Revenues reflect lower sales due to lower customer counts. Earnings reflect higher operating and depeciation costs due to twelve new restaurants opened. 
Star Buffet, Inc. (Nasdaq : STRZ)STRZ, a spinoff of CKE Restaurants, operates 16 HomeTown Buffets, two Casa Bonitas, six JJ Norths', nine JBs', five North Stars, five Staceys', 11 BuddyFreddys' and three Holiday Houses, all providing quality food at modest prices. For the fiscal year ended 1/25/99, revenues rose 56 percent to $85.4 million. Net income fell 10 percent to $2.4 million. Revenues reflect acquisitions and rise in same-unit sales at HomeTown Buffet. Earnings were offset by increased food prices and labor costs. 
Miami Subs Corporation (OTC BB : SUBS)Miami Subs Corp. develops, owns, operates and franchises fast-food restaurants under the names Miami Subs and Miami Subs Grill. As of 8/98, there were 16 company operated and 176 franchised restaurants. For the nine months ended 2/28/99, revenues rose 2 percent to $17.8 million. Net income rose 56 percent to $605 thousand. Revenues reflect an increase in restaurant sales and gain on sales of restaurants. Earnings also reflect improved cost controls and repayment of debt. 
Sizzler International (NYSE : SZ)Sizzler International, Inc. operates and franchises 348 Sizzler and 98 KFC restaurants worldwide. For the 40 weeks ended 2/7/99, total revenues decreased 8 percent to $171.7 million. Net income increased 62 percent to $4.9 million. Revenues reflect lower international revenues due to a decrease in the Australian dollar exchange rates and lower average sales. Net income benefitted from higher margins due to lower food costs, and reduced depreciation and interest expenses. 
Taco Cabana, Inc. (Nasdaq : TACO)Taco Cabana, Inc. operates and franchises restaurants of Mexican patio style under the names of ``Taco Cabana'' and ``Two Pesos'', primarily located in the Southwestern U.S. For the 13 weeks ended 4/4/99, revenues rose 14 percent to $36.9 million. Net income rose 49 percent to $2.8 million. Revenues reflect increased sales at existing restaurants. Earnings reflect lower cost of restaurant sales, occupancy costs and administrative costs as a  percentage of sales. 
Tam Restaurants, Inc. (Nasdaq : TAMR)Tam Restaurants, Inc. operates Lundy Bros. Restaurant, a high-volume, casual, upscale seafood restaurant, and The Boathouse, a multi-use facility which features an upscale restaurant and catering pavilion. For the thirteen weeks ended 12/30/98, revenues increased 66 percent to $4 million. Net loss decreased 73 percent to $114 thousand. Revenues reflect the opening ofAmerican Park. Lower losses reflect an increase in gross profit. 
TBA Entertainment Corp. (Nasdaq : TBAE)TBA Entertainment Corp. is a communications and entertainment sevices company, providing services for corporate meetings and special events, developing and producing music marketing programs, and producing and promoting concerts. For the three months ended 3/31/99, total revenues increased from $4.2 million to $11.2 million. Net income from continuing operations increased 17 percent to $328 thousand. Results reflect an increase in the production of corporate events. 
Total Entertainment Rest. (Nasdaq : TENT)Total Entertainment Restaurant Corp. owns and operates 37 entertainment restaurant locations under the Fox and Hound English Pub and Grille and Bailey's Sports Grille brand names. For the 12 weeks ended 3/23/99, sales totalled $14.4 million, up from $6.8 million. Net income before accounting change rose 24 percent to $844 thousand. Revenues reflect an increase in store operating weeks and higher unit volumes. Net income was partially offset by $432 thousand in preopening costs. 
Terrace Food Group, Inc. (OTC BB : THIS)Terrace Food Group, through its subsidiary, sells and distributes fresh fruit and vegetables and dry grocery products to hotels, restaurants and other businesses in southern FL. For the nine months ended 9/30/98, revenues totalled $21.4 million, up from $3.6 million. Net loss from continuing operations increased 59 percent to $1 million. Revenues reflect managements aggresive selling efforts. Net loss reflects increased operating costs and a decreased gross margin due to the move to a new facility. 
Tubby's Inc. (OTC BB : TUBY)Tubby's Inc. develops, operates, franchises, and services a system of restaurants under the names Tubby's Express, Stuff-Yer-Face, and Tubby's Sub Shops. As of 11/98, the company operates 88 restaurants. For the three months ended 2/28/99, totall revenues increased 73 percent to $2.2 million. Net income totalled $63 thousand, up from $22 thousand. Results reflect increased sales at SUBperior Distribution Systems, higher franchise fees, and decreased cost of sales as a  percent of revenues. 
Tumbleweed, Inc. (Nasdaq : TWEDTumbleweed is engaged in the food service industry, featuring Tex-Mex and mesquite grilled food. The Company owns, operates, franchises, and licenses Tumbleweed Southwest Mesquite Grill and Bar restaurants. For the fiscal year ended 12/31/98, revenues rose 44 percent to $42.8 million. Net income rose 14 percent to $1.3 million. Revenues reflect higher same store sales, commissary sales and the opening of three new francises. Earnings were partially offset by additional costs of eight new company-owned stores. 
Unique Casual Restaurants (Nasdaq : UNIQ)UNIQ owns and operates a nationwide chain of 18 Champps Americana restaurants and franchises an additional 12. UNIQ completed the sale of the 206 Fuddruckers eateries in 11/98. For the nine months ended 3/99, revenues rose 13 percent to $64.9 million. Net loss from continuing operations before acctg. change fell 7 percent to $2.4 million. Revenues reflect the additions of four eateries and higher same-eatery sales. Lower loss was partially offset by the absence of a $677 thousand gain upon sale of an eatery. 
Uno Restaurant Corp. (NYSE : UNO)UNO owns and operates or franchises a total of 163 restaurants under the name ``Pizzeria Uno...Chicago Bar and Grill,'' which offer a diverse, high-quality menu at moderate prices in a casual, friendly atmosphere. For the 26 weeks ended 3/28/99, revenues rose 8 percent to $99 million. Net income before accounting change rose 39 percent to $2.9 million. Revenues reflect increased comparable store sales. Net income reflects lower occupancy costs as a  percentage of revenues. 
VICORP Restaurants, Inc. (Nasdaq : VRES)VICORP operates family style restaurants primarily under the names ``Bakers Square'' and ``Village Inn'' and franchises restaurants under the Village Inn name. VRES has a pie manufacturing division operating under the name VICOM. For the 24 weeks ended 4/18/99, revenues fell 3 percent to $165.9 million. Net income rose 28 percent to $5.4 million. Revenues reflect 13 fewer days in the first quarter. Earnings benefitted from operating efficiencies in food, labor and other costs. 
Watermarc Food Mgmt. Corp (OTC BB : WAMA)WAMA is engaged in developing, acquiring, owning and operating full-service restaurants under the names Marco's Mexican Restaurants, The Original Pasta Co. Restaurants and Billy Blues Bar and Grill. For the 39 weeks ended 3/31/99, revenues fell 20 percent to $24.4 million. Net loss applicable to Common rose from $1.3 million to $3.3 million. Revenues reflect a general decline in comparable restaurant sales. Loss suffered from higher selling, general and administrative expenses. 
Western Country Clubs (Nasdaq : WCCI)Western Country Clubs, Inc. operates two country-western theme nightclubs located in St. Louis, Missouri, combining live entertainment, dancing, bar and food in a country-western atmosphere. For the three months ended 3/31/99, total revenues decreased 4 percent to $1.5 million. Net income applicable to Common fell 49 percent to $159 thousand. Results reflect the absence of sales of partnership interests and costs associated with developing the Atomic Burrito concept. 
Wendy's International (NYSE : WEN)Wendy's operates, develops and franchises a system of quick-service restaurants. At 1/3/99, the Co. operated 1,036 and franchised 4,297 Wendy's restaurants, and operated 1,667 Tim Horton's restaurants. For the 13 weeks ended 4/4/99, revenues rose 5 percent to $476.5 million. Net income rose 34 percent to $32 million. Revenues reflect increased sales at domestic company restaurants and increased sales at Horton warehouse. Earnings reflect lower operating costs as a  percentage of sales. 
Wall Street Deli, Inc. (Nasdaq : WSDI)Wall Street Deli, Inc. operates a chain of quick service, delicatessen style restaurants which are located primarily in large suburban and downtown office buildings. For the nine months ended 03/27/99, net sales decreased 9 percent to $43.4 million. Net loss increased 56 percent to $518 thousand. Revenues suffered from a decrease in same store sales and the closing or sale of eight stores. Higher loss reflects the decrease in income tax benefits. 
TRICON Global Restaurants (NYSE : YUM)YUM is made up of four divisions organized around its three core concepts, KFC, Pizza Hut and Taco Bell. YUM is engaged in the operation, development, franchising, and licensing of a system of quick service restaurant units. For the 12 weeks ended 3/20/99, revenues fell 6 percent to $1.81 billion. Net income rose 96 percent to $106 million. Revenues suffered due to the portfolio effect. Earnings benefitted from lower costs and expenses as a  percentage of revenues.%}
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Aerocentury Corporation (AMEX : ACY)Aerocentury Corp. is engaged in ownership, leasing, management, and acquisition of aircraft, focusing on used turboprop aircraft equipment for lease. For the three months ended 3/31/99, revenues increased 73 percent to $1.4 million. Net income increased 32 percent to $340 thousand. Revenues reflect an increase in rent income due to the purchases of additional aircraft on lease. Earnings reflect higher interest expense due to the use of the Company's credit facility. 
Amplicon, Inc. (Nasdaq : AMPI)Amplicon, Inc. leases and sells mid-range computers, peripherals, workstations, personal computer networks, telecommunications equipment, computer automated design and manufacturing equipment, office automation equipment and computer software. For the nine months ended 3/99, sales fell 29 percent to $173.7 million. Net income rose 6 percent to $14.6 million. Revenues reflect decreased sales of equipment. Earnings benefitted from a reduction in legal, salary and benefit expenses. 
Avis Rent A Car, Inc. (NYSE : AVI)Avis Rent A Car, Inc. is a holding company which, through its subsidiary, ARACS, operates a general use car rental business. Avis rents vehicles to business and leisure travelers through rental locations in both airport and non-airport markets. For the three months ended 3/31/99, revenues rose 11 percent to $566.9 million. Net income rose from $7.4 million to $15.2 million. Revenues reflect the Hayes acquisition and overall market demand. Net income reflects favorable economies of scale. 
Budget Group, Inc. (NYSE : BD)Budget Group, Inc. is engaged in the rental of cars, trucks and passenger vans and the sale of used vehicles. BD operates Budget Rent a Car franchises granted by Budget Rent a Car Corp. For the three months ended 3/31/99, revenues increased 49 percent to $678.7 million. Net loss applicable to Common totalled $23.1 million, up from $3.4 million. Results reflect increased vehicle rental revenue due to Ryder TRS acquisition, offset by higher operating expenses due to the Ryder acquisition. 
Bestway, Inc. (Nasdaq : BSTW)BSTW operates 65 rental-purchase stores, as of 7/98, which offer brand name durable household goods, electronics, appliances and jewelry to customers on a week-to-week or month-to-month basis. For the six months ended 1/31/99, revenues rose 10 percent to $13.8 million. Net income rose 19 percent to $235 thousand. Results benefitted from the inclusion of sales from one new internal store opening, the purchase of two stores in the fourth quarter and lower operating cost as a  percent of sales. 
First Sierra Financial (Nasdaq : BTOB)BTOB, is a specialized finance company that acquires and originates, sells and services equipment leases. The equipments include computers and peripherals, office, hotel security, automotive servicing, food services, and specialty vehicles. For the three months ended 3/99, revenues rose 31 percent to $19.4 million. Net income fell 99 percent to $31 thousand. Revenues reflect increased interest income. Earnings were offset by higher interest expenses and credit loss provisions. 
CORT Business Services (NYSE : CBZ)CBZ through its wholly owned subsidiary, CORT Furniture Rental Corporation, provides rental furniture, accessories and related services in the growing segment of the furniture rental industry. For the three months ended 3/31/99, revenues increased 14 percent to $86.4 million. Net income rose 11 percent to $6.9 million. Revenues reflect increased furniture sales and acquisitions. Net income was partially offset by investments in personnel, facilities and marketing efforts. 
Comdisco, Inc. (NYSE : CDO)Comdisco is a technology services company providing solutions that help organizations reduce technology cost andrisk. CDO provides business technology, continuity and network services to customers. For the six months ended 3/99, revenues rose 23 percent to $1.87 billion. Net loss applicable to Common totalled $18 million vs. income of $71 million. Results reflect higher operating and sales-type leasing revenues, offset by a $150 million charge for the divestiture of low-margin businesses. 
Chancellor Corporation (OTC BB : CHLR)CHLR is engaged in buying, selling, leasing and remarketing new and used equipment, primarily transportation, material handling and construction equipment, managing equipment on and off-lease, and arranging equipment related financing. For the three months ended 3/31/99, revenues rose from $682 thousand to $13.4 million. Net income totalled $127 thousand, up from $27 thousand. Results reflect higher transportation equipment revenues and cost containment efforts. 
Continental Info. Systems (Nasdaq : CISC)CISC is engaged in the leasing, sales and management of commercial aircraft and aircraft engines; equipment leasing; and other financing activities, including commercial real estate financing. For the nine months ended 2/28/99, revenues rose 1 percent to $12.9 million. Net loss from contin. operations totalled $183 thousand vs. an income of $400 thousand. Results reflect higher equipment sales, offset by the acquisition of general purpose and aircraft rental equipment. 
Cronos Group (Nasdaq : CRNS)The Cronos Group is principally engaged in the leasing to ocean carriers of marine containers which are owned either by third party container owners or by the Group. The Group has siginificant operations in the U.S., Europe and Asia. For the three months ended 3/31/99, total revenues fell 14 percent to $36.4 million. Net loss decreased 86 percent to $93 thousand. Results reflect the economic conditions in Asia and South America, offset by lower S/G/A and depreciation costs. 
DME Interactive Holdings (OTC BB : DGMF)DME Interactive Holdings, Inc. is engaged, through its subsidiaries, in the leasing of motor vehicles primarily on contract hire to local authorities and corporate customers in the UK. The Company is also engaged in the manufacture and sale of specialty cars. For the three months ended 2/28/99, revenues rose from $3.6 million to $15.2 million. Net loss rose from $195 thousand to $4.8 million. Results reflect 972 vehicle sales, offset by higher cost of sales due to the disposal of vehicles. 
Dollar Thrifty Automotive (NYSE : DTG)Dollar Thrifty Automotive Group rents vehicles to business and leisure customers and provides vehicle leasing and other services to franchisees that rent to customers. For the three months ended 3/31/99, total revenues increased 11 percent to $211.6 million. Net income increased from $822 thousand to $5.4 million. Revenues reflect increased vehicle leasing and rental revenues due to increased rates and number of leased vehicles. Net income also reflects improved margins. 
DVI, Incorporated (NYSE : DVI)DVI, Inc. is engaged in the business of providing equipment and receivable financing for domestic and foreign users of diagnostic imaging, radiation therapy and other medical technologies. For the nine months ended 3/31/99, total revenues increased 39 percent to $96.3 million. Net income increased 60 percent to $14.3 million. Revenues reflect a rise in the Company's loan portfolio and increased fees earned. Earnings also reflect lower interest expenses as a  percent of revenues. 
DeWolfe Companies (AMEX : DWL)DeWolfe is a provider of integrated home ownership service, engaged in providing sales and marketing services to consumers in connection with residential real estate transactions. For the three months ended 3/31/99, total revenues increased 23 percent to $37.2 million. Net income increased from $270 thousand to $566 thousand. Results reflect continued growth in the Company's existing real estate and mortgage banking markets and the acquisition of DDD Real Estate. 
Electro Rent Corporation (Nasdaq : ELRC)Electro Rent Corporation provides short-term rental and the lease of electronic equipment to companies in various industry segments. Revenues for the nine months ended 2/28/99 rose 18 percent to $206.4 million. Earnings fell 31 percent to $17.1 million. Revenues reflect the acquisition of TMS, which resulted in higher rental and lease revenues and higher sales of equipment and other revenues. Earnings were offset by higher depreciation of equipment due to lower equipment utilization. 
Airlease Ltd. (NYSE : FLY)Airlease Ltd. is a California Limited Partnership which acquires and owns aircrafts and leases them primarily to airlines. For the three months ended 3/31/99, total revenues decreased 9 percent to $2 million. Net income allocated to Limited Partners fell 8 percent to $1.2 million. Revenues reflect a scheduled decline in finance lease income. Earnings reflect lower interet expenses as a result of the partneship's reduced debt balances and lower interest rates. 
Golf Entertainment, Inc. (Nasdaq : GECC)GECC is a technology services company that provides solutions which help organizations reduce technology cost and risk, primarily through the leasing, distribution and remarketing of high technology equipment. For the three months ended 3/31/99, total revenues decreased 61 percent to $3.1 million. Net loss applicable to Common totalled $449 million vs. an income of $83 thousand. Results reflect a lower portfolio base of operating leases and higher operating costs as a  percentage of sales. 
PLM Equipment Growth Fund (OTC BB : GFXPZ)PLM Equipment Growth Fund is engaged in the business of owning, leasing or otherwise investing in predominantly used transportation and related equipment. For the three months ended 3/31/99, revenues decreased 14 percent to $1.8 million. Net income applicable to limited partners rose 56 percent to $757 thousand. Revenues reflect decreases in lease revenues and interest income. Earnings benefitted from decreased repairs and maintenance and depreciation expenses. 
Globe Business Resources (Nasdaq : GLBE)Globe Business Resources rents and sells furniture to a diversified base of commercial and residential customers throughout the United States. For the fiscal year ended 2/28/99, total revenues increased 42 percent to $147.5 million. Net income increased 27 percent to $5.2 million. Revenues reflect increased corporate housing sales due to the acquisitions of Feld and Village Suites. Earnings were partially offset by lower gross profit as a  percent of sales, and higher debt levels. 
Hertz Corporation (NYSE : HRZ)HRZ with its affiliates, rents and leases cars, rents industrial and construction equipment and operates its business from approx. 5,000 locations throughout the U.S. and in approx. 140 foreign countries. For the three months ended 3/99, revenues rose 15 percent to $1.03 billion. Net income rose 38 percent to $48.8 million. Revenues reflect worldwide increase in transactions. Earnings also reflect a lower effective income tax rate. 
Indigo Aviation AB (Nasdaq : IAAB)IAAB engages in acquiring and leasing narrowbody commercial jet aircraft to airlines. As of 12/98, the Co's aircraft portfolio consisted of 34 aircraft on lease to 22 airlines. The Co. also remarkets and sells commercial jet aircraft. For the fiscal year ended 12/31/98, revenues increased 56 percent to $63.4 million. Net income applicable to Common increased 47 percent to $11.1 million. Results reflect an increase in the Co's aircraft portfolio, partially offset by a higher interest expense. 
Int'l Aircraft Investors (Nasdaq : IAIS)IAIS is engaged in the acquisition of used, single-aisle jet aircraft for lease and sale to domestic and foreign airlines and other customers. For the three months ended 3/31/99, revenues rose 41 percent to $9.2 million. Net income before effect of accounting change rose 71 percent to $950 thousand. Revenues benefited from the acquisition of three new aircraft on lease. Earnings reflect an increase in gross margin as a  percentage of revenue. 
Interpool, Inc. (NYSE : IPX)Interpool, Inc. is engaged in leasing of intermodal dry freight standard containers and is a leasing of intermodal container chassis in the U.S. For the three months ended 3/31/99, revenues increased 32 percent to $56.6 million. Net income applicable to Common increased 14 percent to $9.3 million. Revenues benefitted from an increase in container revenues due to an expanded container fleet size. Earnings were partially offset by additional bad debt reserves. 
Jayark Corporation (OTC BB : JAYA)Jayark Corp., through its wholly owned subsidiaries AVES Audiovisual Systems and MED Services, distributes and rents, a range of audiovisual, video and communications equipment and supplies. For the nine months ended 1/31/99, revenues rose 17 percent to $11.6 million. Net income totalled $348 thousand, vs. a net loss of $54 thousand. Revenues reflect improved direct sales at AVES, and rental sales from MED Services. Net income reflects higher margin and gains on the sale of assets. 
Kaiser Ventures Inc. (Nasdaq : KRSC)KRSC develops businesses that focus on waste management, water resources and land remediation and development. For the three months ended 3/31/99, total revenues decreased 24 percent to $1.3 million. Net loss decreased 4 percent to $327 thousand. Revenues reflect an increased loss from equity method investments and lower interim activity revenues. Lower income reflects decreased administrative support expenses due to decreased payroll and related expenses. 
Latin American Casinos (Nasdaq : LACI)Latin American Casinos, Inc. engages in slot machine rental and remanufacturing in South America. The Company also distributes and sells its own premium brand cigars in the US. For the three months ended 3/31/99, revenues fell 9 percent to $609 thousand. Net income fell 40 percent to $116 thousand. Revenues reflect the closing of the slot operations in Nicaragua and sluggishness in the South American economy. Earnings also reflect inflation in both Peru and Columbia. 
LINC Capital, Inc. (Nasdaq : LNCC)LINC Capital, Inc. is a specialty finance company that provides leasing, asset-based financing, and equipment rental and distribution services to growing businesses. For the three months ended 3/31/99, revenues rose 37 percent to $19.4 million. Net income fell 66 percent to $425 thousand. Revenues reflect an increase in analytical instruments sold and a higher level of finance lease receivables outstanding. Net income was offset by increased S/G/A expenses resulting from acquisitions made. 
Leasing Solutions, Inc. (NYSE : LSN)LSN is a full-service global leasing company that specializes in leasing information processing and communications equipment, principaly to large, creditworthy customers, both U.S. and foreign, through vendor programs with equipment manufacturers. For the nine months ended 9/98, total revenues rose 37 percent to $220.4 million. Net income fell 46 percent to $4.9 million. Results reflect an increase in operating lease revenues, offset by an increased depreciation expense. 
Matthews Studio Equipment (Nasdaq : MATT)MATT designs, manufactures, sells, leases, and rents audio, video, film, and production equipment to the motion picture, television, corporate, video and photography industries. For the three months ended 12/31/98, total revenues rose 11 percent to $14.9 million. Net loss totalled $1.4 million vs. income of $3 thousand. Revenues reflect revenues from two theatrical rental acquisitions. Loss reflects a slowdown of the production and video equipment rental business. 
MicroFinancial Inc. (NYSE : MFI)MicroFinancial, Inc. is a specialized commercial finance company that leases and rents microticket equipment and provides other financing services in amounts generally ranging from $900 to $2,500, with an average lease term of 45 months. For the three months ended 3/31/99, total revenues rose 24 percent to $22.5 million. Net income rose 28 percent to $4 million. Results reflect the continuation of leases beyond their original terms and reduced interest expense due to debt repayment. 
McGrath RentCorp (Nasdaq : MGRC)McGrath Rentcorp is engaged in renting and selling relocatable modular offices and classrooms, and electronic test and measurement instruments with related accessories. For the three months ended 3/31/99, revenues increased 4 percent to $28.5 million. Net income increased 8 percent to $5.4 million. Revenues benefitted from an increase in new classroom sales to school districts by MMMC. Earnings also benefitted from an increase in gross profit. 
Mitcham Industries, Inc. (Nasdaq : MIND)MIND leases and sells seismic data acquisition equipment to the oil and gas industry. MIND provides short-term leasing of peripheral seismic equipment to meet a customer's requirements and offers maintenance and support during the lease term. Revenues for the fiscal year ended 1/31/99 fell 10 percent to $37.9 million. Net loss totalled $8.5 million vs. income of $6.4 million. Results reflect a decrease in customers exercising purchase options and a $15.1 million asset impairment provision. 
Modern Medical Modalities (Nasdaq : MODM)Modern Medical Modalities leases magnetic resonance imaging and computerized tomography equipment to hospitals and physicians, and also manages hospital based and physician managed ambulatory centers for third parties. For the three months ended 3/99, revenues fell 47 percent to $955 thousand. Net income totalled $7 thousand vs. a loss of $718 thousand. Revenues reflect the sales of various sites since the prior period. Net income reflects decreases in both S/G/A and miscellaneous losses. 
Medical Resources Mgmt. (OTC BB : MRMC)MRMC makes mobile laser/surgical services available to customers by offering equipment on a per procedure basis to hospitals, outpatient centers and related entities. MRMC also provides related tech support. For the three months ended 1/31/99, revenues remained flat at $2.9 million. Net income rose from $45 thousand to $120 thousand. Revenues reflect higher sales of laser surgery services offset by decreases in rentals in Southern CA. Earnings reflect higher margins and decreased S/G/A. 
NEFF Corp (NYSE : NFF)NFF owns and operates equipment rental locations in the southern and western regions of the U.S. NFF also acts as new equipment dealer, sells used equipment and provides repair and maintenance services. For the three months ended 3/31/99, total revenues rose 48 percent to $91.6 million. Net income applicable to Com. totaled $674 thousand vs. a loss of $4.1 million. Results reflect the maturation of the 26 new rental locations opened since 3/95 and acquisitions, and lower amortization of debt issue costs. 
NationsRent, Inc. (NYSE : NRI)NationsRent, Inc. is an equipment rental company than operates a network of over 130 locations in 20 states offering rental equipment, including backhoes, bulldozers, skid steer loaders, aerial lifts and work platforms, compressors and generators. For the three months ended 3/31/99, total revenue totalled $102.3 million, up from $9 million. Net income totalled $4.3 million, up from $93 thousand. Results reflect acquisitions and expansion of the Company's rental fleet. 
National Equipment Svcs. (NYSE : NSV)NSV rents over 750 types of machinery and equipment, distributes new equipment for OEMs, sells used equipment and accessories and also provides repair and maintenance services, all to industrial and construction end-users nationwide. For the three months ended 3/99, revenues rose from $22.2 million to $87.5 million. Net income rose from $139 thousand to $788 thousand. Results reflect recent acquisitions, a full year's results from companies acquired in 1998, and higher gross margins. 
New Mexico & Arizona Land (AMEX : NZ)New Mexico and Arizona Land Co. owns and develops real estate in AZ, NM, CO, and OK through its five subsidiaries. NZ also owns extensive rural real estate and mineral rights. Revenues for the three months ended 3/31/99 rose 88 percent to $10.7 million. Net income totalled $1.2 million, up from $517 thousand. Revenues benefitted from the sale of two apartment complexes and a bulk lot sale. Earnings also benefitted from decreased depreciation, depletion and amortization costs. 
OEC Compression Corp. (AMEX : OOC)OOC is engaged in the leasing, remanufacturing and direct sale of gas compression equipment to operators of producing natural gas wells and in the production of natural gas and oil. For the three months ended 3/31/99, revenues rose 11 percent to $6.8 million. Net income before extraordinary item fell 93 percent to $18 thousand. Revenues reflect an increase in the number of compression units. Net income reflects increased operating expenses due to the additional units. 
Paramount Financial Corp. (Nasdaq : PARA)Paramount Financial Corporation is a information technology asset management and solution provider offering customers a wide range of integrated services, including lease finance, network design and implementation. For the nine months ended 9/30/98, total revenues rose 10 percent to $32.2 million. Net loss totalled $727 thousand, up from $74 thousand. Revenues reflect remarketing activities within the Company's existing lease portfolio. Loss reflects higher cost of sales and S/G/A costs. 
PDS Financial Corporation (Nasdaq : PDSF)PDS Financial Corporation is engaged in the business of financing gaming equipment and other furniture, fixtures and equipment used in casino operations. The Company also provides lease financing for vehicles and general business equipment. For the fiscal year ended 12/31/98, total revenues fell 24 percent to $36 million. Net income decreased 62 percent to $356 thousand. Revenues reflect lower revenue from sales type leases. Earnings reflect lower margins. 
PLM International, Inc. (AMEX : PLM)PLM International is a diversified equipment leasing company, providing services to transportation, industrial, and commercial companies. For the three months ended 3/31/99, revenues rose 8 percent to $13.6 million. Net income before accounting change fell 70 percent to $296 thousand. Revenues reflect increased operating lease income due to an increase in equipment owned and on operating lease. Net income was offset by higher depreciation and interest costs. 
Prime Capital Corporation (Nasdaq : PMCPE)Prime Capital Corporation provides specialized leasing and financial services to clients and customers throughout the United States. For the three months ended 3/31/99, total revenues increased 12 percent to $4.2 million. Net income applicable to Common decreased 70 percent to $204 thousand. Revenues reflect increased fee income due to higher gains from the securitization of financial contracts. Earnings were offset by higher depreciation and a $50 thousand loss provision. 
Ryder System, Inc. (NYSE : R)R is engaged in integrated logistics, full service leasing, maintenance and rental of trucks, tractors and trailers, public and student transportation services and new automobile transport. For the three months ended 3/31/99, revenues increased 6 percent to $1.32 billion. Net income decreased 41 percent to $22.1 million. Revenues reflect higher full service leasing and commercial rental revenues. Net income was offset by the absence of gains on the sale of facilities and properties. 
Rent-A-Wreck of America (Nasdaq : RAWA)Rent-a-Wreck of America markets and administers the Rent-A-Wreck auto rental franchise program. Franchisees rent vehicles at rates which are generally lower than the major new car rental companies. For the nine months ended 12/98, revenues rose 21 percent to $4.3 million. Net income applicable to Common rose 67 percent to $596 thousand. Revenues reflect higher participation by the Company's franchisees. Income reflects lower operating expenses as a  percentage of revenues. 
Rainbow Rentals, Inc. (Nasdaq : RBOW)RBOW is engaged in the rental and sale of home electronics, furniture, appliances and computers. The Co. operates 84 rental-purchase stores in eight states. For the three months ended 3/99, total revenues increased 21 percent to $18.3 million. Net income increased 45 percent to $1.1 million. Revenues reflect an increase in comparable store sales and the opening of nine new stores. Net income also reflects decreased S/G/A expenses as a  percentage of revenues. 
Rent-A-Center, Inc (Nasdaq : RCII)Rent-A-Center, Inc. operates 2126 company-owned stores, as of 12/98, providing home electronics, appliances, furniture and accessories. RCII also is a franchisor of 324 rent-to-own stores though its ColorTyme, Inc. subsidiary. For the three months ended 3/99, total revenues rose from $90.2 million to $344.7 million. Net income applicable to Common rose 22 percent to $9.6 million. Results reflect the inclusion of 1,615 stores since 3/98, partially offset by increased salaries and other expenses. 
Rollins Truck Leasing (NYSE : RLC)Rollins Truck Leasing is engaged in full-service truck leasing and rentals and the provision and management of transportation and logistics systems. For the six months ended 3/31/99, revenues rose 4 percent to $306.3 million. Net income rose 10 percent to $25.2 million. Revenues benefitted from improvements in full-service leasing, guaranteed maintenance and strong commercial rental utilization. Earnings also reflect an increased gain on the sale of transportation equipment. 
Aaron Rents, Inc. (NYSE : RNT)RNT rents and sells residential and office furniture, accessories, consumer electronics, and household appliances. The Co.'s major operating divisions are the Rent-to-Rent, Convenvention Furnishings, and the Purchase Division. For the three months ended 3/31/99, revenues rose 12 percent to $104.3 million. Net income rose 26 percent to $6.7 million. Revenues reflect an increase in rental and fee revenues and increased sales. Earnings reflect increased gross margins. 
Rental Service Corp. (NYSE : RSV)Rental Service Corp. is engaged in the short-term rental of equipment, including ancillary sales of parts, supplies and equipment, through a network of 245 rental locations in 27 states and Canada. For the three months ended 3/31/99, revenues rose 61 percent to $174.8 million. Net income rose 42 percent to $7.8 million. Results reflect a larger rental equipment fleet and acquisitions, partially offset by personnel increases due to acquisitions and start-ups. 
Rent-Way, Inc. (NYSE : RWY)Rent-Way Inc. offers home entertainment equipment, furniture, major appliances and jewelry to customers under full-service rental-purchase agreements. For the six months ended 3/31/99, total revenues increased 25 percent to $249.7 million. Net loss before extraordinary item fell 70 percent to $2.4 million. Revenues reflect acquisitions and increased same store revenues. Lower loss also reflects leveraging of fixed costs over greater number of stores. 
Showpower, Inc. (AMEX : SHO)Showpower, Inc. provides temporary power generation and temperature control rental equipment and support services on a worldwide basis for entertainment, corporate and special events. For the three months ended 3/31/99, revenues fell 32 percent to $2.9 million. Net loss totalled $748 thousand vs. an income of $85 thousand. Revenues reflect a decrease in special events and touring in 1999. Loss also reflects lower margins and an increased allowance for doubtful accounts. 
Sunrise Int'l Leasing (Nasdaq : SUNL)Sunrise International Leasing Corp. provides lease financing for a full range of data processing, telecommunications and other capital equipment. Revenues for the nine months ended 12/31/98 increased 1 percent to $36.6 million. Net income fell 8 percent to $2.4 million. Revenues reflect increased activity in the Company's vendor leasing programs. Earnings were offset by a higher depreciation expense and an increase in the provision for lease and loan losses. 
T & W Financial Corp. (Nasdaq : TWFC)T and W Financial Corporation is a specialized commercial finance company that provides equipment financing, in the form of leases, to small and medium-sized businesses. For the fiscal year ended 12/31/98, revenues totalled $65.3 million, up from $29.3 million. Net income totalled $16.8 million, up from $6.9 million. Revenues reflect increased securitizations that qualified for gain on sale treatment. Earnings reflect decreased interest expense as a  percentage of sales. 
UniCapital Corporation (NYSE : UCP)UniCapital Corporation originates, acquires, sells and services equipment leases and arranges structured financing in the computer and telecommunications equipment, large ticket and structured finance, middle market and small ticket areas of the equipment leasing industry. For the three months ended 3/31/99, total revenues totalled $102.7 million, up from $0 thousand. Net loss decreased 95 percent to $887 thousand. Results reflect the 5/98 commencement of operations. 
AMERCO (Nasdaq : UHAL)AMERCO is a holding company for U-Haul Int'l (moving and storage), Republic Western Insurance Co. (property, casualty, rental vehicle lessee), Oxford Life Insurance Co. (life, health, and annuity-type), and AMERCO Real Estate Co. (owns real estate assets). For the nine months ended 12/98, revenues rose 9 percent to $1.2 billion. Net income applicable to Common before extraordinary item rose 33 percent to $62.6 million. Results reflect growth in truck rental revenues and lower interest expenses. 
United Rentals, Inc. (NYSE : URI)United Rentals rents a broad array of equipment to a diverse customer base that includes construction industry participants, industrial companies, homeowners and other individuals. For the three months ended 3/99, revenues totaled $392.3 million, up from $171.1 million. Net income vs. pro forma net income totaled $16.2 million, up from $6.7 million. Results reflect 21 acquisitions, an increase in product lines offered for sale and higher margins due to a shift in sales mix. 
United Leisure Corp. (OTC BB : UTDL)UTDL owns and operates three Camp Frasier day camps, three Planet Kids and one Frasier's Frontier. UTDL is also engaged in the development of multimedia products. For the fiscal year ended 12/31/98, total revenues fell 15 percent to $2.4 million. Net loss fell 93 percent to $515 thousand. Revenues reflect lower children's recreational activities due to lower admissions. Loss reflects a $4 million litigation settlement with the Irvine Company and the absence of $3.9 million in impairment loss. 
Willis Lease Finance Corp (Nasdaq : WLFC)WLFC provides operating leases of spare commercial aircraft worldwide. WLFC acquires aftermarket commercial aircraft, spare engines, and then leases the equipment to airlines, manufacturers and overhaul/repair facilities. For the three months ended 3/31/99, total revenues totalled $28.9 million, up from $12.7 million. Net income before extraordinary item rose 43 percent to $2.8 million. Results reflect $5.8 million gain from the sale of two engines, partially offset by higher debt levels. 
Xtra Corporation (NYSE : XTR)Xtra Corporation leases, primarily on an operating basis, freight transportation equipment including over-the-road trailers, marine containers, intermodal trailers, chassis, and domestic containers. For the six months ended 3/31/99, revenues increased 1 percent to $232 million. Net income fell 76 percent to $7 million. Results reflect an increased investment in over-the-road trailers, offset by $38 million in revenue equipment writedown and restructuring costs.%}
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Admiralty Bancorp, Inc. (Nasdaq : AAABB)Admiralty Bancorp is a holding company for Admiralty Bank, a Florida state chartered commercial bank. For the three months ended 3/31/99, total interest income rose 40 percent to $1.4 million. Net interest income after loan loss provision rose 62 percent to $1.1 million. Net income fell 78 percent to $30 thousand. Results reflect increased earning asset balances a reduced interest paid on borrowings, offset by reduced gains on the sale of loans and increased salaries and employee benefits expense. 
American Bancshares, Inc. (Nasdaq : ABAN)ABAN is a bank holding Company for the American Bank of Bradenton, a state chartered bank serving Manatee County, Florida. For the three months ended 3/99, total interest income rose 19 percent to $8.4 million. Net interest income after loan loss provision (LLP) rose 11 percent to $3.8 million. Net income fell less than 1 percent to $403 thousand. Results reflect increased earning asset balances offset by higher LLP, expenses related to growth in Company's assets and increased number of Bank branches. 
ABC Bancorp (Nasdaq : ABCB)ABCB, a bank holding Co. with subsidiaries, provides banking services to individuals and businesses in parts of GA and AL. ABCB's primary business is to manage the business and affairs of the banks. For the three months ended 3/31/99, interest income fell 1 percent to $14.5 million. Net interest income after loan loss prov. rose 46 percent to $8.1 million. Net income totalled $2.1 million, up from $234 thousand. Results reflect a lower loan loss provision and lower personnel and other operating costs. 
ACNB Corporation (OTC BB : ACNB)ACNB is a bank holding company for Adams County National Bank which is engaged in a full service commercial/ consumer banking and trust business. For the three months ended 3/31/99, total interest income rose less than 1 percent to $9.5 million. Net interest income after loan loss prov. fell less than 1 percent to $5.3 million. Net income fell less than 1 percent to $1.9 million. Results reflect higher investment securities income, offset by higher salaries and employee benefits. 
Banco de A. Edwards (NYSE : AED)Banco de A. Edwards is a Chilean commercial bank which focuses on providing banking services targeted to high income individuals and medium-sized companies. For the fiscal year ended 12/31/97, interest income rose 11 percent to CH$239.32 billion. Net interest income after loan loss provision rose 10 percent to CH$72.61 billion. Net earnings according to U.S. GAAP rose 7 percent to CH$20.87 billion. Results reflect increased earning asset balances due to loan growth, partially offset by increased salaries. 
Atlantic Financial Corp. (Nasdaq : AFIC)Atlantic Financial Corp. is a multi-bank holding company whose subsidiaries operate 15 offices in Virginia. For the three months ended 3/31/99, total interest income rose 9 percent to $6.8 million. Net interest income after loan loss provision rose 9 percent to $3.7 million. Net income fell 3 percent to $998 thousand. Net interest income reflects increased earned asset balances due to growth of the loan portfolio. Earnings were offset by increased salaries and employee benefits expense. 
Allied Irish Banks, plc. (NYSE : AIB)AIB, p.l.c. provides a diverse range of banking, financial and related services in Ireland, the U.K., and the U.S. For the six months ended 6/98, total interest income rose 50 percent to IPU1.58 billion. Net interest income after loan loss prov. rose 34 percent to IPU589.7 million. Net income applicable to Common and U.S. GAAP rose 54 percent to IPU254.1 million. Net interest income reflects higher interest earning assets, partially offset by higher borrowings. Earnings reflect higher commissions. 
Alabama National Bancorp. (Nasdaq : ALAB)ALAB, holding co. for 10 bank subsidiaries in AL, FL and GA which provides retail, commercial, investment, brokerage, trust, leasing and mortgage banking services. For the three months ended 3/99, interest income rose 3 percent to $28.8 million. Net interest income after loan loss prov. rose 8 percent to $14.8 million. Net income rose 10 percent to $5 million. Results reflect an increase in average loans, lower interest on deposits and increased fees related to mortgage loans sales. 
Community Capital Bancsh. (OTC BB : ALBY)Community Capital Bancshares Corp. is a bank holding company for Albany Bank and Trust N.A., a proposed national bank offering services to individuals and businesses in Dougherty County, GA. For the three months ended 3/31/99, total interest income totaled $15 thousand. Net interest income totaled $4 thousand. Net loss totaled $106 thousand. Results are not comparable due to the 8/19/1998 date of inception. 
Allegiant Bancorp, Inc. (Nasdaq : ALLE)ALLE is a bank holding company for Allegiant Bank, a state chartered bank, and Allegiant Bank, FSB, a federal savings bank. For the three months ended 3/31/99, total interest income fell 3 percent to $11.9 million. Net interest income after loan loss prov. rose 5 percent to $5.3 million. Net income rose 60 percent to $1 million. Net interest income reflects a decline in interest expense on deposits. Net income reflects higher service charges and lower occupancy expenses. 
American Bancorporation (Nasdaq : AMBC)AMBC is a bank holding company for Wheeling National Bank, American Bancdata Corp., American Bancservices, Inc., and American Mortgages, Inc. For the three months ended 3/31/99, interest income rose 17 percent to $10.9 million. Net interest income after loan loss provision rose 1 percent to $4.2 million. Net income rose 2 percent to $1.3 million. Net interest income reflects increased average short term borrowing, offset by lower interest margins. Earnings reflect increased gains on securities. 
AMCORE Financial, Inc. (Nasdaq : AMFI)AMFI is a multi-bank holding company which provides personal banking, commercial banking, and related financial services. For the three months ended 3/99, interest income rose 7 percent to $72.9 million. Net interest income after loan loss prov. rose 10 percent to $29.6 million. Net income rose 65 percent to $10 million. Results reflects strong loan growth and the acquisition of Midwest Federal Financial Corporation. Earnings also reflect higher asset management income and lower professional fees. 
American Pacific Bank (Nasdaq : AMPBB)American Pacific Bank is a state-chartered bank authorized to provide banking services by the State of Oregon. For the fiscal year ended 12/97, total interest income rose 8 percent to $4.3 million. Net interest income after loan loss provision increased 14 percent to $2.6 million. Net income increased 81 percent to $336 thousand. Net interest income after LLP reflects loan growth and decreased interest on deposits. Net income benefitted from increased service charges and fees. 
American River Holdings (OTC BB : AMRB)American River Holdings is a bank holding company for American River Bank, a state chartered bank with four offices in CA. For the fiscal year ended 12/31/98, total interest income rose 10 percent to $13.2 million. Net interest income after loan loss provision rose 15 percent to $8.4 million. Net income rose 25 percent to $2.5 million. Results reflect increased earning asset balances, a lower provision for loan losses, increased income from residential lending and lower furniture and equipment costs. 
Acadiana BancShares, Inc. (AMEX : ANA)Acadiana BancShares, Inc. is a bank holding company for LBA Savings Bank, a state chartered bank with four branch offices in LA. For the three months ended 3/31/99, total interest income fell 3 percent to $5.1 million. Net interest income after loan loss prov. fell 5 percent to $2.3 million. Net income fell 29 percent to $546 thousand. Net interest income reflects lower average earning assets, lower margins on earning assets, losses related to investments and higher salaries and employee benefits. 
ANB Corporation (Nasdaq : ANBC)ANBC is a multibank holding company engaged in the business of commercial banking, trust and asset management. For the three months ended 3/99, interest income rose 10 percent to $11.4 million. Net interest income after loan loss provision rose 10 percent to $6.3 million. Net income fell 15 percent to $1.6 million. Net interest income after LLP reflects growth in interest earning assets. Earnings were offset by increased salaries and employee benefits expenses. 
Annapolis National Banc. (Nasdaq : ANNB)Annapolis National Bancorp, Inc. is a holding co. for Annapolis National Bank. For the fiscal year ended 12/31/98, total interest income increased 7 percent to $9.8 million. Net interest income after loan loss provision increased 18 percent to $5.6 million. Net income decreased 7 percent to $1 million. Net interest income reflects a rise in the average balance of loans receivable, and lower loan loss provision. Earnings were offset by a $522 thousand tax expense vs. a $769 thousand tax benefit. 
Area Bancshares Corp. (Nasdaq : AREA)Area Bancshares Corp. is a multi-bank holding company for 12 commercial banks in Kentucky. For the three months ended 3/31/99, total interest income increased 10 percent to $38.8 million. Net interest income after loan loss provision increased 12 percent to $20.6 million. Net income increased 41 percent to $8.3 million. Net interest income reflects higher interest earning assets. Net income also reflects increased service charges on deposits and realized gains on the sale of equity securities. 
Arrow Financial Corp. (Nasdaq : AROW)AROW is a bank holding company which owns two nationally chartered banks, and several non-bank subsidiaries. For the three months ended 3/31/99, total interest income rose 7 percent to $16.2 million. Net interest income after loan loss prov. rose 9 percent to $8.8 million. Net income rose 6 percent to $3.1 million. Net interest income reflects higher interest and dividend income on loans and securities. Earnings were partially offset by higher personnel and marketing expenses. 
Associated Banc-Corp (Nasdaq : ASBC)ASBC is a bank holding company whose subsidiaries provide services through 225 locations in 155 communities in IL, MN and WI. For the three months ended 3/31/99, total interest income fell 1 percent to $196 million. Net interest income after loan loss provision rose 2 percent to $92.3 million. Net income fell 2 percent to $39 million. Results reflect reduced interest paid on deposits, offset by increased data processing costs and higher salaries and benefits due to personnel additions. 
AmSouth Bancorporation (NYSE : ASO)ASO is a holding company for AmSouth Bank of AL, FL, GA, and TN. For the three months ended 3/31/99, total interest income fell less than 1 percent to $355.1 million. Net interest income after loss prov. rose 9 percent to $171.6 million. Net income rose 13 percent to $70.3 million. Net interest income reflects lower interest on held to maturity securities, offset by a shift from higher cost CD's to lower cost checking and money market accounts. Earnings reflect higher mortgage and portfolio income. 
Atlantic Bank (Nasdaq : ATLB)Atlantic Bank is a state-chartered commercial bank primarily focused on originating and purchasing commercial loans to finance the business activities of individuals and small companies. For the three months ended 3/31/98, total interest income increased 35 percent to $9.5 million. Net interest loss after loan loss prov. decreased 44 percent to $125 thousand. Net income increased 57 percent to $2.1 million. Results reflect increased interest and fees earned on loans. 
Auburn National Bancorp. (Nasdaq : AUBN)Auburn National Bancorporation is a bank holding company for AuburnBank, a state chartered bank serving primarily Lee County, AL. For the three months ended 3/31/99, total interest income rose 14 percent to $5.9 million. Net interest income after loan loss provision rose 10 percent to $2.7 million. Net income rose 11 percent to $951 thousand. Results reflect increased earning asset balances and increased service charges on deposit accounts. 
BancFirst Corporation (Nasdaq : BANF)BANF is a bank holding company for BancFirst, a state-chartered, Federal Reserve member bank. The Company's subsidiaries also operate in the investment and insurance areas. For the three months ended 3/99, interest income rose 3 percent to $39.8 million. Net interest income after loan loss prov. rose 3 percent to $22.2 million. Net income rose 11 percent to $6.2 million. Results reflect increased earning assets, partially offset by a lower net interest spread. Earnings reflect the sale of a Branch. 
Credicorp LTD (NYSE : BAP)Credicorp is a financial services holding company engaged in commercial banking, capital market activities and insurance. For the fiscal year ended 12/31/97, total interest income rose 21 percent to $793.1 million. Net interest income after loan loss provision rose 15 percent to $300.8 million. Net income fell 19 percent to $104.2 million. Net interest income reflects loan volume growth, partially offset by a higher volume of deposits. Earnings were offset by increased salaries and employee benefits. 
Bay Bancshares, Inc. (Nasdaq : BAYB)Bay Bancshares, Inc. is a bank holding company located in eastern Harris County. The Company has ten full-service locations. For the three months ended 3/31/99, total interest income rose 5 percent to $5.1 million. Net interest income after loan loss provision rose 6 percent to $3 million. Net income rose 17 percent to $574 thousand. Net interest income reflects increased average gross loans and a higher net interest margin. Net income was offset by lower service charges. 
BB&T Corporation (NYSE : BBT)BB&T is a multi-bank holding Co., which conducts its operations in NC, SC, VA, MD and Washington, D.C. Total interest income for the three months ended 3/31/99 rose 4 percent to $667.2 million. Net interest income after loan loss provision rose 10 percent to $324.4 million. Net income rose 15 percent to $138.4 million. Net interest income reflects higher interest-earning assets and a lower loan loss provision. Net income reflects increased service charges, mortgage banking income and non-deposit fees. 
Banco Bilbao Vizcaya, SA (NYSE : BBV)BBV is engaged in a wide range of banking, financial and related activities in Spain. For the fiscal year ended 12/97, interest income rose 14 percent to P1.46T. Net interest income after loan loss prov. rose 43 percent to P450.39 billion. Net income according to U.S. GAAP rose 93 percent to P190.47 billion. Net interest income reflects growth in average loan balances and a higher net interest margin. Earnings also benefited from increased gains on investment securities and higher commissions. 
Bank of Commerce (Nasdaq : BCOM)Bank of Commerce is a state chartered commercial bank with seven full-service branches in San Diego, Palm Desert, and Temecula, CA. BCOM also operates 15 loan production offices. For the six months ended 6/98, interest income rose 24 percent to $28.9 million. Net interest income after loan loss prov. rose 24 percent to $17.2 million. Net income rose 74 percent to $5.4 million. Net interest income reflects higher loan balances and lower loan loss prov. Earnings also reflect higher loan sale gains. 
BCSB Bankcorp, Inc. (Nasdaq : BCSB)BCSB is the holding company for Baltimore County Savings Bank, a federal mutual savings bank operating though six banking offices in Maryland. For the six months ended 3/99, total interest income rose 4 percent to $9.6 million. Net interest income after loan loss prov. rose 3 percent to $4.5 million. Net income fell 53 percent to $592 thousand. Results reflect increases in interest and fees on loans, offset by higher provision for loan losses and the absence of a $339 thousand gain on sale of branch deposits. 
Bay Commercial Services (OTC BB : BCSV)Bay Commercial Services is a bank holding company for Bay Bank of Commerce, a state chartered bank serving primarily the Counties of Alameda and Contra Costa, California. For the three months ended 3/31/99, total interest income rose 12 percent to $2.6 million. Net interest income after loan loss provision rose 10 percent to $1.7 million. Net income rose 12 percent to $284 thousand. Results reflect increased earning asset balances and increased bankcard income. 
BancFirst Ohio Corp. (Nasdaq : BFOH)BFOH, a bank holding company, conducts full service commercial and retail banking business through its subsidiary, The First National Bank of Zanesville. For the three months ended 3/31/99, total interest income rose 1 percent to $21.4 million. Net interest income after loan loss provision rose 3 percent to $9.1 million. Net earnings rose 1 percent to $2.8 million. Results reflect increased average interest earning assets and a lower cost of funds balance, partially offset by lower gains on loan sales. 
Banco Frances (NYSE : BFR)BFR is a commercial bank which provides general banking services to corporate and retail customers, including the acceptance of deposits and granting of loans. For the six months ended 12/98, financial income fell 3 percent to P$436.1 million. Net financial income after loan loss provision rose 1 percent to P$151.4 million. Net income before U.S. GAAP rose 43 percent to P$54.7 million. Results reflect higher income from securities and short term investments and higher other income. 
Banco Ganadero S.A. (NYSE : BGA)Banco Ganadero S.A., a commercial bank in Colombia, provides general banking services to the domestic corporate, public and retail sectors of the Colombian economy. For the fiscal year ended 12/97, interest income fell 9 percent to COP844.73 billion. Net interest income after loan loss prov. fell 2 percent to COP291.54 billion. Net income according to US GAAP fell 18 percent to COP50.04 billion. Results reflect a decrease in loans, offset by lower interest on deposits. Earnings reflect higher salaries. 
Banco de Galicia S.A. (Nasdaq : BGALY)BGALY is engaged principally in commercial banking, providing general banking services to large corporations, medium and small-sized companies and individuals. For the FYended 6/30/98, total interest income rose 23 percent to P$1.08 billion. Net interest income after loan loss provision rose 10 percent to P$395 million. Net earnings according to U.S. GAAP fell 41 percent to P$69.8 million. Results reflect higher average interest earning assets, offset by higher salaries and social security charges. 
Bar Harbor Bankshares (AMEX : BHB)Bar Harbor Bankshares is the bank holding company for Bar Harbor Banking and Trust Company, a state chartered bank serving eastern Maine. For the three months ended 3/31/99, total interest income rose 7 percent to $7.4 million. Net interest income after loan loss prov. fell 2 percent to $3.9 million. Net income fell 19 percent to $1.3 million. Net interest income reflects a higher provision for loan losses. Earnings also suffered from increased credit card processing expenses. 
Bank of Hollywood (OTC BB : BHOW)The Bank of Hollywood is an independent community commercial bank involved in various lending activities with individuals and businesses. For the six months ended 6/30/98, total interest income rose 17 percent to $5.4 million. Net interest income after loan loss prov. rose 28 percent to $3.5 million. Net income rose 51 percent to $792 thousand. Net interest income reflects increased interest, fees on loans, and investment securities. Earnings reflect a lower loan loss provision. 
BankIllinois Financial (OTC BB : BIFC)BankIllinois Financial Corp. is a bank holding company for BankIllinois, a state chartered bank serving Champaign County, IL. For the three months ended 3/31/99, total interest income fell 4 percent to $9.2 million. Net interest income after loan loss provision rose 3 percent to $4.7 million. Net income rose 83 percent to $1.9 million. Net interest income reflects lower average loan balances, offset by a lower loan loss provision. Earnings benefitted from a decrease in salaries and benefits expense. 
Bank of New York Co. (NYSE : BK)BK is a holding company for The Bank of New York offering securities and cash processing, trust, investment management, private and corporate banking and other services. For three months ended 3/99, interest income rose 3 percent to $857 million. Net interest income after loan loss provision rose 6 percent to $412 million. Net income rose 11 percent to $316 million. Net interest income reflects growth in interest earnings assets. Earnings also reflect increased securities processing fees. 
BankBoston Corporation (NYSE : BKB)BKB is a bank holding company with both domestic and international operations. For the three months ended 3/31/99, total interest income increased 3 percent to $1.37 billion. Net interest income after loan loss provision increased 22 percent to $565 million. Net income applicable to Common decreased 5 percent to $223 million. Net interest income reflects increased average earning assets and a lower loan loss provision. Net income was offset by increased salaries and employee benefits. 
Britton & Koontz Capital (Nasdaq : BKBK)BKBK is a one-bank holding company for Britton and Koontz First National Bank. For the fiscal year ended 12/31/98, net interest income rose 8 percent to $13.1 million. Net interest income after loan loss provision rose 5 percent to $7.1 million. Net income fell 3 percent to $2.3 million. Net interest income reflects higher average loan volumes, partially offset by higher interest on deposits. Earnings were offset by costs related to electronic banking and higher salaries and benefits costs. 
BankFirst Corporation (Nasdaq : BKFR)BankFirst Corporation is a bank holding company for BankFirst and The First National Bank and Trust Company, with 32 offices in Tennessee. For the three months ended 3/31/99, total interest income rose 3 percent to $13.9 million. Net interest income after loan loss provision rose 7 percent to $7.5 million. Net income applicable to Common rose 22 percent to $2 million. Results reflect increased earning asset balances, a lower loan loss provision and increased loan servicing income. 
Banknorth Group Inc. (Nasdaq : BKNG)BKNG is a multi-bank holding company for seven community banks, a mortgage company and a trust company, serving VT, MA and NH. For the three months ended 3/31/99, total interest income rose 3 percent to $77.9 million. Net interest income after loan loss provision rose 8 percent to $41.1 million. Net income rose 36 percent to $13.5 million. Net interest income reflects an increase in interest earning assets. Earnings also reflect a $2.6 million gain on the curtailment of pension plan. 
Bank of SC Corporation (Nasdaq : BKSC)Bank of SC Corporation is a holding company for The Bank of South Carolina, a state chartered bank serving Berkeley, Charleston and Dorchester counties. For the three months ended 3/31/99, total interest income rose 5 percent to $2.6 million. Net interest income after loan loss provision rose 7 percent to $1.8 million. Net income rose 4 percent to $427 thousand. Results reflect increased earning asset balances and a lower loan loss provision, partially offset by increased salaries expense. 
Belmont Bancorp. (Nasdaq : BLMT)BLMT is a bank holding company for Belmont National Bank and Belmont Financial Network Inc. For the nine months ended 9/30/98, total interest income rose 8 percent to $22.8 million. Net interest income after loan loss provision rose 2 percent to $10.4 million. Net income rose 5 percent to $4.6 million. Net interest income reflects an increase in loans, partially offset by lower net interest margins. Net income was partially offset by increased salary and employee benefits expense. 
Banco Latinoamer. De Exp. (NYSE : BLX)Banco Latinoamericano de Exportaciones is a global bank providing short term trade related financing to its stockholder banks and other institutions in Latin America and the Caribbean. For the nine months ended 9/98, total interest income fell 3 percent to $281.2 million. Net interest income after loan loss prov. fell 24 percent to $45 million. Net income applicable to Common fell 22 percent to $48.6 million. Results reflect lower net interest margins and a $15.5 million addition to the reserve for guarantees. 
Bank of Montreal (NYSE : BMO)BMO is a chartered bank under the Bank Act (Canada) and offers a broad range of credit and non-credit products and services directly and through special-purpose Canadian and non-Canadian subsidiaries, offices and branches. For the six months ended 4/99, interest income rose 2 percent to C$6.67 billion. Net interest income after loan loss prov. rose 2 percent to C$1.97 billion. Net income applicable to Com. fell 3 percent to C$666 million. Results reflect increased loan volumes, offset by higher expenses. 
Benchmark Bankshares, Inc (OTC BB : BMRB)BMRB is a bank holding company which offers a wide range of banking and related financial services to individuals and small to medium ranged businesses. For the three months ended 3/99, interest income rose 6 percent to $3.7 million. Net interest income after loan loss prov. rose 3 percent to $1.8 million. Net income fell 4 percent to $627 thousand. Results reflects growth in earning assets, offset by higher deposit interest expense, and salaries and wages expenses. 
Bryn Mawr Bank Corp. (Nasdaq : BMTC)Bryn Mawr Bank Corp. is a bank holding company for The Bryn Mawr Trust Company, a state chartered bank serving primarily southeastern PA. For the three months ended 3/31/99, total interest income rose 4 percent to $6.6 million. Net interest income after loan loss provision rose 8 percent to $5.2 million. Net income rose 5 percent to $1.8 million. Results reflect increased earning asset balances and a higher net interest margin, partially offset by increased salaries and wages. 
Broad National Bancorp. (Nasdaq : BNBC)BNBC, a bank holding co. for Broad National Bank, is a full service commercial bank with 16 offices in NJ. For the three months ended 3/99, total interest income rose 7 percent to $11.7 million. Net interest income after loan loss provision rose 12 percent to $6.9 million. Net income fell 9 percent to $1.7 million. Net interest income reflects increased earning asset balances and a lower loan loss provision. Net income was offset by acquisition costs related to the Independence merger. 
BNCCORP, Inc. (Nasdaq : BNCC)BNCCORP, Inc. is a multibank holding company whose subsidiaries operate 31 branch offices in North Dakota and Minnesota. For the three months ended 3/31/99, total interest income rose 5 percent to $7.6 million. Net interest income after loan loss provision fell 5 percent to $3.1 million. Net income before accounting change fell 49 percent to $354 thousand. Net interest income reflects a higher provision for loan losses. Earnings also suffered from increased salaries and benefits expense. 
CNB Bancshares, Inc. (NYSE : BNK)BNK is a regional, bank holding company which engages in banking, data processing and information services, underwriting credit life and disability insurance, and selling property and casualty insurance. Total interest income for the three months ended 3/99 rose 2 percent to $125.8 million. Net interest income after loan loss prov.(LLP) rose 12 percent to $60.3 million. Net income rose 26 percent to $24.6 million. Results reflect increased avg. earning assets, lower LLP, and increased service charges. 
Pacific Century Financial (NYSE : BOH)BOH is a bank holding company for Bank of Hawaii, Bancorp Pacific, California United Bank, and Pacific Century Bank. For the three months ended 3/31/99, total interest income fell 4 percent to $262.8 million. Net interest income after loan loss provision increased 6 percent to $131.3 million. Net income rose 4 percent to $35.4 million. Net interest income reflects decreased earning asset, offset by lower loan loss provision. Earnings were partially offset by an increase in salaries. 
BYL Bancorp (Nasdaq : BOYL)BYL Bancorp is a bank holding company for the Bank of Yorba Linda, a state chartered bank with eight offices in California. For the three months ended 3/31/99, total interest income rose 24 percent to $6.5 million. Net interest income after loan loss provision rose 11 percent to $3.5 million. Net income fell 40 percent to $459 thousand. Net interest income reflects higher average loan balances, partially offset by a lower net interest margin. Earnings suffered from costs related to bank expansion. 
BostonPrivate Fncl.Hldg. (Nasdaq : BPFH)BPFH, a holding company for Boston Private Bank and Trust Company and Westfield Capital Management Co., provides banking, investment and fiduciary products and services to high net worth individuals. For the three months ended 3/31/99, total interest income rose 18 percent to $8 million. Net interest income after loan loss prov. rose 27 percent to $3.8 million. Net income rose 12 percent to $1.3 million. Results reflect increased interest earning assets, offset by higher salaries and employee benefits. 
Popular, Inc. (Nasdaq : BPOP)Popular is a bank holding company whose principal subsidiaries are Banco Popular de Puerto Rico, Popular International Bank, Popular Securities, Inc. For the three months ended 3/99, total interest income rose 12 percent to $444.2 million. Net interest income after loan loss prov. rose 12 percent to $200.5 million. Net income applicable to Common rose 17 percent to $61.6 million. Results reflect increased interest earned on loans and higher deposit account service charges and other fees. 
Brenton Banks, Inc. (Nasdaq : BRBK)Brenton Banks, Inc. is a bank holding company whose subsidiaries operate 47 offices throughout Iowa. For the three months ended 3/31/99, total interest income rose 3 percent to $31.3 million. Net interest income after loan loss provision remained flat at $14.2 million. Net income fell 3 percent to $4.6 million. Net interest income reflects increased earning asset balances, offset by increased borrowings. Earnings also suffered from increased compensation and employee benefits expense. 
Banco Rio de la Plata S.A (NYSE : BRS)BRS is a universal bank engaged in a wide variety of commercial and investment banking activities and related financial services directed towards large corporations, small and medium-sized companies, and individuals through 240 customer service facilities. For the comparable six months ended 12/97, total financial income (FI) rose 11 percent to P$374.9 million. Net FI after loan loss prov. fell 5 percent to P$149.7 million. Net income fell 16 percent to P$61.3 million. Results reflect lower interest margins. 
Banco Santander-Chile (NYSE : BSB)Banco Santander-Chile is the second largest private sector commercial bank in Chile with the country's largest branch network. For the fiscal year ended 12/31/97, total interest income rose 2 percent to CH$451.49 billion. Net interest income after loan loss provision fell 10 percent to CH$111.68 billion. Net income accord. to U.S. GAAP rose 23 percent to CH$26.6 billion. Results reflect higher earning asset balances, offset by a higher provision for loan losses. Earnings reflect higher services income. 
BSB Bancorp, Inc. (Nasdaq : BSBN)BSB Bancorp, Inc. is a bank holding company for BSB Bank and Trust Company, a state chartered bank with 13 branches in New York State. For the three months ended 3/31/99, total interest income rose 12 percent to $37.5 million. Net interest income after loan loss provision rose 11 percent to $15 million. Net income rose 17 percent to $5.3 million. Results reflect increased earning asset balances, increased service charges on deposit accounts and increased mortgage servicing income. 
BT Financial Corporation (Nasdaq : BTFC)BTFC, a bank holding company for Laurel Bank and three other non-banking subsidiaries, conducts its business through 69 offices located in PA. For the three months ended 3/31/99, interest income fell 1 percent to $29.6 million. Net interest income after loan loss prov. rose 2 percent to $15.9 million. Net income rose 18 percent to $4.4 million. Results reflect lower earning assets, offset by a lower cost of funds. Net income reflects increased trust income and fees for services. 
First Busey Corporation (Nasdaq : BUSE)BUSE is a multi-bank holding company engaged in commercial, retail and correspondent banking and provides trust, insurance and travel services. For the three months ended 3/99, total interest income fell 1 percent to $16.6 million. Net interest income after loan loss prov. rose 9 percent to $8.6 million. Net income rose 8 percent to $2.9 million. Net interest income reflects a lower average yield, offset by a lower loan loss provision. Net income was partially offset by higher salaries and wages. 
Bridge View Bancorp (AMEX : BVB)Bridge View Bancorp is a one-bank holding company for Bridge View Bank in New Jersey. For the three months ended 3/31/99, total interest income rose 9 percent to $2.8 million. Net interest income after loan loss provision rose 16 percent to $2 million. Net income rose 24 percent to $617 thousand. Net interest income reflects an increase in average loans, and lower deposit expense due to shift to cost efficient deposits. Earnings also reflect increased service fees from deposit accounts. 
BWC Financial Corp. (Nasdaq : BWCF)BWC Financial Corporation is a bank holding company for the Bank of Walnut Creek, a commercial bank in CA. For the nine months ended 9/98, total interest income rose 23 percent to $16.2 million. Net interest income after loan loss prov. rose 28 percent to $10.5 million. Net income increased 48 percent to $3.1 million. Net interest income reflects increases in the volume of loans and investments outstanding. Earnings also reflect an increase in other income and a $34 thousand gain on investment securities. 
BancWest Corporation (NYSE : BWE)BWE, a bank holding company, operates, through its subsidiaries, general commercial banking business and other businesses relating to banking. For the three months ended 3/31/99, interest income rose 72 percent to $260.1 million. Net interest income after loan loss prov. rose 83 percent to $148.2 million. Net income rose 90 percent to $40.3 million. Net interest income reflects higher average earning assets due to the merger. Earnings reflect higher service charges income on deposit accounts. 
BancorpSouth, Inc. (NYSE : BXS)BancorpSouth, Inc. is a bank holding company whose subsidiaries operate 157 offices in Mississippi, western Tennessee and Alabama. For the three months ended 3/31/99, total interest income increased 7 percent to $99.3 million. Net interest income after loan loss provision increased 10 percent to $49.3 million. Net income increased 12 percent to $16.3 million. Results reflect increased earning asset balances, increased mortgage lending income and increased net securities gains. 
Baylake Corp. (OTC BB : BYLK)Baylake Corp. is a bank holding company for Baylake Bank, a state chartered bank with 18 branches in WI. For the three months ended 3/31/99, total interest income rose 31 percent to $11.2 million. Net interest income after loan loss provision rose 29 percent to $5.3 million. Net income rose 11 percent to $1.5 million. Net interest income reflects increased earning asset balances, partially offset by a lower net interest margin. Earnings reflect increased salaries and employee benefits. 
Camden National Corp. (AMEX : CAC)Camden National Corp. is a multi-bank and financial services holding company headquartered in Camden, Maine. For the three months ended 3/99, total interest income increased 14 percent to $13.1 million. Net interest income after loan loss provision increased 19 percent to $7 million. Net income increased 17 percent to $2.6 million. Net interest income reflect increased earning asset balances. Earnings were partially offset by increased salaries and benefits due to personnel increases. 
Cascade Bancorp (Nasdaq : CACB)CACB is a bank holding company for Bank of the Cascades and Cascade Finance which is a consumer finance company. For the three months ended 3/31/99, interest income rose 26 percent to $6.3 million. Net interest income after loan loss provision rose 21 percent to $4.5 million. Net income rose 11 percent to $1.4 million. Net interest income after LLP reflect growth in interest earning assets. Earnings were partially offset by increased salaries and wages. 
Carolina First Corp./SC (Nasdaq : CAFC)Carolina First Corp., is a bank holding company for Carolina First Bank, SC First Bank, Carolina First Mortgage Company, Blue Ridge Finance Company and Resource Processing Group. For the three months ended 3/99, total interest income rose 16 percent to $48.9 million. Net interest income after loan loss prov. rose 23 percent to $22.3 million. Net income rose 35 percent to $6.3 million. Results reflect higher levels of average earning assets, increased net interest margin and sales of equity invest. 
Cass Commercial Corp. (Nasdaq : CASS)Cass Commercial Corp. is a bank holding company for Cass Bank and Trust Company, and provides information services through its Cass Information Systems subsidiary. For the three months ended 3/31/99, total interest income fell 2 percent to $7.2 million. Net interest income after loan loss provision fell 2 percent to $6.1 million. Net income fell 9 percent to $1.5 million. Net interest income reflects lower average investment balances. Earnings also suffered from lower processing revenue. 
Colony Bankcorp, Inc. (Nasdaq : CBAN)CBAN is a multi-bank holding company located in Fitzgerald, GA. For the three months ended 3/31/99, total interest income increased 4 percent to $7.8 million. Net interest income after loan loss provision decreased 2 percent to $3.4 million. Net income decreased 11 percent to $1 million. Net interest income reflects higher average earning assets, offset by a decreased net interest margin. Lower income also reflects increased salaries and employee benefits and higher occupancy expenses. 
CB Bancshares, Inc. (Nasdaq : CBBI)CB Bancshares is a bank holding co. for City Bank, a state-chartered commercial bank, City Finance and Mortgage, and O.R.E., which is engaged in property disposition. For the three months ended 3/99, total interest income fell 7 percent to $26.4 million. Net interest income after loan loss prov. fell less than 1 percent to $13.2 million. Net income rose 1 percent to $2 million. Results reflect lower security interest, a lower loan loss provision, offset by mortgage loans sales. 
Columbia Bancorp \OR\ (Nasdaq : CBBO)Columbia Bancorp \OR\ is a bank holding company for Columbia River Banking Company, a state chartered bank with nine offices in OR and two in WA. For the three months ended 3/31/99, total interest income rose 30 percent to $6.2 million. Net interest income after loan loss provision rose 30 percent to $3.8 million. Net income rose 9 percent to $1.1 million. Results reflect increased earning asset balances, partially offset by increased salaries and benefits due to personnel increases. 
Citizens Banking Corp./MI (Nasdaq : CBCF)CBCF is a multibank holding company for Citizens Bank and Citizens Bank -Illinois, N.A., and for four nonbanking subsidiaries. For the three months ended 3/31/99, total interest income fell 4 percent to $82.1 million. Net interest income after loan loss prov. rose less than 1 percent to $45.4 million. Net income rose 7 percent to $14.4 million. Net interest income reflects lower average earning asset yields, offset by a higher net interest margin. Earnings reflect deposit sale premiums. 
Capitol Bancorp Limited (Nasdaq : CBCL)CBCL is a multibank bank holding company for 11 banks in Michigan and six banks in Arizona. For the three months ended 3/99, total interest income rose 36 percent to $20.5 million. Net interest income after loan loss prov. (LLP) rose 44 percent to $9.1 million. Net income before accounting change totalled $1.3 million, up from $633 thousand. Net interest income reflects growth in loans and lower LLP. Net income reflects increased service charges and trust fee income. 
Commerce Bancorp, Inc. (NYSE : CBH)Commerce Bancorp, Inc. is a holding company for banks and insurance companies operating offices in New Jersey and Pennsylvania. Total interest income for the three months ended 3/31/99 rose 14 percent to $87.2 million. Net interest income after loan loss provision rose 23 percent to $53 million. Net income rose 21 percent to $15.5 million. Results reflect volume increases in the loan and investment portfolios, partially offset by new branch activity and the expansion of Commerce Insurance and CCMI. 
Community Bankshares /VA/ (Nasdaq : CBIV)Community Bankshares /VA/ is a bank holding company for The Community Bank, Commerce Bank of Virginia and County Bank of Chesterfield. For the three months ended 3/31/99, total interest income rose 11 percent to $6.2 million. Net interest income after loan loss provision rose 10 percent to $3.6 million. Net income rose 1 percent to $1.1 million. Results reflect increased earning asset balances due to loan growth, partially offset by increased salaries and benefits due to a new branch opening. 
Cornerstone Bancorp, Inc. (AMEX : CBN)CBN is a bank holding Company for Cornerstone Bank, a state chartered bank with five offices serving Stamford, Greenwich, Darien and New Canaan, CT. For the three months ended 3/31/99, total interest income fell 2 percent to $2.4 million. Net interest income after loan loss provision rose 4 percent to $1.5 million. Net income fell 10 percent to $322 thousand. Results reflect a $17 thousand loan loss credit vs. a $108 thousand provision, offset by increased salaries and benefits and furniture and equipment costs. 
Commercial Bank of NY (Nasdaq : CBNY)CBNY provides private and commercial banking services, through seven branches. For the three months ended 3/99, total interest income fell 10 percent to $21.8 million. Net interest income after loan loss provision fell 2 percent to $9.9 million. Net income fell 12 percent to $1.6 million. Net interest income reflects lower interest and fees received on loans, partially offset by a lower provision for loan losses. Earnings reflect a loss vs. a gain on securities and trading assets. 
Commerce Bancshares, Inc. (Nasdaq : CBSH)Commerce Bancshares, a bank holding company, operates throughout MO, IL, KS, and NE, and has subsidiaries engaged in insurance, securities investment, mortgage banking, real estate and brokerage. For the three months ended 3/99, interest income rose 4 percent to $184.5 million. Net interest income after loan loss provision rose 11 percent to $103.6 million. Net income rose 12 percent to $38.7 million. Results reflect higher loan demand and increased average balances. Net income reflects higher trust fees. 
Compass Bancshares, Inc. (Nasdaq : CBSS)CBSS is a holding company for Compass Bank and Arizona Bank, primarily conducting commercial banking and trust business at 120 branches in TX, 88 in AL, 42 in FL, and 29 in AZ. For the three months ended 3/31/99, total interest income rose 10 percent to $297.7 million. Net interest income after loan loss provision rose 13 percent to $147.5 million. Net income applicable to Common rose 15 percent to $51.7 million. Results reflect higher earning asset balances and increased deposit account service charges. 
Community Bank System (NYSE : CBU)CBU is a bank holding co. for Community Bank, NA which operates 65 branch offices in NY. CBU also owns Community Capital Trust I and Benefit Plans Administrative Service, Inc. For the three months ended 3/31/99, total interest income fell 6 percent to $29 million. Net interest income after loan loss prov. fell 1 percent to $14.7 million. Net income remained flat at $3.7 million. Results reflect lower interest gains on mortgage-backed securities, offset by expanded financial services income. 
CCB Financial Corporation (NYSE : CCB)CCB is a bank holding company for Central Carolina Bank and Trust and Central Carolina Bank-Georgia. CCB also engages in real estate development, investments and insurance. Total interest income for the three months ended 3/31/99 rose 1 percent to $142.9 million. Net interest income after loan loss prov. rose 5 percent to $79 million. Net income rose 15 percent to $33.8 million. Results reflect higher average earning assets and a higher interest margin. Earnings also reflect increased service charges. 
Capital City Bank Group (Nasdaq : CCBG)CCBG is a multi-bank holding company, engaged in the commercial and retail banking business, serving the North Florida and S. Georgia markets. For the three months ended 3/31/99, interest income rose 13 percent to $21.9 million. Net interest income after loan loss prov. rose 5 percent to $11.8 million. Net income rose 2 percent to $3.2 million. Results reflect increased investment income from U. S. Government agencies and corporations securities, offset by higher salaries and benefits costs. 
Central Coast Bancorp (Nasdaq : CCBN)CCBN is a bank holding company for Bank of Salinas and Cypress Bank which are state chartered banks located in CA. For the fiscal year ended 12/98, total interest income rose 10 percent to $37.4 million. Net interest income after loan loss provision rose 9 percent to $23.9 million. Net income rose 10 percent to $7.2 million. Net interest income reflects increased earning asset balances, partially offset by a lower net interest margin. Earnings reflect higher services charges and fees. 
Comm Bancorp, Inc. (Nasdaq : CCBP)Comm Bancorp, Inc. is a bank holding company for Community Bank and Trust Company, a state chartered bank with 12 branch offices PA. For the three months 3/31/99, total interest income rose less than 1 percent to $6.7 million. Net interest income after loan loss provision rose 5 percent to $3.3 million. Net income rose 7 percent to $1.1 million. Results reflect increased earning asset balances, a lower provision for loan losses and increased service charges, fees and commissions. 
CCBT Bancorp, Inc. (Nasdaq : CCBT)CCBT Bancorp is a commercial bank which operates 25 offices located in Barnstable County, MA. For the fiscal year ended 12/98, total interest income rose 9 percent to $74 million. Net interest income after loan loss provision rose 2 percent to $37.8 million. Net income fell 5 percent to $12.6 million. Net interest income reflects a rise in earning assets, partially offset by an increase in interest on borowings. Earnings were offset by the absence of a $1.9 million settlement from software provider. 
Capital Corp. of the West (Nasdaq : CCOW)CCOW is a bank holding company for County Bank and Town and Country Finance and Thrift in CA. For the three months ended 3/99, total interest income increased 11 percent to $8.9 million. Net interest income after loan loss provision increased 15 percent to $5.2 million. Net income rose 38 percent to $1.2 million. Net interest income reflects higher average of interest-earning assets and a lower interest on deposits. Earnings also reflect sale of property that was previously written off. 
Centennial Bancorp (Nasdaq : CEBC)Centennial Bancorp, a bank holding company, offers commercial financing and other services through its two subsidiaries: Centennial Bank and Centennial Mortgage Co. Interest income for the three months ended 3/31/99 rose 14 percent to $12.9 million. Net interest income after loan loss provision rose 15 percent to $8.6 million. Net earnings rose 16 percent to $3 million. Results reflect increased overall loan totals, increased service charge income and increased gains on loan sales. 
Central Bancorp, Inc. (Nasdaq : CEBK)CEBK, a holding company, is a full service banking operation providing a variety of deposit and lending services. CEBK operates eight offices in MA. For the nine months ended 12/98, total interest income rose 7 percent to $19.8 million. Net int. income after loan loss prov. rose 3 percent to $9 million. Net income fell 5 percent to $1.9 million. Results reflect higher average interest-earning assets, partially offset by increased deposit expenses. Income was offset by a rise in occupancy and equipment costs. 
Commercial Natl.Fin'l/MI/ (OTC BB : CEFC)CEFC is a bank holding company for Commercial National Bank, a state chartered bank with seven offices in Michigan. For the three months ended 3/31/99, total interest income fell 1 percent to $3.3 million. Net interest income after loan loss prov. rose 8 percent to $1.9 million. Net income rose 6 percent to $642 thousand. Net interest income reflects lower rates paid on deposits. Earnings were partially offset by salary increases and increased professional and ouside services expense. 
Carolina First Bancshares (Nasdaq : CFBI)Carolina First Bancshares is a multi-bank holding company whose subsidiaries operate 31 offices principally in the greater Charlotte, NC area. For the three months ended 3/31/99, total interest income rose 12 percent to $13.7 million. Net interest income after loan loss provision rose 12 percent to $7.6 million. Net income rose 14 percent to $2.1 million. Results reflect increased earning asset balances and increased service charges on deposit accounts. 
Community First Bankshare (Nasdaq : CFBX)CFBX is a multi-bank holding company that operates banks and bank branches in 154 communities in 11 states. For the three months ended 3/31/99, total interest income rose 6 percent to $110.2 million. Net interest income after loan loss provision rose 5 percent to $61.3 million. Net income from continuing operations rose 5 percent to $17.6 million. Net interest income after LLP reflects an increased asset base due to acquisitions. Net income reflects higher service charges and insurance commissions. 
C&F Financial Corporation (Nasdaq : CFFI)C&F Financial Corp. is a one-bank holding company for Citizens and Farmers, a state bank in VA. For the three months ended 3/99, total interest income rose 15 percent to $6.1 million. Net interest income after loan loss provision rose 20 percent to $3.7 million. Net earnings rose 50 percent to $2.1 million. Net interest income reflects an increase in the average balance of loans and interest deposits. Earnings reflect higher volume of loans sold by C&F Mortgage Corporation. 
Community Financial Group (Nasdaq : CFGI)Community Financial Group is a bank holding company for The Bank of Nashville, a state chartered bank with three offices in Tennessee. For the three months ended 3/31/99, total interest income rose 9 percent to $4.4 million. Net interest income after loan loss provision rose 25 percent to $2.5 million. Net income rose 26 percent to $805 thousand. Results reflect increased earning asset balances, reduced interest paid on deposits and increased Investment Center income. 
Cardinal Financial Corp. (Nasdaq : CFNL)Cardinal Financial Corp. is a bank holding company located in Fairfax, Virginia which currently operates Cardinal Bank, National Association in Fairfax, Virginia. For the fiscal year ended 12/31/98, total interest income totalled $1.6 million. Net interest income after loan loss provision totalled $1 million. Net loss totalled $1.7 million. Results are not comparable due to the November 1997 inception of the Company. 
Cullen/Frost Bankers Inc. (NYSE : CFR)CFR is a multi-bank holding company, operating 79 offices in the state of Texas. For the three months ended 3/99, total interest income rose 5 percent to $109.2 million. Net interest income after loan loss provision increased 11 percent to $68.4 million. Net income rose 25 percent to $24.3 million. Net interest income reflects an increase in average earning assets and lower interest on deposits. Net income reflects a $2 million gain on the sale of a piece of property. 
Croghan Bancshares Inc. (OTC BB : CHBH)CHBH is a bank holding company for The Croghan Colonial Bank. For the three months ended 3/31/99, total interest income decreased 2 percent to $6 million. Net interest income after loan loss provision remained flat at $3.3 million. Net income decreased 4 percent to $696 thousand. Net interest income reflects decreased average interest earning assets, partially offset by lower cost of funds. Net income reflects increased salaries, wages and employee benefits. 
City Holding Company (Nasdaq : CHCO)CHCO owns City National and its banking division that offer retail and consumer-oriented community banks in West Virginia. For the three months ended 3/31/99, total interest income rose 10 percent to $50.6 million. Net interest income after loan loss prov. rose 2 percent to $24 million. Earnings fell 22 percent to $5.2 million. Net interest income reflects growth in the loan portfolio, offset by interest on trust preferred secutities. Earnings reflect lower origination fees and loans sales. 
Chemical Financial Corp. (Nasdaq : CHFC)CHFC is a bank holding company that operates 10 state banks involved in retail banking and related services. For the three months ended 3/31/99, total interest income rose 1 percent to $30.1 million. Net interest income after loan loss provision increased 5 percent to $18.2 million. Net income increased 12 percent to $6.5 million. Net interest income reflects higher interest earning assets and lower borrowings. Net income also reflects higher service charges and a gain from the sale of land. 
Chittenden Corporation (NYSE : CHZ)Chittenden Corp., is a bank holding company for Chittenden Trust Company, Flagship Bank and Trust Company, The Bank of Western Massachusetts, and Chittenden Connecticut Corp. For the three months ended 3/99, total interest income fell 3 percent to $36.3 million. Net interest income after loan loss prov. fell 1 percent to $21 million. Net income rose 2 percent to $7.5 million. Results reflect increased liquidity of the mix of investments and loans, offset by increased assets under management. 
Bancolombia S.A. (NYSE : CIB)Bancolombia S.A. is a private commerical bank with 114 offices located in 29 cities throughout Colombia. For the six months ended 6/30/98, total interest income totalled COP607.09 billion, up from COP247.22 billion. Net interest income after loan loss provision rose 81 percent to COP194.67 billion. Net income fell 90 percent to COP2.8 billion. Net interest income reflects higher asset balances due to the merger, partially offset by a higher loan loss provision. Earnings reflect higher provisions. 
California Ind. Bancorp (Nasdaq : CIBN)California Independent Bancorp is a bank holding company for Feather River State Bank, a state chartered bank with seven branches in the northern Sacramento Valley of CA. For the three months ended 3/31/99, total interest income fell 2 percent to $5.8 million. Net interest income after loan loss provision fell 5 percent to $3.2 million. Net income fell 40 percent to $488 thousand. Results reflect reduced earning asset balances, a higher provision for loan losses and reduced brokered loan fees. 
Civic BanCorp (Nasdaq : CIVC)CIVC is a bank holding company for CivicBank of Commerce, a commercial bank located in California. For the three months ended 3/31/99, total interest income rose 6 percent to $7.3 million. Net interest income after loan loss prov. rose 5 percent to $5 million. Net income rose 9 percent to $1.3 million. Net interest income reflects an increase in sucurities and federal funds, partially offset by higher interest paid on deposits. Earnings reflect increased customer service charges. 
Commercial Bankshares,Inc (Nasdaq : CLBK)CLBK is a bank holding company for Commercial Bank of Florida engaged in commercial banking with 14 branches in Miami-Dade and Broward Counties. For the three months ended 3/31/99, total interest income rose 4 percent to $7.1 million. Net interest income after loan loss provision rose 7 percent to $4.3 million. Net income rose 5 percent to $1.3 million. Results reflect increased earning asset balances, partially offset by increased salaries and benefits and data processing expenses. 
Comerica Incorporated (NYSE : CMA)Comerica Incorporated is a registered bank holding company, focusing on three major lines of business: the business bank, the individual bank and the investment bank. Total interest income for the three months ended 3/99 fell 7 percent to $629.4 million. Net interest income after loan loss provision rose 3 percent to $348.8 million. Net income applicable to Common rose 11 percent to $154.8 million. Results reflect lower interest on investments, offset by lower LLP and higher investment management income. 
Commercial National Fncl. (Nasdaq : CNAF)CNAF is a bank holding company for Commercial National Bank of Westmoreland County. For the three months ended 3/31/99, total interest income rose 1 percent to $6 million. Net interest income after loan loss provision rose 7 percent to $3.4 million. Net income rose 9 percent to $1.3 million. Net interest income reflects higher average interest earning assets and a lower cost of funds. Net income also reflects increased service charges on deposit accounts and higher securities gains. 
Colonial BancGroup, Inc. (NYSE : CNB)Colonial BancGroup, Inc. is a multi-bank holding company which operates commercial banking and federal savings subsidiaries and three nonbanking subsidiaries. For the three months ended 3/31/99, total interest income increased 17 percent to $186.6 million. Net interest income after loan loss provision (LLP) rose 9 percent to $84.9 million. Net income rose 35 percent to $28.1 million. Results reflect growth in loans, partially offset by a higher LLP. Earnings reflect higher mortgage servicing fees. 
CNB, Inc. (Nasdaq : CNBB)CNB, Inc. is a bank holding company for CNB National Bank, operating 11 banking offices in six counties in FL. For the three months ended 3/99, total interest income rose 11 percent to $5.6 million. Net interest income after loan loss provision rose 16 percent to $3.1 million. Net income rose 2 percent to $748 thousand. Net interest income reflects higher average earning assets and higher net spread. Net income was partially offset by higher personnel expenses. 
Center Bancorp, Inc. (Nasdaq : CNBC)Center Bancorp, Inc. is a bank holding company for Union Center National Bank, a state chartered bank with nine offices in Union and Madison Counties, NJ. For the three months ended 3/31/99, total interest income remained flat at $7.5 million. Net interest income after loan loss prov. rose 13 percent to $4.6 million. Net income remained flat at $1.1 million. Results reflect reduced interest paid on deposits, offset by increased salaries and benefits due to personnel increases. 
CNB Financial Corp. NY (Nasdaq : CNBF)CNBF is a bank holding company for Central National Bank, Canajoharie, and Central Asset Management. For the three months ended 3/31/99, total interest income rose 4 percent to $13 million. Net interest income after loan loss provision increased 2 percent to $6.4 million. Net income increased 5 percent to $1.9 million. Results reflect an increase in average earning assets, partially offset by a higher average interest paid on deposits. Earnings reflect higher service charges. 
Century Bancorp, Inc. (Nasdaq : CNBKA)CNBKA is a bank holding company for Century Bank and Trust Company. The company operates 16 offices in 15 cities throughout MA. For the fiscal year ended 12/31/98, total interest income rose 26 percent to $51.9 million. Net interest income after loan loss provision rose 18 percent to $29.1 million. Net income rose 19 percent to $8.1 million. Net interest income reflects higher securities income, partially offset by increased interest expenses. Net income reflects higher lock box and other fees. 
CNBT Bancshares, Inc. (Nasdaq : CNBT)CNBT Bancshares, Inc. is a bank holding company for Citizens National Bank of Texas, a federally chartered bank serving Bellaire, Texas. For the three months ended 3/31/99, total interest income rose 16 percent to $6.3 million. Net interest income after loan loss provision rose 10 percent to $3.2 million. Net income rose 21 percent to $1.2 million. Results reflect increased average investment balances and increased service charges on deposit accounts. 
CNY Financial Corp. (Nasdaq : CNYF)CNY Financial Corp., a bank holding company for Cortland Savings Bank, operates three full service offices and a loan representative office. For the three months ended 3/99, interest income rose 12 percent to $4.8 million. Net interest income after loan loss provision rose 32 percent to $2.9 million. Net income rose 52 percent to $749 thousand. Net interest income reflects growth in interest earning assets and lower interest costs. Earnings also reflect decreased levels of non-performing assets. 
Commerce Bank/Harrisburg (Nasdaq : COBH)COBH, a national banking association, provides a full range of retail and commercial banking services for consumers and small and mid-sized companies. For the three months ended 3/98, total interest income rose 22 percent to $4.4 million. Net interest income after loan loss prov. rose 22 percent to $2.4 million. Net income applicable to Common rose 7 percent to $584 thousand. Net interest income reflects higher average interest earning assets. Net income was partially offset by a lower gain on the sale of loans. 
Colorado Bus. Bankshares (Nasdaq : COBZ)COBZ, a holding co. for CO Bus. Bank, which operates a full-service commercial banking institution with six locations in the metropolitan area. For the fiscal year ended 12/31/98, total interest income increased 32 percent to $23.9 million. Net interest income after loan loss provision increased 39 percent to $14.1 million. Net income applicable to Common increased 81 percent to $3.1 million. Net interest income reflects higher earning assets. Earnings also reflect higher operating lease income. 
Columbia Banking System (Nasdaq : COLB)COLB is a bank holding co. for Columbia State Bank, which provides full-service commercial banking. For the three months ended 3/31/99, total interest income rose 11 percent to $19.4 million. Net interest income after loan loss provision rose 13 percent to $10.7 million. Net income decreased 13 percent to $2.1 million. Net interest income reflects higher average interest earning assets and a lower cost of funds. Net income was offset by increased compensation and employee benefits expenses. 
Corus Bankshares, Inc. (Nasdaq : CORS)CORS, a bank holding company for CORUS Bank, provides financial services through 11 bank branches in the Chicago metropolitan area. For the three months ended 3/31/99, total interest income rose 7 percent to $47.9 million. Net interest income after loan loss provision rose 16 percent to $24.6 million. Net income rose 5 percent to $10.4 million. Net interest income reflects increased interest earning assets and a lower loan loss provision. Earnings reflect increased salaries and employee benefits. 
CPB Inc. (Nasdaq : CPBI)CPB, Inc. is the holding Company for Central Pacific Bank, a full service commercial bank with 27 branches on the Hawaiian Islands. For the three months ended 3/99, total interest income fell less than 1 percent to $27.8 million. Net interest income after loan loss prov. rose 2 percent to $15.5 million. Net income rose 1 percent to $3.7 million. Net interest income reflects a decrease in market interest rates. Net income reflects investment securities gains and higher earnings on life insurance policies. 
Carrollton Bancorp (Nasdaq : CRRB)CRRB is a bank holding company for Carrollton Bank, providing commercial banking and brokerage services in MD. For the three months ended 3/31/99, total interest income fell 2 percent to $4.9 million. Net interest income after loan loss provision fell 4 percent to $2.5 million. Net income rose 6 percent to $507 thousand. Net interest income reflects a lower investment portfolio and market interest rate declines. Net income reflects volume increases in the transaction levels and higher ATM fees. 
Century South Banks, Inc. (Nasdaq : CSBI)CSBI is a multibank holding company which provides, through its subsidiaries, full banking services to customers of the Banks. For the three months ended 3/99, interest income decreased 4 percent to $21.9 million. Net interest income after loan loss provision rose 1 percent to $12.7 million. Net income decreased 4 percent to $3.4 million. Net interest income reflects a decrease in earning assets, offset by a decrease in interest on deposits. Earnings were offset by a decrease in service charges. 
Carolina Southern Bank (Nasdaq : CSBK)CSBK is a locally owned and state-chartered commercial bank offering various financial services. For the six months ended 6/30/98, total interest income rose 14 percent to $6.8 million. Net interest income after loan loss provision increased 17 percent to $3.4 million. Net earnings rose 18 percent to $1.1 million. Results reflect increased interest-earning assets. Earnings also reflect an increase in service charges and general banking fees, and a decrease in advertising and public relations expense. 
Crescent Banking Company (Nasdaq : CSNT)Crescent Banking Co. is a bank holding company for Crescent Bank and Trust Co. and for Crescent Mortgage Services offering banking services in the New England states. For the fiscal year ended 12/31/98, total interest income rose 71 percent to $13 million. Net interest income after loan loss provision rose 62 percent to $6.7 million. Net income rose from $1.2 million to $3.3 million. Results reflect higher volume of mortgage loans and an increase in gains on sale of mortgage servicing rights. 
Community Trust Bancorp (Nasdaq : CTBI)CTBI is a bank holding company for Community Trust Bank, N.A., a federally chartered bank with 59 offices throughout Kentucky. For the three months ended 3/31/99, total interest income rose 7 percent to $40.4 million. Net interest income after loan loss provision rose 13 percent to $18.2 million. Net income rose 22 percent to $5.1 million. Results reflect increased earning asset balances, a lower provision for loan losses and increased service charges on deposit accounts. 
Coast Bancorp (Nasdaq : CTBP)Coast Bancorp is a bank holding company for Coast Commercial Bank, a state chartered bank with five branch offices in Santa Cruz County, CA. For the three months ended 3/31/99, total interest income increased 7 percent to $6 million. Net interest income after loan loss provision increased 10 percent to $4.4 million. Net income remained flat at $1.6 million. Results reflect increased earning asset balances, offset by reduced gains on the sale of loans and increased salaries and benefits. 
Century Bancshares, Inc. (Nasdaq : CTRY)CTRY is a bank holding company for Century National Bank, a full service commercial bank operating in Virginia and Washington, D.C. For the three months ended 3/31/99, total interest income remained flat at $3 million. Net interest income after loan loss provision rose 11 percent to $1.7 million. Net income rose 60 percent to $211 thousand. Net interest income reflects reduced interest paid on deposits and a lower loan loss provision. Earnings also reflect higher service charges. 
Community Banks, Inc. (AMEX : CTY)Community Banks, Inc. is a bank holding company involved in banking, investments and insurance through its branches in PA. For the three months ended 3/99, interest income rose 15 percent to $15.5 million. Net interest income after loan loss provision rose 9 percent to $7.7 million. Net income rose 13 percent to $2.7 million. Net interest income reflect higher average investment securities assets, offset by higher interest on debt. Net income reflects higher gains on mortgage sales. 
CVB Financial Corp. (AMEX : CVB)CVB Financial, a bank holding company, is engaged in traditional banking activities and also provides trust services through its asset management division. For the three months ended 3/31/99, interest income rose 14 percent to $26 million. Net interest income after loan loss provision rose 15 percent to $17.2 million. Net income rose 16 percent to $5.5 million. Net interest income reflects an increased volume of average earning assets. Net income reflects an increase in income from trust services. 
Central Virginia Bankshrs (Nasdaq : CVBK)Central Virginia Bankshares is a one bank holding company for Central Virginia Bank. For the fiscal year ended 12/31/98, interest income rose 13 percent to $12.3 million. Net interest income after loan loss provision rose 6 percent to $6.3 million. Net income rose 6 percent to $1.9 million. Net interest income reflects an increase in investment securities, partially offset by interest on deposits and FHLB advances. Earnings reflects increased salaries due to new branch staffing. 
Community West Bancshares (Nasdaq : CWBC)Community West Bancshares is a bank holding company for Goleta National Bank and Palomar Savings and Loan Association, with offices in CA. For the three months ended 3/31/99, total interest income rose 63 percent to $5.8 million. Net interest income after loan loss provision rose 59 percent to $2.9 million. Net income rose 91 percent to $1.1 million. Results reflect increased earning asset balances, increased gains on the sale of loans and increased document processing fees. 
Community Capital Corp. (AMEX : CYL)CYL is a bank holding company for Greenwood Bank and Trust, Clemson Bank and Trust, The Bank of Barnwell County, The Bank of Belton and The Bank of Newberry County. For the fiscal year ended 12/31/98, total interest income rose 46 percent to $21 million. Net interest income after loan loss prov. rose 20 percent to $8 million. Net income fell less than 1 percent to $764 thousand. Results reflect higher earning assets, partially offset by a higher loan loss provision and costs related to New Banks and acquisitions. 
City National Corporation (NYSE : CYN)CYN, a holding company for City National Bank, serves professional and business borrowers and associated individuals with commercial banking and fiduciary needs. For the three months ended 3/31/99, total interest income rose 8 percent to $111.5 million. Net interest income after loan loss prov. rose 7 percent to $77.7 million. Net income rose 16 percent to $26 million. Results reflect higher average loans outstanding, partially offset by a higher cost of funds. Net income reflects increased trust fees. 
Citizens Financial Serv. (OTC BB : CZFS)Citizens Financial Services is a bank holding company for First Citizens National Bank, with 10 offices serving northern PA and southern NY. For the three months ended 3/31/99, total interest income rose 1 percent to $5.7 million. Net interest income after loan loss provision rose 3 percent to $2.8 million. Net income 5 percent to $888 thousand. Results reflect increased earning asset balances, reduced interest paid on borrowings and increased service charges on deposit accounts. 
Citizens & Northern Corp. (OTC BB : CZNC)Citizens and Northern Corp. is a bank holding company for Citizens and Northern Bank, a state chartered bank with 15 offices in PA. For the three months ended 3/31/99, total interest income rose 1 percent to $11.3 million. Net interest income after loan loss provision rose 7 percent to $5.7 million. Net income remained flat at $2.7 million. Results reflect increased earning asset balances and a lower provision for loan losses, offset by reduced realized gains on the sale of securities. 
DNB Financial Corp./PA/ (OTC BB : DNBF)DNB Financial is a bank holding company for The Downingtown National Bank. For the three months ended 3/99, interest income rose 13 percent to $4.7 million. Net interest income after loan loss provision rose 7 percent to $2.5 million. Net income fell 4 percent to $627 thousand. Results reflect increased vaolume of loans and investments, partially offset by increases in deposits and borrowings. Earnings reflect higher level of depreciation, maintenance and expansion expenses. 
Drovers Bancshares (Nasdaq : DROV)Drovers Bancshares is a bank holding company for The Drovers and Mechanics Bank, a state chartered bank with 16 offices in PA. For the three months ended 3/31/99, total interest income rose 7 percent to $10.6 million. Net interest income after loan loss provision rose 8 percent to $4.8 million. Net income rose 13 percent to $1.8 million. Results reflect increased earning asset balances, increased trust income and increased gains on the sale of loans. 
ECB Bancorp, Inc. (Nasdaq : ECBE)ECB Bancorp, Inc. is a bank holding company for The East Carolina Bank, a state chartered bank with 15 offices in North Carolina. For the three months ended 3/31/99, total interest income rose 7 percent to $3.8 million. Net interest income after loan loss provision rose 12 percent to $2.3 million. Net income rose 20 percent to $482 thousand. Results reflect increased earning asset balances due to loan growth, a higher net interest margin and increased service charges and fees. 
Essex Bancorp, Inc. (AMEX : ESX)Essex Bancorp, Inc. is a holding company for Essex Savings Bank. For the nine months ended 9/30/98, total interest income increased 6 percent to $11.4 million. Net interest income after loan loss provision increased 10 percent to $4.2 million. Net loss applicable to Common decreased 26 percent to $960 thousand. Net interest income reflects increased interest earning assets and the absence of a provision for loan loss. Lower loss also reflects the absence of a $368 thousand charge for stock options. 
Eufaula BancCorp, Inc. (Nasdaq : EUFA)Eufaula BancCorp is a bank holding company for Southern Bank ofCommerce in Eufaula, AL, and First American Bank of Walton County in FL. For the three months ended 3/31/99, total interest income rose 66 percent to $4.2 million. Net interest income after loan loss provision rose 51 percent to $2 million. Net income totalled $225 thousand, up from $103 thousand. Results reflect increased earning asset balances and increased service charges on deposit accounts. 
Eastern Virginia Bankshs. (Nasdaq : EVBS)Eastern Virginia Bankshares is a bank holding company for Southside Bank and Bank of Northumberland, with 12 offices in VA. For the three months ended 3/31/99, total interest income rose 1 percent to $6.6 million. Net interest income after loan loss provision rose 3 percent to $3.7 million. Net income fell 6 percent to $1.5 million. Results reflect increased earning asset balances and a lower provision for loan losses, offset by increased salaries and benefits due to personnel increases. 
East West Bancorp, Inc. (Nasdaq : EWBC)EWBC is a holding company for East West Bank that provides a wide range of personal and commercial banking. For the three months ended 3/31/99, total interest income increased 21 percent to $34.7 million. Net interest income after loan loss provision increased 41 percent to $15 million. Net income rose 99 percent to $6 million. Net interest income reflects higher mortgage-backed securities. Net income also reflects the inclusion of a $402 thousand gain on sale of housing partnership investments. 
First American Corp. (TN) (NYSE : FAM)FAM is a regional bank holding Co. with 391 offices in TN, KY and VA. As of 3/99, assets and deposits totalled $20.33 billion and $14.44 billion respectively. For the three months ended 3/99, total interest income rose 1 percent to $337 million. Net interest income after loan loss prov. rose 2 percent to $176.6 million. Net income rose 3 percent to $66.5 million. Results reflect an increase in earning assets and a lower rate paid on deposits. Net income also reflects increased investment services income. 
First Banks America, Inc. (NYSE : FBA)FBA is a bank holding company for First Bank TEXAS N.A. and First Bank of California. For the three months ended 3/31/99, total interest income rose 14 percent to $14.8 million. Net interest income after loan loss prov. rose 35 percent to $9.2 million. Net income rose 48 percent to $1.6 million. Results reflect increased earning asset balances and a lower provision for loan losses. Earnings also benefitted from improved margins due to asset balances gained with recent acquisitions. 
F.N.B. Corporation (Nasdaq : FBAN)F.N.B. Corp., a bank holding company, operates nine banks and a finance company with offices in PA, NY, OH and FL. For the three months ended 3/31/99, total interest income rose 2 percent to $61.3 million. Net interest income after loan loss prov. rose 5 percent to $33.6 million. Net income applicable to Common fell 1 percent to $8.1 million. Net interest income reflects increase in average loan balances and lower borrowings. Net income reflects$1.3 million in merger related expenses. 
Firstbank Corporation (OTC BB : FBMI)Firstbank Corporation is a bank holding company for Bank of Alma, Firstbank, 1st Bank and Bank of Lakeview. The subsidiaries of the company are all full service community banks. For the three months ended 3/31/99, total interest income rose 1 percent to $11 million. Net interest income after loan loss prov. rose 7 percent to $6.1 million. Net income rose 11 percent to $1.9 million. Results reflect increased interest on invested securities, lower loan loss provision and an increase in trust fees. 
First Bancorp (NYSE : FBP)First Bancorp, a holding company, is a Puerto Rican chartered commercial bank with 37 offices in Puerto Rico and the U.S. Virgin Islands. For the fiscal year ended 12/98, total interest income rose 13 percent to $321.3 million. Net interest income after loan loss provision fell 9 percent to $90.2 million. Net income rose 9 percent to $51.8 million. Net interest income reflects increased earning asset balances, offset by a higher provision for loan losses. Earnings reflect increased investment gains. 
First Community Bnkshrs. (OTC BB : FCBC)First Community is a multi-bank holding company, with locations in WV, VA and NC. For the three months ended 3/99, interest income fell 9 percent to $18.7 million. Net interest income after loan loss prov. rose 1 percent to $9.9 million. Net income fell 3 percent to $3.8 million. Results reflects an decrease in balances of average outstanding loans, offset by lower levels of loan delinquencies and non-performing loans reductions. Earnings reflect the removal of the credit card processing costs. 
First Commerce Bancshares (Nasdaq : FCBIA)FCBIA is a multi-bank holding Company for eight commercial bank subsidiaries, a mortgage company and an asset management company. For the fiscal year ended 12/31/98, total interest income rose 8 percent to $162 million. Net interest income after loan loss prov. rose 9 percent to $74.5 million. Net income rose 9 percent to $29 million. Results reflect higher interest earning asset balances, a lower provision for loan losses and higher service charges and fees to customers. 
First Commonwealth Fncl. (NYSE : FCF)FCF is a holding company for First Commonwealth Bank and Southwest Bank. Financial services and insurance products are also provided through First Commonwealth Trust Company and Insurance Agency. Total interest income for the three months ended 3/99 rose 5 percent to $71.8 million. Net interest income after loan loss provision rose 7 percent to $32.8 million. Net income rose 20 percent to $12 million. Results reflect increase in securities, lower interest on deposits, and gains from sale of martgage loans. 
First Citizen Bancshr. NC (Nasdaq : FCNCA)First Citizens Bancshares is a bank holding company whose subsidiaries operate 354 offices in NC, VA and WV. For the three months ended 3/31/99, total interest income rose 4 percent to $155.5 million . Net interest income after loan loss prov. rose 13 percent to $83.1 million. Net income rose 22 percent to $19 million. Net interest income reflects higher average loan balances and a lower provision for loan losses. Earnings also benefitted from increased service charges and securities gains. 
First Charter Corp. (Nasdaq : FCTR)First Charter is a multi-bank holding company for First Charter National Bank, Bank of Union and HFNC Financial Corp. For the three months ended 3/31/99, total interest income rose 5 percent to $34.8 million. Net interest income after loan loss provision rose 4 percent to $16.3 million. Net earnings were unchanged at $6.2 million. Results reflect increased average balances of loans, offset somewhat by a decline in the net interest margin and higher provision for loan losses. 
First Financial Bncrp./OH (Nasdaq : FFBC)First Financial Bancorp. is a bank holding company whose 15 subsidiary financial institutions operate 105 offices in Ohio, Indiana and Michigan. For the three months ended 3/31/99, total interest income rose 6 percent to $55.8 million. Net interest income after loan loss provision rose 6 percent to $32.2 million. Net income rose 10 percent to $11.1 million. Results reflect increased average loan balances, increased service charges on deposit accounts and increased trust revenues. 
First Fed. Bancshs. of AR (Nasdaq : FFBH)FFBH is a bank holding company for the First Federal Bank of Arkansas, FA. For the three months ended 3/31/99, total interest income increased 7 percent to $11.3 million. Net interest income after loan loss provision rose 5 percent to $4.7 million. Net income rose 7 percent to $1.5 million. Net interest income reflects an increase in the average balance of investment securities, partially offset by a higher deposit balance. Net income reflects increased deposit fee income. 
First Financial Bankshare (Nasdaq : FFIN)FFIN is a multi-bank holding company for nine banks located in Texas. For the three months ended 3/31/99, total interest income decreased 3 percent to $27 million. Net interest income after loan loss provision decreased 1 percent to $15.8 million. Net income increased 9 percent to $6.1 million. Net interest income suffered from lower interest earnings assets, partially offset by lower short term borrowings. Earnings reflect increased deposit service fees due to higher transaction volumes. 
Farmers Capital Bank Corp (Nasdaq : FFKT)FFKT is a holding company for six bank subsidiaries and one data processing subsidiary serving customers in KY. For the three months ended 3/31/99, total interest income remained unchanged at $17 million. Net interest income after loan loss prov. rose 4 percent to $10 million. Net income fell 2 percent to $3.5 million. Result reflect increased average balances on investment securities, lower loan loss prov., offset by a noncash compensation charge and lower service charge income. 
First National
Nebraska (OTC BB : FINN)First National of Nebraska is a bank holding company for 11 subsidiary banks operating in Nebraska, Kansas, Colorado and South Dakota. For the three months ended 3/31/99, total interest income rose 3 percent to $202.6 million. Net interest income after loan loss provision rose 10 percent to $87 million. Net income fell 18 percent to $19.5 million. Results reflect increased average loan balances, offset by lower miscellaneous income due to the absence of litigation settlement proceeds. 
Fifth Third Bancorp (Nasdaq : FITB)Fifth Third Bancorp, a bank holding company for Fifth Third Bank, operates 468 branches in OH, IN, KY, AZ and FL and offers commercial and retail banking, investment advisory, etc. For the three months ended 3/31/99, total interest income fell 2 percent to $496.3 million. Net interest income after loan loss prov. rose 12 percent to $246.8 million. Net income rose 21 percent to $150.4 million. Results reflect lower interest earning assets, offset by a higher net interest margin and higher advisory income. 
Florida Banks, Inc. (Nasdaq : FLBK)FLBK is the bank holding company for First National Bank of Tampa. For the fiscal year ended 12/31/98, interest income increased 26 percent to $5.4 million. Net interest income after loan loss provision increased 22 percent to $2.4 million. Net loss totalled $4.6 million vs. income of $376 thousand. Net interest income after LLP reflects growth in interest earning assets, partially offset by higher provisions for losses. Net loss suffered from increase salaries and wages. 
First Liberty Bank Corp. (OTC BB : FLIB)FLIB, a bank holding company, provides full-service wholesale and retail banking services through its subsidiary, The First National Bank of Jermyn. For the three months ended 3/99, total interest income fell 3 percent to $10.3 million. Net interest income after loan loss prov. fell 2 percent to $4.7 million. Net income rose 9 percent to $1.5 million. Net interest income reflects lower earning assets, partially offset by a higher cost of funds. Net income reflects higher gains on the sale of securities. 
First of Long Island (Nasdaq : FLIC)The First of Long Island is a one bank holding company which operates The First National Bank of Long Island. For the three months ended 3/31/99, interest income increased 5 percent to $8.2 million. Net interest income after loan loss prov. rose 10 percent to $5.9 million. Net income rose 12 percent to $2.2 million. Net interest income reflects the growth in average checking balances and the origination of loans. Earnings reflect increased service charges on deposits and trust income. 
First Leesport Bancorp (Nasdaq : FLPB)First Leesport Bancorp is the bank holding company for The First National Bank of Leesport, a federally chartered bank serving Berks County, PA. For the three months ended 3/31/99, total interest income rose 28 percent to $4.1 million. Net interest income after loan loss provision rose 8 percent to $1.9 million. Net income totalled $437 thousand, up from $199 thousand. Results reflect increased earning asset balances and increased commissions earned on insurance sales. 
Fleet Financial Group (NYSE : FLT)FLT provides a broad range of financial services, ranging from consumer banking to treasury services. For the three months ended 3/31/99, total interest income rose 12 percent to $1.78 billion. Net interest income after loan loss prov. rose 6 percent to $885 million. Net income applicable to Common rose 36 percent to $422 million. Net interest income reflects an increase in average loans, partially offset by higher long term debt. Earnings reflect the acquisition of Advanta credit card operations. 
First Mariner Bancorp (Nasdaq : FMAR)FMAR is the holding company of First Mariner Bank, an independent community bank engaged in general commercial banking business with individuals and small to mid-sized businesses. For the three months ended 3/99, total interest income rose 94 percent to $9 million. Net interest income after loan loss provision rose 61 percent to $3.7 million. Net income rose 33 percent to $201 thousand. Results reflect higher loans and securities balances, partially offset by higher borrowed funds and salary expenses. 
F & M Bancorporation, Inc (Nasdaq : FMBK)F and M Bancorporation, Inc. is a multibank holding company whose subsidiaries serve retail and commercial customers throughout WI. For the three months ended 3/31/99, total interest income remained flat at $45 million. Net interest income after loan loss provision rose 7 percent to $24 million. Net income rose 13 percent to $8.7 million. Net interest income reflects a lower provision for loan losses. Earnings also benefitted from increases in secondary market commissions. 
F&M Bancorp (Nasdaq : FMBN)F&M Bancorp is a bank holding company for Farmers and Mechanics National Bank and Home Federal Savings Bank, with 43 offices in Maryland. For the three months ended 3/31/99, total interest income rose less than 1 percent to $24.8 million. Net interest income after loan loss provision fell less than 1 percent to $12.6 million. Net income remained flat at $4.2 million. Results reflect increased interest paid on deposits, partially offset by reduced salaries expense. 
FMS Financial Corp. (Nasdaq : FMCO)FMS Financial Corp. is a bank holding company for Farmers and Mechanics Bank. For the three months ended 3/31/99, total interest income fell 2 percent to $11.2 million. Net interest income after loan loss provision fell 2 percent to $5.1 million. Net income fell 20 percent to $987 thousand. Net interest income reflects a decrease in the average balance of the loan portfolio and a lower rate paid on deposits. Net income also reflects increased salaries and benefits and occupancy expenses. 
FirstMerit Corporation (Nasdaq : FMER)FMER is a multi-bank holding company which provides a wide range of banking, fiduciary, financial, investment and insurance services. For the three months ended 3/99, interest income rose 10 percent to $165.3 million. Net interest income after loan loss prov. rose 1 percent to $78.1 million. Net income before extra items applicable to Com. fell 82 percent to $5.3 million. Results reflect higher average loan balances, offset by lower net interest margins. Earnings were offset by $33.6 million in merger related expenses. 
First M & F Corporation (Nasdaq : FMFC)FMFC is a bank holding company for Merchants and Farmers Bank, located in Mississippi. For the three months ended 3/99, interest income rose 6 percent to $12.7 million. Net interest income after loan loss provision rose 12 percent to $6.3 million. Net income rose 6 percent to $2.1 million. Net interest income after LLP reflects growth in interest earning assets and lower interest costs. Earnings were partially offset by increased salaries and benefits expenses. 
F & M National Corp. (NYSE : FMN)FMN is a multi-bank holding company offering a full range of banking services principally to individuals, and small and middle market businesses. For the three months ended 3/31/99, interest income rose less than 1 percent to $50 million. Net interest income after loan loss prov. rose 5 percent to $29.6 million. Net income rose 21 percent to $11 million. Results reflect higher average earning assets, lower interest on deposits, higher securities gains and higher income from service charges. 
1st National Bank/Anchor. (OTC BB : FNAN)The First National Bank of Anchorage is a full service commercial bank, operating 28 branches throughout Alaska. For the nine months ended 9/30/98, total interest income rose 1 percent to $83.4 million. Net interest income after loan loss provision rose 3 percent to $61 million. Net income decreased 8 percent to $22.5 million. Net interest income reflects higher interest on loans and lower rates on deposits. Earnings were offset by increased salaries and furniture and equipment expenses. 
FNB Financial Services (Nasdaq : FNBF)FNBF is a bank holding company for the First National Bank of Reidsville and operates through five branches in Reidsville and Eden, NC. For the three months ended 3/31/99, total interest income rose 12 percent to $7.6 million. Net int. income after loan loss prov. rose 19 percent to $3.6 million. Net income rose 11 percent to $860 thousand. Net interest income reflects higher average loans outstanding and a lower loan loss prov. Net income was partially offset by a higher equipment expense. 
FNB Corp. (NC) (Nasdaq : FNBN)FNB Corp. is the holding company for First National Bank and Trust Company, a federally chartered bank serving communities in central North Carolina. For the three months ended 3/31/99, total interest income rose 2 percent to $6.6 million. Net interest income after loan loss prov. rose 6 percent to $3.7 million. Net income rose 5 percent to $1.1 million. Results reflect increased earning asset balances, a lower loan loss prov., partially offset by higher personnel and data processing expenses. 
FNB CORPORATION (VA) (Nasdaq : FNBP)FNB Corporation is a bank holding company for First National Bank (VA). For the three months ended 3/99, interest income rose 5 percent to $9 million. Net interest income after loan loss provision rose 10 percent to $4.5 million. Net income increased 13 percent to $1.6 million. Net interest income after LLP reflects growth in interest earning assets and decreased interest costs on deposits. Earnings also reflect increased service charges and fees. 
First National Corp./SC (AMEX : FNC)First National Corp. is a bank holding company for First National Bank in South Carolina. For the three months ended 3/99, interest income rose 13 percent to $12.2 million. Net interest income after loan loss provision rose 19 percent to $7.1 million. Net income rose 11 percent to $2.1 million. Net interest income after LLP reflects growth in interest earning assets and decreased cost of liabilities. Earnings were partially offset by increased salaries and benefits costs. 
First Int'l. Bancorp (Nasdaq : FNCE)First International Bancorp is a bank holding company for First International Bank. For the fiscal year ended 12/31/98, total interest income rose 24 percent to $18.1 million. Net interest income after loan loss provision increased 18 percent to $7.1 million. Net income rose 59 percent to $7 million. Net interest income reflects higher earning assets, partially offset by a higher loan loss provision. Net income benefitted from higher loan servicing income. 
First Oak Brook Bancshare (Nasdaq : FOBB)FOBB is a bank holding company for Oak Brook Bank, which serves the suburbs of Chicago through 10 offices. For the nine months ended 9/98, total interest income rose 11 percent to $45.4 million. Net interest income after loan loss prov. rose 6 percent to $20.5 million. Net income fell 42 percent to $6.7 million. Results reflect increased average interest earning assets, partially offset by lower net interest margins. Earnings were offset by the absence of a $9.1 million gain from sale of credit card portfolio. 
Foothill Indep't Bancorp (Nasdaq : FOOT)Foothill Independent Bancorp is a bank holding company for Foothill Independent Bank, a state chartered bank with 10 offices in CA. For the three months ended 3/31/99, total interest income rose 1 percent to $8.7 million. Net interest income after loan loss provision rose 9 percent to $6.4 million. Net income rose 50 percent to $1.5 million. Results reflect increased earning asset balances, a lower provision for loan losses and a reduced provision for losses on real estate. 
First Philson Financial (AMEX : FPB)First Philson Financial is a bank holding company for First Philson Bank, N.A., a federally chartered bank with nine locations in Somerset and Fayette Counties, PA. For the three months ended 3/31/99, total interest income rose 1 percent to $3.7 million. Net interest income after loan loss provision rose 2 percent to $2.3 million. Net income fell 2 percent to $674 thousand. Results reflect increased earning asset balances, offset by increased salaries and occupancy expenses. 
First Place Financial (OTC BB : FPLF)First Place Financial is a holding company for First National Bank of Farmington, Burns National Bank of Durango and Western Bank. For the three months ended 3/31/99, total interest income fell 7 percent to $14.8 million. Net interest income after provision for loan losses rose 20 percent to $8.3 million. Net income rose 79 percent to $3 million. Results reflect a reduction in adversely classified commercial real estate loans at FNBF and an increase in service charges and fees. 
Republic First Bancorp (Nasdaq : FRBK)FRBK, the bank holding company for First Republic Bank, provides a variety of banking services to individuals and businesses. For the three months ended 3/31/99, total interest income rose 14 percent to $9.1 million. Net interest income after loan loss prov. fell 4 percent to $3.2 million. Net income before accounting change fell 8 percent to $2.2 million. Results reflect an increased provision for loan losses and increased legal settlement expenses and real estate write-downs. 
First Republic Bank (NYSE : FRC)First Republic Bank specializes in private banking, real estate lending and investment management services for five metropolitan areas in CA, NV and NY. For the fiscal year ended 12/31/98, total interest income rose 11 percent to $195.4 million. Net interest income after loan loss prov. rose 18 percent to $64.4 million. Net earnings rose 19 percent to $20.4 million. Results reflect an increase in avg. loan and investment balances, growth in lower cost products and lower level of nonearning assets. 
First Regional Bancorp (Nasdaq : FRGB)First Regional Bancorp is a bank holding company for First Regional Bank in California. For the three months ended 3/31/99, interest income rose 26 percent to $3.6 million. Net interest income after loan loss provision rose 32 percent to $2.7 million. Net income increased 14 percent to $409 thousand. Net interest income after LLP reflects growth in interest earning assets and loss provision credits. Earnings were partially offset by increased salaries and benefits costs. 
First Merchants Corp. (Nasdaq : FRME)FRME, a bank holding co., through its subsidiaries, offers a broad range of financial services such as accepting time and transaction deposits and trust services. For the three months ended 3/99, total interest income rose 5 percent to $20.2 million. Net interest income after loan loss prov. rose 7 percent to $10.4 million. Net income rose 3 percent to $3.9 million. Results reflect increased earning asset balances and lower interest on deposits. Earnings reflect increased salaries and benefits. 
First Security Corp., DE (Nasdaq : FSCO)FSCO is a bank holding company that provides a full range of financial services to individual and corporate customers throughout UT, ID, CA, NM, NV, OR and WY. For the three months ended 3/99, interest income rose 11 percent to $369.8 million. Net interest income after loan loss prov. rose 9 percent to $165.7 million. Net income applicable to Common rose 6 percent to $64.9 million. Results reflect growth in loans and AFS Securities, partially offset by lower net interest margins and increased personnel costs. 
First Sterling Banks (Nasdaq : FSLB)First Sterling Banks is a multi-bank holding company whose subsidiary banks serve primarily Cobb, Gwinnett and surrounding counties in Georgia. For the three months ended 3/31/99, total interest income rose 14 percent to $4 million. Net interest income after loan loss provision rose 13 percent to $2.2 million. Net income rose 5 percent to $588 thousand. Results reflect increased earning asset balances partially offset by a higher loan loss provision. Earnings reflect a $129 thousand merger expense. 
FirstSpartan Financial (Nasdaq : FSPT)FSPT is a holding company for First Federal Savings and Loan Association of Spartanburg. For the nine months ended 3/31/99, total interest income rose 3 percent to $28.9 million. Net interest income after loan loss provision fell 2 percent to $14.5 million. Net income fell 14 percent to $4.9 million. Net interest income reflects growth in interest earning assets, offset by an increase in interest bearing liabilities. Net income reflects a higher compensation expense due to added personnel. 
Firstar Corporation (NYSE : FSR)Firstar is a bank holding company providing a comprehensive line-up of banking and related financial services. For the three months ended 3/99, total interest income rose 2 percent to $649.5 million. Net interest income after loan loss prov. rose 6 percent to $329.9 million. Net income applc. to Common rose 22 percent to $169.6 million. Results reflect increased volumes from strong loan growth and higher net spread. Net income reflects higher trust income and lower personnel expenses. 
First Citizens Corp. (Nasdaq : FSTC)FSTC, a bank and thrift holding co., conducts business through its subsidiaries, First Citizens Bank, First Citizens Bank of Fayette County and Tara State Bank. For the nine months ended 12/31/98, total interest income rose 16 percent to $23.9 million. Net interest income after loan loss prov. rose 14 percent to $12.5 million. Net income fell 33 percent to $4 million. Net interest income reflects acqs., partially offset by a higher loan loss prov. Earnings reflect the absence of a $3.5 million gain on sale of RE. 
Franklin Bank NA (Nasdaq : FSVB)FSVB is a nationally-chartered commercial bank that provides business and consumer financial services in SouthernMI. For the fiscal year ended 12/31/98, interest income fell 2 percent to $39.8 million. Net interest income after loan loss prov. rose 25 percent to $22.7 million. Net income applicable to Common rose 29 percent to $2.6 million. Net interest income reflects lower average outstanding loans offset by lower loss provisions. Earnings also reflect increased loan fees. 
Frontier Financial Corp. (Nasdaq : FTBK)Frontier Financial Corp. is a bank holding company which engages in consumer banking services, as well as maintaining a commercial lending program and operating an Insurance and Investment Center. For the three months ended 3/99, interest income rose 10 percent to $24.3 million. Net interest income after loan loss provision rose 13 percent to $14.3 million. Net income rose 18 percent to $6 million. Results reflect increased loans due to regional economic growth and higher service charges. 
First Colonial Group,Inc. (Nasdaq : FTCG)FTCG is a bank holding company for Nazareth National Bank and Trust Co., a community bank providing retail and commercial banking services. For the three months ended 3/31/99, interest income decreased 3 percent to $6.2 million. Net interest income after loan loss provision decreased 4 percent to $3.4 million. Net income increased 2 percent to $785 thousand. Results reflect an decrease in interest earned on fees and loans. Earnings reflect higher trust fees, and investment security gains. 
First Tennessee National (Nasdaq : FTEN)First Tennessee National is a bank holding company whose subsidiaries operate 323 banking offices in TN, MS and AR. For the three months ended 3/31/99, total interest income increased 17 percent to $300.3 million. Net interest income after loanloss provision increased 17 percent to $133.3 million. Net income increased 14 percent to $53 million. Net interest income reflects higher mortgage banking and capital markets fees. Earnings were partially offset by increased employee and benefits expenses. 
First Financial Corp./RI (Nasdaq : FTFN)First Financial Corp. is a bank holding company for First Bank and Trust Company, a state chartered bank with four branches in RI. For the three months ended 3/31/99, total interest income increased 8 percent to $2.7 million. Net interest income after loan loss provision rose 15 percent to $1.4 million. Net income rose 21 percent to $407 thousand. Net interest income reflects increased earning asset balances and reduced interest paid on deposits. Earnings also reflect increased loan sale gains. 
First Union Corporation (NYSE : FTU)First Union is a bank holding company providing a range of commercial and retail banking services through 3,724 offices throughout the U.S. and 29 foreign countries. For the three months ended 3/31/99, total interest income fell 1 percent to $3.57 billion. Net interest income after loan loss provision fell 5 percent to $1.62 billion. Net income fell 11 percent to $706 million. Results reflect lower average loan balances, a higher loan loss provision and increased merger-related expenses. 
Fulton Financial Corp. (Nasdaq : FULT)FULT is a multi-bank holding company for 11 banks and four non-banks located in central and eastern PA, southern NJ, northern MD and southern DE. For the three months ended 3/99, interest income rose 1 percent to $101.4 million. Net interest income after loan loss provision rose 3 percent to $56.7 million. Net income rose 11 percent to $23.5 million. Net interest income reflects growth in interest earning assets and lower interest on deposits. Earnings reflect increased service charges. 
First United Corporation (Nasdaq : FUNC)FUNC is a bank holding company for First United National Bank and Trust, with 22 offices in MD and WV. FUNC also operates Oakfirst Life Insurance. For the three months ended 3/31/99, total interest income rose 12 percent to $12.5 million. Net interest income after loan loss provision rose 8 percent to $6.2 million. Net income rose 8 percent to $1.8 million. Net interest income reflects increased earning asset balances, partially offset by a higher provision for loan losses. 
FVNB Corporation (Nasdaq : FVNB)FVNB is a holding Company for PMV, Inc. (acquires, manages and liquidates assets), and FVCDC (acquires, develops, manages and sells housing units). For the fiscal year ended 12/31/98, total interest income rose 14 percent to $37.5 million. Net interest income after loan loss prov. rose 11 percent to $19.8 million. Net income rose 22 percent to $6.1 million. Net interest income reflects higher earning assets, partially offset by higher deposits expense. Earnings reflect an increase in service charges and fees. 
First Western Bancorp,Inc (Nasdaq : FWBI)FWBI is a multi-institutional bank holding company which provides financial services in western Pennsylvania and northeastern Ohio. For the three months ended 3/31/99, total interest income rose 13 percent to $35.5 million. Net interest income after loan loss provision rose 14 percent to $15.6 million. Net income fell 5 percent to $5.3 million. Net interest income reflects a rise in interest earning assets. Earnings were offset by a drop in net gains on loan sales. 
German American Bancorp (Nasdaq : GABC)GABC is a multi-bank holding company for The German American Bank, First State Bank, and German American Holdings, all located in Indiana. For the three months ended 3/99, interest income rose 1 percent to $16.3 million. Net interest income after loan loss provision rose 1 percent to $7.5 million. Net income rose 1 percent to $2.2 million. Net interest income reflect growth in interest earning assets and lower interest costs. Earnings also reflect a lower effective income tax rate. 
Greater Bay Bancorp (Nasdaq : GBBK)GBBK is a bank holding company for Mid-Peninsula Bank, Cupertino National Bank, Peninsula Bank of Commerce and Golden Gate Bank. For the three months ended 3/31/99, total interest income rose 23 percent to $31.3 million. Net interest income after loan loss provision rose 24 percent to $17.5 million. Net income before extraordinary item rose 29 percent to $5.1 million. Net interest income after LLP reflects increases in average interest-earning assets. Net income reflects growth in loans and deposits. 
GBC Bancorp. (Nasdaq : GBCB)GBC Bancorp is the parent bank holding company for General Bank, a state-chartered commercial bank in CA, and other subsidaries. For the three months ended 3/31/99, total interest income rose 5 percent to $31.1 million. Net interest income after loan loss prov. rose 2 percent to $16.2 million. Net income fell 1 percent to $6.6 million. Results reflect an increase in average interest earning assets, partially offset by $1.5 million in loan loss prov. and a $256 thousand write-off of an intangible asset. 
Georgia Bank Financial (OTC BB : GBFP)Georgia Bank Financial is a holding company for Georgia Bank and Trust Company of Augusta. As of 12/98, the Company operates seven banking offices. For the fiscal year 12/31/98, total interest income rose 14 percent to $21.5 million. Net interest income after loan loss provision rose 15 percent to $10.8 million. Net income rose 24 percent to $2.9 million. Net interest income reflects higher loan balances and interest rate spread. Net income also reflects higher service charges and fees. 
GrandBanc, Inc. (OTC BB : GDBC)GrandBanc, a bank holding company, is a chartered commercial bank, with offices in Maryland and Virginia. For the three months ended 3/31/99, total interest income increased 4 percent to $2.2 million. Net interest income after loan loss provision decreased 9 percent to $952 thousand. Net loss totalled $62 thousand vs. income of $24 thousand. Net interest income reflects a rise in earning assets, offset by a rise in loan loss provision. Losses reflect an increase in salaries and employee benefits. 
Georgia Carolina Bancshs. (OTC BB : GECRGECR is a one-bank holding company for the First Bank of Georgia, a state-chartered commercial bank. For the three months ended 3/31/99, total interest income increased 4 percent to $822 thousand. Net interest income after loan loss provision increased 6 percent to $492 thousand. Net income decreased 16 percent to $46 thousand. Net interest income reflects increased interest-earning assets and decreased interest-bearing liabilities. Net income was offset by increased advertising costs. 
Greater Community Bancorp (Nasdaq : GFLS)GFLS is a bank holding company for Great Falls Bank and Bergen Commercial Bank, state chartered banks with 11 offices in NJ. For the three months ended 3/31/99, total interest income rose 3 percent to $6.1 million. Net interest income after loan loss prov. rose 10 percent to $3.3 million. Net income rose 15 percent to $887 thousand. Net interest income reflects higher earning asset balances and reduced interest paid on deposits. Earnings also reflect increases in other income. 
Golden Isles Financial (Nasdaq : GIFH)Golden Isles Financial is a bank holding company for The First Bank of Brunswick, a federally chartered bank with two offices in Georgia. For the three months ended 3/31/99, total interest income rose 4 percent to $2.5 million. Net interest income after loan loss provision rose 4 percent to $1.1 million. Net income from continuing operations rose 5 percent to $294 thousand. Results reflect increased earning asset balances and increases in mortgage fees earned. 
GLB Bancorp, Inc. (Nasdaq : GLBK)GLB Bancorp is a one-bank holding company for Great Lakes Bank. The Bank focuses on secured lending for residential and commercial real estate and also offers a broad array of deposit products. For the three months ended 3/99, interest income rose 35 percent to $1.7 million. Net interest income after loan loss prov. rose 55 percent to $978 thousand. Net income rose 46 percent to $150 thousand. Results reflect an increase in federal fund balances, partially offset by higher salaries. 
Guaranty Bancshares, Inc. (Nasdaq : GNTY)Guaranty Bancshares, Inc. is a bank holding company for Guaranty Bank, a state chartered commercial bank. For the three months ended 3/31/99, total interest income rose 6 percent to $4.8 million. Net interest income after loan loss provision rose 27 percent to $2.4 million. Net income applicable to Common fell 9 percent to $655 thousand. Results reflect increased earning asset balances and a lower loan loss provision, offset by reduced gains on the sale of loans. 
Grand Premier Financial (Nasdaq : GPFI)GPFI is a bank holding company engaged in financial activities, including trust and investment services in northern IL. For the three months ended 3/31/99, total interest income fell 7 percent to $27.1 million. Net interest income after loan loss provision fell 3 percent to $14.2 million. Net income applicable to Common totaled $8.8 million, up from $4.3 million. Net interest income reflects a decrease in loan revenue. Earnings reflect the sale of branches and deposits. 
Bank of Granite Corp. (Nasdaq : GRAN)GRAN is a holding company for Bank of Granite, a commercial bank with branches located in NC, and GLL and Associates, a mortgage bank. For the three months ended 3/31/99, total interest income rose 2 percent to $11.8 million. Net interest income after loan loss prov. rose 3 percent to $7.6 million. Net income rose 1 percent to $3.8 million. Results reflect higher investment security volumes, partially offset by expenses related to the opening of two new retail offices. 
Granite State Bankshares (Nasdaq : GSBI)Granite State Bankshares is a single-bank holding company for Granite Bank, which offers a wide range of consumer and commercial services, primarily commercial loans, deposits, checking and saving accounts. For the three months ended 3/99, interest income rose 3 percent to $14.9 million. Net interest income after loan loss provision rose 5 percent to $7.9 million. Net income fell 9 percent to $2.3 million. Results reflect higher overall yields, offset by lower gain on sale of securities. 
Guaranty Financial Corp. (Nasdaq : GSLC)Guaranty Financial Corp. is a bank holding company for Guaranty Bank, a state chartered bank headquartered in Charlottesville, VA. For the three months ended 3/31/99, total interest income rose 56 percent to $3.9 million. Net interest income after loan loss provision rose 37 percent to $1.3 million. Net income rose 10 percent to $273 thousand. Results reflect increased earning asset balances due to loan growth, partially offset by increased personnel costs due to the overall growth of the bank. 
Gulf West Banks, Inc. (Nasdaq : GWBK)GWBK is a bank holding company for Mercantile Bank and Liberty Leasing Corp. For the three months ended 3/31/99, total interest income rose 16 percent to $6 million. Net interest income after loan loss provision rose 6 percent to $2.9 million. Net income fell 10 percent to $553 thousand. Net interest income reflects an increase in the average earning loan portfolio, partially offset by a decrease in the weighted average yield. Earnings were offset by higher employee compensation and occupancy expense. 
Habersham Bancorp (Nasdaq : HABC)HABC, a bank holding company for Habersham Bank and Security Bancorp, Inc., operates full-service commercial banks. For the three months ended 3/31/99, total interest income rose 4 percent to $7.2 million. Net interest income after loan loss provision rose 1 percent to $3.3 million. Net income fell 54 percent to $204 thousand. Results reflect increased earning asset balances, offset by $531 thousand in unrealized losses on trading securities and increased salary and employee benefits expense. 
Huntington Bancshares (Nasdaq : HBAN)HBAN is a bank holding company engaged in retail and corporate banking, dealer sales, and private financials. For the three months ended 3/31/99, total interest income fell 1 percent to $495.7 million. Net interest income after loan loss prov. rose 1 percent to $234.2 million. Net income rose 8 percent to $96.6 million. Net interest income reflects lower-yielding securities, offset by lower borrowings. Net income also reflects higher income from deposit service charges due to expansion. 
Hancock Holding Company (Nasdaq : HBHC)Hancock Holding Company is a bank holding company for Hancock Bank, MS, and Hancock Bank of Louisiana. For the three months ended 3/99, total interest income increased 7 percent to $51.3 million. Net interest income after loan loss provision (LLP) rose 6 percent to $28.7 million. Net income fell 5 percent to $7.6 million. Net interest income reflects increased loans, partially offset by higher interest on deposits. Earnings suffered from an increase in salaries and employee benefits expense. 
Horizon Bancorp (OTC BB : HBNC)Horizon Bancorp is a bank holding company for Horizon Bank, N.A., HBC Insurance Group and The Loan Store, Inc. For the fiscal year ended 12/31/98, total interest income fell 2 percent to $28.6 million. Net interest income after loan loss provision fell 6 percent to $14 million. Net income fell 37 percent to $1.1 million. Net interest income reflects lower average loan balances and an an increase in higher interest bearing products. Earnings also suffered from increased salaries and employee benefits. 
Heritage Oaks Bancorp (OTC BB : HEOP)Heritage Oaks Bancorp. is a bank holding company for Heritage Oaks Bank. The bank has branches in Paso Robles, San Luis Obispo, and Cambria, Californaia. For the three months ended 3/99, total interest income rose 25 percent to $2.2 million. Net interest income after loan loss provision rose 30 percent to $1.6 million. Net income fell 42 percent to $189 thousand. Net interest income reflects increased earning assets and lower rates paid on deposits. Earnings were offset by lower ATM revenues. 
Hibernia Corporation (NYSE : HIB)HIB is a bank holding company which operates through its subsidiaries, Hibernia Nat'l Bank and Hibernia Nat'l Bank of Texas, in LA and TX. For the three months ended 3/99, interest income rose 6 percent to $251.1 million. Net interest income after loan loss provision fell 13 percent to $111.1 million. Net income applicable to Common fell 29 percent to $27.8 million. Net interest income reflects higher earning assets, offset by higher borrowing. Earnings reflect higher personnel and merger related costs. 
Harleysville Nat'l Corp. (Nasdaq : HNBC)HNBC is a bank holding company for Harleysville National Bank and Trust, The Citizens National Bank of Lansford, Summit Hill Trust Co., and Farmers and Merchants Bank. For the three months ended 3/31/99, revenues rose 10 percent to $24.5 million. Net interest income after provision for loan losses rose 9 percent to $13.5 million. Net income increased 16 percent to $5.2 million. Results reflect increases to earning asset volumes, offset by a rise in interest expense. 
Hanover Bancorp, Inc. (OTC BB : HOVB)HOVB is a bank holding company for Bank of Hanover and Trust Company, a state chartered bank with 10 offices in York and Adams Counties, PA. For the nine months ended 9/30/98, total interest income rose 12 percent to $23.3 million. Net interest income after loan loss prov. rose 4 percent to $10.6 million. Net income rose 11 percent to $3.1 million. Net interest income reflects higher loan and investment securities activity, partially offset by higher deposits. Earnings reflect higher ATM fees and overdraft fees. 
High Point Financial Corp (Nasdaq : HPFC)High Point Financial Corp. is a bank holding company for The National Bank of Sussex County, NJ. For the fiscal year ended 12/31/98, interest income increased 5 percent to $17.3 million. Net interest income after loan loss provision rose 2 percent to $10.4 million. Net income fell 3 percent to $2.2 million. Net interest income reflects increased volume of earning assets, partially offset by increased bearing liabilities. Earnings were offset by a decrease in service charges on deposit accounts. 
Heritage Commerce Corp. (Nasdaq : HTBK)Heritage Commerce Corp. is a bank holding company for Heritage Bank, a state chartered bank with three offices serving Santa Clara and Alameda Counties in California. For the three months ended 3/31/99, total interest income rose 40 percent to $7.2 million. Net interest income after loan loss provision rose 20 percent to $4.4 million. Net income rose 38 percent to $627 thousand. Results reflect increased earning asset balances and increased gains on the sale of securities and loans. 
Hudson United Bancorp (NYSE : HU)Hudson United Bancorp is the holding co. for Hudson United Bank, Lafayette American Bank and Bank of the Hudson. The Co. also owns MSB Travel, and holds a 50 percent interest in a data and imaged check processing company. For the three months ended 3/99, interest income fell 3 percent to $111.1 million. Net interest income after loan loss prov. rose 7 percent to $60 million. Net income rose 65 percent to $24.6 million. Results reflect lower interest rates, better deposit mix and absence of merger costs. 
Intervest Bancshares Corp (Nasdaq : IBCA)IBCA is a bank holding company for Intervest Bank, a state-chartered bank, which provides banking services to small and middle-market businesses in Florida. For the three months ended 3/99, interest income rose 20 percent to $3.5 million. Net interest income after loan loss prov. rose 25 percent to $1.2 million. Net income before acct. change rose 28 percent to $394 thousand. Results reflect higher interest earning assets. Earnings reflect gains from sales of mortgage loans. 
Independent Bank Corp(MI) (Nasdaq : IBCP)Independant Bank Corp., a bank holding company, serves rural and suburban communities in lower Michigan. For the three months ended 3/31/99, total interest income rose 4 percent to $21.6 million. Net interest income after provision for loan loss rose 11 percent to $12.3 million. Net income rose 14 percent to $2.8 million. Net interest income benefited from an increase in average earning assets. Net income reflects an increase in the net gains on the sale of real estate mortgage loans. 
Independent Bankshares (AMEX : IBK)IBK is a multi-bank holding company whose subsidiaries operate 11 offices in West Texas. For the fiscal year ended 12/31/98, total interest income rose 12 percent to $20.4 million. Net interest income after loan loss provision rose 12 percent to $10.6 million. Net income applicable to Common rose 5 percent to $2.2 million. Net interest income reflects increases in net interest margin. Net income was partially offset by higher non-interest expenses related to the acquisition of Azle State. 
International Bancshares (Nasdaq : IBOC)IBOC is a bank holding company whose four bank subsidiaries provide services through 93 branch offices in 28 communities in South and Southeast TX. For the three months ended 3/31/99, total interest income rose 3 percent to $81.2 million. Net interest income after loan loss provision rose 5 percent to $35.3 million. Net income rose 17 percent to $15.9 million. Results reflect increased earning asset balances and increased service charges on deposit accounts. 
Independent Comm. Bank (OTC BB : ICBX)ICBX is a bank holding company for Middleburg Bank, serving Loudoun and Fauquier Counties, VA. For the three months ended 3/31/99, total interest income rose 6 percent to $3.5 million. Net interest income after loan loss provision rose 8 percent to $2.1 million. Net income rose 1 percent to $722 thousand. Results reflect increased earning asset balances and reduced interest paid on deposits, partially offset by increased salaries and employee benefits expense. 
Imperial Bancorp (NYSE : IMP)IMP, a bank holding Co., operates 12 banking offices and loan production offices. For the three months ended 3/31/99, total interest income rose 4 percent to $87.4 million. Net interest income after loan loss provision (LLP) increased 6 percent to $22 million. Net income rose 6 percent to $14.2 million. Net interest income after LLP reflects a lower loan loss allowance and higher net interest margin due to growth in the loan portfolio. Earnings reflect higher fee-based services and a lower tax provision. 
Community Independ. Bank (AMEX : INB)Community Independent Bank, a bank holding company, is engaged in a full service commercial and consumer banking business. For the three months ended 3/99, total interest income rose 19 percent to $1.9 million. Net interest income after loan loss prov. rose 10 percent to $867 thousand. Net income fell 19 percent to $120 thousand. Results reflect higher levels of loans receivable and taxable securities, offset by interest bearing deposits growth and higher payroll and occupancy expenses. 
Independent Bank Corp(MA) (Nasdaq : INDB)INDB (MA), a bank holding company, is engaged in commercial banking, retail banking and trust services. For the three months ended 3/31/99, total interest income rose 6 percent to $27.6 million. Net interest income after loan loss provision rose 3 percent to $13.9 million. Net income rose 4 percent to $3.8 million. Net interest income after LLP benefited from a higher average balance of interest earning assets. Net income reflects an increase in income from trust and financial services. 
InvestorsBancorp, Inc. (OTC BB : INVB)InvestorsBancorp, Inc. is a holding company for InvestorBank, serving the community of Waukesha in southeastern Wisconsin. For the three months ended 3/31/99, total interest income totalled $1.2 million, up from $422 thousand. Net interest income after loan loss provision totalled $394 thousand, up from $135 thousand. Net income before accounting change totalled $130 thousand vs. a loss of $32 thousand. Results benefitted from growth of the loan portfolio. 
Irwin Financial Corp. (Nasdaq : IRWN)IRWN is a bank holding company for Irwin Union Bank. IRWN is engaged in mortgage banking, home equity lending and equipment leasing. For the three months ended 3/31/99, total interest income rose 22 percent to $31.7 million. Net interest income after loan loss provision rose 36 percent to $16.7 million. Net income applicable to Common rose 27 percent to $30.5 million. Net interest income reflects a rise in earning assets. Earnings were partially offset by a $9.7 million trading loss vs. a $1.4 million trading gain. 
Interchange Financial (AMEX : ISB)Interchange Financial is a bank holding company for Interchange State Bank. ISB operates 12 banking offices in NJ. For the three months ended 3/31/99, interest income fell less than 1 percent to $11.9 million. Net interest income after loan loss prov. rose 4 percent to $7 million. Net income rose 16 percent to $2.3 million. Net interest income reflects lower interest earning assets, offset by lower borrowings. Net income also reflects $527 thousand gain from sale of equity securities. 
ISB Financial Corporation (Nasdaq : ISBF)ISBF, a bank holding company for IBERIABANK, operates full service offices in south central LA (26), northeastern LA (10), and the greater New Orleans area (8). For the three months ended 3/99, total interest income rose 31 percent to $23 million. Net interest income after loan loss prov. rose 32 percent to $11.6 million. Net income rose 33 percent to $2.9 million. Results reflect higher interest-earning assets, lower deposit rates and successful integration of First Commerce branches with IBERIABANK. 
ITLA Capital Corporation (Nasdaq : ITLA)ITLA Capital and subsidiaries primarily engages in the origination of loans secured by income producing real estate. For the three months ended 3/99, interest income fell 3 percent to $24.1 million. Net interest income after loan loss provision rose 11 percent to $11.5 million. Net income rose 12 percent to $3.9 million. Net interest income reflect the absence of mortgage backed securities, offset by lower loss provisions. Earnings also reflect decreased real estate operations expenses. 
Indiana United Bancorp (Nasdaq : IUBC)IUBC, a bank holding company, offers a broad range of financial services through 12 offices in eastern and southern Indiana. Interest income for the three months ended 3/99 rose 16 percent to $15.2 million. Net interest income after loan loss provision increased 12 percent to $6.7 million. Net income decreased 12 percent to $1.6 million. Net interest income reflects increased interest earning assets. Earnings were offset by increased salaries and employee benefits expense. 
JeffBanks, Inc. (Nasdaq : JEFF)JeffBanks, Inc. is a bank holding company, operating through its subsidiaries, Jefferson Bank and Jefferson Bank of NJ. For the three months ended 3/31/99, total interest income rose 3 percent to $30.3 million. Net interest income after loan loss prov. remained flat at $13.6 million. Net income rose 20 percent to $3.9 million. Net interest income reflects higher average interest earning assets, partially offset by a higher loan loss prov. Earnings reflect higher merchant credit card deposit fees. 
Jeffersonville Bancorp. (Nasdaq : JFBC)JFBC is a registered bank holding company for The First National Bank of Jeffersonville, a full service institution. For the fiscal year ended 12/31/98, total interest income rose 8 percent to $17.1 million. Net interest income after loan loss provision increased 16 percent to $9 million. Net income rose 31 percent to $2.3 million. Net interest income reflects higher average earning assets and a decreased interest margin. Earnings also reflect income earned on a new cashier's check program. 
James River Bankshares (Nasdaq : JRBK)James River Bankshares is a bank holding company which has four operating bank subsidiaries that conduct operations from Southeastern VA. For the three months ended 3/99, interest income rose 2 percent to $7.6 million. Net interest income after loan loss provision rose 5 percent to $3.9 million. Net income fell 52 percent to $637 thousand. Net interest income reflects growth in interest earning assets and lower interest costs. Earnings were offset by higher salaries and benefits costs. 
KeyCorp (NYSE : KEY)KeyCorp is an Ohio-based bank holding company providing commercial and retail banking and other financial services to corporate, institutional and individual customers. For the three months ended 3/31/99, total interest income rose 4 percent to $1.38 billion. Net interest income after loan loss provision remained flat at $574 million. Net income rose 25 percent to $293 million. Results reflect increased trust and asset management income and increased gains from divestitures. 
Kankakee Bancorp, Inc. (AMEX : KNK)KNK, a bank holding company for Kankakee Federal Savings Bank, provides banking services in 15 IL locations. For the three months ended 12/98, interest income fell 1 percent to $6.6 million. Net interest income after loan loss prov. fell 5 percent to $2.8 million. Net income fell 44 percent to $442 thousand. Net interest income reflects a decrease in the yield earned on interest-earning assets. Net income reflects the costs of opening three new offices in addition to the operation of the other twelve. 
MBNA Corporation (NYSE : KRB)KRB is a bank holding company for MBNA America Bank. Through the bank, KRB also offers credit cards, consumer loans, insurance and deposit products. For the three months ended 3/31/99, interest income rose 16 percent to $541.3 million. Net interest income after loan loss prov. rose 64 percent to $142.3 million. Earnings applicable to Common rose 25 percent to $182.5 million. Net interest income reflects higher loan receivables and lower liabilities rates. Earnings were partially offset by higher purchased services. 
Keystone Financial, Inc. (Nasdaq : KSTN)Keystone Financial is a bank holding company for seven community banks and various nonbank subsidiaries. For the three months ended 3/31/99, total interest income decreased 7 percent to $120.6 million. Net interest income after loan loss provision decreased 5 percent to $62 million. Net income decreased 66 percent to $8.3 million. Net interest income reflects a decrease in loans, partially offset by a decrease in interest on deposits. Earnings reflect a $19.1 million special charge. 
Lake Ariel Bancorp., Inc. (Nasdaq : LABN)Lake Ariel Bancorp., Inc. is a bank holding company for LA Bank, National Association, which provides commercial banking services in Northeastern PA. For the fiscal year ended 12/31/98, interest income rose 19 percent to $29.2 million. Net interest income after loan loss prov. rose 10 percent to $11.4 million. Net income rose 10 percent to $3.8 million. Net interest income reflects increased earning assets, partially offset by increased interest on deposits. Earnings reflect gains on sale of loans. 
Lafayette Bancorporation (OTC BB : LAYB)Lafayette Bancorporation is a bank holding company for Lafayette Bank and Trust Company, a state chartered bank serving northwest Indiana. For the three months ended 3/31/99, total interest income rose 14 percent to $9.5 million. Net interest income after loan loss provision rose 15 percent to $4.7 million. Net income rose 15 percent to $1.5 million. Results reflect increased earning asset balances due to the acquisition of three branches in Indiana from Bank One. 
Lamar Capital Corp. (Nasdaq : LCCO)Lamar Capital Corporation is a one-bank holding company that offers a broad line of banking and financial products. For the six months ended 6/30/98, total interest income increased 23 percent to $11.4 million. Net interest income after loan loss provision increased 15 percent to $4.5 million. Net income rose 45 percent to $1.6 million. Net interest income reflects higher loans and investment securities, partially offset by higher interest liabilities. Earnings reflect gains on sale of securities. 
Letchworth Ind. Bancshare (Nasdaq : LEBC)LEBC is a bank holding company for the Bank of Castile which offers a full range of commercial and consumer banking services to businesses and individuals. For the three months ended 3/31/99, total interest income rose 3 percent to $5.2 million. Net interest income after loan loss provision rose 12 percent to $3.1 million. Net income rose 21 percent to $966 thousand. Results reflect increased volume in the loan portfolio and growth in trust fee income and ATM charges. 
Long Island Financial (Nasdaq : LICB)Long Island Financial Corp. is a bank holding company for Long Island Commercial Bank, with six offices in New York. For the fiscal year ended 12/31/98, total interest income rose 20 percent to $15.3 million. Net interest income after loan loss provision rose 28 percent to $6.6 million. Net income rose 6 percent to $1.1 million. Results reflect increased earning asset balances and a higher net interest margin, partially offset by increased salaries and benefits due to personnel increases. 
Fidelity National Corp. (Nasdaq : LION)Fidelity National Corp. is a bank holding company whose subsidiary, Fidelity National Bank, operates 16 locations in the metropolitan Atlanta area. For the three months ended 3/31/99, total interest income rose 3 percent to $15.8 million. Net interest income after loan loss provision rose 4 percent to $7.2 million. Net income applicable to Common rose less than 1 percent to $945 thousand. Results reflect increased earning asset balances, partially offset by personnel increases. 
Lakeland Financial Corp. (Nasdaq : LKFN)Lakeland Financial Corp. is a bank holding company for Lake City Bank, a state chartered bank with 42 offices located throughout north central Indiana. For the three months ended 3/31/99, total interest income rose 10 percent to $16.4 million. Net interest income after loan loss provision rose 12 percent to $7.2 million. Net income rose 3 percent to $2.1 million. Results reflect increased earning asset balances, partially offset by increased salaries and benefits due to personnel increases. 
LNB Bancorp, Inc. (OTC BB : LNBB)LNB Bancorp, Inc. is a bank holding company for The Lorain National Bank of Lorain, OH. For the three months ended 3/31/99, total interest income increased 8 percent to $9.8 million. Net interest income after loan loss provision rose 10 percent to $6 million. Net income increased 9 percent to $1.8 million. Net interest income reflects growth in the loan portfolio and higher interest rate spread. Net income was partially offset by higher salaries and costs for an additional branch. 
LSB Bancshares, Inc. (Nasdaq : LXBK)LXBK is a bank holding company for Lexington State Bank and provides other financial services through its non-bank subsidiaries. For the three months ended 3/31/99, total interest income rose 5 percent to $12.5 million. Net interest income after loan loss prov. rose 9 percent to $7 million. Net income rose 30 percent to $2.3 million. Net interest income reflects strong loan demand and contained interest expense. Earnings reflect increased service charge fee income. 
Mid-America Bancorp (AMEX : MAB)Mid America Bancorp is a bank holding company for the Bank of Louisville. For the three months ended 3/31/99, total interest income rose 1 percent to $28.2 million. Net interest income after loan loss provision rose 2 percent to $15.1 million. Net income rose 10 percent to $5.6 million. Net interest income reflects increases in interest earning assets and lower interest rates on deposits. Earnings reflect increased gift certificate fees and lower legal expenses. 
Madison Bancshares Group (Nasdaq : MADB)Madison Bancshares Group is a one-bank holding co. for The Madison Bank, a commercial state bank. For the three months ended 3/31/99, total interest income increased 17 percent to $3.1 million. Net interest income after loan loss provision increased 30 percent to $1.7 million. Net income decreased 22 percent to $147 thousand. Net interest income benefitted from higher income due to growth in loans. Earnings were offset by an increase in salary and employee benefits. 
Marathon Bancorp (OTC BB : MARB)Marathon Bancorp is a bank holding company for Marathon National Bank, a federally chartered bank with one office in Los Angeles, California. For the three months ended 3/31/99, total interest income fell 1 percent to $1.2 million. Net interest income after loan loss provision fell 4 percent to $850 thousand. Net income totalled $62 thousand, up from $11 thousand. Results reflect lower earning asset balances, offset by increased service charges and lower insurance and assessments expense. 
Matewan BancShares, Inc. (Nasdaq : MATE)MATE is a bank holding company whose three subsidiary banks serve customers throughout southern WV, eastern KY, and western VA. For the three months ended 3/99, total interest income rose 5 percent to $13.8 million. Net interest income after loan loss prov. rose 4 percent to $6.8 million. Net income applicable to Common fell 14 percent to $1.2 million. Revenues reflect increased volume, partially offset by a lower net interest margin. Lower earnings reflect increased data processing expenses. 
Midwest Banc Holdings (Nasdaq : MBHI)Midwest Banc Holdings is a community-based bank holding company for four Illinois community banks. For the three months ended 3/31/99, total interest income rose 7 percent to $18.9 million. Net interest income after loan loss prov. rose 7 percent to $8.2 million. Net income rose 8 percent to $2.5 million. Net interest income reflects growth in earning assets and decreased rates on deposits and borrowings. Earnings reflect a gain on sale of other real estate and increased service charges and fees. 
National Mercantile Banc. (Nasdaq : MBLA)MBLA is a bank holding company for The Mercantile National Bank, a commercial bank in the Los Angeles area. For the three months ended 3/31/99, total interest income rose 3 percent to $2.4 million. Net interest income after loan loss provision rose 4 percent to $1.6 million. Net income fell 61 percent to $76 thousand. Net interest income reflects an increase in interest earning assets. Net income reflects higher salaries and benefits expenses and higher occupancy expenses. 
Main Street Bancorp, Inc. (Nasdaq : MBNK)Main Street Bancorp, Inc. is a bank holding company for Berks County Bank and Heritage National Bank. For the three months ended 3/31/99, total interest income rose 31 percent to $19.7 million. Net interest income after loan loss provision rose 11 percent to $8.3 million. Net income fell 26 percent to $2.7 million. Net interest income reflects increased earning asset balances, partially offset by increased borrowings. Earnings also suffered from reduced gains on the sale of securities. 
Merchants N.Y. Bancorp (Nasdaq : MBNY)MBNY is a bank holding company for The Merchants Bank of New York, providing banking services to middle market customers in Manhattan. For the three months ended 3/31/99, total interest income rose 2 percent to $21.1 million. Net interest income after loan loss prov. rose 8 percent to $11.5 million. Net income rose 14 percent to $4.2 million. Results reflect an increased investment portfolio, lower loan loss provision, an increase in fee income and an increase in investment sales. 
Mid Penn Bancorp, Inc. (AMEX : MBP)Mid Penn Bancorp, Inc. is a bank holding company for Mid Penn Bank, a state chartered bank with 10 offices in PA. For the three months ended 3/31/99, total interest income rose less than 1 percent to $5 million. Net interest income after loan loss provision fell 2 percent to $2.5 million. Net income rose 1 percent to $952 thousand. Net interest income reflects increased average securities balances, offset by increased borrowings. Earnings benefitted from increased investment securities gains. 
Merchants Bancshares,Inc. (Nasdaq : MBVT)MBVT is a bank holding company for Merchants Bank, Merchants Trust Company, and Merchants Properties,Inc. For the three months ended 3/31/99, total interest income fell less than 1 percent to $11.9 million. Net interest income after loan loss prov. remained flat at $7.3 million. Net income rose 21 percent to $2.7 million. Net interest income reflects lower earning asset balances, offset by reduced interest paid on deposits. Earnings reflect increased settlement proceeds. 
Macatawa Bank Corporation (OTC BB : MCBC)Macatawa Bank Corporation is a bank holding company for Macatawa Bank, a state chartered bank with two offices serving Holland and Zeeland, Michigan. For the three months ended 3/31/99, total interest income totalled $3.6 million, up from $343 thousand. Net interest income after loan loss provision totalled $1.4 million, up from $5 thousand. Net loss decreased 85 percent to $77 thousand. Results reflect increased earning asset balances following the commencement of regular banking operations. 
Metrocorp Bancshares, Inc (Nasdaq : MCBI)MCBI is a bank holding company for MetroBank, NA, with offices in Houston and Dallas, TX. For the three months ended 3/31/99, total interest income rose 8 percent to $12.4 million. Net interest income after loan loss provision rose 17 percent to $6.5 million. Net income rose 38 percent to $1.9 million. Net interest income reflects higher interest-earning assets and an increased net interest margin. Net income also reflects increased service charges on deposit accounts. 
Professional Bancorp/CA (AMEX : MDB)MDB, a bank holding company, is engaged in commercial banking through the First Professional Bank, N.A. For the fiscal year ended 12/31/98, total interest income increased 1 percent to $16.9 million. Net interest income after loan loss provision increased 2 percent to $12.9 million. Net income decreased 3 percent to $1.4 million. Net interest income benefitted from an increase in average earnings assets. Earnings were offset by a $395 thousand legal fee vs. a $106 thousand legal settlement gain. 
Mellon Bank Corp. (NYSE : MEL)Mellon Bank, a multibank holding company, provides financial products and services in domestic and international markets. For the three months ended 3/99, interest income rose 2 percent to $711 million. Net interest income after loan loss provision rose 1 percent to $354 million. Net income applicable to Common before accounting change rose 36 percent to $280 million. Results reflect an increase in interest-earning assets and securities. Earnings reflect a $83 million gain on divestitures. 
Merrill Merch. Bancshares (Nasdaq : MERB)Merrill Merchants Bancshares is a one bank holding company that owns all of the common stock of Merrill Merchants Bank. For the fiscal year ended 12/31/98, total interest income increased 10 percent to $14.6 million. Net interest income after loan loss provision increased 13 percent to $7.7 million. Net income applicable to Common increased 39 percent to $1.8 million. Net interest income reflects an increase in interest earning assets. Earnings also reflect an increase in trust fees. 
MetroBanCorp (Nasdaq : METB)METB is a bank holding company for MetroBank, an Indiana-chartered commercial bank. For the three months ended 3/31/99, total interest income rose 4 percent to $2.5 million. Net interest income after loan loss provision rose 13 percent to $1.4 million. Net income rose 71 percent to $313 thousand. Net interest income reflects increased earning asset balances and a lower provision for loan losses. Earnings benefitted from an increase in service charges, commissions and fees. 
Michigan Financial Corp. (Nasdaq : MFCB)Michigan Financial Corp. is a bank holding company with seven subsidiary banks and one insurance subsidiary located in Michigan. For the three months ended 3/31/99, total interest income fell 3 percent to $16.3 million. Net interest income after loan loss prov. fell less than 1 percent to $9.5 million. Net income rose 5 percent to $2.7 million. Net interest income suffered from lower interest rates and changes in asset mix. Earnings benefitted from trust services income and gains on the sale of loans. 
Marathon Financial Corp. (Nasdaq : MFCV)Marathon Financial Corp. is a bank holding company for The Marathon Bank, which conducts business in Virginia. For the nine months ended 9/30/98, total interest income rose 41 percent to $5 million. Net interest income after loan loss provision rose 33 percent to $2.8 million. Net earnings increased 28 percent to $976 thousand. Net interest income reflects higher earning assets, partially offset by higher interest on deposits. Earnings were partially offset by costs for two new branches. 
Mahoning National Bancorp (Nasdaq : MGNB)MGNB is a bank holding company for The Mahoning National Bank of Youngstown. For the three months ended 3/31/99, total interest income fell 1 percent to $14.4 million. Net interest income after loan loss provision rose 8 percent to $8.6 million. Net income rose 15 percent to $3.7 million. Net interest income reflects lower interest on loans, offset by lower borrowings. Net income also reflects higher trust department and other service charges. 
MNB Bancshares, Inc. (Nasdaq : MNBB)MNB Bancshares, Inc. is a bank holding company for Security National Bank, a federally chartered bank serving Riley, Osage, Pottawatomie and Shawnee Counties in KS. For the three months ended 3/31/99, total interest income fell 16 percent to $2.3 million. Net interest income after loan loss provision fell 12 percent to $1.1 million. Net income fell 35 percent to $194 thousand. Results reflect lower average loan balances, reduced fees and service charges and increased compensation and benefits expense. 
Mercantile Bankshares (Nasdaq : MRBK)MRBK is a holding company for 21 banks, a mortgage banking company, an insurance agency and several other financial services companies. For the three months ended 3/99, total interest income remained flat at $136 million. Net interest income after loan loss prov. rose 5 percent to $87.3 million. Net income rose 5 percent to $37.2 million. Results reflect higher average earning assets and a lower loan loss provision. Net income also reflects increased trust division services income. 
Merit Holding Corporation (Nasdaq : MRET)Merit Holding Company is a bank holding company for Mountain National Bank and Charter Bank and Trust Co.; both are full service commercial banks. For the three months ended 3/31/99, total interest income rose 5 percent to $5.7 million. Net interest income after loan loss provision rose 10 percent to $3.8 million. Net income increased 11 percent to $1.3 million. Results reflect increased earning asset balances, a lower provision for loan losses and increased mortgage referral fees. 
Marshall & Ilsley Corp. (Nasdaq : MRIS)MRIS is a bank and savings and loan holding company providing financial service in WI, AZ and IL. For the three months ended 3/99, interest income fell less than 1 percent to $352.6 million. Net interest income after loan loss prov. rose 5 percent to $167.9 million. Net income applicable to Common rose 13 percent to $83.8 million. Net interest income reflects decreased yields on earning assets, offset by lower rates on interest bearing liabilities. Earnings reflect higher processing revenue. 
Mason-Dixon Bancshares (Nasdaq : MSDX)MSDX is a multibank holding company for Carroll County Bank and Trust Co., Bank of MD, Rose Shanis Financial and Bay Insurance. For the three months ended 3/99, total interest income rose 12 percent to $22.1 million. Net interest income after loan loss prov. rose 13 percent to $10.1 million. Net income rose 1 percent to $2.5 million. Net interest income reflects higher average earning assets and the acquisition of Sterling Bancorp. Earnings were partially offset by costs associated with acquisitions. 
Midsouth Bancorp, Inc. (AMEX : MSL)Midsouth Bancorp, Inc. is a bank holding company for MidSouth National Bank, a federally chartered bank with 14 offices in LA. For the nine months ended 9/30/98, total interest income rose 20 percent to $13.8 million. Net interest income after loan loss prov. rose 21 percent to $8 million. Net income applicable to Common rose 51 percent to $1.7 million. Net interest income reflects increased earning asset balances and higher yields on consumer loans. Earnings reflect higher service charges. 
M&T Bank Corp. (NYSE : MTB)M&T Bank is a bank holding company for Manufacturers and Traders Trust Company and M&T Bank, National Association. For the three months ended 3/99, total interest income rose 28 percent to $356.5 million. Net interest income after loan loss prov. rose 32 percent to $172.8 million. Net income increased 37 percent to $66.9 million. Net interest income reflects the acquisition of ONBANCorp and the sale of the retail credit card business. Earnings reflect higher sales of residential mortgage loans. 
Mercantile Bancorporation (NYSE : MTL)MTL is a multi-bank holding company for Mercantile Bank, six other commercial banks, one trust company and other non-bank subsidiaries. For the three months ended 3/99, total interest income fell 1 percent to $586.9 million. Net interest income after loan loss prov. rose 5 percent to $276.8 million. Net income rose 3 percent to $118 million. Net interest income reflects decreased interest margin and the paydown of mortgage loans. Earnings were partially offset by lower mortgage servicing gains. 
Mississippi Valley Bancsh (Nasdaq : MVBI)MVBI is the holding company for the Southwest Bank of St. Louis. For the three months ended 3/31/99, interest income rose 4 percent to $26.1 million. Net interest income after loan loss prov. rose 8 percent to $11.6 million. Net income rose 24 percent to $5.5 million. Net interest income after loan loss provision reflects an increase in the volume of average loans outstanding, and lower interest rates. Net income also benefitted from increases in trading profits and commissions. 
Nat'l Australia Bank Ltd. (NYSE : NAB)NAB provides commercial, savings, merchant and investment banking, financial, and life insurance services. For the fiscal year ended 9/98, interest income rose 19 percent to A$15.43 billion. Net interest income after loan loss provision rose 5 percent to A$5.29 billion. Net income applicable to U.S. GAAP fell 8 percent to A$2.1 billion. Net interest income reflects increased lending volume, partially offset by negative exchange rate movement. Earnings suffered from increased personnel costs. 
Nat'l Bancorp of Alaska (Nasdaq : NBAK)National Bancorp of Alaska, Inc. is a bank holding company for the National Bank of Alaska. For the three months ended 3/99, interest income fell 1 percent to $52.2 million. Net interest income after loan loss provision rose 2 percent to $33.5 million. Net income rose less than 1 percent to $12.7 million. Net interest income reflects decreased interest earning assets, offset by lower interest expenses. Earnings were partially offset by salaries and benefits costs. 
Northeast Bancorp/ME (AMEX : NBN)NBN, a savings and loan holding company for Northeast Bank, FSB, provides a full range of banking services. For the nine months ended 3/99, total interest income rose 13 percent to $19.9 million. Net interst income after loan loss prov. rose 9 percent to $8.5 million. Net income applicable to Common rose 32 percent to $2.1 million. Net interest income reflects increased loan volumes, partially offset by decreased rates. Net income benefitted from increased loan servicing and deposit fee income. 
National Bancshares of TX (AMEX : NBT)NBT is a multibank holding company which operates four commercial banks located in Central Texas and the Texas-Mexico border. For the fiscal year ended 12/31/98, total interest income rose 21 percent to $33.1 million. Net interest income after loan loss prov. rose 15 percent to $17.9 million. Net income rose 9 percent to $8.2 million. Net interest income reflects increased earning asset balances, partially offset by higher interest on deposits. Earnings reflect lower securities gains and higher salaries. 
NBT Bancorp Inc. (Nasdaq : NBTB)NBT Bancorp Inc. is a bank holding company for NBT Bank, N.A, a full service commerical bank providing a broad range of financial products. For the three months ended 3/99, interest income fell 5 percent to $24 million. Net interest income after loan loss provision rose 5 percent to $13.5 million. Net income fell 5 percent to $4.8 million. Net interest income reflects decreased interest earning assets, offset by lower loss provisions. Earnings were offset by a higher effective income tax rate. 
National Commerce Bancorp (Nasdaq : NCBC)NCBC is a bank holding company for commercial banks and federal savings banks. NCBC also provides through its subsidiaries investment advice and financing services. For the three months ended 3/99, interest income rose 18 percent to $104.1 million. Net interest income after loan loss provision rose 16 percent to $50.2 million. Net income rose 20 percent to $24.1 million. Results reflect growth in interest earning assets, increased loss provisions, offset by increased service charges and fees. 
National City Bancshares (Nasdaq : NCBE)NCBE is a bank holding company with subsidiaries in IN, KY, IL and OH. The Company provides a full range of banking services to individual and corporate customers. For the three months ended 3/99, interest income rose 3 percent to $40.8 million. Net interest income after loan loss provision fell 1 percent to $20.9 million. Pro forma net income fell 1 percent to $6.7 million. Net interest income reflects growth in interest earning assets, offset by interest and other non-operating costs. 
North County Bancorp (Nasdaq : NCBH)North County Bancorp is a bank holding company for North County Bank, a state chartered bank with nine branches and one loan office in California. For the three months ended 3/31/99, total interest income rose 12 percent to $6.6 million. Net interest income after loan loss provision rose 25 percent to $4.8 million. Net income rose 3 percent to $1 million. Results reflect increased earning asset balances and a lower provision for loan losses, partially offset by reduced loan sale gains. 
National City Bancorp. (Nasdaq : NCBM)NCBM is a bank holding company for National City Bank of MN. NCBM also owns Diversified Business Credit, Inc., a commercial finance company. For the three months ended 3/31/99, total interest income fell less than 1 percent to $20.3 million. Net interest income after loan loss prov. fell 1 percent to $10.9 million. Net income fell 1 percent to $3.6 million. Net interest income reflects lower interest earning assets and higher loan loss provision. Earnings reflect higher employee compensation. 
National City Corporation (NYSE : NCC)NCC is a regional bank holding company operating commercial banks with offices in OH, MI, PA, KY, IN, and IL. For the three months ended 3/31/99, total interest income rose 7 percent to $1.46 billion. Net interest income after loan loss prov. rose 7 percent to $688.1 million. Net income applicable to Common totalled $350.6 million, up from $103.7 million. Net interest income reflects higher average earning assets. Earnings also reflect the absences of a $274.7 million merger and restructuring costs. 
New England Comm. Bancorp (Nasdaq : NECB)New England Community Bancorp is a multi-bank holding company whose subsidiaries operate 23 offices in north central Connecticut and New Hampshire. For the three months ended 3/31/99, total interest income fell 7 percent to $14.1 million. Net interest income after loan loss provision rose 1 percent to $8.9 million. Net income fell 13 percent to $2.2 million. Results reflect a lower provision for loan losses, offset by reduced net investment securities gains. 
North Fork Bancorporation (NYSE : NFB)NFB is a bank holding for North Fork Bank, which operates full-service branches in the metropolitan New York area. For the three months ended 3/99, interest income rose 2 percent to $193.9 million. Net interest income after loan loss provision rose 19 percent to $108.8 million. Net income totalled $53.6 million, up from $7.4 million. Net interest income reflects growth in interest earning assets and lower loss provisions. Earnings also reflect the absence of $52.5 million in restructuring costs. 
NMBT CORP (Nasdaq : NMBT)NMBT CORP, a bank holding company with NMBT as its sole subsidiary, operates through 10 offices in the state of CT. For the three months ended 3/31/99, total interest income rose 2 percent to $6 million. Net interest income after loan loss provision rose 5 percent to $3.4 million. Net income rose 8 percent to $752 thousand. Net interest income reflects increased earning asset balances and lower interest paid on deposits. Earnings also reflect strong activity in the mortgage banking area. 
North Valley Bancorp (Nasdaq : NOVB)NOVB is a bank holding co., whose subsidiary, North Valley Bank, conducts commercial and retail banking. For the three months ended 3/31/99, total interest income rose 4 percent to $5.2 million. Net interest income after loan loss provision rose 9 percent to $2.9 million. Net income rose 1 percent to $1.1 million. Net interest income reflects higher interest earned on loans and a higher net interest margin. Net income was partially offset by higher salaries and benefits due to additional personnel. 
National Penn Bancshares (Nasdaq : NPBC)NPBC is a bank holding company for the National Penn Bank, and also offers trust and investment services, and life insurance. For the three months ended 3/99, interest income rose 6 percent to $39 million. Net interest income after loan loss provision rose 3 percent to $18.1 million. Net income rose 5 percent to $6 million. Net interest income reflect growth in interest earning assets, partially offset by increased loss provisions. Earnings reflect higher service charges/fees. 
Northrim Bank (Nasdaq : NRIM)Northrim Bank is a commercial bank serving the greater Anchorage area. As of 12/97, assets totaled $273.2 million and deposits totalled $247 million. For the fiscal year ended 12/31/97, total interest income increased 28 percent to $23.8 million. Net interest income after loan loss provision rose 14 percent to $12.5 million. Net earnings rose 60 percent to $3.5 million. Results reflect an increase in loan balances, partially offset by higher provision for loan losses. Earnings reflect $1.5 million in life insurance proceeds. 
NSD Bancorp, Inc. (Nasdaq : NSDB)NSD Bancorp, a bank holding Co., provides banking and bank related services through its subsidiary, Northside Bank. For the three months ended 3/99, total interest income rose 4 percent to $6.2 million. Net interest income after loan loss prov. rose 4 percent to $3.4 million. Net income rose 10 percent to $1 million. Net interest income reflects higher average earning assets and a lower cost of funds. Net income also reflects increased service fees and lower occupancy expenses. 
Northern Trust Corp. (Nasdaq : NTRS)Northern Trust Corp. is a Chicago-based multibank holding company. NTRS also owns various nonbank subsidiaries. As of 3/99, total assets totalled $27.55 billion and deposits totalled $16.59 billion. For the three months ended 3/99, total interest income 4 percent to $370.2 million. Net interest income after loan loss provision rose 14 percent to $125.1 million. Net income applicable to Common rose 12 percent to $94 million. Results reflect higher earning asset balances and lower loan loss provision. 
Northwest Equity Corp. (Nasdaq : NWEQ)NWEQ is the holding company for Northwest Savings Bank, a Wisconsin-chartered savings bank. For the nine months ended 12/31/98, total interest income increased 1 percent to $5.9 million. Net interest income after loan loss provision fell 4 percent to $2.4 million. Net income fell 2 percent to $781 thousand. Net interest income reflects higher outstanding loan balances, offset by a higher provision for loan losses. Earnings were partially offset by gains on the sale of mortgage loans. 
Northway Financials, Inc. (Nasdaq : NWFI)Northway Financial, Inc. is a holding company for The Berlin City Bank and Pemi Bancorp, Inc. For the fiscal year ended 12/98, total interest income rose less than 1 percent to $29.1 million. Net interest income after loan loss provision rose 3 percent to $17 million. Net income rose 1 percent to $4.1 million. Results reflect the shifting of funds from investment securities to loans and lower cost of funds. Earnings were partially offset by an increase in salaries and employee benefits. 
Norwood Financial Corp. (Nasdaq : NWFL)Norwood Financial Corp. is a bank holding company for Wayne Bank, a state chartered bank with eight offices in Wayne and Pike Counties in PA. For the three months ended 3/99, total interest income fell less than 1 percent to $4.9 million. Net interest income after loan loss provision rose 2 percent to $2.7 million. Net income rose 13 percent to $814 thousand. Net interest income reflects lower interest paid on deposits and a lower loan loss provision. Earnings reflect higher service charges and fees. 
Oak Hill Financial, Inc. (Nasdaq : OAKF)Oak Hill Financial, Inc. is a bank holding company for Oak Hill Banks, an Ohio state bank that provides commercial banking services. For the three months ended 3/99, interest income rose 15 percent to $8.7 million. Net interest income after loan loss provision rose 18 percent to $4.4 million. Net income rose 20 percent to $1.6 million. Net interest income after LLP reflects growth in interest earning assets. Earnings also reflect increased service charges and fees. 
Ottawa Financial Corp. (Nasdaq : OFCP)Ottawa Financial Corp. is the holding company for AmeriBank Federal Savings Bank, which serves western Michigan through retail offices. For the three months ended 3/99, total interest income rose 1 percent to $16.7 million. Net interest income after loan loss provision rose 5 percent to $6.8 million. Net income rose 15 percent to $2.1 million. Net interest income reflects higher interest earning asset volume and higher net spread. Net income reflects lower miscellaneous expenses. 
Oriental Financial Group (NYSE : OFG)Oriental Financial Group is the bank holding company for Oriental Bank and Trust. For the nine months ended 3/31/99, total interest income increased 13 percent to $84.4 million. Net interest income after loan loss provision decreased 7 percent to $23.1 million. Net income increased 22 percent to $19.1 million. Net interest income reflects growth of the Group's investment portfolio, offset by lower net interest margins. Earnings reflect increased gains on the sale of investment securities. 
Orange National Bancorp (Nasdaq : OGNB)Orange National Bancorp is a bank holding company for Orange National Bank, a federally chartered bank with eight branches in Orange County, CA. For the three months ended 3/31/99, total interest income rose 12 percent to $4.7 million. Net interest income after loan loss provision rose 9 percent to $3.6 million. Net income rose 14 percent to $752 thousand. Results reflect increased earning asset balances and lower promotion, occupancy and legal and professional services costs. 
Old Kent Financial Corp. (NYSE : OK)OK operates two commercial banks with 202 full service offices throughout Michigan and 33 such offices in the Metropolitan markets in and around Chicago, Illinois. For the three months ended 3/99, interest income fell 4 percent to $282.6 million. Net interest income after loan loss provision rose 7 percent to $141.8 million. Net income rose 14 percent to $58.6 million. Results reflect decreased interest earning assets, offset by lower loss provisions and higher mortgage banking revenues. 
Southwest Bancorp, Inc. (Nasdaq : OKSB)OKSB is a bank holding company for Stillwater National Bank and Trust Company, headquartered in Stillwater, OK. For the three months ended 3/31/99, total interest income fell 1 percent to $19.8 million. Net interest income after loan loss provision rose 3 percent to $8.8 million. Net income applicable to Common rose 9 percent to $2.1 million. Net interest income reflects lower interest-earning assets, offset by a lower loan loss prov. Net income also reflects higher service charges and fees. 
Old National Bancorp (Nasdaq : OLDB)Old National Bancorp is a multi-bank holding company operating in Indiana, Kentucky and Illinois. For the three months ended 3/99, interest income rose 5 percent to $116.5 million. Net interest after loan loss provision rose 5 percent to $55.3 million. Net income from continuing operations rose 11 percent to $20 million. Net interest income after LLP reflects growth in earning assets and decreased provisions for losses. Earnings benefitted from higher gains from securities. 
Omega Financial Corp. (Nasdaq : OMEF)OMEF, a bank holding company, provides retail and commercial banking services through 44 offices in Central PA. For the three months ended 3/99, total interest income rose 2 percent to $19 million. Net interest income after loan loss prov. rose 6 percent to $12 million. Net income applicable to Common rose 9 percent to $4.4 million. Net interest income reflects increased interest yield on earning assets and lower cost to fund earning assets. Earnings also benefitted from higher service fee income. 
Bank One Corporation (NYSE : ONE)Bank One Corporation is a bank holding company whose subsidiaries operate a network of offices across the U.S. and in 13 foreign countries and engage in credit card operations. For the three months ended 3/31/99, total interest income fell 4 percent to $4.2 billion. Net interest income after loan loss provision rose 5 percent to $2 billion. Net income applicable to Common rose 24 percent to $1.15 billion. Results reflect a lower provision for loan losses and increased credit card revenue. 
Mahaska Investment Co. (Nasdaq : OSKY)OSKY is a bank holding company for Mahaska State Bank, Central Valley Bank, Pella State Bank and On-Site Credit Services. For the fiscal year ended 12/31/98, total interest income rose 8 percent to $26 million. Net interest income after loan loss provision rose less than 1 percent to $14.3 million. Net income fell 9 percent to $4.6 million. Net interest income reflects higher loan volumes, partially offset by increased interest expense. Earnings reflect higher salaries and benefits costs. 
One Valley Bancorp, Inc. (NYSE : OV)One Valley is a 12 bank holding company headquarted in Charleston, WV offering full-service commercial banking at 125 branches in the Virginias. For the three months ended 3/99, interest income rose 6 percent to $106 million. Net interest income after loan loss provision rose 13 percent to $55.7 million. Net income rose 21 percent to $19.9 million. Results reflect contributions from branches recently acquired, greater interest earning assets, decreased loss provisions and higher service charge income. 
Ohio Valley Banc Corp. (Nasdaq : OVBC)Ohio Valley Banc Corp. is a bank holding company for The Ohio Valley Bank Company, a state chartered bank with 16 offices in Ohio and West Virginia. For the three months ended 3/99, total interest income rose 15 percent to $9.4 million. Net interest income after loan loss prov. rose 11 percent to $4.6 million. Income rose 7 percent to $1 million. Net interest interest income reflects an increase in interest from loans, partially offset by lower net spread. Earnings were partially offset by higher salaries. 
Bank of the Ozarks (Nasdaq : OZRK)OZRK is a bank holding company for two state chartered banks that conduct operations through 20 branches and two loan offices in 15 communities throughout AK. For the three months ended 3/31/99, total interest income rose 47 percent to $11.7 million. Net interest income after loan loss provision rose 19 percent to $4.7 million. Net income rose 11 percent to $1.5 million. Results reflect growth in the Company's loan portfolio, partially offset by lower interest margins. Earnings were partially offset by personnel cost. 
PAB Bankshares, Inc. (AMEX : PAB)PAB Bankshares is a bank holding company that manages the business and affairs of four commercial bank subsidiaries. For the three months ended 3/99, interest income rose 2 percent to $9.8 million. Net interest income after loan loss provision rose 5 percent to $5 million. Net income fell 5 percent to $1.7 million. Net interest income after LLP reflects growth in interest earning assets and lower loss provisions. Earnings were offset by increased compensation expenses. 
Pioneer American Holding (OTC BB : PAHC)PAHC is a bank holding company for Pioneer American Bank. As of 12/31/98, assets totalled $307.4 million and deposits totalled $405.2 million. For the fiscal year ended 12/31/98, total interest income rose 7 percent to $28.3 million. Net interest income after loan loss provision rose 3 percent to $13.6 million. Net income rose less than 1 percent to $4 million. Net interest income reflects higher loans and investments, partially offset by increased borrowings. Earnings reflect higher salaries and benefits costs. 
Patriot Bank Corp. (Nasdaq : PBIX)Patriot Bank Corp. is a holding company for Patriot Bank and Patriot Investment Company. For the fiscal year ended 12/31/98, total interest income rose 26 percent to $63.1 million. Net interest income after loan loss prov. rose 16 percent to $15.7 million. Net income rose 20 percent to $4.1 million. Net interest income reflects an increase in average balances, partially offset by a rise in interest on borrowings. Earnings reflect the result of gains on the sale of securities and increasing fee income. 
Provident Bankshares Corp (Nasdaq : PBKS)Provident Bankshares Corp. is a bank holding company for Provident Bank of MD, with 84 offices in the greater Baltimore/Washington metropolitan area and Southern PA. For the three months ended 3/31/99, total interest income rose 10 percent to $81.4 million. Net interest income after loan loss provision rose 10 percent to $31.8 million. Net income rose 11 percent to $10.3 million. Results reflect increased earning asset balances, increased mortgage banking income and increased service charges. 
PBOC Holdings, Inc. (Nasdaq : PBOC)PBOC is a bank holding company which operates 20 full-service branch offices in Los Angeles, Orange and Ventura Counties. For the three months ended 3/99, interest income rose 38 percent to $53.8 million. Net interest income after loan loss provision rose 41 percent to $13.7 million. Net income applicable to Com. totalled $6.3 million, up from $581 thousand. Net interset income reflects increased interest earnings assets. Earnings also reflect lower FDIC insurance expenses. 
Pacific Bank, N.A. (Nasdaq : PBSF)PBSF performs commercial and private banking and offers depository services and trade financing for overseas customers. For the fiscal year ended 12/98, total interest income rose 16 percent to $52.4 million. Net interest income after loan loss provision rose 9 percent to $28 million. Net income fell 55 percent to $3.3 million. Results reflect increased earning assets, partially offset by decreased net interest margins. Earnings were offset by higher salaries and a $2.6 million restructuring charge. 
Peoples BancTrust Co. (Nasdaq : PBTC)The Peoples BancTrust Company, Inc. is a bank holding company for The Peoples Bank and Trust Company. For the fiscal year ended 12/31/98, total interest income rose 17 percent to $40.5 million. Net interest income after loan loss provision rose 12 percent to $20.3 million. Net income decreased 6 percent to $5.3 million. Net interest income benefitted from higher earning assets, partially offset by higher interest on deposits. Earnings were offset by an increase in salaries and wages. 
Perry County Financial (Nasdaq : PCBC)PCBC is a holding company for Perry County Savings Bank, FSB, a federally chartered stock savings association. For the six months ended 3/31/99, total interest income rose 9 percent to $3.2 million. Net interest income after loan loss provision fell 2 percent to $1.1 million. Net income rose 1 percent to $413 thousand. Net interest income reflects a higher level of loans, offset by higher interest bearing liabilities. Net income reflects the inclusion of a $50 thousand gain on the sale of securities. 
Peoples Bancorp, Inc. (Nasdaq : PEBO)Peoples Bancorp is a bank holding company operating five banking subsidiaries, and a reinsurance company. For the three months ended 3/99, interest income rose 4 percent to $16 million. Net interest income after loan loss provision rose 12 percent to $8.2 million. Net income rose 11 percent to $2.6 million. Net interest income reflects growth of earning assets and higher net spread. Net income was partially offset by higher salaries related to recent acquisitions. 
Premier Financial Bancorp (Nasdaq : PFBI)PFBI is a multi-bank holding company operating in KY, WV and OH, and provides consumer lending and data processing services. For the fiscal year ended 12/98, total interest income rose 23 percent to $45.4 million. Net interest income after loan loss prov. rose 14 percent to $18.4 million. Net income fell 1 percent to $5.7 million. Net interest income reflects higher earning asset balances, partially offset by lower net margins. Earnings were offset by higher personnel costs and increased occupancy expense. 
Provident Financial Group (Nasdaq : PFGI)Provident Financial Group Inc., is a bank holding company for The Provident Bank and Provident Bank of Florida. For the three months ended 3/99, total interest income rose 7 percent to $157.5 million. Net interest income after loan loss prov. fell 3 percent to $59.9 million. Earnings applicable to Common rose 10 percent to $33.5 million. Results reflect higher interest from Provident Consumer Financial Services, offset by higher loss provisions. Earnings reflect higher loan sale gains. 
Peapack-Gladstone Fin'l. (OTC BB : PGFC)Peapack-Gladstone Financial Corp. is a bank holding company for Peapack-Gladstone Bank. PGFC offers financial services through ten full service banking offices in NJ. Total interest income for the three months ended 3/31/99 rose 8 percent to $6.4 million. Net interest income after loan loss provision rose 10 percent to $4.3 million. Net income rose 11 percent to $1.7 million. Net interest income benefitted from increased loan volumes. Earnings also reflect reduced pension contribution costs. 
Peoples Holding Co. (AMEX : PHC)PHC is a one bank holding company, for Peoples Bank and Trust Company, offering a diversified range of banking services to retail and commercial customers. For the three months ended 3/31/99, total interest income rose 4 percent to $20.5 million. Net interest income after loan loss provision rose 5 percent to $10.7 million. Net earnings rose 9 percent to $3.2 million. Results reflect an increase in interest earning assets. Earnings also reflect higher service charges, fees and commissions. 
Pinnacle Banc Group, Inc. (Nasdaq : PINN)Pinnacle Banc Group, Inc. is a multi-bank holding company for Pinnacle Bank and Quad-Cities Bank, with 16 banking locations in IL. For the three months ended 3/31/99, total interest income rose 5 percent to $17.1 million. Net interest income after loan loss provision rose 8 percent to $8.6 million. Net income fell 48 percent to $2 million. Results reflect increased earning asset balances and reduced interest paid on deposits, offset by increased personnel and merger related expenses. 
Premier Bancshares, Inc. (NYSE : PMB)PMB is a bank and thrift holding Co. operating through its owned subsidiaries: Premier Bank, Premier Lending Corp., Central and Southern Bank of GA, First Community Bank of Henry County, The Bank of Spalding County, and Frederica Bank and Trust. For the three months ended 3/99, interest income rose 9 percent to $29 million. Net interest income after loan loss prov. rose 7 percent to $15 million. Earnings applicable to Com. rose 2 percent to $5.7 million. Results reflect higher interest and fees on loans. 
Premier National Bancorp (AMEX : PNB)Premier National Bancorp, through its commercial banking subsidiary, Premier National Bank, operates 35 branches in Southeastern New York State. For the three months ended 3/31/99, interest income fell 12 percent to $26.9 million. Net interest income after loan loss provision fell 3 percent to $15.2 million. Net income rose 15 percent to $4.7 million. Results reflect a decrease in average earning assets. Earnings benefitted from the absence of a $797 thousand merger expense. 
Princeton Nat'l Bancorp (Nasdaq : PNBC)PNBC is the bank holding company for Citizens First National Bank. For the fiscal year ended 12/31/98, total interest income increased 4 percent to $32.7 million. Net interest income after loan loss provision increased 4 percent to $15.8 million. Net income decreased 2 percent to $4.3 million. Net interest income reflects an increase in average interest-earning assets. Net income was offset by additional staffing resulting in increased salaries and benefits. 
Patriot National Bank (Nasdaq : PNBK)PNBK offers consumer and commercial banking services to individuals, small and medium-sized businesses and professionals. For the three months ended 3/31/98, total interest income increased 38 percent to $1.5 million. Net interest income after loan loss provision increased 39 percent to $833 thousand. Net income totalled $105 thousand, up from $50 thousand. Results reflect increased earning asset balances, a higher net interest margin and increased gains on the sale of loans. 
PNC Bank Corporation (NYSE : PNC)PNC is a diversified financial service corp. whose businesses include PNC Regional Bank, PNC Advisors, BlackRock, PFPC Worldwide and others. For the three months ended 3/31/99, interest income fell less than 1 percent to $1.29 billion. Net interest income after loan loss prov. fell 4 percent to $580 million. Net income applicable to Common rose 21 percent to $320.4 million. Results reflect a decrease in loans and a higher prov. for losses, offset by gains from the sale of the credit card business. 
Peninsula Bank/San Diego (OTC BB : PNNB)Peninsula Bank of San Diego is a state-chartered bank operating in CA. As of 12/97, assets totalled $418.2 million and deposits totalled $389.2 million. For the fiscal year ended 12/31/97, total interest income increased 13 percent to $27.3 million. Net interest income after loan loss provision increased 14 percent to $18.2 million. Net income increased 18 percent to $3.6 million. Results benefitted from an increase in interest income from U.S. Securities, along with an increase in service charges. 
Pointe Financial Corp. (Nasdaq : PNTE)PNTE is a bank holding company for Pointe Bank, a Florida state chartered commercial bank. For the three months ended 3/99, total interest income rose 17 percent to $3.5 million. Net interest income after loan loss provision rose 26 percent to $1.8 million. Net income applicable to Common rose 10 percent to $302 thousand. Net interest income reflects increased earning asset balances and a higher net spread. Net income was partially offset by higher salaries and employee benefits. 
Peoples Bank Indianapolis (Nasdaq : PPLS)PPLS is a bank holding company for Peoples Bank and Trust Company. PPLS operates 12 offices serving consumers and businesses in Indianapolis. For the three months ended 3/31/99, total interest income rose 1 percent to $11.6 million. Net interest income after loan loss provision rose 84 percent to $5.7 million. Net income totaled $2 million, up from $55 thousand. Net interest income after LLP reflects a lower provision for losses. Net income reflects higher trust and investment management income. 
PennRock Financial Svcs. (OTC BB : PRFS)PennRock Financial Services is a bank holding company for Blue Ball National Bank, a federally chartered bank with 13 offices in Lancaster, Berks and Chester Counties, PA. For the three months ended 3/31/99, total interest income rose 3 percent to $12.7 million. Net interest income after loan loss provision remained flat at $6.1 million. Net income rose 15 percent to $2.7 million. Earnings benefitted from increased net securities gains. 
Park National Corporation (AMEX : PRK)Park National Corporation is a bank holding company which, through its subsidiaries, engages in a general commercial banking and trustee business in 15 counties in central and southern Ohio. For the three monts ended 3/99, total interest income rose 1 percent to $46.2 million. Net interest income after loan loss provision rose 7 percent to $26.4 million. Net income rose 10 percent to $11.6 million. Results reflect an increase in interest earning assets, net spread and service income. 
Prosperity Bancshares (Nasdaq : PRSP)Prosperity Bancshares is a bank holding company for First Prosperity Bank, with 12 banking locations in the greater Houston metropolitan area and surrounding counties. For the three months ended 3/31/99, total interest income rose 38 percent to $7.2 million. Net interest income after loan loss prov. rose 41 percent to $4.1 million. Net income rose 48 percent to $1.4 million. Results reflect increased earning asset balances and increased customer service fees. 
Providian Financial Corp (NYSE : PVN)PVN, a consumer lender, offers a range of lending products, including credit cards and a variety of fee-based products and services. For the three months ended 3/31/99, total interest income rose 65 percent to $291.6 million. Net interest income after loan loss prov. fell 55 percent to $29 million. Net income totalled $113.5 million, up from $56.1 million. Net interest income reflects an increase in average managed loans, offset by a higher loss prov. Net income reflects higher credit product fee income. 
Penns Woods Bancorp, Inc. (OTC BB : PWOD)Penns Woods Bancorp, Inc. is a bank holding company for Jersey Shore State Bank, Woods Real Estate Development Co., and Woods Investment Company. For the three months ended 3/31/99, total interest income rose 4 percent to $6.2 million. Net interest income after loan loss provision rose 4 percent to $3.6 million. Net income fell 18 percent to $1.5 million. Results reflect increased average loan and securities balances, offset by reduced net gains on the sale of securities. 
Quad City Holdings, Inc. (Nasdaq : QCHI)Quad City Holdings, Inc. is a bank holding company providing bank and bank related services through Quad City Bank and Trust Company and Quad City Bancard. For the nine months ended 3/99, total interest income rose 37 percent to $14.7 million. Net interest income after loan loss prov. rose 45 percent to $6 million. Net income rose 66 percent to $1.7 million. Net interest income reflects increased average interest earning assets. Earnings also reflects higher gains on loans and a $549 thousand restructuring gain. 
Republic Bancorp, Inc. KY (Nasdaq : RBCAA)RBCAA is a holding company for Republic Bank and Trust Company, which operates 19 banking centers in Louisville and Central KY. For the three months ended 3/31/99, total interest income rose 5 percent to $23.9 million. Net interest income after loan loss prov. rose 16 percent to $11.3 million. Net income applicable to Com. fell 39 percent to $3.4 million. Net interest income reflects higher interest-earning assets and a lower cost of funds. Earnings reflect the absence of a $4.1 million gain on the sale of deposits. 
Republic Banking Corp. FL (Nasdaq : RBCF)RBCF is a bank holding company for Republic National Bank of Miami, a federally chartered bank with offices in Miami-Dade and Broward Counties, FL. For the three months ended 3/31/99, total interest income rose 2 percent to $28.2 million. Net interest income after loan loss provision rose 9 percent to $14.9 million. Net income rose 2 percent to $4.4 million. Results reflect increased earning asset balances and reduced interest paid on deposits, partially offset by increased salaries and wages. 
Republic Bancorp, Inc. (Nasdaq : RBNC)Republic Bancorp, a bank holding co. for Republic Bank and Republic Savings Bank, offers retail, commercial and mortgage banking services. For the three months ended 3/31/99, total interest income rose 5 percent to $35.5 million. Net interest income after loan loss prov. rose 20 percent to $14.4 million. Net income rose 13 percent to $6.1 million. Net interest income reflects loan growth and a higher net interest margin. Net income was partially offset by a lower gain on the sale of branches. 
Royal Bancshares of PA (Nasdaq : RBPAA)Royal Bancshares of PA, Inc. is a bank holding company for Royal Bank and Royal Investments. For the three months ended 3/99, total interest income rose 6 percent to $10.1 million. Net interest income after loan loss prov. rose 75 percent to $6.7 million. Net income rose 4 percent to $2.7 million. Net interest income reflects an increase in loans and a $2.4 million reduction in the loan loss provision. Earnings were partially offset by the absence of a $2.7 million reversal of a legal accrual. 
Resource Bankshares Corp. (AMEX : RBV)RVB is a bank holding company for Resource Bank with offices in Virginia Beach, Richmond and Northern Virginia. For the three months ended 3/31/99, total interest income rose 1 percent to $4.7 million. Net interest income after loan loss provision increased 6 percent to $2 million. Net income rose 2 percent to $755 thousand. Net interest income reflects higher average earning assets and the absence of a loan loss provision. Net income was partially offset by lower mortgage banking income. 
Redwood Empire Bancorp (Nasdaq : REBC)REBC is a bank holding company for the National Bank of The Redwoods. For the three months ended 3/31/99, total interest income fell 7 percent to $7.7 million. Net interest income after loan loss prov. rose 11 percent to $16.8 million. Net income applicable to Common rose 30 percent to $1.3 million. Net interest income reflects a decline in earning assets, offset a decrease in interest bearing liabilities. Earnings reflect higher revenues from brokerage operations and the absence of preferred dividends. 
Regency Bancorp (Nasdaq : REFN)Regency Bancorp is a bank holding company for Regency Bank, a state chartered bank with three offices in California. For the three months ended 3/31/99, total interest income rose 15 percent to $4.7 million. Net interest income after loan loss provision rose 20 percent to $3.2 million. Net income totalled $1.1 million, up from $519 thousand. Results reflect increased earning asset balances, a lower provision for loan losses and increased income from investment management services. 
Republic Bancshares, Inc. (Nasdaq : REPB)Republic Bancshares, Inc. is a bank holding company for Republic Bank, a Florida-chartered commercial bank with 61 offices in FL. For the three months ended 3/31/99, total interest income rose 30 percent to $46.7 million. Net interest income after loan loss provision rose 24 percent to $20.9 million. Net income fell 7 percent to $2.9 million. Results reflect increased earning asset balances due to growth of the loan portfolio, offset by the absence of $10 million in income from mortgage banking activities. 
Regions Financial Corp. (Nasdaq : RGBK)RGBK is a multi-bank holding company serving markets throughout AL, AR, FL, GA, TN, SC, TX and LA. For the three months ended 3/31/99, total interest income rose 8 percent to $677.8 million. Net interest income after loan loss prov. rose 7 percent to $333.2 million. Net income rose 17 percent to $136.5 million. Net interest income reflects increased earning asset balances, partially offset by a higher loan loss provision. Earnings benefitted from gains on sale of joint venture interests. 
R&G Financial Corp. (Nasdaq : RGFC)RGFC is a holding co. for R&G Mortgage Corp. and R-G Premier Bank of Puerto Rico. For the three months ended 3/99, total interest income rose 27 percent to $35.4 million. Net interest income after loan loss prov. rose 41 percent to $11.9 million. Net income rose 49 percent to $11.2 million. Net interest income reflects a higher average loan portfolio and a lower loan loss provision. Net income reflects higher service charges and increased gains on the sales of investments. 
Riggs National Corp. (Nasdaq : RIGS)RIGS, a bank holding company, whose primary subsidiary is Riggs Bank National Association. For the three months ended 3/99, total interest income fell 6 percent to $81.5 million. Net interest income after loan loss prov. fell 4 percent to $45.8 million. Net income applicable to Common fell 40 percent to $7.7 million. Net interest income reflects decreases in average earning assets, partially offset by an increase in the interest rate spread. Net income reflects lower securities gains. 
Republic New York Corp. (NYSE : RNB)RNB, a bank holding company, provides a variety of banking and financial services worldwide to corporations, financial institutions, governmental units and individuals. For the three months ended 3/31/99, total interest income fell 14 percent to $693.8 million. Net interest income after loan loss prov. fell 1 percent to $253.3 million. Net income applicable to Common fell 64 percent to $39.8 million. Results reflects a reduction in interest earning assets and a $97 million restructuring charge. 
Pacific Capital Bancorp (Nasdaq : SABB)Pacific Capital Bancorp is a bank holding co. for Santa Barbara Bank and Trust, First National Bank of Central California and its affiliate, South Valley National Bank. For the three months ended 3/99, interest income rose 12 percent to $56.6 million. Net interest income after loan loss prov. rose 30 percent to $36.7 million. Net income rose 35 percent to $14.5 million. Results reflect an increase in loans and a lower loan loss provision. Net income also reflects increased service charges and fees. 
South Alabama Bancorp. (Nasdaq : SABC)SABC is the holding company for South Alabama Bank, First National Bank, Brewton and Monroe County Bank and The Bank of Demopolis. For the three months ended 3/31/99, total interest income rose 10 percent to $8.7 million. Net interest income after loan loss prov. rose 11 percent to $4.6 million. Net income rose 12 percent to $1.4 million. Net interest income reflects higher average interest earning assets and an increase in the net interest margin. Net income also reflects higher service charges. 
Salisbury Bancorp, Inc. (AMEX : SAL)Salisbury Bancorp, Inc. is a bank holding company for Salisbury Bank and Trust Company, a state-chartered full-service commercial bank. For the three months ended 3/99, total interest income increased 7 percent to $3.5 million. Net interest income after loan loss provision rose less than 1 percent to $1.8 million. Net income increased 3 percent to $637 thousand. Results reflect higher interest earned on taxable and tax exempt securities, partially offset by increased salaries and employee benefits. 
Banco Santiago (NYSE : SAN)Banco Santiago provides a broad range of commercial and retail banking in Chile, Argentina, Brazil, Venezuela and the U.S. For the fiscal year ended 12/97, total interest income increased 81 percent to CH$535.65 billion. Net interest income after loan loss provision increased 91 percent to CH$164.35 billion. Net income according to U.S. GAAP before extraordinary item totalled CH$86.35 billion vs. a loss of CH$451 million. Results reflect higher interest earning assets and higher fees and service income. 
Sandy Spring Bancorp (Nasdaq : SASR)SASR is a bank holding company for Sandy Spring National Bank of Maryland, a federally chartered bank with 23 offices in MD. For the three months ended 3/31/99, total interest income rose 11 percent to $22.2 million. Net interest income after loan loss provision rose 12 percent to $11.9 million. Net income rose 10 percent to $4.3 million. Results reflect increased average loan and securities balances, partially offset by increased salaries and benefits due to personnel increases. 
Savannah Bancorp, Inc (Nasdaq : SAVB)SAVB is a bank holding company for The Savannah Bank, National Association. For the three months ended 3/31/99, total interest income increased 6 percent to $4.9 million. Net interest income after loan loss provision rose 12 percent to $2.6 million. Net income increased 2 percent to $791 thousand. Net interest income reflects higher average interest-earning assets and a lower cost of funds. Net income was partially offset by increased personnel and occupancy expenses. 
Sussex Bancorp (AMEX : SBB)Sussex Bancorp is a one-bank holding company for the Sussex County State Bank. For the three months ended 3/31/99, interest income rose 9 percent to $2.1 million. Net interest income after loan loss provision fell 4 percent to $1.1 million. Net income rose 5 percent to $192 thousand. Net interest income reflects increases from federal funds sold, offset by a higher average balance of interest bearing deposits. Earnings reflect higher sales of non-deposit products and earnings from new subsidiary. 
Seacoast Banking Corp, FL (Nasdaq : SBCFA)Seacoast Banking Corp. is a bank holding company for the First National Bank. For the three months ended 3/31/99, total interest income increased 8 percent to $18 million. Net interest income after loan loss provision increased 8 percent to $10.3 million. Earnings rose 23 percent to $2.7 million. Net interest income reflects higher average earning assets and a higher net interest margin. Earnings reflect increased service charges on deposits and higher trust fees. 
Southside Bancshares Corp (Nasdaq : SBCO)Southside Bancshares is a multi-bank holding company whose four subsidiary banks operate 16 offices in Missouri. For the three months ended 3/31/99, total interest income rose 4 percent to $10.4 million. Net interest income after loan loss provision rose 6 percent to $5.7 million. Net income fell 2 percent to $1.6 million. Results reflect increased earning asset balances and reduced interest paid on deposits, offset by increased salaries and benefits due to branch acquisitions. 
Summit Bank Corporation (Nasdaq : SBGA)SBGA is a bank holding company for Summit National Bank, a commercial bank, which offers a full range of deposit services. For the fiscal year ended 12/31/98, interest income rose 28 percent to $17.3 million. Net interest income after loan loss prov. rose 27 percent to $9.5 million. Net income rose 13 percent to $2.8 million. Net interest income reflects increased earning assets, partially offset by a falling interest rate environment. Earnings were partially offset by higher staffing costs. 
Security Bank Holding Co. (Nasdaq : SBHC)Security Bank Holding Co. is a bank holding company for Security Bank, Pacific State Bank, Lincoln Security Bank, Alland, Inc., and Security Financial Insurance Agency. For the three months ended 3/31/99, total interest income fell 4 percent to $4.7 million. Net interest income after loan loss prov. fell 2 percent to $2.8 million. Net income rose 21 percent to $605 thousand. Results reflect lower average securities balances, offset by the absence of $168 thousand in ESOP compensation expenses. 
Sterling Bancshares, Inc. (Nasdaq : SBIB)SBIB, a bank holding company, provides commercial and retail banking services primarily in the Houston metropolitan area. For the three months ended 3/99, total interest income rose 4 percent to $25.5 million. Net interest income after loan loss provision rose 7 percent to $17.4 million. Net income rose 15 percent to $4.6 million. Net interest income benefitted from loan growth and a strong net interest margin. Earnings also reflect a $1.9 million gain on the sale of mortgage loans. 
Summit Bancshares, Inc. (Nasdaq : SBIT)SBIT is a bank holding company, for Summit National Bank, Summit Community Bank, and Summit Bancservices. For the three months ended 3/31/99, total interest income rose 6 percent to $9.4 million. Net interest income after loan loss provision rose 8 percent to $5.9 million. Net income rose 12 percent to $2.1 million. Net interest income reflects increased earning asset balances and a higher net interest margin. Earnings also benefitted from increased mortgage brokerage/origination fees. 
Banco Santander P.R. (NYSE : SBP)Banco Santander Puerto Rico is a full-service commercial bank with 77 branches in Puerto Rico and one branch in New York. For the nine months ended 9/30/98, total interest income rose 14 percent to $354.7 million. Net interest income after loan loss prov. fell 3 percent to $150.9 million. Net income applicable to Common fell 8 percent to $45.4 million. Net interest income reflects a higher investment portfolio, offset by higher loan loss provision. Earnings reflect lower gains from the sale of securitites. 
Southside Bancshares,Inc. (Nasdaq : SBSI)Southside Bancshares, Inc. is a bank holding company for Southside Bank, a state chartered bank serving East Texas. For the three months ended 3/31/99 , total interest income rose 42 percent to $13.6 million. Net interest income after loan loss provision rose 10 percent to $5 million. Net income rose 35 percent to $1.6 million. Net interest income reflects increased average securities balances, partially offset by increased borrowings. Earnings reflect higher deposit service fees. 
Community Bankshares /SC/ (AMEX : SCB)Community Bankshares is a bank holding company for Orangeburg National Bank, Sumter National Bank and Florence National Bank. For the three months ended 3/31/99, total interest income rose 24 percent to $3.4 million. Net interest income after loan loss provision rose 24 percent to $1.8 million. Net income rose 8 percent to $429 thousand. Net interest income after loan loss prov. reflects higher levels of interest earning assets. Earnings were partially offset by higher personnel costs due to expansion. 
Second Bancorp, Inc. (Nasdaq : SECD)Second Bancorp, Inc. is a bank holding company for The Second National Bank of Warren. The bank operates 33 branches and one loan production office. For the three months ended 3/31/99, total interest income fell 6 percent to $25.5 million. Net interest income after loan loss provision fell 3 percent to $11.7 million. Net income rose 12 percent to $4.1 million. Results reflect lower average securities balances, offset by increased gains on the sale of loans. 
Slade's Ferry Bancorp (Nasdaq : SFBC)Slade's Ferry Bancorp is a bank holding company for Slade's Ferry Trust Company, a state chartered bank with 10 offices in MA. For the three months ended 3/31/99, total interest income rose 4 percent to $6.1 million. Net interest income after loan loss provision rose 4 percent to $3.2 million. Net income rose 17 percent to $872 thousand. Net interest income reflects increased average securities balances. Earnings also benefitted from increased net gains on the sale of securities. 
Southern Fin'l Bancorp (Nasdaq : SFFB)Southern Financial Bancorp is the holding company for Southern Financial Bank, a state chartered commercial bank. For the three months ended 3/99, total interest income rose 8 percent to $4.9 million. Net interest income after loan loss provision rose 13 percent to $2.1 million. Net income applicable to Common rose 11 percent to $698 thousand. Results reflect increases on investment securities, partially offset by higher loan loss provisions. Earnings reflect higher employee compensation. 
Simmons First Nat'l Corp. (Nasdaq : SFNCA)Simmons First National Corp. is a bank holding company for eight subsidiary banks in Arkansas. The Company's lead bank, Simmons First National Bank, is a national bank. For the three months ended 3/31/99, interest income rose 1 percent to $27.6 million. Net interest income after loan loss provision rose 6 percent to $12.7 million. Net income rose 1 percent to $3.3 million. Results reflect increased fees on loans, partially offset by merger-related expenses due to acquisitions. 
State Financial Services (Nasdaq : SFSW)State Financial Services is a bank holding company for State Financial Bank, State Financial Bank -Waterford and Richmond Bank. For the nine months ended 9/98, interest income rose 31 percent to $23.5 million. Net interest income after loan loss prov. rose 15 percent to $12.3 million. Net income rose 7 percent to $3.4 million. Results reflect increased earning assets, partially offset by decreased net interest margins. Earnings reflect higher salaries and benefits due to the 12/97 Richmond acquisition. 
Shore Financial Corp. (Nasdaq : SHBK)Shore financial Corp. is an unitary bank holding company for Shore Bank. For the three months ended 3/99, interest income rose 3 percent to $2.2 million. Net interest income after loan loss provision rose 1 percent to $999 thousand. Net income increased 14 percent to $349 thousand. Net interest income after LLP reflects loan growth, partially offset by increased loss provisions. Earnings benefitted from increased deposit account fees and decreased compensations and benefit costs. 
Silicon Valley Bancshares (Nasdaq : SIVB)Silicon Valley Bancshares is a bank holding company for Silicon Valley Bank. For the three months ended 3/31/99, total interest income increased 26 percent to $62.4 million. Net interest income after loan loss provision increased 26 percent to $33.4 million. Net income decreased 3 percent to $7.8 million. Net interest income reflects increases in customer deposits, the loan portfolio and investment securities. Earnings were partially offset by higher compensation and professional services expenses. 
Six Rivers National Bank (Nasdaq : SIXR)Six Rivers National Bank is a full service commercial bank with eight branch offices in Northern California. For the nine months ended 9/30/98, total interest income rose 62 percent to $11.1 million. Net interest income after loan loss provision rose 17 percent to $4 million. Net loss totalled $429 thousand vs. an income of $588 thousand. Results reflect increased earning asset balances due to branch acquisitions, offset by the expenses associated with expansion of the branch network. 
SJNB Financial Corp. (Nasdaq : SJNB)SJNB Financial Corp. is a bank holding company for San Jose National bank, a federally chartered bank serving San Jose, CA and the surrounding areas. For the three months ended 3/31/99, total interest income increased 1 percent to $7.2 million. Net interest income after loan loss provision fell 2 percent to $4.9 million. Net income fell 7 percent to $1.3 million. Results reflect increased interest paid on deposits, a higher loan loss provision and increased salaries and benefits expense. 
Skaneateles Bancorp, Inc. (Nasdaq : SKAN)SKAN is a bank holding company for Skaneateles Savings Bank, a state chartered bank with nine offices in Onondaga and Oswego Counties, NY. For the three months ended 3/31/99, total interest income rose 2 percent to $5 million. Net interest income after loan loss provision rose 8 percent to $2.6 million. Net income fell 25 percent to $261 thousand. Results reflect increased earning asset balances and reduced interest paid on borrowings, offset by $295 thousand in merger related expenses. 
Skylands Community Bank (Nasdaq : SKCB)Skylands Community Bank is a commercial bank which operates four branches in New Jersey. For the six months ended 6/30/98, total interest income rose 24 percent to $6 million. Net interest income after loan loss provision rose 30 percent to $3.3 million. Net income rose 40 percent to $877 thousand. Net interest income reflects increased interest and fees on loans and increased interest on securities. Net income reflects increased other income and a $32 thousand gain on the sale of securities. 
Sky Financial Group, Inc. (Nasdaq : SKYF)SKYF is a bank holding company for three banks engaged in commercial banking. SKYF also operates businesses related to collection activities and other financial services. For the three months ended 3/99, net interest income fell 2 percent to $87.7 million. Net interest income after loan loss prov. rose 1 percent to $44 million. Net income rose 53 percent to $20.2 million. Results interest income reflect lower securities portfoli, offset by lower borrowings and the absence of $3.9 million in merger costs. 
Shoreline Financial Corp. (Nasdaq : SLFC)Shoreline Financial is a bank holding company with subsidiaries serving the commercial banking sector. For the three months ended 3/31/99, interest income increased 1 percent to $16.9 million. Net interest income after loan loss provision increased 7 percent to $8.6 million. Net earnings increased 2 percent to $3.1 million. Net interest income benefitted from a modified mix interest earning assets and deposits. Earnings were partially offset by increased salary and benefits expenses. 
Sterling Financial /PA/ (Nasdaq : SLFI)Sterling Financial Corp. is a bank holding company for Bank of Lancaster County, N.A., with 31 branches in PA. For the three months ended 3/31/99, total interest income rose 1 percent to $14.9 million. Net interest income after loan loss provision rose 8 percent to $8.2 million. Net income rose 8 percent to $3.1 million. Results reflect increased earning asset balances due to growth of the investment portfolio, reduced interest paid on deposits and a lower provision for loan losses. 
Smithtown Bancorp, Inc. (OTC BB : SMTB)SMTB, a bank holding company, provides full banking and trust services through The Bank of Smithtown, with branch offices in Suffolk County, NY. For the three months ended 3/99, interest income rose 3 percent to $3.8 million. Net interest income after loan loss prov. rose 9 percent to $2.7 million. Net income rose 23 percent to $1 million. Net interest income reflects higher average earning assets and higher net spread. Net Income reflects lower pension and employee benefits. 
Sun Bancorp, Inc. /NJ/ (Nasdaq : SNBC)SNBC, one bank holding company, provides commercial and consumer banking services through its sole bank subsidiary, Sun National Bank. For the three months ended 3/31/99, total interest income rose 33 percent to $25.3 million. Net interest income after loan loss prov. rose 35 percent to $11.1 million. Net income rose 33 percent to $2.4 million. Results reflect increased interest and fees on loans due to acquisitions and internal growth, partially offset by higher salaries and employee benefits. 
Synovus Financial Corp. (NYSE : SNV)Synovus Financial Corp. is a multi-financial bank holding company for banking affiliates and a bankcard data processing company. For the three months ended 3/31/99, total interest income rose 8 percent to $201.2 million. Net interest income after loan loss provision rose 11 percent to $109.6 million. Net earnings rose 17 percent to $48.2 million. Net interest income reflects increased average earning asset balances and a lower cost of funds. Earnings also reflect higher data processing revenues. 
Southern Jersey Bancorp (OTC BB : SOJB)Southern Jersey Bancorp is a bank holding company for Farmers and Merchants National Bank of Bridgeton, serving the Cumberland, Gloucester and Salem counties of NJ. For the three months ended 3/31/99, total interest income fell 13 percent to $7.3 million. Net interest income after loan loss provision fell 2 percent to $2.6 million. Net income totalled $256 thousand, up from $22 thousand. Results reflect lower average loan balances, offset by increased gains on the sale of securities. 
Southern Michigan Bancorp (OTC BB : SOMC)Southern Michigan Bancorp is a holding company for Southern Michigan National Bank. For the fiscal year ended 12/31/98, total interest income rose 4 percent to $19.4 million. Net interest income after loan loss provision rose less than 1 percent to $10.8 million. Net income increased 17 percent to $3.5 million. Net interest income reflect a rise in reinvestment of funds received, partially offset by an increase in loan loss provision. Earnings also reflect an increase in secondary market gains. 
SouthTrust Corporation (Nasdaq : SOTR)SouthTrust Corp. is a bank holding company which operates 616 banking offices throughout AL, GA, FL, NC, SC, TN, MS. For the three months ended 3/31/99, total interest income rose 12 percent to $670.8 million. Net interest income after loan loss provision rose 11 percent to $286.1 million. Net income rose 21 percent to $104.5 million. Net interest income reflects increased interest earning asset balances, partially offset by lower interest margins. Earnings reflect higher deposit service charges. 
1st Source Corporation (Nasdaq : SRCE)SRCE is a holding company for 1st Source bank and four other subsidiaries providing leasing, insurance and mortgage services. For the three months ended 3/99, total interest income rose less than 1 percent to $47.9 million. Net interest income after loan loss prov. rose 7 percent to $22.3 million. Net income applicable to Common rose 10 percent to $7.9 million. Net interest income reflects a rise in average earning assets, and a decrease short term borrowings. Earnings reflect higher equipment rental income. 
Surety Capital Corp. (AMEX : SRY)Surety Capital Corp. is the bank holding company for Surety Bank, N.A., a federally chartered bank with eight branches in TX. For the three months ended 3/31/99, total interest income fell 22 percent to $3 million. Net interest income after loan loss provision fell 29 percent to $1.7 million. Net loss totalled $790 thousand vs. an income of $332 thousand. Results reduced interest earned on insurance financing and increased general and administrative expenses. 
State Bancorp, Inc./NY (AMEX : STB)STB is a bank holding company for the State Bank of Long Island, offering consumer, commercial, and municipal banking services. For the three months ended 3/31/99, total interest income fell 1 percent to $13.7 million. Net interest income after loan loss prov. rose 15 percent to $7.8 million. Net income rose 30 percent to $2.2 million. Net interest income reflects lower deposits and lower other borrowings. Earnings reflect higher service charges income and a higher level of security gains. 
Banco Santander Central (NYSE : STD)STD is engaged in commercial banking operations in Spain and abroad, providing banking, financial and related services to corporate and individual clients in 31 countries, including the U.S. For the fiscal year ended 12/97, interest income rose 14 percent to P1.783T. Net interest income after loan loss prov. rose 35 percent to P424.3 billion. Net income before U.S. GAAP rose 29 percent to P110.63 billion. Results reflect growth in loans, partially offset by higher goodwill amortization and personnel costs. 
SunTrust Banks, Inc. (NYSE : STI)SunTrust Banks, Inc. provides a full line of consumer and commercial banking services to more than 3.3 million customers through 1,079 full-service banking offices in AL, FL, GA, MD, TN, VA and DC. For the three months 3/31/99, total interest income rose 4 percent to $1.44 billion. Net interest income after loan loss provision rose 9 percent to $727.8 million. Net income rose 6 percent to $281.7 million. Results reflect increased loans and trust fees, partially offset by increased personnel expenses. 
Sterling Bancorp (NYSE : STL)STL is a bank holding co. engaged in business and consumer loans, asset based financing, factoring, trade financing, mortgage lending, leasing and trust estate services. For the three months ended 3/99, total interest income fell 1 percent to $17.9 million. Net interest income after loan loss prov. rose 2 percent to $11.2 million. Net income applicable to Common rose 15 percent to $3.4 million. Results reflect lower interest bearing liabilities and increased mortgage banking and deposit fees. 
State Street Corporation (NYSE : STT)STT, a bank holding company for State Street Bank and Trust Company, provides financial asset services, investment management and commercial lending services. For the three months ended 3/31/99, interest income rose 13 percent to $564 million. Net interest income after loan loss provision rose 11 percent to $190 million. Net income rose 14 percent to $121 million. Results reflect higher interest earning assets, partially offset by a lower net interest margins. Earnings reflect higher fiduciary income. 
Security Banc Corp. (OTC BB : STYB)STYB is a state bank holding Company, whose subsidiaries engage in commercial banking and trust business. For the three months ended 3/31/99, total interest income rose 6 percent to $16.6 million. Net interest income after loan loss prov. rose 3 percent to $9.8 million. Net income rose 9 percent to $4.1 million. Net interest income reflects higher interest-earning assets, partially offset by a higher loan loss provision. Earnings reflect higher trust income and higher rent and fees income. 
Summit Bancorp (NYSE : SUB)Summit Bancorp, a bank holding company, provides banking services and non-banking services to individual and corporate customers. For the three months ended 3/31/99, total interest income rose 6 percent to $560.4 million. Net interest income after loan loss prov. rose 5 percent to $288.8 million. Net income rose 6 percent to $118.7 million. Results reflect higher interest earning assets, partially offset by increased interest bearing liabilities. Earnings also reflect increased service and loan fees. 
Sun Bancorp, Inc. (Nasdaq : SUBI)Sun Bancorp, Inc. is a bank holding company whose subsidiaries operate 14 banking offices in PA. SUBI also offers credit life and disability insurance to its customers. For the three months ended 3/31/99, total interest income rose 13 percent to $11.2 million. Net interest income after loan loss prov. remained flat at $4.7 million. Net income rose 10 percent to $2.2 million. Results reflect increased securities balances, offset by a higher LLP. Earnings reflect increased net security gains. 
Suffolk Bancorp (Nasdaq : SUBK)SUBK is a bank holding company for the Suffolk County National Bank, and provides domestic, retail and commercial banking services, and trust services. For the three months ended 3/99, total interest income remained flat at $16.4 million. Net interest income after loan loss provision rose 4 percent to $10.9 million. Earnings rose 4 percent to $3 million. Net interest income reflects lower interest paid on deposits. Earnings reflect a lower provision for income taxes. 
Summit Financial Corp. (Nasdaq : SUMM)Summit Financial Corp., a bank holding company for Summit National Bank and Freedom Finance, operates from two banking and twelve consumer finance offices in SC. For the three months ended 3/31/99, total interest income rose 1 percent to $3.6 million. Net interest income after loan loss provision rose 8 percent to $2 million. Net income rose 37 percent to $567 thousand. Results reflect a lower rate on interest bearing liablities and increased gains on the sale of securities. 
Susquehanna Bancshares (Nasdaq : SUSQ)SUSQ, a multi-state financial institution holding company, which operates eight commercial banks, one savings bank, and two non-banking subsidiaries in PA, MD , DE and NJ. For the three months ended 3/31/99, interest income fell 1 percent to $73.5 million. Net interest income after loan loss prov. rose 1 percent to $37.9 million. Net income rose 5 percent to $11.8 million. Net interest income reflects higher average interest-earning assets. Earnings reflects higher service charges and lower employee costs. 
SVB Financial Services (Nasdaq : SVBF)SVB Financial Services is a bank holding company for Somerset Valley Bank, which operates commercial banks in New Jersey. For the three months ended 3/99, interest income rose 13 percent to $3.3 million. Net interest income after loan loss provision rose 14 percent to $1.7 million. Net income increased 15 percent to $268 thousand. Net interest income after LLP reflects growth in interest earning assets. Earnings also reflect a lower effective income tax rate. 
SierraWest Bancorp (Nasdaq : SWBS)SWBS is a holding company for SierraWest Bank which provides commercial banking services. For the three months ended 3/31/99, total interest income rose 4 percent to $16.6 million. Net interest income after loan loss provision rose 9 percent to $10.1 million. Net income rose 11 percent to $2.2 million. Net interest income reflects increased earning asset balances and reduced interest paid on deposits. Earnings also benefitted from increased gains on the sale of loans. 
Southwest Bancorp. (TX) (Nasdaq : SWBT)SWBT is a bank holding company for Southwest Bank of Texas, with seventeen full service branches. For the three months ended 3/31/99, interest income rose 18 percent to $37.6 million. Interest income after loan loss provision rose 19 percent to $20.5 million. Net income applicable to Common rose 23 percent to $6.3 million. Net interest income reflects an increase in average earning assets. Net income reflects higher service charges and higher income from investing activities. 
Success Bancshares, Inc. (Nasdaq : SXNB)SXNB is a bank holding company engaged in full service community banking through its subsidiary Success National Bank. For the three months ended 3/31/99, interest income rose 12 percent to $8.3 million. Net interest income after loan loss prov. rose 11 percent to $3.8 million. Net income rose 15 percent to $441 thousand. Results reflect an increase in average interest earning assets, a lower loan loss provision, gains from the sales of loans and income from a lawsuit settlement. 
SY Bancorp, Inc. (AMEX : SYI)SYI is a bank holding company for Stock Yard Bank and Trust Company, a subsidiary engaged in commercial and personal banking activities. For the three months ended 3/31/99, total interest income rose 14 percent to $11.3 million. Net interest income after loan loss provision rose 13 percent to $5.8 million. Net income rose 18 percent to $2.2 million. Results reflects higher average earning assets, partially offset by lower net interest margins. Earnings reflect increased trust income and service charges. 
Banc Corporation (Nasdaq : TBNC)The Banc Corporation is a bank holding Company whose subsidiaries operate 17 full services banking offices throughout Alabama. For the three months ended 3/31/99, total interest income rose 39 percent to $10.1 million. Net interest income after loan loss provision rose 59 percent to $5.4 million. Net income fell 23 percent to $504 thousand. Results reflect increased earning asset balances and a lower loan loss provision, offset by increased salaries and benefits due to new branch openings. 
TCF Financial Corporation (NYSE : TCB)TCB, a bank holding co., owns and operates four federally chartered national banks and one bank holding company. For the three months ended 3/31/99, interest income fell 4 percent to $184 million. Net interest income after loan loss provision fell 6 percent to $97.1 million. Net income fell 6 percent to $37.3 million. Net interest income reflects discontinuation of the automobile lending operation and lower interest margins. Earnings reflect increased compensation and benefits costs. 
TriCo Bancshares (Nasdaq : TCBK)TCBK is a bank holding company for Tri Counties Bank,which engages in commercial banking in CA. For the three months ended 3/31/99, total interest income rose 7 percent to $16.3 million. Net interest income after loan loss provision rose 14 percent to $9.7 million. Net income rose 36 percent to $2.6 million. Net interest income reflects higher average balances on loans and investment securities, and a decrease in deposits. Net income also reflects increased gross margin. 
Trust Company of N.J. (Nasdaq : TCNJ)TCNJ is a state-chartered full service commercial bank. As of 12/97, deposits totalled $2.32 billion. For the fiscal year ended 12/31/97, total interest income rose 5 percent to $171.9 million. Net interest income after loan loss provision rose 5 percent to $80.7 million. Net earnings applicable to Common rose 31 percent to $26.9 million. Net interest income reflects increased volume of loans, and decreased expense on borrowed funds. Net income also reflects decreased salaries and wages expenses. 
Triangle Bancorp, Inc. (NYSE : TGL)TGL is a holding company for Triangle Bank, which operates in Eastern NC. For the three months ended 3/99, total interest income fell 2 percent to $37.8 million. Net interest income after loan loss provision rose 2 percent to $17.2 million. Net income rose 23 percent to $6.6 million. Net interest income reflects reduced costs of liabilities due to the overall interest rate environment. Net income reflects lower personnel costs, higher service charges and higher investment income. 
First Financial Corp./IN/ (Nasdaq : THFF)THFF, a multi-bank holding Co., engages in commercial and consumer lending, lease financing, trust account services and depositor services. For the three months ended 3/99, total interest income rose 4 percent to $32.8 million. Net interest income after loan loss prov. rose 7 percent to $15 million. Earnings rose 11 percent to $5 million. Net interest income reflects higher average interest earning assets. Net income reflects increased trust department income and gains from the sale of real estate. 
Tehama Bancorp (OTC BB : THMB)Tehama Bancorp is a bank holding company for Tehama County Bank, a state chartered bank serving Tehama, Butte, Shasta and Glenn Counties, CA. For the three months ended 3/31/99, total interest income increased 1 percent to $3.4 million. Net interest income after loan loss provision fell 2 percent to $1.6 million. Net income fell 25 percent to $376 thousand. Net interest income reflects higher earning asset balanecs, offset by a higher loan loss provision. Earnings suffered from personnel increases. 
TIB Financial Corp. (Nasdaq : TIBB)TIBB is a bank holding company for TIB Bank of the Keys in Florida. For the three months ended 3/31/99, total interest income rose 22 percent to $6.8 million. Net interest income after loan loss prov. rose 21 percent to $3.9 million. Net income before accounting change rose 19 percent to $979 thousand. Net interest income reflects an increase in loan volumes, partially offset by a lower net interest margin. Earnings were partially offset by a rise in expenses related to interchange fees. 
Tompkins Trustco, Inc. (AMEX : TMP)TMP is a bank holding company for Tompkins County Trust Company, a state chartered bank in Ithaca, NY. For the three months ended 3/31/99, interest income remained flat at $12 million. Net interest income after loan loss provision rose 2 percent to $6.9 million. Net income rose 10 percent to $3 million. Net interest income reflects an increase in average earning assets, and lower provision for loan/lease losses. Net income reflects higher trust and investment services income. 
Tower Bancorp, Inc. (OTC BB : TOBC)TOBC is a bank holding company for The First National Bank of Greencastle, a state chartered bank with five branches in South Central PA. For the nine months ended 9/30/98, total interest income rose 4 percent to $9.2 million. Net interest income after loan loss provision rose 4 percent to $5.3 million. Net income rose 9 percent to $2.3 million. Net interest income reflects increased earning asset balances. Earnings also benefitted from increased gains on investment securities. 
Texas Regional Bancshares (Nasdaq : TRBS)TRBS is a holding company, whose wholly-owned subsidiary, Texas State Bank, conducts commercial banking services in the Rio Grande Valley of TX. For three months ended 3/99, interest income rose 8 percent to $33 million. Net interest income after loan loss provision rose 11 percent to $17.3 million. Net income rose 21 percent to $7.1 million. Net interest income reflects strong loan growth and asset quality. Net income reflects the absence of one-time acquisition charge and higher service charges. 
Trustmark Corporation (Nasdaq : TRMK)Trustmark Corporation is a one-bank holding company for Trustmark National Bank in MS. For the three months ended 3/99, total interest income rose 11 percent to $109.5 million. Net interest income after loan loss provision rose 11 percent to $59 million. Net income rose 23 percent to $24.1 million. Net interest income reflects growth of average earning assets in the loan portfolio and a higher net interest margin. Net income reflects an increase in service charges and commission income. 
TrustCo Bank Corp NY (Nasdaq : TRST)TRST, a bank holding company for Trustco Bank, is a national banking association engaged in commercial banking business. For the fiscal year ended 3/31/99, total interest income fell 4 percent to $41.7 million. Net interest income after loan loss provision rose 3 percent to $20.9 million. Net income rose 11 percent to $9.3 million. Net interest income reflects lower securities balances, offset by higher interest spread. Earnings also reflect higher $1.2 million gain from the sale of a banking building. 
USBANCORP, Inc. (Nasdaq : UBAN)USBANCORP, Inc. is a multi-bank holding company which operates over 40 branch locations in PA. For the three months ended 3/31/99, total interest income rose 1 percent to $40.2 million. Net interest income after loan loss provision fell 6 percent to $15.8 million. Net income fell 12 percent to $5 million. Net interest income reflects increased earning asset balances, offset by interest paid on subordinated debentures. Earnings also suffered from increased salaries and benefits. 
Unibanco (NYSE : UBB)UBB is a full-service financial institution engaged in retail banking, wholesale banking, insurance and asset management throughout Brazil. For the fiscal year ended 12/97, total interest income rose 3 percent to CR$4.36 billion. Net interest income after loan provision rose 7 percent to CR$1.89 billion. Net income rose 6 percent to CR$316 million. Results reflect higher average loan balances and lower average interest bearing liabilities, partially offset by higher insurance claims, reserves and acquisition costs. 
UnionBancorp, Inc. (Nasdaq : UBCD)UnionBancorp, Inc. is a bank holding company for five bank subsidiaries with a total of 26 branch locations in Central and Northern Illinois. For the three months ended 3/31/99, total interest income fell 1 percent to $11.5 million. Net interest income after loan loss provision rose 9 percent to $5.5 million. Net income applicable to Common rose 17 percent to $1.4 million. Results reflect a lower provision for loan losses, increased insurance commissions and fees and higher merchant fee income. 
USB Holding Co., Inc. (AMEX : UBH)UBH, a bank holding Co., provides financial services through wholly owned subsidiaries, including full-service commercial and retail banking. For the three months ended 3/31/99, total interest income rose 7 percent to $23.3 million. Net interest income after loan loss provision rose 11 percent to $11 million. Net income applicable to Common rose 6 percent to $3.5 million. Results reflect volume increases of average earning assets, partially offset by higher salaries and employee benefits. 
Union Bankshares, Ltd. (Nasdaq : UBSC)Union Bankshares is a bank holding company for Union Bank and Trust, a state chartered bank with six offices in the Denver metropolitan area. For the fiscal year ended 12/31/98, total interest income rose 12 percent to $17.9 million. Net interest income after loan loss provision rose 8 percent to $11.3 million. Net income fell 23 percent to $1.6 million. Results reflect increased earning asset balances, offset by increased salaries and benefits due to acquisitions and personnel increases. 
Union Bankshares Corp. (Nasdaq : UBSH)UBSH, a multi-bank holding co., operates five banking subsidiaries, a discount brokerage company and a mortgage company. For the three months ended 3/31/99, total interest income rose 8 percent to $13.1 million. Net interest income after loan loss prov. rose 2 percent to $6.1 million. Net income before acct. change fell 6 percent to $1.9 million. Results reflect increased interest earning assets, partially offset by a higher loan loss provision. Earnings were offset by acquisition related personnel cost. 
UCBH Holdings Inc. (Nasdaq : UCBH)UCBH, a holding co., conducts business through its subsidiary, United Commercial Bank, a federally chartered commercial bank. For the three months ended 3/99, total interest income rose 35 percent to $37.9 million. Net int. income after loan loss prov. rose 34 percent to $15.2 million. Net income totalled $3.9 million, up from $1.6 million. Net interest income reflects an increase in the average loans outstanding, partially offset by a higher loan loss prov. Earnings reflect higher servicing income. 
United Financial Banking (UFBCUnited Financial Banking Companies is a bank holding company for The Business Bank, Business Venture Capital, Inc. and Omni Homes, Inc. For the fiscal year ended 12/98, total interest income rose 18 percent to $4.1 million. Net interest income after loan loss prov. rose 14 percent to $1.9 million. Net income applicable to Common totalled $63 thousand, vs a loss of $101 thousand. Net interest income reflects higher loan volume. Net income reflects higher service fees and higher real estate gains. 
United Financial Holdings (Nasdaq : UFHI)United Financial Holdings, Inc. is a bank holding company for the United Bank and Trust Company, a Florida chartered commercial bank headquartered in St. Petersburg, Florida. For the three months ended 3/31/99, total interest income rose 14 percent to $3.3 million. Net interest income after loan loss provision rose 8 percent to $1.8 million. Net income applicable to Common rose 21 percent to $405 thousand. Results reflect increased interest earning assets and increased income from EPW and United Trust. 
UMB Financial Corporation (Nasdaq : UMBF)UMB Financial is bank holding company whose 16 commercial bank subsidiaries offer a range of banking services in KS, IL, CO, NE, OK and MO. For the three months ended 3/99, total interest income fell 2 percent to $101.9 million. Net interest income after loan loss provision (LLP) rose 1 percent to $54.6 million. Net income rose 8 percent to $16.4 million. Results reflect lower loan volume and interest rate decreases, offset by lower LLP and higher service charges on deposits. 
Umpqua Holdings Corp. (Nasdaq : UMPQ)Umpqua Holdings Corp. is an Oregon state-chartered bank serving customers through 11 offices in Douglas and Lane Counties in southern Oregon. For the three months ended 3/31/99, total interest income rose 19 percent to $5.7 million. Net interest income after loan loss provision rose 25 percent to $3.5 million. Net income rose 35 percent to $1.2 million. Results reflect increased earning asset balances, increased service fees on deposit accounts and increased ATM revenue. 
United National Bancorp (Nasdaq : UNBJ)UNBJ is a bank holding company for The United National Bank, UNB Capital Trust, and Raritan Bancorp. For the three months ended 3/31/99, total interest income fell 1 percent to $32.5 million. Net interest income after loan loss provision rose 1 percent to $16.8 million. Net loss totalled $2.6 million, vs. an income of $2.6 million. Net interest income reflects a lower yield on interest earning assets, offset by lower interest paid on deposits. Loss reflects an $11.1 million merger related charge. 
University Bancorp, Inc. (Nasdaq : UNIB)UNIB is a bank holding company for University Bank, a state chartered community bank in Michigan. For the three months ended 3/31/99, total interest income fell 19 percent to $885 thousand. Net interest income after loan loss provision fell 16 percent to $362 thousand. Net loss totalled $223 thousand vs. an income of $107 thousand. Net interest income reflects lower average loan balances, partially offset by reduced interest paid on deposits. Earnings suffered from increased security losses. 
Union National Bancorp (Nasdaq : UNNL)Union National Bancorp is a bank holding company for Union National Bank, a federally chartered bank with nine offices in Carroll County, Maryland. For the three months ended 3/31/99, total interest income increased 4 percent to $5.1 million. Net interest income after loan loss provision rose 4 percent to $2.6 million. Net income rose 6 percent to $678 thousand. Results reflect increased average securities balances and increased service charges on deposit accounts. 
First United Bancshares (Nasdaq : UNTD)UNTD is a multi-bank holding company for The First National Bank of El Dorado and 15 other banks in Arkansas, Louisiana and Texas. For the three months ended 3/99, interest income rose 2 percent to $44.4 million. Net interest income after loan loss provision rose 3 percent to $23.6 million. Net income fell 1 percent to $8.1 million. Net interest income reflects growth in interest earning assets and lower interest costs. Earnings were offset by increased salaries. 
Unity Bancorp, Inc. (Nasdaq : UNTY)UNTY serves as a one-bank holding company for First Community Bank. For the three months ended 3/31/99, total interest income rose 12 percent to $4.6 million. Net interest income after loan loss prov. rose 18 percent to $2.5 million. Net income rose 47 percent to $501 thousand. Net interest income reflects higher average earning assets and a lower loan loss provision. Net income also reflects increased mortgage origination fees due to a larger portfolio of loans serviced. 
Union Planters Corp. (NYSE : UPC)Union Planters Corp. is a multi-state bank holding company whose subsidiaries operate through 885 banking offices in 12 southern and midwestern states. For the three months ended 3/31/99, total interest income fell 3 percent to $554.6 million. Net interest income after loan loss provision rose 3 percent to $279.4 million. Net income applicable to Common fell 7 percent to $96.9 million. Results reflect a lower provision for loan losses, offset by increased salaries and benefits. 
USABanc.com Inc. (Nasdaq : USAB)USABanc.com Inc. is a bank holding company for Peoples Thrift Savings Bank, a state chartered bank with two offices in PA. For the three months ended 3/31/99, total interest income totalled rose 70 percent to $3.9 million. Net interest income after loan loss provision rose 51 percent to $1.6 million. Net income remained flat at $414 thousand. Results reflect increased earning asset balances due to loan growth, offset by personnel increases and increased professional fees. 
U.S. Bancorp (NEW) (NYSE : USB)U.S. Bancorp (NEW) is a multistate bank holding company serving seventeen Midwestern and Rocky Mountain states. Total interest income for the three months ended 3/99 increased 2 percent to $1.35 billion. Net interest income after loan loss provision rose less than 1 percent to $665.7 million. Net earnings applicable to Common Stock increased 12 percent to $366.8 million. Results reflect increased earning assets, increased investment banking revenues and higher investment product fees. 
United Security Bancorp. (Nasdaq : USBN)United Security Bancorporation is a multi-bank holding company that owns four banks, an insurance agency, a leasing company and a mortgage company. For the three months ended 3/31/99, total interest income rose 3 percent to $10.6 million. Net interest income after loan loss prov. rose 11 percent to $6.6 million. Net income remained flat at $2.1 million. Net interest income reflects loan volume increases. Earnings were offset by the absence of income from the sale of real estate. 
UST Corp. (Nasdaq : USTB)USTB is the bank holding co. for USTrust and United States Trust Company. USTB indirectly owns seven nonbanking subsidiaries. For the three months ended 3/99, total interest income rose 1 percent to $107.8 million. Net interest income after loan loss prov. rose 6 percent to $65.4 million. Earnings fell 8 percent to $17.3 million. Net interest income reflects loan growth and favorable changes in the deposit mix. Earnings were offset by higher year 2000 expenses and lower securities gains. 
United Tennessee Bankshs. (Nasdaq : UTBI)United Tennessee Bankshares is the holding Company for Newport Federal Bank, a capital stock savings bank. For the fiscal year ended 12/31/98, total interest income increased 13 percent to $5.8 million. Net interest income after loan loss provision rose 39 percent to $3.2 million. Net income before acct. chg. rose 71 percent to $1.1 million. Net interest income after LLP reflect higher balances of interest-earning loans and reductions in deposit accounts. Earnings also reflect decreased compensation and benefits. 
U.S. Trust Corporation (NYSE : UTC)UTC is a bank holding company for U.S. Trust Co. of New York, providing investment management and banking services. For the three months ended 3/31/99, total interest income rose 5 percent to $58.5 million. Net interest income after loan loss provision rose 14 percent to $28.9 million. Net income rose 25 percent to $18.3 million. Net interest income reflects higher interest earning assets and lower borrowings. Net income also reflects higher fees due to new businesses. 
Univest Corp. of PA (OTC BB : UVSP)UVSP is a bank holding company for Union National Bank and Trust Co., Pennview Savings Bank and several other finance subsidiaries. For the three months ended 3/31/99, total interest income rose 2 percent to $18 million. Net interest income after loan loss provision rose 5 percent to $10.1 million. Net income rose 10 percent to $3.9 million. Results reflect increased earning asset balances, a lower provision for loan losses and increased trust income and service fees. 
Valley National Corp. (Nasdaq : VADO)Valley National Corp. conducts the same business operations as a typical independent, commercial bank including accepting demand, savings and time deposits and making commercial, real estate and consumer loans. For the three months ended 3/31/99, interest income rose 6 percent to $4.6 million. Net interest income after loan loss provision rose 18 percent to $3 million. Net income rose 44 percent to $644 thousand. Results reflect continued growth in the bank's earning assets. 
Vail Banks, Inc. (Nasdaq : VAIL)Vail Banks, Inc. is a bank holding company for WestStar Bank, a state chartered bank with 20 offices in the western slope region of Colorado. For the three months ended 3/31/99, total interest income rose 70 percent to $7.9 million. Net interest income after loan loss provision rose 82 percent to $5.3 million. Net income applicable to Common totalled $716 thousand, up from $281 thousand. Results reflect higher average loan balances and increased service charges on deposit accounts. 
Virginia Commonwealth Fin (Nasdaq : VCFC)VCFC is a bank holding company for Second Bank and Trust and Virginia Heartland Bank. For the three months ended 3/31/99, total interest income rose 6 percent to $6.4 million. Net interest income after loan loss prov. rose 9 percent to $3.4 million. Net income rose 3 percent to $1.1 million. Net interest income reflects an increase in average earning asset balances and an increase in net interest margin. Earnings were partially offset by higher compensation and occupancy costs. 
VIB Corp (Nasdaq : VIBC)VIBC, a bank holding company for Valley Independent Bank, provides full commercial banking services primarily in the Imperial Valley and Coachella Valley. For the three months ended 3/31/99, interest income rose 23 percent to $14.4 million. Net interest income after loan loss prov. rose 17 percent to $8.1 million. Earnings fell 43 percent to $664 thousand. Net interest income reflects loan growth, partially offset by lower interest rate spread. Earnings reflect higher data processing and merger costs. 
Valley National Bancorp (NYSE : VLY)Valley National Bancorp is a bank holding company for Valley National Bank, which provides a full range of banking services through branch offices in northern New Jersey. For the three months ended 3/99, total interest income rose less than 1 percent to $97.7 million. Net interest income after loan loss prov. rose 7 percent to $58 million. Net income rose 7 percent to $25.3 million. Results reflect reflect increased net interest margin and higher service charges on deposit accounts. 
VRB Bancorp (Nasdaq : VRBA)VRB Bancorp is a holding company for Valley of the Rogue Bank. For the three months ended 3/31/99, total interest income decreased 10 percent to $5.5 million. Net interest income after loan loss provision decreased 4 percent to $3.9 million. Net income increased 1 percent to $1.3 million. Net interest income reflects decreased average loan balances, partially offset by a decreased cost of funds. Net income reflects decreased occupancy and supplies expenses. 
Wainwright Bank & Trust (Nasdaq : WAIN)Wainwright Bank and Trust is a state chartered commercial bank with five offices in Boston and Cambridge, MA. For the nine months ended 9/30/98, total interest income rose 11 percent to $19.7 million. Net interest income after loan loss prov. rose 9 percent to $9.8 million. Net income applicable to Common rose 12 percent to $2.1 million. Net interest income reflects increased earning asset balances, partially offset by increased deposit balances. Earnings reflect lower legal and data processing costs. 
Washington Trust Bancorp (Nasdaq : WASH)WASH is a holding company for The Washington Trust Company, a Rhode Island chartered commercial bank. For the three months ended 3/31/99, total interest income rose 7 percent to $16.4 million. Net interest income after loan loss prov. rose 10 percent to $7.6 million. Net income rose 9 percent to $2.6 million. Results reflect an increase on interest earning assets and lowew interest paid on time deposits. Earnings were partially offset by increased salaries and employee benefits. 
Wachovia Corporation (NYSE : WB)WB is a bank holding company. The Co's principal subsidiary is Wachovia Bank, N.A. Credit card services are provided through The First National Bank of Atlanta. For the three months ended 3/31/99, total interest income fell 2 percent to $1.13 billion. Net interest income after loan loss prov. rose 7 percent to $527.4 million. Net income rose 25 percent to $243.2 million. Net interest income reflects lower securities available for sale, offset by lower deposits and merger-related costs. 
Washington Banking Co. (Nasdaq : WBCO)Washington Banking Company is a bank holding company for Whidbey Island Bank, a state chartered bank with 12 offices in northwestern WA. For the three months ended 3/31/99, total interest income rose 22 percent to $4.1 million. Net interest income after loan loss provision rose 30 percent to $2.4 million. Net income rose 21 percent to $503 thousand. Results reflect increased earning asset balances, partially offset by increased salaries and occupancy costs due to expansion. 
Westpac Banking Corp. (NYSE : WBK)Westpac Banking Corp. provides banking services in Australia, New Zealand and the Pacific Islands. For the fiscal year ended 9/30/98, total interest income rose 4 percent to A$8.90 billion. Net interest income after loan loss prov. rose 1 percent to A$3.32 billion. Net income according to U.S. GAAP adjustment decreased 5 percent to A$1.30 billion. Net interest income reflects increased interest earning assets, partially offset by a higher loan loss provision. Net income reflects higher occupancy expenses. 
Westbank Corp. (Nasdaq : WBKC)Westbank Corp. is a bank holding company organized to facilitate the expansion and diversification of Park West Bank and Trust. WBKC primary source of revenue is providing loans to customers. For the fiscal year ended 12/31/98, total interest income rose 8 percent to $25.1 million. Net interest income after loan loss provision rose 7 percent to $13.4 million. Net income rose 1 percent to $3.3 million. Results reflect an increase in interest earning assets partially offset by increased salary expense. 
West Coast Bancorp /OR/ (Nasdaq : WCBO)West Coast Bancorp /OR/ is a multi-bank holding company whose subsidiaries operate 37 branch offices in western Oregon and western Washington. For the three months ended 3/31/99, total interest income rose less than 1 percent to $23.8 million. Net interest income after loan loss provision increased 10 percent to $14.5 million. Net income rose 59 percent to $4.4 million. Results reflect a lower provision for loan losses and increased service charges and gains on the sale of loans. 
Western Bancorp (Nasdaq : WEBC)Western Bancorp is a multibank holding company whose subsidiaries Los Angeles County, Orange County and San Diego County, CA. For the three months ended 3/31/99, total interest income rose 2 percent to $43.6 million. Net interest income after loan loss provision rose 6 percent to $32.6 million. Net income rose 13 percent to $9 million. Results reflect increased earning asset balances, reduced interest paid on deposits and increased mortgage related fees and commissions earned. 
Wells Fargo & Company (NYSE : WFC)Wells Fargo and Company is a holding company whose subsidiaries are engaged in banking and a variety related businesses. For the three months ended 3/31/99, total interest income rose 1 percent to $3.49 billion. Net interest income after loan loss provision rose 6 percent to $7.45 billion. Net income applicable to Common rose 30 percent to $875 million. Net interest income reflects increased earning asset balances. Earnings also reflect an increase in trust and investment fees and commissions. 
Wilmington Trust Corp. (NYSE : WL)WL is a holding company for Wilmington Trust Co., Wilmington Trust PA, and Wilmington Trust FSB. The banks are engaged in residential, commercial, and construction lending, deposit-taking, trust, insurance, and broker-dealer services. For the three months ended 3/31/99, interest income fell 5 percent to $107.4 million. Net interest income after loan loss prov. fell 3 percent to $52.8 million. Net income rose 7 percent to $29.2 million. Results reflect declining interest rates and the absence of litigation costs. 
Wayne Bancorp, Inc. /OH/ (Nasdaq : WNNB)WNNB is a bank holding company for Wayne County National Bank and Chippewa Valley Bank, with 21 offices in Ohio. For the three months ended 3/31/99, total interest income fell 1 percent to $9.3 million. Net interest income after loan loss provision rose 2 percent to $5.4 million. Net income rose 18 percent to $2 million. Net interest income reflects lower average loan balances, offset by reduced interest paid on deposits. Earnings also reflect reduced salaries and benefits. 
WesBanco, Inc. (Nasdaq : WSBC)WesBanco, Inc. is a multi-bank holding company with four banking affiliates located West Virginia and Eastern Ohio. For the three months ended 3/31/99, total interest income fell 6 percent to $38.4 million. Net interest income after loan loss provision fell 6 percent to $20.1 million. Net income fell 3 percent to $6.8 million. Results reflect a decline in average earning assets. Earnings were partially offset by increased trust fees due to an increased number of accounts under administration. 
Wintrust Financial Corp. (Nasdaq : WTFC)Wintrust Financial Corp. is a holding company whose subsidiaries provide banking services in the Chicago metropolitan area and financing for the payment of insurance premiums. For the three months ended 3/31/99, total interest income rose 22 percent to $24.3 million. Net interest income after loan loss provision rose 49 percent to $10 million. Net income rose 76 percent to $1.8 million. Results reflect increased earning asset balances, a lower loan loss provision and increased service charges. 
Whitney Holding Corp. (Nasdaq : WTNY)WTNY is a bank holding company for Whitney National Bank, which is engaged in commercial, retail and trust business. For the three months ended 3/31/99, total interest income rose 3 percent to $84.7 million. Net interest income after loan loss provision rose 3 percent to $53.8 million. Net income fell 9 percent to $14.3 million. Results reflect average loan growth due to increases in deposits and short-term borrowings, offset by increased personnel and legal and professional expenses. 
Yardville National Banc. (Nasdaq : YANB)YANB, through its subsidiary Yardville National Bank, provides a full range of services to individuals and corporate customers in Mercer County. For the three months ended 3/99, total interest income rose 25 percent to $14.6 million. Net interest income after loan loss prov. rose 18 percent to $5.8 million. Net income rose 16 percent to $1.6 million. Net interest income reflects increased loan volumes, partially offset by a higher loan loss prov. Net income was partially offset by increased salaries. 
Berkshire Bancorp, Inc. (Nasdaq : ZAPS)ZAPS is a bank holding company for The Berkshire Bank, a NY state chartered commercial bank. The Company engages in the collection of deposits and investing primarily in loans, debt oblig., and mortg.-backed securities. For the three months ended 1/31/99, interest income totalled $1.3 million. Net interest income after loan loss provision totalled $1 million. Net income totalled $431 thousand. Results are not comparable with prior periods, since the company was not engaged in operations. 
Zions Bancorporation (Nasdaq : ZION)ZION, a multibank holding company, provides a full range of banking and related services in UT, ID, CA, CO, AZ, NV and WA. For the three months ended 3/31/99, total interest income rose 40 percent to $300.7 million. Net interest income after loan loss provision rose 44 percent to $162.6 million. Net income rose 25 percent to $48.9 million. Results reflect increased earning asset balances and a higher net interest margin, partially offset by increased salaries and benefits and occupancy expenses.%}
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Arctic Cat, Inc. (Nasdaq : ACAT)Arctic Cat, Incorporated designs, engineers, manufactures, and markets snowmobiles, all-terrain vehicles, personal watercraft, as well as related parts, garments and accessories. For the nine months ended 12/31/98, revenues decreased 7 percent to $391.8 million. Net income decreased 8 percent to $24.8 million. Revenues reflect decreased snowmobile sales, and decreased parts, garments and accessory sales. Earnings also reflect a decrease in gross profit. 
Action Performance Co's (Nasdaq : ACTN)Action Performance Co. is engaged in the design and sale of licensed motorsports collectible and consumer products. The Company's products include die-cast scaled replicas of motorsports vehicles, apparel and souvenirs. For the six months ended 3/99, revenues increased 57 percent to $150.5 million. Net income rose 49 percent to $11.4 million. Results reflect increased sales of collectible goods and apparel. Earnings were partially offset by website operating costs. 
Adams Golf, Inc. (Nasdaq : ADGO)Adams Golf, Inc. manufactures and markets premium quality, technologically innovative golf clubs. ADGO's products include the patented line of Tight Lies fairway woods. For the three months ended 3/99, revenues fell 65 percent to $8.6 million. Net loss totalled $3.3 million vs. an income of $5.6 million. Revenues reflect high levels of Tight Lies fairway wood inventory and new pricing structure. Net loss suffered from additional payroll and increased marketing efforts. 
Ajay Sports, Inc. (OTC BB : AJAY)Ajay Sports, Inc. markets and distributes golf clubs, golf bags, golf gloves, golf accessories, hand-pulled golf carts and casual living furniture. For the three months ended 3/31/99, net sales fell 44 percent to $4.3 million. Net loss applicable to Common totalled $553 thousand, up from $58 thousand. Revenues reflect lower sales in the mass merchant golf and specialty golf store segments. Loss also reflects the absence of income from the settlement of a lawsuit. 
Aldila, Inc. (Nasdaq : ALDA)Aldila Inc. designs, manufactures, and markets graphite golf shafts used in clubs assembled and manufactured throughout the world by golf club companies, pro shops, club shops and repair shops. For the three months ended 3/99, net sales fell 45 percent to $10.6 million. Net loss totalled $307 thousand vs. an income of $1.1 million. Revenues reflect decreased shaft unit sales and lower average selling price of shafts. Earnings reflect fixed costs being spread over reduced operaing lvls. 
Allen Organ Company (Nasdaq : AORGB)Allen Organ Co. and its subsidiaries operate in four industry segments: musical instruments, data communications, electronic assemblies, and audio equipment. For the fiscal year ended 12/31/98, net sales increased 11 percent to $45 million. Net loss before accounting change totalled $329 thousand vs. an income of $3.5 million. Revenues reflect higher musical instruments and data communications revenues due to increased order volume. Loss reflects lower gross profits and invested cash balances. 
Arnold Palmer Golf Co (OTC BB : APGC)The Arnold Palmer Golf Company manufactures, markets and distributes a full line of golf products, including PALMER, NancyLopezGolf and First Flight golf equipment, and HOTZ golf bags and luggage. For the three months ended 1/2/99, revenues fell 14 percent to $3.4 million. Net loss decreased 55 percent to $1.4 million. Revenues reflect soft market conditions within the golf industry. Lower loss benefitted from the absence of $670 thousand in severance and restructuring expenses. 
Action Products Int'l (Nasdaq : APII)Action Products Int'l Inc. designs, manufactures, and markets toys and published products in a creative portfolio of educationally-minded product lines. For the nine months ended 9/30/98, revenues increased 4 percent to $4.8 million. Net income increased 45 percent to $440 thousand. Revenues reflect the successful introduction of various proprietary lines, and increased penetration into the specialty toy market. Earnings also reflect increased gross profit. 
Brunswick Corporation (NYSE : BC)BC operates in two business segments: Marine and Recreation. The marine segment manufactures and sells propulsion systems and pleasure boats. The recreation segment deals in fishing and bowling equipment, ice chests and operates recreation centers. For the three months ended 3/99, sales rose 20 percent to $1.08 billion. Net income fell 2 percent to $57.6 million. Results reflect gains in sales of marine engines, offset by a decreased gross margin due to a shift in sales mix. 
Vermont Teddy Bear Co. (Nasdaq : BEAR)BEAR is a designer, manufacturer and direct marketer of Vermont-made teddy bears and related products, sold through the Bear-Gram delivery service, company-owned retail stores, direct mail catalogs and licensing agreements. For the nine months ended 3/31/99, net revenues rose 18 percent to $15.1 million. Net income applicable to Common totalled $1.1 million vs. a loss of $1.4 million. Results reflect increased Bear-Gram revenues and higher margins due to lower distribution costs. 
Bolle Inc. (Nasdaq : BEYE)Bolle Inc. designs, manufactures, markets, imports and distributes premium sunglasses and sport shields, goggles and safety and tactical eyewear under the Bolle brand. For the three months ended 3/31/99, net sales increased 37 percent to $14.7 million. Net income applicable to Common totalled $69 thousand vs. a loss of $4 thousand. Revenues benefitted from the acquisition of Bolle Australia. Earnings also benefitted from a higher mix of distributor sales and improved manufacturing margins. 
Excelsior-Henderson Moto. (Nasdaq : BIGX)Excelsior-Henderson Motorcycle Manufacturing Company, a development stage company, plans to manufacture, market and sell premium heavyweight cruiser and touring motorcycles. For the fiscal year ended 1/2/99, the Company reported no revenues. Net loss rose from $5.9 million to $23.9 million. Higher loss reflects staffing increases, increased product design and development costs, higher expenses for developing prototypes and increased other general operating expenses. 
Cannondale Corporation (Nasdaq : BIKE)Cannondale Corporation manufactures and distributes high performance bicycles, clothing, shoes and bags, bike trailers and other bicycle accessories. For the six months ended 12/26/98, net sales increased 10 percent to $90.1 million. Net income decreased 45 percent to $2.5 million. Revenues benefitted from a strong worldwide demand and the introduction of high-end bicycle products. Earnings were offset by costs for product and process development for motorcross motorcycle. 
Bikers Dream, Inc. (Nasdaq : BIKR)Bikers Dream, Inc. is in the business of manufacturing and selling new Ultra motorcycles and other new and used motorcycles, parts, accessories, apparel and service, through Company-owned retail stores and dealers. For the three months ended 3/31/99, revenues rose 76 percent to $8.8 million. Net income totalled $118 thousand vs. a loss of $631 thousand. Results reflect an increase in units sold due to a larger dealer network and higher margins due to increased production. 
Black Rock Golf Corp. (OTC BB : BLRK)Black Rock Golf Corp. designs, develops and markets golf clubs that together with instructional programs are intended to improve golfers' scores. For the three months ended 3/31/98, net sales fell 70 percent to $778 thousand. Net loss rose from $336 thousand to $714 thousand. Results reflect fewer domestic sales due to a wetter than normal weather conditions in the southern and western U.S. and less advertising dollars to drive sales through infomercials and retail outlets. 
Bollinger Industries, Inc (OTC BB : BOLL)Bollinger Industries imports and distributes, primarily to mass retailers, a line of consumer fitness products including barbells and dumbbells, aerobic steps, exercise mats, weightlifting equipment, stationary bicycles and others. For the nine months ended 12/31/98, net sales fell 51 percent to $25.3 million. Net loss totalled $2.9 million vs. an income of $6.5 million. Results reflect the sale of the Trampoline product line and reduced gains from the sale of assets. 
Baldwin Piano & Organ (Nasdaq : BPAO)Baldwin Piano and Organ manufactures and markets a range of keyboard instruments featuring the Baldwin, Wurlitzer, Chickering, ConcertMaster and Pianovelle trademarks. BPAO also provides in-house consumer installment financing. For the three months ended 3/31/99, net sales decreased 4 percent to $30.5 million. Net loss totalled $1.8 million vs. an income of $370 thousand. Revenues reflect lower Music sales due to lower prices. Loss also reflects costs associated with new outlets. 
Fremont Corporation (OTC BB : BYCL)Fremont Corp., through its subsidiaries, is engaged in the design, manufacture and marketing of bicycles, bicycle parts and componets, steel tubes, and exercise equipment. For the nine months ended 9/98, sales decreased 31 percent to RMB96.6 million. Net loss totalled RMB29.5 million, vs. an income of RMB10.3 million. Sales reflect the effects of the Asian financial crisis and the decrease in export sales. Net income reflects a RMB27.1 million provision for bad debts. 
Coleman Company, Inc. (NYSE : CLN)The Coleman Company, Inc. manufactures and markets brand name consumer products for outdoor recreation and home hardware use on a global basis. For the three months ended 3/31/99, revenues rose 15 percent to $280.7 million. Net income before extraordinary item totalled $6.7 million, vs. a loss of $1.4 million. Revenues reflect higher outdoor recreation product sales. Earnings also reflect an improved gross profit margin, and lower selling, general and administrative expenses. 
CML Group, Inc. (OTC BB : CMLK)CML Group operates NordicTrack (designs, sources and sells physical fitness and exercise equipment and other health related products), and Smith and Hawken (sells gardening tools, work wear, outdoor furniture, plants and accessories). For the fiscal year ended 7/31/98, net sales fell 20 percent to $274.4 million. Net loss totalled $127.4 million, up from $40.2 million. Revenues reflect lower retail sales at Nordic Advantage. Loss also reflects lower margins on the Company's NordicTrack products. 
Creative Master Intl. (Nasdaq : CMST)CMST is a mass manufacturer of collectible quality die-cast replicas, in particular, racing and classic cars, for specialized collectibles marketers and large toy companies. For the three months ended 3/31/99, revenues rose 76 percent to $9.8 million. Net income before accounting change rose 69 percent to $1 million. Results benefitted from increased sales to existing customers, partially offset by higher administrative and personnel costs to support higher sales. 
Cinram (Nasdaq : CNRMF)Cinram is a multimedia manufacturer of audio compact discs, CD-ROM, pre-recorded audio and video cassettes, and DVD for motion picture studios, music labels, publishers, and computer software companies. For the fiscal year ended 12/31/98, net sales rose 25 percent to C$642.7 million. Net income according to U.S GAAP increased 36 percent to C$47.8 million. Revenues reflect recent acquisitions and increased VHS video cassette shipments. Earnings also benefitted from higher investment income. 
Coyote Sports, Inc. (Nasdaq : COYT)COYT designs, engineers, manufactures, markets, and distributes sports equipment and recreational products including golf shafts, steel cycle tubing, and composite ski poles. For the three months ended 3/31/99, net sales fell 2 percent to $7.9 million. Net loss totalled $2.9 million, vs an income of $21 thousand. Revenues reflect reduced demand and prices for golf shaft. Net loss also reflects a lower gross profit and higher interest and selling, general and administrative costs. 
Cybex International Inc. (AMEX : CYB)Cybex International Inc. designs, develops, manufactures, sells and distributes strength training and cardiovascular exercise equipment used in fitness conditioning sports medicine and rehabilitation. For the three months ended 3/27/99, net sales rose 17 percent to $33.4 million. Net income rose 24 percent to $1.9 million. Revenues reflect the inclusion of Tectrix sales acquired on 5/98. Earnings also reflect improved gross profits due to the Tectrix acquisition. 
Direct Focus, Inc. (Nasdaq : DFXI)DFXI is a direct marketing concern that develops and markets premium quality, premium priced branded consumer products, sold directly to consumers through TV commercials, infomercials, print media, mailings and the Internet. For the three months ended 3/99, net sales rose from $11.1 million to $26.1 million. Net income rose 74 percent to $4.5 million. Results reflect higher sales of Bowflex products and the 1/99 acquisition of Nautilus, partially offset by lower margins and increased marketing. 
DSI Toys, Inc. (Nasdaq : DSIT)DSI Toys, Inc. designs, develops, markets and distributes a variety of toys and children's consumer electronics, including walkie-talkies, musical toys, dolls, play sets, radio-controlled vehicles and action figures. For the three months ended 4/30/99, net sales fell 34 percent to $3.9 million. Net loss fell 33 percent to $431 thousand. Revenues reflect decreased sales of walkie-talkies and electronic musical toys. Lower loss reflects higher margins. 
Educational Insights, Inc (Nasdaq : EDIN)EDIN develops and markets supplemental educational materials, such as electronic games and learning aids, activity books, science and nature kits, board games and other materials for use in school and at home. For the fiscal year ended 12/98, revenues rose 2 percent to $39.2 million. Net loss totalled $2.3 million vs. an income of $65 thousand. Results reflect higher mass market sales and the success of Math Shark and Talking Globe Jr. products, offset by charges on inventory and disc. products. 
Ek Chor China Motorcycle (NYSE : EKC)Ek Chor China owns interests in and manages Chinese joint ventures engaged in the design, manufacture and sale of motorcycles and motorcycyle parts, automotive components, carburetors and related items. For the fiscal year ended 12/97, EKC's share of losses in JVs and associated cos. including interest and other income totalled RMB 398.5 million vs. income of RMB 89 million. Net loss totalled RMB 442.7 million vs. income of RMB 28 million. Results reflect losses at the insolvent Shanghai Motorcycle. 
Ellett Brothers, Inc. (Nasdaq : ELET)Ellet markets and distributes products for hunting and shooting, marine, camping, archery and other related outdoor activities. For the fiscal year ended 12/31/98, sales fell 4 percent to $147.1 million. Net income totalled $3 million vs. a loss of $815 thousand. Revenues reflect a decline in sales from subsidiaries and the liquidation of Safesport Manufacturing Company. Earnings reflect an increase in gross profit margins, lower interest expense, and cost controls. 
Callaway Golf Company (NYSE : ELY)Callaway Golf Company designs, manufactures and markets high quality, innovative golf clubs. ELY products include Great Big Bertha and S2H2 drivers, irons, woods, and putters. For the three months ended 3/31/99, net sales rose 5 percent to $185.7 million. Net income rose 15 percent to $12.8 million. Revenues reflect sales of Big Bertha Steelhead and Great Big Bertha Hawk Eye Titanium Woods. Net income reflects lower selling costs. 
Equity Marketing, Inc. (Nasdaq : EMAK)Equity Marketing, Inc. is a provider of integrated custom promotional products and services that build sales and brand awareness for demestic and international quick service restaurant chains, oil and gas companies and mass market retailers. For the fiscal year ended 12/98, revenues rose 9 percent to $159.1 million. Net loss totalled $6 million vs. an income of $9.6 million. Results reflect higher sales volume, offset by $15.7 million in restructuring, impairment, and other non-recurring charges. 
Empire of Carolina, Inc. (AMEX : EMP)Empire of Carolina, Inc. designs, manufactures and markets plastic children's toys, plastic decorative holiday products and golf accessories. For the fiscal year ended 12/98, revenues decreased 21 percent to $80.5 million. Net loss applicable to Common decreased 85 percent to $7.1 million. Revenues suffered from lower sales of Real Bugs(TM) and the absence of a $2.4 million settlement. Lower loss reflects the absence of $3.7 million in restructuring costs and $24.6 million in preferred dividends. 
Escalade, Inc. (Nasdaq : ESCA)Escalade, Inc. is a diversified company engaged in the manufacture and sale of sporting goods and office and graphic arts products. For the three months ended 3/20/1999, sales fell 15 percent to $13 million. Net income from contin. operations fell 35 percent to $434 thousand. Revenues reflect lower sales of sporting goods due to lower Premium sales and the inventory carryover and bankruptcy filing of a large customer. Loss also reflects higher admin. costs as a  percent of sales. 
EXX Inc. (AMEX : EXXa)EXX Inc. is a holding company engaged in the design, production and sale of consumer goods in the form of ``impulse toys'', watches and kites; and electric motors and cable pressurization equipment for the telecommunications industry. For the fiscal year ended 12/31/98, sales fell 6 percent to $20.9 million. Net income totalled $761 thousand vs. a loss of $223 thousand. Revenues reflect a decrease in sales in the toy segment. Earnings reflect a reduction in interest expense. 
Renaissance Golf Products (OTC BB : FGLF)Renaissance Golf Products, Inc. designs, develops, assembles and distributes golf products and golf accessories worldwide utilizing the Fila trademark and logo under license from Fila Sport S.p.A. of Biella, Italy. For the three months ended 3/31/99, revenues rose 47 percent to $984 thousand. Net loss increased 17 percent to $586 thousand. Revenues reflect the addition of newly acquired subsidiaries. Loss reflects lower gross margins due to the price/volume mix and competitive factors. 
Interactive Flight Tech. (Nasdaq : FLYT)FLYT is engaged in the development, manufacture and marketing of a computer-based in-flight entertainment network used by airlines. FLYT also operates a retail dry cleaning facility. For the three months ended 1/99, revenues fell 98 percent to $325 thousand. Net loss totalled $1.6 million vs. net income of $162 thousand. Revenues reflect absence of equipment sales and installation revenues to Swissair. Net loss reflects write-offs of an investment and Inter Lotto transaction fee. 
Fountain Powerboat Indus. (Nasdaq : FPWR)Fountain Powerboat Industries designs, manufactures and sells offshore sport boats, sport cruisers, and sport fishing boats for the recreational power boat market. For the six months ended 12/31/98, net sales increased 4 percent to $25.7 million. Net loss from continuing operations totalled $1.4 million vs. an income of $2.3 million. Revenues reflect higher average prices per boat and higher concentration of larger boats. Loss reflects $2.4 million in strategic charge and higher debt levels. 
First Team Sports, Inc. (Nasdaq : FTSP)FTSP manufactures and distributes in-line roller skates, ice skates, street hockey equipment and related accessory products to retail and sporting goods stores. For the nine months ended 11/30/98, net sales decreased 31 percent to $31.9 million. Net loss totalled $5.9 million, up from $20 thousand. Revenues suffered from lower in-line skates sales volume and lower selling prices. Loss also reflects lower gross margins due to a $6 million inventory writedown. 
Fotoball USA, Inc (Nasdaq : FUSA)Fotoball USA, Inc. designs, develops, manufactures and markets custom sports and non-sports related products for sale in the licensed product retail market and for promotional programs. For the three months ended 3/99, revenues rose 49 percent to $5.6 million. Net income increased from $45 thousand to $283 thousand. Results reflect increases in football-related sales and increases in promotion sales. Net income also reflects higher margin full-size football products. 
McHenry Metals Golf Corp. (OTC BB : GLFN)McHenry Metals Golf Corp. is engaged in the business of designing, developing, marketing and distributing golf clubs, utilizing unique design concepts, advanced engineering technology and manufacturing processes and the newest materials available. For the three months ended 3/31/99, net sales totalled $1.2 million, up from $23 thousand. Net loss rose 4 percent to $1.9 million. Results reflect increased unit sales, offset by increased selling and administrative expenses. 
Worldwide Golf Resources (OTC BB : GOFR)Worldwide Golf Resources is primarily engaged in the manufacturing and marketing of synthetic turf, range equipment and a patented golf-training device to golf driving ranges and entertainment facilities, and the operation of a golf course and country club. For the six months ended 6/30/98, sales rose 5 percent to $1.1 million. Net loss rose 18 percent to $869 thousand. Results reflect increased revenues from the operation of golf centers, offset by higher S/G/A expenses. 
S2 Golf Inc. (Nasdaq : GOLF)S2 Golf manufactures and markets a proprietary line of golf equipment including golf clubs, golf bags, golf balls, and accessories. S2 Golf markets these products under the names: SQUARE TWO, Totally Matched, Posiflow, among others. For the three months ended 4/2/99, net sales fell 21 percent to $2.7 million. Net income fell 95 percent to $6 thousand. Revenues reflect soft conditions in the golf equipment market. Earnings also reflect lower margins and increased advertising expenses. 
Gargoyles, Inc. (OTC BB : GOYL)Gargoyles Inc. designs, manufactures and markets a range of sunglasses and eyewear products, sold mainly through sunglass specialty, sport specialty, department and optical stores. For the three months ended 3/31/99, revenues fell 17 percent to $9.5 million. Net income totalled $232 thousand vs. a loss of $1.5 million. Revenues reflect the disposition of various unprofitable businesses. Earnings benefitted from lower sales and marketing expenses. 
Grand Toys International (Nasdaq : GRIN)GRIN, through its subsidiaries, Grand Toys Ltd. and Grand Concepts, distributes, develops and sells a wide variety of well-known toy products. The Co. also develops and sells its own proprietary line of toy products. For the three months ended 3/99, net sales rose 88 percent to $8.6 million. Net income rose 51 percent to $334 thousand. Results reflect increases in the sale of the product lines (Furby and WCW Wrestlers), partially offset by lower gross margins. 
Grip Technologies, Inc. (OTC BB : GTEC)Grip Technologies, Inc. designs and markets golf grips for sale to original equipment manufacturers, mail order houses, distributors, golf pro shops and specialty golf retailers. For the nine months ended 4/30/98, net sales rose 2 percent to $3.1 million. Net loss rose 17 percent to $1.1 million. Revenues reflect the completion of specific tooling, allowing certain backorders to be filled. Higher loss reflects increased advertising and promotional activity. 
Golf Training Systems (OTC BB : GTSXQ)Golf Training Systems specializes in the marketing of golf improvement and learning products professionally designed to promote proper training, fitness and swing mechanics for both the beginner and advanced golfer. For the nine months ended 3/31/98, net sales fell 27 percent to $1.4 million. Net loss from continuing operations rose 37 percent to $1.7 million. Revenues suffered from the Company's diminished working capital position. Higher loss also reflects increased R&D expenses. 
Hasbro, Inc. (NYSE : HAS)HAS designs, manufactures and markets a diverse line of toy products and related items including games, preschool toys, dolls, plush products and infant products. The Company also licenses various property rights. For the 13 weeks ended 3/28/99, revenues rose 38 percent to $668.4 million. Net income rose 77 percent to $13.8 million. Results reflect shipments of TELETUBBIES product, selected shipments of products related to STAR WARS and an increase in gross profit. 
Harley-Davidson, Inc. (NYSE : HDI)HDI designs, manufactures and markets heavyweight motorcycles, parts, accessories, collectibles and riding apparel. Eaglemark, a majority-owned subsidiary, provides financing for dealerships and retail customers. For the three months ended 3/28/99, sales rose 20 percent to $558.6 million. Net income rose 32 percent to $59 million. Revenues reflect higher motorcycle unit shipments. Earnings also reflect favorable product and market mix and higher income from financial services. 
Handleman Company (NYSE : HDL)HDL is engaged in the sale and distribution of pre-recorded music, prerecorded video, hardcover and paperback books, and PC software to retail chain stores. For the 39 weeks ended 1/31/99, net sales decreased 4 percent to $801.6 million. Net loss totalled $47.3 million vs. an income of $8.8 million. Revenues reflects lower sales at the H.E.R. division due to the sale of Sofsource and the book distribution business. Loss also reflects $123.9 million in non-recurring repositioning charges. 
Huffy Corporation (NYSE : HUF)Huffy Corporation designs, manufactures and sells bicycles, basketball backboards, lawn and garden tools, and inventory assembly. HUF also furnishes services for retail. For the three months ended 3/31/99, net sales rose 4 percent to $149.3 million. Net loss from continuing operations totalled $565 thousand, vs. an income of $2.5 million. Revenues reflect strong demand for assembly services. Earnings were offset by a $2.1 million charge for plant closure and manufacturing reconfiguration. 
Imprint Records, Inc. (OTC BB : IMPR)IMPR is engaged in the music recording and production business, through the release of debut albums of new Country music artists and albums by emerging Country music artists. For the six months ended 7/97, revenues totalled $444 thousand, up from $0. Net loss fell 31 percent to $1.8 million. Revenues reflect the re-lease of one album vs. 0 in '96 and the inclusion of the production division. Loss reflects less albums in production stage, salary cuts and suspension of recording business. 
Integrity Incorporated (Nasdaq : ITGR)ITGR is engaged in the production, distribution and publishing of music cassette tapes and compact discs, printed music and related products, primarily by direct to consumer marketing and wholesale trade methods. For the three months ended 3/99, revenues rose 17 percent to $11 million. Net income decreased 51 percent to $223 thousand. Revenues reflect increased volume in the retail segment. Earnings were offset by increased marketing expenses for new greeting card. 
JAKKS Pacific, Inc. (Nasdaq : JAKK)JAKKS Pacific, Inc. is engaged in the development, manufacture and marketing of toys and children's electronics products, some of which are based on character and product licenses. For the three months ended 3/99, revenues totalled $25 million, up from $11 million. Net income applicable to Common totalled $1.7 million, up from $462 thousand. Results benefitted from higher sales of the World Wrestling Federation action figures and of the Road Champs' die cast toys and collectible vehicles. 
Janex International, Inc. (OTC BB : JANX)Janex International, Inc. develops, manufactures, markets and sells toys and functional children's products. For the nine months ended 9/30/98, net sales fell 38 percent to $3 million. Net loss decreased 83 percent to $465 thousand. Revenues suffered from a decrease in sales incorporating licensed products. Lower loss reflects management's continuing effort to reduce fixed overhead costs and the absence of a $1.6 million write off of intangible assets. 
Just Toys, Inc. (OTC BB : JUST)JUST designs, develops, manufactures, markets and distributes a variety of junior sporting goods, foam shooting toys, and other toy products for children of various ages. For the fiscal year ended 12/31/98, revenues fell 17 percent to $19.3 million. Net loss applicable to Common totaled $917 thousand, up from $149 thousand. Revenues reflect a reduction in inventories by the Company's larger customers. Net loss reflects expenses related to the development and design of new products. 
Johnson Worldwide Assoc. (Nasdaq : JWAIA)Johnson Worldwide Associates, Inc. through its wholly owned subsidiaries, designs, manufactures and markets recreational products. For the six months ended 4/2/99, revenues rose 10 percent to $164.2 million. Net income fell 31 percent to $1.4 million. Revenues benefited from higher sales in all divisions except Diving and Fishing. Net income was offset by seasonal losses from the company's Leisure Life watercraft business. 
4 Kids Entertainment Inc. (Nasdaq : KIDE)KIDE is a vertically integrated entertainment based company that provides a range of services including toy design and development, merchandise licensing, media buying and planning, and television distribution and production. For the three months ended 3/31/99, revenues increased 35 percent to $3.3 million. Net income totalled $745 thousand, up from $278 thousand. Results reflect increased licensing revenue from the World Championship Wrestling and the Pokemon properties. 
Kideo Productions, Inc. (OTC BB : KIDO)KIDO develops, produces, and markets personalized educational video tapes sold through direct sales, catalogs, television shopping networks and mail-order houses. For the six months ended 1/31/99, revenues totalled $3.1 million, up from $593 thousand. Net loss fell 79 percent to $268 thousand. Revenues benefitted from sales gains from the newly licensed Barney tape. Lower loss was partially offset by higher volume related costs of shipping, commission, prepaid kits and customer service. 
Direct Connect Int'l. (OTC BB : KIDZ)Direct Connect International designs, develops, markets and distributes a variety of infant, preschool and girl toy products which are manufactured in the Far East. For the nine months ended 1/99, revenues remained flat at $0. Net loss totalled $39 thousand vs. an income of $1.1 million. Revenues reflect the absence of sales. Loss reflect the difference in the number of shares and selling price in connection with the sale of datatec shares held by the Company. 
Karts International, Inc. (Nasdaq : KINT)Karts International, Inc., through its subsidiaries, designs, manufactures and distributes recreational Fun Karts, also referred to as go karts. For the three months ended 3/31/99, net sales increased from $509 thousand to $1.2 million. Net loss increased 11 percent to $690 thousand. Revenues benefitted from increased product demand due to the creation of various promotional products and pricing. Higher loss suffered from increased general and administrative salaries and higher debt levels. 
L.L. Knickerbocker Co. (Nasdaq : KNIC)KNIC develops and sells celebrity and non-celebrity products (collectible dolls, fine and costume jewelry, fashion accessories) and markets these products to the television home shopping industry, retail and wholesale distributors. For the nine months ended 9/30/98, revenues fell 10 percent to $40.7 million. Net loss decreased 17 percent to $4.1 million. Results reflect decreases from the jewelry and the collectible products divisions. Lower losses reflect an effort to cut SGA expenses. 
K-Tel International, Inc. (Nasdaq : KTEL)KTEL markets and distributes consumer entertainment and convenience products through retail stores and by direct response marketing. KTEL products include albums, compact discs, cassettes, housewares, automotive accessories and other devices. For the nine months ended 3/31/99, sales fell 10 percent to $58.3 million. Net loss totalled $9.9 million vs. income of $693 thousand. Results reflect lower sales from the Co's U.S. media buying and infomercial subsidiary and higher advertising costs. 
K2, Inc. (NYSE : KTO)K2 is a branded consumer products company with a portfolio of diversified sporting goods products, other recreational products and selected industrial products. For the three months ended 3/31/99, net sales rose 8 percent to $163.1 million. Net income from continuing operations rose 14 percent to $3.1 million. Net sales reflect a double-digit increase in worldwide skate sales and sales of new skateboard shoes. Net income reflects ongoing expense controls throughout the Company. 
Laser Storm, Inc. (OTC BB : LAZR)Laser Storm designs and manufactures interactive laser tag game systems which the Co. markets under the trademark Laser Storm(R). For the nine months ended 9/97, revenues fell 32 percent to $3.6 million. Net loss applicable to Common totalled $2 million, up from $168 thousand. Revenues reflect a decrease in the number of systems and arenas sold. Loss reflects lower gross profit in laser systems, and higher depreciation due to opening and acquisition of Company-owned and operated facilities. 
Steinway Musical Instrum. (NYSE : LVB)LVB, through its two subsidiaries, is a manufacturer of musical instruments. Steinway produces quality pianos. Selmer is a manufacturer of band and orchestral instruments and related accessories. For the three months ended 4/3/99, revenues increased 5 percent to $83.1 million. Net income increased 16 percent to $5.2 million. Revenues reflect increased piano sales. Net income also reflects an improved gross profit margin due to a favorable yen exchange rate. 
Monarch Services, Inc. (Nasdaq : MAHI)MAHI develops, manufactures and markets a variety ofboard and software games; provides commercial printing and graphic arts services; and publishes a magazine for young girls. For the nine months ended 1/31/99, net sales rose 22 percent to $4.3 million. Net loss from continuing operations decreased 78 percent to $144 thousand. Results reflect higher Publishing division sales due to promotions and direct mail advertising, higher newsstand and advertising sales, and economies of scale. 
Mattel, Inc. (NYSE : MAT)MAT designs, manufactures, markets and distributes a variety of toy products on a worldwide basis. For the three months ended 3/31/99, net sales decreased 2 percent to $692.1 million. Net loss applicable to Common totalled $19.8 million vs. income of $10.7 million. Revenues reflect decreased sales of Infant and Preschool category products. Net loss reflects a decreased gross profit as a  percentage of revenues, and increased interest expense due to higher borrowings. 
Metatec International Inc (Nasdaq : META)Metatec International, Inc. helps customers utilize CD-ROM and DVD-ROM technologies to publish and distribute information and software. For the three months ended 3/31/99, net sales totalled $31.1 million, up from $14.7 million. Net income rose 48 percent to $858 thousand. Revenues reflect increased CD-ROM manufacturing sales. Earnings were partially offset by higher interest expense charges associated with the acquisition of the CD-ROM services business of Imation. 
Marker International (OTC BB : MRKR)Marker International designs, develops, markets and manufactures alpine ski bindings in the U.S. and throughout the world. For the nine months ended 12/31/98, net sales decreased 3 percent to $56.9 million. Net loss from continuing operations totalled $9.7 million, up from $1.5 million. Revenues reflect warmer weather in the U.S. and overall sales decline in Asia and Europe. Higher loss also reflects costs for legal and advisory fees and the operations of a new distribution. 
Morrow Snowboards, Inc. (MRRWMorrow Snowboards, Inc. designs, manufactures and markets snowboards and related products. The Company manufactures 52 snowboard models, five types of bindings and eight styles of boots. For the nine months ended 9/26/98, revenues increased 40 percent to $18.3 million. Net loss totalled $4.1 million, up from $1.6 million. Revenues reflect the inclusion of Westbeach apparel and retail sales. Higher loss reflects increased S/G/A expenses due to additional staffing. 
Marvel Enterprises, Inc. (NYSE : MVL)MVL designs, markets and distributes in the U.S. internationally new and traditional toys in the boys, girls, preschool, activity and electronic toy categories, based on popular entertainment properties, consumer brand names and proprietary designs. For the three months ended 3/99, revenues rose 76 percent to $75.3 million. Net loss applicable to Com. before extraordinary items totalled $4.8 million vs. income of $1.1 million. Results reflect higher licensing revenues, offset by interest expenses. 
NewStar Media, Inc. (Nasdaq : NWST)NewStar Media, Inc. is primarily engaged in publication of audio and printed books, the production of television programming and the distribution of feature films and television product, both domestically and internationally. For the three months ended 3/31/99, revenues fell 47 percent to $1.4 million. Net loss applicable to Common fell 7 percent to $1.7 million. Results reflect the absence of newly produced film programming, offset by a $594 thousand gain on sale of investment. 
Ohio Art Company (AMEX : OAR)OAR operates in two business segments: the manufacture and distribution of toys; and the manufacture and sale of custom metal lithography and molded plastic products to other manufacturers. Sales for the nine months ended 10/31/98 (vs. the nine months ended 9/30/97) rose 48 percent to $36.7 million. Net income totalled $356 thousand vs. a loss of $3.9 million. Revenues reflect new product introductions. Earnings also reflect a decrease in manufacturing overhead variances. 
Oakley, Inc. (NYSE : OO)Oakley designs, manufactures and distributes high performance eyewear, footwear, watches and athletic equipment, sold worldwide in over 70 countries. For the three months ended 3/31/99, net sales rose 19 percent to $48.7 million. Net income rose 7 percent to $1.4 million. Results reflect strong sales of Fives, the introductions of new products including Wires, Minutes, Tens and Juliets, and strength in Japan, Canada and Europe, partially offset by footwear operation start-up costs. 
Coastcast Corporation (NYSE : PAR)Coastcast Corporation manufactures investment-cast golf clubheads for high-quality, premium-priced metal woods, irons and putters. The Company also manufactures investment-cast orthopedic implant products. For the three months ended 3/31/99, sales decreased 40 percent to $27.1 million. Net income fell 43 percent to $2.3 million. Results reflect a decrease in sales of titanium golf clubhead volume, and decreased gross profit. 
Play by Play Toys (Nasdaq : PBYP)Play by Play Toys and Novelties designs, develops, markets and distributes stuffed toys and sculpted toy pillows. PBYP also markets and distributes a broad line of novelty items. For the six months ended 1/31/99, net sales fell 6 percent to $84.2 million. Net loss totalled $486 thousand vs. an income of $3.5 million. Revenues reflect lower retail sales of Talkin' Tots, Play-Faces and licensed plush toys. Loss also reflects the sale of older lower margin products and higher S/G/A expenses. 
Playcore, Inc. (AMEX : PCO)Playcore is engaged in the design, manufacture and marketing of consumer and commercial playground equipment and backyard products, including playground systems, sandboxes, sports equipment and do-it-yourself kits. For the three months ended 3/31/99, net sales rose 25 percent to $31.5 million. Net income totalled $292 thousand, up from $109 thousand. Results reflect the acquisition of Heartland, the introduction of new products and lower selling costs as a  percentage of sales. 
Polaris Industries Inc. (NYSE : PII)Polaris Industries Inc. engineers, markets, and manufactures snowmobiles, personal watercraft, all-terrain vehicles, motorcycles and related parts, garments and accessories. For the three months ended 3/31/99, net sales rose 13 percent to $237.8. Net income increased 8 percent to $9.1 million. Revenues reflect an increase in sales of all-terrain vehicles. Earnings were partially offset by increased advertising expenditures and marketing expenses. 
SCP Pool Corporation (Nasdaq : POOL)SCP Pool Corporation distributes swimming pool supplies and related products to swimming pool remodelers and builders, independent retail stores and swimming pool repair and service companies. For the three months ended 3/31/99, revenues rose 34 percent to $98.9 million. Net income before acctg. change totalled $678 thousand vs. a loss of $1.2 million. Revenues reflect increased sales at existing and acquired service centers. Earnings reflect improved gross margins. 
Platinum Entertainment (Nasdaq : PTET)Platinum Entertainment produces, licenses, acquires, markets, and distributes recorded music for Gospel, Country, Adult Contemporary, Blues, Classical, Urban and Compilation genres. For the three months ended 3/99, revenues fell 23 percent to $9.2 million. Net loss applicable to Com. totalled $2.5 million, up from $857 thousand. Revenues reflect increased returns. Higher loss suffered from increased promotional spending on urban releases. 
PTI Holdings Inc. (Nasdaq : PTII)PTII manufactures and markets bicycle helmets and bicycle accessories for sale principally to domestic retailers. For the three months ended 3/31/99, net sales rose 37 percent to $16.1 million. Net income fell 34 percent to $485 thousand. Revenues reflect higher sales to existing customers due to new helmet models and increased bicycle and bicycle product sales. Earnings were offset by a lower gross profit margin and costs related to the expansion of the helmet and bicycle businesses. 
Racing Champions Corp. (Nasdaq : RACN)Racing Champions Corporation produces and markets die-cast racing replicas sold at more than 20,000 North American retail outlets. For the three months ended 3/31/99, net sales increased 23 percent to $35.3 million. Net income rose 64 percent to $2.8 million. Net sales reflect an increase in sales of collectible die-cast replicas. Net income reflects a decrease in selling, general and administrative expenses as a  percentage of net sales. 
Radica Games Limited (Nasdaq : RADA)Radica Games Limited designs, develops, manufactures and distributes a variety of electronic handheld and mechanical games. For the comparable three months ended 3/31/99, revenues fell 36 percent to $17.9 million. Net income fell 64 percent to $3.2 million. Revenues reflect a decrease in the number of units sold. Earnings also reflect a lower gross profit margin, higher research and development expenses and higher depreciation expense. 
Rawlings Sporting Goods (Nasdaq : RAWL)Rawlings Sporting Goods Co., Inc. is a manufacturer, seller and supplier of team sports equipment in North America, and through its licensee, of baseball equipment and uniforms in Japan. For the six months ended 2/99, revenues fell 3 percent to $91.5 million. Net income fell 31 percent to $2.8 million. Revenues reflect lower sales due to the NBA players' strike and orders being pushed back until closer to the baseball season. Net income reflects higher personnel costs. 
Riddell Sports Inc. (AMEX : RDL)Riddell Sports manufactures football helmets and markets collectible helmets and other collectible products, reconditions football helmets, shoulder pads and related equipment, and licenses the Riddell and MacGregor trademarks. For the three months ended 3/99, sales rose 11 percent to $34.3 million. Net loss rose 86 percent to $6.4 million. Sales reflect the Company's institutional businesses. Higher loss reflects the absence of $3.7 million in income tax benefits. 
RDM Sports Group, Inc. (OTC BB : RDMG)RDM Sports Group manufactures and distributes fitness equipment, selected toy products and other recreational products in the U.S. Product lines include multi-station weight systems and benches, bulk plastic toys and lawn games. For the six months ended 6/29/97, sales fell 59 percent to $95.5 million. Net loss before extraordinary item totalled $27.6 million, up from $503 thousand. Results reflect the sale of the Co's bicycle and snow products to Brunswick and the absence of $20.2 million gain on sale of subs. 
Sturm, Ruger & Company (NYSE : RGR)Sturm, Ruger and Company manufactures and markets rifles, handguns, pistols, revolvers and shotguns. The Company also manufactures investment casting for outside customers. For the three months ended 3/31/99, net sales rose 8 percent to $62.9 million. Net income rose 17 percent to $8.4 million. Results reflect increased firearm unit shipments due to demand for the MK-450 pistols and revolvers. Earnings also reflect higher margins due to firearm price increases and lower S/G/A costs. 
Ride, Inc. (Nasdaq : RIDE)Ride, Inc. designs, manufactures, and markets contemporary sporting goods equipment and apparel for snowboard and wakeboard consumers. For the comparable six months ended 12/98, sales rose 19 percent to $34.5 million. Net income applicable to Common totalled $2.3 million vs. a loss of $12.3 million. Revenues reflect increased sales of hard goods. Earnings also reflect a $680 thousand gain on the sale of a subsidiary and the absence of an $8.6 million write down on impairment of goodwill. 
Royal Precision, Inc. (Nasdaq : RIFL)Royal Precision, Inc. is a manufacturer and distributor of golf shafts, sold to OEMs and to distributors and retailers, and designs and manufactures golf club grips and athletic headwear. For the nine months ended 2/28/99, net sales fell 13 percent to $15 million. Net loss from continuing operations rose from $122 thousand to $711 thousand. Revenues reflect a reduction in sales of the Co's lower priced commercial grade golf club shafts. Loss reflects the inclusion of the operating expenses of RG. 
Rollerball International (Nasdaq : ROLL)Rollerball develops, manufactures, distributes and markets a patented design of inline roller skates under the registered trademark Rollerball. The Co.'s skates have spherical shaped wheels instead of the traditional disc shaped wheels. For the three months ended 3/31/99, net sales rose from $56 thousand to $591 thousand. Net loss fell 51 percent to $398 thousand. Results reflect the Co. having the necessary inventory to fulfill sales orders and higher gross profit. 
RockShox, Inc. (Nasdaq : RSHX)RockShox designs, manufactures, and markets high performance bicycle suspension products, such as front suspension forks and rear shocks for mountain bikes. For the nine months ended 12/31/98, net sales decreased 21 percent to $63.2 million. Net loss totalled $2.3 million vs. an income of $8.2 million. Revenues reflect continued softness in the domestic and international mountain bike and retail accessory markets. Loss also reflects unabsorbed fixed overhead costs and higher marketing expenses. 
Russ Berrie & Company (NYSE : RUS)RUS designs, manufactures, and markets a wide variety of gift products to retail stores throughout the world. For the three months ended 3/31/99, net sales rose 1 percent to $75.4 million. Net income rose 19 percent to $11.8 million. Revenues reflect positive response of customers to the Co.'s coordinated themes product line. Earnings reflect lower cost of sales due to more efficient management of inventory and a reduced number of employees. 
Singing Machine Co. (OTC BB : SING)SING is engaged in the distribution and marketing of electronic KARAOKE audio equipment which plays backing tracks of popular songs and records the vocal accompaniment. SINGD also produces and markets KARAOKE audio software. For the nine months ended 12/31/98, revenues rose 42 percent to $8.5 million. Net income totalled $868 thousand vs. a loss of $89 thousand. Results reflect the Company's ability to obtain new financing to purchase inventory and higher margins on equipment sales. 
Sonic Jet Performance (OTC BB : SJET)Sonic Jet Performance is principally engaged in the production of personal watercraft, jet boats, trailers, cars and accessories. For the three months ended 3/31/99, sales totalled $570 thousand, up from $76 thousand. Net income totalled $103 thousand vs. a loss of $130 thousand. Revenues benefitted from increased sales of parts to Dalian Sonic Jet, a joint venture partner of the Company. Earnings also reflect reduced marketing and research and development expenses. 
SLM International, Inc. (OTC BB : SLMM)SLMM designs, develops, manufactures and markets a wide range of ice and roller products, marketed under the CCM brand name, and licensed sports apparel under the CCM and #1 Apparel brand names. For the three months ended 3/27/99, revenues rose 56 percent to $27.3 million. Net loss applicable to Common rose 70 percent to $6.8 million. Results reflect the acquisition of Sports Holding Corp., offset by higher interest expenses due to increased debt balances. 
Xdogs.com Inc. (OTC BB : SNOW)Xdogs.com is an emerging consolidator in the extreme and action sports industry with emphasis on e-commerce. For the comparable nine months ended 12/31/97, revenues fell 88 percent to $157 thousand. Net loss decreased 67 percent to $1.2 million. Revenues reflect a change from retail to direct sales strategy due to lack of cash flow needed for retail sales terms. Lower loss reflects the elimination of a one-time production expense for the infomercial Yellow Snow. 
Serengeti Eyewear, Inc. (OTC BB : SOLR)Serengeti is engaged in designing, manufacturing through outside sources, marketing and distributing a wide array of premium and nonpremium sunglasses. For the three months ended 3/31/99, net sales rose 8 percent to $10.5 million. Net income applicable to Common totalled $370 thousand vs a loss of $1.8 million. Revenues reflect higher sales t optical chains and specialty retailers. Earnings also benefitted from higher profit margins due to higher price increases. 
Smart Games Interactive (OTC BB : SSCI)Smart Games Interactive creates, designs, develops and assembles interactive electronic game simulators that incorporate Company-owned hardware and software technology. For the six months ended 6/97, sales fell 84 percent to $91 thousand. Net loss rose from $214 thousand to $904 thousand. Results reflect lower unit sales volume due to the inability to maintain operations on more than a minimal level. Higher loss also reflects a $387 thousand non-recurring charge for inventory write-downs. 
Stuart Entertainment, Inc (OTC BB : STUA)Stuart Entertainment is a manufacturer of a line of bingo and bingo-related products, including disposable bingo paper, pulltab tickets, ink dabbers, electronic bingo systems and related equipment and supplies. For the three months ended 3/31/99, revenues fell 4 percent to $30.3 million. Net loss rose 94 percent to $3.1 million. Revenues reflect lower sales volumes of lottery products in Canada. Loss also reflects increased S/G/A expenses due to acquisitions. 
Teardrop Golf Company (Nasdaq : TDRP)Teardrop Golf Co. designs, develops and markets golf clubs, including its TearDrop line of putters, Armour line of irons and woods, Ram Line of irons, woods and wedges and Zebra putters. For the three months ended 3/31/99, net sales fell 39 percent to $15.2 million. Net loss applicable to Common totalled $2.9 million vs. an income of $1 million. Results reflect the absence of sales of a discontinued product line to one customer and increased advertising and promotional expenses. 
Toymax International, Inc (Nasdaq : TMAX)Toymax International, Inc. is involved in the designing, marketing and distribution of toy products. For the nine months ended 12/31/98, net sales rose 20 percent to $95.7 million. Net income rose 3 percent to $10.5 million. Revenues reflect the successful launches of a line of Spice Girls products, the Arcadia Skeet Shoot game and R.A.D. Robot. Earnings were partially offset by lower margins due to increased sales of products by the FOB Hong Kong Operation. 
TM Century Inc. (OTC BB : TMCI)TM Century creates, produces, markets and distributes compact disc music libraries, production libraries, comedy services, and station identification and commercials for radio/TV stations and production houses worldwide. For the three months ended 12/31/98, net revenues fell 12 percent to $1.2 million. Net loss rose 87 percent to $135 thousand. Revenues reflect decreased revenues in the HitDisc and GoldDisc music services. Higher loss reflects higher salaries and benefits costs. 
Titan Motorcycle Co. (Nasdaq : TMOT)Titan Motorcycle Co. of America manufactures custom design V-twin engine motorcycles and sells them to authorized dealers and the general public. For the three months ended 4/3/99, net sales rose 43 percent to $7.6 million. Net loss totalled $160 thousand vs. an income of $59 thousand. Results reflect increased shipments due to continued growth in reputation of the Company's motorcycles, offset by personnel increases and increased legal and accounting expenses. 
Variflex, Inc. (Nasdaq : VFLX)Variflex, Inc. designs, develops, and markets in-line skates, skateboards, scoot skates, scooters and bicycle and recreational safety helmets and athletic protective equipment. For the nine months ended 4/30/99, net sales fell 14 percent to $29.9 million. Earnings totaled $557 thousand vs. a loss of $2.8 million. Revenues reflect lower sales of in-line skates and skateboards due to the loss of Kmart as a customer. Earnings reflect higher margins due to product mix. 
Valley Media, Inc. (Nasdaq : VMIX)Valley Media, Inc. is a full-line distributor of prerecorded music and video entertainment products. Products include CD's, videocassettes, video games, and DVD's. For the fiscal year ended 4/3/99, revenues rose 52 percent to $889 million. Net income before extraordinary items totalled $5.2 million, up from $2.6 million. Results reflect increased sales to existing and new full-line distribution customers, and decreased general/administrative costs as a  percentage of sales. 
Brass Eagle Incorporated (Nasdaq : XTRM)Brass Eagle designs, manufactures, markets and distributes paintball products, including paintball guns, paintballs, and accessories. For the three months ended 3/31/99, net sales rose 21 percent to $19 million. Net income rose 74 percent to $2.2 million. Results benefitted from higher popularity of paintball play, increased domestic distribution to mass merchandisers, increased unit volumes for all products, and favorable product mix. 
YES! Entertainment Corp. (OTC BB : YESS)YESS develops, manufactures and markets toys and children's products, including educational and interactive toys. For the nine months ended 9/30/98, net sales fell 35 percent to $25.6 million. Net loss applicable to Common fell 68 percent to $4 million. Revenues reflect reduced volume in YES! Gear and Power Penz, the sale of the Food lines and the negative effects of Toys R Us's new inventory policy. Lower loss reflects higher margins and a $6 million gain upon sale of product lines. 
ZAPWORLD.COM (OTC BB : ZAPP)ZAPWORLD.COM designs, assembles, manufactures and distributes electric bicycle power kits, electric bicycles and tricycles, electric scooters and electric transportation vehicles. For the three months ended 3/31/99, net sales totalled $1.2 million, up from $461 thousand. Net loss decreased 18 percent to $132 thousand. Results reflect sales of the new ZAPPY scooter, partially offset by lower margins due to volume discounts, and increased personnel and computer expenses. 
Zindart Limited (Nasdaq : ZNDT)Zindart Limited is a manufacturer of high-quality, die-cast, injection-molded and paper products including die-cast collectibles, collectible holiday ornaments, toys, hand-made books, and specialty packaging. For the nine months ended 12/31/98, net sales increased 2 percent to $90.6 million. Net income increased 13 percent to $10 million. Net sales reflect increased sales of diecast collectibles to Mattel. Net income also reflects a lower minority interest charge ($711 thousand vs. $3.3 million).%}
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All-American SportPark (Nasdaq : AASP)AASP develops and operates sport-oriented theme parks under the name All-American SportPark, which consists of a baseball-batting stadium, car racing tracks, video arcade, retail and restaurant facilities. For the fiscal year ended 12/31/98, revenues totalled $1.6 million, up from $386 thousand. Net loss from continuing operations decreased 10 percent to $1.7 million. Revenues reflect the inclusion of Sportpark since 10/98. Lower loss reflects $1.6 million gain on sale of interest in All-American Golf LLC. 
American Champion Enter. (Nasdaq : ACEI)ACEI develops, produces, and markets the ``Adventures with Kanga Roddy'', a childrens TV show, and various fitness videos, tapes, and workbooks. ACEI also operates a chain of karate schools. For the nine months ended 9/98, total revenues fell 4 percent to $732 thousand. Net loss rose 44 percent to $786 thousand. Revenues reflect lower tuition revenues due to the closure of the Company's karate studios. Net loss also reflects higher S/G/A expenses due to higher TV show promotions and fees. 
Advantage Life Prod.(NEW) (OTC BB : ADVTE)Advantage Life Products, through its Treasure Rockhound Ranches subsidiary, is engaged in the owning and operating of RV campgrounds located across the U.S. Treasure Rockhound owns approx. 5,100 acres and leases approx. 12,000 other acres from individuals, states and the federal government. For the nine months ended 9/30/97, revenue totalled $541 thousand. Net loss totalled $593 thousand. Results are not comparable due to the 12/96 inception of the new business. 
American Classic Voyages (Nasdaq : AMCV)AMCV is a provider of overnight passenger cruises on inland waterways in the continental U.S. and among the Hawaiian Islands. The Company operates two cruise lines under the names of The Delta Queen Steamboat Co. and American Hawaii Cruises. For the three months ended 3/99, revenues fell less than 1 percent to $40.6 million. Net loss rose 4 percent to $4.5 million. Revenues reflect a decrease in Delta Queen's average operating days. Higher loss reflects increased capacity expansion expense. 
Bally Total Fitness Hold. (NYSE : BFT)Bally Total Fitness Holding Corp. is a nationwide commercial operator of fitness centers. The Co. operates 330 centers in 27 states and Canada. For the three months ended 3/31/99, revenues rose 13 percent to $208.2 million. Net income before accounting change totaled $6.7 million, up from $2.1 million. Revenues reflect increased initial membership fees originated and higher initial membership price. Net income reflects lower depreciation expense and higher interest income. 
Blowout Entertainment,Inc (OTC BB : BLWTQ)Blowout Entertainment is engaged in the business of operating ``store within a store'' retail video outlets which rent and sell videocassettes, video games, computer games and programs on CD-ROMS. For the nine months ended 9/98, total sales decreased 11 percent to $20.4 million. Net loss before extraordinary item increased 89 percent to $4.1 million. Revenues reflect a decrease in the number of stores in operation. Higher loss reflects increased operating expenses as a  percentage of revenues. 
American Bingo & Gaming (Nasdaq : BNGO)BNGO, through it subsidiaries in TX, Al and SC, engages in non-casino video gaming and charitable bingo events. The Company operates over 800 video gaming machines (VGM's). For the three months ended 3/31/99, revenues fell 3 percent to $3.6 million. Net income applicable to Common fell 58 percent to $176 thousand. Results reflect the re-organization of the free-standing VGM operations into route operations and higher depreciation, amortization and license expenses. 
Boston Celtics L.P. (NYSE : BOS)Boston Celtics L.P. is a limited partnership which owns and operates the Boston Celtics professional basketball team. For the nine months ended 3/31/99, revenues totalled $0 vs. $64.9 million. Net loss applicable to Limited Partners before extraordinary item totalled $6.9 million vs. an income of $14.1 million. Results reflect a $994 thousand equity in loss of Celtics Basketball Holdings, L.P., and an increase in interest expense due to higher debt levels. 
Beachport Entertainment (OTC BB : BPRT)BPRT, through its On Ice, RLS and BEC Motor Sports subsidiaries, is engaged in the development, production and distribution of live family entertainment and made for television programs, predominately figure skating and equestrian events. For the comparable six months ended 12/97, revenues rose from $721 thousand to $5.9 million. Net loss fell 49 percent to $1.5 million. Results reflect the Royal Lipizzaner Stallions acquisition, partially offset by acquisition related costs. 
Bowl America Incorporated (AMEX : BWLa)BWL.A operates 23 bowling centers, as of 9/1/98, with food and beverage services, game rooms, rental lockers and playroom facilities in Washington, D.C., MD, FL and VA. For the 39 weeks ended 3/28/99, total revenues fell 1 percent to $21.3 million. Net income rose 11 percent to $2.8 million. Revenues reflect closings at some locations due to snow and ice. Earnings benefitted from improved operating margins and an increase in interest and dividend income. 
Carnival Corporation (NYSE : CCL)Carnival Corporation operates five separate cruise lines under the names Carnival Cruise Lines, Cunard Line, Holland America Line, Seaborn Cruise Line and Windstar Cruises and a tour business, Holland America Westours. For the three months ended 2/28/98, revenues rose 34 percent to $748.3 million. Earnings rose 44 percent to $157.8 million. Revenues benefitted from the acquisitions of Cunard and Seabourn. Earnings also reflect a lower loss from affiliated operations. 
Commodore Holdings Ltd. (Nasdaq : CCLN)Commodore Holdings Ltd. owns two cruise ships, the S/S Enchanted Isle and the S/S Universe Explorer. For the three months ended 12/31/98, revenues increased 7 percent to $12.3 million. Net income applicable to Common totalled $263 thousand, up from $111 thousand. Revenues benefitted from 21 more operating days while the Enchanted Isle was in drydock during the one quarter of 1998. Earnings also benefitted from lower marketing costs and higher gain in minority interest. 
Celebrity Entertainment (CLEBCelebrity Entertainment, Inc. develops and operates a destination resort community featuring golf, fish and recreational activities. The Company is also engaged in the development of an oil and gas lease in Texas. For the nine months ended 9/30/98, revenues rose 39 percent to $217 thousand. Net loss applicable to Com. before extra item fell 29 percent to $1.4 million. Results reflect improved marketing and use of the Company's resort facilities, partially offset by lack of $87 thousand in dividends. 
Cleveland Indians Basebl. (Nasdaq : CLEV)Cleveland Indians Baseball Company serves as the sole general partner of the Partnership, which owns the Cleveland Indians major league baseball club and manages Jacobs Field, the Indians' home ballpark. For the three months ended 3/31/99, revenues rose 3 percent to $3.1 million. Net loss decreased 63 percent to $3.7 million. Revenues benefitted from increased merchandise sales. Lower loss reflects $4.8 million in minority interests and the absence of $1.6 million in player losses. 
Casino Resource Corp. (OTC BB : CSNR)CSNR is engaged in the gaming business. The Company leases and operates a casino in Tunisia. For the three months ended 12/31/98, revenues increased 5 percent to $561 thousand. Net loss from continuing operations decreased 52 percent to $1 million. Revenues reflect the opening of the casino in Tunisia. Lower loss also reflects decreased S/G/A expenses due to a decrease in professional fees, administrative overhead, amortization expense and bad debt expense. 
Walt Disney Company (NYSE : DIS)DIS, a diversified worldwide entertainment company, operates in three segments: Creative Content, Broadcasting, and Theme Parks and Resorts. For the six months ended 3/31/99, revenues increased 4 percent to $12.1 billion. Net income decreased 26 percent to $848 million. Revenues reflect growth at the Walt Disney World Resort and increased revenues at ESPN and the Disney Channel. Earnings suffered from a $159 million equity in Infoseek loss, higher corporate expenses and higher debt levels. 
Dover Downs Entertainment (NYSE : DVD)Dover Downs owns and operates a multi-purpose entertainment complex conducting NASCAR and IRL auto racing, pari-mutuel harness horse racing, wagering and video lottery machine operations in DE. For the nine months ended 3/31/99, revenues rose 34 percent to $129 million. Net income fell 5 percent to $13 million. Results reflect growth in the historical business and the acquisition of Grand Prix Association of Long Beach, Inc., offset by increased operating and acquisition expenses. 
Diversicon Holdings Corp. (OTC BB : DVSHU)DVSHU operates children's entertainment centers in Staten Island, NY, and Canada. The Company also operates a summer day camp program, which includes indoor and outdoor activities. For the nine months ended 12/31/98, revenues rose 16 percent to $939 thousand. Net loss rose from $728 thousand to $1.6 million. Revenues reflect the opening of the Cortina Valley Ski Resort. Higher loss reflects increased operating expenses incurred at the new Edmonton facility and the ski resort. 
Discovery Zone, Inc. (OTC BB : DVZN)Discovery Zone, Inc. owns and operates pay-for-play children's entertainment centers. As of 12/98 the Co. owns 195 Funcenters in 38 states, Puerto Rico and Canada. For the fiscal year ended 12/98, revenues fell 5 percent to $125.9 million. Net loss applicable to Common before extraordinary item totalled $104.9 million, up from $28.1 million. Revenues reflect lower comparable store sales and a reduction in the number of operating FunCenters. Net loss reflects the inclusion of a $41.9 million impairment charge. 
Visual Edge Systems, Inc. (Nasdaq : EDGE)Visual Edge Systems, Inc. is primarily engaged in the development and marketing of videotape golf lessons featuring One-On-One instruction by professional golfer Greg Norman. For the three months ended 3/31/99, revenues rose 37 percent to $320 thousand. Net loss applicable to Common decreased 35 percent to $1 million. Results reflect increased marketing efforts, partially offset by an increase in commissions and increased amortization of deferred financing fees. 
Equus Gaming Company L.P. (Nasdaq : EQUUS)EQUUS, a limited partnership, engages in wagering, thoroughbred racing, and other gaming businesses in Latin America and the Caribbean. EQUUS also provides management services to four race tracks. For the three months ended 3/31/99, revenues rose 9 percent to $19 million. Net income applicable to Ltd. Ptnrs. totalled $574 thousand vs. a loss of $247 thousand. Results reflect the inclusion of revenues of SECSA, which began operating Los Comuneros in Jan. 1999, offset by SECSA's operating costs. 
Renaissance Entertainment (OTC BB : FAIRC)FAIRC operates five Renaissance Faires in the U.S., and is engaged in a strategy to develop and acquire additional Faires nationwide. The Renaissance Faire is a recreation of a Renaissance village, a fantasy experience transporting the visitor back to 16th century England. For the fiscal year ended 12/31/98, revenues rose 7 percent to $15.2 million. Net loss decreased 92 percent to $203 thousand. Revenues reflect an increase in attendance. Earnings reflect a reduction in personnel. 
Family Golf Centers, Inc. (Nasdaq : FGCI)FGCI and subsidiaries operate golf centers designed to provide practice opportunities, including facilities for driving, chipping, putting, pitching and sand play. For the three months ended 3/99 revenues rose 64 percent to $35.1 million. Net income before accounting change totalled $752 thousand vs. a loss of $1.7 million. Revenues reflect additional golf centers, ice rinks and Family Sports Su percenters. Earnings reflect decreased overhead costs from FGCI and Eagle Quest. 
First Entertainment Hldg. (OTC BB : FTET)First Entertainment Holding Corp. is a multi-media entertainment conglomerate, holding controlling interests in five distinct segments. The five segments are video, radio, live entertainment, retail, and film. For the three months ended 3/99, revenues rose 25 percent to $656 thousand. Net loss rose 3 percent to $244 thousand. Revenues reflect a rise in live entertainment due to higher attendance. Higher losses reflect an increase in compensation cost, and a $15 thousand impairment charge. 
Cedar Fair, L.P. (NYSE : FUN)Cedar Fair, L.P., owns and operates five amusement parks: CedarPoint in OH, Valleyfair in MN, Dorney Park and Wildwater Kingdom in PA, Worlds of Fun/Oceans of Fun in MO, and Knott's Berry Farm in CA. For the three months ended 3/28/99, net revenues rose 29 percent to $23.2 million. Net loss applicable to Limited Partners fell 7 percent to $21.7 million. Results reflect an addition of new rides and improved weather, partially by increased S,G&A expenses. 
Gaylord Entertainment (NYSE : GET)GET is a diversified entertainment and communications company operating, through its subsidiaries, in three business segments: hospitality and attractions, broadcasting and music, and cable networks. For the three months ended 3/31/99, revenues rose 5 percent to $113.1 million. Net income rose from $2 million to $79.8 million. Revenues reflect higher revenues in the hospitality and attractions segment. Earnings also reflect a $129.9 million gain related to the redemption of equity participation rights. 
Gametech International (Nasdaq : GMTC)Gametech is a designer, developer, and marketer of interactive electronic bingo systems. The Company currently markets a fixed-base system with light-pen-activated monitors and a portable, hand-held system. For the six months ended 4/30/99, revenues totalled $15.9 million, up from $7.9 million. Net loss totalled $3.7 million vs. an income of $655 thousand. Revenues reflect the acquisition of BTC and an increased number of units installed. Net loss reflects higher costs related to BTC. 
Hollywood Entertainment (Nasdaq : HLYW)Hollywood Entertainment Corp. owns and operates 1322 video retail superstores, as of 3/99, under the name Hollywood Video in 42 states. For the three months ended 3/31/99, total revenues increased 57 percent to $266.5 million. Net loss before acctg. change totalled $2.8 million vs. a income of $7.7 million. Revenues benefitted from higher rental revenues due to the addition of new superstores. Loss reflects amortization cost related to Reel.com acquisition. 
International Speedway (Nasdaq : ISCA)ISCA is a promoter of motorsports activities in the U.S. ISCA owns and operates five motorsports facilities: Daytona, Talladega, Phoenix, Darlington and Watkins Glen. For the three months ended 2/28/99, revenues rose 22 percent to $83.2 million. Net income rose 29 percent to $25.9 million. Revenues reflect higher seating capacity and ticket prices, increased TV broadcast rights fees and other Motorsports related income. Net income reflects an increase in interest income. 
Int'l Thoroughbred Breede (ITGBInternational Thoroughbred Breeders is principally engaged in the ownership of a non-operating casino property in Las Vegas, Nevada, the El Rancho Hotel and Casino. For the nine months ended 3/31/99, the Company reported no revenues. Net loss from continuing operations increased less than 1 percent to $13.6 million. Higher loss reflects an increase in amortization and financing costs associated with the reduction of debt. 
Golden Bear Golf, Inc. (OTC BB : JACK)Golden Bear Golf, Inc. is engaged in the licensing, distribution and sale of golf-related consumer products, the operation of golf instructional schools and the licensing and franchising of golf practice and instruction facilities. For the three months ended 3/31/99, total revenues fell 5 percent to $2.8 million. Net loss from continuing operations rose 85 percent to $559 thousand. Results reflect a reduction in the Company's executive golf program and increased legal fees. 
Master Glazier's Karate (OTC BB : KICK)KICK manages and operates Master Glazier Karate Centers located in the Pennsylvania through its several wholly-owned subsidiaries. At 12/97, the Company owned and operated two karate centers. For the nine months ended 9/30/98, net sales fell 6 percent to $485 thousand. Net loss totalled $529 thousand, up from $253 thousand. Revenues reflect the sale of certain karate centers. Loss also suffered from a $196 thousand increase in bad debt expenses. 
Europa Cruises Corp. (OTC BB : KRUZ)KRUZ owns, operates and promotes four cruise vessels which offer a variety of shipboard activities, including dining, casino operations, sightseeing, live music and other entertainment. For the three months ended 3/99, revenues fell 25 percent to $3.5 million. Net loss applicable to Com. totalled $109 thousand, up from $15 thousand. Results reflect the termination of Miami operations and decreased passenger count, and increased depreciation costs as a  percentage of revenues. 
Malibu Enter. Worldwide (AMEX : MBE)Malibu Entertainment Worldwide develops, owns and operates family oriented entertainment centers featuring miniature golf, video games, food/souvenir concessions, go-kart tracks, bumper boats, batting cages etc. For the three months ended 3/99, revenues decreased 8 percent to $8.4 million. Net loss fell 30 percent to $5.3 million. Revenues reflect family entertainment centers closed. Lower loss benefitted from decreased entertainment expenses. 
Cinema Ride, Inc. (OTC BB : MOVE)MOVE develops and operates rides consisting of motion simulator attractions, and filmed entertainment that combines video-projected 3-D films with computer controlled capsules that are programmed to move in conjunction with the on-screen action. For the three months ended 3/99, revenues fell 18 percent to $511 thousand. Net loss before extraordinary item fell less than 1 percent to $261 thousand. Results reflect the closing of the Times Square facility, offset by lower S/G/A expenses. 
Movie Gallery Inc. (Nasdaq : MOVI)MOVI, as of 3/98, owned and operated 852 video specialty stores and had 106 franchisees and licensees located in 22 states, primarily in the eastern half of the United States, that rent and sell videocassettes and video games. For the 39 weeks ended 10/4/98, revenues rose 5 percent to $198.6 million. Net loss totalled $26.7 million, up from $876 thousand. Results reflect increased sales of previously viewed rental inventory, offset by increased videocassette amortization. 
Championship Auto Racing (NYSE : MPH)Championship Auto Racing Teams owns, operates and sanctions the CART open-wheel motorsports series in North America and is responsible for organizing, marketing and staging each of the races in the CART Championship. For the three months ended 3/31/99, total revenues fell 27 percent to $7.3 million. Net income fell 43 percent to $1.6 million. Results reflect reduced sanction fees due to only one race being staged during the quarter and increased administrative expenses. 
Millennium Sports Mgmt. (OTC BB : MSPT)Millennium Sports Mgmt. operates a regional sports entertainment and recreation center in Sussex County, NJ, which includes a professional baseball stadium, retail stores, batting cages and other recreational facilities. For the three months ended 3/31/99, revenues rose 13 percent to $48 thousand. Net loss decreased 26 percent to $204 thousand. Results reflect greater use of the recreational facility and reduced depreciation and amortization expenses. 
Vail Resorts, Inc. (NYSE : MTN)Vail Resorts, Inc. is a holding company operating through various subsidiaries and in two business segments, mountain resorts and real estate development. For the comparable nine months ended 4/30/99, revenues increased 5 percent to $410.8 million. Net income fell 44 percent to $26.3 million. Revenues reflect the addition of 30 retail and rental outlets. Earnings were offset by higher resort operating expenses and a $3.7 million minority interest charge. 
On Stage Entertainment (Nasdaq : ONST)On Stage Entertainment produces and markets live theatrical productions and operates live theaters and dinner theaters worldwide. ONST markets its services to audiences in resort and urban tourist locations, and to commercial clients. For the three months ended 3/31/99, net revenues rose 68 percent to $6.3 million. Net loss rose 67 percent to $884 thousand. Results reflect the addition of new shows and the acquisition of Gedco, offset by lower margins due to revenue mix changes. 
Florida Panthers Holdings (NYSE : PAW)PAW operates in two business segments: leisure and recreation (luxury resorts) and entertainment and sports (hockey and ice skating rink operations). For the nine months ended 3/31/99, total revenues increased 39 percent to $299.6 million. Net income totalled $15 million, up from $2.9 million. Revenues benefitted from an increase in the average daily rate. Net income also reflects decreased cost of entertainment and sports services as a  percentage of revenues. 
Pelican Properties Int'l (OTC BB : PELP)Pelican Properties International is primarily engaged in the ownership and management of three hotels, located in Princeton, New Jersey, Wheeling, West Virginia and Hampton, Virginia. For the three months ended 3/31/99, revenues totalled $1.4 million, up from $0 thousand. Net loss from continuing operations before extraordinary item totalled $376 thousand, up from $60 thousand. Results reflect hotel acquisitions and dispositions, offset by increased operating expenses. 
AMF Bowling, Inc. (NYSE : PIN)AMF Bowling, Inc. operates bowling centers and produces bowling equipment. For the three months ended 3/31/1999, operating revenues rose 8 percent to $202.6 million. Net loss totalled $18.7 million, up from $631 thousand. Revenues reflect acquisitions of new centers and the construction of one new center. Higher loss reflects higher regional staffing costs, increased equity in loss of joint ventures, and higher depreciation costs. 
Premier Parks, Inc. (NYSE : PKS)PKS owns and operates 31 regional amusement and water parks. The parks are individually themed and provides a family-oriented entertainment experience. The Company also owns a exotic wildlife and marine park. For the three momths ended 3/99, revenues rose from $6.8 million to $53.6 million. Net income applicable to Common before extraordinary item totalled rose from $14.7 million to $88.6 million. Results reflect the acquisition of Six Flags and Walibi, offset by higher debt and depreciation. 
Orlando Predators Ent. (Nasdaq : PRED)PRED was formed to acquire, own and operate the Orlando Predators, a professional Arena Football team of the Arena Football League. For the three months ended 3/31/99, revenues totalled $50 thousand, up from $3 thousand. Net loss decreased 69 percent to $64 thousand. Revenues reflect the inclusion of $47 thousand in telemarketing income. Lower loss reflects decreased S/G/A expenses due to reduced administrative payroll, and the inclusion of $112 thousand in interest income from the AFL. 
Divot Golf Corporation (OTC BB : PUTT)Divot Golf Corporation engages in the development, licensing and marketing of golf-related businesses and holds certain exclusive licensing rights in the US and internationally. For the nine months ended 9/30/98, revenues increased 31 percent to $4.8 million. Net loss rose from $1 million to $4.2 million. Revenues reflect sales from the operations of the Company's newly acquired subsidiary, Miller Golf, Inc. Higher loss reflects increased manufacturing costs and S/G/A expenses. 
Quintel Communications (Nasdaq : QTEL)QTEL engages in the direct marketing and providing of various telecommunications products and services, utilizing its extensive database in customer acquisition programs. For the three months ended 2/28/99, net revenue fell 46 percent to $19.8 million. Net income fell 89 percent to $401 thousand. Results reflect decreased sales of 900 numbers and enchanced services, the discontinuation of the AT&T partnership, and lower margins due to a new emphasis on customer acquisition services. 
Royal Caribbean Cruises (NYSE : RCL)Royal Caribbean Cruises Ltd. provides year-round cruises in the Caribbean and North America on sixteen cruise liners. For the three months ended 3/99, revenues decreased 8 percent to $610 million. Net income applicable to Common rose 17 percent to $87.1 million. Revenues reflect reduced capacity due to a grounding incident with Monarch of the Seas and engine repairs on two other ships. Net income reflects reduced operating expenses and $17 million in proceeds from loss-of-hire insurance. 
Royal Olympic Cruise Line (Nasdaq : ROCLF)Royal Olympic Cruise Lines Inc. is a cruise operator in the Mediterranean which offers destination oriented cruises to sites of historical and cultural significance, combined with high standards of accomodation and passenger service. For the six months ended 5/31/98, net revenues increased 4 percent to $41.6 million. Net loss decreased 19 percent to $4.9 million. Results benefitted from an increase in the number of passengers and cruising days and the sale of a vessel. 
Sports Club Company (AMEX : SCY)SCY develops and operates sports and fitness clubs under the names Sports Club and Spectrum Club. Revenues for the three months ended 3/31/99, increased 11 percent to $21.8 million. Net income before acct. change increased 41 percent to $1.4 million. Results reflect the opening of the Spectrum Club -Thousand Oaks, and higher revenues at SportsMed. Earnings also reflect lower direct operating expenses as a  percent of sales due to higher margins at Reebok Sports Club/NY and lower debt levels. 
SFX Entertainment, Inc. (NYSE : SFX)SFX operates in four business segments: music (production of music events, tours); theater (theatrical events); sports (talent representation, sports events); and family entertainment (family events, radio events). For the three months ended 3/31/99, revenues totalled $276.1 million, up from $61.4 million. Net loss applicable to Common totalled $18.5 million, up from $9.2 million. Revenues reflect acquisitions and increased tour and concert production. Loss reflects acquisition costs. 
American Skiing Company (NYSE : SKI)American Skiing Company is engaged in the operation of nine alpine ski resorts in the United States and in the development of moutainside real estate which complements the expansion of its on-mountain operations. For the 39 weeks ended 4/25/99, total revenues fell 5 percent to $298.9 million. Net loss before extraordinary item applicable to Common totalled $9.8 million vs. an income $12.5 million. Results reflect absence of R.E. projects and increased Steamboat and Heavenly resorts related expenses. 
Skyline Multimedia Ent. (OTC BB : SKYL)SKYL is engaged in the development and operation of state-of-the-art simulator attractions and high-technology and family entertainment at tourist sites in New York City. For the three months ended 9/98, total revenues fell 6 percent to $2.9 million. Net loss before extraordinary item rose from $339 thousand to $824 thousand. Revenues reflect lower game revenues at the Co.'s XS New York facility. Higher loss reflects scheduled rent expense increases and higher advertising and interest expenses. 
Penske Motorsports, Inc. (Nasdaq : SPWY)Penske Motorsports, Inc. is a promoter and marketer of professional motorsports in the United States which, through its subsidiaries, owns and operates a number of speedways. The Company also produces motorsports-related merchandise such as apparel and tires. For the three months ended 3/99, total revenues rose 27 percent to $12.9 million. Net loss rose 77 percent to $2.9 million. Revenues reflect higher speedway admissions. Higher loss reflects lower margins and higher average debt. 
Taurus Entertainment Cos. (OTC BB : TAUR)TAUR operates in the adult entertainment business through the acquisition of existing cabaret facilities and the opening of new adult cabarets in Houston, TX and other cities. For the three months ended 12/98, revenues totalled $430 thousand, up from $0. Net loss totalled $52 thousand, up from $1 thousand. Revenues reflect the fact that the Company had no operations during the first quarter of fiscal year 1998. Higher loss reflects costs of operations at the TX location. 
Canterbury Park Holding (Nasdaq : TRAK)TRAK owns and operates Canterbury Park, the only parimutuel horse racing facility in the state of Minnesota. TRAK conducts live Thoroughbred and Quarter Horse races and year round simulcast racing. For the fiscal year ended 12/31/98, revenue rose 5 percent to $19.2 million. Net income totaled $434 thousand, up from $136 thousand. Revenues reflect increased space rental revenues due to leasing underutilized areas of the Racetrack grounds. Earnings reflect lower legislative expenses. 
Speedway Motorsports, Inc (NYSE : TRK)Speedway Motorsports, Inc. promotes, markets and sponsors motorsports activities in the U.S. TRK owns and operates several motorspeedway throughout the U.S. and also provides food, beverage and souvenir merchandising services. For the three months ended 3/31/99, total revenues increased from $18 million to $53.1 million. Net income totalled $2 million vs. a loss of $2.9 million. Results reflect the growth in NASCAR sanctioned racing events at the Company's newly acquired LVMS. 
Thousand Trails, Inc. (AMEX : TRV)TRV owns and operates a system of 53 membership-based campgrounds located in 17 states and British Columbia, Canada. For the nine months ended 3/31/99, total revenues fell 7 percent to $51.1 million. Net income fell 58 percent to $4.4 million. Revenues reflect a decreased gain on the sale of assets. Net income also reflects increased campground and resort operating expenses due to timing differences for certain costs and higher S/G/A expenses due to increased marketing activities. 
TotalAxcess.com, Inc. (OTC BB : TXCI)TotalAxcess, through its subsidiaries, is involved in thepre-paid telecommunications industry, network marketing, and lottery publications and play industries. For the nine months ended 3/31/99, revenues totalled $704 thousand, up from $153 thousand. Net loss applicable to Common rose 20 percent to $1.7 million. Revenues benefitted from the acquisition. Higher loss reflects higher general and administrative expenses due to increased staffing levels. 
Video City, Inc. (OTC BB : VDCT)VDCT owns and operates several chains of specialty video stores in the West that rent and sell videos, video games and related items. As of 5/99, VDCT owned 137 stores in 11 states. For the fiscal year ended 1/31/99, revenues rose from $10.2 million to $24.4 million. Net income totalled $11 thousand vs. a loss of $3 million. Revenues reflect the acquisition of 114 stores since the prior period. Earnings benefitted primarily from a $2.6 million reversal of deferred tax asset valuation allowances. 
Video Update, Inc. (Nasdaq : VUPDA)Video Update, Inc. and subsidiaries own and operate retail video stores and sell and support retail video franchises. As of 4/98, the Company owned and operated 681 stores in the U.S. and Canada and franchised 72 in the U.S. For the nine months ended 1/31/99, revenues rose 84 percent to $194.6 million. Net loss totalled $21.2 million vs. an income of $913 thousand. Results reflect the acquisition of 266 stores from Moovies, offset by lower margins due to new stores not yet maturing. 
West Coast Entertainment (OTC BB : WCEC)West Coast Entertainment Corp. owns and operates 261 video specialty stores and franchises 160 additional stores. The Co.'s stores operate under the names West Coast Video and Videosmith and are located in 22 states. For the fiscal year ended 1/31/99, total revenues fell 3 percent to $120.2 million. Net loss rose from $3.6 million to $27.2 million. Revenues reflect lower average store rental revenues per store. Loss also reflects a $5.6 million store closing charge and a $17.4 million valuation charge. 
WebQuest International (OTC BB : WEBQ)WebQuest International, Inc. develops and markets an interactive game arcade, known as the iPONG Game Arcade on the Internet, where site visitors use their eye/hand coordination and trivia knowledge to win cash/prizes. For the three months ended 12/31/98 the Company reports no revenues. Net loss applicable to Common fell 2 percent to 250 thousand. Lower loss reflects the absence of a $71 thousand compensation expense. 
Worldwide Ent. & Sports (Nasdaq : WWES)Worldwide Entertainment and Sports Corp. provides management, agency, and marketing services to professional athletes, artists and entertainers, principally to boxers, football and basketball players. For the fiscal year ended 12/31/98, revenues totalled $1.6 million, up from $590 thousand. Net loss increased 29 percent to $4.1 million. Revenues reflect the size of the purse for a Shannon Briggs heavyweight championship fight. Higher losses reflect an increase in salaries.%}
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Amer. Real Estate Partner (NYSE : ACP)American Real Estate Partners acquires and manages real estate, primarily office, retail, industrial, residential and hotel properties. ACP owns 192 separate real estate assets in 32 states. For the three months ended 3/31/99, revenues rose 4 percent to $22.1 million. Net income applicable to limited partner fell 18 percent to $14.5 million. Results reflect the acquisition of property and an investment in RJR common stock, offset by lower gross margins due to acquisitions. 
American Retirement Corp. (NYSE : ACR)American Retirement Corp. is a national senior living and health care services provider offering a range of care and services to seniors, including independent and assisted living, skilled nursing and home health care services. For the three months ended 3/31/99, revenues rose 61 percent to $43.6 million. Net income from continuing operations before acct. change rose 99 percent to $3.4 million. Results reflect new senior living communities leased or acquired and income from CD's. 
Agree Realty Corporation (NYSE : ADC)ADC is a self-administered, self-managed real estate investment trust which develops, acquires, owns and operates properties which are primarily leased to major national and regional retail companies under net leases. For the three months ended 3/31/99, total revenues rose 14 percent to $5.4 million. Net income rose 4 percent to $1.6 million. Revenues reflect the development and acquisition of properties. Earnings were offset by the absence of a $60 thousand development fee income. 
Associated Estates Realty (NYSE : AEC)AEC is a REIT which specializes in the development, acquisition, ownership and management of multifamily properties. As of 5/99, the Co. manages more than 150 multifamily properties in 15 states. For the three months ended 3/31/99, total revenues rose 24 percent to $38 million. Net income before accounting change and applicable to Common fell 84 percent to $499 thousand. Revenues reflect property acquisitions. Earnings were offset by increased depreciation and payroll expenses. 
Aegis Realty, Inc. (AMEX : AER)AER, an equity REIT, acquires, owns, operates and renovates primarily supermarket-anchored neighborhood and community shopping centers. As of 12/98, AER owned 28 retail properties. For the three months ended 3/31/99, revenues rose 55 percent to $6.4 million. Net income fell 37 percent to $1.4 million. Results reflect increased rental income from recent acquisitions, offset by the absence of a $780 thousand gain on the sale of investment and higher interest and depreciation expenses. 
Amer. Health Properties (NYSE : AHE)AHE is a self-administered REIT with investments in health care properties, including acute care, long-term acute care, rehabilitation and psychiatric hospitals, skilled nursing, assisted living, Alzheimer's care and medical office/ clinic facilities. For the three months ended 3/99, revenues rose 12 percent to $28.1 million. Net income applicable to Common rose 7 percent to $11.2 million. Results reflect acquisitions, partially offset by higher interest and operating expenses. 
Asset Investors Corp. (NYSE : AIC)Asset Investors Corp. is a real estate investment trust engaged in the ownership, acquisition, development and management of manufactured home communities. As of 12/98, the Company had interests in 23 communities. For the three months ended 3/31/99, total revenues increased 49 percent to $4.8 million. Net income fell 1 percent to $542 thousand. Results reflect increased rental income due to property acquisitions, offset by increased interest expense. 
Apartment Inv. & Mgt. Co. (NYSE : AIV)Apartment Investment and Management Co. is a real estate investment trust (REIT) engaged in the ownership, acquisition, development, expansion and management of multi-family apartment properties. For the three months ended 3/31/99, revenues rose 59 percent to $121.1 million. Net income before applicable to Common fell 98 percent to $336 thousand. Results reflect increased rental income due to property acquisitions, offset by increased depreciation and amortization costs. 
Acadia Realty Trust (NYSE : AKR)Acadia Realty, a fully integrated, self-managed and self-administered equity REIT, owns, acquires, develops and operates primarily neighborhood and community shopping centers in the Eastern and Midwestern U.S. For the three months ended 3/99, revenues totalled $22.3, up from $11 million. Net income totalled $765 thousand vs. a loss of $533 thousand. Results reflect acquisition of RDC Properties, adoptation of EITF Issue No. 98-9 and an increase in interest earning assets. 
Alexander's Inc. (NYSE : ALX)ALX is a real estate investment trust engaged in leasing, managing, developing and redeveloping properties. For the three months ended 3/31/99, total revenues totalled $16.6 million, up from $8 million. Net income increased 60 percent to $1.5 million. Revenues reflect higher property rental sales due to leases commenced at the Rego Park I and Kings Plaza Store properties. Earnings were partially offset by an increase in operating expenses due to the acquisition and the write-off of assets. 
AMB Property Corporation (NYSE : AMB)AMB is a REIT which is engaged in the ownership, operation, management, acquisition, renovation, expansion and development of industrial properties and community shopping centers. For the three months ended 3/31/99, revenues increased 45 percent to $109.6 million. Net income applicable to Common decreased 7 percent to $25.9 million. Results reflect the properties acquired and increased same store properties, offset by higher interest and the inclusion of preferred dividends. 
AMRESCO Capital Trust (Nasdaq : AMCT)AMCT, a mortgage REIT, was formed to take advantage of mid to high yield lending and investment opportunities in real estate and related assets, including CMOs, CMBSs, commercial real estate, equity investments in joint ventures and partnerships, and other real estate investments. For the three months ended 3/99, revenues totalled $4.5 million. Net income totalled $2.3 million. Results are not comparable to a prior period due to AMCT's 5/12/98 commencement of operations. 
Amli Residential Prop. (NYSE : AML)AML is a real estate investment trust engaged in the development, acquisition and management of upscale, institutional multifamily apartment communities. For the three months ended 3/31/99, total revenues rose 14 percent to $30.5 million. Net income applicable to Common rose 15 percent to $5.4 million. Revenues reflect higher total property revenues due to the 1,102 apartment homes acquired. Earnings also reflect a decrease in advertising and promtion expenses. 
AmeriVest Properties, Inc (Nasdaq : AMVP)AMVP is a self-administered and self-managed real estate investment trust (``REIT''). Through its subsidiaries, AmeriVest owns an office building, 18 commercial office properties, four self-storage facilities and an industrial warehouse. For the three months ended 3/99, revenues rose 90 percent to $1.3 million. Net income totalled $72 thousand, up from $2 thousand. Revenues reflect 15 new properties. Earnings also reflect decreased management fee expenses. 
America First Apartment (Nasdaq : APROZ)APROZ is engaged in acquiring, holding, operating and selling multifamily real estate and other types of commercial real estate and interests. For the fiscal year ended 12/31/98, revenues rose 39 percent to $15.9 million. Net income applicable to Beneficial Unitholders totalled $2.7 million vs. a loss of $400 thousand. Revenues reflect higher rental income from acquired and existing properties. Net income reflects the absence of a $3 million loss related to the payoff of a mortgage bond. 
Starwood Financial Trust (AMEX : APT)Starwood Financial Trust a REIT is a specialized finance company focused exclusively on the commercial real estate industry. APT provides flexible structured mortgage, mezzanine and lease financing. For the three months ended 3/31/99, total revenues totaled $55.4 million, up from $4 million. Net income applicable to Common totaled $22.7 million vs. a loss of $3.8 million. Results benefitted from higher interest income due to recapitalization and increased real estate loans. 
American Realty Trust (NYSE : ARB)American Realty Trust is a REIT that invests in equity interests in real estate, leases, and other equity ownership interests. ARB also operates and franchises pizza parlors. For the three months ended 3/31/99, net revenues totalled $47.5 million, up from $18.2 million. Net loss applicable to Common rose 6 percent to $9.7 million. Results benefited from sales from Pizza World Supreme and higher rental income, offset by higher commercial property operations expenses. 
Alexandria RE Equities (NYSE : ARE)Alexandria Real Estate Equities, a REIT, engages in the acquisition, development and management of office/laboratory properties for lease to the life science industry. For the three months ended 3/31/99, revenues rose 67 percent to $19.5 million. Net income rose 14 percent to $5.3 million. Revenues benefitted from the acquisition of properties in 1998 and 1999. Net income benefitted from the increase in gross profit margins due to the impact of the acquisitions. 
Arden Realty, Inc. (NYSE : ARI)Arden Realty, Inc., through Arden Realty Limited Partnership and other subsidiaries, is engaged in owning, acquiring, managing, leasing and renovating commercial properties in Southern California. For the three months ended 3/31/99, total revenues rose 45 percent to $79.3 million. Net income rose 51 percent to $24.4 million. Results benefitted from higher tenant reimbursments and increases in occupancy, and lower general and administrative expenses. 
Archstone Communities (NYSE : ASN)ASN is a real estate operating company which develops, acquires, redevelops, operates and owns apartment communities. For the three months ended 3/31/99, total revenues rose 69 percent to $161.4 million. Net income before extraordinary item applicable to Common fell 3 percent to $39 million. Results reflect a net increase of 95 operating apartment communities from 3/31/98 to 3/31/99, offset by a $10.1 million decrease in net gains on dispositions of depreciated real estate. 
AvalonBay Communities (NYSE : AVB)AvalonBay Communities is engaged in apartment community acquisition, development, construction, reconstruction, marketing, leasing and management in Northern California. For the three months ended 3/31/99, revenues totalled $118.6 million, up from $45.3 million. Net income applicable to Common rose 10 percent to $9.9 million. Revenues reflect the addition of newly completed or acquired apartment homes. Earnings were partially offset by a $16.5 million non-recurring charge. 
Apex Mortgage Capital (NYSE : AXM)AXM is a real estate investment trust engaged in acquiring U.S. agency and other highly rated, adjustable-rate, single-family real estate mortgage securities and mortgage loans. For the three months ended 3/31/99, total revenues totalled $13.9 million, up from $4.9 million. Net income totalled $3 million, up from $564 thousand. Results reflect increased interest income on mortgage assets and cash balances, dividend income and gains from investment transactions. 
Arizona Land Income Corp. (AMEX : AZL)Arizona Land Income corp. is a REIT which invests in first mortgage loans on unimproved real estate located in the metropolitan Phoenix, Arizona area. For the three months ended 3/99, revenues decreased 17 percent to $205 thousand. Net income decreased 40 percent to $159 thousand. Revenues reflect decreased value of investments and decreased interest on mortgages. Net income reflects increased professional fees and lower gain on sale of properties. 
Brandywine Realty Trust (NYSE : BDN)Brandywine Realty Trust is a real estate investment trust engaged in the ownership, management, leasing, acquisition and development of suburban office properties. For the three months ended 3/31/99, revenues totalled $70.8 million, up from $33.1 million. Net income applicable to Common before extraordinary item decreased 26 percent to $6.5 million. Revenues reflect properties acquired and increased occupancy. Earnings were offset by an increase in property operating and depreciation expenses. 
Bedford Property Invest. (NYSE : BED)BED is a self-managed and self-administered equity real estate investment trust that owns, manages, acquires, and develops industrial and suburban office properties in the Western U.S. For the three months ended 3/31/99, revenues rose 39 percent to $21.4 million. Net income rose 18 percent to $8.8 million. Results reflect properties acquired, development activities, increased occupancy and higher rental rates. Earnings were partially offset by increased interest expense. 
Saul Centers, Inc. (NYSE : BFS)Saul Centers, Inc. is a real estate investment trust engaged in the ownership, management and development of income producing properties. For the three months ended 3/31/99, total revenues increased 5 percent to $18 million. Net income increased 13 percent to $3.1 million. Revenues benefitted from increased base rents due to new leases placed in service at Seven Corners and Ravenwood. Earnings also reflect lower operating expenses due to decreased payroll and legal costs. 
Brookdale Living Commun. (Nasdaq : BLCI)Brookdale Living Communities, Inc. provides senior and assisted living services to the elderly through its facilities located in urban and surburban areas of major metropolitan markets. For the three months ended 3/31/99, total revenues increased 51 percent to $25.5 million. Net income totalled $2.8 million, up from $1.1 million. Results reflect increased resident fees due to increases in monthly charges under residency agreements and lower total operating expenses as a  percent of revenues. 
Bando McGlocklin Capital (Nasdaq : BMCC)BMCC is a real estate investment trust engaged in the business of managing loan portfolios secured by real estate and participating in loans, and the manufacture of dolls, plastic clocks and other licensed consumer products. For the three months ended 3/31/99, revenues rose 15 percent to $6.4 million. Net income applicable to Common rose 97 percent to $898 thousand. Revenues reflect the increased sales at Middleton Doll. Earnings also reflect lower financial interest expense. 
Boddie-Noell Properties (AMEX : BNP)Boddie Noell Properties, Inc. is a self-advised and self-managed equity real estate investment trust. As of 12/98, BNP owned 47 restaurants and 15 apartment communities. For the three months ended 3/31/99, revenues increased 41 percent to $8.4 million. Net income before extraordinary item decreased 26 percent to $810 thousand. Revenues reflect higher apartment rental income due to the acquisition of six apartment communities. Earnings were offset by increased depreciation and interest expenses. 
Boykin Lodging Company (NYSE : BOY)Boykin Lodging Company is a real estate investment trust (REIT) that owns hotels throughout the United States and leases its properties to established hotel operators. As of 12/98, the Company owned 31 hotels with a total of 8,689 rooms. For the three months ended 3/31/99, revenues rose 78 percent to $19.5 million. Net income fell 21 percent to $2.9 million. Results reflect an increase in the number of hotels owned, offset by increased depreciation and interest expense. 
Burnham Pacific Property (NYSE : BPP)BPP is a real estate investment trust that focuses on value-added retail real estate opportunities throughout the United States. For the three months ended 3/31/99, revenues rose 18 percent to $35.1 million. Net income applicable to Common before accounting change fell 38 percent to $2.2 million. Revenues benefitted from the acquisition activity in 1998. Earnings were offset by a $1.5 million restructuring charge and a $748 thousand charge for abandoned acquistion costs. 
BRE Properties, Inc. (NYSE : BRE)BRE is a fully-integrated REIT which owns, develops, rehabilitates, manages and acquires apartment communities in 12 targeted markets in the Western United States. For the three months ended 3/31/99, revenues rose 17 percent to $55.4 million. Net income applicable to Common rose 8 percent to $15.3 million. Revenues reflect the acquisition and completed construction of multifamily communities. Earnings were partially offset by $1.3 million in restructuring charges. 
Berkshire Realty Co. Inc. (NYSE : BRI)BRI is an equity real estate investment trust whose operations consist of the acquisition, development, rehabilitation and management of apartment communities in the southeastern US. For the three months ended 3/31/99, revenues rose 23 percent to $50.3 million. Net loss applicable to Common totalled $5.7 million, up from $2.2 million. Revenues reflect higher weighted average apartment units. Higher losses reflect a $3 million charge associated with strategic alternatives. 
BRT Realty Trust (NYSE : BRT)BRT is a real estate investment trust which invests in senior and junior real estate loans secured by interests in income producing and undeveloped real property. For the six months ended 3/31/99, revenues increased 25 percent to $6.2 million. Net income decreased 24 percent to $5.1 million. Revenues reflect higher interest and fees on real estate loans due to higher average loan balances. Net income reflects a lower gain on the sale of foreclosed properties held for sale and investments. 
Banyan Strategic Rlty. (Nasdaq : BSRTS)Banyan Strategic Realty is a real estate trust company that acquires, owns and operates primarily office and flex industrial properties. As of 12/98, the Company owned 32 properties. For the three months ended 3/31/99, total revenues rose 22 percent to $10.4 million. Net income fell 9 percent to $1.2 million. Revenues reflect increased rental income due to property acquisitions. Earnings were offset by increased interest and depreciation and amortization expenses. 
Bradley Real Estate, Inc. (NYSE : BTR)Bradley Real Estate is a real estate investment trust (REIT) that owns and operates, develops and redevelops community and neighborhood shopping centers in the Midwest region of the U.S. As of 12/98, the Company owned 98 properties in 16 states. For the three months ended 3/31/99, total revenues rose 34 percent to $39.4 million. Net income applicable to Common rose 23 percent to $7.8 million. Results reflect property acquisitions, partially offset by preferred dividends. 
Boston Properties, Inc. (NYSE : BXP)Boston Properties Inc. is a real estate development, redevelopment, acquisition, management, operating and leasing business. For the three months ended 3/31/99, revenues increased 96 percent to $187.6 million. Net income applicable to Common rose 27 percent to $24.9 million. Revenues reflect acquisitions since 3/98 and new development contracts. Earnings were partially offset by additional debt and costs related to properties acquired. 
Capital Automotive REIT (Nasdaq : CARS)Capital Automotive REIT is a self-administered and self-managed REIT, formed to invest in the real property and improvements used by operators of multi-site, multi-franchised motor vehicle dealerships and motor vehicle related businesses throughout the United States. For the three months ended 3/31/99, revenues totalled $14.8 million, up from $3.3 million. Net income totalled $4.4 million, up from $1.7 million. Results reflect the growth of the Co.'s real estate portfolio to 142 properties. 
Commercial Assets, Inc. (AMEX : CAX)Commercial Assets, Inc. is a specialized REIT, which has interests in manufactured home communities. For the three months ended 3/31/99, revenues totaled $498 thousand vs. no revenue for the prior period. Net income decreased 2 percent to $982 thousand. Due to the Company's change from investing in CMBS business to owning and operating manufactured home communities, the results of operations for the 1999 period are not comparable to 1998. 
CB Richard Ellis Services (NYSE : CBG)CBG is a commercial real estate services co. whose services include property sales and leasing, property and investment mgmt., corporate advisory services, mortgage banking and real estate market research. For the three months ended 3/99, revenues rose 33 percent to $233.2 million. Net loss applicable to Common fell 94 percent to $1.8 million. Results reflect full contribution from REI, HP and various other acquisitions, and absence of a $32.3 million deemed dividend on pref. stock. 
CBL & Assoc. Properties (NYSE : CBL)CBL is a REIT which conducts all of its activities through CBL and Assoc. LP. CBL develops, owns, operates, and manages shopping centers, malls, and community centers. For the three months ended 3/31/99, total revenues rose 35 percent to $74.5 million. Net income applicable to Common rose 14 percent to $12.1 million. Revenues reflect higher revenues from minimum rents and tenant reimbursements. Earnings were partially offset by higher debt levels and higher depreciation expenses. 
Chelsea GCA Realty, Inc. (NYSE : CCG)CCG is a self-administered and self-managed REIT which owns, develops, redevelops, leases, markets and manages upscale and fashon-oriented manufacturers' outlet centers. For the three months ended 3/31/99, revenues rose 30 percent to $37 million. Net income applicable to Common rose 30 percent to $7.4 million. Revenues benefited from expansions, a new center opened and a higher average rent on new leases and renewals. Net income reflects the increase in sales and lower legal fees. 
Carey Diversified LLC (NYSE : CDC)Carey Diversified LLC is a real estate investment company that acquires and owns commercial properties leased to companies nationwide, primarily on a triple net basis. For the three months ended 3/31/99, net revenues decreased 3 percent to $21.1 million. Net income before extraordinary item decreased 4 percent to $9.9 million. Results reflect decreased interest from direct financing leases and lower hotel revenues, and increased depreciation and property expenses. 
Cadillac Fairview Corp. (NYSE : CDF)CDF is a owner, manager and developer of commerical real estate in North America. The Corporation is also a holding Company for a group of companies which conduct the business of the Corp. For the three months ended 3/99, sales rose 23 percent to C$235.9 million. Net income before extraordinary item rose 16 percent to $27.8 million. Revenues reflect acquisitions and internal growth. Net income was partially offset by lower margins and higher provisions for income tax. 
Citadel Holding Corp. (AMEX : CDL)CDL, through its subsidiary, Citadel Realty Corp. is engaged in the ownership and management of commercial and residential property. As of 12/98, two office buildings and $9.4 million in cash. For the three months ended 3/31/99, revenues rose 2 percent to $1.5 million. Net income rose 27 percent to $470 thousand. Revenues benefitted from increased rental rates. Net income also reflects decreased S/G/A expenses due to lower overhead costs, and decreased interest expense. 
Catellus Development Corp (NYSE : CDX)CDX is a diversified real estate operating company that owns, manages, and develops real estate for its account and others. For the three months ended 3/31/99, revenues rose 17 percent to $41.5 million. Net income totalled $16.4 million, up from $7.9 million. Revenues benefited from 15 new buildings completed since 1/97 and higher tenant pass-through charges. Earnings also reflect higher gains on property sales and non-strategic asset sales. 
Cedar Income Fund, Ltd. (Nasdaq : CEDR)Cedar Income Fund, Ltd. operates as an equity-based real estate investment trust. For the fiscal year ended 12/31/98, revenues increased 4 percent to $2.6 million. Net income applicable to limited partners decreased 64 percent to $181 thousand. Revenues reflect increased rental income from Illinois properties, increased tenant expense recoveries and increased base rent. Earnings were offset by increased legal and consulting expenses and higher depreciation. 
Crescent R.E. Equities Co (NYSE : CEI)Crescent R.E. Equities is a fully integrated real estate company operating as a REIT. CEI provides management, leasing and development services for its properties. For the three months ended 3/99, revenues rose 15 percent to $185.7 million. Earnings applicable to Common and after a forward share purchase agreement fell 25 percent to $30.5 million. Results reflect the acquisitions of properties, offset by higher interest costs and a $15 million merger settlement cost. 
Continental Invest. Corp. (OTC BB : CICG)Continental Investment Corp. operates in two principal segments: property development, primarily its potential landfill site in Atlanta, GA, and its Fiber-Seal fabric care and service protection business. For the nine months ended 9/98, revenues rose from $1.1 million to $3.5 million. Net income totalled $241 thousand, vs. a loss of $991 thousand. Revenues reflect the acquisition of C&D and MSW landfills. Net income reflects a $944 thousand gain on the sale of land. 
Mack-Cali Realty Corp. (NYSE : CLI)Mack-Cali is a fully-integrated, self-administered and self-managed REIT that provides leasing, management, acquisition, development, construction and tenant-related services for its properties. For the three months ended 3/31/99, revenues rose 27 percent to $134.9 million. Net income rose 21 percent to $32.1 million. Results reflect higher base rents, partially offset by increased interest expense, higher real estate taxes and higher depreciation expenses. 
Colonial Properties Trust (NYSE : CLP)CLP is a REIT which owns, develops, and operates multifamily, retail and office properties in the Sunbelt region of the U.S. For the three months ended 3/31/99, total revenues rose 16 percent to $67.5 million. Net income applicable to Common before extraordinary item rose 36 percent to $11.1 million. Revenues benefited from recently acquired or developed properties. Net income reflects a $3 million gain on the sale of property. 
Continental Mortg. & Eqty (Nasdaq : CMETS)CMETS is a real estate investment trust that invests in real estate through direct ownership, leases and partnersips and also invests in mortgage loans on real estate. For the three months ended 3/31/99, total revenues rose 11 percent to $16.6 million. Net loss totalled $1.6 million, vs. an income of $3.6 million. Revenues benefitted from properties purchased and increased occupancy and rental rates. Loss reflects the absence of a $5.6 million gain on the sale of real estate. 
CRIIMI Mae Inc. (NYSE : CMM)CRIIMI Mae Inc. is a fully integrated commercial mortgage company structured as a self-administered real estate investment trust. For the three months ended 3/31/99, total revenues increased 32 percent to $56.2 million. Net income applicable to Common increased 9 percent to $13.4 million. Revenues benefitted from the inclusion of $8.8 million in originated loans due to the acquisition of Subordinated CMBS. Net income was partially offset by a $5.5 million reorganization charge. 
Capstead Mortgage Corp. (NYSE : CMO)CMO, a mortgage REIT, earns income from investing in mortgage backed securities, servicing mortgage loans, and other investments. For the three months ended 3/31/99, total revenues fell 48 percent to $124.3 million. Net loss applicable to Common fell 72 percent to $8.2 million. Results reflect the downsizing of the Company's mortgage asset portfolios, culminating in the sale of the mortgage banking operations in December 1998. Earnings reflect high overhead costs as a  percent of sales. 
Call Now, Inc. (OTC BB : CNOW)CNOW was formed to acquire the assets or securities of another business, through an acquisition, merger or other business combination. CNOW is currently engaged in the ownership and development of real estate interests. For the nine months ended 9/98, total revenues rose 23 percent to $2.8 million. Net loss totalled $3.1 million vs. income of $692 thousand. Revenues reflect the inclusion of a $4 million reimbursed racetrack operating cost. Net loss reflects increased S/G/A expenses. 
CenterPoint Properties (NYSE : CNT)CNT is a REIT focused on the acquisition, development, management and ownership of warehouse/industrial property in the Chicago area. For the three months ended 3/99, total revenues rose 14 percent to $31.2 million. Net income applicable to Common rose 9 percent to $7.8 million. Revenues reflect acquisition of properties and the full income from 1998 acquisitions. Net income was partially offset by increased interest expense due to higher average balances outstanding. 
Canal Capital Corp. (OTC BB : COWP)Canal Capital Corp. is engaged in two distinct businesses -the management of its agribusiness related real estate properties located in the midwest and art operations, consisting mainly of the acquisition of art for resale. For the six months ended 4/30/99, revenues totalled $4.3 million, up from $1.7 million. Net income applicable to Common totalled $1.2 million vs. a loss of $525 thousand. Results benefitted from increased revenues from the sale of real estate. 
Capital Properties, Inc. (AMEX : CPI)CPI engages in the leasing of real estate interests in downtown Providence, RI and the operation public parking facilities. CPI also operates petroleum storage facilities and leases outdoor advertising locations. For the three months ended 3/31/99, total revenues increased 48 percent to $883 thousand. Net income totalled $104 thousand vs. a loss of $118 thousand. Revenues reflect higher revenues from petroleum storage facilities. Net income also reflects decreased S/G/A expenses. 
Chateau Communities, Inc. (NYSE : CPJ)Chateau Communities, Inc. is a real estate investment trust (REIT) engaged in the business of owning and operating manufactured home communities. As of 12/98, the Company operated 200 communities. For the three months ended 3/31/99, total revenues rose 13 percent to $45.6 million. Net income rose 9 percent to $7.2 million. Revenues reflect property acquisitions and rent increases. Earnings were partially offset by increased minority interest distributions. 
Cornerstone Properties (NYSE : CPP)CPP is a self-administered equity REIT investing in Class A office properties in prime locations in major suburban markets and prime central business districts. For the three months ended 3/99, revenues rose 86 percent to $151.8 million. Net income before accounting change applicable to Common rose 32 percent to $28.8 million. Revenues reflect higher property income due to property acquisitions. Earnings were partially offset by higher interest expenses and minority interest costs. 
Camden Property Trust (NYSE : CPT)CPT, and its subsidiaries, own, develop, acquire, manage, market, and dispose of multifamily apartment communities in the Southwest, Southeast and Midwest regions of the U.S. For the three months ended 3/31/99, revenues rose 52 percent to $88.8 million. Net income applicable to Common rose 53 percent to $13.7 million. Revenues reflect higher average rental rates, new development properties, acquired properties. Earnings also reflect a $720 thousand gain on the sale of a property. 
CarrAmerica Realty Corp. (NYSE : CRE)CarrAmerica Realty is a REIT that focuses primarily on the acquisition, development, ownership and operation of office properties in suburban growth markets in the U.S. For the three months ended 3/31/99, revenues rose 47 percent to $174.5 million. Net income applicable to Common rose 5 percent to $37.4 million. Results benefitted from acquisitions, dispositions, and development properties placed in services and a $4.5 million gain on settlement on treasury locks. 
Captec Net Lease Realty (Nasdaq : CRRR)Captec Net Lease Realty, an equity REIT, acquires, develops and owns freestanding properties leased primarily on a long-term triple-net basis to national and regional restaurant and retail franchises. For the three months ended 3/99, revenues rose 25 percent to $7 million. Net income before accounting change rose 9 percent to $3.5 million. Results reflect increased rental income due to the acquisitions. Net income was partially offset by lower margins. 
Centertrust Retail Props. (NYSE : CTA)Centertrust Retail Properties is a self-administered and self-managed REIT. The Company engages in the ownership, acquisition, management, development, redevelopment and leasing of retail shopping centers. For the three months ended 3/99, revenues rose 33 percent to $36.2 million. Net income totalled $20.9 million, up from $1.8 million. Revenues reflect the acquisition of community shopping centers. Net income reflect a $20.6 million gain on sale of assets. 
Cabot Industrial Trust (NYSE : CTR)Cabot Industrial Trust is a real estate investment trust (REIT) and the managing general partner of Cabot Industrial Properties which has a portfolio of 206 properties located in 21 states throughout the U.S., as of 12/98. For the three months ended 3/31/99, revenues totalled $34.1 million, up from $14.7 million. Net income totalled $7.7 million, up from $3.5 million. Results reflect the full quarter of rental operations in 1999 compared to 56 days in 1998. 
Cousins Properties Inc. (NYSE : CUZ)Cousins Properties is a REIT engaged in acquisition, financing, development, management and leasing properties. For the three months ended 3/99, revenues fell 22 percent to $18.7 million. Net income rose 33 percent to $15 million. Revenues reflect reflect the contribution of three office buildings, four retail centers and one medical office properties to the Prudential Venture. Net income benefitted from a $5.5 million gain on the sale of investment properties. 
CV REIT, Inc. (NYSE : CVI)CV REIT, Inc. is a self-administered, self-managed equity REIT specializing in shopping center acquisition, leasing, development and management. For the three months ended 3/31/99, total revenues rose 44 percent to 7.6 million. Net income fell 3 percent to $1.8 million. Revenues reflect increased rental income due to the acquisition of seven additional shopping centers and improved results from existing centers. Earnings were offset by depreciation and operating costs related to acquisitions. 
Crown American Realty (NYSE : CWN)CWN is a Maryland REIT engaged in the development, acquisition, ownership and management of enclosed shopping malls and, to a lesser extent, strip shopping centers, hotels and office buildings. For the three months ended 3/99, total revenues rose 11 percent to $38.1 million. Net loss applicable to Common and before acct. change rose from $765 thousand to $2.3 million. Results reflect increases from existing and acquired properties, offset by higher severance and depreciation costs. 
Developers Divers. Realty (NYSE : DDR)Developers Diversified Realty is a real estate investment trust (REIT) engaged in the business of acquiring, developing, redeveloping, owning, leasing and managing shopping centers and business centers. For the three months ended 3/31/99, total revenues rose 31 percent to $65.1 million. Net income before extraordinary item and applicable to Common rose 4 percent to $15.1 million. Results reflect property acquisitions, partially offset by increased interest expense. 
Duke Realty Investments (NYSE : DRE)Duke Realty Investments is a real estate investment trust (REIT) engaged in the ownership and rental of industrial, office and retail properties throughout the Midwest. As of 12/98, the Company had 493 properties in IN, OH, MO, IL, MN and TN. For the three months ended 3/31/99, total revenues rose 35 percent to $114.3 million. Net income applicable to Common rose 23 percent to $27.4 million. Results reflect property acquisitions, partially offset by higher acquisition costs. 
DVL Inc. (OTC BB : DVLN)DVL Inc. is a real estate investment trust which invests in mortgage loans secured by commercial, office, and industrial properties. For the fiscal year ended 12/31/98, total revenues increased 28 percent to $2.9 million. Net loss before extraordinary item decreased 69 percent to $758 thousand. Revenues reflect re-evaluation of several mortgage loans and higher occupancy levels. Lower loss reflects a reduction in consulting costs and a $153 thousand recovery of provision for losses. 
Dynex Capital, Inc. (NYSE : DX)DX is a mortgage and consumer finance company which uses its loan production operations to create investments for its portfolio. For the three months ended 3/31/99, interest income fell 10 percent to $87.1 million. Net income applicable to Common and before extraordinary item fell 99 percent to $117 thousand. Revenues reflect decreased collateral for collateralized bonds and assets held for securitization. Earnings suffered from a lower net interest margin due to higher amortization. 
EastGroup Properties Inc. (NYSE : EGP)EastGroup Properties is a self-administered real estate investment trust (REIT) focused on the ownership, acquisition and selective development of industrial properties in major Sunbelt markets throughout the United States. For the three months ended 3/31/99, revenues rose 30 percent to $20.9 million. Net income before accounting change applicable to Common rose 16 percent to $5.8 million. Results reflect property acquisitions, partially offset by preferred dividends. 
Echelon Int'l Corp. (NYSE : EIN)Echelon International Corporation is a real estate and financial services company with operations in two segments: real estate, and lending and leasing. For the three months ended 3/99, revenues fell 26 percent to $9.8 million. Net income decreased 38 percent to $2.1 million. Revenues reflect decreased sales of development properties and rights, and dissolution of the joint venture. Earnings also suffered from an increase in rental and other operations expenses. 
Equity Inns, Inc (NYSE : ENN)ENN, a real estate investment trust based in Memphis, TN and established in 11/93, is involved in acquiring, developing and leasing hotel properties. ENN is the largest Hampton Inn owner. For the three months ended 3/31/99, revenues increased 21 percent to $26.1 million. Net income applicable to Common before accounting change fell 44 percent to $3.4 million. Revenues reflect an increased number of hotels owned. Net income was offset by the inclusion of a $1.6 million preferred dividend. 
Equity Office Properties (NYSE : EOP)Equity Office Properties Trust is engaged in acquiring, owning, managing, leasing and renovating office properties and parking facilities throughout the U.S. For the three months ended 3/31/99, revenues increased 27 percent to $475.1 million. Net income applicable to Common before extraordinary item increased 12 percent to $82 million. Results benefitted from increased occupancy and tenant reimbursements, partially offset by increased interest and depreciation costs. 
Entertainment Prop. Trust (NYSE : EPR)Entertainment Properties Trust is a real estate investment trust formed to capitalize on the opportunities created by the development of destination entertainment and entertainment-related properties including megaplex movie theatre complexes. For the three months ended 3/99, revenues rose 83 percent to $11.5 million. Net income increased 19 percent to $5.4 million. Results reflect acquisitions of nine megaplex theatres, partially offset by increased long term debt outstanding. 
EQK Realty Investors I (OTC BB : EQKR)EQK Realty Investors I is a real estate investment trust which owns Harrisburg East Mall located in Dauphin County, PA. For the fiscal year ended 12/31/98, revenues increased 1 percent to $6.2 million. Net income totalled $150 thousand vs. a loss of $2 million. Revenues reflect increased sales by  percentage rent paying tenants at the Mall and a $200 thousand lease cancellation fee. Earnings reflect the cessation of depreciation expense due to real estate investment and deferred leasing costs. 
Equity Residential Prop. (NYSE : EQR)Equity Residential Properties is a self-administered and self-managed REIT which acquires, owns, and operates multifamily properties. EQR currently owns 654 multifamily residential properties. For the three months ended 3/31/99, total revenues rose 45 percent to $416.2 million. Net income applicable to Common rose 79 percent to $64.2 million. Revenues benefitted from higher rental income and the acquistion of properties. Earnings also reflect a $21.4 million gain on the sale of properties. 
Equity One, Inc. (NYSE : EQY)EQY is a self-administered, self-managed real estate investment trust that acquires, renovates, develops and manages community and neighborhood shopping centers. For the three months ended 3/31/99, total revenues increased 13 percent to $6.1 million. Net income increased 34 percent to $2.2 million. Revenues reflect the acquisition of three new supermarkets, a free-standing restaurant property and a drug store. Net income also reflects decreased interest expense 
Essex Property Trust,Inc. (NYSE : ESS)ESS is a self-administered and self-managed REIT that is engaged in acquiring, refurbishing, leasing, managing, and developing multifamily residential, retail and commercial properties. For the three months ended 3/99, revenues rose 22 percent to $33.9 million. Net income applicable to Common rose 8 percent to $7.6 million. Results reflect acquired interest in five multifamily properties and increased property and rental revenues, partially offset by depreciation and higher interest exp. 
Excal Enterprises, Inc. (OTC BB : EXCL)Excal Enterprises, Inc., through its Imeson Center subsidiary, owns, leases and manages certain real estate property located in Jacksonville, Florida. EXCL also produces and distributes knit products. For the six months ended 12/31/98, revenues increased 10 percent to $2.5 million. Net loss totaled $81 thousand vs. an income of $304 thousand. Results reflect revenues from sports licensing sales and higher base minimum rent per square foot, offset by higher debt levels. 
Forest City Enterprises (NYSE : FCEa)FCE.A is a vertically integrated national real estate company that develops, constructs, owns and manages commercial and residential real estate. For the three months ended 4/30/99, revenues increased 22 percent to $181.7 million. Net income before extraordinary item decreased 38 percent to $5.3 million. Revenues reflect an increase in commercial revenues due to property openings and acquisitions. Earnings were offset by the absence of a $11.4 million gain on the disposition of properties. 
FelCor Lodging Trust Inc. (NYSE : FCH)Felcor Lodging Trust is a self administered and self managed realestate investment trust (REIT) which acquires and holds interests in hotel properties. For the three months ended 3/99, total revenues rose from $57.5 million to $126.9 million. Net income applicable to Common before extraordinary item rose 65 percent to $30.6 million. Revenues reflect acquisition and subsequent leasing of interests in 114 additional hotels. Earnings were partially offset by a higher interest expense. 
Franchise Finance Corp. (NYSE : FFA)Franchise Finance Corp., a self-administered REIT, provides real estate financing to the chain restaurant industry, as well as the convenience store and automotive service and parts industries. For the three months ended 3/99, revenues increased 23 percent to $48.5 million. Net income increased 37 percent to $25.5 million. Revenues reflect new investments in chain store properties. Earnings also reflect gains on sales of properties. 
FFP Partners, L.P. (AMEX : FFP)FFP Partners, L.P. is a real estate limited partnership that owns improved real property at approximately 180 sites in Texas and 10 other states. For the three months ended 3/31/99, revenues increased 16 percent to $773 thousand. Net loss decreased 64 percent to $17 thousand. Revenues benefitted from the the receipt of one month's land rent and interest income from the direct financing lease. Lower losses reflect a decrease in interest expense. 
First Industrial Realty (NYSE : FR)FR is a self-administered and fully integrated REIT which owns, manages, acquires, sells and develops industrial real estate. For the three months ended 3/31/99, revenues rose 25 percent to $95.4 million. Net income applicable to Common rose 5 percent to $17.4 million. Revenues reflect income from newly acquired properties and general rent increases. Earnings were paritally offset by higher property and interest expenses associated with the new acquistions. 
Federal Realty Inv. Trust (NYSE : FRT)FRT operates as a REIT which is an owner, operator and redeveloper of retail properties. For the three months ended 3/31/99, revenues increased 13 percent to $63.6 million. Net income applicable to Common increased 8 percent to $11.6 million. Revenues reflect increased properties purchased and sold and higher rental income due to renovated and retenanted properties. Net income was partially offset by increased rental expenses due to increased snow removal costs. 
First Washington Realty (NYSE : FRW)First Washington Realty Trust, Inc. is a real estate investment trust that acquires, manages, renovates, and develops neighborhood and community shopping centers. For the three months ended 3/31/99, total revenues rose 27 percent to $21.1 million. Net income applicable to Common before extraordinary item fell 19 percent to $2.5 million. Revenues reflect higher minimum rents and tenant reimbursement due to acquisitions. Earnings were offset by the absence of a $1.7 million gain on the sale of properties. 
Franklin Select Realty (AMEX : FSN)Franklin Select Realty Trust is a real estate investment trust formed for the purpose of acquiring, managing and holding for investment income-producing real estate assets. For the three months ended 3/31/99, total revenue decreased 10 percent to $4.1 million. Net income decreased 36 percent to $767 thousand. Revenues reflect the sale of properties and the departure of Data General Corp. Earnings reflect the absence of gains on the sale of property and legal fees. 
First Union RE Investment (NYSE : FUR)First Union RE Equity and Mortgage is engaged in the real estate, parking management and parking and transit ticketing equipment manufacturing industries. For the three months ended 3/31/99, reveneus fell 1 percent to $79.4 million. Net loss applicable to Comm. rose 21 percent to $5.4 million. Revenues reflect lower rent and repayment of a mortgage investment. Loss reflects amortization of deferred finance costs and higher interest costs due to increased mortgage loans and notes payable. 
Grubb & Ellis Co. (NYSE : GBE)Grubb and Ellis is a real estate information and services company that provides services to real estate owners/ investors and tenants including commercial brokerage and property and facilities management. For the nine months ended 3/31/99, total revenues increased 16 percent to $234.8 million. Net income decreased 60 percent to $5.7 million. Revenues benefitted from a strong overall real estate market and business acquisitions. Net income was offset by $3.6 million in tax costs vs. a $4.8 million benefit. 
Gables Residential Trust (NYSE : GBP)Gables engages in the multifamily apartment community management, development, construction, and acquisition business, including the provision of related brokerage and corporate rental housing services. For the three months ended 3/99, revenues rose 46 percent to $60.4 million. Net income applicable to Com. rose 25 percent to $7.2 million. Revenues reflect increased properties managed. Earnings were partially offset by property maintenance costs. 
General Growth Properties (NYSE : GGP)GGP is a REIT engaged in the ownership, operation, management, leasing, acquisition, development, expansion and financing of enclosed mall shopping centers. Total revenues for the three months ended 3/31/99 rose 67 percent to $134.3 million. Net income applicable to Common before extraordinary item rose from $8.5 million to $17.2 million. Revenues reflect the acquisition of new properties and higher rents. Earnings also reflect equity in net income of GGP/Homart and Property Joint Ventures. 
Great Lakes REIT, Inc. (NYSE : GL)GL is a fully integrated, self administered and self managed real estate company. GL owns, manages, leases, renovates and acquires suburban office and industrial properties in the Midwest. For the fiscal year ended 12/31/98, revenues rose 70 percent to $80.9 million. Net income applicable to common rose 37 percent to $16.6 million. Revenues reflect an increase in acquired property. Net income was partially offset by a higher interest expense. 
Glenborough Realty Trust (NYSE : GLB)Glenborough Realty Trust is a real estate investment trust (REIT) engaged primarily in the ownership, operation, management, leasing, acquisition, expansion and development of income-producing properties. As of 12/98 the Co. had 186 properties. For the three months ended 3/31/99, revenues rose 42 percent to $69.1 million. Net income before extraordinary item applicable to Common fell 16 percent to $7 million. Results reflect property acquisitions, offset by increased depreciation and interest. 
G&L Realty Corp. (NYSE : GLR)G&L Realty Corp. is a REIT that finances, acquires, develops, owns, manages and leases health care properties. For the fiscal year ended 12/31/98, revenues increased 17 percent to $31.7 million. Net loss totalled $2.9 million vs. income of $3.7 million. Revenues reflect anincrease in rents, tenant reimbursements and parking revenues due to the acquisition of more rental properties. Net loss reflects a $5.6 million provision for doubtful accounts, notes and bonds receivable. 
Glimcher Realty Trust (NYSE : GRT)Glimcher Realty Trust is a REIT that owns, develops, manages, and acquires retail properties, primarily managing community shopping centers, mall, and single tenant retail properties. For the three months ended 3/31/99, revenues increased 36 percent to $54.1 million. Net income applicable to Common decreased 4 percent to $5.1 million. Results benefitted from increased mall revenues. Earnings were offset by increased interest, recoverable, and depreciation expenses. 
Golf Trust of America,Inc (AMEX : GTA)Golf Trust of America, Inc. is a self-administered real estate investment trust formed to capitalize upon consolidation opportunities in the ownership of golf courses in the United States. For the three months ended 3/99, revenues increased 49 percent to $13.3 million. Net income decreased 12 percent to $2.7 million. revenues reflect new course acquisitions and additional interest from mortgage note receivable. Earnings were offset by increased interest expenses. 
Getty Realty Corp. (NYSE : GTY)GTY is engaged in the management of petroleum related real estate. GTY also has home heating oil businesses in MD and PA. For the nine months ended 10/98, revenues fell 2 percent to $46.4 million. Net income applicable to Common from continuing operations fell 72 percent to $2.4 million. Revenues reflect a drop in management fees for administrative services and other fees received from PTI. Earnings also reflect a $3.8 million preferred stock dividend charge, and the absence of a $2.9 million equity in earnings gain. 
Grove Property Trust (AMEX : GVE)Grove Property Trust is a self-administered REIT engaged in multi-family property management, acquisition and redevelopment. For the three months ended 3/31/99, revenues totalled $15.6 million, up from $7.6 million. Net income before extraordinary item decreased 25 percent to $893 thousand. Revenues benfitted from the operations of properties acquired from April 1998 to December 1998. Earnings were offset by an increase in property operating expenses. 
Gyrodyne Co. of America (Nasdaq : GYRO)GYRO is a lessor of industrial and commercial real estate to unrelated diversified entities in Long Island, NY. GYRO also has investments in a citrus grove partnership and in oil and gas properties. For the nine months ended 1/31/99, revenues rose 41 percent to $2.4 million. Net income totalled $293 thousand vs. a loss of $159 thousand. Results reflect the receipt of the initial installment due to the Technology Transfer Agreement with Dornier GmbH of Germany, pension income and lower debt levels. 
Hanover Capital Mortgage (AMEX : HCM)Hanover Capital Mortgage Holdings, Inc. is a self-managed real estate investment trust, formed to operate as a specialty finance company. HCM acquiries single-family mortgage loans through a network of sales representatives targeting financial institutions throughout the United States. For the three months ended 3/99, revenues fell 10 percent to $8.4 million. Net income fell 41 percent to $736 thousand. Results a decrease in interest income and a rise in legal and professional fees. 
Health Care REIT, Inc. (NYSE : HCN)HCN is a real estate investment trust that invests in health care facilities, primarily nursing homes, assisted living facilities and retirement centers. HCN also invests in specialty care facilities. For the three months ended 3/31/99, revenues rose 33 percent to $28.2 million. Net income applicable to Common rose 21 percent to $16.2 million. Revenues benefited from additional real estate investments. Net income was partially offset by a higher depreciation expense. 
Health Care Property (NYSE : HCP)HCP is a real estate investment trust which invests in health care related properties throughout the U.S. Properties include long term care facilities, acute care, rehabilitation hospitals, and others. For the three months ended 3/31/99, revenues rose 37 percent to $49.6 million. Net income applicable to Common fell 6 percent to $15.3 million. Revenues benefited from new investments made. Net income was offset by higher interest expense and depreciation and non-cash charges. 
Host Funding, Inc. (AMEX : HFD)HFD is a real estate investment trust engaged in the acquisition of limited and full service hotels for lease. The Co. acquires hotels which meet its criteria and holds them for investment. For the three months ended 3/99, total revenues fell 5 percent to $874 thousand. Net loss fell 82 percent to $64 thousand. Results reflect the significant reimbursement expenses related to the Sleep Inn motels, the reduction in  percentage rent, offset by lower interest expense and a gain from transfer of lease. 
Horizon Group Properties (Nasdaq : HGPI)Horizon Group Properties is a self-administered and self-managed real estate investment trust (REIT) whose portfolio consists of 14 factory outlet centers and one power center located in 12 states. For the three months ended 3/31/99, total revenues rose 12 percent to $7.5 million. Net loss decreased 75 percent to $435 thousand. Revenues reflect increased base rents due to property acquisitions. Loss also benefitted from reduced depreciation and interest expense. 
Highwoods Properties,Inc. (NYSE : HIW)Highwoods Properties, Inc. is a self-administered and self-managed real estate investment trust specializing in the development, management, and leasing of office buildings in the United States. For the three months ended 3/99, total revenues rose 49 percent to $152.8 million. Net income before extraordinary item applicable to Common rose 21 percent to $26.9 million. Results reflect acquisitions and development activity, partially offset by higher expenses on increased office properties. 
Home Properties of N.Y. (NYSE : HME)Home Properties of N.Y. is a self-administered and self-managed REIT that engages in the ownership, management, acquisition and development of residential apartment communities. Total revenues for the three months ended 3/31/99 rose 78 percent to $47.8 million. Net income totalled $6 million, up from $2.8 million. Results reflect acquired communities and higher weighted average rental rates. Results also reflect increased construction loans and advances. 
HMG/Courtland Properties (AMEX : HMG)HMG/Courtland Properties Inc. is a real estate investment trust (REIT) which invests in a portfolio of equity interests in commercial real estate. For the nine months ended 9/30/98, total revenues fell 27 percent to $2.2 million. Net loss totalled $202 thousand, up from $85 thousand. Revenues suffered from the absence of gains from CII's investment in TGIF Texas, Inc. Higher loss also reflects increased legal fees relating to ongoing litigation. 
HomeLife, Inc. (OTC BB : HMLF)HomeLife, Inc. franchises full service real estate brokerage offices and provides operational and administrative services, provides mortgage financing services, owns and operates a full service retail real estate brokerage, provides home warranty coverage and provides relocation services. For the three months ended 8/31/98, sales totalled $2.1 million, up from $318 thousand. Net income totalled $38 thousand vs. a loss of $21 thousand. Results reflect the acquisition of Builders. 
Holobeam, Inc. (OTC BB : HOOB)Holobeam, Inc. is engaged in the rental and development of real estate and in developing surgical staples and the technology used to apply the staples. For the three months ended 12/31/98, total revenues rose 4 percent to $497 thousand. Net income fell 31 percent to $62 thousand. Revenues reflect increased rental income due to contractual cost of living increases contained in the lease with CompUSA. Earnings were offset by higher general and administrative costs. 
Hospitality Properties Tr (NYSE : HPT)Hospitality Properties Trust is a real estate investment trust formed to buy, own and lease hotels to unaffiliated hotel operators. As of 12/98, HPT owned 204 hotels. For the three months ended 3/99, revenues rose 43 percent to $53.3 million. Net income before extraordinary item rose 17 percent to $22.9 million. Revenues reflect the impact of additional hotels owned. Net income was partially offset by the additional depreciation and amortization of acquired hotels. 
Healthcare Realty Trust (NYSE : HR)HR is a real estate investment trust that integrates owning, acquiring, managing and developing income producing real estate properties related to health services throughout the U.S. For the three months ended 3/99, revenues totalled $46.9 million, up from $17.3 million. Net income applicable to Com. totalled $19.1 million, up from $8.6 million. Revenues reflect increased property operating income. Earnings also reflect lower general and administrative costs as a  percentage of sales. 
HRPT Properties Trust (NYSE : HRP)HRP is a REIT which invests in producing real estate, including retirement communities, assisted living centers, long-term care facilities, medical office and other office buildings, and office buildings leased to various government agencies. For the three months ended 3/99, revenues rose 45 percent to $104.4 million. Net income increased 52 percent to $47.6 million. Results reflect increased rental income and a $8.3 million gain on the sale of properties. 
Hersha Hospitality Trust (AMEX : HT)Hersha Hospitality Trust, a real estate investment trust, owns interest in three Holiday Inn Express hotels, two Hampton Inns, two Holiday Inns, two Comfort Inns and one Clarion Inn, all located in Pennsylvania. For the fiscal year ended 12/98, total revenues increased 35 percent to 18.1 million. Net income increased 13 percent to $1.9 million. Revenues reflect higher room revenues from newly developed hotels. Net income was partially offset by lower margins and higher debt levels. 
Heartland Partners, LP (AMEX : HTL)Heartland Partners, LP was organized by Chicago Milwaukee Corp. to engage in the ownership, management, development, leasing, marketing, construction and sale of real estate properties. For the three months ended 3/31/99, total net revenues totalled $620 thousand, up from $93 thousand. Net income applicable to Class A Limited Partners totalled $0 thousand vs. a loss of $1.8 million. Results reflect increased gains on property sales and lower general and administrative costs. 
Humphrey Hospitality (Nasdaq : HUMP)Humphrey Hospitality, a self-administered equity real estate investment trust (REIT), owns interests in 20 existing limited-service hotels. For the fiscal year ended 12/31/98, revenues rose 43 percent to $10.6 million. Net income rose 4 percent to $2.7 million. Revenues reflect increased lease revenue due to the aquisition of seven hotels and a full year of operation from hotels acquired in 1997. Earnings were partially offset by increased interest expense and depreciation. 
IMPAC Commercial Holdings (AMEX : ICH)IMPAC Commercial Holdings is real estate investment trust engaged in originating, purchasing, securitizing and selling commercial mortgages, and investing in commercial mortgages and commercial mortgage-backed securities. For the three months ended 3/31/99, total revenues rose 53 percent to $8.3 million. Net loss totalled $220 thousand vs. an income of $2.2 million. Results reflect increased interest earned on commercial mortgage assets, offset by increased personnel expenses. 
Imperial Credit Inv. Corp (Nasdaq : ICMI)ICMI is a (REIT) which invests primarily in real estate related assets consisting mostly of performing small multifamily and commercial mortgage loans and interests in multifamily and commercial mortgage-backed securities. For the three months ended 3/31/99, revenues rose 84 percent to $17.6 million. Net earnings fell 39 percent to $4.8 million. Results reflect increased mortgage loans and property income offset by operating, interest, depreciation expenses and a loan loss provision. 
Intrawest Corporation (NYSE : IDR)Intrawest Corporation is a developer and operator of mountain resorts across North America. The Company owns a network of nine mountain resorts. For the nine months ended 3/99, revenues rose 37 percent to C$674.7 million. Net income from continuing operations rose 28 percent to C$54.9 million. Revenues reflect increased ownership of Mammoth and same-resort growth. Earnings were partially offset by lower profit margins and higher minority interest. 
InnSuites Hospitality Tr. (AMEX : IHT)IHT is a hospitality real estate investment trust. The Company specializes in mid-level full and limited service hotels. As of 1/99, the Company operated 10 hotels and 1665 suites. For the three months ended 4/99, revenues fell 13 percent to $3.3 million. Net income decreased 13 percent to $379 thousand. Results suffered from decreased rent revenues from affiliate and increased general and administrative expenses related to the closing of the Cleveland office. 
IMPAC Mortgage Holdings (AMEX : IMH)IMPAC Mortgage Holdings is a real estate investment trust that operates three businesses: Long-Term Investment, Conduit, and Warehouse Lending. For the three months ended 3/31/99, interest income fell 21 percent to $30.4 million. Net income applicable to Common fell 52 percent to $5.3 million. Interest income suffered from a decrease in interest earned on average mortgage assets. Net income reflects losses on real estate owned and an increase in expenses for professional services. 
American Industrial Prop. (NYSE : IND)American Industrial Properties REIT is a real estate investment trust engaged in the acquisition, leasing, management and disposition of real estate properties. As of 12/98, the Company owned a portfolio of 65 properties. For the three months ended 3/31/99, revenues totalled $20.2 million, up from $8.5 million. Net income totalled $3.2 million, up from $1.1 million. Results benefitted from an increase in overall occupancy at a number of the properties. 
Intergroup Corp. (Nasdaq : INTG)Intergroup buys, develops, operates, rehabilitates and disposes of real property of various types. Rental income for the six months ended 12/31/98 increased 12 percent to $6.5 million. Net loss before extraordinary item totalled $49 thousand vs. income of $566 thousand. Revenues reflect increased revenues at the Houston, Texas property. Net loss reflects increased property operating expenses due to the acquired properties, and increased investment losses and lower investment gains. 
Amer. Residential Inv.Tr. (NYSE : INV)INV operates as a real estate investment trust that invests in residential adjustable-rate mortgage-backed securities and mortgage loans. INV finances its acquisitions of mortgage assets with equity and secured borrowings. For the three months ended 3/31/99, revenues rose 2 percent to $14.8 million. Net income fell 29 percent to $1.6 million. Results reflect an increase in prepayment rates on the bond collateral, offset by an increase in loan loss provision. 
Income Opportunity Realty (AMEX : IOT)IOT, a REIT, invests in equity interests in real estate through acquisitions, leases and partnerships, and in mortgage loans on real estate, including first, wrap-around, and junior mortgage loans. For the fiscal year ended 12/98, revenues increased 16 percent to $14.5 million. Net loss totalled $679 thousand vs. income of $3.3 million. Revenues benefitted from eight properties acquired and an increase in rental rates. Losses reflect the absence of a gain on sale of real estate of $4 million. 
Investors Real Estate Tr. (Nasdaq : IRETS)Investors Real Estate Trust is a REIT that invests in commercial and residential real estate, real estate contracts, governmental backed securities and equity securities in other REITs. The Trust has properties located throughout the Upper Midwest. For the nine months ended 1/31/99, total revenues rose 24 percent to $29.2 million. Net income rose 56 percent to $6 million. Results reflect higher occupancy rates, property acquisitions and increased gains on investments. 
IRSA Inversiones Repres. (NYSE : IRS)IRSA Inversiones y Representaciones Sociedad Anonima is a a real estate company engaged directly or indirectly through subsidiaries, joint ventures and int'l strategic alliances in real estate activities in Argentina, Brazil and Venezuela. For the three months ended 9/30/98, total sales rose 37 percent to P$44.1 million. Net income before U.S. GAAP decreased 76 percent to P$3.2 million. Results reflect the acquisitions, offset by a P$10.4 million financial expense vs. a P$1.9 million financial income. 
IRT Property Company (NYSE : IRT)IRT Property is a self-administered and self-managed equity real estate investment trust with principal investments in neighborhood and community shopping centers in the south-eastern U.S. For the three months ended 3/31/99, revenues increased 14 percent to $21 million. Net income increased 7 percent to $6.5 million. Revenues reflect nine shopping center investments acquired. Earnings were partially offset by an increase in interest expense. 
Investment Properties (OTC BB : IVPA)Investment Properties Associates is engaged in the ownership and operation of commercial real properties which it leases to various tenants. For the fiscal year ended 12/31/98, total revenues decreased 7 percent to $44.4 million. Net income applicable to limited partners increased from $4.5 million to $49.6 million. Revenues reflect decreased income due to sale of the Chicago Properties. Net income benefitted from a $100.7 million gain on the sale of the Chicago Properties. 
Jameson Inns, Inc. (Nasdaq : JAMS)Jameson Inns, Inc. is a real estate investment trust which develops and owns limited service hotel properties operating under the trademark name ``The Jameson Inn''. The Company owns a total of 84 Inns. For the three months ended 3/99, revenues rose 27 percent to $4.9 million. Net income applicable to Common before extraordinary item fell 31 percent to $934 thousand. Revenues reflect an increase in the number of room nights available. Earnings were offset by an increase in preferred stock dividend. 
JDN Realty Corporation (NYSE : JDN)JDN is a real estate company which specializes in the development and asset management of retail shopping centers anchored by value-oriented retailers. The Company's shopping centers are located in 14 states. For the three months ended 3/99, revenues rose 51 percent to $25.7 million. Net income applicable to Com. rose 20 percent to $11 million. Revenues reflect acquired properties. Earnings were partially offset by costs of additional employees. 
Strategic Capital Resour. (OTC BB : JJFN)Strategic Capital is engaged in: 1) The purchase and leaseback of fully furnished model homes; 2) Land acquisition and contract development; 3) The purchase and leaseback of model home furnishings. For the nine months ended 3/31/99, revenues rose 12 percent to $20.2 million. Net income applicable to Common totalled $488 thousand, vs. a loss of $429 thousand. Revenues reflect increased model home sales. Earnings reflect lower depreciation and amortization expenses. 
Jones Lang LaSalle, Inc. (NYSE : JLL)JLL is a full-service real estate firm that provides management services, corporate and financial services and investment management services to corporations and other real estate owners, users and investors For the three months ended 3/99, sales rose 99 percent to $101.4 million. Net income totalled $55.4 million, up from $3.4 million. Sales reflect the acquisitions of Compass, Galbreath and Satulah. Net income was offset by the inclusion of $54 million in merger related non-recurring charges. 
JP Realty, Inc. (NYSE : JPR)JP Realty is engaged in the business of owning, leasing, managing, operating, developing, redeveloping and acquiring malls, community centers and other commercial and retail properties. For the three months ended 3/99, total revenues rose 35 percent to $33 million. Net income increased 3 percent to $6.8 million. Revenues reflect a 39 percent rise in minimum rents. Earnings were partially offset by higher interest and depreciation expenses related to the NorthTown Mall acq. 
Koger Equity, Inc. (AMEX : KE)Koger Equity, Inc., a self-administered and self-managed equity REIT, develops, owns, operates and manages suburban office centers in the southeastern and southwestern U.S. For the three months ended 3/99, revenues rose 25 percent to $39.4 million. Net income rose 14 percent to $8.8 million. Revenues reflect an increase in the average rental rate, properties acquired and construction completed during 1998 and 1999. Earnings were partially offset by higher interest expense. 
Kimco Realty Corp. (NYSE : KIM)Kimco Realty owns and operates 368 neighborhood and community shopping centers, two regional malls, 60 retail store leases, three leased parcel of land and one distribution center. For the three months ended 3/99, revenues rose 79 percent to $112.9 million. Net income applicable to Com. rose 57 percent to $32.9 million. Revenues reflect property acquisitions and improved rental rates. Earnings were partially offset by increased interest expense due to assumption of mortgage debt. 
Innkeepers USA Trust (NYSE : KPA)KPA is a self-administered Maryland real estate investment trust which specializes in the ownership of premier upscale, extended-stay hotels. As of 12/98, the Co. owned 63 hotels. For the three months ended 3/99, revenues rose 9 percent to $26 million. Net income applicable to Common before extraordinary item fell 25 percent to $4.6 million. Results reflect the number of hotels owned increasing from 62 at 3/98 to 66 at 3/99, offset by a rise in depreciation and amortization expense. 
Konover Property Trust (NYSE : KPT)Konover Property Trust, Inc. is a self-administered REIT that owns, operates or has under development 165 shopping centers in 17 states. For the three months ended 3/31/99, total revenues increased 35 percent to $19.2 million. Net income applicable to Com. totalled $2.3 million vs. a loss of $101 thousand. Revenues reflect higher base rents due to acquisitions, and increased tenant recoveries. Earnings also reflect higher interest income and lower operating cost as a  percentage of revenues. 
Kilroy Realty Corp. (NYSE : KRC)Kilroy Realty is engaged in the business of owning, acquiring, developing, managing and leasing principally Class A suburban office and industrial properties in select locations in suburban submarkets, primarily in Southern CA. For the three months ended 3/31/99, revenues rose 28 percent to $37.6 million. Net income rose 12 percent to $9.9 million. Results reflect increased rental income due to property acquisitions, partially offset by increased minority distributions. 
Kranzco Realty Trust (NYSE : KRT)KRT is a REIT engaged in the ownership, management, leasing, operation, acquisition, development, investment and disposition of neighborhood and community shopping centers and free-standing Properties. For the three months ended 3/99, revenues rose 21 percent to $20.1 million. Net income applicable to Common fell 9 percent to $1.5 million. Revenues reflect additional rents from centers acquired and higher occupancy rates. Earnings were offset by higher interest and personnel costs. 
Kennedy-Wilson, Inc. (Nasdaq : KWIC)KWIC provides real estate marketing and brokerage services through its centrally-controlled international marketing network, primarily for financial institutions, developers and government agencies. For the fiscal year ended 12/98, revenues increased 88 percent to $50.9 million. Net income before extraordinary item rose 35 percent to $5.3 million. Revenues reflect a $14.2 million gain from property management fees. Earnings reflect a decrease in SGA expenses as a  percentage of revenues. 
Lexford Residential Trust (NYSE : LFT)LFT is a real estate investment trust that invests in and holds direct or indirect ownership interests in multifamily real estates. For the three months ended 3/31/99, total revenues increased 33 percent to $39 million. Net income before extraordinary item and acctg. change totalled $3.2 million vs. a loss of $6.9 million. Revenues reflect the acquisitions of properties and higher rental rates. Net income also reflects the absence of $6.3 million loss on sale of third party management business. 
LaSalle Hotel Properties (NYSE : LHO)LaSalle Hotel Properties operates as a REIT. As of 3/31/99 the Company owns interest in 12 hotels and seeks to acquire and develop additional hotel properties, particularly upscale and luxury full service hotels. For the three months ended 3/31/99, total revenues totalled $16.2 million, up from $5.9 million. Net income totalled $2.5 million, vs. a loss of $301 thousand. Results benefitted from the commencement of operations in April, 1998. 
LML Payment Systems, Inc. (Nasdaq : LMLP)LMLP, through its subsidiary LHTW Properties, owns and operates Wildwood estates, a 332 acre adult styled residential community in Wildwood, FL. As a result of 3/98 acquisition of ChequeMARK, the Co. now owns a checkwriting point-of-sale system. For the fiscal year ended 3/98, revenues fell 10 percent to $180 thousand. Net loss applicable to Common and U.S. GAAP fell 78 percent to $388 thousand. Results reflect lower LHTW's maintenance fees, offset by the absence of asset writedowns and Preferred divds. 
Laser Mortgage Mgt., Inc. (NYSE : LMM)LMM is a specialty finance company that invests primarily in mortgage-backed securities and loans including mortgage pass-through certificates, collateralized mortgage obligations and other securities with interests in, or obligations backed by pools of mortgage loans. For the three months ended 3/31/99, interest income fell 71 percent to $16 million. Net loss was $13.2 million vs. a profit of $8.5 million. Results reflect a substantially reduced investment portfolio. 
LNR Property Corp. (NYSE : LNR)LNR is principally engaged in acquiring, developing, managing and repositioning commercial and multi-family real estate properties and loans, managing portfolios of real estate assets and investing in mortgage backed securities. For the three months ended 2/28/99, total revenues rose 47 percent to $76.2 million. Net income rose 23 percent to $20.4 million. Results reflect increased rental income due to property acquisitions, partially offset by increased interest expense. 
Legend Properties, Inc. (LPROLPRO, through its wholly owned subsidiaries operates and develops real estate. LPRO also operates the Grand Harbor Golf and Beach Club. For the fiscal year ended 12/31/98, revenues increased 36 percent to $75.7 million. Net loss fell 16 percent to $12.1 million. Revenues benefited from increases in the bulk sale of properties as well as improved marketing strategies. Lower loss was partially offset by higher real estate sales expenses as a  percentage of revenue. 
Liberty Property Trust (NYSE : LRY)LRY is a REIT providing leasing, acquisition, development, property management and other related services for properties located in the Southeastern, Mid-Atlantic and Mid-Western U.S. For the three months ended 3/31/99, revenues rose 37 percent to $113.5 million. Net income rose 35 percent to $29.7 million. Revenues reflect increased number of properties in operation. Earnings were partially offset by personnel and overhead costs. 
LTC Properties, Inc. (NYSE : LTC)LTC is a health care real estate investment trust (REIT) that invests in long-term care and other health care related facilities through mortgage loans, facility lease transactions and other investments. For the three months ended 3/99, revenues rose 5 percent to $22.2 million. Net income rose 3 percent to $8.8 million. Revenues reflect increases in rental and interest income. Earnings were partially offset by increased depreciation expenses. 
Lexington Corp. Prop. Tr. (NYSE : LXP)Lexington Corporate Properties Trust is a REIT that acquires, owns and manages a diverse portfolio of office, industrial and retail properties. For the three months ended 3/99, revenues rose 37 percent to $19.2 million. Net income applicable to Common rose 8 percent to $3.7 million. Revenues reflect growth of Compony's real estate portfolio. Earnings were partially offset by interest expense, depreciation and increased property operating expenses. 
Mid-America Apartment (NYSE : MAA)MAA, a self-administered and self-managed REIT, owns, develops, acquires and operates multifamily apartment communities in the southeastern U.S. and Texas. As of 12/98, MAA owned and operated 129 apartment communities in 13 states. For the three months ended 3/31/99, revenues rose 12 percent to $57.1 million. Net income before extraordinary item applicable to Common rose 46 percent to $7 million. Results reflect the acquisition of communities and the inclusion of a $4.7 million gain on the sale of properties. 
Macerich Company (NYSE : MAC)MAC is an equity REIT involved in the acquisition, ownership, redevelopment, management and leasing of regional and community shopping centers nationwide. For the three months ended 3/31/99, revenues rose 29 percent to $78.8 million. Net income applicable to Common before extraordinary item rose 43 percent to $9.9 million. Revenues reflect acquisitions and increased revenues from preexisting properties. Net income also reflects higher income from unconsolidated joint ventures. 
Malan Realty Investors (NYSE : MAL)MAL is a self-administered and self-managed equity real estate investment trust. For the three months ended 3/31/99, total revenues increased 42 percent to $12.9 million. Net income before extraordinary item increased from $299 thousand to $2.6 million. Revenues reflect an increase in minimum rent due to the acquisition of 12 shopping centers and a $1.8 million gain on the sale of a Kmart building. Earnings reflect lower operating expenses as a  percentage of sales. 
J.W. Mays, Inc. (Nasdaq : MAYS)J.W. Mays, Inc. operates a number of commercial real estate properties located in New York and Ohio. For the nine months ended 4/99, total revenues decreased 13 percent to $8 million. Net income decreased 46 percent to $824 thousand. Revenues reflect the absence of $1.2 million recovery of real estate taxes. Net income reflects the absence of a bad debt recovery, an increase in payroll costs, higher pension and medical costs and lower investment income. 
Midwest Real Estate L.P. (OTC BB : MDWZZ)Midwest Real Estate L.P., a REIT, filed for bankruptcy protection and the Partnership transferred ownership of the Brookdale Center to Equitable Life Assurance Society and EML Associates. For the three months ended 3/31/99, interest income fell 56 percent to $12 thousand. Net loss applicable to Limited Partners fell 72 percent to $77 thousand. Results reflect a reduction in professional fees and higher fixed costs as a  percentage of total income. 
Mego Financial Corp. (Nasdaq : MEGO)Mego Financial is a developer of timeshare properties and a provider of consumer financing to purchase timeshare intervals and land parcels through its wholly-owned subsidiary, Preferred Equities Corporation. For the six months ended 2/28/99, total revenues rose 2 percent to $32.8 million. Net loss fell 52 percent to $1.3 million. Revenues reflect increased timeshare sales. Lower loss reflects lower salaries, benefits, professional services and property taxes. 
MGI Properties (NYSE : MGI)MGI Properties is a self-administered equity REIT that owns and operates a diversified portfolio of real estate consisting of 66 commercial properties and three multi-family residential properties. For the three months ended 2/28/99, revenues rose 14 percent to $18.8 million. Net income before extraordinary item decreased 29 percent to $7.7 million. Revenues reflect higher rental income from ``same store'' property. Earnings reflect the absence of a $6.1 million gain on four property sales. 
Manufactured Home Commun. (NYSE : MHC)Manufactured Home Communities is a real estate investment trust (REIT) which owns or has a controlling interest in 154 manufactured home communities located in 26 states, consisting of 53,391 sites. For the three months ended 3/99, revenues rose 21 percent to $54.4 million. Net income rose 6 percent to $8.2 million. Revenues reflect property acquisitions and increased base rental rates. Earnings were partially offset by higher weighted average outstanding debt balances. 
Meristar Hospitality Corp (NYSE : MHX)Meristar Hospitality Corp. is a hotel real estate investment trust formed as a result of a merger between CapStar Hotel Company and American General Hospitality Corp. For the three months ended 3/31/99, revenues decreased 55 percent to $64.1 million. Net income decreased 94 percent to $267 thousand. Results suffered from a change in the types of revenues recorded as a result of the merger and spin-off with AGH and higher debt levels as a result of acquisitions and the merger. 
Mills Corporation (NYSE : MLS)MLS, a fully integrated, self-managed REIT, owns interests in, develops, redevelops, leases and manages a portfolio consisting of seven super regional, value and entertainment oriented malls and 11 community shopping centers. For the three months ended 3/99, total revenues rose 9 percent to $45.6 million. Net income before extraordinary item rose 48 percent to $7.6 million. Results reflect higher occupancy levels and lease rates, and lower S/G/A expenses as a  percentage of revenues. 
Monmouth R.E. Inv. Corp. (Nasdaq : MNRTA)Monmouth Real Estate Investment Corp. maintains investments in 19 properties located in NJ, NY, PA, NC, MS, MA, KS, IA, MO, IL, MI, and VA. For the six months ended 3/31/99, revenues increased 17 percent to $4.2 million. Net income rose 86 percent to $2.4 million. Revenues reflect increased rental and occupancy charges due to acquisitions made during fiscal 1998 and 1999. Earnings also reflect gains on the sale of the warehouse facility in Monsey, NY. 
Monmouth Capital Corp. (Nasdaq : MONM)Monmouth Capital Corporaton, operates as a real estate company, owns real estate investments, and sells and finances manufactured homes. For the nine months ended 12/31/98, revenues rose 40 percent to $4.8 million. Net loss totalled $46 thousand, vs. income of $17 thousand. Revenues reflect increased sales volume of manufactured homes. Net loss reflects higher costs of manufactured homes sales and costs of investment in new sales centers and of increasing market share. 
Milestone Properties Inc. (OTC BB : MPRP)MPRP through its wholly owned subsidiaries and directly, is engaged in the business of owning, acquiring, managing, developing and investing in commercial real estate and real estate related assets. For the fiscal year ended 12/31/98, revenues fell 15 percent to $25.5 million. Net loss totalled $8.4 million up from $3.4 million. Revenues reflect lower interest income due to the absence of securities available for sale. Loss reflects a $7.1 million settlement expense with Winston Actions. 
Meridian PT Rlty Trust'83 (OTC BB : MPTBS)Meridian Point Realty Trust '83 is a business trust organized for the purpose of acquiring, operating, holding for investment and ultimately selling income-producing commercial and industrial property. For the three months ended 3/31/99, revenues fell 22 percent to $28 thousand. Net loss fell 77 percent to $15 thousand. Revenues reflect reduced interest income due to changes in available cash balances. Lower loss reflects the elimination of management fees paid to E and L. 
Mid-Atlantic Realty Trust (NYSE : MRR)MRR is a fully integrated, self managed REIT which owns, leases, develops, redevelops and manages retail shopping centers and commercial properties. For the three months ended 3/31/99, total revenues rose 10 percent to $13 million. Net income before extraordinary item applic to Com. rose 3 percent to $3.1 million. Results reflect increased rental revenues due to the operations of five additional properties. Earnings were partially offset by higher interest and acquisition costs. 
Merry Land Properties (Nasdaq : MRYP)MRYP is a real estate company which seeks to build shareholder value through the investment, development, rehabilitation and management of apartments and other real estate properties. For the three months ended 3/31/99, revenues rose 35 percent to $3.2 million. Net income fell 64 percent to $444 thousand. Revenues reflect higher rents, higher occupancy and increased demand for apartments. Earnings suffered from interest associated with increased debt and increased milage rates. 
Mission West Properties (AMEX : MSW)Mission West Properties is currently engaged in the ownership and management of real estate properties. The Company currently manages 71 properties totaling approximately 4.51 million square feet. For the comparable nine months ended 9/98, revenues totalled $15.6 million, up from $1 million. Net loss totalled $296 thousand vs. income of $3.2 million. Results reflect rental revenues from real estate, offset by acquisition costs of Operating Partnerships. 
Meditrust Corporation (NYSE : MT)MT is a REIT which invests primarily in retirement communities, assisted living centers, long-term care facilities and other income producing health care related real estate. For the three months ended 3/31/99, revenues rose from $108.2 million to $227.3 million. Net income from continuing operations applicable to Common fell 75 percent to $10.9 million. Revenues reflect the addition of hotel operating revenue. Earnings were offset by hotel operating expenses and higher debt levels. 
National Properties Corp. (OTC BB : NAPE)National Properties Corp. is engaged in the development of commercial R.E. for lease to tenants under net lease arrangements. NAPE also holds a portfolio of investment securities. For the three months ended 3/31/99, total income increased 16 percent to $1.2 million. Net income rose 29 percent to $448 thousand. Revenues reflect increased lease rental income due to the acquisition of two new properties. Net income also reflects lower S/G/A expenses as a  percentage of revenues. 
IndyMac Mortgage Holdings (NYSE : NDE)NDE, a mortgage REIT, conducts a diversified lending business, including origination, purchase of and investment in various mortgage-related assets. For the three months ended 3/99, total interest income fell 25 percent to $93.5 million. Net income income fell 28 percent to $23.6 million. Results reflect decreases in interest income as a result of the Company lowering the leverage ratio in Q4 1998, $18.9 million in losses on loans sold at the IndyMac Operating unit, and increased S/G/A expenses. 
New England Realty Assoc. (Nasdaq : NEWRZ)New England Realty Associates Limited Partnership acquires, develops, holds for investment, operates, and sells residential and commercial properties in MA, CT, NH and ME. For the fiscal year ended 12/98, revenues increased 5 percent to $18.4 million. Net income increased 75 percent to $2.2 million. Revenues reflect higher Partnership's rental rates from residential properties. Net income reflects lower interest expense and an unrealized gain on the Partnership's ST investment. 
Novastar Financial Inc. (NYSE : NFI)NFI acquires subprime mortgage loans and mortgage securities and manages the resulting portfolio of mortgage assets. The Co.'s mortgage assets are primarily generated from the wholesale origination of single-family subprime loans. For the three months ended 3/99, revenues fell 18 percent to $19.6 million. Net income applicable to Com. rose 33 percent to $1.7 million. Revenues reflect the absence of mortgage securities. Earnings benefitted from decreased interest expenses. 
National Health Investors (NYSE : NHI)NHI, a REIT, invests in health care facilities (acute care hospitals, medical buildings and retirement centers) primarily in the Long Term Care industry. NHI also makes mortgage loans to healthcare operators. For the three months ended 3/99, revenues rose 15 percent to $30 million. Net income applicable to Common fell 9 percent to $15.8 million. Revenues reflect the purchase of four long-term health care centers. Earnings were offset by costs associated with these care centers. 
Nationwide Health Props. (NYSE : NHP)NHP is a real estate investment trust which invests in long term health care facilities. For the three months ended 3/99, revenues rose 19 percent to $39.3 million. Net income applicable to Common decreased 12 percent to $15.8 million. Results reflect increased minimum rent and interest income resulting from additional investments in real estate properties and mortgage loans receivable during the last 12 months. Earnings were offset by the absence of a $2.3 million gain on the sale of properties. 
National Health Realty (AMEX : NHR)NHR, a realty investment trust, acquired ownership of the real estate of 16 licensed skilled nursing facilities, six assisted living facilities and one independent living center plus 50 first and second mortgage secured promissory notes with a balance of $94.4 million from its then owner National HealthCare L.P. For the three months ended 3/99, revenues rose 12 percent to $6.2 million. Net income rose 19 percent to $2.3 million. Results reflect the acquisitions of property and equipment. 
National Realty, L.P. (AMEX : NLP)National Realty L.P. acquires, owns, maintains, finances, leases, sells and manages real estate properties through its limited partnership. For the three months ended 3/99, total revenues fell 6 percent to $27.8 million. Net income applicable to Limited Partners rose from $498 thousand to $17.6 million. Revenues reflect decreased rents due to the sale of 13 apartment complexes and two commercial properties. Earnings benefitted from a $15.7 million gain on sale of real estate and lower debt. 
Annaly Mortgage Mgmt. (NYSE : NLY)Annaly Mortgage Management, Inc., a self-managed REIT, specializes in mortgage-backed securities. For the three months ended 3/31/99, revenues increased 10 percent to $22 million. Net income decreased 8 percent to $4.3 million. Revenues benefitted from an increase in interest income of mortgage-backed securities. Earnings were offset by a decrease in the gain on the sale of mortgage-backed securities, and an increase in repurchase agreement expenses. 
Commercial Net Lease Rlty (NYSE : NNN)Commercial Net Lease Realty acquires, owns and manages high quality, freestanding properties leased to major retail businesses under long-term commercial net leases. For the three months ended 3/99, revenues rose 22 percent to $18.8 million. Net income totalled $9.8 million, up from $4.4 million. Revenues reflect increased rental income from the acquisition and development of properties. Earnings reflect $5 million of gains on sale of real estate. 
Nooney Realty Trust (Nasdaq : NRTI)Nooney Realty Trust, Inc. is a real estate investment trust which generates income from real properties (commercial and and light industrial). For the three months ended 3/31/99, total revenues fell 2 percent to $756.4 million. Net loss totalled $204 thousand, up from $29 thousand. Revenues suffered from lower rental income due to lower occupancy levels. Higher loss reflects increased payroll expenses and professional service costs. 
New Plan Excel Realty Tr. (NYSE : NXL)New Plan Excel is a self administered REIT engaged in the business of managing, operating, leasing, acquiring, developing and investing in shopping centers, factory outlet centers and apartment complexes. For the comparable three months ended 3/31/99, revenues increased 75 percent to $111.2 million. Net income applicable to Common rose 58 percent to $33.9 million. Results reflect the merger and the acquisition of 23 properties, partially offset by higher operating costs and debt levels. 
Realty Income Corp (NYSE : O)Realty Income Corp is a real estate investment trust engaged in the acquisition, development, and operation of long-term triple-net lease properties. For the three months ended 3/31/99, revenues increased 25 percent to $24 million. Net income increased less than 1 percent to $9.9 million. Revenues reflect an increase in rental revenue due to the acquisition of new properties. Earnings were partially offset by an increase in interest and depreciation expenses. 
Ocwen Asset Investment (NYSE : OAC)OAC, a hybrid REIT, is a diversified financial services company engaging in the acquisition and resolution of subperforming and nonperforming residential and commercial mortgage loans and in other diverse mortgage lending activity. For the three months ended 3/99, total revenues rose from $9.5 million to $27.3 million. Net loss fell 93 percent to $784 thousand. Revenues reflect higher interest income due to increases in securities held. Lower loss lagged primarily from greater debt levels. 
Corporate Office Props. (NYSE : OFC)OFC is a self-administered REIT which focuses on the ownership, acquisition, development and management of suburban office buildings in targeted submarkets in the US. For the three months ended 3/31/99, revenues totaled $18.5 million, up from $5.5 million. Net income applicable to Common before extraordinary item totaled $3.9 million vs. a loss of $499 thousand. Results reflect property acquisitions and a decrease in general and administrative expenses as a  percentage of revenue. 
Omega Healthcare Investor (NYSE : OHI)Omega Healthcare Investor is a self-administered real estate investment trust (REIT) which invests in income-producing healthcare facilities, principally long-term care facilities. For the three months ended 3/31/99, total revenues increased 14 percent to $30 million. Net income applicable to Common decreased 4 percent to $10.4 million. Revenues reflect additional real estate investments. Earnings were offset by increased interest cost due to higher average outstanding borrowing. 
One Liberty Properties (AMEX : OLP)One Liberty Properties, Inc., a self-managed REIT, acquires, owns and manages improved, free standing, commercial real estate operated by the lessee under a long-term net lease. For the three months ended 3/31/99, revenues increased 26 percent to $2.2 million. Net income applicable to Common rose 82 percent to $589 thousand. Revenues benefitted from the acquisition of eight properties. Earnings also benefitted from lower operating expenses as a  percentage of revenues. 
Pacific Gulf Properties (NYSE : PAG)PAG is a self-administered REIT consisting of apartment and industrial park properties located within prime regions of South California and the Pacific Northwest. For the three months ended 3/31/99, revenues increased 17 percent to $29.7 million. Net income applicable to Common increased 57 percent to $9.8 million. Revenues benefitted from an increase in rental rates and the acquisition of industrial parks. Earnings also benefitted from an increase in gross profit. 
Patriot American Hosp.NEW (NYSE : PAH)PAH is a self-administered paired-share REIT which acquires equity interest in hotels. As of 3/99, PAH owned interests in 177 hotels, managed 436, and also franchised 12 others. For the three months ended 3/99, revenues rose 93 percent to $673.9 million. Net loss before extraordinary item and applicable to Common totalled $8.2 million vs. income of $37.1 million. Results reflect growth in the property portfolio, offset by greater debt levels, higher depreciation and $8.4 million in equity forward losses. 
PMC Commercial Trust (AMEX : PCC)PMC Commercial Trust, structured as a REIT, operates as a commercial lender originating loans to small business enterprises, and also owns service hospitality properties. For the three months ended 3/99, total revenues rose 51 percent to $5.3 million. Net income fell 2 percent to $2.6 million. Revenues reflect $1.7 million in lease income as per the 6/98 agreement with Amerihost. Earnings were offset primarily by the servicing of $66.1 million in 6.37 percent fixed rate loan backed notes issued 6/98 and due 2019. 
Property Capital Trust (OTC BB : PCTGD)Property Capital Trust, Inc. is a Real Estate Investment Trust. As of 12/98, the Trust had disposed of all of its real estate investments and had as its principal asset approximately $3 million in cash. For the three months ended 3/31/99, revenues decreased 60 percent to $345 thousand. Net income decreased 95 percent to $172 thousand. Revenues reflect the sale of all of the Trust's real estate investments. Earnings suffered from the absence of gains from real estate investments. 
Presidential Realty Corp. (AMEX : PDLb)Presidential Realty Corp. is a REIT which holds notes secured by real estate properties and makes real estate loans secured by mortgages to owners of income producing property. For the fiscal year ended 12/31/98, total revenues increased 8 percent to $15.4 million. Net income increased 2 percent to $2.8 million. Revenues benefitted from increased rental income and interest on mortgages-related parties. Earnings were partially offset by interest paid on mortgages. 
Pennsylvania R.E.I.T. (NYSE : PEI)Pennsylvania Real Estate Investment Trust is an equity R.E.I.T. which acquires, rehabilitates, develops, and operates shopping centers and multi-family properties. For the three months ended 3/31/99, revenues increased 56 percent to $21.3 million. Net income increased 28 percent to $5.9 million. Revenues reflect acquisitions and an increase in apartment revenues. Earnings were partially offset by increases in depreciation and interest expenses. 
Prime Group Realty Trust (NYSE : PGE)Prime Group Realty Trust is engaged in the leasing, management, acquisition, development, marketing, financing and construction of commercial office and industrial properties. PGE portfolio incudes 24 office and 46 industrial properties. For the three months ended 3/31/99, revenues rose 73 percent to $49.7 million. Net income applicable to Com. rose 19 percent to $3 million. Results reflect acquisition of additional properties, partially offset by increased property, depreciation and interest expenses. 
Pacific Gateway Prop. (AMEX : PGP)Pacific Gateway Properties, Inc. owns interests in income-producing properties (including residential, commercial and industrial complexes). PGP also provides leasing, construction and property management services. For the three months ended 3/31/99, total revenues rose 26 percent to $4.4 million. Net income applicable to Common totalled $316 thousand vs. a loss of $137 thousand. Revenues reflect an increase in both occupancy and rental rates. Earnings reflect higher margins. 
Philips Int'l Realty Corp (NYSE : PHR)Philips International Realty Corp. is a self-advised real estate investment trust engaged in the ownership, development and acquisition for redevelopment of neighborhood and community shopping centers, primarily in the NY-Metro and Miami-Ft. Lauderdale Metro areas. For the three months ended 3/31/99, revenues totalled $9.2 million. Net income before applicable to Common totalled $1.8 million. Results are not comparable due to a lack of information for 3/31/98. 
Parkway Properties Inc. (NYSE : PKY)Parkway Properties is a self-administered, self managed real estate investment trust (``REIT'') engaged in the acquisition, ownership, management, financing, and leasing of office properties in the southeastern U.S. and Texas. For three months ended 3/99, revenues rose 36 percent to $27.2 million. Net income applicable to Com. fell 12 percent to $4.9 million. Revenues reflect increased income from office properties. Earnings were offset by increased real estate operating expenses. 
ProLogis (NYSE : PLD)ProLogis provides the distribution space needs of international, national, regional and local industrial real estate users. For the three months ended 3/31/99, revenues rose 4 percent to $93.8 million. Net income applicable to Common fell 91 percent to $2.5 million. Revenues reflect increased rental income due to the acquisition of additional properties. Net income was offset by increased depreciation as a result of the acquisition, and increased interest expense. 
Pan Pacific Retail Prop. (NYSE : PNP)Pan Pacific Retail Properties, a self-administered and self-managed REIT, owns, manages, leases, acquires and develops shopping centers located in the Western U.S. For the three months ended 3/31/99, revenues rose 37 percent to $23.8 million. Net income rose 46 percent to $7.8 million. Results reflect higher rental revenue due to acquisitions of various shopping centers and lower expenses as a  percentage of revenues due to economies of scale. 
Prentiss Properties Trust (NYSE : PP)Prentiss Properties Trust (REIT) is engaged in the acquisition, ownership, management, leasing, development and construction of office and industrial property. For the three months ended 3/99, revenues rose 39 percent to $71.4 million. Net income before extraordinary items applicable to Com. fell 9 percent to $15.7 million. Revenues reflect property acquisitions. Earnings were partially offset by increased property operating and interest expenses. 
Post Properties, Inc. (NYSE : PPS)PPS is a self-administered REIT which owns and manages or is in the process of developing apartment communities located in the Southeastern and Southwestern U.S. For the three months ended 3/99, total revenues rose 17 percent to $80.8 million. Net income before extraordinary item applicable to Common rose 43 percent to $21.9 million. Revenues reflect increased units in service, and higher rental rates. Earnings also reflect a decrease in SGA expenses as a  percentage of revenues. 
Price Enterprises, Inc. (Nasdaq : PREN)Price Enterprises, Inc.'s primary business is to acquire, develop, operate, manage, and lease real property. The Company's portfolio is mainly comprised of commercial rental properties including shopping centers. For the three months ended 3/31/99, revenues rose 20 percent to $17.4 million. Net loss applicable to Common totaled $751 thousand vs income of $7.8 million. Results reflect properties acquired offset by higher interest expenses and preferred dividends. 
Prime Retail, Inc. (NYSE : PRT)Prime Retail, Inc. is a REIT engaged primarily in the ownership, development, construction, acquisition, leasing, marketing and management of factory outlet centers. For the three months ended 3/31/99, total revenues rose from $37.5 million to $78.6 million. Net income applicable to Common totalled $17.1 million vs a loss of $2.2 million. Revenues benefitted from the Portfolio Expansion and the Horizon Merger. Earnings also reflect a $7.8 million redemption discount on preferred stock. 
Public Storage, Inc. (NYSE : PSA)PSA is a fully integrated, self-administered and self-managed REIT that acquires, develops, owns and operates self-storage facilities. PSA also owns and operates commercial properties and has economic interests in the portable self-storage business. For the three months ended 3/31/99, revenues rose 4 percent to $148.3 million. Net income rose 43 percent to $40.3 million. Results reflect acquisitions, improved property operations and reduced operating losses from the self-storage business. 
PS Business Parks, Inc. (AMEX : PSB)PS Business Parks, a self-advised and self-managed equity REIT, owns, manages, acquires and develops business parks containing office space. As of 3/31/99, PSB owned interests in 114 commercial properties in 11 states. For the three months ended 3/31/99, revenues rose 98 percent to $29.3 million. Net income rose from $4.3 million to $9.4 million. Results reflect continued growth in the asset base through acquisitions and increases in net operating income from same-park properties. 
Pittsburgh & WV Railroad (AMEX : PW)Pittsburgh and West Virginia Railroad is a business trust, for the purpose of acquiring the business and property of a small leased railroad. The railroad was leased to Norfolk and Western Railway Co. under a 99 year lease with the right of unlimited renewal. For the three months ended 3/31/99, revenues remained flat at $229 thousand. Net income increased 1 percent to $212 thousand. Results reflect a decrease in general and administrative expenses. 
Reckson Associates Realty (NYSE : RA)Reckson Associates Realty is a real estate investment trust. The Company owns, develops, acquires, constructs, manages and leases suburban office and industrial properties in the NY area. For the three months ended 3/99, revenues rose 38 percent to $76.1 million. Net income applicable to Common before extraordinary item rose 18 percent to $11.3 million. Revenues reflect the acquisition of 45 properties. Earnings were partially offset by an increase in depreciation and interest expense. 
Resource Asset Investment (AMEX : RAS)Resource Asset Investment Trust provides mortgage or other debt financing in situations that do not conform to the underwriting standards of institutional lenders or sources that provide financing through securitization. For the three months ended 3/99, revenues totalled $7.6 million, up from $1.4 million. Net income totalled $2.9 million, up from $942 thousand. Results reflect increased average earning assets and acquisition of loans and property interests. 
American R.E. Invst. Corp (AMEX : REA)REA is a self-administered, self-managed real estate investment trust engaged in the ownership, acquisition and development of industrial and office properties. For the three months ended 3/31/99, total revenues totalled $18 million, up from $5.7 million. Net income applicable to Common decreased 58 percent to $2 million. Revenues reflect higher rent due to property acquisitions. Earnings sufferred from decreased gain on sales of assets. 
Regency Realty Corp. (NYSE : REG)REG owns, operates and develops grocery anchored neighborhood infill shopping centers in the Eastern United States. For the three months ended 3/31/99, revenues rose 66 percent to $51.4 million. Net income applicable to Common fell 33 percent to $12.3 million. Revenues benefitted from acquisitions, increased minimum rents and increased recoveries from tenants. Earnings were offset by the absence of a $10.2 million gain on the sale of three office buildings and a parcel of land. 
RFS Hotel Investors, Inc. (NYSE : RFS)RFS is a self-administered real estate investment trust. As of 12/98, the Company owned, through its subsidiaries, 60 hotels located in 24 states. For the three months ended 3/31/99, total revenues increased 7 percent to $23.7 million. Net income applicable to Common decreased 5 percent to $8.1 million. Revenues reflect an increase in revenue per available room. Earnings were offset by increased borrowings, professional fees and depreciation expense. 
Regency Equities Corp. (OTC BB : RGEQ)Regency Equities Corp. owns and leases to third parties a shopping center in Grand Rapids, Michigan. 12 percent of the shopping center is leased to a tenant. Revenues for the three months ended 3/31/99 decreased 6 percent to $46 thousand. Net loss rose 34 percent to $47 thousand. Revenues suffered from a decrease in in interest income. Higher loss reflects an increase in in administrative expense, higher professional fees and higher rental expense. 
Realco, Inc. (Nasdaq : RLCO)RLCO has operations which include real estate brokerage sales through a franchise from Prudential Real Estate Affiliates, Inc.; single-family home construction; land development; commercial construction and financial services. For the three months ended 12/98, revenues rose 43 percent to $12.2 million. Net income applicable to Com. totalled $159 thousand vs. a loss of $59 thousand. Results reflect the acquisition of Winn and the newly introduced line of value engineered houses. 
Revenue Properties Co. (Nasdaq : RPCLF)Revenue Properties Company is involved in the ownership, management and development of real estate, primarily shopping centers and residential income properties. For the three months ended 3/31/99, total revenues rose 39 percent to C$57.6 million. Net income totalled C$2.7 million, up from C$733 thousand. Revenues reflect increased rental income due to property acquisitions. Earnings also benefitted from increased rental operating margins. 
Roberts Realty Investors (AMEX : RPI)Roberts Realty Investors is a real estate investment trust (REIT) engaged in the ownership and operation of multifamily residential properties. As of 3/99, the Company owned nine communities containing a total of 1,778 apartment homes. For the three months ended 3/31/99, total revenues rose 21 percent to $4.8 million. Net income before extraordinary item fell 99 percent to $9 thousand. Results reflect increased occupancy, offset by the absence of gains on the sale of real estate. 
Rouse Company (NYSE : RSE)RSE is a REIT engaged in the ownership, management, acquisition and development of office buildings, retail centers, mixed-use projects and community retail centers. For the three months ended 3/31/99, revenues rose 5 percent to $180 million. Net income before extraordinary item and accounting changes and applicable to Common fell 21 percent to $24.9 million. Revenues reflect recent acquistions and project openings. Earnings were offset by higher interest expense due to acquisitions. 
Reckson Service Industr. (OTC BB : RSII)Reckson Service Industries provides a complementary set of outsourced business services, such as commercial services to properties owned by Reckson Operating Partnership, its tenants and third parties, and investment in a real estate venture capital fund. For the three months ended 3/31/99, revenues totalled $161 thousand vs. a loss of $378 thousand. Net loss totalled $2 million, up from $709 thousand. Results reflect increased interest income, offset by increased S/G/A expenses. 
Sarnia Corporation (OTC BB : SARN)Sarnia Corporation is an owner and operator of commerical real estate. The Company's sole asset is an office park of approximately 18.3 acres located in Springfield, VA known as Versar Center. For the nine months ended 3/31/99, revenues rose 7 percent to $2.5 million. Net income applicable to Common totalled $126 thousand, up from $35 thousand. Results reflect rent escalations, increased tenant requested services and reduced interest expense. 
Security Capital Group (NYSE : SCZ)Security Capital Group is a real estate research, investment and operating management company which generates revenues from its ownership of private and public strategic real estate operating company investments. For the three months ended 3/31/99, total revenues totalled a loss of $10.1 million. Net loss before acct. change applicable to Common totalled $78.1 million vs. an income of $4 million. Results reflect increased equity in losses of Security Capital U.S. Realty. 
Shurgard Storage Centers (NYSE : SHU)SHU is an integrated, self-managed and self-administered real estate investment trust. The Co. develops, acquires, owns and manages self storage centers which offer low-cost, easily accessible storage space. For the three months ended 3/99, total revenues rose 14 percent to $42.2 million. Net income applicable to Common before accounting change fell 3 percent to $9 million. Results reflect the acquisitions of new storage centers, partially offset by higher debt balances. 
Sizeler Property Inv. (NYSE : SIZ)Sizeler Property Investors, a self-administered equity REIT, invests in income-producing shopping center and apartment properties. As of 12/98, the portfolio consisted of 16 shopping center properties and 14 apartment communities. For the three months ended 3/31/99, total revenues rose 5 percent to $12.4 million. Net income fell 8 percent to $614 thousand. Results reflect increases in rental rates, offset by increased management and leasing fees. 
Tanger Factory Outlet Cnt (NYSE : SKT)Tanger Factory Outlet Centers is a real estate investment trust (REIT) that develops, acquires, owns and operates factory outlet centers, and provides services for its centers. As of 12/98, the Company owned and operated 31 centers. For the three months ended 3/31/99, total revenues rose 6 percent to $24.2 million. Net income before extraordinary item and applicable to Common fell 41 percent to $2.1 million. Results reflect property acquisitions, offset by increased interest expense. 
SL Green Realty Corp. (NYSE : SLG)SL Green Realty Corp., a REIT, is engaged in the business of owning, managing, leasing, acquiring and repositioning of Class B office properties in Manhattan, NY. For the three months ended 3/31/99, revenues rose from $22.2 million to $47.5 million. Net income applicable to Common totalled $8.2 million, up from $4.1 million. Results benefitted from higher rental revenue and escalation and reimbursement revenues due to 1998 acquisitions. 
Summit Properties Inc. (NYSE : SMT)Summit Properties is a real estate investment trust. As of 12/31/98, SMT's portfolio consists of 61 apartment Communities with 16,631 apartment homes. SMT also has five apartment communities under construction and in lease-up. For the three months ended 3/31/99, revenues increased 29 percent to $43.1 million. Net income before extraordinary item increased 32 percent to $7.8 million. Results reflect acquisitions, higher average rental rates and lower operating expenses as a  percentage of sale. 
Simon Property Group, Inc (NYSE : SPG)Simon Property Group, Inc. is a self-administered and self-managed REIT company, primarily engaged in the expansion and development of real estate properties, primarily malls and shopping centers. For the three months ended 3/99, revenues rose 49 percent to $446.1 million. Net income before extraordinary item, applicable to Common and limited partners rose 53 percent to $36.7 million. Revenues reflect the CPI merger. Net income reflects increased earnings from partnerships. 
Spieker Properties, Inc. (NYSE : SPK)SPK Properties is an equity REIT specializing in the acquisition, development, management and leasing of office and industrial properties in CA, WA, OR and ID. For the three months ended 3/99, revenues rose 20 percent to $150.6 million. Net income applicable to Common rose 5 percent to $36.8 million. Revenues reflect property acquisitions, higher rents on roll overs, rent increases and greater occupancies. Earnings lagged from lower gross margins and increased Preferred dividend requirements. 
Charles E. Smith Realty (NYSE : SRW)SRW is a real estate investment trust engaged in the acquisition, development, management and operation of multi-family properties in the Washington, D.C. metropolitan area. For the three months ended 3/31/99, revenues rose 24 percent to $69 million. Net income applicable to Common before extraordinary item decreased 5 percent to $10.1 million. Revenues reflect the acquisition and development of properties. Net income reflects a decreased gain on the sale of property ($1.9 million vs. $3.1 million). 
Sunstone Hotel Investors (NYSE : SSI)SSI is a self-administered REIT that, through Sunstone Hotel Investors, L.P. owns mid-priced and upscale hotels in the western United States. The Company owned 56 hotels as of 3/99. For the three months ended 3/31/99 revenues increased 5 percent to $24.9 million. Net income applicable to Common fell 38 percent to $3.8 million. Revenues reflect an increase in the average daily rate and the renovation of hotels. Net income was offset by increased interest and amortization expenses. 
Sovran Self Storage, Inc. (NYSE : SSS)Sovran Self Storage, Inc. is a self-administered and self-managed real estate investment trust, owning and operating 221 self-storage facilities in 19 states. For the three months 3/31/99, total revenues rose 35 percent to $19.5 million. Net income before extraordinary item fell 2 percent to $5.9 million. Revenues reflect the acquisitions of additional properties and higher average rental rates. Earnings were offset by increased debt servicing to finance property acquisitions. 
Stratford American Corp. (OTC BB : STFA)Stratford American Corp. presently has no significant operations. Through one of its subsidiaries, the Company owns and leases certain real estate. For the three months ended 3/31/99, revenues totalled $56 thousand, up from $22 thousand. Net loss from continuing operations totalled $110 thousand, vs. an income of $878 thousand. Revenues reflect higher interest and other income. Loss reflects higher general and administrative expenses. 
Sun Communities, Inc. (NYSE : SUI)SUI is a real estate investment trust company which owns and operates manufactured housing communities in the midwestern and southeastern U.S. For the three months ended 3/31/99, total revenues increased 12 percent to $33.1 million. Net income decreased 2 percent to $7.1 million. Revenues reflect the acquisition of additional communities. Net income was offset by increased property operating and maintenance expenses as a result of the additional communities. 
Storage USA, Inc. (NYSE : SUS)Storage USA, Inc. is a self-managed, self-advised real estate investment trust engaged in the business of managing, owning, acquiring and developing self-storage facilities. For the three months ended 3/31/99, revenues increased 26 percent to $60.9 million. Net income decreased 5 percent to $13.8 million. Results benefitted from increased same-store revenues. Earnings were offset by increased S/G/A, depreciation, and minority interest expenses and higher debt levels. 
Tarragon Realty Investors (Nasdaq : TARR)TARR is an REIT which invests in and develops income producing real estate directly and through partnerships and joint ventures. For the fiscal year ended 12/98, revenues rose 13 percent to $58.7 million. Net loss before extraordinary item totalled $164 thousand vs. income of $5.5 million. Revenues reflect increased rental revenues due to the acquisition of properties. Net income was offset by increased depreciation expenses due to the additional properties, and a lower gain on the sale of real estate. 
Trammell Crow Company (NYSE : TCC)Trammell Crow Company is a commercial real estate services company, providing property management, brokerage, infrastructure management, development and investment, and retail services through 150 offices in the U.S. and Canada. For the three months ended 3/31/99, total revenues rose 52 percent to $134.8 million. Net income rose 12 percent to $7.1 million. Results reflect incerased development fee revenue, partially offset by increased staffing due to acquisitions and internal growth. 
Transcontinental Realty (NYSE : TCI)TCI is a REIT which invests in real estate through direct acquisitions, leases and partnerships and in mortgage loans on real estate, including first, wraparound and junior mortgage loans. For the three months ended 3/31/99, revenues rose 18 percent to $19.2 million. Net income applicable to Common totalled $282 thousand vs. a loss of $1.2 million. Results reflect rental property acquisitions, an increase in rental rates and $1.9 million in gains on the sale of real estate. 
Taubman Centers, Inc. (NYSE : TCO)Taubman Centers, Inc. is a real estate investment trust which owns, operates, manages, leases, acquires, develops, and expands regional shopping centers. For the three months ended 3/31/99, revenues fell 31 percent to $60.4 million. Net income applicable to Com. before extraordinary items fell 47 percent to $2.5 million. Revenues reflect the absence of transferred center revenues. Earnings suffered from increased recoverable expenses and higher leasing and development costs. 
Cornerstone Realty Income (NYSE : TCR)TCR, a self-administered and self-managed equity REIT, engages in the management, acquisition and renovation of apartment communities. For the three months ended 3/31/99, revenues increased 17 percent to $24.5 million. Net income rose 11 percent to $5.8 million. Revenues reflect increased rental rates and the acquisition of additional apartment communities. Net income was partially offset by increased depreciation expense due to the acquisition of additional properties. 
Town & Country Trust (NYSE : TCT)TCT is a self-administered and self-managed REIT which owns, manages and acquires multifamily properties. TCT currently owns 39 multifamily properties consisting of 14,771 apartment units in MD, PA, VA, DE, NC and FL. For the three months ended 3/31/99, revenues rose 15 percent to $26.8 million. Net income increased 12 percent to $1.5 million. Revenues reflect increases in rental rates and improvements in occupancy. Net income was partially offset by higher depreciation and interest expenses. 
National Golf Properties (NYSE : TEE)National Golf Properties is a self-administered REIT specializing in the acquisition and ownership of golf course properties. As of 3/99, the Company's portfolio consisted of the ownership 149 golf courses in 26 states. For the three months ended 3/31/99, total revenues rose 4 percent to $20.6 million. Net income fell 21 percent to $2.9 million. Results reflect increased rent revenue due to the acquisition of golf courses, offset by increased depreciation and reduced other income. 
Thackeray Corporation (AMEX : THK)Thackeray Corporation is a holder of real estate for investment purposes. The Company's principal asset is a 218 acre tract in Orlando, FL. For the three months ended 3/31/99, revenues remained flat at $16 thousand. Net loss totalled $57 thousand, up from $23 thousand. Revenues reflect the steady stream of lease payments by the Company's tenant. Higher loss reflects an increase in general and administrative expenditures and a decrease in interest income. 
TIS Mortgage Investment (OTC BB : TISM)TISM, a REIT, through its subsidiaries invests in multifamily RE properties and properties for development. The Co. is disposing of its structured securities portfolio. For the fiscal year ended 12/98, revenues fell 45 percent to $6.9 million. Net loss totaled $4.1 million, up from $209 thousand. Results reflect lower interest on mortgage certificates and CMOs due to lower amounts outstanding and a loss on earlier retirement of bonds. Loss reflects higher real estate interest and operating expenses. 
Thornburg Mortgage Asset (NYSE : TMA)TMA, a REIT, purchases and manages a portfolio of adjustable rate mortgage securities, thereby providing capital to the single family housing market. For the three months ended 3/99, revenues fell 22 percent to $59.6 million. Earnings applicable to Common fell 67 percent to $2.9 million. Revenues reflect a lower balance of ARM securities in the portfolio and the absence of gains on the sale of ARM securities. Net income suffered from a lower interest rate spread. 
TriNet Corporate Realty (NYSE : TRI)TRI, a REIT, acquires, owns and manages predominantly office and industrial properties leased to corporations nationwide. As of 3/99, TRI owned 145 properties. For the three months ended 3/31/99, total revenues increased 17 percent to $43.1 million. Net income before acctg. change applicable to Common increased 13 percent to $17.1 million. Revenues benefitted from higher rental income due to acquisitions. Earnings were partially offset by higher debt levels and depreciation. 
Trizec Hahn Corporation (NYSE : TZH)Trizec Hahn Corporation owns develops and manages office buildings and regional retail centeres in the United States, Canada and Europe. For the three months ended 3/31/99, revenues increased 32 percent to $271.2 million. Net income before US GAAP decreased 88 percent to $15 million. Revenues benefitted from U.S. office acquisitions and higher office occupancy. Earnings were offset by the absence of a $193.1 million gain on the sale of Barrick shares. 
Urstadt Biddle Properties (NYSE : UBP)Urstadt Biddle Properties is engaged in the acquisition, ownership and management of commercial real estate, primarily neighborhood and community shopping centers in the northeastern part of the United States. For the three months ended 1/99, revenues rose 18 percent to $6.9 million. Net income applicable to Common fell 8 percent to $961 thousand. Revenues reflect rental income from acquired properties. Earnings were offset by higher preferred dividends and minority interest. 
United Dominion Realty (NYSE : UDR)United Dominion Realty Trust is a self-administered real estate investment trust. UDR is primarily engaged in the ownership of apartment communities. For the three months ended 3/31/99 increased 46 percent to $154.2 million. Net income before applicable to Common decreased 8 percent to $10.6 million. Results benefitted from significant portfolio expansion and higher rental income. Earnings were offset by increased personnel cost related to wage pressures and overhead expenses. 
Universal Health Realty (NYSE : UHT)Universal Health Realty Trust is a real estate investment trust (REIT) that invests in income-producing healthcare and human service related facilities including acute care hospitals, medical office buildings and others. For the three months ended 3/31/99, revenues rose 3 percent to $6.1 million. Net income rose 10 percent to $3.9 million. Revenues reflect increased interest income due to increased loans to LLCs. Earnings also reflect increased equity income from other companies. 
United Investors Realty (Nasdaq : UIRT)United Investors Realty Trust is a Texas Real Estate Investment Trust engaged in the acquisition, development and management of neighborhood and community shopping centers in the sunbelt states. For the three months ended 3/31/99, total revenues totalled $6.4 million, up from $2.7 million. Net income before extraordinary item applicable to Common totalled $1.4 million vs. a loss of $2.1 million. Results reflect increased rental income due to property acquisitions. 
United Mobile Homes, Inc. (AMEX : UMH)UMH, a REIT, owns and operates mobile home parks, leasing mobile home spaces on a month-to-month basis to private manufactured home owners. For the three months ended 3/31/99, rental income rose 9 percent to $16.8 million. Net income remained flat at $4.2 million. Revenues reflect rising income from community operations and higher rents. Earnings were offset by increased interest expenses, higher general and administrative expenses and a higher loss on asset sales. 
Urban Shopping Centers (NYSE : URB)URB, a self-administered REIT, owns, acquires, manages, leases, develops and redevelops super-regional and regional malls throughout the U.S. For the three months ended 3/31/99, total revenues rose 6 percent to $49.9 million. Net income applicable to Common before extraordinary item rose 37 percent to $4 million. Revenues benefited from the opening of Citrus Park Town Center. Net income reflects an increase in income from unconsolidated partners. 
USP Real Estate Inv.Trust (Nasdaq : USPTS)USPTS is an equity-oriented real estate investment trust. The Trust's portfolio consists of four shopping centers, one business park, and an office/warehouse facility. For the three months ended 3/31/99, total revenues fell 24 percent to $1.2 million. Net income fell 30 percent to $359 thousand. Revenues reflect lower rental income due to the sale of Geeva Square. Net income reflects higher property expenses as a  percentage of revenue. 
U.S. Restaurant Props. (NYSE : USV)U.S. Restaurant Properties is a real estate investment trust engaged in acquiring, owning, managing and selectively developing restaurant, service station and other service retail properties, with 854 properites in 48 states. For the three months ended 3/31/99, revenues rose 49 percent to $18.7 million. Net income before extraordinary item and applicable to Common fell 74 percent to $734 thousand. Results reflect peroperty acquisitions, offset by $2.6 million in contract termination costs. 
Banyan Hotel Invest. Fund (OTC BB : VHTI)Banyan Hotel Investment Fund is primarily engaged in the investment in mortgage loans. For the three months ended 3/31/99, total income decreased 73 percent to $13 thousand. Net loss rose 99 percent to $79 thousand. Revenues suffered from reduced intrest income on mortgages receivable due to principal repayments. Loss also reflects $48 thousand in equity losses from the Company's investment in Metro Franchising Commissary, LLC. 
Vinings Inv. Prop. Trust (OTC BB : VIPIS)VIPIS is a self administered real estate investment trust which is in the business of owning and managing multifamily properties. For the fiscal year ended 12/31/98, revenues increased 65 percent to $4.1 million. Net income totalled $85 thousand vs. a loss of $662 thousand. Revenues reflect the income generated in connection with Vinings' ownership of Windrush, and higher occupancy and rental rates. Earnings reflect a decrease in depreciation and amortization as a  percentage of revenues. 
Vornado Realty Trust (NYSE : VNO)VNO is a REIT, which owns, leases, develops and manages retail and industrial properties. Properties include shopping centers, warehouse/industrial properties, and an office building. For the three months ended 3/99, revenues increased 81 percent to $163.6 million. Net income applicable to Common rose 66 percent to $43.2 million. Revenues benefitted from properties acquired. Net income was partially offset by acquisition expenses, additional employees and higher debt levels. 
Semele Group, Inc. (Nasdaq : VSLF)Semele Group, Inc. currently holds an ownership interest in a 274 acre land parcel located in Southern California known as the Rancho Malibu property. The Company also has interests in trusts and other partnerships. For the three months ended 3/31/99, total income totalled $464 thousand, up from $122 thousand. Net loss rose 37 percent to $474 thousand. Results reflect increased lease revenue, offset by increased interest expense and professional fees. 
Ventas, Inc. (NYSE : VTR)Ventas, Inc. is a real estate investment trust that owns and leases nursing centers, hospitals and personal care facilities throughout the United States. As of 3/99, the Co. operated a total of 272 facilities in 36 states. VTR conducts its business through a partnership, Ventas Realty. For the three months ended 3/31/99, revenues totalled $56.6 million. Net income totalled $20.3 million. Results are not comparable due to the inception of operations on 5/1/98. 
Walden Residential Prop. (NYSE : WDN)WDN, a self-administered REIT, focuses on multifamily property ownership. As of 3/99, WDN owned and operated 145 multifamily properties containing 40,496 units. For the three months ended 3/31/99, total revenues rose 2 percent to $70.5 million. Earnings before extraordinary item applicable to Common fell 55 percent to $1.1 million. Revenues reflect returns from GGL Ventures investment. Earnings were offset by $1.4 million charge related to the closing of the Houston corporate office. 
Westfield America, Inc. (NYSE : WEA)Westfield America, Inc. is a real estate investment trust engaged in owning, operating, leasing, developing, redeveloping and acquiring super regional and regional shopping centers and power centers in the United States. For the three months ended 3/31/99, revenues increased 79 percent to $125.3 million. Net income applicable to Common decreased 96 percent to $376 thousand. Results benefitted from the acquisitions of several properties, offset by higher depreciation cost. 
Western Invstmt. RE Trust (AMEX : WIR)Western Investment Real Estate Trust is a real estate investment trust (REIT) engaged in the ownership and operation of community and neighborhood shopping centers located in the western United States. As of 12/98, the Company had 66 properties. For the three months ended 3/31/99, total revenues rose 15 percent to $13.7 million. Net income rose 18 percent to $2.8 million. Revenues reflect increased rental income due to acquisitions. Earnings also reflect reduced depreciation. 
Weeks Corporation (NYSE : WKS)Weeks Corporation is a real estate investment trust (REIT) that develops, owns, manages, constructs and acquires primarily institutional-quality industrial and suburban office properties in the southeast United States and Texas. For the three months ended 3/31/99, revenues rose 36 percent to $44.4 million. Net income applicable to Common rose 72 percent to $9.2 million. Results reflect property acquisitions and developments and $4.9 million in gains on the sale of real estate. 
Wellington Properties (Nasdaq : WLPT)Wellington Properties Trust is a Real Estate Investment Trust, (REIT), which was formed to acquire, operate and hold income producing investment real estate. For the three months ended 3/31/99, revenues totaled $1.7 million, up from $766 thousand. Net loss rose 19 percent to $89 thousand. Revenues reflect the acquisition of commercial properties. Higher loss reflects increased administrative costs due to the opening of a Minneapolis office and three new employees. 
Washington REIT (NYSE : WRE)Washington REIT is a REIT investing in income-producing real estate properties in the Mid-Atlantic Region. For the three months ended 3/31/99, revenues rose 13 percent to $27.7 million. Net income rose 13 percent to $16.4 million. Revenues benefited from the acquisition of office buildings and increased core portfolio operating income. Net income reflects a decrease in selling, general and administrative costs associated with decreased incentive compensation. 
Weingarten Realty Invstrs (NYSE : WRI)WRI is a REIT, which owns, operates or has interest in 217 developed income-producing real estate projects. WRI also owns interest in unimproved land held for future development. For the three months ended 3/99, revenues rose 17 percent to $54.8 million. Net income applicable to Common before extraordinary item fell less than 1 percent to $13.7 million. Results reflect higher rental revenues due to acquisitions and development programs, offset by higher operating expenses due to acquisitions. 
Wellsford Real Properties (AMEX : WRP)Wellsford Real Properties, Inc. is a real estate merchant banking firm which acquires, develops and operates real properties and invests in the debt and equity securities of private and public real estate companies. For the three months ended 3/99, revenues rose 33 percent to $8 million. Net income rose 77 percent to $2.6 million. Revenues reflect higher rental income due to the acquisition of properties. Net income also reflects lower S/G/A expenses due to a decline in accrued compensation. 
Winston Hotels, Inc. (NYSE : WXH)Winston Hotels, Inc. is a real estate investment trust (REIT) in the business of acquiring equity interests in hotel properties. As of 12/98, the Company owned 51 hotels. For the three months ended 3/31/99, total revenues rose 46 percent to $14.7 million. Net income applicable to Common fell 41 percent to $1.6 million. Revenues reflect increased  percentage lease revenue due to hotel property acquisitions. Earnings were offset by increased depreciation and interest expense. 
Excel Legacy Corporation (AMEX : XLG)XLG was formed to pursue real estate opportunities, including those not restricted by the federal income tax laws governing REITs or influenced by Excel's objectives of increasing cash flows and maintaining certain leverage ratios. For the comparable three months ended 3/99, revenues totalled $9.2 million, up from $0. Net income totalled $174 thousand vs. a loss of $70 thousand. Results reflect the inclusion of revenues due to the acquisition of properties.%}
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Ansaldo Signal N.V. (Nasdaq : ASIGF)Ansaldo Signal N.V. is engaged in the design, engineering, production, distribution and after-sale service of integrated railway signaling, automation and control systems and related component products. For the three months ended 3/31/99, revenues rose 2 percent to $73.3 million. Net loss increased 35 percent to $673 thousand. Results reflect new contract with NYC Transit Authority, Delaware River Port Authority and others, offset by an increased income tax provision. 
Burlington Nrth./Santa Fe (NYSE : BNI)Burlington Northern Santa Fe is engaged in the rail transportation business through Burlington Northern Railroad Co. For the three months ended 3/99, revenues rose 2 percent to $2.19 billion. Net income fell 11 percent to $236 million. Revenues reflect increases in the intermodal, coal, chemicals, commercial products and automotive sectors. Earnings were offset by increased equipment maintenance costs and the absence of a $67 million gain on the sale of a pipeline partnership. 
Canadian National Railway (NYSE : CNI)CNI operates one of Canada's railroad systems, serving the major cities, ports and natural resource regions in Canada, with connections to most major U.S. railroads. For the fiscal year ended 12/31/98, revenues fell 5 percent to C$4.14 billion. Net income from continuing operations before accounting change and extraordinary item applicable to U.S. GAAP fell 88 percent to C$42 million. Results reflect the ongoing weakness in Canadian barley exports and a $590 million charge for workforce reduction plans. 
CSX Corporation (NYSE : CSX)CSX Corporation is a global freight transportation company with principal business units providing rail, container-shipping, intermodal and contract logistics services. For the 14 weeks ended 4/2/99, revenues increased 3 percent to $2.54 billion. Net income before accounting change fell 18 percent to $75 million. Revenues reflect the additional week in the 1999 quarter, partially offset by lower coal revenue. Earnings suffered from congestion due to severe winter weather. 
Emons Transportation Grp. (Nasdaq : EMON)EMON, a freight transportation and distribution co., owns four short-line railroads, operates rail/truck transload and warehouse facilities, a rail intermodal terminal and provides logistics services. For the nine months ended 3/99, revenues rose 32 percent to $16.4 million. Net income applicable to Common rose 53 percent to $936 thousand. Revenues reflect higher freight and haulage revenues due to a higher number of carloads handled. Net income also reflects lower logistics operating expenses. 
Florida East Coast Indus. (NYSE : FLA)Florida East Coast Industries and its subsidiaries principal operations relate to the transportation of goods by rail and to the development, leasing, management and sale of real estate. For the three months ended 3/31/99, total revenues rose 95 percent to $110.5 million. Net income totalled $16.8 million, up from $8.3 million. Results benefitted from the sale of two large properties in South Florida and from revenues generated from the Company's Gran Central Corporation subsidiary. 
First American Railways (OTC BB : FTRN)First American Railways is organized for the purpose of constructing, acquiring and marketing entertainment based passenger trains. The Company operates a Fun-Train between South and Central FL, and a scenic destination railroad in Southwestern CO. For the six months ended 6/98, revenues fell 81 percent to $508 thousand. Net loss rose from $1.7 million to $7 million. Revenues reflect riderships level below projections. Higher loss reflects increased operating expenses for the Fun-Train. 
Greenbrier Companies (NYSE : GBX)The Greenbrier Companies is a supplier of transporation equipment and services to the railroad and related industries. GBX is also engaged in complementary leasing and services activities. For the six months ended 2/28/99, total revenues increased 8 percent to $287 million. Net income before extraordinary items increased 6 percent to $9 million. Results reflect increased manufacturing revenues due to an improved product mix, partially offset by higher international S/G/A costs. 
Genesee & Wyoming, Inc. (Nasdaq : GNWR)Genesee and Wyoming, Inc. is a holding company whose subsidiaries own and operate short line and regional freight railroads and provide related rail services to customers in 15 states and Australia. For the three months ended 3/31/99, revenues fell 9 percent to $34.2 million. Net loss totalled $331 thousand vs. an income of $2.3 million. Revenues reflect a decline in freight revenues from the shipment of coal. Loss also reflects a $1.2 million increase in acquisition expense. 
Guangshen Railway Co. Ltd (NYSE : GSH)GSH operates the sole railroad between Guangzhou and Shenzhen in the China's Pearl River Delta, with a connection to Hong Kong, providing passenger and freight transportation services. For the fiscal year ended 12/31/97, revenues fell 3 percent to RMB2.20 billion. Net income applicable to U.S. GAAP fell 22 percent to RMB871.4 million. Revenues reflect decreased domestic high speed ticket prices and Hong Kong through train passengers. Earnings also reflect increased materials and supply expenses. 
Kansas City Southern Ind. (NYSE : KSU)KCSL, through its subsidiaries, provides rail freight transportation along a continuous rail network of approximately 25,000 miles that links markets in the U.S., Mexico and Canada. KCSL also provides financial services. For the three months ended 3/99, revenues rose 30 percent to $385.2 million. Net income applicable to Com. rose 49 percent to $68.2 million. Results reflect higher revenues from the Financial Services segment and decreased interest expenses. 
MotivePower Industries (NYSE : MPO)MPO manufactures and distributes products for rail and other power-related industries, and also provides a variety of related contract services. For the three months ended 3/31/99, revenues increased 29 percent to $107.3 million. Net income before extraordinary item increased 11 percent to $7.9 million. Revenues reflect an increase in sales in the Components Group. Net income was partially offset by the inclusion of a $538 thousand foreign exchange loss vs. a $588 thousand gain. 
Norfolk Southern Corp. (NYSE : NSC)NSC is a holding company engaged principally in the transportation of freight by rail, primarily in the Southeast and Midwest. For the three months ended 3/31/99, revenues decreased 3 percent to $1.03 billion. Net income from continuing operations fell 15 percent to $112 million. Revenues reflect decreased trailer and container traffic volume and extreme winter weather conditions. Earnings suffered from increased automotive traffic and Conrail integration costs. 
Pioneer Railcorp (Nasdaq : PRRR)Pioneer Railcorp is a holding company principally engaged in the operation of short line railroad subsdiaries whose rail systems provide shipping links for customers along its routes and interchanges with six major railroads. For the three months ended 3/31/99, revenues rose 6 percent to $3.4 million. Net income rose 24 percent to $216 thousand. Revenues reflect increased loadings at several railroad subsidiaries. Earnings also reflect decreased railcar fleet maintenance costs. 
Providence & Worcester RR (AMEX : PWX)PWX is a regional freight railroad operating in Massachusetts, Rhode Island, Connecticut and New York. For the three months ended 3/31/99, revenues decreased 1 percent to $4.9 million. Net income applicable to Common rose 93 percent to $257 thousand. Revenues reflect decreases in conventional carloading, and demurrage and other transportation revenues. Earnings reflect the absence of interest expense due to the Company using a portion of its proceeds from its stock offering to pay off debt. 
RailAmerica, Inc. (Nasdaq : RAIL)RAIL, a multi-modal transportation co., is engaged in rail transportation of varied products, primarily agricultural communities. RAIL manufactures specialty truck trailers. For the fiscal year ended 12/31/98, revenues rose 63 percent to $77.1 million. Net income from continuing operations increased 70 percent to $4.5 million. Revenues reflect higher manufacturing revenues due to an increase in average price per trailer. Earnings also reflect a decrease in SGA as a  percentage of sales. 
RailTex, Inc. (Nasdaq : RTEX)RailTex, Inc. is an operator of short line freight railroads. In 1998, the Company transported almost 550,000 carloads of freight for more than 1,100 customers. For the three months ended 3/99, revenues increased 18 percent to $45.4 million. Net income before accounting change increased 28 percent to $3.4 million. Revenues benefitted from increased carloads transported, and increased freight revenues. Net income also reflects decreased diesel fuel costs. 
Tranz Rail Holding Ltd. (Nasdaq : TNZR)Tranz Rail Limited is a multi-modal transport company offering an integrated network of rail, trucking and ferry services as well as warehousing, distribution and logistics mangement in New Zealand. For the fiscal year ended 6/30/98, revenue fell by less than 1 percent to NZ$577.2 million. Net income according to US GAAP fell 2 percent to NZ$48.2 million. Revenues suffered from lower freight revenue due to the impact of the Asian downturn. Net income suffered from higher lease and rental expenses. 
Trinity Industries, Inc. (NYSE : TRN)TRN is engaged in the manufacture, marketing and leasing of a variety of products in the construction, transportation and industrial sectors. For the nine months ended 12/31/98, revenues rose 22 percent to $2.15 billion. Net income totalled $144.4 million, up from $64.7 million. Revenues benefitted from higher sales of railcars, advancements made in new car types and increases in rail traffic. Earnings also benefitted from the absence of $70 million in litigation settlement. 
Transportation Tech. Ind. (Nasdaq : TTII)TTII manufactures, leases, repairs and rebuilds a variety of railroad freight cars. TTII is also a supplier and manufacturer of components for the heavy-duty truck industry and producer of iron castings for other industries. For the three months ended 3/99, revenues rose 29 percent to $298.4 million. Net income before extraordinary item rose 6 percent to $14.9 million. Results reflect growth from freight car operations, partially offset by the absence of a $16.8 million patent infringement lawsuit gain. 
Union Pacific Corp. (NYSE : UNP)UNP operates through subsidiaries in the areas of rail transportation (Union Pacific Railroad Co. and Southern Pacific Rail Corp.) and trucking (Overnite Transportation Co.). Revenues for the three months ended 3/99 fell 6 percent to $2.74 billion. Net income totalled $129 million, vs. a loss of $62 million. Revenues reflect increased volumes from the Rail unit. Earnings reflect lower fuel prices, improved fuel efficiency, and lower service claims costs. 
Westinghouse Air Brake Co (NYSE : WAB)Westinghouse Air Brake Company manufactures value-added equipment for locomotives, railway freight cars and passenger transit vehicles. For the three months ended 3/99, revenues rose 21 percent to $191.2 million. Net income before extraordinary item rose 14 percent to $12.4 million. Revenues reflect recent acquisition activity within the railroad and transit groups, and a strong OEM aftermarket. Earnings were partially offset by interest payments on the newly issued 9.375 percent notes and increased R&D. 
Wisconsin Central Transp. (Nasdaq : WCLX)WCLX, a holding company, operates approx. 2,855 route miles of railway serving WI, IL, MN, MI, and Ontario. WCLX also has a 24 percent interest in Tranz Rail and a 33 percent interest in English Welsh and Scottish Railway. For the three months ended 3/31/99, revenues rose 5 percent to $88.5 million. Net income fell 33 percent to $13.7 million. Revenues reflect higher volume and gross revenues from paper and industrial shipments. Earnings were offset by the absence of $5.4 million sale of transporation rights.%}
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American Banknote Corp. (NYSE : ABN)ABN is a holding Co. which through its subsidiaries operates in a single industry with three principal product lines: Transaction Cards and Systems; Printing Services and Document Management; and Security printing Solutions. For the nine months ended 9/98, revenues fell 3 percent to $239.8 million. Net income before accounting change rose 31 percent to $6.1 million. Revenues reflect unfavorable foreign exchange rates. Earnings benefitted from a $79.5 million gain on the sale of a subsidiary. 
Accom, Inc. (OTC BB : ACMM)ACMM designs, manufactures, sells and supports digital video systems for the high-end production, post-production and broadcast markets. For the comparable fiscal year ended 12/31/98, revenues decreased 19 percent to $3.4 million. Net loss totalled $3.9 million vs. income of $142 thousand. Revenues suffered from decreased sales in the production and distribution marketplace. Losses reflect lower gross profit margin, and a $2.2 million charge for acquired in process technology. 
Auto-Graphics, Inc. (OTC BB : AUGR)Auto-Graphics provides software products and processing services to information and database publishers for use in creating, maintaining and distributing information databases through printed and/or electronic reference products. For the fiscal year ended 12/31/98, net sales decreased 9 percent to $9.1 million. Net loss totalled $1.1 million vs. income of $212 thousand. Results reflect lower sales and higher S/G/A expenses due to the acquisition of A-G Canada, Ltd. and increased interest expense. 
Big Flower Holdings, Inc. (NYSE : BGF)Big Flower Holdings, Inc. is an advertising and marketing company with four business segments: Insert Advertising and Newspaper Services, Direct Martketing Services, Digital Services, and Specialty Products and Commercial Printing. For the three months ended 3/31/99, net sales rose 9 percent to $420.3 million. Net income totalled $2.8 million, up from $1.1 million. Results reflect acquisitions, increased demand and higher operating margins due to increased productivity. 
Banta Corporation (NYSE : BN)Banta Corporation is a printing organization providing a range of printing and graphic arts services, as well as project management, product assembly, fulfillment and product localization services to technology companies. For the 13 weeks ended 4/3/99, net sales fell 7 percent to $309.3 million. Net income fell 12 percent to $9.7 million. Results reflect lower volume in the educational book market, lower paper prices and higher S/G/A expenses as a  percentage of sales. 
Bowne & Co., Inc. (AMEX : BNE)BNE offers an integrated way for its customers to design and manage their information flows to take advantage of the latest technologies for creating, storing, moving, presenting and utilizing information in any combination of paper and electronic forms. For the three months ended 3/31/99, net sales rose 13 percent to $218.6 million. Net income fell 87 percent to $1.7 million. Revenues reflect acquisitions. Earnings were offset by lower margins due to changes in product mix. 
Cadmus Communications (Nasdaq : CDMS)Cadmus Communications provides customers with integrated information and communications solutions in two business sectors: Professional and Marketing Communications. For the nine months ended 3/99, revenues rose 7 percent to $308.6 million. Net income rose 60 percent to $13.2 million. Revenues reflect growth of the STM journal, packaging/promotional, and graphic solutions product lines. Earnings also reflect lower S/G/A expenses due to cost containment and a $9.5 million gain on divestitures. 
Cunningham Graphics Intl. (Nasdaq : CGII)Cunningham Graphics International provides graphic communication services to financial institutions and corporations, focusing on producing and distributing time-sensitive analytical research and marketing materials and providing on-demand printing. For the three months ended 3/31/99, net sales rose 69 percent to $18.3 million. Net income (vs. pro forma) totalled $1.4 million, up from $525 thousand. Revenues reflect acquisitions. Earnings also reflect higher margins. 
Consolidated Graphics (NYSE : CGX)Consolidated Graphics provides a full range of traditional printing services including electronic presses, printing, finishing, storage and delivery of documents. The Co. also provides a variety of electronic communication and fulfillment services. For the fiscal year ended 3/99, sales rose 88 percent to $436 million. Net income rose 76 percent to $32.3 million. Revenues benefitted from acquisitions. Earnings were partially offset by additional borrowings and increased staff levels. 
Champion Industries, Inc. (Nasdaq : CHMP)Champion Industries, Inc. is a commercial printer, business form manufacturer and office products and office furniture supplier in regional markets east of the Mississippi River. For the three months ended 1/31/99, revenues decreased 1 percent to $29.2 million. Net income rose 7 percent to $855 thousand. Revenues suffered from lower printing sales volume. Net income was offset by lower costs of printing sales due to a shift from lower margin work to higher margin products. 
R.R. Donnelley & Sons Co. (NYSE : DNY)R.R. Donnelley and Sons Company is a provider of printing and related services to the merchandising, magazine, book, directory, financial and healthcare markets. For the three months ended 3/99, sales rose 1 percent to $1.18 billion. Net income rose 1 percent to $44 million. Revenues reflect increased telecommunications sales volumes. Earnings reflects an increased gross profit margin, offset by a $3 million loss from the operations of a business held for sale. 
IPI Inc. (Nasdaq : INST)IPI, Inc is a franchisor of business printing centers and provides ongoing support to its franchisees through business and technical training as well as research and evaluation of new products and services. For the three months ended 2/28/99, total revenues fell 9 percent to $2.1 million. Net income fell 4 percent to $374 thousand. Revenues reflect a reduced demand from franchise owners for printing and direct mail services. Earnings were partially offset by improved margins. 
Multi-Color Corp. (Nasdaq : LABL)LABL supplies printed labels and engravings to various name brand consumer products, including fabric softeners, liquid soaps, motor oil, chewing gum and food products. For the 39 weeks ended 12/27/98, revenues rose 2 percent to $36.6 million. Net income before accounting change applicable to Common totalled $466 thousand vs. a loss of $313 thousand. Revenues reflect increased in-mold and cylinder sales. Earnings also reflect the absence of a $310 thousand restructuring charge. 
Laser Master Int'l Inc. (OTC BB : LMTI)Laser Master International Inc. prints for the textile and the gift wrap paper industries. LMTI also has a real estate division that owns and operates a factory building in Harrison, NJ. For the three months ended 2/28/99, total revenues increased 1 percent to $3.2 million. Net income totalled $26 thousand vs. a loss of $36 thousand. Revenues reflect increased sales from existing clients. Earnings also reflect higher margins due to the efficiencies of new color presses. 
Master Graphics, Inc. (Nasdaq : MAGR)Master Graphics, Inc. is a provider of general commercial printing services to customers throughout the United States. The Company provides service in all areas of general commercial printing including prepress, printing and postpress services. For the fiscal year ended 12/98, net revenue totalled $163.3 million. Net income before extraordinary item applicable to Common totalled $3.8 million. Results are not comparable due to fiscal year end change from June to December. 
Merrill Corporation (Nasdaq : MRLL)MRLL provides paper and electronic document services, design, typesetting, printing, distribution and data, reproduction and information mangement services to financial and legal clients. For the fiscal year ended 1/31/99, revenues rose 11 percent to $509.5 million. Net income rose 2 percent to $26.5 million. Results reflect acquisitions in the Specialty Communication Services segment, partially offset by higher employee salary expenses. 
NEI Webworld, Inc. (OTC BB : NEIP)NEI WebWorld, Inc. offers a broad range of printing services, including printing magazines, catalogs, tabloids, inserts and mail wraps on a range of paper stocks. For the three months ended 6/98, net sales fell 11 percent to $4.2 million. Net loss before extraordinary item rose from $244 thousand to $738 thousand. Revenues reflect lower magazines/periodicals and general commercial product sales. Higher loss also reflects lower gross profit due to higher labor costs as a  percentage of net sales. 
Outlook Group Corp. (Nasdaq : OUTL)Outlook Group Corp. is a graphic services company which offers a variety of related services, including specialty printing, converting and packaging and distribution. For the nine months ended 2/99, net sales rose 1 percent to $49.7 million. Net income from continuing operations rose 48 percent to $864 thousand. Net sales benefited from increases in packaging and direct mail activities. Net income reflects the company's continued efforts to reduce overhead. 
Quebecor Printing Inc. (NYSE : PRW)Quebecor Printing Inc. is a diversified global commercial printing company that provides customers with a range of printed products and related communications services. For the three months ended 3/31/99, revenues rose 3 percent to $910.5 million. Net income applicable to Common rose 20 percent to $21.7 million. Revenues reflect growth in the South American and European operations. Earnings also benefitted from higher operating margins and a lower effective tax rate. 
Successories, Inc. (Nasdaq : SCES)SCES is a direct mail catalog company, specialty retailer and wholesaler that designs, assembles and markets a diverse range of motivational and self-improvement products, many of which are the Co.'s own proprietary designs. For the three months ended 5/1/99, total revenues fell 3 percent to $12.2 million. Net loss decreased 59 percent to $557 thousand. Results reflect a decrease in direct marketing-golf sales, offset by reduced golf catalog related expenses. 
Scientific Games Holdings (NYSE : SG)SG, through its wholly owned subsidiaries, manufactures and sells instant lottery products and services to governmental lottery authorities and licensees. For the three months ended 3/31/99, revenues increased 9 percent to $52.7 million. Net income increased 33 percent to $5 million. Revenues reflect sales from new and existing Systems customers. Net income also reflects an increased gross margin due to continued efficiency improvements. 
Schawk, Inc. (NYSE : SGK)SGK is a provider of digital imaging prepress services in three primary markets: consumer products packaging, advertising agencies and promothion. For the three months ended 3/31/99, revenues rose 35 percent to $42 million. Net income applicable to common fell 58 percent to $4.1 million. Revenues benefited from acquisitions as well as internal growth. Net income was offset by the abcense of income from the redemption of preferred stock. 
Topps Company, Inc. (Nasdaq : TOPP)TOPP is marketer of collectible picture products. TOPP also distributes Bazooka brand bubble gum, novelty candy products, branded lollipops, collectible toys, comic books, and sticker and album collections. For the 52 weeks ended 2/27/99, net sales decreased 5 percent to $229.4 million. Net income totalled $15.6 million, vs. a loss of $4.6 million. Results reflect decreased sales of confectionery products, offset by higher margins and a $3.5 million non-recurring income. 
Unidigital, Inc. (AMEX : UDG)Unidigital, Inc. provides imaging, reproduction and integrated media solution sevrices to advertising agencies, retailers, corporations and others in the New York, San Francisco, Boston and London markets. For the six months ended 2/28/99, net sales rose 78 percent to $34.4 million. Net income rose 18 percent to $824 thousand. Revenues reflect recent acquisitions and higher sales from the U.S. units. Earnings were partially offset by increases in S/G/A and debt levels and a $196 thousand charge. 
Workflow Management, Inc. (Nasdaq : WORK)Workflow Management, Inc. is an integrated graphic arts company providing documents, envelopes and commercial printing to more than 22,000 businesses in the U.S. and Canada. For the nine months ended 1/23/99, revenues increased 7 percent to $276.1 million. Net income decreased 22 percent to $5.9 million. Revenues benefitted from the inclusion of FMI and Astrid, and increased document sales to two large new customer accounts. Earnings were offset by a $3.8 million strategic restructuring plan expense. 
World Color Press, Inc. (NYSE : WRC)WRC is a commercial printer, providing digital pre-press, press, multi-media, binding and distribution services to customers in the magazine, catalog, direct mail, commer-cial, directory and new media market sectors. For the 13 weeks ended 03/28/99, sales rose 10 percent to $605.8 million. Net income before extraordinary item and accounting change rose 11 percent to $10.4 million. Results reflect recent acquisitions and improved sales in the Company's base business.%}
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Advanced Communic. Group (NYSE : ADG)Advanced Communications Group has discontinued its telecommunications operations and is currently engaged in the production of print yellow pages. For the three months ended 3/31/99, revenues totalled $18.7 million, up from $9.2 million. Net income from continuing operations totalled $1 million, vs. a loss of $816 thousand. Revenues benefitted from acquisitions. Net income also benefitted from the absence of $1.8 million in compensation expenses. 
Advanced Marketing Serv. (Nasdaq : ADMS)Advanced Marketing Services is a distributor of general interest books and office products to membership warehouse clubs and computer superstores. For the nine months ended 12/26/98, net sales increased 15 percent to $381 million. Net income increased 37 percent to $10.8 million. Revenues reflect increases in gross shipments within the basic reference, gift books and children's book categories. Earnings also reflect stronger sales in higher margin book categories. 
American Greetings (NYSE : AM)AM designs, manufactures and sells everyday and seasonal greeting cards and other social expression products including gift wrap paper, party goods, candles, stationery and giftware. For the fiscal year ended 2/28/99, revenues rose less than 1 percent to $2.21 billion. Net income decreased 5 percent to $180.2 million. Revenues reflect increased sales of everyday cards and increased UK market share. Earnings reflect the absence of a $22.1 million gain on the sale of two subsidiaries. 
American Educational Prod (Nasdaq : AMEP)American Educational Products, Inc. manufactures and distributes educational products to educational institutions, wholesalers, individual educators, and consumers. For the three months ended 3/31/99, net sales increased 79 percent to $3.3 million. Net income totalled $65 thousand vs. a loss of $21 thousand. Revenues benefitted from the acquisitions of National Teaching Aids, Inc. and Summit Learning. Net income also reflects increased gross margins. 
Big Entertainment, Inc. (Nasdaq : BIGE)BIGE is a diversified entertainment company engaged in the development and licensing of intellectual properties, the developing and licensing of books, and the operation of an e-commerce entertainment site. For the three months ended 3/31/99, revenues fell 51 percent to $1.3 million. Net loss applicable to Common fell 35 percent to $1.1 million. Revenues suffered due to the phase-out of the company's mall based retail operations. Lower loss reflects contractual advances received. 
A.H. Belo Corporation (NYSE : BLC)A.H. Belo Corporation is a national media company with a diversified group of television broadcasting, newspaper publishing and cable news operations. As of 3/99, the Company owned 17 television stations and six newspapers. For the three months ended 3/31/99, revenues rose less than 1 percent to $326.6 million. Net income fell 8 percent to $12.6 million. Results reflect increased publishing revenues, offset by higher salaries, wages and employee benefit expenses. 
Courier Corporation (Nasdaq : CRRC)CRRC is a book manufacturer in the Northeast offering services from preparation, production, media replication, kitting and packaging through storage and distribution. For the six months ended 3/27/99, sales rose 7 percent to $79.8 million. Net income rose 28 percent to $3.3 million. Revenues reflect higher sales in the Home School and CMS segments. Earnings also reflect lower interest expense due to a reduction in average borrowings and interest rates. 
CSS Industries, Inc. (NYSE : CSS)CSS Industries, Inc. is engaged in the manufacture and sale of seasonal, social expression and everyday decorative paper products. For the three months ended 3/31/99, sales decreased 6 percent to $26.4 million. Net loss decreased 16 percent to $4.8 million. Revenues reflect lower volume sales of Easter decorations and egg dye kits. Earnings reflect the absence of special charges related to restructuring and lower selling, general and administrative expenses. 
Dag Media Inc. (Nasdaq : DAGM)Dag Media Inc., publishes and distributes two yellow page directories, the Jewish Israeli Yellow Pages and the Master Guide, in print and on the world wide web. These directories cover the New York metropolitan area. For the three months ended 3/31/99, net revenues increased from $987 thousand to $2 million. Net income increased from $146 thousand to $405 thousand. Results reflect an increase in the number, size and rates of advertisements sold and increased profit margins. 
Dow Jones & Co. (NYSE : DJ)Dow Jones is a provider of business news and information. DJ's operations are divided into print publishing, electronic publishing and general-interest community newspapers. For the three months ended 3/31/99, revenues fell 26 percent to $462.1 million. Net income rose 48 percent to $51.5 million. Revenues reflect the absence of Telerate. Net income benefited from a decline in average newsprint prices and lower headcount. 
Daily Journal Corporation (Nasdaq : DJCO)Daily Journal Corp. is primarily a gatherer and distributor of information through its publications and specialized information services. The Company also serves as a newspaper representative specializing in public notice advertising. For the six months ended 3/99, revenues rose 2 percent to $18.1 million. Net income fell 1 percent to $1.4 million. Revenues reflect acquisition of 80 percent of CHOICE Information Systems. Earnings suffered from increased CHOICE related and personnel costs. 
Central Newspapers, Inc. (NYSE : ECP)Central Newspapers is engaged in the publication and distribution of newspapers in the Indianapolis, Indiana and Phoenix, Arizona metropolitan areas. For the 13 weeks ended 3/28/99, revenues rose 4 percent to $193 million. Net income fell 2 percent to $20.1 million. Revenues reflect increased advertising revenues in full-run run-of-paper linage. Net income was offset by higher compensation costs related to merit increases as well as higher fringe benefit costs and performance based bonuses. 
Educational Development (Nasdaq : EDUC)EDUC, through its Publishing, Home Business and Library Divisions, is a distributor of a line of children's books and related matters to book, toy and gift stores, libraries and home educators. EDUC also engages in the publication and publishing of new book titles. For the nine months ended 11/98, net sales fell 12 percent to $13.6 million. Net income fell 21 percent to $1.2 million. Revenues suffered from a reduction in the compensation structure. Net income reflects increased S/G/A expenses. 
Easyriders, Inc. (AMEX : EZR)Easyriders, Inc. publishes 11 motorcycle, special interest, and lifestyle magazines. EZR also owns, operates and franchises retail stores and owns and operates the El Paso Bar-B-Que restaurant chain. For the three months ended 3/99, revenues increased from $214 thousand to $11 million. Net loss rose 49 percent to $1.8 million. Revenues reflect sales totalling $8.2 million from Paisano Companies. Higher loss reflects costs asscociated with Newriders and higher debt levels. 
Golden Books Family Ent. (OTC BB : GBFE)Golden Books Family publishes, produces, licenses and markets an extensive range of children's and family related entertainment products, including books, electronic storybooks, puzzles, educational workbooks and reference books. For the three months ended 3/99, revenues fell 25 percent to $34.8 million. Net loss applicable to Com. fell 46 percent to $12.5 million. Results reflect decreases in all three operating segments, offset by a $3.4 million gain on the sale of assets. 
Gannett Co., Inc. (NYSE : GCI)GCI publishes newspapers, operates broadcasting stations and cable television systems, and is engaged in marketing, commercial printing, a newswire service and data services. For the 13 weeks ended 3/28/99, revenues rose 4 percent to $1.25 billion. Net income fell 48 percent to $178.9 million. Revenues reflect newspaper acquisitions, increased advertising and strong revenues from USA TODAY and USA WEEKEND. Earnings reflect the absence of gains from the disposition of businesses. 
Gibson Greetings, Inc. (Nasdaq : GIBG)Gibson Greetings, Inc. designs, manufactures, and markets everyday and seasonal greeting cards, and paper partywares and related products. For the three months ended 3/99, revenues decreased 18 percent to $83.5 million. Net loss decreased 62 percent to $3.4 million. Results reflect decreased revenues at the Card Division and the sale of The Paper Factory unit. Lower loss reflects the absence of $26.1 million in restructuring charges for the outsourcing of manufacturing operations. 
Goodheart-Willcox Company (OTC BB : GWOX)GWOX publishes textbooks and workbooks on trade and tech-nical, family and consumer sciences, technology, and vocational subjects, primarily to state schools and community colleges. For the nine months ended 1/31/99, revenues decreased 5 percent to $15.6 million. Net income decreased 5 percent to $3 million. Revenues reflect the absence of state adoptions in the curriculum areas served by the Company's product line. Earnings suffered from increased SG&A expenses. 
Harcourt General, Inc. (NYSE : H)Harcourt General publishes books, scholarly journals and related materials in both print and electronic media for the educational, scientific, technical, medical, professional and trade markets. For the six months ended 4/30/99, revenues rose 11 percent to $2.14 billion. Net loss applicable to Common rose 35 percent to $43.5 million. Revenues reflect higher sales at NETg and Drake Beam Morin. Higher loss reflects lower margins and higher effective interest rate and borrowings. 
Harte-Hanks, Inc. (NYSE : HHS)Harte-Hanks, Inc. is a media company with two core businesses: direct marketing and advertising shoppers. For the three months ended 3/31/99, revenues rose 6 percent to $188.1 million. Earnings rose 9 percent to $15.3 million. Revenues reflect acquisitions, increased business with new and existing customers, and the sale of new products and services. Earnings also reflect decreases in advertising, selling, general and administrative expenses, and lower interest expense. 
Hollinger, Inc. (Nasdaq : HLGCF)HLGCF, a multinational newspaper company, publishes, prints and distributes newspapers and magazines through its subsidiaries in Canada, the U.S., the U.K., Australia and Israel. For the three months ended 3/31/99, total revenues increased 3 percent to C$811.7 million. Net income applicable to Common according to U.S. GAAP increased 41 percent to C$103.4 million. Revenues reflect increased advertising sales. Net income also reflects lower operating costs due to improved efficiencies. 
Hollinger International (NYSE : HLR)Hollinger International, through its subsidiaries, is a publisher of English-language newspapers in the U.S., U.K., Canada, and Israel. For the three months ended 3/31/99, revenues fell 2 percent to $524.7 million. Net income avail. to Common before extraordinary items rose 15 percent to $144.9 million. Revenues reflect declines in the Community Group division due to the two sales of 45 community newspapers. Earnings reflect lower salary and newsprint costs and increased other income. 
Healthy Planet Products (AMEX : HPP)Healthy Planet Products designs, publishes, markets and distributes greeting cards, stationery and other gift items throughout the U.S. and Canada. For the fiscal year ended 12/31/98, net sales decreased 11 percent to $3.6 million. Net loss rose 71 percent to $3.2 million. Revenues reflect decreased holiday and everyday boxed card sales. Higher loss reflects increased inventory reserves and increased costs associated with the launch of the new collectibles line. 
Houghton Mifflin Company (NYSE : HTN)Houghton Mifflin publishes textbooks and other educational materials for the school and college markets. HTN is also engaged in general publishing including fiction and children's books. For the three months ended 3/31/99, net sales increased 18 percent to $84.3 million. Net loss rose 1 percent to $37 million. Revenues benefitted from higher K-12 Publishing segment. Higher loss reflects additional sales staff and cost related to the Year 2000 computer issue. 
HyperMedia Communications (OTC BB : HYPR)HyperMedia Communications provides integrated information services to the corporate digital content market. HYPR publishes NewMediaMagazine, the first periodical dedicated solely to interactive multimedia technology. For the three months ended 3/99, revenues fell 33 percent to $1.2 million. Net loss rose from $370 thousand to $739 thousand. Results reflect a reduction in publishing frequency of NewsMedia, lower advertising sales on NewsMedia and higher interest cost. 
IDG Books Worldwide, Inc. (Nasdaq : IDGB)IDG Books Worldwide, Inc. is a publisher of computer, business and self-help books designed to make learning accessible and fun. IDGB publishes its books in two general publishing groups: For Dummies(R) and IDG Books Technology. For the six months ended 3/27/99, net revenues rose 14 percent to $82 million. Net income rose 13 percent to $7.7 million. Results reflect higher sales from both groups. Net income was partially offset by a retail marketing incentive program. 
Information Holdings Inc. (NYSE : IHI)Information Holdings Inc. is an information publishing business focused on providing essential information to professional and academic end-users in certain niche markets. For the three months ended 3/31/99, revenues increased 12 percent to $12.1 million. Net income rose 85 percent to $1.1 million. Revenues reflect increased electronic product revenues and higher Internet sales of patent information. Earnings also reflect decreased amortization of intangibles. 
Individual Investor Group (Nasdaq : INDI)INDI is engaged in providing market and financial information to investors through Individual Investor Online, InsiderTrader.com, Individual Investor, Individual Investor Special Situations Report, and Ticker. For the fiscal year ended 12/31/98, total revenues rose 3 percent to $15.3 million. Net loss from continuing operations rose 49 percent to $7.8 million. Revenues reflect increased online services revenues. Loss reflects costs associated with the continuing development of the Company's web site. 
New World Publishing (OTC BB : ISPS)New World Publishing plans to engage in two lines of business: the wholesale distribution of picture frames and the publishing of art works on behalf of various artists. No operations are currently being carried on by the Company. For the fiscal year ended 12/31/98, the Company reported no revenues. Net loss totalled $11 thousand, up from $4 thousand. Higher loss reflects increased accounting and legal and filing and transfer fees. 
Intervisual Books, Inc. (Nasdaq : IVBK)Intervisual Books, Inc. is engaged in the creating, packaging and production of pop-up and dimensional novelty books. For the three months ended 3/31/99, revenues rose 16 percent to $1.5 million. Net loss fell 17 percent to $383 thousand. Revenues benefitted from increased foreign sales. Lower loss reflects an improved gross profit margin and higher general and administrative expenses due to salary and staff reductions and lower distribution costs. 
Journal Register Company (NYSE : JRC)Journal Register publishes 24 small metropolitan, suburban daily and 185 suburban and community non-daily newspapers serving markets in NY, CT, OH, PA, MO and central New England. For the three months ended 3/31/99, revenues rose 23 percent to $109.9 million. Net income fell 7 percent to $7.9 million. Revenues reflect increases in advertising, circulation and commercial printing revenues due to recent acquisitions. Earnings were offset by lower margins and acquisition-related expenses. 
John Wiley & Sons (NYSE : JWa)John Wiley and Sons, Inc. develops, publishes, and markets products in print and electronic format for the edu-cational, scientific, technical, professional and trade mar-kets in the U.S. and internationally. For the nine months ended 1/31/99, revenues rose 9 percent to $383.7 million. Net income rose 3 percent to $33.2 million. Revenues reflect improvements in the Company's core publishing programs. Net income was partially offset by the economic downturn in Asia and the strong U.S. dollar overseas. 
Knight-Ridder, Inc. (NYSE : KRI)Knight-Ridder is engaged in newspaper publishing, news and information services and graphics and photo services. KRI publishes 31 daily and 21 nondaily newspapers in 28 U.S. markets and maintains 45 associated Web sites. For the three months ended 3/28/99, revenues rose 4 percent to $770.8 million. Net income from continuing operations fell 38 percent to $62.9 million. Revenues reflect increases in all advertising categories. Earnings were offset by lower margins. 
Lee Enterprises, Inc. (NYSE : LEE)Lee Enterprises, Inc. is in the business of newspaper publishing and television broadcasting. Total revenues for the six months ended 3/31/99 increased 5 percent to $123.6 million. Net income increased 8 percent to $31.6 million. Revenues reflect an increase in advertising inches and an increase in political advertising. Earnings reflect increased operating margins in the broadcasting sector and lower corporate costs as a  percentage of revenues. 
LottoWorld, Inc. (OTC BB : LTTO)LTTO publishes and distributes ``LottoWorld'', a mag-azine that deals with all aspects of lottery games, news, and information. The magazine is distributed in 48 states, the District of Columbia, and 12 foreign countries. For the nine months ended 9/97, revenues fell 54 percent to $310 thousand. Net loss applicable to Common fell 13 percent to $2.5 million. Revenues reflect the suspension of printing the publications. Loss reflects insufficient working capital. 
Meredith Corporation (NYSE : MDP)Meredith Corporation is a diversified media company involved in magazine and book publishing, television broadcasting, and integrated marketing programs. For the nine months ended 3/31/99, total revenues increased 4 percent to $765.9 million. Net income increased 15 percent to $66.3 million. Revenues reflect acquisitions and higher advertising revenues from fox affiliates. Earnings reflect a $2.4 million gain from disposition and the absence of costs from the real estate operation. 
Media General, Inc. (AMEX : MEGa)MEG.A is a communications company with interests in newspapers, broadcasting, cable TV, newsprint production and diversified information services. Revenues for the 13 weeks ended 3/28/99 decreased 2 percent to $191.8 million. Net income from continued operations fell 23 percent to $6.9 million. Revenues reflect decreased Newsprint Segment revenues due to lower selling price per ton and a decline in tons sold. Earnings also suffered from higher programming and compensation costs. 
Media Source, Inc. (OTC BB : MESH)Media Source, Inc. creates and distributes books emphasizing leisure and educational reading with wholesome, family-oriented values and themes. For the three months ended 3/31/99, revenues rose 82 percent to $887 thousand. Net loss from continuing operations decreased 54 percent to $90 thousand. Results reflect the absence of a change in marketing strategy and increased sales of backlist book titles, partially offset by increased selling, general and administrative expenses. 
McGraw-Hill Companies Inc (NYSE : MHP)MHP is a multimedia publishing and information company which employs a broad range of media, including books, magazines, newsletters, software, on-line data services, CD-ROMs, fax and TV broadcasting. For the three months ended 3/99, revenues rose 2 percent to $716.5 million. Net income rose 21 percent to $24.4 million. Revenues reflect growth in the Financial Services segment. Earnings reflect effective cost controls and the sale of the Information Technology and Communications Group. 
Millbrook Press, Inc. (Nasdaq : MILB)MILB is a publisher of children's nonfiction books, in both hardcover and paperback, for the school and public library market and the consumer market. For the nine months ended 4/30/99, net sales increased 15 percent to $13.5 million. Net income decreased 72 percent to $155 thousand. Revenues benefitted from increases in consumer, school and library and special sales. Earnings were offset by lower margins and increased selling and marketing expenses as a  percentage of sales. 
McClatchy Company (NYSE : MNI)MNI and its subsidiaries are engaged primarily in the publication of newspapers located in Minnesota, Alaska, California, Washington, and the Carolinas. For the three months ended 3/28/99, total revenues increased 58 percent to $258.4 million. Net income rose 47 percent to $13.6 million. Revenues reflect increased advertising rates and a higher number of daily subscribers. Net income was partially offset by increased interest expense due to debt incurred as a result of the acquisition. 
News Communications, Inc. (Nasdaq : NCOM)News Communications, Inc. publishes and distributes advertiser supported, community oriented newspapers and related targeted audience publications. For the three months ended 2/28/99, revenues rose 4 percent to $3.3 million. Net loss applicable to Common rose 10 percent to $1.1 million. Revenues suffered from lower sales of the Manhattan papers and the Nassau papers. Higher loss also reflects increased interest expense due to increased borrowings. 
News Corporation Limited (NYSE : NWS)The News Corporation Limited is a diversified international communications company engaged in the production and distribution of motion pictures, television broadcasting, publication of newspaper, magazines and books. For the fiscal year ended 6/98, revenues rose 10 percent to A$14.39 billion. Net income applicable to Common totalled A$1.6 billion, up from A$677 million. Results reflect growth of US filmed entertainment, TV segments and UK Newspapers, and profitability at Harper Collins. 
New York Times Co. (NYSE : NYT)New York Times CO, is a diversified media company including newspapers, magazines, television and radio stations, electronic information and publishing and interests in forest products. For the three months 3/28/99, total revenues increased 2 percent to $739.1 million. Net income decreased 5 percent to $61.4 million. Revenues reflect increased advertising revenues due to higher rates and volumes. Net income reflects the absence of $4.6 million in equipment sale gains. 
Publishing Co. of NA (Nasdaq : PCNA)The Publishing Company of North America is primarily engaged in the publishing of city, county and state bar association print directories throughout the United States and selling advertising in those directories. For the three months ended 3/31/99, net sales fell 27 percent to $1.4 million. Net income totalled $28 thousand vs. a loss of $239 thousand. Results reflect a reduced number of directories published, offset by reductions in marketing and selling expenses. 
Palm Desert Art, Inc. (OTC BB : PDAP)Palm Desert Art, Inc. is in the business of publishing and distributing its artwork to independent art galleries throughout the country. The Company also owns an art gallery in Palm Desert, CA. For the nine months ended 1/99, net sales totalled $1.8 million, up from $484 thousand. Net income totalled $210 thousand, up from $91 thousand. Revenues reflect the Company's promotional activities. Net income was partially offset by increased promotional costs. 
Playboy Enterprises, Inc. (NYSE : PLA)Playboy Enterprises, Inc. operates in six industry segments: Publishing, Catalog, Entertainment, Product Marketing, Playboy Online, and Gaming. For the three months ended 3/31/99, revenues increased 3 percent to $73.6 million. Net loss totalled $1 million vs. income of $60 thousand. Revenues benefitted from an increase in revenue from Playboy magazine and Playboy TV satellite direct-to-home. Losses reflect an increase in marketing expenses. 
Penton Media, Inc. (NYSE : PME)Penton Media Inc. is a business media company that publishes magazines and electronic media, produces trade shows and conferences, and provides marketing and business development products and services. For the three months ended 3/31/99, revenues rose 11 percent to $58.3 million. Net loss totalled $2.8 million vs. an income of $2.3 million. Results reflect the acquisitions of DM Publishing and Mecklermedia, offset by increased amortization related to acquisitions. 
Princeton Media Group Inc (OTC BB : PMGIF)Princeton Media Group, Inc. operates a publishing and printing business that owns, publishes and prints 25 lifestyle and special interest magazines throughout the U.S. and internationally. For the fiscal year ended 12/31/98, revenues fell 27 percent to $11.4 million. Net loss applicable to Common totaled $7.8 million, up from $3.6 million.Revenues suffered from lower magazine sales and subscriptions. Higher loss reflects the discontinuation of operations of Princeton and Firestone. 
Primedia, Inc. (NYSE : PRM)PRM provides specialized information for targeted audiences in the education, business and special interest consumer markets. Products include Seventeen, Soap Opera Digest, and Ward's. For the three months ended 3/31/99, revenues rose 19 percent to $411.1 million. Net loss applicable to Common rose 78 percent to $59.3 million. Revenues reflect acquisitions and a positive advertising and circulation environment. Higher loss reflects a $22 million provision for product line closures. 
Pulitzer Inc. (NYSE : PTZ)Pulitzer Inc. is engaged in newspaper publishing and related new media activities. The Company's newspaper operations include the St. Louis Post-Dispatch and the Arizona Daily Star, as well as other smaller community newspapers. For the three months ended 3/31/99, total revenues rose 5 percent to $94.4 million. Net loss from continuing operations totalled $8.5 million vs. an income of $5.8 million. Results reflect increased advertising revenues, offset by $26.7 million in option costs. 
Reader's Digest Assoc. (NYSE : RDA)RDA engages in publishing and direct marketing, creating and delivering products, including magazines, books, recorded music collections, home videos and other products. For the nine months ended 3/99, revenues fell 3 percent to $1.95 billion. Net income applicable to Com. before accounting change totalled $114 million, up from $12.5 million. Revenues reflect lower unit sales and adverse foreign currency exchange rates. Earnings reflect a reduction in promotion and product costs. 
Reed International, plc (NYSE : RUK)Reed International, plc is a publisher and information provider, including scientific, professional, business to business and consumer publishing. For the fiscal year ended 12/31/97, net sales rose 1 percent to L3.42 billion. Net income according to U.S. GAAP fell 91 percent to L43M. Revenues reflect the impact of acquisitions, offset by certain minor non-core disposals. Earnings suffered from the inclusion of a provision for Reed Travel Group customer compensation and related expenses. 
Scholastic Corporation (Nasdaq : SCHL)Scholastic Corp. is a publisher and distributor of children's books, classroom and professional magazines, and other educational materials in the U.S., U.K., Canada, Hong Kong, Australia, New Zealand, India and Mexico. For the nine months ended 2/28/99, revenues rose 8 percent to $820.7 million. Net income rose 48 percent to $14.4 million. Revenues reflect an increase in domestic book publishing revenues. Net income reflects a change in product mix and improved purchasing terms. 
E.W. Scripps Company NEW (NYSE : SSP)The E.W. Scripps Co. publishes daily newspapers, operates television stations and cable TV systems, produces TV programming and licenses comic characters. For the three months ended 3/31/99, revenues rose 8 percent to $373.4 million. Net income rose 28 percent to $32 million. Revenues reflect higher advertising revenue and subscriber fees due to the growth of Home and Garden Television. Net income also reflects decreased compensation expenses as a  percentage of revenues. 
Times Mirror Company  NEW (NYSE : TMC)Times Mirror Company is engaged in the newspaper publishing, professional information and magazine publishing businesses. For the three months ended 3/31/99, total revenues rose 4 percent to $746 million. Net income from continuing operations applicable to Common rose 7 percent to $43.4 million. Revenues reflect growth in the Company's newspaper publishing and magazine publishing segments. Net income reflects lower employee related costs. 
Thomas Nelson, Inc. (NYSE : TNM)TNM publishes, produces, and distributes Christian oriented books. TNM also designs, manufactures, and markets a broad line of gift and stationery products. For the nine months ended 12/31/98, revenues rose 3 percent to $193 million. Net income fell 2 percent to $9.8 million. Revenues reflect increased gift products sales to mass merchandisers and speciality stores. Net income was offset by higher selling, general and administrative expenses due to the absences of fees. 
Tomorrow's Morning, Inc. (OTC BB : TOMM)TOMM, a development stage company, publishes a weekly four-page, full-color home/school delivery newspaper, which is published for children between eight and 14 years old. For the nine months ended 3/31/98, revenues totalled $274 thousand, up from $19 thousand. Net loss totalled $6 million, up from $1.3 million. Revenues benefitted from the result of the 1997 Advertising Campaigns. Higher loss reflects the inclusion of $2 million in non-cash option compensation and consulting fees. 
Tribune Company (NYSE : TRB)TRB is a media company engaging in the publishing of newspapers, books, educational materials and information in print and digital formats, and the broadcasting, development and distribution of information and entertainment in the U.S. For the three months ended 3/28/99, revenues rose 7 percent to $719.9 million. Net income applicable to Common rose from $65.4 million to $338.6 million. Results benefited from acquisitions, higher advertising revenues, and sales of subsidiary and investments. 
TRO Learning, Inc. (Nasdaq : TUTR)TRO Learning develops and markets microcomputer-based, interactive, self-paced instructional systems used in a wide variety of adult settings. For the six months ended 4/30/99, revenues fell 10 percent to $15.2 million. Net loss applicable to Common fell 14 percent to $2.9 million. Revenues reflect the absence of Aviation Training revenues. Lower loss reflects the increased mix of higher margin courseware and professional services revenues and lower S/G/A expenses. 
United News & Media plc. (Nasdaq : UNEWY)UNEWY operates in four type of businesses: Consumer Publishing, Broadcasting and Entertainment, Business Services, and Financial Services. UNEWY operates primarily in the U.K. and U.S. but increasingly in Europe and Asia. Operations include newspapers, broadcasting, Brokerage, and Magazines. For the fiscal year ended 12/97, revenues rose 14 percent to L2.27 billion. Net income before U.S. GAAP rose 82 percent to L277.1 million. Results reflect higher advertising revenues and acquisitions. 
Washington Post Co. (NYSE : WPO)The Washington Post Co. is engaged in newspaper (The Washington Post) and magazine (Newsweek) publishing, T.V. broadcasting and cable T.V. systems. For the 13 weeks ended 4/4/99, sales rose 8 percent to $520.4 million. Net income applicable to Common fell 78 percent to $44.7 million. Revenues benefited from increased subscriber revenue due to acquisitions. Net income was offset by the abcense of a $258.1 million gain from the disposition of Cowles Media Company. 
Ziff-Davis Inc. (NYSE : ZD)Ziff-Davis Inc. is a media and marketing company that provides information on computing and technology, including the Internet. ZD is focused on print publishing, trade shows, Internet, market research, education and television. For the three months ended 3/31/99, revenues fell 6 percent to $214.1 million. Net loss totalled $37.8 million, up from $5.1 million. Results reflect the closing of three magazines, increased stock-based compensation and a reduced income tax benefit.%}
%back{%instance: 
Ballantyne of Omaha, Inc. (NYSE : BTN)Ballantyne of Omaha is a developer, manufacturer and distributor of commercial motion picture equipment and long-range follow spotlights in the U.S. and abroad. The Company also rents and leases entertainment lighting and restaurant equipment. For the three months ended 3/31/99, net revenues rose 17 percent to $20.2 million. Net income fell 3 percent to $1.8 million. Results reflect higher sales of commercial motion picture projection equipment, offset by increased interest expense. 
Canon, Inc. (Nasdaq : CANNY)Canon, Inc. is engaged in the industries of elec-tronics and precision engineering. The Company's products include business machines, cameras, and optical products. For the fiscal year ended 12/31/98, revenues rose 2 percent to Y2.826T. Net income fell 8 percent to Y109.57 billion. Revenues benefitted from increased sales of computer peripherals, cameras, copying machines, and business machines. Earnings were offset by an increase in research and development expenditures. 
Chyron Corporation (NYSE : CHY)Chyron Corp. develops, manufactures, markets and supports a broad range of equipment, software and systems that facilitate the production and enhance the presentation of live and pre-recorded video, audio and other data. For the three months ended 3/99, net sales fell 30 percent to $15 million. Net loss totalled $1.9 million vs. income of $34 thousand. Revenues reflect lower volume levels. Net loss reflects a decreased gross profit due to a lower level of absorption of overhead costs. 
CPAC, Inc. (Nasdaq : CPAK)CPAC, Inc. manufactures, markets and distributes prepackaged chemical formulations, supplies and equipment to the imaging industry and cleaning and personal products for industrial and consumer use. For the nine months ended 12/98, net sales rose 7 percent to $84.3 million. Net income fell 22 percent to $4.4 million. Revenues reflect a full period's results from Cleaning Technologies Group. Earnings were offset by greater S/G/A due to higher UPS shipping rates and increased marketing. 
Camera Platforms Int'l. (OTC BB : CPFR)Camera Platforms International designs, manufactures, sells, leases and rents a variety of production equipment for the film and video industries. For the three months ended 3/31/99, revenues fell 40 percent to $357 thousand. Net loss from continuing operations decreased 5 percent to $465 thousand. Revenues reflect the sale of Shotmaker Sound and lower dolly and crane rental revenues. Lower loss reflects reductions in payroll, advertising and legal expenses. 
CPI Corp. (NYSE : CPY)CPI Corp. operates portrait studios with 1,027 locations in the U.S., Canada and Puerto Rico. The Co. also offers posters, prints, frames and frame services in the U.S. For the fiscal year ended 2/6/99, sales rose 6 percent to $389.5 million. Net income rose 73 percent to $21.9 million. Revenues reflect higher prices and traffic at portrait studios and new products offered at Wall Decor. Earnings reflect the absence of losses from the Fox joint venture and from the sale of photofinishing segment. 
Eastman Kodak Company (NYSE : EK)Eastman Kodak primarily develops, manufactures and markets consumer and commercial imaging products. For the three months ended 3/99, revenues rose 6 percent to $3.10 billion. Net income fell 15 percent to $191 million. Revenues benefitted from strong volume gains for consumer films in both the US and worldwide market. Earnings were offset by a lower gross profit margin due to lower prices, increased goodwill amortization and the integration of the lower margin medical imaging business. 
Seattle FilmWorks, Inc. (Nasdaq : FOTO)FOTO is a direct-to-consumer marketer and provider of high-quality amateur photofinishing and digital imaging services and products, including Internet-related services. For the six months ended 3/27/99, net revenues fell 7 percent to $40.8 million. Net loss totalled $3.6 million vs. an income of $2.7 million. Results reflect decreased photofinishing revenues due to competition from lower retail pricing of major film brands, lower gross margins, increased marketing and higher S/G/A. 
Spatialight, Inc. (OTC BB : HDTV)HDTV develops, designs, manufactures and markets miniature high-resolution active matrix liquid crystal displays for computer, video, and other applications. For the three months ended 3/31/99, revenues totalled $32 thousand, up from $0. Net loss decreased 7 percent to $918 thousand. Revenues reflect the sales of developer kits. Lower loss reflects improved gross margins and lower research and development expenses due to a decrease in bonus expense, materials and supplies. 
Imatec, Ltd. (OTC BB : IMEC)Imatec, Ltd., a development stage company, which develops, markets and licenses image reproduction and enhancement products for use in medical imaging, graphic arts, computers, cinematography and televisio/video markets. For the fiscal year ended 12/31/98, the Company reported no revenues. Net loss decreased 48 percent to $777 thousand. Results reflect lower R&D expenses and decreased personnel and professional fees. 
Concord Camera Corp. (Nasdaq : LENS)LENS designs, manufactures, markets, and distributes conventional and single use 35mm, advanced Photo System, and 110 film cartridge cameras and related accessories worldwide. For the six months ended 1/2/99, net sales rose 21 percent to $62.1 million. Net income rose 54 percent to $4.8 million. Revenues reflect higher sales to retail and OEM customers. Earnings also reflect the benefits from the consolidation of warehouse facilities, and lower general and administrative expenses. 
Moto Photo, Inc. (Nasdaq : MOTO)MOTO franchises and owns stores offering one-hour photo processing services and related services/merchandise. As of 12/98, MOTO operated 427 stores. For the fiscal year ended 12/31/98, revenues decreased 11 percent to $37.2 million. Net income applicable to Common remained flat at $1.4 million. Revenues reflect decreased Company store sales due to fewer Company stores operated. Net income reflects decreased S/G/A expenses due to reduced bonuses paid. 
Out-Takes, Inc. (OTC BB : OUTT)Out-Takes, Inc. is engaged in the sale of photographic portraits of children, adults and family groups through a retail studio located in MCA/Universal's CityWalk project in Los Angeles, CA. For the nine months ended 12/31/98, revenues fell 36 percent to $632 thousand. Net loss decreased 62 percent to $247 thousand. Revenues reflect lower photographic studio revenues due to closure of the Irvine Studio. Lower loss reflects lower operating costs due to the Irvine closure. 
PCA International, Inc. (OTC BB : PCAI)PCA International, Inc. is a holding company engaged in the sale and processing of photographic color portraits of children, adults and families. For the fiscal year ended 1/99, sales decreased 7 percent to $227.1 million. Net loss totalled $16.2 million vs. an income of $8.7 million. Revenues reflect the discontined operations and reorganization activities related to the integration of American Studios. Loss reflects $25.9 million in merger related costs and expenses. 
Pinnacle Systems, Inc. (Nasdaq : PCLE)Pinnacle Systems, Inc. designs, manufactures, markets and supports computer based video post-production tools to serve the broadcast, desktop and consumer markets. For the nine months ended 3/31/99, net sales rose 51 percent to $111.6 million. Net income totalled $9.1 million vs. a loss of $10.6 million. Revenues reflect expanded desktop product lines and increased sales of PCTV. Earnings also reflect a decrease of $10.4 million of in-process R and D costs. 
Photo Control Corporation (Nasdaq : PHOC)Photo Control Corporation designs, manufactures and markets professional cameras, package printers, electronic flash equipment and photographic accessories. For the three months ended 3/31/99, revenues decreased 6 percent to $1.8 million. Net loss decreased 68 percent to $200 thousand. Revenues reflect decreased ZIII camera sales and lower printer product sales due to market saturation. Lower loss reflects higher margins due to full-integration of the flash equipment product line. 
Polaroid Corporation (NYSE : PRD)Polaroid Corp., designs, develops, manufactures and markets instant and digital imaging products, photographic cameras and films, videotapes, light polarizing filters and lenses, and commercial films. For the three months ended 3/99, sales fell 3 percent to $379 million. Net loss increased 77 percent to $30.8 million. Revenues reflect a worldwide decline in instant camera and film sales, partially offset by increased domestic sales. Loss also reflects a $35 million non-cash charge related to SDIS. 
PrimeSource Corporation (Nasdaq : PSRC)Primesource is a national distributor and systems integrator, serving the printing, publishing and graphic arts industries. The Co.'s products include film, plates, proofing materials, photographic chemicals, printing presses and desktop publishing. For the three months ended 3/31/99, revenues rose 37 percent to $139 million. Net income rose 11 percent to $1.2 million. Results reflect the Bell acquisition and internal growth. Earnings were partially offset by product mix changes. 
Panavision Inc. (NYSE : PVI)Panavision Inc. designs, manufactures and rents high-precision film camera systems, comprising cameras, lenses and accessories, for the motion picture and television industries. For the three months ended 3/31/99, revenues rose 9 percent to $47 million. Net loss totalled $6.1 million vs. income of $2.5 million. Revenues reflect higher camera rental and sales revenue due to higher production in the Los Angeles market. Net loss reflects a higher interest expense ($10.2 million vs. $2.3 million). 
Showscan Entertainment (OTC BB : SHOW)Showscan Entertainment is a provider of movie-based motion simulation theatre attractions, combining the exhibition of a short action film with multi-channel sound systems and synchronized theatre seat movement. For the nine months ended 12/31/98, revenues fell 19 percent to $5.8 million. Net loss decreased 51 percent to $2.9 million. Revenues reflect a decrease in the number of Showscan Atrractions shipped. Lower loss reflects higher margins and a reduction in the number of employees. 
Videolabs, Inc. (Nasdaq : VLAB)Videolabs, Inc. designs and manufactures image capture, transmission and manipulation devices for use as components of systems for identification, medical, desktop computer video, and computer-based and non-computer based solutions. For the fiscal year ended 12/98, sales fell 11 percent to $6.2 million. Net loss totalled $196 thousand vs. income of $753 thousand. Results reflect increased competition in European markets and costs related to acquiring the Healthcare Division. 
Walker International (OTC BB : WINT)Walker International is engaged in various aspects of the photography business including film processing and maintaining a portrait studio. For the three months ended 02/28/99, revenues decreased 59 percent to $226 thousand. Net loss totalled $12 thousand vs. income of $47 thousand. Revenues suffered from a Macy's decision to discontinue using the Company's services. Loss also reflects the increased cost of sales as a  percentage of sales and lower investment income.%}
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Angelica Corporation (NYSE : AGL)Angelica Corp., provides textile rental and laundry services to healthcare institutions, hotels and restaurants. The Co. also manufactures uniforms and operates a chain of retail stores for nurses and other health care professionals. For the three months ended 5/1/99, total revenues fell 6 percent to $121.1 million. Net income rose 3 percent to $2.5 million. Revenues reflect increased customer losses and deep discounting in certain areas. Earnings reflect lower interest expense. 
Ambassadors International (Nasdaq : AMIE)AMIE organizes, markets and operates international educational travel programs for students and adults. AMIE also provides performance improvement tools. For the three months 3/31/99, revenues increased 65 percent to $5 million. Net loss decreased 9 percent to $1.2 million. Revenues reflect the acquisitions made in 1998 and a higher number of participants in the Education Group. Lower losses reflect an increase in interest income due to the Company's secondary offering. 
Bright Horizons Family (Nasdaq : BFAM)Bright Horizons Family Solutions provides workplace services for employers and families including childcare, early education and strategic worklife consulting throughout the United States. For the three months ended 3/31/99, revenues rose 20 percent to $58.5 million. Net income rose 39 percent to $1.9 million. Revenues reflect the addition of child development centers and growth in the exisiting base of centers. Earnings also reflect an improved gross profit margin. 
CareerBuilder, Inc. (Nasdaq : CBDR)CareerBuilder, Inc. provides comprehensive online recruitment product and service offerings for employers and job seekers. For the three months ended 3/31/99, revenues totalled $2.8 million, up from $1.1 million. Net income applicable to Common rose 48 percent to $4.9 million. Revenues reflect an increase in the number of customers subscribing to the CareerBuilder Network. Higher loss reflects a lower gross profit margin and increased sales and marketing expenses. 
Cendant Corporation (NYSE : CD)CD operates in the membership, travel and real estate services. CD offers services such as shopping, travel, car rental, tax services and real estate brokerage services. For the three months ended 3/31/99, revenues rose 17 percent to $1.3 billion. Net income from continuing operations decreased 8 percent to $181.4 million. Revenues reflect growth in the volume of mortgage services provided. Earnings suffered from higher debt levels and costs related to RAC Motoring acquisition termination. 
Carriage Services, Inc. (NYSE : CSV)Carriage Services, Inc. owns and operates funeral homes and cemeteries throughout the US. The Company provides professional services related to funerals and interments at its funeral homes and cemeteries. For the three months ended 3/99, revenues rose 49 percent to $41.9 million. Net income applicable to Common rose 74 percent to $4.3 million. Results reflect acquired operations and increased efficiencies from consolidation and other cost savings. 
Childtime Learning Center (Nasdaq : CTIM)Childtime Learning Centers, Inc. provides for-profit child care through 270 child care centers, as of 4/99, located in 19 states and the District of Columbia. For the fiscal year ended 4/2/99, revenues increased 15 percent to $113 million. Earnings rose 17 percent to $5.1 million. Revenues benefitted from new centers opened and comparable center growth. Earnings also reflect lower general and administrative expenses as a  percentage of sales and an increase in other income. 
Cheap Tickets, Inc. (Nasdaq : CTIX)CTIX provides various travel services, including airline tickets, cruise tickets, auto rentals and hotel reservations. For the three months ended 3/31/99, total revenues rose 87 percent to $60.5 million. Net income applicable to Common totalled $267 thousand vs. a loss of $103 thousand. Results reflect strong industry-wide growth in the leisure travel market, higher sales over the Internet, greater brand name recognition, higher margins and decreased S/G/A as a  percentage of sales. 
CutCo Industries, Inc. (OTC BB : CUTC)CutCo Industries engages in the operation of hair care salons under the names of ``Freestyle'', ``Haircrafters'', and ``Great Expectations Precision Haircutters''. For the nine months ended 3/31/99, revenues decreased 12 percent to $5.7 million. Net income totalled $634 thousand vs. a loss of $652 thousand. Revenues reflect sales and disposition of salons and decreased royalties and service fees. Net income reflects improved margins, increased investments and gains from the sale of salons. 
Ecomat, Inc. (OTC BB : ECMT)Ecomat, Inc. and its subsidiaries have developed and operate a wet-cleaning process, which is an environmentally sound alternative to current dry cleaning methods. The Company's subsidiaries consist of two full-service Ecomat cleaners and a franchisor. For the nine months ended 9/30/98, total revenues decreased 53 percent to $219 thousand. Net loss increased 40 percent to $2 million. Revenues reflect lower cleaning and laundry services. Loss also reflects a $207 thousand loss on sale of assets. 
FTI Consulting, Inc. (AMEX : FCN)FTI Consulting provides litigation support consulting services including visual communications, engineering services and trial consulting that assist attorneys and corporations in developing their trial themes and strategies. For the three months ended 3/99, revenues rose 42 percent to $20 million. Net income fell 49 percent to $559 thousand. Revenues reflect various acquisitions. Earnings were offset by increased interest expenses related to acquisitions. 
Navigant International (Nasdaq : FLYR)FLYR provides corporate travel management services to the U.S., Canada and the U.K., offering reservations by phone, fax, e-mail and the Internet and ticketing, accounting and other services. For the comparable three months ended 3/28/99, revenues rose 45 percent to $54.6 million. Net income rose 96 percent to $3.5 million. Revenues reflect contributions from companies acquired since the prior period. Earnings also reflect higher margins and decreased S/G/A as a  percentage of sales. 
G & K Services, Inc. (Nasdaq : GKSRA)GKSRA manufactures uniform garments and is also a full service uniform rental provider. GKSRA also provides rental of floormats, dust mops and cloths, wiping towels and linen items. For the nine months ended 3/27/99, revenues rose 3 percent to $387.1 million. Net income rose 18 percent to $27.3 million. Revenues reflect the acquisition of National Linen Service's uniform and linen rental operations. Earnings also reflect improved margins for all components of rental operations. 
Global Outdoors, Inc. (OTC BB : GLRS)GLRS owns and operates The Outdoor Channel, the first national television network devoted primarily to traditional outdoor activities, such as hunting, fishing, shooting sports, rodeo and recreational gold prospecting. For the three months ended 3/98, revenues decreased 12 percent to $1.1 million. Net income totalled $120 thousand vs. a loss of $387 thousand. Results reflect decreased merchandise sales, offset by gains on the sale of subsidiary stock. 
Gilman & Ciocia (Nasdaq : GTAX)GTAX provides income tax preparation and financial planning services primarily to individuals, and direct mail services through its Progressive Mailing Services division. For the six months ended 12/31/98, total revenues rose 38 percent to $11.9 million. Net loss rose 8 percent to $198 thousand. Revenues reflect higher sales of financial planning services and additional affiliated financial planners. Loss reflects increased commissions payable and higher S/G/A costs due to expansion of operations. 
Global Vacation Group (NYSE : GVG)Global Vacation Group is a provider of value-added vacation products and services targeted to higher-income travelers. The Company assembles air, hotel, rental car and other travel components in bulk and provides complete vacations to travelers. For the three months ended 3/31/99, net revenues totalled $22.8 million, up from $2.5 million. Net loss before extraordinary item applicable to Common fell 30 percent to $1.5 million. Results reflect acquisitions, partially offset by depreciation. 
Hosoi Garden Mortuary (OTC BB : HGMI)Hosoi Garden Mortuary is engaged in the funeral and mortuary business, including the sale of pre-need funeral services contracts, serving principally persons of Japanese ancestry who follow a particular and special order of worship in accordance with their religious beliefs. For the nine months ended 2/28/99, revenues rose 6 percent to $2.1 million. Net income fell 26 percent to $716 thousand. Results reflect increased funeral revenues, offset by reduced equity earnings. 
Healthcore Medical Solut. (Nasdaq : HMSI)HMSI markets and administers a health care benefit services program designed to enable participants to obtain discounts on purchases of healthcare products and services through certain networks of health care providers. For the six months ended 3/31/99, revenues totalled $85 thousand, up from $36 thousand. Net loss rose 49 percent to $1.2 million. Results reflect increased annual membership fees, offset by staffing increases, and increased other expenses. 
H & R Block, Inc. (NYSE : HRB)H&R Block, Inc. prepares income tax returns, electronically files income tax returns and performs other tax related services. HRB also engages in the origination, purchase, servicing, securitization and sale of nonconforming mortgage loans. For the nine months ended 1/31/99, total revenues rose 48 percent to $447.7 million. Net loss from continuing operations fell 20 percent to $60.5 million. Results reflect the acquisition of Option One, offset by increased compensation and benefits expenses. 
Int'l Diversified Indust. (OTC BB : IDII)Int'l Diversified Industries offers reasonably priced back rubs to customers while they are seated and fully clothed in a clean, open, non-threatening environment. For the nine months ended 9/98, revenues totalled $1.2 million, up from $0. Net loss totalled $2.3 million, up from $250 thousand. Revenues benefitted from the reverse acquisition on 10/16/97. Higher loss reflects additional management and administrative support for the expanding franchise marketing and sales. 
800 Travel Systems, Inc. (Nasdaq : IFLY)IFLY is a telemarketing travel company which provides air transportation reservation services for domestic and international travelers through its toll-free numbers. For the fiscal year ended 12/31/98, total revenues rose 38 percent to $11.5 million. Net income totalled $302 thousand vs. a loss of $263 thousand. Revenues reflect higher gross reservations booked due to an increased volume of calls handled at the reservation centers. Earnings also reflects lower interest costs and higher interest income. 
Jenny Craig, Inc. (NYSE : JC)JC provides a comprehensive weight management program through a chain of Company-owned and franchised weight loss centres. For the six months ended 12/98, revenues fell 2 percent to $147.1 million. Net income totalled $2.1 million vs. a loss of $4.3 million. Revenues reflect a drop in the number of new participants enrolled and a lower number of franchise centers in operation. Earnings reflect the absence of a $3.5 million charge related to the separation of a former executive. 
New Horizon Kids Quest (Nasdaq : KIDQ)KIDQ develops, owns and operates supervised children's entertainment facilities under the name Kids Quest, and traditional child care centers under the name New Horizon. For the three months ended 3/99, revenues rose 9 percent to $4 million. Net loss totalled $176 thousand vs. income of $250 thousand. Revenues reflect the openings of two new Kids Quest's, an employee child care center and a New Horizon child care center since the prior period. Loss reflects lower margins and higher S/G/A. 
Children's Comp. Services (Nasdaq : KIDS)Children's Comprehensive Services provides a comprehensive continuum of services in both residential and non-residential settings for emotionally disturbed, behavior disordered, developmentally delayed or learning disabled youths. For the six months ended 12/98, revenues increased 17 percent to $51.2 million. Net income decreased 7 percent to $2 million. Revenues reflect new programs and acquisitions. Earnings were offset by increased employee compensation and benefits expenses. 
Legal Research Center (OTC BB : LRCI)Legal Research Center, Inc. provides outsourced legal and factual research, writing and support services to U.S. and Canadian attorneys in corporate and private prcatices. For the three months ended 3/99, revenues increased 84 percent to $820 thousand. Net income totalled $79 thousand vs. a loss of $104 thousand. Revenues reflect an increase in traditional research and writing services. Earnings benefitted from increased interest income. 
Loewen Group, Inc. (NYSE : LWN)The Loewen Group operates 1,115 funeral homes and 427 cemeteries in North America. The Company also operates three insurance subsidiaries as of 3/99. For the three months ended 3/99, revenues rose less than 1 percent to $310.8 million. Net income applicable to Com. before accounting change according to U.S. GAAP fell 81 percent to $5.4 million. Revenues reflect increased funeral services. Earnings were offset by increased interest expenses due to higher levels of debt. 
NAM Corporation (Nasdaq : NAMC)NAM Corp. provides arbitration/mediation services and related proprietary software to insurance companies, law firms, corporations and municipalities. For the six months ended 12/31/98, net revenues rose 7 percent to $2.1 million. Net loss increased from $230 thousand to $922 thousand. Revenues reflect an increase in the number of cases heard in all regions. Higher loss suffered from increased advertising and public relations expenditures and realized losses from investments. 
Pre-Paid Legal Services (NYSE : PPD)Pre-Paid Legal Services designs, underwrites, and markets pre-paid legal service contracts which encourage preventive/defensive use of legal services. For the three months ended 3/31/99, total revenues rose 18 percent to $44.6 million. Net income applicable to Common increased 67 percent to $8.8 million. Results benefitted from increased sales of new memberships and a higher average annual premium per membership. Earnings also reflects improved economies of scale. 
Preview Travel, Inc. (Nasdaq : PTVL)Preview Travel, Inc. is a provider of branded online travel services for leisure and small business travelers. For the three months ended 3/31/99, revenues rose from $2.3 million to $5.6 million. Net loss from continuing operations rose 21 percent to $5.5 million. Revenues reflect an increase in the customer base and gross bookings. Higher loss reflect the hiring of additional personnel for the development of online content and increased marketing and advertsing expenses. 
Questron Technology Inc. (Nasdaq : QUST)Questron Technology Inc. provides inventory logistics management programs and is a value-added distributor of fasteners and other small inventory parts. For the three months ended 3/31/99, revenues increased 86 percent to $19.3 million. Net income applicable to Common Stock increased 33 percent to $703 thousand. Revenues reflect the acquisitions of AFCOM, Fas-Tronics, Fortune and internal growth. Net income was partially offset by higher infrastructure costs. 
Regis Corporation (Nasdaq : RGIS)Regis Corporation is a owner, operator and franchisor of hair and retail product salons. As of 6/30/98, Regis operated 2,723 company-owned salons, 782 franchised Supercuts salons and 34 Trade Secret franchised salons. For nine months ended 3/31/99, total revenues rose 15 percent to $693.1 million. Net income rose 17 percent to $24.3 million. Revenues reflect increased same store sales from existing salons and net salon openings. Earnings also benefitted from improved margins. 
Service Corp. Int'l. (NYSE : SRV)SRV is a provider of death care services and operates 3,442 funeral services locations, 433 cemeteries and 191 cremetoria. SRV also provides financial services through its wholly owned subsidiary. For the three months ended 3/31/99, revenues rose 29 percent to $904.1 million. Net income before extraordinary item fell 61 percent to $41.9 million. Revenues benefited from an increase in the number of funeral services performed. Earnings reflect a $89.9 million restructuring charge. 
Stewart Enterprises, Inc. (Nasdaq : STEI)Stewart Enterprises provides funeral and cemetery products and services in the death care industry. STEI owns and operates 575 funeral homes and 143 cemeteries in 29 states, Puerto Rico and 10 countries. For the six months ended 4/30/99, revenues increased 27 percent to $385.2 million. Net income totalled $58.7 million vs. a loss of $4.1 million. Revenues reflect higher prices and improved merchandising. Earnings benefitted from the absence of stock option expenses. 
Steiner Leisure Limited (Nasdaq : STNR)STNR provides spa services, and skin and hair care products on board cruise ships worldwide. The Company develops and market premium priced and high quality care products. For the three months ended 3/31/99, revenues increased 28 percent to $29.4 million. Net income increased 31 percent to $5 million. Revenues reflect an increase of six additional spa ships in service. Earnings also reflect a decrease in operating expenses as a  percentage of revenues. 
Travel Dynamics, Inc. (OTC BB : TDNM)Travel Dynamics, Inc. is a marketing firm which sells discount travel packages. Direct marketing travel packages is through independent sales agents and through the Internet. The Company also conducts motivational and training seminars for its sales agents. For the nine months ended 3/31/99, revenues totalled $2.1 million. Net loss totalled $734 thousand. Results are not comparable due to the 3/1/98 inception of operations. 
Intrav, Inc. (Nasdaq : TRAV)Intrav, Inc. designs, markets and operates deluxe, escorted, worldwide travel programs and cruises. For the three months ended 3/31/99, revenues decreased 3 percent to $25.9 million. Net income decreased 32 percent to $666 thousand. Revenues sufferd from a decline the number traveler due to the reduction of big-ship programs offered. Earnings also suffered from increase personnel cost associated with the M/S Clipper Adventurer and higher debt levels. 
Travel Services Intl. (Nasdaq : TRVL)Travel Services International is a specialized distributor of cruise vacations, domestic and international airline tickets and European auto rentals, and a provider of electronic hotel reservation services, to both travel agents and travelers. For the three months ended 3/31/99, net revenues rose 58 percent to $41.4 million. Net income fell 55 percent to $992 thousand. Results reflect acquisitions and increases in transaction volumes, offset by increased corporate and software costs. 
SABRE Group Holdings (NYSE : TSG)TSG is a holding company which engages in the electronic distribution of travel through its proprietary computer reservation system, SABRE(R). TSG is a provider of information technology solutions to the transportation and travel industries. For the three months ended 3/99, revenues rose 15 percent to $638.1 million. Net income rose 29 percent to $92.7 million. Results reflect growth in booking fees, higher IT solutions revenues and the liquidation of Equant depository certificates. 
Mac-Gray Corporation (NYSE : TUC)Mac-Gray Corp. supplies card and coin-operated laundry services in multiple housing facilities such as apartment buildings, colleges and universities and public housing complexes. For the three months ended 3/99, revenues rose 34 percent to $37.4 million. Net income applicable to Common rose 48 percent to $1.4 million. Revenues reflect expansion of existing operations and additional acquisitions. Earnings reflect the absence of an $884 thousand merger related charge. 
UniFirst Corporation (NYSE : UNF)UniFirst Corp. is a provider of workplace uniforms and protective clothing. UNF rents, manufactures, and sells a wide range of uniforms and protective clothing, including shirts, pants, jackets, coveralls, jumpsuits, lab coats, smocks and aprons. For the 26 weeks ended 2/27/99, revenues rose 7 percent to $236.4 million. Earnings rose 8 percent to $16.3 million. Results reflect growth from existing operations, acquisitions, increased prices and lower amortization expenses. 
WestAmerica Corporation (WACCWACC is engaged in the developing of vacation ownership (timeshare) destination resorts and related recreational activities. For the nine months ended 12/97, revenues fell 5 percent to $782 thousand. Net loss from continuing operations applicable to Common totalled $1.4 million, up from $124 thousand. Revenues reflect lower drilling, recompletion and service income. Higher loss reflects an advance for the preparation and development of entry into the leisure resort business. 
Coinmach Laundry Corp. (Nasdaq : WDRY)Coinmach Laundry Corp. is a supplier of outsourced laundry equipment services for multi-family housing properties in the U.S. At 3/31/98, the Company owned and operated approx. 680 thousand washers and dryers in 70 thousand locations. For the 39 weeks ended 12/31/98, revenues rose 62 percent to $373.6 million. Net loss decreased 19 percent to $9.4 million. Results reflect acquisitions and increased route revenues due to internal expansion, partially offset by increased amortization.%}
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Action Industries, Inc. (OTC BB : AACZE)All of Action Industries' operating assets were sold in a foreclosure sale on 3/97. On 8/97, the Company agreed to acquire General Vision Services, a provider of a full range of vision care products and services. For the nine months ended 3/31/98, revenues fell from $5.4 million to $0 thousand. Net income totalled $135 thousand vs. a loss of $1.8 million. Revenues reflect the 2/97 sale of the promotional business. Earnings reflect costs reduction efforts and $107 thousand in severance settlements. 
American Access Tech. (Nasdaq : AATK)American Access Technologies, Inc. develops and sells products that place telecommunications equipment in office buildings, hospitals, convention centers, schools, and any building in need of a system to route information. For the three months ended 3/31/99, total revenues rose 57 percent to $1.3 million. Net loss applicable to Common totalled $273 thousand vs. an income of $75 thousand. Results reflect higher revenues from Omega Metal, offset by development costs and Preferred dividends. 
Alberto-Culver Company (NYSE : ACV)ACV develops, manufactures, distributes and markets health and beauty care products, and food and household products. ACV also operates Sally Beauty Co., a specialty distributor of professional beauty supplies. For the six months ended 3/99, sales rose 6 percent to $951.9 million. Net income fell 2 percent to $38.7 million. Revenues reflect higher sales of Sally Beauty Company outlets. Earnings were offset by additional advertising, promotion and market research expenditures. 
Adrien Arpel, Inc. (OTC BB : ADPL)Adrien Arpel develops, distributes and sells skin care and cosmetics products under the trademark ``ADRIEN ARPEL''. The Co. also operates service-oriented skin care salons in department and specialty stores. For the six months ended 1/99, revenues rose 1 percent to $3.8 million. Net loss decreased 18 percent to $1.8 million. Results reflect higher sales through catalog mailings and internet site, partially offset by the changes in salon operations and a reduction in administrative costs. 
A-FEM Medical Corp. (OTC BB : AFEM)A-Fem Medical Corporation is a medical technology company targeting unmet needs in women's health. AFEM's three proprietary platforms are the miniform, the PadKit(TM) and Rapid-Sense(TM). For the three months ended 3/31/99, net sales fell 75 percent to $25 thousand. Net loss fell 42 percent to $696 thousand. Results reflect decreased sales of the inSync miniform, offset by lower advertising, marketing and selling expenses in support of the inSync miniform. 
Amway Japan Ltd. (NYSE : AJL)Amway Japan Ltd. is the exclusive distributor in Japan for Amway Corp., distributing 180 different products in four product lines: Personal Care, Housewares, Nutrition and Home Care. For the fiscal year ended 8/31/98, net sales fell 5 percent to Y192.46 billion. Net income according to U.S. GAAP fell 44 percent to Y12.48 billion. Results reflect Japan's declining economy, the negative publicity experienced by the Company since November and the absence of a Y2.68 billion in investment gains. 
Allou Health & Beauty (AMEX : ALU)ALU distributes national brand name health and beauty aid products, fragrances and cosmetics, non-perishable packaged food items and prescription pharmaceuticals to retailers in NY, NJ, CT, PA and FL. For the nine months ended 12/98, revenues rose 10 percent to $247.8 million. Net income fell 29 percent to $2.5 million. Revenues reflect an expanded customer base and increased same store sales. Earnings were offset by higher S/G/A expenses and increased borrowings. 
Ammonia Hold, Inc. (OTC BB : AMHD)Ammonia Hold, Inc. is engaged in the manufacturing and marketing of odor eliminating products for use in connection with farm and domestic animals. For the six months ended 12/31/98, total revenues rose from $489 thousand to $1.1 million. Net income totalled $59 thousand, up from $25 thousand. Revenues benefitted from strong demand for the Company's industrial absorbents and new customer shipments. Earnings also reflect an improved product mix and more efficient packaging. 
Advantage Marketing Sys. (AMEX : AMM)Advantage Marketing Systems markets a product line consisting of approx.100 products in three categories: weight management, dietary supplement and personal care products through a network marketing organization of independent distributors. For the three months ended 3/31/99, net sales rose 63 percent to $4.4 million. Net income rose 66 percent to $230 thousand. Results reflect expansion of the Co.'s network and higher margins due to a decrease in marketing expenses as a  percentage of sales. 
Applewoods, Inc. (APWDApplewoods, through its wholly-owned subsidiary, Applewoods International Ltd., manufactures and sells natural soaps, oils, lotions, other toiletries and related gift products to retail stores and authorized distributors around the world. For the nine months ended 3/31/98, revenues rose 59 percent to $7.1 million. Net loss fell 63 percent to $729 thousand. Revenues benefitted from an increased number and quality of the retail stores. Lower loss reflects the absence of consultancy fees. 
Grupo Casa Autrey, S.A. (NYSE : ATY)ATY, through its subsidiaries, is engaged in the distribution and sale of pharmaceutical products, health-and-beauty aids, magazines and children books, food and other consumer products. For the fiscal year ended 12/97, net sales increased 14 percent to PS8.75 billion. Net income according to U.S. GAAP decreased 48 percent to PS133.7 million. Revenues reflect an increase in pharmaceutical and entertainment sales. Earnings were offset by costs related to new distribution center openings. 
Avon Products, Inc. (NYSE : AVP)Avon Products, Inc. is a global manufacturer and marketer of beauty and related products, including cosmetics, fragrance and toiletries, gift and decorative, apparel, and fashion jewelry and accessories. For the three months ended 3/99, revenues rose 3 percent to $1.21 billion. Net loss rose 58 percent to $48.9 million. Revenues reflect increased sales in the U.S. due to a higher average order size. Earnings were offset by $121.9 million in special business redesign charges. 
Azurel Ltd. (Nasdaq : AZUR)AZUR, through its subsidiaries, manufactures, markets and sells private label cosmetics, fragrances and skincare products and also provides accounting, marketing, warehousing and other administrative services. For the fiscal year ended 12/98, revenues rose 67 percent to $20.9 million. Net loss totalled $1.7 million, up from $499 thousand. Revenues reflect the 7/98 acquisition of Ben Rickert. Higher loss suffered from increased corporate expenditures. 
Bergen Brunswig Corp. (NYSE : BBC)Bergen Brunswig Corp. is a national distributor of products sold or used by institutional and retail pharmacies, including pharmaceuticals, proprietary medicines, cosmetics, toiletries, personal health products, sundries and home healthcare supplies. For the six months ended 3/31/99, total revenues rose 25 percent to $10.03 billion. Net income rose 65 percent to $66.3 million. Results reflect increased shipments to existing customers and the absence of $9.8 million in special charges. 
Block Drug Co. (Nasdaq : BLOCA)BLOCA is a manufacturer and marketer of denture care products, oral health care products, consumer over-the-counter medicines and professional dental products. For the nine months ended 12/31/98, revenues decreased 5 percent to $616.2 million. Net income decreased 12 percent to $37 million. Revenues suffered from the divestiture of three household product lines. Net income also reflects increased S/G/A expenses due to major spending programs to meet significant competition. 
Benckiser N.V. (NYSE : BNV)Benckiser N.V. manufactures and markets a wide variety of household detergents and cleaning agents in over 45 countries which include products such as Calgon, Jet Dry and Vanish. For the nine months ended 9/30/98, revenues rose 10 percent to NLG2.94 billion. Net income increased 23 percent to NLG179.4 million. Revenues reflect strong growth in Western Europe and rapid growth in most of the Company's newer markets. Earnings also benefitted from higher margins due to restructurings. 
Boss Holdings, Inc. (OTC BB : BSHI)Boss Holdings, Inc. in primarily engaged in the manufacture, distribution and sale of consumer products including gloves, boots, rainwear, pet products and balloons, sold primarily to mass merchandisers and various other retailers. For the 13 weeks ended 3/27/99, net sales fell 11 percent to $9.1 million. Net income fell 89 percent to $20 thousand. Revenues reflect lower selling prices due to competitive pressure. Earnings also suffered from increased interest expense. 
Bioshield Technologies (Nasdaq : BSTI)BSTI, a development stage company, engaged in the development and sale of surface modifying antimicrobials and biostatic products, primarily through third party licensing arrangements. For the nine months ended 3/31/99, revenues fell 12 percent to $286 thousand. Net loss rose 62 percent to $1.5 million. Revenues suffered from the absence of initial shipments to grocery chain customers. Higher loss reflects additional staffing and expenses associated with building corporate infrastructure. 
Blyth Industries, Inc. (NYSE : BTH)Blyth Industries, Inc. designs, manufactures, markets and distributes home fragrance products including scented candles, outdoor citronella candles and potpourri, as well as candle accessories, gift bags and portable heating fuel products. For the three months ended 4/30/99, net sales rose 22 percent to $244.3 million. Net income rose 26 percent to $18.5 million. Results reflect unit growth in sales of everyday products and lower selling and shipping costs as  percentage of sales. 
BeautiControl Cosmetics (Nasdaq : BUTI)BUTI is a manufacturer and direct seller of skin care products, nutritional supplements, cosmetics, nail care and other health and beauty aids, available nationwide and in Asia Pacific. For the three months ended 2/28/99, sales rose 2 percent to $16.8 million. Net loss totalled $850 thousand vs. an income of $994 thousand. Revenues reflect the expansion of the business into Taiwan. Net loss reflects lower margins due to expansion costs and start-up related costs. 
Baywood International (OTC BB : BYWD)Baywood International, Inc. develops, markets and distributes nutritional supplemental and skin care products. For the nine months ended 9/30/98, net sales fell 63 percent to $794 thousand. Net loss totalled $346 thousand, up from $72 thousand. Revenues reflect the recent ban on network marketing companies in China where the Company's freeze dried aloe vera and mineral drink, Aloe Minerals Plus were sold to one major customer. Net loss also reflects higher advertising and production expenses. 
CCA Industries, Inc. (Nasdaq : CCAM)CCA Industries operates in the health and beauty aids business. CCAM sells numerous products, including nail treatment products, hair treatment products, skin care products, oral health-care products, dietary products and perfumes. For the three months ended 2/28/99, total revenues rose 4 percent to $9.8 million. Net income fell 84 percent to $61 thousand. Results reflect higher perfume sales from the Company's new subsidiary, offset by higher related SGA and interest costs. 
Church & Dwight Co., Inc. (NYSE : CHD)Church and Dwight Co. manufactures and sells sodium bicarbonate-based products which the Company sells under the ``ARM and HAMMER'' trademark. For the three months ended 4/2/99, net sales increased 15 percent to $174.7 million. Net income totalled $12.4 million, up from $5.9 million. Revenues reflect increased sales in all major consumer product lines, particularly in Animal nutrition products. Net income reflects a one-time gain from the sale of mineral rights for $11.8 million. 
Carson, Inc. (NYSE : CIC)Carson, Inc. is a manufacturer and marketer in the U.S. of selected personal care products for both the ethnic market and the mass market. For the three months ended 3/31/99, revenues increased 31 percent to $41.7 million. Net income totalled $180 thousand, vs. a loss of $501 thousand. Revenues reflect acquisitions and increased sales in South Africa. Earnings reflect an improved gross profit margin, and lower marketing and selling expenses as a  percentage of revenues. 
Colgate-Palmolive Company (NYSE : CL)Colgate-Palmolive Company manufactures and markets a wide variety of products in the U.S. and around the world in two distinct business segments: Oral, Personal and Household Care, and Pet Nutrition. For the three months ended 3/31/99, sales rose 1 percent to $2.18 billion. Net income applicable to Common rose 7 percent to $203.7 million. Results benefitted from volume increases, streamlining manufacturing costs, global sourcing and other cost reduction programs. 
Clorox Company (NYSE : CLX)Clorox is engaged in the production and marketing of non-durable household consumer products. Principal products include: bleach, household cleaners, and salad dressings and other food flavorings. For the nine months ended 3/31/99, net sales rose 5 percent to $2.90 billion. Net income before acct. change fell 19 percent to $195.9 million. Revenues reflect higher unit volumes due to the introduction of new products. Net income reflects an increased merger and restructuring charge. 
Dransfield China Paper (Nasdaq : DCPCF)DCPCF manufactures and distributes paper products, food and beverages, and edible oil. DCPCF also provides warehousing, deliveries, repair, exhibition and buying program services. For the six months ended 9/30/98, total revenues fell 91 percent to HK$3.4 million. Net loss applicable to Common rose 48 percent to HK$3.6 million. Revenues suffered from the termination of Proctor and Gamble Tempo distribution. Higher loss also reflects the absence of HK$750 thousand in compensation. 
Department 56, Inc. (NYSE : DFS)Department 56, Inc. is a designer, importer and distributor of collectibles and other giftware products sold through gift, home accessory and specialty retailers. DFS's products include its ``Village Series'' collectibles. For the 13 weeks ended 4/3/99, net sales fell 31 percent to $33.6 million. Net income decreased 64 percent to $3.3 million. Results reflect delays experienced from the implementation of the new integrated computer system and higher marketing and showroom expenses. 
Decorator Industries (AMEX : DII)Decorator Industries, Inc. is engaged in the design, manufacture and sale of window coverings, bedspreads, furniture and complementary products. For the fiscal year ended 01/02/99, net sales increased 20 percent to $52 million. Net income from continuing operations increased 2 percent to $3.1 million. Revenues reflect increased sales to the recreational vehicle manufacturers. Net income was partially offset by lower margin product mix and excessive labor costs. 
Dakotah, Incorporated (OTC BB : DKTH)Dakotah designs, manufactures, and markets textile home fashion furnishings, including decorative pillows, chair pads, throws, footstools, and table linens. For the nine months ended 9/98, sales fell 47 percent to $14 million. Net loss totalled $7.1 million, up from $744 thousand. Revenues reflect the heavy discounting the Company has undertaken to liquidate its excess inventories which it carried from 1997. Higher loss reflects a decline in gross margins due to the discounting. 
Dial Corporation (NYSE : DL)Dial Corp. produces and markets personal care, household and laundry products and shelf-stable food. Products include: soap and liquid soap, laundry detergent, canned meats and air fresheners. For the 13 weeks ended 4/3/99, net sales increased 19 percent to $398.9 million. Net income increased 13 percent to $25.9 million. Revenues reflect strong sales in the Purex and Renuzit franchises. Earnings were partially offset by increased marketing and advertising cost and higher debt levels. 
Del Laboratories (AMEX : DLI)DLI manufactures, markets and distributes cosmetics and proprietary over-the-counter pharmaceuticals. The Co's products include Sally Hansen nail products, Natural Glow and Quencher make up, and NutriTonic hair products. For the three months ended 3/31/99, net sales fell 6 percent to $61.8 million. Net income fell 89 percent to $366 thousand. Results reflect lower shipments and higher returns of Naturistics cosmetics and higher interest cost due to the acquisition of property rights to Cornsilk. 
DSG International Limited (Nasdaq : DSGIF)DSG International Limited is engaged in the manufacture and distribution of disposable baby diapers, adult incontinence, feminine napkins and training pants products. For the nine months ended 9/30/98, net sales fell 16 percent to $151.2 million. Net loss totalled $2.2 million vs. an income of $1.8 million. Revenues reflect a decrease in volume in both North America and Europe. Loss also reflects lower margins due to lower selling prices and higher raw materials costs. 
Drypers Corporation (Nasdaq : DYPR)Drypers Corporation is a manufacturer and marketer of premium quality, value-priced disposable baby diapers and training pants sold under the DRYPERS brand name, as well as private label diapers and pre-moistened baby wipes. For the three months ended 3/31/99, net sales rose 7 percent to $84.1 million. Net loss from continuing operations applicable to Common fell 67 percent to $1.9 million. Revenues reflect higher domestic sales. Lower loss reflects a foreign tax benefit and lower marketing costs. 
Ecolab, Inc. (NYSE : ECL)Ecolab, Inc. develops and markets cleaning, sanitizing, and maintenance products and services for the hospitality, institutional and industrial markets. For the three months ended 3/31/99, net sales rose 12 percent to $489.3 million. Net income rose 15 percent to $35 million. Results reflect acquisitions, new product introductions, competitive gains, a larger sales force and lower S/G/A expenses as a  percentage of sales due to cost control measures. 
Estee Lauder Co. (NYSE : EL)EL is a manufacturer and a marketer of skin care, makeup and fragrance products. The Company's products are sold under the brand names: Estee Lauder, Clinique, Aramis, Prescriptives, Origins and others. For the nine months ended 3/31/99, net sales rose 10 percent to $3.05 billion. Net income applicable to Common rose 17 percent to $204.9 million. Results reflect increased skin care product sales, the inclusion of sales from Aveda and Sassaby and lower operation cost due to improved efficiencies. 
Eastern Company (AMEX : EML)The Eastern Company designs, manufactures, and markets a wide range of locking devices, fasteners, and industrial hardware. For the fiscal year ended 1/2/99, total revenues increased 5 percent to $70.9 million. Net income increased 46 percent to $5.4 million. Revenues reflect increased sales volumes and prices for new hardware and malleable iron casting products. Earnings also reflect lower S/G/A expenses due to reduced insurance costs and the absence of retirement charges. 
Enamelon, Inc. (Nasdaq : ENML)ENML develops and markets over-the-counter oral care products based on proprietary formulations and technologies. ENML's products are intended to stop cavities before they begin. For the fiscal year ended 12/98, revenues totalled $14.3 million, up from $1 million. Net loss totalled $29.1 million, up from $10.3 million. Revenues reflect the distribution of Enamelon(R) anticavity flouride toothpaste. Higher losses reflect the launch of toothpaste products, and higher TV, print and media expenses. 
Human Pheromone Sciences (Nasdaq : EROX)EROX manufactures and markets prestige-priced fragrances and toiletry products under the Realm trademark. Realm products are the only ones that contain human pheromones as a component and have been shown to stimulate the human Vomeronasal Organ. For the fiscal year ended 12/98, sales fell 40 percent to $10.4 million. Net loss fell 22 percent to $2.6 million. Revenues reflect declines in re-order levels for inner REALM. Lower losses reflect a decrease in headcount and spending control. 
FBR Capital Corporation (OTC BB : FBRR)FBR Capital Corporation, prior to 6/96, engaged in the development and marketing of fragrances and cosmetics, is currently seeking to indentify a possible business combination. For the six months ended 12/31/98, revenues remained flat at $0. Net loss totalled $179 thousand, up from $60 thousand. Revenues reflect the 6/96 sale of all assets and properties. Higher losses reflect a $132 thousand realized loss on the disposal of Parlux common stock. 
Female Health Company (OTC BB : FHCO)The Female Health Company markets, manufactures, and sells the female condom, the only FDA-approved product under a woman's control which can prevent unintended pregnancy and sexually transmitted diseases (``STDs''), including HIV/AIDS. For the three months ended 12/98, revenues fell 46 percent to $704 thousand. Net loss applicable to Com. fell 12 percent to $962 thousand. Results reflect the absence of product launches, offset by lower cost of goods sold due to adjustment of reserve for inventory. 
Fort James Corporation (NYSE : FJ)FJ manufactures and markets paper-based consumer products, including tissue and towels, disposable tabletop products and foodservice products. For the 13 weeks ended 3/28/99, net sales fell less than 1 percent to $1.79 billion. Net income before extraordinary item and accounting change, applicable to Common rose 9 percent to $122 million. Revenues reflect lower free sheet paper and market pulp prices. Earnings benefitted from the absence of $7.5 million in restructure and other unusual charges. 
Celebrity, Inc. (Nasdaq : FLWR)Celebrity, Inc. and its subsidiaries are suppliers of artificial flowers, foliage and flowering bushes, selling primarily to craft store chains and other retailers and wholesale florists. For the nine months ended 3/99, net sales fell 14 percent to $78.9 million. Net loss fell 89 percent to $345 thousand. Results reflect lower sales from the Co's Cluett subsidiary, declines in the domestic floral division and the exit of the Exotics business, offset by expense reductions. 
Fortune Brands, Inc. (NYSE : FO)FO is a holding company engaged in the manufacture and sale of home products, office products, golf products and distilled spirits. For the three months ended 3/31/99, revenues rose 7 percent to $1.29 billion. Net income applicable to Com. before extraordinary items rose 6 percent to $55.9 million. Revenues reflect acquisitions, the introduction of new products and price increases. Earnings were partially offset by volume related operating expenses. 
Boyds Collection, Ltd (NYSE : FOB)The Boyds Collection Ltd. is a designer, importer and distributor of branded, hand-crafted collectibles and specialty giftware products, sold through a network of independent retailers, department stores, catalogues and electronic channels. For the three months ended 3/31/99, net sales rose 16 percent to $57.2 million. Net income before extraordinary item fell 7 percent to $16.9 million. Results reflect increased sales of plush products, offset by increased interest expense. 
French Fragrances Inc. (Nasdaq : FRAG)French Fragrances is a manufacturer and distributor and marketer of prestige fragances and related cosmetic products predominantly in the U.S. and principally to mass market retailers. For the three months ended 4/30/99, net sales rose 24 percent to $57.5 million. Net loss totalled $1.4 million, vs. an income of $304 thousand. Revenues reflect higher sales of Company owned and distributed brands. Net loss reflects increased S/G/A expenses due to additional personnel and higher debt levels. 
Gillette Company (NYSE : G)G develops, manufactures, and sells blades and razors, toiletries and cosmetics, stationery products, electric shavers, small household appliances, hair and oral care products, and alkaline batteries. For the three months ended 3/31/99, sales fell 4 percent to $1.94 billion. Net income applicable to Common remained flat at $268 million. Revenues reflect adverse exchange effects, the divestiture of Jafra Cosmetics Int'l. and the battery business. Earnings reflect improved margin. 
Guest Supply, Inc. (NYSE : GSY)GSY operates as a manufacturer, packager and dis-tributor of personal care guest amenities, housekeeping supplies, room accessories and textiles to the lodging industry. For the three months ended 12/98, revenues rose 19 percent to $62.9 million. Net income increased 83 percent to $764 thousand. Revenues benefitted from sales of additional products to existing customers and the addition of new customers. Earnings also benefitted from an increase in gross profit. 
Home Products Int'l, Inc. (Nasdaq : HPII)HPII designs, manufactures and markets consumer housewear products to large national retailers of value-priced storage, bathware, closet, juvenile and servingware products. For the 13 weeks ended 3/27/99, revenues rose 29 percent to $67.8 million. Net income before extraordinary item fell 15 percent to $1.1 million. Results reflect an increase in the sales of general storage products due to acquisitions, offset by an increase in interest expense related to the issuance of new debt. 
Hydron Technologies Inc. (OTC BB : HTEC)Hydron Technologies markets a broad range of consumer and oral health care products using Hydron polymers, and owns a non-prescription drug delivery system. For the fiscal year ended 12/31/98, sales decreased 45 percent to $4 million. Net loss fell 27 percent to $1.9 million. Revenues suffered from decreased catalog and QVC sales and reduced introduction of new products. Lower loss reflects lower costs related to Hydron catalog and decreased write-downs of inventory. 
Institutional Equity Hldg (OTC BB : IEQC)IEQC through its wholly owned subsidiaries, Galenica and Confedera, was engaged in the wholesale distribution of branded pharmaceuticals. Operations ceased in November 1997 upon the disposal of Galenica and Confedera. For the three months ended 3/99, revenues rose 20 percent to $1.8 million. Net loss from continuing operations totalled $201 thousand vs. an income of $84 thousand. Results reflect acquisitions. Loss reflects higher employee compensation and acquisition related expenses. 
Jean Philippe Fragrances (Nasdaq : JEAN)JEAN manufactures and distributes domestic and international brand name and licensed fragrances, alternative designer fragrances and mass market cosmetics. For the three months ended 3/31/99, net sales fell 6 percent to $19.6 million. Net income fell 5 percent to $1.2 million. Revenues suffered from the economic conditions in Eastern Europe, Brazil and other Latin American countries. Earnings were partially offset by an improved gross profit margin. 
KRUG International Corp. (AMEX : KRG)KRUG International operates in the Housewares and Child Safety Products industry in the U.K. and Europe through its subsidiaries Beldray, Hago Products Ltd., and Klippan Limited. For the nine months ended 12/31/98, revenues decreased 47 percent to $37.1 million. Net loss from continuing operations totalled $5.3 million vs. an income of $91 thousand. Revenues reflect lower sales at Beldray Limited. Loss reflects significant operating inefficiencies. 
Kyzen Corporation (Nasdaq : KYZN)Kyzen Corp. is a specialty chemical company focused on CFC-replacement chemistries and processes for electronic and other high technology industries where precision cleaning processes are required. For the three months ended 3/31/99, net sales rose 12 percent to $1.6 million. Net loss rose 13 percent to $23 thousand. Revenues reflect higher sales volume of chemical cleaning agents. Higher loss reflects a $88 thousand non-cash charge of accrued interest on a note receivable. 
Libbey, Inc. (NYSE : LBY)LBY designs, manufactures, and markets an extensive line of glass tableware, metal flatware and ceramic dinnerware to customers in the foodservice, retail, industrial, and premium markets. For the three months ended 3/99, revenues rose 6 percent to $96 million. Net income fell 35 percent to $4 million. Results reflect higher glassware sales, increased exports and sales from Syracuse China, offset by $2.2 million in realignment charges and lower exchange translations. 
Lifetime Hoan Corporation (Nasdaq : LCUT)LCUT designs, markets, and distributes household cutlery, kitchenware, cutting boards and bakeware products. Items are sold under both owned and licensed trade names. For the three months ended 3/99, net sales fell 19 percent to $17.8 million. Net income fell 87 percent to $257 thousand. Revenues reflect problems with the installation of the new warehouse management system. Earnings reflect increased costs from the warehouse and office and acquisition costs. 
Leading Edge Packaging (LEPILeading Edge Packaging, Inc. sells and distributes packaging products and display units used primarily in the sale of luxury consumer goods in North America. For the nine months ended 12/31/98, revenues decreased 38 percent to $5.6 million. Net loss totalled $9.7 million vs. income of $956 thousand. Revenues suffered from a sudden disruption of production and delivery of merchandise. Losses also reflect additional costs of corporate planning and development. 
Lamaur Corporation (OTC BB : LMAR)Lamaur develops, formulates, manufactures and markets personal hair care products, consisting of shampoos, conditioners, hair sprays, permanent wave products and other styling aids. For the three months ended 3/99, net sales fell 43 percent to $13 million. Net loss applicable to Common totalled $1.4 million, vs. income of $516 thousand. Revenues reflect lower sales of retail and salon brands. Net loss reflects the sale of lower margin merchandise and a change in the product mix. 
Saf T Lock, Inc. (Nasdaq : LOCK)Saf T Lock, Inc., through its subsidiary STL Lock, Inc., designs, develops, manufactures and distributes patented and proprietary safety locks for guns. For the six months ended 6/30/97, revenues increased from $0 to $34 thousand. Net loss from continuing operations decreased 50 percent to $433 thousand. Revenues reflect the inclusion of sales entirely from the Saf T Lok product to individual handgun owners. Lower loss was partially offset by higher depreciation costs. 
Lee Pharmaceuticals (OTC BB : LPHM)Lee Pharmaceuticals is engaged in the purchase, manufacturing, and marketing of consumer personal care products and professional dental products. For the three months ended 12/31/98, net revenues decreased 19 percent to $2 million. Net loss before extraordinary items totalled $141 thousand vs. an income of $9 thousand. Results reflect lower sales revenues from nail category products and depilatories. Loss also reflects off pricing to several retailers and an unfavorable product mix. 
McKesson HBOC, Inc. (NYSE : MCK)McKesson HBOC, Inc. is a health care supply management company. The Company also develops and manages marketing programs for pharmaceutical manufacturers and processes and markets pure drinking water. For the nine months ended 12/31/98, revenues increased 34 percent to $20.79 billion. Net income applicable to Common fell 21 percent to $93.7 million. Revenues benefitted from growth in U.S. direct delivery business. Earnings were offset by acquisition expenses. 
Mehl/Biophile Int'l Corp. (MEHLMehl/Biophile International Corp. is engaged in the sale and distribution of consumer personal care and professional laser hair removal products through revenue sharing licenses. For the nine months ended 2/98, revenues rose 21 percent to $2.9 million. Net loss applicable to Common totalled $18.5 million, up from $7.8 million. Revenues reflect laser hair removal revenue generated by licensed customers. Loss suffered from initial direct costs associated with installation of lasers. 
Mikasa, Inc. (NYSE : MKS)Mikasa, Inc. is a designer, developer and marketer of tabletop and decorative home products including ceramic dinnerware, crystal stemware and serveware, stainless steel flatware and gifts. For the three months ended 3/31/99, net sales rose 5 percent to $80.3 million. Net loss fell 54 percent to $1.2 million. Revenues reflect increased unit sales at new stores open less than twelve months. Earnings also reflect an improved gross profit margin and lower S/G/A expenses. 
NBI, Incorporated (OTC BB : NBII)NBII manufactures and sells an assortment of crystal and colored glass giftware and lighting fixtures for the domestic consumer market. NBII also operates in the hotel operations industry. For the six months ended 12/98, revenues increased 31 percent to $9.5 million. Net income from continuing operations totalled $922 thousand vs. a loss of $23 thousand. Revenues reflect sales improvements from the L.E. Smith Glass Company. Earnings benefitted from increased production efficiency. 
NCH Corporation (NYSE : NCH)NCH Corporation markets and manufactures maintenance, repair, and supply products. Products include specialty chemicals, replacement fasteners, welding supplies and plumbing and electronic parts. For the nine months ended 1/31/99, sales increased less than 1 percent to $589.1 million. Net income decreased 14 percent to $19 million. Revenues reflect increased domestic sales. Earnings suffered from increased product costs and revaluation of foreign currencies. 
NM Holdings, Inc. (OTC BB : NMED)NM Holdings, Inc. was engaged in the development and marketing of a line of clinical nutrition products to hospitals and other healthcare facilities. As of 12/98, the Company has no meaningful operatons. For the three months ended 3/31/99, investment income totalled $18 thousand. Net loss from continuing operations totalled $42 thousand. Results are not comparable due to the Company's decision to discontinue all operations. 
Nu Skin Enterprises, Inc. (NYSE : NUS)Nu Skin Enterprises, Inc. is a network marketing company engaged in the distribution and sale of personal care and nutritional products including: facial care, body care, hair care and weight management products, and nutritional supplements. For the three months ended 3/99, revenues rose 3 percent to $233.8 million. Net income fell 8 percent to $30.8 million. Revenues reflect the favorable impact of strengthening foreign currencies. Net income was offset by higher personnel costs. 
Newell Rubbermaid, Inc. (NYSE : NWL)Newell manufactures and markets high-volume consumer products serving the need of volume purchasers. Products include: housewares, home furnishings, office products and hardware and tools. For the three months ended 3/99, revenues rose 8 percent to $1.52 billion. Net loss totalled $79 million vs. income of $158.5 million. Revenues reflect acquisitions. Net loss suffered from a $178 million pre-tax restructuring charge related to the Rubbermaid acquisition. 
Ocean Bio-Chem, Inc. (Nasdaq : OBCI)Ocean Bio-Chem, Inc. is principally engaged in the manufacturing, marketing and distribution of a range of appearance and maintenance products for boats, recreational vehicles and aircraft under the Star Brite name. For the three months ended 3/31/99, net sales rose 20 percent to $3 million. Net income totalled $65 thousand, up from $20 thousand. Revenues reflect volume and price increases. Earnings also benefitted from higher margins due to an improved product mix. 
OraLabs Holding Corp. (Nasdaq : OLAB)OLAB produces and sells consumer products relating to oral care, lip care, and nutritional supplements, sold worldwide through wholesale distributors and directly to retailers. For the fiscal year ended 12/98, total revenues rose 5 percent to $7.1 million. Net income fell 27 percent $819 thousand. Revenues benefitted from $537 thousand in income earned from a 4/98 management services agreement with a related party. Earnings were offset by lower gross margins due to competitive pricing pressures. 
Parlux Fragrances, Inc. (Nasdaq : PARL)Parlux Fragrances, Inc. is engaged in the design, manufacture and sale of prestige fragrances and beauty-related products marketed through specialty and department stores. For the nine months ended 12/31/98, total sales decreased 11 percent to $43.4 million. Net income increased from $75 thousand to $1.1 million. Revenues reflect a decrease in the sale of Perry Ellis brand products. Earnings reflect the Company's cost reduction efforts. 
Procter & Gamble Co. (NYSE : PG)The Procter and Gamble Co. markets a broad range of consumer products worldwide in five business segments: Laundry and Cleaning, Paper, Beauty Care, Food and Beverage, and Health Care. For the nine months ended 3/99, revenues increased 3 percent to $28.68 billion. Net income applicable to Common increased 8 percent to $3.27 billion. Revenues reflect price increases and favorable product mix. Earnings benefitted from lower manufacturing expenses. 
Premark International Inc (NYSE : PMI)Premark International Inc. conducts its business through three business segments: the Food Equipment Group, the Decorative Products Group and the Consumer Products Group. For the three months ended 3/27/99, net sales rose 11 percent to $684.4 million. Earnings rose 18 percent to $28.1 million. Revenues reflect higher sales from Wilsonart, Food Equipment Group, Precor and Florida Tile. Earnings also reflect lower raw material costs and improved manufacturing efficiencies. 
Paragon Trade Brands (NYSE : PTB)Paragon Trade Brands is a leading manufacturer of store brand infant disposable diapers in the U.S. and Canada. PTB manufactures a line of premium and economy diapers, training pants and feminine care products. For the 13 weeks ended 3/28/99, sales fell 9 percent to $126.2 million. Net loss totalled $7.2 million vs. an income of $6 million. Revenues reflect lower volumes in the baby diaper business. Loss reflects lower margins and higher personnel costs. 
Pillowtex Corporation (NYSE : PTX)Pillowtex manufactures and markets bed pillows, sheets, blankets, mattress pads, down comforters, towels, bath rugs, and other home textile products. For the three months ended 4/3/99, net sales rose 1 percent to $368.5 million. Net income applicable to Common fell 8 percent to $4.7 million. Revenues benefitted from the acquisition of Leshner. Net income was offset by higher debt levels and unabsorbed overhead costs related to a computer system installation. 
Playtex Products, Inc. (NYSE : PYX)Playtex Products, Inc. manufactures and distributes an extensive line of personal care products such as: Tampons, Infant Care, Latex Gloves, Sun Care, and Hair Care. For the three ended 3/27/99, revenues increased 10 percent to $190.5 million. Net income rose 20 percent to $13.6 million. Revenues reflect an increase in sales of Infant Care and Feminine Care products. Net income also benefitted from lower operating expenses as a  percentage of sales. 
American Safety Razor Co. (Nasdaq : RAZR)RAZR designs, manufactures and markets shaving razors and blades, bladed hand tools and blades, and specialty industrial and medical blades. RAZR also manufactures cotton and foot care products and custom bar soaps. For the three months ended 3/99, revenues rose 6 percent to $70.3 million. Net income totalled $2 million, up from $789 thousand. Results reflect promotional programs with customers and the absence of a $1 million charge related to shutdowns and employee terminations. 
Redlaw Industries, Inc. (OTC BB : RDLI)Redlaw Industries, Inc. is a manufacturer of textile products, and acts as the commissioned sales agent in Canada for sales of textile products manufactured by Johnston Industries, Inc. For the six months ended 9/30/98, revenues rose 27 percent to C$238 thousand. Net loss from continuing operations decreased 54 percent to C$1.4 million. Revenues reflect reduced commissions on Johnson Industries' textile products. Lower loss reflects reduced equity losses of affiliated company. 
Revlon, Inc. (NYSE : REV)Revlon, Inc. manufactures and markets cosmetics and skin care, fragrance, hair, nail and personal care products. The products are marketed under brand names such as Revlon, ColorStay, Age Defying, Almay, and Ultima II. For the three months ended 3/99, revenues fell 11 percent to $441.1 million. Loss from continuing operations before extraordinary item rose from $15.3 million to $34.2 million. Results suffered from retailer inventory adjustments and the inclusion of a $8.2 million business consolidation charge. 
U.S.A. Floral Products (Nasdaq : ROSI)U.S.A. Floral Products is engaged in the wholesale distribution of perishable floral products and floral related hardgoods. ROSI is also engaged in brokerage and shipping services of both foreign and domestic cut flowers from 121 facilities in 21 countries. For the three months ended 3/31/99, net sales rose from $100.5 million to $271.3 million. Net income rose 2 percent to $4 million. Results reflect the acquisition of 18 floral businesses, offset by increased S/G/A and interest expenses. 
Security Capital Corp. (AMEX : SCC)Security Capital Corp. is a holding Company which through its subsidiaries is engaged in the design, importation, and distribution of fine collectibles, special seasonal giftware, religious giftware, statuary and special Halloween products. For the three months ended 3/31/99, revenues rose 7 percent to $3.3 million. Net loss fell 12 percent to $785 thousand. Result reflect sales of Our Kids sidewalk chalk through the Pumpkin unit, lower debt levels and increased minority interest income. 
Sel-Leb Marketing Inc. (Nasdaq : SELB)SELB distributes and markets consumer merchandise to retailers including mass merchandisers, discount chain stores, and food, drug and electronic retailers. For the three months ended 3/31/99, net sales rose 10 percent to $4.4 million. Net income totalled $120 thousand vs. a loss of $176 thousand. Results reflect strength in the cosmetics segment, higher gross margins due to both a favorable sales mix and successful management initiatives, and decreased S/G/A due to recent realignments. 
Scott's Liquid Gold Inc. (NYSE : SGD)Scott's Liquid Gold Inc. manufactures and markets high quality household chemical products and skin care products. For the three months ended 3/31/99, revenues fell 19 percent to $10.3 million. Net loss fell 18 percent to $831 thousand. Revenues suffered from reduced unit sales of the Company's line of Alpha Hydroxy acid products and other skin care products. Lower loss reflects the recovery of legal and professional fees expensed in prior periods. 
Surrey, Inc. (Nasdaq : SOAP)Surrey, Inc. specializes in the manufacturing of transparent glycerin and specialty soap products and the production of personal care and home fragrance products for major drug, grocery and discount retailers. For the three months ended 3/31/99, net sales increased 75 percent to $3.3 million. Net loss totalled $254 thousand, up from $9 thousand. Revenues reflect opening order shipments for two major accounts. Higher loss reflects reduced margins and higher debt. 
Styling Technology Corp. (Nasdaq : STYL)Styling Technology Corp. is a developer, producer and markeer of an array of professional salon products, including hair care, nail care, and skin and body care products as well as salon appliances and sundries. For the three months ended 3/31/99, net sales totalled $34.3 million, up from $16.2 million. Net income fell 29 percent to $1 million. Results reflect brand acqusitions and strong performance in the ABBA and Framesi hair care lines, offset by $660 thousand in reengineering costs. 
Seventh Generation, Inc. (OTC BB : SVNG)Seventh Generation is principally engaged in the marketing of a variety of environmentally friendly household products through distributors to natural products stores throughout the U.S. and Canada. For the fiscal year 12/98, sales rose 33 percent to $9.1 million. Net loss rose 40 percent to $402 thousand. Revenues reflect continued growth of sales to natural products and supermarket accounts and other customers. Higher loss reflects an increase in radio advertising. 
Servotronics, Inc. (AMEX : SVT)SVT designs, manufactures, and markets servo-control components which convert electrical current into mechanical force or movement to commercial, aerospace, missile, aircraft and government related industries. SVT also designs, produces and sells a variety of cutlery products. For the fiscal year ended 12/31/98, revenues rose 11 percent to $17.6 million. Net income rose 39 percent to $859 thousand. Results reflect increased sales at the Advanced Technology Group and a higher gross margin. 
Tristar Corporation (Nasdaq : TSAR)Tristar Corporation develops, manufactures, markets and distributes designer value oriented designer alternative fragrances, complementary products to those fragrances, and cosmetic pencils. For the 26 weeks ended 2/27/99, net sales fell 20 percent to $28.5 million. Net loss applicable to Common totalled $1.4 million vs. an income of $1.1 million. Results reflect volume decreases in Latin America, primarily in the Royal Selections fragrance line, and lower profit margins. 
Stephan Co. (AMEX : TSC)The Stephan Co. is engaged in the manufacture, sale and distribution of hair-care and personal grooming products including conditioners, shampoos, dandruff lotions, styling gels and hair spray. For the nine months ended 9/30/98, net sales rose 28 percent to $26.9 million. Net income rose 13 percent to $4.8 million. Revenues reflect the acquisition of brands from New Image Laboratories and the Morris-Flamingo acquisition. Earnings were partially offset by lower margins and higher debt levels. 
Tupperware Corporation (NYSE : TUP)TUP manufactures and markets consumer products for the home and for personal care, under the brand name Tupperware. TUP products include food storage containers, children's educational toys, tumblers and mugs, serving centers, and utensils. For the 13 weeks 3/27/99, net sales fell 7 percent to $250.9 million. Net income rose 16 percent to $17.8 million. Revenues reflect decreased in overall sales. Earnings reflect higher margins in the U.S. and Latin America. 
USANA, Inc. (Nasdaq : USNA)USANA, Inc. manufactures and distributes nutritional and personal care products sold worldwide through a direct marketing system. For the three months ended 4/3/99, net sales rose 20 percent to $31.3 million. Net income rose 10 percent to $2.1 million. Revenues reflect a larger distributor base due to global expansion and continued growth in the Preferred Customer program. Earnings were partially offset by costs related to international expansion efforts and higher staffing levels. 
Waterford Wedgwood PLC (Nasdaq : WATFZ)WATFZ designs, manufactures, and distributes fine bone china, giftware, and high quality crystal products throughout the world. For the six months ended 6/30/98, net sales increased 47 percent to IRE 257.7 million. Net income according to U.S. GAAP totalled IRE 7.1 million, up from IRE 3.2 million. Revenues reflect higher international sales, sales of Marquis and Stuart brands and higher Rosenthal division sales. Earnings also reflect a lower U.S. GAAP adjustment. 
WD-40 Company (Nasdaq : WDFC)WD-40 Company manufactures and markets multi-purpose lubricants sold worldwide through retail chain and auto parts stores, industrial distributors and suppliers. Products include WD-40 and 3-IN-ONE. For the six months ended 2/99, net sales fell 2 percent to $71.3 million. Net income fell 9 percent to $10.5 million. Revenues reflect decreased sales to Brazil, Venezuela, Chile, Colombia, and the U.K. Earnings suffered from lower margins due to unfavorable changes in the customer mix. 
Zegarelli Group Intn'l (ZEGGZegarelli Group International engages in contract manufacturing and the manufacture and sale of professional hair care products under the ``Zegarelli'' name. For nine months ended 9/30/97, net sales fell 51 percent to $1.3 million. Net loss from continuing operations rose 64 percent to $2.8 million. Revenues reflect lower sales of Zegarelli products and lower sales to the Co.'s largest contract manufacturing customer. Net loss reflects higher S/G/A expenses due to increased costs for trade shows.%}
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Abitibi-Consolidated, Inc (NYSE : ABY)Abitibi-Consolidated, Inc. manufactures and markets newsprint and value-added papers. ABY also distributes office products in North America and Europe. For the fiscal year ended 12/98, net sales fell 11 percent to C$3.34 billion. Net loss from continuing operations fell 39 percent to C$81 million. Revenues reflect a strike by the Communication, Energy and Paperworkers union at 10 of the Company's mills. Lower loss reflects the absence of $77 million in non-recurring expenses relating to amalgamation. 
Albany International (NYSE : AIN)Albany International designs, manufactures and markets paper machine clothing for each section of the paper machine (belts of fabrics which carry the paper stock through paper production process). For the three months ended 3/99, net sales increased 3 percent to $181.6 million. Net income rose 1 percent to $11.2 million. Revenues reflect the acquisitions made in 1998. Earnings were partially offset by an increase in selling, technical and general expenses. 
American Israeli Paper (AMEX : AIP)AIP produces a wide variety of paper, packaging and wrapping paper, paper for personal care and household use and various grades of board. The Company also converts household papers into consumer products such as bathroom tissue and napkins. For the nine months ended 9/98, revenues rose 2 percent to NIS1.03 billion. Net income before U.S. GAAP rose 31 percent to NIS47.7 million. Results reflect an increase in the sale of fine paper and gains on the issuance of shares. 
Aracruz Celulose S.A. (NYSE : ARA)ARA is a producer of bleached eucalyptus market pulp used to make tissue, printing, writing and specialty papers. For the nine months ended 9/30/98, net operating revenues decreased 4 percent to $334.6 million. Net income decreased 53 percent to $17.4 million. Revenues suffered from the impact of a 14 percent reduction in average prices. Net income also reflects increased cost of sales as a  percentage of revenues and increased financial expenses. 
Asia Pacific Res. Int'l. (NYSE : ARH)Asia Pacific Res. Int'l. manufactures and sells pulp, paper and rayon fiber, targeting the high-growth Asia Pacific market. For the nine months ended 9/30/98, net sales decreased 4 percent to $353.8 million. Net loss before extraordinary items decreased 47 percent to $10 million. Revenues suffered from the temporary closure of Indorayon's Porsea mill, unfavorable pricing and global weak demand for paper. Lower loss reflects lower debt levels and lower costs of goods. 
Boise Cascade Corporation (NYSE : BCC)BCC is a distributor of office products and building materials and an integrated manufacturer and distributor of paper and wood products. For the three months ended 3/31/99, revenues rose 8 percent to $1.61 billion. Net income applicable to Common before accounting change totalled $18.9 million, vs. a loss of $450 thousand. Revenues reflect acquisitions, same location sales growth and improved building products sales prices. Earnings reflect lower general and administrative expenses. 
Buckeye Technologies, Inc (NYSE : BKI)Buckeye Technologies is engaged in the manufacturing and marketing of high-quality, value-added cellulose products. The Company manufactures both wood and cotton based specialty cellulose. For the nine months ended 3/31/99, revenues decreased 2 percent to $459.3 million. Net income decreased 12 percent to $35.7 million. Revenues suffered from a decrease in volume. Earning also suffered from a decrease in gross profit, and higher average interest rates. 
Bowater Incorporated (NYSE : BOW)Bowater Incorporated manufactures, sells and distributes newsprint, directory paper, uncoated groundwood specialties, coated groundwood paper, market pulp and lumber. For the three months ended 3/31/99, net sales rose 49 percent to $571.3 million. Net income applicable to Common totalled $105.5 million, up from $24.2 million. Revenues reflect the acquisition of Avenor, Inc. Earnings also reflect a $145.4 million gain on the sale of timberlands and higher foreign exchange gains. 
Badger Paper Mills (Nasdaq : BPMI)Badger Paper Mills manufactures paper and paper products and the provides converting and printing services to customers throughout North America. For the three months ended 3/31/99, net sales decreased 16 percent to $15.3 million. Net income increased 6 percent to $374 thousand. Revenues reflect lower sales in the paper products segment due to lower shipping volumes as a result of weak market conditions. Earnings were offset by higher margins. 
Consolidated Papers, Inc. (NYSE : CDP)CDP manufactures and sells supercalendered papers, pulp, recycled pulp, and coated specialty papers for use in labeling of food and consumer products, manufacture of paper and use in the communications industry. For the three months ended 3/31/99, net sales fell 11 percent to $459.2 million. Net income fell 64 percent to $14 million. Revenues reflect high level of imports and decreased selling prices. Earnings also reflect less favorable product mix. 
Champion Int'l Corp. (NYSE : CHA)CHA is a domestic manufacturer of paper for business communications, commercial printing, publications, and newspapers. CHA also produces pulp, plywood and lumber. For the three months ended 3/31/99, revenues decreased 14 percent to $1.27 billion. Net income totalled $41.6 million, up from $19 million. Revenues reflect lower prices for most of the Company's pulp and paper grades. Net income reflects the inclusion of a $39 million foreign currency transaction gain. 
Caraustar Industries, Inc (Nasdaq : CSAR)Caraustar Industries and its subsidiaries are engaged in the manufacturing, converting and marketing of paperboard and related products, including tubes, cores and composite containers, cartons and custom packaging. For the three months ended 3/99, sales rose 6 percent to $187.6 million. Earnings fell 13 percent to $11.4 million. Revenues reflect acquisitions and higher sales from the tube and custom packaging segments. Earnings were offset by lower operating rates in the paperboard segment. 
Chesapeake Corporation (NYSE : CSK)CSK is engaged in the manufacture and sale of value added tissue products, specialty packaging and displays, and forest and building products. For the three months ended 3/99, revenues increased 10 percent to $239.1 million. Net income before accounting change increased 6 percent to $8.5 million. Revenues reflect growth in sales volume in all segments and the acquisition. Net income was partially offset by increased interest costs on outstanding debt. 
Crown Vantage Inc. (OTC BB : CVAN)Crown Vantage is a major producer of value-added paper products which operates in two business sectors, printing and publishing papers and specialty papers. For the 13 weeks ended 3/28/99, net sales fell 9 percent to $201.2 million. Net loss totalled $30.4 million, up from $14.2 million. Revenues reflect a decrease in average selling price per ton. Net loss reflects the inclusion of a $16.2 million adjustment of assets held for sale to net realized value. 
Domtar Inc. (NYSE : DTC)Domtar Inc. manufactures and markets a wide range of pulp and paper products including corrugated containers and linerboard. DTC has three major business segments: Papers, Wood, and Packaging. For the fiscal year ended 12/98, net sales rose 21 percent to C$2.35 billion. Net loss applicable to Common and U.S. GAAP totalled C$13 million, vs. an income of C$21 million. Revenues reflect higher shipments of products and E.B. Eddy pulp and lumber results. Net loss reflects higher financial expenses. 
Fletcher Challenge Paper (NYSE : FLP)FLP manufactures and produces newsprint, directory paper, groundwood specialties, coated and uncoated woodfree printing papers, market pulp, and containerboard. For the fiscal year ended 6/30/98 revenues decreased 24 percent to NZ$2.88 billion. Net loss decreased 88 percent to NZ$45 million. Revenues reflect a strong demand for newsprint and ground paper in New Zealand and Australia. Lower loss reflects a operating improvements, a decrease in staffing levels, and mill efficiencies. 
FiberMark, Inc. (NYSE : FMK)FiberMark produces specialty fiber-based materials in three operating segments: FiberMark Gessner and North American Filter Products, Technical and Office Products and Durable Specialities. For the three months ended 3/99, total revenues decreased 5 percent to $75.9 million. Net income decreased 7 percent to $4.1 million. Revenues reflect lower sales in the technical and office products segment. Net income reflects higher personnel costs. 
Gaylord Container Corp. (AMEX : GCR)Gaylord Container Corporation is engaged in the integrated production, conversion and sale of paper packaging products. GCR manufactures and distributes corrugated containers and sheets, multiwall bags and solid fibre products. For the 26 weeks ended 3/31/99, net sales fell 4 percent to $399.8 million. Net loss decreased 40 percent to $34.4 million. Results reflect lower average net selling prices, partially offset by lower fiber costs and higher volume. 
Grupo Industrial Durango (NYSE : GID)GID is a producer of corrugated containers, containerboard and industrial paper, and molded pulp egg cartons, multi-wall paper sacks, bags, and forest products. For the nine months ended 9/30/98, net sales increased 32 percent to PS3.78 billion. Net loss totalled PS544.2 million vs. an income of PS756.5 million. Results reflect the acquisition and optimization of the USA operations, offset by PS1.24 billion in foreign currency exchange losses vs. PS51.3 million in gains. 
P.H. Glatfelter Company (NYSE : GLT)P.H. Glatfelter, Company manufactures printing papers and tobacco and other specialty papers. For the three months ended 3/31/99, revenues decreased 14 percent to $169.4 million. Net income decreased 47 percent to $8.1 million. Revenues suffered from lower demand and average selling price for specialized prinitng and engineered papers. Net income also suffered from higher S/G/A due to increased legal and professional expenses and lower gross margin. 
Georgia-Pacific Group (NYSE : GP)Georgia-Pacific Group is a manufacturer and distributor of building products as well as a producer of a variety of pulp and paper products (including pulp, communication papers, containerboard, packaging and tissue products). For the three months ended 4/3/99, net sales rose 5 percent to $3.35 billion. Net income before extraordinary item totalled $99 million, up from $16 million. Results reflect increased building products sales and higher margins due to higher prices. 
International Absorbents (OTC BB : IABS)IABS, through its subsidiary, is engaged in the development, manufacturing and marketing of sorbent re-claimed industrial waste cellulose products for various markets. For the three months ended 4/30/99, revenues rose 24 percent to $1.8 million. Net income totalled $252 thousand up from $37 thousand. Revenues reflect higher animal care product sales volumes. Earnings reflect manufacturing efficiencies and cost controls. 
International Paper Co. (NYSE : IP)International Paper is a global forest products, paper and packaging company which distributes wood pulp, lumber, panels, photosensitive films, chemicals and nonwoven products. For the three ended 3/31/99, revenues fell 2 percent to $4.96 billion. Net income fell $41 percent to $44 million. Revenues reflect lower U.S. and European Papers sales and an adverse market condition. Earnings reflect lower gross margin due to lower prices for paper and board products. 
Kimberly-Clark Corp. (NYSE : KMB)Kimberly-Clark Corp. is principally engaged in the manufacturing and marketing of a range of products for personal, business and industrial uses, mostly made from natural and synthetic fibers. For the three months ended 3/31/99, net sales rose 3 percent to $3.13 billion. Net income before accounting change rose 36 percent to $403.7 million. Revenues reflect strong worldwide sales of tissue and personal care products. Earnings also reflect productivity gains. 
Longview Fibre Company (NYSE : LFB)Longview Fibre operates in three business segments: timber (produces log for sale in the foreign and domestic markets); paper and paperboard (produces pulp); and converted products (produces shipping containers and merchandise bags). For the six months ended 4/99, sales fell 3 percent to $349.7 million. Net income totalled $4 million vs. a loss of $11.7 million. Revenues reflect lower average log and lumber prices. Net income reflects lower labor costs and operating efficiencies. 
Mead Corporation (NYSE : MEA)MEA manufactures and sells paper, pulp, paperboard, lumber and other wood products. MEA also manufactures and distributes school and office supplies. For the three months ended 4/4/99, net sales rose 3 percent to $863.2 million. Net income from continuing operations fell 32 percent to $22.9 million. Revenues reflect higher sales volumes for paper, corrugating medium, and coated paperboard. Earnings were offset by lower selling prices for paper and paperboard. 
Mercer International Inc. (Nasdaq : MERCS)Mercer International Inc. is a pulp and paper company with operations primarily located in Germany. For the three months ended 3/31/99, total revenues decreased 22 percent to $41.1 million. Net income decreased 98 percent to $132 thousand. Revenues suffered from a decrease in pulp and paper sales volumes. Earnings also suffered from higher costs of sales and general and administrative expenses as a  percentage of revenues. 
Asia Pulp & Paper Company (NYSE : PAP)PAP is a vertically-integrated pulp and paper producer. PAP produces paper and packaging products, as well as bleached hardwood kraft pulp. For the nine months ended 9/30/98, net sales increased 24 percent to $1.75 billion. Net income before U.S. GAAP decreased 9 percent to $120.6 million. Revenues reflect higher sales volume of packaging, printing and writing paper products. Net income was offset by higher debt levels and foreign exchange losses. 
Potlatch Corp. (NYSE : PCH)Potlatch Corp. is an integrated forest products company engaged in the growing and harvesting of timber, and the manufacture and sale of wood products, printing papers, pulp and paper products. For the three months ended 3/31/99, net sales increased 3 percent to $416.4 million. Net income decreased 94 percent to $625 thousand. Revenues reflect increases in oriented strand board, lumber and plywood sales. Earnings were offset by a $7.5 million nonrecurring charge. 
Polymer Group, Inc. (NYSE : PGI)Polymer Group manufactures and markets nonwoven and oriented polyolefin fabric used in hygiene, medical, wiping, industrial and specialty products. For the three months ended 4/3/99, net sales rose 9 percent to $210.1 million. Net income before extraordinary item totalled $5.8 million, up from $2.3 million. Results reflect recent acquisitions, strength in the hygiene, industrial and specialty product segments, higher margins, decreased S/G/A as  percentage of sales and a $1.4 million gain on trading securities. 
Pope & Talbot, Inc. (NYSE : POP)Pope and Talbot is engaged in the wood products and pulp products business, involving the manufacture and sale of standardized and specialty lumber and wood chips, and bleached kraft pulp for newsprint, tissue and high-grade coated and uncoated paper. For the three months ended 3/31/99, revenues rose 6 percent to $109.2 million. Net loss from continuing operations fell 65 percent to $2.3 million. Results reflect an increased volume of pulp sales and higher wood product margins due to lower log costs. 
Republic Group, Inc. (NYSE : RGC)Republic Group, Inc. is an integrated manufacturer and distributor of recycled paperboard and gypsum wallboard. RGC also sells reclaimed paper fiber for use in its recycled paperboard business and for sale to third parties. Net sales for the nine months ended 3/99 rose less than 1 percent to $96.3 million. Net income fell 25 percent to $9.5 million. Revenues reflect higher selling prices of gypsum wallboard. Earnings were offset by higher selling and administrative expenses and lower margins. 
Rock-Tenn Company (NYSE : RKT)Rock-Tenn converts recycled and virgin paperboard, manufactures recycled clay-coated and uncoated paperboard, and produces corrugating medium, all for consumer and industrial markets in North America. For the six months ended 3/31/99, net sales fell 3 percent to $623 million. Net income fell 5 percent to $17.6 million. Revenues reflect lower sales to two national customers and a slowdown in the market for boxboard. Earnings also suffered from $3.1 million in provisions for the closures of two facilities. 
Rosedale Decorative Prod. (Nasdaq : ROSD)Rosedale Decorative Products, through its Ontario Paint and Wallpaper and Rosedale Wallcoverings and Fabrics subsidiaries, is principally engaged in the designing, manufacturing and marketing of wallpapers and decorative fabrics in Canada, the U.S. and Europe. For the three months ended 3/31/99, sales fell 22 percent to $5 million. Net income fell 38 percent to $326 thousand. Results reflect the weakening of the Canadian dollar and increased public relations expenses. 
Repap Enterprises Inc. (OTC BB : RPAPF)RPAPF is engaged in the production of high quality coated groundwood paper, northern bleached softwood kraft pulp and lumber. For the three months ended 3/31/99, net sales fell 1 percent to C$145 million. Net income from continuing operations before acct. change applicable to Common and U.S. GAAP rose 18 percent to C$15.1 million. Revenues reflect lower coated paper sales. Earnings reflect higher unrealized gain on translation of long term debt. 
Sonoco Products Company (NYSE : SON)Sonoco manufactures high-value tubes, cores, and cones, and provides packaging materials and services used by a variety of the world's industries in their winding and converting processes. For the three months ended 3/28/99, net sales decreased 17 percent to $560.5 million. Net income decreased 5 percent $43.9 million. Revenues reflect the divestures of the label, label machinery and Industrial Containers businesses. Earnings were partially offset by a $3.5 million gains on sale of assets. 
Schweitzer-Mauduit Int'l (NYSE : SWM)SWM manufactures and sells paper and reconstituted tobacco products to the tobacco industry as well as specialized paper products for use in other applications. For the three months ended 3/31/99, net sales decreased 4 percent to $128.6 million. Net income fell 10 percent to $9.1 million. Revenues reflect lower average selling prices in each of the business segments. Earnings also reflect a lower gross profit margin and higher general expenses. 
Tufco Technologies, Inc. (Nasdaq : TFCO)TFCO manufactures and distributes paper products, and provides diversified custom converting and specialty printing goods. TFCO also distributes paint sundry products used in home improvement projects. For the three months ended 12/31/98, revenues increased 10 percent to $18.3 million. Net income increased 41 percent to $469 thousand. Revenues reflect the inclusion of Foremost. Net income also reflects the absorption of fixed costs and $306 thousand gain from the sale of equipment. 
Westvaco Corporation (NYSE : W)Westvaco manufactures pulp, paper and paper products; produces lumber and timber; manufactures specialty chemicals; and engages in land development. For the six months ended 4/30/99, sales decreased 6 percent to $1.34 billion. Net income decreased 22 percent to $52.5 million. Revenues suffered from lower sales in the Bleached and Unbleached segments. Earnings also suffered from higher depreciation costs, pricing pressures, and increased debt levels. 
Willamette Industries (NYSE : WLL)Willamette Industries is a diversified, integrated forest product company which manufactures and sells lumber, plywood, particleboard, fiberboard, laminated beams and a wide variety of paper products. For the three months ended 3/31/99, net sales rose 3 percent to $923.5 million. Net income rose 43 percent to $31.6 million. Revenues reflect increased unit shipments of building material products. Net income also reflects a change in estimate for the depreciable lives of property. 
Wausau-Mosinee Paper Corp (NYSE : WMO)Wausau-Mosinee Paper Corp. manufactures, converts and sells paper, including specialty and high-performance industrial papers, text and cover, index, imaging and envelope papers, and towel and tissue products. For the three months ended 3/31/99, net sales fell 5 percent to $226.4 million. Net income totalled $14.1 million vs. a loss of $8.2 million. Results reflect competitive price pressure in all operating groups, offset by the absence of $37.7 million in restructuring costs.%}
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Atwood Oceanics, Inc. (NYSE : ATW)Atwood Oceanics, Inc. is engaged in contract drilling of exploratory and development oil and gas wells in offshore areas, and provides related support, management, and consulting services. For the six months ended 3/31/99, total revenues fell 2 percent to $76.3 million. Net income fell 24 percent to $15.5 million. Results reflect lower ATWOOD HUNTER and ATWOOD SOUTHERN CROSS revenues, increased contract drilling expenses and increased depreciation expenses. 
Baker Hughes Inc. (NYSE : BHI)BHI is engaged in the oilfield and process industry segments. In addition, the Company manufactures and sells other products and provides services to industries that are not related to the oilfield or continuous process industries. For the three months ended 3/99, revenues fell 20 percent to $1.33 billion. Net income fell 62 percent to $42.7 million. Revenues reflect lower oil prices and decreased production. Earnings suffered from increased interest expenses. 
BJ Services Company (NYSE : BJS)BJS provides pressure pumping and other oilfield services serving the petroleum industry worldwide. BJS's services include well stimulation, cementing, sand control and coiled tubing. For the six months ended 3/31/99, revenues decreased 30 percent to $564 million. Net loss totalled $18.4 million vs. an income of $82.7 million. Revenues reflect the contraction in worldwide drilling activity. Net loss reflects pretax unusual charges for severence costs and asset writedowns. 
Buckeye Partners, L.P. (NYSE : BPL)Buckeye Partners, L.P. is an independent pipeline common carrier of refined petroleum products, with 3,105 miles of pipeline serving nine states. BPL also provides bulk storage service through leased facilities. For the three months ended 3/31/99, revenues rose 25 percent to $53.6 million. Net income applicable to Limited Partners rose 28 percent to $13.9 million. Results reflect higher transportation volumes, the acquisition of American Refining and higher margins. 
Bolt Technology Corp. (AMEX : BTJ)BTJ develops, manufactures, leases and sells geo-physical equipment and provides geophysical data acquisition services for use in the exploration for oil and gas. For the nine months ended 3/31/99, revenues increased 37 percent to $15.8 million. Net income rose 31 percent to $4 million. Revenues reflect the acq. of Custom Products and the expansion of the world-wide fleet of seismic vessels. Net income was partially offset by increased S/G/A expenses due to higher compensation. 
Bouygues Offshore S.A. (NYSE : BWG)BWG is an international contractor serving the oil and gas industry providing integrated solutions for the design, construction, installation and management of offshore and onshore oil and gas production-related turnkey projects. For the six months ended 6/98, revenues rose 7 percent to FF2.45 billion. Net income before US GAAP fell 15 percent to FF133M. Results reflect higher sales from the oil/gas contracting segment. Earnings were offset by the absence of FF52M in other income. 
Black Warrior Wireline (OTC BB : BWWL)Black Warrior Wireline Corp. is an oil and gas service company currently providing various services to oil and gas well operators, including wireline services, directional drilling activities and workover services. For the three months ended 3/31/99, net revenues fell 37 percent to $6.1 million. Net loss totalled $2.5 million vs. an income of $151 thousand. Results reflect reduced demand for directional drilling services, lower operating margins and increased depreciation. 
Cooper Cameron Corp. (NYSE : CAM)Cooper Cameron manufactures oil and gas pressure control equipment, gas turbines, centrifugal compressors, integral and separable reciprocating engines, compressors and turbochargers. For the three months ended 3/31/99, revenues fell 10 percent to $383.9 million. Net income decreased 67 percent to $10.8 million. Revenues reflect weakness in all four segments of the Company. Net income reflects severence costs, a CCV facility shutdown, and realignment of a CES facility. 
Cal Dive Int'l, Inc. (Nasdaq : CDIS)Cal Dive International, Inc. is a provider of subsea construction, maintenance and salvage services to the offshore natural gas and oil industry in the U.S. Gulf of Mexico. For the three months ended 3/31/99, revenues fell 22 percent to $26 million. Net income decreased 60 percent to $2.1 million. Revenues reflect the absence of $4 million contributed by chartering the MARIANOS, a Coflexip vessel. Earnings reflect a decrease in gross profit due to more competitive marketing conditions. 
CE Franklin Ltd. (AMEX : CFK)CFK engages in purchasing, warehousing, selling and servicing of supplies and equipment for oil and gas exploration and production. For the nine months ended 9/30/98, sales decreased 15 percent to C$246.2 million. Net income before U.S. GAAP decreased 65 percent to C$2.7 million. Revenues suffered from the impact of weaker oil prices on drilling activity in Western Canada. Net income also reflects increased cost of sales as a  percentage of revenues. 
Core Laboratories N.V. (NYSE : CLB)CRLBF is a worldwide provider of proprietary and patented reservoir description, production enhancement and reservoir management services and sales for optimizing reservoir performance and maximizing hydrocarbon recovery from new and existing fields. For the three months ended 3/31/99, revenues rose 3 percent to $64.1 million. Net loss from continuing operations totalled $6.2 million vs. an income of $3.7 million. Results reflect increased demand, offset by $10.7 million in charges. 
Computalog, Ltd. (Nasdaq : CLTDF)CLTDF provides electric wireline and logging services and directional drilling services to the oil and gas industry, and manufactures and sells specialty products, primarily wireline tools and equipment. For the nine months ended 9/98, revenues rose 5 percent to C$169.9 million. Net income fell 37 percent to C$9 million. Revenues reflect a growth in all Computalog's business lines. Earnings were offset by increased depreciation and amort exp. and higher interest paid on LTD. 
Dailey International, Inc (OTC BB : DALY)Dailey International, Inc. provides specialty drilling services to the oil and gas industry and designs, manufactures and rents proprietary downhole tools for oil and gas drilling and workover applications worldwide. For the three months ended 3/31/99, revenues fell 25 percent to $28.3 million. Loss before extraordinary item rose from $1.7 million to $12.5 million. Results reflect decreased demand caused by adverse industry conditions, $1.2 million reorganization costs and higher debt levels. 
Diamond Offshore Drilling (NYSE : DO)Diamond Offshore Drilling engages in the worldwide contract drilling of offshore oil and gas wells, and deep water drilling. For the three months ended 3/31/99, revenues fell 20 percent to $228 million. Net income fell 36 percent to $51.8 million. Revenues reflect lower utilization of fourth generation semisubmersibles and other semisubmersibles due to repairs and inspections. Net income reflects increased depreciation expenses. 
Dril-Quip, Inc. (NYSE : DRQ)Dril-Quip, Inc. designs and manufactures highly engineered offshore drilling and production equipment for use in deepwater, harsh environment and severe service applications, and provides installation and reconditioning services. For the three months ended 3/31/99, revenues fell 3 percent to $39.6 million. Net income fell 24 percent to $3.1 million. Results reflect decreased sales in the Asia-Pacific region due to lower oil prices and higher S/G/A expenses due to personnel increases. 
Dawson Geophysical Co. (Nasdaq : DWSN)Dawson Geophysical acquires and processes 3-D seismic data for major and intermediate-sized oil and gas companies and independent oil operators. For the six months ended 3/31/99, revenues fell 49 percent to $14.1 million. Net loss totalled $2.4 million, vs. an income of $2.3 million. Revenues reflect the negative impact of low crude oil prices. Net loss reflects capital expansion and a high proportion of relatively fixed total operating costs including personnel and depreciation costs. 
Energy Search, Inc. (Nasdaq : EGAS)EGAS is an independent oil and natural gas company engaged in the exploration, development, production and acquisition of domestic gas and oil properties in the Appalachian Basin. For the fiscal year ended 12/98, revenues rose 53 percent to $3.4 million. Net loss applicable to Common rose 12 percent to $412 thousand. Revenues reflect an increase in oil and gas revenues. Higher loss reflects higher production and exploration costs associated with the larger number of wells operated. 
Eagle Geophysical, Inc. (Nasdaq : EGEO)EGEO is an oilfield service company specializing in the acquisition of high definition three dimensional seismic data in logistically difficult wetland enviornments and in congested offshore areas. For the three months ended 3/99, revenue rose 18 percent to $28.1 million. Net loss totaled $3.4 million vs. income of$621 thousand. Revenues reflect increased contract work in the Gulf of Mexico. Net loss suffered from higher interest expense and increased depreciation expenses. 
Kinder Morgan Energy Ptnr (NYSE : ENP)Kinder Morgan manages a diversified portfolio of midstream energy assets, including six refined products/ liquids pipeline systems containing over 5 thousand mi. of trunk pipeline and over 20 truck loading terminals. For the three months ended 3/99, revenues rose from $36.7 million to $100 million. Net income applicable to limited partners before extraordinary item rose from $11.1 million to $27.7 million. Results reflect strong revenue growth across all business segments due to recent acquisitions. 
ERC Industries, Inc. (Nasdaq : ERCI)ERC Industries Inc. is an oilfield service company engaged in the manufacture, remanufacture and servicing of oilfield valves and wellhead equipment and drilling product. For the three months ended 3/99, revenues decreased 26 percent to $20.4 million. Net loss totalled $722 thousand vs. income of $1.2 million. Revenues reflect a decline in the number of rigs utilized. Net loss suffered from $300 thousand in termination costs. 
Environmental Remediation (OTC BB : ERHC)Environmental Remediation is an independent oil and gas company focused on acquiring and servicing marginally producing oil and natural gas properties. ERHC also provides environmental remediation services to the oil and gas industry. For the six months ended 3/31/99, the Company reported no revenues, down from $503 thousand. Net loss increased 44 percent to $4.5 million. Results reflect the absence of services and crude oil revenues and increased interest expense. 
Ensco International, Inc. (NYSE : ESV)Ensco International is an international offshore contract drilling company. ESV's drilling rigs consist of 36 jackup rigs, six barge rigs, and eight platform rigs. ESV also provide marine transportation services through 36 vessels. For three months ended 3/99, revenues fell 48 percent to $127.7 million. Net income fell 77 percent to $20 million. Revenues reflect decreased utilization for the Company's jackup rigs. Earnings suffered from increased depreciation expenses. 
Friede Goldman Int'l Inc. (NYSE : FGI)Friede Goldman provides conversion, retrofit and repair services for offshore drilling rigs, including jackups, submersibles, semisubmersibles and drillships. For the three months ended 3/31/99, revenues totalled $145.2 million, up from $68.8 million. Net income increased 49 percent to $10 million. Revenues reflect an increase in demand for conversion and retrofit services. Net income was partially offset by increased cost of revenues as a  percentage of revenues. 
R&B Falcon Corp. (NYSE : FLC)R&B Falcon Corp. provides marine contract drilling and ancillary services on a worldwide basis. FLC provides the equipment and personnel for drilling wells and conducting workover operations on wells in marine environments and on land. For the three months ended 3/31/99, operating revenues fell 13 percent to $243.8 million. Net income from continuing operations before extraordinary item fell 95 percent to $3.3 million. Results reflect lower utilization and dayrates and increased depreciation. 
FX Energy, Inc. (Nasdaq : FXEN)FXEN is an independent oil and gas exploration, development, and production company focused on oil and gas exploration in the Republic of Poland. For the three months ended 3/31/99, revenues fell 60 percent to $321 thousand. Net loss rose 39 percent to $723 thousand. Revenues reflect depressed oil prices and lower production rates attributable to natural production declines of producing properties. Higher loss was partially offset by lower geological and geophysical expenses. 
Geokinetics, Inc. (OTC BB : GEOK)Geokinetics Inc., is a technologically advanced provider of seismic acquisition services to the domestic land-based oil and gas industry. For the nine months ended 9/30/98, revenues totalled $23.9 million, up from $3.5 million. Net loss totalled $3.6 million, up from $925 thousand. Revenues reflect the inclusion of higher seismic revenues due to the acquisition of Signature. Net loss reflects higher operating expenses due to an increased number of seismic acquisition crews. 
Compagnie Gen. de Geophy. (NYSE : GGY)Compagnie Generale de Geophysique is engaged in providing seismic imaging for the oil industry. GGY also produces geophysical software and exploration equipment. For the fiscal year ended 12/31/97, operating revenues increased 49 percent to FF4.59 billion. Net income totalled FF153.3 million, up from FF2.4 million. Results reflect increased service revenues and equipment sales. Earnings also reflect lower cost of operations as a  percentage of operating revenues. 
Global Industries, Ltd. (Nasdaq : GLBL)GLBL provides construction services, including pipeline construction, platform installation and removal, construction support and diving services to the offshore oil and gas industry in the Gulf of Mexico and international areas. For the comparable three months ended 3/99, revenues fell 9 percent to $79.3 million. Net income fell 98 percent to $198 thousand. Revenues reflect decreased activity in Gulf of Mexico and Latin America. Earnings suffered from lower prices for the Co.'s services. 
Global Marine Inc. (NYSE : GLM)GLM provides offshore drilling services on a dayrate basis and offshore drilling management services on a turnkey basis. For the three months ended 3/31/99, revenues fell 17 percent to $228 million. Net income fell 46 percent to $36.8 million. Revenues reflect the weakness in oil prices. Net income reflects lower average rig utilization and dayrates for contract drilling and the fixed costs of rigs retained by the company under term contracts for drilling management services. 
Gulfmark Offshore, Inc. (Nasdaq : GMRK)GMRK operates offshore support vessels that provide transportation of materials, supplies and personnel to and from offshore platforms and drilling rigs as well as anchor handling and towing services. For the three months ended 3/31/99, revenues rose 32 percent to $21.1 million. Net income fell 16 percent to $2.9 million. Revenues benefited from acquisitions and the addition of new vessels. Net income was offset by lower gross margins due to bareboat chartered vessels. 
Grant Geophysical, Inc. (GRNTQGrant Geophysical, Inc. provides seismic data acquisition services in land and transition zone environments to oil and gas companies in the U.S., Canada, Latin America and the Far East. For the fiscal year ended 12/31/98, revenues rose 34 percent to $175.5 million. Net loss applicable to Common rose 24 percent to $8.1 million. Results reflect the addition of Solid State crews, offset by interest expenses associated with debt incurred and assumed as a result of the Solid State acquisition. 
Golden Triangle Ind. (Nasdaq : GTII)Golden Triangle Industries, Inc. is engaged in the disposing of oil field salt water, providing fresh water and related services to drilling rigs, and the ownership of passive interests in oil and gas production. For the three months ended 3/31/99, total revenues decreased 57 percent to $431 thousand. Net loss totalled $255 thousand vs. an income of $189 thousand. Revenues reflect lower oil and gas prices. Loss also reflects the absence of a $37 thousand gain on sale of assets. 
Grey Wolf, Inc. (AMEX : GW)Grey Wolf, Inc. is a provider of contract land drilling services to the oil and gas industry. For the three months ended 3/31/99, revenues decreased 49 percent to $37.7 million. Net loss before extraordinary items totalled $9.1 million vs. an income of $3.1 million. Revenues reflect a decrease in rig days worked due to the deterioration of the drilling industry's market conditions. Net loss reflects an increase in the number of turnkey days worked. 
Halliburton Company (NYSE : HAL)Halliburton Company provides energy services, engineering and construction services and manufactures products for the energy industry. For the three months ended 3/99, revenues fell 8 percent to $3.92 billion. Net income before accounting change fell 60 percent to $81 million. Revenues reflect reduced unit volume levels and continued pricing pressures. Earnings suffered from increased interest expenses and an increase in the effective tax rate. 
Hanover Compressor Co. (NYSE : HC)HC is a provider of full-service natural gas compression, contract natural gas handling service, fabrication and equipment. For the three months ended 3/31/99, revenues rose 5 percent to $64.4 million. Net income rose 38 percent to $8.6 million. Revenues benefited from growth in the company's natural gas compressor rental fleet as well as a $3.5 million gain on the sale of assets. Net income reflects an improvement in the company's gross margin. 
Hurricane Hydrocarbons (Nasdaq : HHLFQ)Hurricane Hydrocarbons is an independent international energy company engaged in the exploration for and the development of oil and natural gas in the Republic of Kazakhstan. For the comparable nine months ended 9/98, revenues rose 29 percent to $155 million. Net loss before U.S. GAAP applicable to Common totalled $13.6 million, vs. an income of $21.4 million. Revenues reflect an increase in the average realized price per barrel. Loss reflects an $11 million writedown provision. 
Horizon Offshore, Inc. (Nasdaq : HOFF)Horizon Offshore, Inc. provides marine construction services to the oil and gas industry primarily in the Gulf of Mexico. The Company's fleet is used to install marine pipelines to transport oil and gas from production platforms and other subsea systems. For the three months ended 3/99, contract revenues fell 34 percent to $12.4 million. Net loss totaled $605 thousand vs. income of $2.6 million. Results reflect reduced demand for offshore construction and lower margins. 
Helmerich & Payne, Inc. (NYSE : HP)HP explores, produces and sells crude oil and natural gas, and engages in contract drilling of oil and gas wells for others. HP also owns, manages and develops commercial real estate properties. For the six months ended 3/31/99, revenues increased 2 percent to $299.2 million. Net income fell 58 percent to $20.2 million. Revenues benefited from increased natural gas volumes. Net income was offset by an impairment charge of $8.9 million. 
Home-Stake Oil & Gas (Nasdaq : HSOG)The Home-Stake Oil and Gas Co. is an independent oil and gas producer engaged in the acquisition, exploration, development and production of oil and gas properties. For the fiscal year ended 12/31/98, total revenues increased 24 percent to $10 million. Net loss totalled $4.7 million vs. an income of $2.2 million. Revenues reflect an increase in the production of oil and gas due to the merger with HSRC. Loss reflects a $4.8 million charge for impairment of producing oil and gas properties. 
ICO Inc. (Nasdaq : ICOC)ICOC and its subsidiaries serve the global energy, petrochemical and steel industries, providing high technology equipment manufacturing and services for inspection, reclamation, corrosion control and plastics processing. For the three ended 12/31/98, revenues fell 4 percent to $62.8 million. Net loss applicable to Common totalled $3 million vs. an income of $3.1 million. Revenues reflect lower Oilfield Services. Net loss also reflects the absence of a $11.8 million gain on sale of investment. 
Infinity, Inc. (Nasdaq : IFNY)Infinity, Inc., is engaged in providing waste water treatment services, oil and gas production enhancement services and oil and gas exploration, development and production activities. For the nine months ended 12/3/98, revenues increased 7 percent to $4 million. Net income totalled $2.3 million, up from $312 thousand. Revenues benefitted from a rise in the oilfield services segment. Earnings also benefitted from a $3.1 million gain on the sale of gas properties. 
IRI International Corp. (NYSE : IIR)IRI International Corp. is engaged in the design, manufacture, service, sale and rental of onshore and offshore oilfield equipment for the domestic and international market. For the three months ended 3/31/99, revenues fell 52 percent to $22.5 million. Net loss totalled $1.7 million, vs. an income of $4.4 million. Revenues suffered from lower oil field equipment revenues due to decreased demand. Loss also reflects an $805 thousand restructuring charge and securities losses. 
Interline Resources Corp. (OTC BB : IRCE)Interline Resources Corporation, through its subsidiaries, primarily engages in natural gas processing and gathering, crude oil gathering, fractionation, marketing of natural gas liquids, and oil and gas production. For the three months ended 3/99, revenues fell 9 percent to $817 thousand. Net loss decreased 47 percent to $204 thousand. Revenues reflect a decrease in used oil refining revenues. Lower loss benefitted from a reduction in personnel costs. 
Key Energy Services, Inc. (NYSE : KEG)Key Energy is a provider of onshore oil and gas well services in the United States and Argentina, operating 1,420 well service rigs, 1,130 oilfield trucks and 75 drilling rigs. For the nine months ended 3/99, revenues rose 19 percent to $364.2 million. Net loss totalled $40 million vs. an income of $19.4 million. Results reflect the acquisitions of oilfield service and drilling rig companies, offset by lower margins, greater debt levels, higher depreciation and $20.2 million in charges and unusual items. 
Kaneb Pipe Line Partners (NYSE : KPP)KPP, a master limited partnership, owns and operates a refined petroleum products pipeline business and a petroleum products and specialty liquids storage and terminaling business. For the three months ended 3/31/99, revenues rose 31 percent to $36.8 million. Net income applicable to Limited Partners rose 24 percent to $11 million. Results reflect increased volumes on the East Pipeline, terminal acquisitions and greater tank utilization, partially offset by lower margins and increased debt levels. 
Cotton Valley Resources (OTC BB : KTNV)Cotton Valley Resources Corporation is a development stage independent oil and gas exploration, production and development company. For the nine months ended 3/99, total revenues fell 25 percent to $971 thousand. Net loss totalled $7.1 million, up from $431 thousand. Revenues reflect lower oil and gas prices and production declines. Net loss reflects a loss on sale of assets of $9.6 million and higher expenses related to equipment operations. 
Lakehead Pipe Line Ptnr. (NYSE : LHP)Lakehead Pipe Line Partners, L.P. is a limited partnership that acquires, owns and operates the crude oil and natural gas liquid pipeline business of Lakehead Pipe Line Company, Inc. For the three months ended 3/99, revenues rose 2 percent to $74 million. Net income applicable to Limited Partners fell 6 percent to $19.7 million. Revenues reflect increased tariffs. Earnings were offset by increased depreciation expenses and decreased interest income. 
Lyric International, Inc. (OTC BB : LYRC)Lyric International, Inc. was formerly involved in the exploration and development of oil and gas reserves. The Company is currently seeking a merger partner. For the nine months ended 1/31/99, revenues totalled $209 thousand, up from $0. Net loss totalled $292 thousand, up from $12 thousand. Revenues reflect the acquisitions of oil and gas properties. Higher loss reflects the inclusion of expenses due to the start of production as a result of the acquisitions. 
Marine Drilling Co., Inc. (NYSE : MRL)Marine Drilling Companies is engaged in offshore domestic and international contract drilling of oil and gas wells. For the three months ended 3/99, revenues decreased 65 percent to $19.8 million. Net loss totalled $4.8 million vs. an income of $16.8 million. Revenues reflect decreased average daily revenue and rig utilization for the quarter ended 3/99. Net loss reflects lower margins, higher personnel expense, and higher depreciation expense as a  percentage of revenues. 
Metretek Technologies Inc (Nasdaq : MTEK)Metretek provides products and services to the natural gas and natural gas utility industries including gas measurement services, meter reading systems, and equipment for the natural gas vehicle market. For the three months ended 3/31/99, total revenues rose 11 percent to $5 million. Net loss from continuing operations totalled $703 thousand, up from $75 thousand. Revenues reflect higher sales of electronic corrector product line. Higher loss reflects higher personnel costs. 
Nabors Industries, Inc. (AMEX : NBR)NBR is engaged in oil and gas land drilling in North America, and in South and Central America, the Middle East and other regions. NBR also markets 37 offshore drilling, well servicing and workover rigs. For the three months ended 3/31/99, revenues fell 47 percent to $153 million. Net income fell 70 percent to $12 million. Revenues suffered from a decline in crude oil prices. Earnings also suffered from higher depreciation expenses and higher interest expense due to increased ST borrowings. 
Noble Drilling Corp. (NYSE : NE)Noble Drilling Corp. provides diversified services for the oil and gas industry, including offshore drilling services, turnkey drilling services, and engineering and asset management services. Total revenues for the three months ended 3/31/99 fell 5 percent to $180.1 million. Net income before extraordinary item fell 43 percent to $26.3 million. Results reflect lower revenues from labor contract drilling services, lower average dayrates and utilization, and higher debt levels. 
Norton Drilling Services (OTC BB : NORT)NORT is a holding company for its wholly-owned subsidiary, Norton Drilling, operating 16 oil and gas rigs in TX, NM, the Green River Basin, the Overthrust Belt and two states in Mexico. For the three months ended 2/28/99, total revenues fell 46 percent to $5.1 million. Net loss totalled $154 thousand vs. income of $824 thousand. Revenues reflect a decrease in rig utilization and lower rig rates. Net loss also suffered from lower gross margins and the absence of a $212 thousand gain. 
Newpark Resources, Inc. (NYSE : NR)Newpark Resources, Inc. provides integrated environmental and oil and gas field services in the Gulf Coast area, principally in Louisiana and Texas. Revenues for the three months ended 3/99 decreased 27 percent to $52.8 million. Net income fell 97 percent to $385 thousand. Revenues reflect a decline in the drilling activities. Net income reflects lower oil and natural gas prices, absence of $455 thousand in equity in net earnings and higher level of borrowing. 
Oceaneering International (NYSE : OII)Oceaneering International Inc. is an applied technology company that provides engineered services and hardware to customers who operate in marine, space and other harsh environments. For the nine months ended 12/98, revenues rose 13 percent to $307.2 million. Net income increased 18 percent to $20.8 million. Revenues reflect increased product sales and mobile offshore production systems operations. Earnings also reflects higher profitability on project management work. 
Offshore Logistics, Inc. (Nasdaq : OLOG)OLOG, through its Air Logistics division and with its investment in Bristow Aviation Holdings Limited, is a major supplier of helicopter transportation services to the worldwide offshore oil and gas industry. For the nine months ended 12/98, total revenues increased 13 percent to $362.9 million. Net income from continuing operations decreased 7 percent to $20.9 million. Results reflect rate increases, offset by increased costs due to aircraft and personnel added. 
OMNI Energy Services Corp (Nasdaq : OMNI)OMNI provides an integrated range of onshore seismic drilling, helicopter support and survey services to geophysical companies operating in logistically difficult and enviornmentally sensitive terrain. For the three months ended 3/31/99, revenues fell 48 percent to $9.6 million. Net loss totaled $1.2 million, vs. income of $1.8 million. Results reflect a decline in seismic activity and an increase in payroll expenses due to the addition of executive management. 
Plains All American Pipel (NYSE : PAA)Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil pipeline transportation and crude oil terminalling and storage activities and gathering and marketing activities. For the three months ended 3/31/99, revenues totalled $455.8 million, up from $167.5 million. Net income totalled $11.3 million, up from $1.2 million. Results reflect increased revenues from pipeline operations due to acquisitions. 
Pride International, Inc. (NYSE : PDE)Pride International, Inc. is an international provider of contract drilling, routine maintenance and related services, operating both offshore and on land. For the three months ended 3/31/99, revenues increased 28 percent to $153.8 million. Net loss totalled $39.5 million vs income of $21.4 million. Revenues reflect a significant reduction from the rig utilization of the Company's fleet in S.A. Loss also reflects $38.5 million in restructuring charges. 
Precision Drilling Corp. (NYSE : PDS)PDS provides oilfield and industrial services in Canada and internationally. The services include land drilling, well servicing operations, industrial process services and rental of oilfield equipment. For the nine months ended 1/99, revenues fell 30 percent to C$542.7 million. Net income applicable to Common fell 49 percent to C$46.4 million. Results reflect weak oil prices and unstable economic and political conditions in Asia and Russia, higher interest expense and the absence of a $1.9 million dividend income. 
Pool Energy Services Co. (Nasdaq : PESC)Pool Energy provides services and products to oil and natural gas well operators for the workover, maintenance and plugging of existing oil and natural gas wells and for the drilling and completion of new oil and natural gas wells. For the three months ended 3/31/99, revenues fell 28 percent to $84.7 million. Net income fell 93 percent to $535 thousand. Revenues suffered from lower overall utilization of well-servicing rigs. Net income also suffered from higher depreciation and debt levels. 
Petroleum Geo Service ASA (NYSE : PGO)PGO acquires, processes, manages and markets 3D, 4D and 4C seismic data, and provides reservoir monitoring, characterization and consulting services, data management solutions and other specialized geophysical services on a worldwide basis. For the nine months ended 9/98, revenues rose 39 percent to $530.5 million. Net income before extraordinary items rose 46 percent to $82 million. Results reflect growth in the 3D marine seismic business and increased multi-client seismic activity. 
Petroleum Helicopters (Nasdaq : PHEL)Petroleum Helicopters provides helicopter service to offshore oil and gas companies. PHEL operates in and around the Gulf of Mexico, as well as internationally. For the nine months ended 1/31/99, total revenues increased 10 percent to $190.1 million. Net earnings remained flat at $5.2 million. Revenues benefitted from rate increases and an increase in aeromedical flight hours. Earnings reflect additional costs for Air Evac and higher wages. 
Parker Drilling Company (NYSE : PKD)Parker Drilling Company is a worldwide provider of contract drilling and drilling related services in offshore waters and on land in international and domestic oil and gas producing regions. For the comparable three months ended 3/99, revenues fell 32 percent to $86.8 million. Net loss totalled $12.8 million vs. an income of $6 million. Revenues reflect reduced rig utilization. Loss reflects lower dayrates earned by rigs and higher depreciation expense related to the Hercules acquisition. 
Ponder Industries, Inc. (OTC BB : PNDR)Ponder Industries, Inc. is engaged in the business of providing specialized oilfield services and rental equipment to the oil and gas industry. For the six months ended 2/28/99, revenues decreased 6 percent to $9.5 million. Net loss increased 83 percent to $2.5 million. Revenues reflect the continued decline in oil and gas drilling and workover activity. Higher loss reflects a lower gross profit due to higher cost of sales. 
Patterson Energy, Inc. (Nasdaq : PTEN)Patterson Energy, Inc. is a provider of domestic land drilling services to major and independent oil and natural gas companies. For the three months ended 3/31/99, revenues fell 56 percent to $26.7 million. Net loss totalled $3.9 million, vs. an income of $4.5 million. Revenues suffered from lower average rig utilization. Loss also reflects higher drilling costs as a  percentage of revenues, an increase in interest expsense and higher depreciation expenses. 
Rowan Companies, Inc. (NYSE : RDC)RDC is an international and domestic provider of contract drilling and aviation services. RDC also operates a mini-steel mill and a manufacturing facility that produces heavy equipment for the mining, transportation and timber industries. For the three months ended 3/31/99, revenues fell 46 percent to $100.1 million. Net loss totalled $10 million vs. an income of $42.8 million. Results reflect weak oil, natural gas and other commodity prices and a higher drilling services expense. 
RPC, Inc. (NYSE : RES)RPC, Inc. operates in two business segments: boat manufacturing and oil and gas services. RES sells four lines of powerboats to dealers nationwide and provides a variety of services, equipment and personnel to the oil and gas industry. For the three months ended 3/31/99, revenues fell 18 percent to $54.9 thousand. Net income fell 78 percent to $1.2 million. Results reflect a slow down in drilling activity, lower oil and natural gas prices and a decreased rig count. 
Transocean Offshore, Inc. (NYSE : RIG)RIG is engaged in contract drilling of oil and gas wells in offshore areas throughout the world. RIG operates a fleet of 31 offshore drilling rigs. For the three months ended 3/99, revenues rose 19 percent to $306.4 million. Net income rose 10 percent to $85.2 million. Revenues reflect higher dayrates and rig utilization due to reduced downtime for rig repairs and upgrades. Earnings were partially offset by the absence of a $21.3 million gain on termination of a cash flow sharing agreement. 
Rentech, Inc. (Nasdaq : RNTKC)Rentech develops and exploits its technology for the conversion of low-value, carbon-bearing solids or gases into valuable liquid hydrocarbons, including high-grade diesel fuel, naphthas and waxes. For the six months ended 3/31/99, revenues rose 31 percent to $1 million. Net loss rose 55 percent to $1.7 million. Revenues reflect increased royalty income earned under an agreement with Texaco. Higher loss reflects personnel increases and increased research and development expenses. 
Santa Fe International (NYSE : SDC)Santa Fe International is an international offshore and land contract driller and provides drilling related services including third party rig operations, incentive drilling and drilling engineering and project management services. For the three months ended 3/31/99, revenues fell 5 percent to $185.5 million. Net income fell 14 percent to $58.5 million. Revenues reflect lower utilization of 200-250 foot jackup rigs. Earnings also suffered from increased depreciation. 
Seitel, Inc. (NYSE : SEI)SEI provides seismic data and corollary geophysical technology used in petroleum exploration and production. Seitel also explores, develops and owns natural gas and crude oil reserves. For the three months ended 3/31/99, revenues rose 22 percent to $37.9 million. Net income fell 85 percent to $750 thousand. Revenues reflect higher sales of seismic data and oil and gas production. Net income was offset by a $7.8 million impairment on dividend distribution on Eagle Geophysical stock. 
Superior Energy Services (Nasdaq : SESI)SESI, through its subsidiaries, provides a broad range of specialized oil field services and equipment to companies engaged in exploring, producing and developing oil and gas properties in the Gulf of Mexico. For the three months ended 3/31/99, revenues fell 21 percent to $18 million. Net income fell 77 percent to $1 million. Revenues reflect a downturn in industry activity. Earnings also reflect the absence of a $1.2 million gain on the sale of a subsidiary. 
Sheridan Energy, Inc. (Nasdaq : SHDN)SHDN is a domestic independent energy company engaged in the production of oil and natural gas. SHDN is also engaged in intrastate natural gas gathering and treating. For the nine months ended 9/98, total revenues rose from $5 million to $15.2 million. Net loss applicable to Common fell 29 percent to $6.1 million. Revenues reflect higher oil and natural gas sales volume. Lower loss was partially offset by a $2.8 million provision for litigation cost, and higher depreciation costs and debt levels. 
Smith International, Inc. (NYSE : SII)Smith International supplies products and services to the oil and gas drilling and production industry. The Company provides drilling fluids and systems, drill bits, and drilling and completion products and services. For the three months ended 3/99, revenues fell 31 percent to $397 million. Net income fell 80 percent to $6.6 million. Results reflect weak oil prices which effected drilling activity levels across all geographic areas, $7.9 million in non-recurring charges and higher debt levels. 
Schlumberger Ltd. (NYSE : SLB)SLB is a diversified company that provides oil and gas exploration and production services; manufactures energy, water and communications measurement instruments; and provides communications and information technology solutions. For the three months ended 3/31/99, revenues fell 19 percent to $2.47 billion. Net income fell 76 percent to $89.2 million. Revenues suffered from lower utilization rates related to reduced activity worldwide. Net income reflects a higher interest expense. 
TMBR/Sharp Drilling, Inc. (Nasdaq : TBDI)TBDI engages in the domestic onshore contract drilling of oil and gas wells for major and independent oil and gas producers. TBDI also explores, develops and produces oil and natural gas. For the nine months ended 12/31/98, revenues fell 56 percent to $12.8 million. Net loss totalled $568 thousand vs. income of $6.8 million. Results suffered from a decrease in demand for the Company's contract drilling services which resulted in a decrease in the utilization rates. 
Tuboscope, Inc. (NYSE : TBI)Tuboscope is a supplier of technical services and highly-engineered products to the oil and gas drilling, completion, production, and transmission industries worldwide. For the three months ended 3/31/99, revenues fell 37 percent to $95.2 million. Net income fell 98 percent to $305 thousand. Revenues reflect weak oil and gas prices reflected in a worldwide decline in rig activity. Net income reflects reduced gross margins due to higher operating costs as a  percentage of sales. 
TransCoastal Marine Srvc. (Nasdaq : TCMS)TCMS is a marine construction company with worldwide operations onshore, in the transition zone and offshore. The Company installs and repairs pipelines, provides construction support services, and installs production platforms. For the three months ended 3/99, revenues rose 46 percent to $45 million. Net loss totalled $112 thousand vs. an income of $276 million. Results reflect acquisitions offset by fewer pipeline installation projects. 
Tidewater, Inc. (NYSE : TDW)Tidewater, Inc. provides services and equipment to the offshore energy industry through the operation of the world's largest fleet of offshore service vessels. For the fiscal year ended 3/31/99, revenues fell 9 percent to $969 million. Net income from continuing operations fell 13 percent to $210.7 million. Revenues reflect a decline in average utilization and day rates for U.S. and international-based vessels. Earnings reflects a $7.8 million write-down on the carrying value of certain vessels. 
3DX Technologies Inc. (OTC BB : TDXTC)3DX Technologies is an independent oil and gas company that explores, develops and produces oil and gas from the onshore and offshore gulf coast region of the United States. For the three months ended 3/31/99, total revenues fell 35 percent to $568 thousand. Net loss decreased 3 percent to $1.5 million. Revenues reflect lower oil and gas production levels. Lower loss reflects lower lease operating expenses and personnel reductions. 
TGC Industries, Inc. (Nasdaq : TGCI)TGC is engaged in the domestic geophysical services business and primarily conducts seismic surveys and sells gravity data to companies engaged in exploration in the oil and gas industry. For the fiscal year ended 12/31/98, revenues increased 5 percent to $17.1 million. Net income applicable to Common increased 62 percent $1.4 million. Results benefitted from the operations of state-of-the-art recording equipment and decreased cost of services as a  percentage of revenues. 
Houston Exploration (NYSE : THX)THX engages in exploring, developing, exploiting, and acquiring domestic natural gas and oil properties. THX's properties are located in the Gulf of Mexico, South Texas, the Arkoma Basin, East Texas and WV. For the three months ended 3/99, revenues fell 19 percent to $26.9 million. Net income fell 84 percent to $746 thousand. Revenues reflect a 24 percent decrease in average realized natural gas prices. Earnings suffered from increased interest expenses due to higher levels of debt. 
Trico Marine Services (Nasdaq : TMAR)Trico Marine provides marine support services to the oil and gas industry in the the U.S. gulf of Mexico, the North Sea, and offshore Brazil. Services provided include transportation of drilling materials, supplies and crews to offshore facilities. For the three months ended 3/99, revenues decreased 42 percent to $28.3 million. Net loss totalled $7.3 million vs income of $9.8 million. Results reflect decreased average day rates and utilization due to low oil and gas prices. 
TEPPCO Partners, L.P. (NYSE : TPP)TEPPCO Partners, L.P. is a DE limited partnership operating through TE Products Pipeline Company, L.P. and TCTM, L.P. in two segments: refined products and liquefied petroleum gases and crude oil and natural gas liquids. For the three months ended 3/31/99, revenues totalled $286.1 million, up from $50.2 million. Net 1income before extraordinary item applicable to Limited Partners rose 79 percent to $21 million. Results reflect increased crude oil sales, partially offset by increased operating expenses. 
Universal Seismic Assoc. (OTC BB : USAC)Universal Seismic Associates, Inc. provides specific 3-D seismic acquisition and processing services to the energy industry in the U.S. and also participates in carefully selected oil and gas projects through UNEXCO. For the nine months ended 3/98, total revenues fell 33 percent to $17.3 million. Net loss rose from $1.4 million to $7 million. Revenues reflect a slow down in data acquisition activities. Higher loss also reflects increased operating expenses as a  percent of revenues and interest cost. 
UTI Energy Corp. (AMEX : UTI)UTI Energy Corp. provides contract drilling services concentrated in the oil and natural gas producing basins of Oklahoma, Texas and New Mexico. The Company also provides pressure pumping services. For the three months ended 3/31/99, revenues fell 33 percent to $32.5 million. Net loss totalled $256 thousand vs. an income of $3.5 million. Revenues reflect lower utilization rates due to depressed market conditions. Loss also reflects increased depreciation and amortization. 
Varco International, Inc. (NYSE : VRC)VRC is engaged in the design, manufacture, sale and rental of drilling tools, equipment and integrated systems and rig instrumentation used for oil and gas drilling worldwide. For the three months ended 3/99, total revenues rose 1 percent to $152.2 million. Net income fell 22 percent to $11.7 million. Results reflect higher delivery from backlog of equipment for offshore rig upgrades and construction. Net income was offset by high initial costs and retrofit costs on newer products. 
Venture Seismic Ltd. (VSEIFVSEIF is a provider of seismic data to oil and gas companies primarily in North America, enabling customers to determine the size and structure of oil and gas fields. For the nine months ended 6/30/98, revenues increased 22 percent to $26.1 million. Net loss totalled $606 thousand vs. an income of $1.3 million. Results reflect additional revenue generated by Boone in the Southern United States, offset by lower margins due to a highly competitive marketplace in the Southern U.S. 
Veritas DGC Inc. (NYSE : VTS)Veritas DGC Inc. provides seismic data acquisition, data processing and multi-client data surveys to the oil and gas industry in selected markets worldwide. For the nine months ended 4/30/99, revenues fell 17 percent to $323.1 million. Net income fell 64 percent to $19.6 million. Revenues suffered from decreased demand for data library products. Earnings also suffered from increased cost of services due to onshore competition and higher depreciation and interest expenses. 
Boots & Coots Intl. Well (AMEX : WEL)Boots and Coots International Well Control is a global response oil and gas services company that specializes in responding to and controlling oil and gas well emergencies, including blow outs and well fires. For the three months ended 3/31/99, revenues rose 86 percent to $22.3 million. Net loss applicable to Common totalled $2 million vs. an income of $156 thousand. Results reflect the acquisitions of Baylor and Special Services, offset by increased subscontractor costs. 
Weatherford International (NYSE : WFT)Weatherford is an international manufacturer and supplier of oilfield equipment and contract drilling services. For the three months ended 3/31/99, revenues decreased 38 percent to $353.8 million. Net income decreased 96 percent to $2.5 million. Revenues suffered from a reduction in premium tubular products sales due to a decline in drilling activity and decreased sales in the Artificial Lift Systems division. Earnings also suffered from increased personnel expenses and debt levels. 
Willbros Group, Inc. (NYSE : WG)WG provides construction services, engineering services and other specialty oilfield-related services to oil and gas industry and government entities worldwide. WG services include the building of major pipelines, project management and dredging. For the three months ended 3/31/99, revenues fell 54 percent to $28.5 million. Net loss totalled $7.1 million vs. an income of $3 million. Results reflect lower construction activities and under utilized facilities and equipments.%}
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Abacan Resource Corp. (OTC BB : ABACF)Abacan is engaged in the acquisition and exploration of oil and gas properties located primarily in the Niger Delta and Benin Basin regions. For the three months ended 3/99, net revenues decreased 94 percent to $488 thousand. Net loss decreased 65 percent to $1.4 million. Revenues reflect the discontinuation of hydrocarbon production operations due to the sale of the Ima Field in June 1998. Lower loss reflects lower financial and depreciation expenses. 
Adams Resources & Energy (AMEX : AE)Adams Resource and Energy, Inc. engages in the business of oil and gas exploration and production, crude oil and petroleum marketing and tank truck transportation. For the fiscal year ended 12/31/98, revenues increased 1 percent to $1.97 billion. Net income decreased 59 percent to $2.4 million. Revenues benefitted from increased volumes of crude oil purchased. Earnings were offset by an increase in cost of transportation expenses and depreciation. 
Adair Int'l. Oil & Gas (OTC BB : AIGI)Adair International Oil and Gas is engaged in the holding of interests in oil and gas properties. AIGI has interests in existing oil and gas wells in the U.S., proved producing properties in Colombia and in contracts relating to properties in Yemen and Paraguay. For the fiscal year ended 5/31/98, total income fell 63 percent to $75 thousand. Net loss totalled $2 million vs. an income of $630 thousand. Results reflect lower oil and gas sales and higher stock offering and reorganization costs. 
American Int'l Petroleum (Nasdaq : AIPN)American International Petroleum is engaged in oil and gas exploration and development in western Kazakstan, and produces and processes asphalt, vacuum gas oil and other products at its Lake Charles, LA refinery. For the three months ended 3/31/99, revenues totalled $1.9 million, up from $506 thousand. Net loss totalled $3 million, up from $847 thousand. Results reflect the inception of normal operations at the refinery, offset by increased consulting and interest expenses. 
Altex Industries, Inc. (OTC BB : ALTX)ALTX buys and sells producing oil and gas properties and participates in the drilling of exploratory and development wells, and in recompletions of existing wells. ALTX also owns interests in onshore oil and gas properties. For the six months ended 3/99, total revenues fell 45 percent to $246 thousand. Net loss totalled $149 thousand vs. an income of $72 thousand. Results reflect a decrease in BOE sold and the recognition of the valuation allowance at the end of 1998. 
American Energy Group (OTC BB : AMEL)The American Energy Group and its subsidiaries are principally engaged in the business of acquisition, exploration, development and production of oil and gas properties. For the nine months ended 3/31/99, revenues fell 49 percent to $246 thousand. Net loss totalled $551 thousand vs. an income of $19 thousand. Revenues reflect significantly lower oil prices and reduced production. Loss also reflects increased legal and professional fees and increased office overhead expense. 
Apache Corporation (NYSE : APA)APA is an independent energy company that explores for, develops, and produces natural gas, crude oil and natural gas liquids. For the three months ended 3/99, total revenues fell 24 percent to $187.7 million. Net loss applicable to Com. totalled to $3.6 million vs. an income of $17.4 million. Results reflect lower natural gas prices and decreased gathering, processing and marketing revenues due to lower prices and volumes. Loss also reflects lower profit margins. 
Apco Argentina Inc. (Nasdaq : APAGF)Apco Argentina Inc.'s primary business is its 47.6 percent participation in the Entre Lomas Concession joint venture, engaged in the exploration, production and development of oil and gas in Argentina. For the three months ended 3/31/99, revenues decreased 10 percent to $7.8 million. Net income fell 24 percent to $1.4 million. Revenues suffered from reduced oil sales. Earnings also reflect higher selling and administrative expenses and higher other expenses. 
Anadarko Petroleum Corp. (NYSE : APC)Anadarko Petroleum Corp. is engaged in the exploration, development, production, and marketing of natural gas, crude oil, condensate and natural gas liquids. For the three months ended 3/99, revenues decreased 7 percent to $136.4 million. Net loss applicable to Common totalled $23.1 million vs. income of $7 million. Revenues reflect lower commodity prices. Loss reflects $20 million in charges related to Eritrea's unsuccessful drilling exploration. 
AmeriGas Partners, L.P. (NYSE : APU)AmeriGas Partners L.P. is engaged in the distribution of propane and related equipment and supplies, serving residential, commercial, industrial, motor fuel and agricultural customers from locations in 46 states. For the six months ended 3/31/99, revenues fell 11 percent to $542.7 million. Net income applicable to Limited Partners rose 6 percent to $72.3 million. Results reflect lower propane volumes sold due to warmer weather, offset by higher avg. retail propane unit margin. 
American Rivers Oil Co. (OTC BB : AROC)American Rivers Oil is engaged in the exploration, development and production of oil and natural gas in the continental U.S. AROC's properties are located primarily in CO, and along the Ohio River in WV, KY and IN. For the nine months ended 12/98, revenues decreased 96 percent to $22 thousand. Net income totalled $58 thousand vs. a loss of $2.4 million. Revenues reflect decreased oil and natural gas productions. Net income benefitted from a $292 thousand gain on the sale of properties. 
Arabian Shield Developmnt (Nasdaq : ARSD)Arabian Shield Development Company is engaged in the refining of various specialty petrochemical products and developing various mineral properties. The Company has operations in both the U.S. and Saudi Arabia. For the three months ended 3/99, revenues fell 8 percent to $5.5 million. Net income totalled $1.2 million, up from $425 thousand. Revenues reflect decreased average selling prices. Earnings benefitted from lower costs of revenues and increased interest income. 
ARXA International Energy (OTC BB : ARXA)ARXA International Energy is engaged in oil and gas exploration and development in Utah, Louisiana and Texas. For the six months ended 4/30/99, total revenues decreased 87 percent to $45 thousand. Net loss decreased 14 percent to $950 thousand. Revenues reflect lower oil and gas revenues due to the sale of the Flowella and Colson Fields, effective 6/1/1998. Lower loss reflects lower general and administrative expenses due to down-sizing instituted by the Company. 
Ashland Inc. (NYSE : ASH)Ashland manufactures, distributes and sells chemicals, markets Valvoline motor oil and automotive chemicals, performs contract construction work; produces, transports and processes bituminous coal, and is engaged in petroleum refining and marketing. For the six months ended 3/31/99, total revenues rose 2 percent to $3.89 billion. Net income fell 6 percent to $76 million. Results reflect increased Specialty Chemicals sales volumes, offset by the absence of a $14 million gain on the Melamine sale. 
Aspen Exploration Corp. (OTC BB : ASPN)Aspen Exploration is engaged in the business of acquiring and developing interests in domestic oil and gas properties and uranium and other mineral properties. For the six months ended 12/31/98, total revenues totalled $719 thousand, up from $358 thousand. Net income totalled $366 thousand vs. a loss of $412. Results benefitted from higher oil and gas revenues due to successful efforts in drilling exploratory and bringing recent acquisitions into the revenue stream. 
Aviva Petroleum Inc. (OTC BB : AVVPP)Aviva Petroleum through its subsidiaries, is engaged in the exploration for, development and production of oil and gas in Colombia, offshore in the U.S. and in Papua New Guinea. For the three months ended 3/31/99, sales rose 3 percent to $1.2 million. Net loss fell 75 percent to $731 thousand. Revenues reflect increased Colombian and U.S. oil production volumes. Lower loss reflects reduced depreciation and the absence of $2.8 million in write-downs of oil and gas properties. 
Abraxas Petroleum Corp. (OTC BB : AXAS)AXAS is an independent energy Co. engaged in the exploration for and the acquisition, development and production of crude oil and natural gas primarily along the Texas Gulf Coast and in the Permian Basin of TX, WY and Canada. For the three months ended 3/31/99, sales fell 5 percent to $16 million. Net loss rose 38 percent to $6.3 million. Revenues reflect lower commodity price. Higher loss reflects increased depreciation and amortization expenses and higher borrowings. 
Bargo Energy Company (OTC BB : BARG)Bargo Energy Company is engaged primarily in the acquisition, development and production of oil and gas reserves and operation of oil and gas wells for third parties. For the nine months ended 9/30/98, revenues totalled $1.9 million, up from $344 thousand. Net loss totalled $181 thousand vs. income of $20 thousand. Revenues reflect increased oil and gas sales. Higher loss reflects higher lease operations and production expenses due to the Co.'s increased level of operations and workover costs. 
Blue Dolphin Energy Co. (Nasdaq : BDCO)Blue Dolphin Energy is engaged in the gathering and transportation of natural gas and condensate, the exploration and acquisition of oil and gas properties, and the development of an offshore terminaling and storage facility. For the three months ended 3/31/99, revenues fell 41 percent to $584 thousand. Net income before accounting change totalled $1 million, up from $45 thousand. Results reflect a decrease in gas volumes transported, offset by $2.1 million in asset sale gains. 
Bellwether Exploration (Nasdaq : BELW)BELW is an independent energy company engaged in the acquisition, exploitation, development, and production of and exploration for oil and gas properties and the gathering and processing of natural gas in the United States and the Gulf of Mexico. For the three months ended 3/31/99, total revenues fell 33 percent to $13.2 million. Net loss totalled $1.3 million, up from $392 thousand. Results reflect decreased oil and gas production and higher per barrel operating costs. 
Brigham Exploration Co. (Nasdaq : BEXP)BEXP is an independent exploration and production company that applies 3-D seismic imaging and other advanced technologies to explore and develop onshore domestic natural gas and oil provinces. For the fiscal year ended 12/31/98, revenues rose 44 percent to $14.2 million. Net loss totalled $33.3 million, up from $1.1 million. Revenues benefitted from higher natural gas and oil production volumes. Higher loss reflects $24.8 million in capitalized ceiling impairment. 
Benton Oil & Gas Company (NYSE : BNO)BNO engages in the exploration, development, production and management of oil and gas properties in Venezuela, Russia, U.S., China, Jordan and Senegal. For the three months ended 3/31/99, revenues fell 34 percent to $22 million. Net loss fell 59 percent to $8.7 million. Revenues reflect decreased oil sales in Venezuela as a result of declines in world crude oil prices. Lower loss reflects $17.5 million in property writedowns and losses attributible to the minority interest. 
Belco Oil & Gas Corp. (NYSE : BOG)BOG is an independent energy company engaged in the exploration for and the acquisition, exploitation, development and production of natural gas and oil. For the three months ended 3/31/99, revenues fell 26 percent to $24.7 million. Net loss applicable to Common fell 92 percent to $5 million. Revenues reflect declines in commodity prices. Lower loss reflect the absence of an $80 million impairment of oil and gas properties charge and a $10.1 million impairment of equity securities charge. 
Burlington Resources, Inc (NYSE : BR)Burlington Resources, Inc., is a holding company engaged, through its subsidiaries, in the exploration, development, production and marketing of oil and gas. For the three months ended 3/31/99, revenues decreased 19 percent to $349 million. Net loss totalled $10 million vs. an income of $48 million. Revenues reflect lower oil and gas sales prices and production volumes. Loss also reflects increased production, depreciation and interest expenses. 
Barnwell Industries, Inc. (AMEX : BRN)Barnwell Industries, Inc. is engaged in exploring for, developing, producing and selling oil and natural gas in Canada and the U.S., investing in leasehold land in Hawaii, and drilling water wells and installing and repairing water pumping systems in Hawaii. For the six months ended 3/31/99, revenues fell 2 percent to $6.1 million. Net income totalled $80 thousand vs. a loss of $2.8 million. Results reflect lower oil and gas prices, offset by the absence of asset write-downs. 
Barrett Resources Corp. (NYSE : BRR)Barrett Resources Corp. is an independent natural gas and oil exploration and production company with producing properties located principally in the Mid-Continent states, the Gulf of Mexico and Rocky Mountain region of the U.S. For the three months ended 3/31/99, total revenues rose 68 percent to $221.2 million. Net income rose 24 percent to $7.7 million Results reflect an increase in trading revenues. Earnings also reflect higher gross trade margins and lower S/G/A and interest expenses. 
Berry Petroleum Company (NYSE : BRY)Berry Petroleum Company is engaged in the acquisition, exploration, exploitation, development, production, and marketing of crude oil and natural gas. For the three months ended 3/31/99, revenues decreased 17 percent to $9.7 million. Net income fell 74 percent to $544 thousand. Results suffered from a decrease in oil prices, a declined production, and the restoration of full salaries for all employees and other payroll related costs. 
Basic Earth Science (OTC BB : BSIC)Basic Earth Science Systems, Inc. is engaged in the acquisition, exploitation, development, operation and production of crude oil and natural gas. For the nine months ended 12/31/98, total revenues decreased 41 percent to $1.1 million. Net loss totalled $139 thousand, up from $61 thousand. Revenues suffered from decreased oil and gas production volumes and declining prices. Net loss reflects increased interest expense and higher S/G/A expenses as a  percentage of revenues. 
Basin Exploration Inc. (Nasdaq : BSNX)Basin Exploration is engaged in the exploration, acquisition, development and exploitation of oil and gas properties. The Company's properties are located primarily offshore Louisiana and Texas, and in Wyoming. For the three months ended 3/31/99, total revenues rose 27 percent to $13.1 million. Net loss totalled $398 thousand vs. an income of $239 thousand. Results reflect increased oil and gas production volumes, offset by increased depletion due to increased production. 
Castle Energy Corp. (Nasdaq : CECX)Castle Energy Corporation is engaged in the business of natural gas marketing and transmission, and oil and gas exploration and production in the US. For the three months ended 12/31/98, revenues fell less than 1 percent to $20.9 million. Net income fell 11 percent to $2.5 million. Revenues suffered from lower production and prices received for oil and gas. Earnings also suffered from higher corporate general and administrative expenses due to higher consulting fees. 
CEC Resources Ltd. (AMEX : CGS)CEC Resources Ltd. is engaged in the production of crude oil and natural gas, and acquires and develops leaseholds and other interests in oil and gas properties in the provinces of Alberta and Saskatchewan. For the fiscal year ended ended 11/30/97, revenues increased 3 percent to C$3.3 million. Net income increased 15 percent to C$605 thousand. Revenues benefitted from increased crude oil sales volumes. Earnings also benefitted from lower lease operating and field service expenses. 
Chaparral Resources, Inc. (Nasdaq : CHAR)Chaparral Resources, Inc. is engaged in the exploration, development and production of oil and gas properties, currently focused on the Karakuduk Field in Kazakstan. For the three months ended 3/31/99, the Company reported no revenues. Net loss applicable to Common decreased 35 percent to $677 thousand. Lower loss reflects a reduction in stock-based compensation and common stock warrant expiration expenses. 
Cheniere Energy, Inc. (Nasdaq : CHEX)Cheniere Energy is a development stage company, and is engaged in the exploration, development and exploitation of oil and gas fields. CHEX, through a joint venture, explores for oil and gas along the Gulf Coast of Louisiana, onshore and in the shallow waters of the Gulf of Mexico. For the fiscal year ended 12/31/98, the Company reported no revenues. Net loss totalled $1.6 million. Results are not comparable due to the Company changing its fiscal year end from Aug. to Dec. 
Chesapeake Energy Corp. (NYSE : CHK)Chesapeake Energy Corporation is engaged in the exploration and production of oil and natural gas. For the three months ended 3/31/99, revenues decreased 14 percent to $65.7 million. Net loss applicable to Common decreased 94 percent to $16 million. Revenues reflect decreased average realized gas prices. Lower loss reflects the absence of a $250 million impairment of oil and gas properties charge and decreased oil and gas marketing expenses. 
Chieftain International (AMEX : CID)Chieftain International is engaged in gas and oil exploration, development and production in the U.S. and also in the United Kingdom's sector of the North Sea and Libya. For the three months ended 3/31/99, revenues decreased 29 percent to $13.2 million. Net loss applicable to Common according to U.S. GAAP totalled $5.4 million vs. income of $1.1 million. Revenues reflect lower average natural gas and oil prices. Net loss also reflects increased depletion and amortization costs. 
Crown Central Petroleum (AMEX : CNPa)CNP.A operates as an independent refiner and marketer of petroleum products and merchandise through 343 gasoline stations and convenience stores. For the three months ended 3/99, revenues decreased 31 percent to $225.2 million. Net loss decreased 14 percent to $11.8 million. Revenues reflect a decrease in the average sales price per gallon of petroleum products. Lower loss reflects decreased costs and operating expenses due to a decrease in the average cost per barrel consumed of crude oil. 
Coastal Caribbean O & M (OTC BB : COCBF)Coastal Caribbean Oils and Minerals is engaged, through its majority owned subsidiary (Coastal Petroleum), in the exploration for oil and gas reserves in Florida. For the three months ended 3/31/99, revenues decreased 52 percent to $25 thousand. Net loss decreased 5 percent to $289 thousand. Revenues reflect less funds available and lower interest rates. Higher loss reflects lower margins and higher salaries and administrative expenses. 
Cabot Oil & Gas Corp. (NYSE : COG)COG explores for, develops, produces, transports, stores, purchases and markets natural gas and crude oil in the Appalachian Region of WV and PA, and in the Anadarko Basin of KY, OK, TX, and WY. For the three months ended 3/31/99, revenues decreased 14 percent to $35.3 million. Net loss applicable to Common totalled $3.3 million vs. income of $3 million. Revenues reflect a decrease in the average natural gas price. Net loss also reflects higher operating costs as a  percentage of revenues. 
Coho Energy, Inc. (OTC BB : COHO)Coho Energy, Inc. is engaged in the development and production of, and exploration for, crude oil and natural gas. For the fiscal year ended 12/31/98, revenues rose 9 percent to $68.8 million. Net loss totalled $203.3 million vs. an income of $6.3 million. Revenues benefitted from increased crude oil production due to the acquisition of the Oklahoma Properties. Loss reflects the non-cash writedown of crude oil and natural gas properties, aggregating $188 million and higher borrowing levels. 
Crystal Gas Storage, Inc. (AMEX : COR)Crystal Gas Storage, through its subsidiaries, owns and operates two natural gas storage facilities located near Hattiesburg, Mississippi, and holds various interests in crude oil and natural gas properties in Louisiana. For the three months ended 3/31/99, total revenues fell 11 percent to $5.9 million. Net income fell 23 percent to $459 thousand. Revenues reflect reduced investment income. Earnings also suffered from increased depreciation, depletion and amortization. 
Costilla Energy, Inc. (Nasdaq : COSE)COSE is an independent energy company that is engaged in the exploration, exploitation, development, and acquisition of oil and gas properties, primarily in TX, NM, and the Rocky Mountain region. For the three months ended 3/31/99, total revenues fell 20 percent to $12.8 million. Net loss before extraordinary item and applicable to Common totalled $55.9 million, up from $7.3 million. Results reflect lower oil prices and volumes and a $47.5 million loss on termination of purchase option. 
Callon Petroleum Company (NYSE : CPE)Callon Petroleum Company is an independent oil and gas company engaged in the acquisition, development, exploration and operation of oil and gas properties. For the three months ended 3/31/99, revenues decreased 27 percent to $8.4 million. Net loss applicable to Common totalled $359 thousand vs. income of $508 thousand. Revenues reflect decreased production and lower average prices for both oil and gas. Net loss also reflects increased interest expense. 
Credo Petroleum Corp. (Nasdaq : CRED)Credo Petroleum is engaged in the exploration, development, acquisitions and production activities in the Rocky Mountain and Mid-Continent regions of the U.S. For the three months ended 1/99, revenues rose 40 percent to $886 thousand. Net income rose 80 percent to $151 thousand. Revenues reflect higher natural gas production due to the Cline #11-1 and return of the Tracy Federal #1 to commercial production levels. Earnings reflect higher margins due to higher gas price realizations. 
Comstock Resources, Inc. (NYSE : CRK)CRK is engaged in the acquisition, production and exploration of oil and natural gas properties in Texas, Louisiana, and the Gulf of Mexico. For the three months ended 3/31/99, revenues fell 23 percent to $19.6 million. Net loss totalled $4.1 million vs. an income of $570 thousand. Revenues reflect a decrease in oil and gas production and lower average realized oil and gas prices. Earnings reflect higher depreciation due to higher cost per unit of amortization and higher interest costs. 
Cronus Corporation (OTC BB : CRON)Cronus Corporation, through its subsidiaries, is engaged in the exploration for and production of oil and natural gas, and the acquisition and development of mining claims and mining property. For the nine months ended 9/30/98, revenues totalled $22 thousand, up from $2 thousand. Net loss before extraordinary item rose 81 percent to $490 thousand. Revenues reflect gas production from the Bayou Pierre lease. Higher loss reflects increased interest expense and a $144 thousand loss on the sale of assets. 
Carrizo Oil & Gas, Inc. (Nasdaq : CRZO)Carrizo is an independent oil and gas company engaged in the exploration, development, exploitation, and production of natural gas and crude oil. For the fiscal year ended 12/31/98, revenues fell 10 percent to $7.9 million. Net loss applicable to Common totaled $22.3 million, vs. pro forma net income of $31 thousand. Revenues reflect lower natural gas production and lower oil prices. Net loss suffered from $20.3 million in oil and gas write-downs and increased staff and preferred dividends. 
Canada Southern Petroleum (Nasdaq : CSPLF)Canada Southern Petroleum is engaged in the exploration for and development of oil and gas reserves in Canada and the U.S. For the three months ended 3/31/99, total revenues decreased 68 percent to C$161 thousand. Net loss according to U.S. GAAP rose 2 percent to C$944 thousand. Revenues reflect a decrease in the price and in the number of units of oil and gas sold. Higher loss reflects increased costs of the Kotaneelee litigation. 
Caspen Oil, Inc. (OTC BB : CSPN)Caspen Oil, Inc. is engaged primarily in the acquisition, development, production, exploration for, and the sale of, oil, gas and natural gas liquids in the United States. For the nine months ended 4/30/98, revenues decreased 42 percent to $568 thousand. Net loss applicable to Common increased 24 percent to $885 thousand. Revenues reflect the sale of various oil and gas interests and lower oil and gas prices. Higher loss also reflects an increase in interest expense. 
Clayton Williams Energy (Nasdaq : CWEI)Clayton Williams Energy and its subsidiaries are primarily engaged in the exploration for and development and production of oil and natural gas. Revenues for the three months ended 3/31/99 fell 53 percent to $8.3 million. Net loss totalled $185 thousand vs. an income of $962 thousand. Revenues suffered from lower average oil and gas prices and a decline in oil and gas production. Loss also reflects higher interest expense due to higher average borrowings. 
Canadian Occidental Pet. (AMEX : CXY)CXY is engaged in the exploration for and development, production and marketing of crude oil, natural gas and related products, as well as alternate fuels and chemicals. For the three months ended 3/31/99, total revenues fell 15 percent to $331 million. Net loss before US GAAP totalled $55 million, up from $4 million. Revenues reflect lower production volumes of oil and gas and weaker oil prices. Net loss reflects decreased gross profit and higher tax expense. 
Double Eagle Petro.& Min. (Nasdaq : DBLE)Double Eagle Petroleum and Mining Company is engaged in the exploration, development and production of oil, gas and other minerals in the Rocky Mountain region of the United States. For the six months ended 2/28/99, revenues rose 14 percent to $447 thousand. Net loss totalled $106 thousand, up from $46 thousand. Revenues reflect increased revenues from the sale of nonproductive leases. Higher loss reflects increased exploration, depreciation and depletion expenses. 
Dorchester Hugoton, Ltd. (Nasdaq : DHULZ)Dorchester Hugoton, Ltd. is a producer of natural gas whose principal operating assets consist of working interests and support facilities for 127 natural gas wells in the Guymon-Hugoton field in OK and 20 wells in Hugoton field in KS. For the three months ended 3/31/99, net revenues fell 25 percent to $3.1 million. Net income applicable to Limited Partners fell 35 percent to $1.6 million. Results reflect lower natural gas sales due to significantly lower natural gas prices. 
Daleco Resources Corp. (OTC BB : DLOV)Daleco Resources Corp., through its subsidiaries, is engaged in the exploration, development and production of oil and gas properties, harvesting timber and holder of mineral rights. For the nine months ended 6/30/98, revenues rose 1 percent to $1.9 million. Net loss applicable to Common decreased 16 percent to $1.4 million. Revenues reflect initial revenues from the timber operations. Loss also reflects lower adminstration and financial advisor expenses. 
Denbury Resources, Inc. (NYSE : DNR)Denbury Resources, Inc. is a Canadian independent energy company engaged in the acquisition, development, operation and exploration of oil and gas properties primarily in the Gulf Coast region of the U.S. For the three months ended 3/31/99, total revenues fell 41 percent to $15.1 million. Net loss totalled $3 million, up from $680 thousand. Revenues reflect a decrease in production and a decline in oil and gas prices. Loss also reflects increased interest expense. 
Delta Petroleum Corp. (Nasdaq : DPTR)Delta Petroleum Corp. is engaged in the acquisition, exploration, development and production of oil and gas properties. For the six months ended 12/31/98, revenues increased 1 percent to $1.4 million. Net income totalled $156 thousand, up from $30 thousand. Revenues benefitted from an increase in the gain on the sale of oil and gas properties. Earnings also benefitted from an increase in exploration and in general and adminstrative expenses. 
Devon Energy Corporation (AMEX : DVN)Devon Energy Corporation is an independent energy company engaged in oil and gas exploration, development and production, and the acquisition of producing properties. For the three months ended 3/31/99, revenues fell 13 percent to $87.3 million. Net income decreased 58 percent to $6 million. Revenues reflect reductions in the average prices of oil, gas and NGLs. Earnings also reflect higher combined U.S. and Canadian DD&A rate and an increase in the average debt outstanding. 
Dynegy, Inc. (NYSE : DYN)Dynegy, Inc. is a marketer of natural gas, natural gas liquids, crude oil and electricity, and is engaged in natural gas gathering, processing, and transportation. For the three months ended 3/31/99, revenues decreased 8 percent to $3.04 billion. Net income applicable to Common totalled $28 million, up from $12.2 million. Revenues reflect lower crude oil and natural gas prices. Earnings benefitted from the absence of $9.6 million in severance costs and significant leveraging of costs. 
Dynamic Oil & Gas, Inc. (Nasdaq : DYOLF)DYOLF acquires and explores oil and natural gas properties in southwestern British Columbia and central Alberta. For the nine months ended 12/98, revenues increased from C$1.4 million to C$6.5 million. Net income was C$955 thousand vs. a loss of C$1.3 million. Revenues reflect higher volume sales of natural gas, NGLs and oil. Earnings reflect higher gross margins due to an increase in the price of gas and lower personnel costs as a  percentage of sales. 
Encal Energy Ltd. (NYSE : ECA)Encal Energy Ltd. is a Canadian based oil and gas production and exploration company, with an emphasis on successfully finding and efficiently producing reserves. For the three months ended 3/31/99, revenues rose 15 percent to C$39 million. Net income fell 2 percent to C$1.4 million. Revenues reflect increased oil and gas production volumes due to successful exploration and development activity. Earnings were offset by increased financing charges due to higher debt levels. 
Canadian 88 Energy Corp. (AMEX : EEE)Canadian 88 Energy Corp. is involved in the application of deep conventional and horizontal drilling techniques in the West Central Alberta Foothills corridor. EEE is also involved in the application of large scale 3-D seismic technology. For the fiscal year ended 12/31/98, revenues fell 4 percent to $60.5 million. Net income fell 90 percent to $1.8 million. Revenues reflect lower average oil and natural gas prices. Earnings reflect the absence of a $10.2 million non-recurring gain. 
EEX Corporation (NYSE : EEX)EEX Corporation is a natural gas and oil exploration and production company with activities focused in Texas and the Gulf of Mexico. For the three months ended 3/31/99, total revenues decreased 39 percent to $39.6 million. Net loss applicable to Com. decreased 4 percent to $18.3 million. Revenues suffered from a decrease in average gas prices and lower natural gas production due to sales of non-core properties. Lower loss benefitted from the absence of a $6 million charge for the sale of properties. 
Columbus Energy Corp. (AMEX : EGY)EGY is engaged in the production and sale of crude oil and gas, as well as the compression, transmission, and marketing of natural gas. EGY emphasizes the exploration for, and development of, natural gas reserves. For the three months ended 2/28/99, revenues fell 25 percent to $2.4 million. Net income totalled $28 thousand vs. a loss of $1.5 million. Revenues reflect lower oil and gas sales due to lower average gas prices. Earnings reflect the absence of $2.8 million in impairments. 
Empiric Energy, Inc. (OTC BB : EMPE)Empiric Energy, Inc. is an independent oil and gas company engaged in the acquisition, operation and development of oil and gas properties, located in Texas, Mississippi and Pennsylvania. For the fiscal year ended 12/31/98, revenues rose 97 percent to $201 thousand. Net loss before extraordinary item totalled $1.4 million, up from $232 thousand. Results reflect increased oil and gas production volumes, offset by increased depreciation and a $716 thousand property impairment charge. 
Energy BioSystems Corp. (Nasdaq : ENBC)Energy BioSystems Corporation develops and commercializes biotechnology-based processes for the petroleum refining and production industries. For the three months ended 3/31/99, revenues totalled $532 thousand, up from $262 thousand. Net loss applicable to Common fell 30 percent to $2.5 million. Revenues reflect increased sponsored research revenues from a Department of Energy grant. Lower loss reflects a reduction in research and development personnel. 
Enex Resources Corp. (OTC BB : ENEX)Enex Resources Corp. acquires interests in producing oil and gas properties and managing oil and gas income limited partnerships. For the three months ended 3/31/99, total revenues decreased 83 percent to $474 thousand. Net income totalled $88 thousand vs. a loss of $424 thousand. Revenues suffered from the divestiture of the Consolidated Partnership. Net income benefitted from the consolidation of the Company's general and administrative functions with Middle Bay. 
Enron Oil & Gas Company (NYSE : EOG)Enron Oil and Gas Company is engaged in the exploration for, and the development, production and marketing of, natural gas and crude oil primarily in major producing basins in the U.S., as well as in Canada, Trinidad and India. For the three months ended 3/31/99, total revenues fell 20 percent to $159 million. Net income fell 81 percent to $5.1 million. Revenues reflect lower average prices for natural gas and oil. Earnings also reflect increased depreciation and S/G/A costs. 
EOTT Energy Partners, L.P (NYSE : EOT)EOT, a limited partnership, through its affiliated limited partnerships, engages in purchasing, gathering, transporting, trading, storage and resale of crude oil and refined petroleum products and related activities. For the three months ended 3/99, revenues rose 7 percent to $1.43 billion. Net income allocated to limited partners totalled $2.4 million vs. a loss of $1.7 million. Results reflect increased lease volumes and lower costs of sales as a  percentage of revenues. 
Enterprise Products Part. (NYSE : EPD)Enterprise Products Partners, L.P. is an integrated provider of processing and transportation services to producers of natural gas liquids (NGLs) and consumers of NGL products. For the three months ended 3/31/99, revenues decreased 23 percent to $147.3 million. Net income allocated to Limited Partners totalled $10.4 million vs. a loss of $313 thousand. Results reflect sharp declines in average NGL prices, offset by higher operating margins for isomerization. 
Edge Petroleum Corp. (Nasdaq : EPEX)Edge Petroleum Corp. is an independent energy company engaged in the exploration, development and production of oil and natural gas, primarily along the onshore Gulf Coast, with an emphasis in South Texas and Louisiana. For the three months ended 3/31/99, revenues fell 6 percent to $3.5 million. Net loss before accounting change totalled $305 thousand vs. an income of $619 thousand. Results reflect reduced production volumes, lower prices and increased depreciation. 
Equity Oil Company (Nasdaq : EQTY)Equity Oil Company is engaged in oil and gas exploration, development, and production in the U.S., Canada, and Russia. For the three months ended 3/99, total revenues fell 26 percent to $2.7 million. Net loss fell 11 percent to $570 thousand. Revenues suffered from lower oil and gas prices, decreased production and interest income. Lower loss benefited from reduced operating costs and an absence of 3D Seismic expenses. 
Esenjay Exploration, Inc. (Nasdaq : ESNJ)ESNJ is engaged in the exploration for natural gas and oil reserves and in the acquisition, production, development and marketing of natural gas and oil properties. For the fiscal year ended 12/31/98, revenues increased 89 percent to $1.7 million. Net loss applicable to Common totalled $29.4 million, up from $5.1 million. Revenues benefitted from wells placed into production during the third and fourth quarter. Higher losses reflect an increase in exploration expense. 
Enterprise Oil, plc. (NYSE : ETP)ETP is a crude oil and natural gas exploration and production company with interests in 15 countries. ETP's main assets are concentrated in the U.K./Ireland, Norway/ Denmark, Italy and U.S. Gulf of Mexico. For the six months ended 6/98, revenues fell 33 percent to L320.8 million. Net income applicable to Common before U.S. GAAP fell 80 percent to L7.5 million. Results reflect lower sterling oil price realizations and a L9M payment in respect to the modification of tariff levels. 
EuroGas, Inc. (OTC BB : EUGS)EuroGas, Inc. is primarily engaged in the acquisition of rights to explore for and exploit natural gas, coal bed methane gas and other hydrocarbons. For the three months ended 3/31/99, revenues totalled $810 thousand, up from $171. Net loss applicable to Common rose 34 percent to $2.4 million. Revenues reflect increased oil and gas sales due to the acquisition of Big Horn. Higher loss reflects the opening of additional offices and increased consulting fees. 
Evergreen Resources Inc. (Nasdaq : EVER)Evergreen Resources Inc. is engaged in the operation, acquisition, exploration and development of oil and gas properties and marketing of natural gas. For the three months ended 3/31/99, total revenues increased 6 percent to $4.6 million. Net income from continuing operations decreased 60 percent to $534 thousand. Results reflect increased natural gas revenues to due higher sales volumes. Earnings were offset by decreased gas prices, increased lease operating expenses and higher debt levels. 
Exco Resources (Nasdaq : EXCO)EXCO Resources' primary operations consist of acquiring interest in producing oil and natural gas properties located in the continental United States. For the three months ended 3/31/99, total revenues rose from $183 thousand to $984 thousand. Net loss decreased 21 percent to $153 thousand. Revenues reflect the Dawson County, Jacobi-Johnson and Rio Grande acquisitions. Loss was partially offset by higher general and administrative expenses due to increased staffing. 
Forcenergy, Inc. (OTC BB : FENYQ)Forcenergy, Inc. is an independent oil and gas company engaged in the exploration, acquisition, production, development, and exploitation of oil and natural gas. For the nine months ended 9/30/98, total revenues rose 6 percent to $210.6 million. Net loss totalled $19.8 million vs. an income of $18.9 million. Results reflect higher production volumes, offset by lower liquids and natural gas prices, higher depreciation costs, and higher interest expense due to increased debt levels. 
Fracmaster Ltd. (NYSE : FMA)Fracmaster Ltd. provides services, materials, equipment, and technology to the oil and gas industry. For the nine months ended 9/30/98, revenues decreased 20 percent to C$256.3 million. Net loss totalled C$127.9 million vs. income of C$30 million. Revenues suffered from a decrease in oil prices and reduced production from the Company's Russian operations. Losses also reflect a decrease in gross profit and a C$126.1 million reduction in carrying value of Russian Assets. 
Foreland Corp. (Nasdaq : FORL)Foreland Corporation is engaged in oil exploration, development, and production, primary in north-central NV. For the nine months ended 9/30/98, revenues totalled $5.3 million, up from $1.8 million. Net loss applicable to Com. totalled $4 million, up from $979 thousand. Results benefitted from the presence of $4.2 million in refinery and transportation revenues, as a result of the 5/98, acquisition of the Petro Source unit. Higher loss reflects increased cost of sales and oil recovery expenses. 
Fieldpoint Petroleum Corp (OTC BB : FPPC)Fieldpoint Petroleum Corp. is engaged in the acquisition, operation and development of oil and gas properties, which are located in south-central Texas and Wyoming. For the three months ended 3/31/99, revenues decreased 13 percent to $132 thousand. Net loss decreased 41 percent to $23 thousand. Revenues reflect a decrease in the average price received for oil and gas sales. Earnings also reflect expenses related to repairing a casing leak. 
Fortune Natural Resources (AMEX : FPX)Fortune Natural Resources engages in the acquisition, production, and exploration of oil and gas in TX and LA. For the three months ended 3/31/99, revenues decreased 63 percent to $270 thousand. Net loss decreased 25 percent to $553 thousand. Revenues suffered from lower oil and gas prices and lower gas production. Lower loss reflects a decrease in SGA expenses due to reductions which have been made in response to lower oil and gas prices, and lower depreciation expenses. 
Forest Oil Corporation (NYSE : FST)Forest Oil Corporation is engaged in the acquisition, exploration, development, production and marketing of natural gas and crude oil in North America. For the three months ended 3/31/99, total revenues rose 20 percent to $90.4 million. Net income totalled $450 thousand vs. a loss of $1 million. Revenues reflect increased marketing and processing revenue. Earnings also reflect a decline in the depletion rate and increased translation gains on subordinated debt. 
Frontier Oil Corporation (NYSE : FTO)Frontier Oil Corp. is engaged in crude oil refining and wholesale marketing of refined petroleum products. The company conducts refining operations in the Rocky Mountain region of the U.S. For the three months ended 3/31/99, revenues fell 19 percent to $56.2 million. Net loss before extraordinary item totalled $4.8 million, up from $839 thousand. Revenues suffered from lower crude oil prices. Higher loss reflects higher selling and general expenses and higher depreciation expenses. 
Streicher Mobile Fueling (Nasdaq : FUEL)FUEL delivers mechanized mobile fleet fueling and electronic fuel management to government, utilities, and trucking line customers which operate large fleets of vehicles. For the three months ended 4/30/99, revenues rose 36 percent to $15.5 million. Net income totalled $250 thousand vs a loss of $113 thousand. Revenues reflect an increased volume of fuel sales to existing customers and the acquisition of new customers. Earnings also reflect a higher gross profit. 
American Resources Offsh. (Nasdaq : GASS)American Resources Offshore is an integrated oil and gas company engaged in the exploration, development, acquisition, and production of oil and gas properties offshore Louisiana and offshore Texas and in southeastern Kentucky. For the fiscal year ended 12/98, revenues fell 5 percent to $36.1 million. Net loss applicable to Com. totalled $46.3 million, up from $1.9 million. Results reflect the termination of gas sales contracts a $36.7 million asset impairment charge. 
Goodrich Petroleum Corp. (NYSE : GDP)Goodrich Petroleum Corporation is an independent oil and gas holding company engaged in the exploration, development, production and acquisition of oil and natural gas in the the United States, primarily Louisiana and Texas. For the three months ended 3/99, total revenues increased 21 percent to $2.9 million. Net loss applicable to Common decreased 22 percent to $1 million. Results reflect the recording of previously suspended oil and gas sales and lower exploration costs. 
Genesis Energy, L.P. (NYSE : GEL)GEL is engaged in the purchase and aggregation of crude oil at the wellhead and the bulk purchase of crude oil for resale. For the three months ended 3/31/99, revenues fell 41 percent to $383.7 million. Net income applicable to limited partners fell 36 percent to $1.1 million. Revenues suffered from adecline in volumes and reduced production associated with lower oil prices. Net income reflects a higher depreciation and amortization expense due to assets acquired. 
GeoResources, Inc. (Nasdaq : GEOI)GEOI engages in oil and gas exploration, development and production in North Dakota and Montana. GEOI is also engaged in the mining and manufacturing of leonardite and leonardite based products. For the fiscal year ended 12/98, revenues fell 43 percent to $2.4 million. Net loss totalled $1.6 million vs. income of $766 thousand. Revenues reflect lower average oil price and lower volume of oil sold. Net loss suffered from a $1.3 million charge for write-down of oil and gas properties. 
Giant Industries, Inc. (NYSE : GI)Giant Industries is engaged in the refining of crude oil into petroleum products which are sold through branded retail outlets, distributors, industrial/commercial accounts and major oil companies. For the three months ended 3/31/99, revenues rose 2 percent to $149 million. Net income totalled $858 thousand vs. a loss of $1.7 million. Revenues benefitted from acquisitions an increased wholesale fuel volumes. Earnings also reflects decreased average crude oil prices and finished products cost. 
Gateway Energy Corp. (OTC BB : GNRG)Gateway Energy owns and operates natural gas gathering, transportation and distribution systems and related facilities in Texas, including Texas state waters, Oklahoma and Louisiana. For the nine months ended 11/98, revenues fell 32 percent to $6.1 million. Net loss totalled $1.7 million, up from $122 thousand. Results reflect decreased properties sold to Shoreham, decreased oil and gas sales and costs of additional personnel, office rent and telecommunications. 
Golden Oil Company (OTC BB : GOCO)Golden Oil Company owns, acquires, and sells oil and gas leases and other mineral interests and produces oil and gas. GOCO also conducts exploration and development activities and has interests in real estate ventures. For the nine months ended 9/98, revenues fell 39 percent to $758 thousand. Net loss totalled $879 thousand, up from $151 thousand. Revenues reflect decreased average oil prices. Higher loss suffered from $450 thousand in impairment losses. 
Gothic Energy Corporation (OTC BB : GOTH)GOTH is an independent energy co. primarily engaged in the acquisition, exploitation, enhancement, development and operation of oil and gas producing properties. For the three months ended 3/31/99, revenues decreased 33 percent to $11.5 million. Net loss applicable to Common before extraordinary item increased 53 percent to $7.7 million. Revenues reflect lower commodity prices within the natural gas and oil industry and the sale of properties. Higher losses reflect additional personnel. 
Gulf Canada Resources Ltd (NYSE : GOU)GOU is principally engaged in the exploration, development, production and marketing of conventional and synthetic crude oil, natural gas liquids and natural gas. For the three months ended 3/31/99, revenues fell 24 percent to $244 million. Net loss applicable Common before acctg. change and after US GAAP rose 59 percent to $89 million. Revenues suffered from a decline in sales volume and prices. Net loss reflects an increase in finance charges due to a weaker Canadian dollar. 
Getty Petroleum Marketing (NYSE : GPM)GPM markets petroleum products to retail and wholesale customers through a distribution and marketing network of 1,263 Getty and other branded retail outlets. For the fiscal year ended 1/31/99, revenues fell 26 percent to $662.3 million. Net income fell 52 percent to $566 thousand. Revenues suffered from lower sales volume and sales prices. Higher loss also reflects lower retail and wholesale product margins, and higher environmental and depreciation expenses. 
Gulfport Energy Corp. (OTC BB : GPOR)Gulfport Energy Corporation owns and operates mature oil and gas properties in the Louisiana Gulf Coast Area. For the three months ended 3/31/99, revenues fell 51 percent to $1.7 million. Net loss fell 46 percent to $1.1 million. Revenues suffered from a decrease in production subsequent to the sale of gas producing properties. Lower loss reflects decreased expenses related to the sale of producing properties and the cost cutting efforts of the company. 
Greka Energy Corporation (Nasdaq : GRKA)Greka Energy Corporation is an oil and gas exploitation and production company focused on exploiting declining production wells by applying a low cost, short radius horizontal drilling technology. For the three months ended 3/31/99, revenues totalled $353 thousand, up from $35 thousand. Net loss totalled $1.1 million, up from $358 thousand. Results reflect increased oil and gas sales due to the acquisition of Saba, offset by increased production and depletion expenses. 
Gulf Indonesia Resources (NYSE : GRL)Gulf Indonesia Resources is an independent oil and natural gas company engaged in the exploration, development and production of oil and natural gas resources onshore and offshore in Indonesia. For the nine months ended 9/98, revenues fell 29 percent to $63.3 million. Net loss before U.S. GAAP totalled $23.4 million vs. income of $14 million. Revenues suffered from a decrease in oil prices, and production decline rates. Losses reflect an increase in exploration expenses. 
GulfWest Oil Company (OTC BB : GULF)GulfWest Oil is engaged in the acquisition of oil and gas producing properties with Proved Reserves which have the potential for increased value through continued development and enhanced recovery technology. For the nine months ended 9/30/98, revenues fell 39 percent to $2.2 million. Net loss applicable to Common rose from $915 thousand to $2.8 million. Revenues reflect lower oil and natural gas prices. Higher loss also reflects higher cost of well servicing operations and higher borrowing costs. 
CanArgo Energy Corp. (OTC BB : GUSH)GUSH is an international oil and gas company involved in both the acquisition and development of oil and gas properties throughout the world, and the development and marketing of its proprietary thermal stimulation process. For the fiscal year ended 12/31/98, revenues totalled $821 thousand, up from $313 thousand. Net loss decreased 78 percent to $6.1 million. Results reflect oil production from Sylvan-Lake, partially offset by higher S/G/A costs and writedowns of properties. 
Harken Energy Corporation (AMEX : HEC)HEC is engaged in oil and gas exploration, production development, and production operations both internationally and domestically through its subsidiaries. For the three months ended 3/31/99, revenues fell 1 percent to $4.3 million. Net loss applicable to Common totalled $9.1 million vs. an income of $84 thousand. Revenues reflect lower domestic revenues due to a sharp decline in oil prices. Loss reflects higher depreciation expenses and an $8.4 million accretion related to preferred stock. 
Hallwood Energy Corp. (Nasdaq : HECO)Hallwood Energy Corp. is engaged in the development, acquisition, and production of oil and gas properties in the continental U.S. For the three months ended 3/31/99, revenues fell 6 percent to $10 million. Net loss applicable to Limited Partners totalled $1.1 million vs. an income of $825 thousand. Revenues reflect a decrease in avg. oil and gas prices. Net loss reflects a higher loss in HCRC and a higher depletion rate resulting from higher production and higher capitalized costs. 
Holly Corporation (AMEX : HOC)Holly Corp. is an independent refiner of petroleum and petroleum derivatives and producer of high value light products such as gasoline, diesel fuel, and jet fuel for sale in the southwestern U.S. and northern Mexico. For the nine months ended 4/30/99, revenues fell 9 percent to $401.3 million. Net income rose 33 percent to $9.6 million. Results reflect the full reversal of after tax charges totaling $3.5 million for reduction in market values of crude oil and refined products inventories. 
Hallador Petroleum Co. (OTC BB : HPCO)Hallador Petroleum Co. and its principal subsidiaries, Hallador Exploration Co. and Hallador Production Co., are engaged in the exploration, development and production of oil and natural gas. For the nine months ended 9/98, total revenues decreased 10 percent to $3.4 million. Net loss decreased 42 percent to $183 thousand. Revenues reflect a decrease in oil and natural gas prices. Net loss reflects decreased geological and geophysical expenses as well as lower dry hole expenses. 
HS Resources, Inc. (NYSE : HSE)HS Resources is an independent energy company engaged in the development, exploitation, exploration, production, acquisition and marketing of oil and gas, with a focus on the Gulf Coast and Northern Rockies. For the three months ended 3/31/99, revenues fell 25 percent to $48.1 million. Net income fell 97 percent to $106 thousand. Revenues reflect lower oil and gas sales prices. Earnings also suffered from increased exploration and abandonment expenses. 
Halstead Energy Corp. (OTC BB : HSRC)Halstead Energy Corp. is engaged in the retail sale of propane and propane equipment. Fuel oil, gasoline and diesel fuel are also sold to wholesalers. The Co. also services propane and fuel oil heating equipment. For the six months ended 2/28/99, revenues fell 22 percent to $6 million. Net loss applicable to Com. fell 9 percent to $1.1 million. Results reflect the loss of customers in the commercial gasoline business, offset by lower cost of product and depreciation expenses. 
Howell Corporation (NYSE : HWL)HWL and its subsidiaries are engaged in the exploration, production, acquisition, and development of oil and gas properties in the US. For the three months ended 3/31/99, revenues decreased 38 percent to $8.9 million. Net loss from continuing operations applicalbe to Common decreased 95 percent to $2.4 million. Revenues reflect decreases in average gas and oil prices. Lower loss benefitted from the absence of a $66.1 million charge for ceiling test write-down. 
Huntway Refining Company (NYSE : HWY)Huntway Refining Company owns three crude oil refineries located in California and Arizona which produce liquid asphalt products and light-end products such as gas oil, diesel fuel, naphtha and kerosene distillate. For the three months ended 3/99, revenues rose less than 1 percent to $12.6 million. Net income applicable to limited partners totalled $21 thousand vs. a loss of $659 thousand. Results reflect increased unit sales and lower material and processing costs. 
Indo-Pacific Energy Ltd. (OTC BB : INDX)Indo-Pacific Energy Ltd. is a Canadian-based energy company engaged in the acquisition, exploration and development of petroleum and natural gas properties located in the Austral-Pacific region. For the three months ended 3/31/99, total revenues fell 18 percent to $109 thousand. Net loss rose 22 percent to $29 thousand. Revenues reflect lower oil and gas sales prices. Loss also suffered from the absence of a $63 thousand recovery of compensation costs. 
Inland Resources Inc. (Nasdaq : INLN)INLN is an independent energy company engaged in the acquisition, development and enhancement of oil and gas properties in the United States. For the three months ended 3/31/99, revenues fell 23 percent to $17 million. Net loss applicable to Common rose 52 percent to $6.3 million. Revenues suffered from a decrease in the average price received for refined products as well as for crude oil and natural gas. Higher loss reflects an increase in refinery operating expenses. 
World Fuel Services Corp. (NYSE : INT)World Fuel Services Corporation markets aviation and marine fuel services, and recycles used oil. For the fiscal year ended 3/31/99, revenues decreased 7 percent to $744.2 million. Net income decreased 4 percent to $15.1 million. Revenues suffered from a lower average price per gallon of aviation fuel and lower volumes of aviation fuel sold. Earnings were partially offset by an improved gross profit margin and a lower effective income tax rate. 
Isramco, Inc. (Nasdaq : ISRL)Isramco acquires, explores, operates and develops oil and natural gas properties in Israel. The Company is also engaged in the temporary investment of surplus funds in securities. For the three months ended 3/31/99, revenues increased 6 percent to $988 thousand. Net income totalled $304 thousand vs. a loss of $526 thousand. Revenues benefitted from strengthening of the Israeli currency, and a gain on marketable securities. Earnings reflect a decrease in consulting fees and salaries. 
Jilin Chemical Industrial (NYSE : JCC)JCC is a producer of basic chemicals and chemical raw materials. Its principal businesses consist of the production of petroleum products, petrochemical and organic chemical products, and other chemical products. For the fiscal year ended 12/31/97, revenues rose 12 percent to RMB8.63 billion. Net income according to U.S. GAAP fell 57 percent to RMB171.4 million. Results reflect increased petrochemical and organic chemical sales, offset by increased raw material costs related to crude oil. 
KCS Energy, Inc. (NYSE : KCS)KCS Energy, Inc. is engaged in the acquisition, exploration, development and production of natural gas and crude oil. For the fiscal year ended 12/31/98, revenues fell 10 percent to $129.5 million. Net loss from continuing operations totalled $296.5 million up from $97.4 million. Revenues suffered from lower gas prices and lower oil and liquids prices and production. Loss reflects a $103.3 million increase in the pretax write-down of oil and gas properties and an increase in interest expense. 
Kestrel Energy, Inc. (Nasdaq : KEST)Kestrel Energy, Inc. is involved in the acquisition of interests in proved developed producing oil and gas leases, and exploratory and developmental drilling. For the nine months ended 3/31/99, revenues decreased 30 percent to $657 thousand. Net loss fell 17 percent to $914 thousand. Revenues suffered from lower oil and gas prices and lower sales volumes for oil. Lower loss reflects lower dry hole costs due to reduced exploration activity. 
Kerr-McGee Corporation (NYSE : KMG)Kerr-McGee Corporation is engaged in the exploration and production of crude oil and natural gas. The Company is also engaged in chemical manufacturing. For the three months ended 3/31/99, revenues fell 4 percent to $485.9 million. Net loss from continuing operations before accounting change totalled $106.5 million vs. an income of $15.8 million. Revenues reflect lower crude oil and natural gas sales volume. Loss reflects $155.1 million in merger related costs. 
Kelley Oil & Gas Corp. (Nasdaq : KOGC)Kelley Oil and Gas Corporation is engaged in the acquisition, exploration, development, and production of oil and natural gas. For the fiscal year ended 12/31/98, revenues rose 5 percent to $79.7 million. Net loss applicable to Common totalled $61.6 million, up from $2.6 million. Revenues reflect increased oil and gas production. Net loss suffered from lower oil and gas prices, a $25.7 million oil and gas impairment charge and higher production expenses due to higher workover expenses. 
Key Production, Inc. (NYSE : KP)Key Production, Inc. is an independent oil and gas company engaged in oil and gas exploration, development and production in the continental United States. For the three months ended 3/31/99, revenues increased 2 percent to $10 million. Net income decreased 59 percent to $585 thousand. Revenues reflect an increase in the average daily oil production. Earnings were offset by increased depletion rates, higher personnel costs and increased interest expense. 
Quicksilver Resources Inc (AMEX : KWK)KWK engages in the acquisition, exploration, production and sale of crude oil, condensate and natural gas and the gathering, processing and transmission of natural gas. The Co. currently has interests in oil and gas mineral leases, gas gathering pipeline systems and wells. For the three months ended 3/99, revenues fell 16 percent to $9 million. Net loss totalled $485 thousand vs. income of $1.3 million. Revenues reflect lower oil sales. Net income reflects a $1.4 million provision expense. 
Louis Dreyfus Natural Gas (NYSE : LD)Louis Dreyfus Natural Gas is an independent natural gas company engaged in the acquisition, development, exploration, production and marketing of natural gas and crude oil. For the three months ended 3/31/99, revenues decreased 17 percent to $57.5 million. Net loss totalled $4.2 million, up from $2 million. Revenues reflect lower production of oil. Higher loss reflects lower gross margins due to lower average price of natural gas. 
Leviathan Gas Pipeline,LP (NYSE : LEV)LEV, a limited partnership, is engaged in the gathering and transportation of natural gas and crude oil through its pipeline systems located in the Gulf of Mexico and in the development and production of oil and gas reserves. For the three months ended 3/99, revenues rose 24 percent to $21.9 million. Net income applicable to Limited Partners totalled $2.8 million vs. a loss of $1.1 million. Results reflect increased platform services and decreased administrative expenses. 
Lone Star Intn'l Energy (OTC BB : LNST)Lone Star International Energy, Inc. is engaged in the production and sale of crude oil and natural gas. For the nine months ended 9/98, total revenues fell 31 percent to $240 thousand. Net loss increased 16 percent to $2.4 million. Revenues reflect the result of the Company selling it's interest in the Texas oil and gas properties and a decrease in oil prices. Higher loss was partially offset by lower production costs and a decrease in general and administrative expenses. 
Lasmo PLC (NYSE : LSO)Lasmo PLC is an international oil and gas exploration and production company with projects in 13 countries around the world. The Company's reserves and producing assets are concentrated principally in the U.K. and Indonesia. For the fiscal year ended 12/31/98, turnover fell 24 percent to L484M. Net loss applicable to Common according to U.S. GAAP totalled L128M, up from L12M. Results reflect lower oil and gas prices and L326M in special charges. 
Lyondell Chemical Company (NYSE : LYO)LYO operates in five business segments: intermediate chemicals and derivatives; petrochemicals; polymers; refining; and methanol. LYO's products include ethylene, propylene, and refined petroleum products, including gas, oil, and jet fuel. Revenues for the three months ended 3/99 totalled $855 million, up from $0. Net income fell 97 percent to $2 million. Revenues reflect the operating results of acquired business. Earnings were offset by development and depreciation costs. 
St. Mary Land & Explorat. (Nasdaq : MARY)MARY is an independent energy company engaged in the exploration, development, acquisition and production of crude oil and natural gas in the United States and Canada. For the three months ended 3/31/99, total revenues decreased 26 percent to $14.1 million. Net income decreased 76 percent to $409 thousand. Revenues reflect a decrease in both oil and gas production volumes and average prices. Earnings also reflect an increase in depreciation and amortization expense. 
Middle Bay Oil Co., Inc. (Nasdaq : MBOC)Middle Bay Oil Company, Inc. is an independent oil and gas company engaged in the acquisition, development and production of oil and gas in the contiguous United States. For the fiscal year ended 12/31/98, revenues increased 55 percent to $17.7 million. Net loss applicable to Common decreased 59 percent to $6.7 million. Revenues benefitted from higher oil and gas production and prices due to acqusitions. Lower losses reflect a decrease in impairment expenses. 
Meteor Industries, Inc. (Nasdaq : METR)Meteor Industries, Inc. is engaged in the business of marketing and distributing refined petroleum and related products employing wholesale, convenience store operations and environmental services. For the fiscal year ended 12/31/98, net sales rose 34 percent to $118.4 million. Net income increased 94 percent to $1.2 million. Revenues reflect the acquisition of Fleischli Oil Company, Inc. Net income also reflects an increased gross profit due to decreased prices on products sold. 
Miller Exploration Co. (Nasdaq : MEXP)MEXP is an independent oil and gas exploration and production company with exploration efforts concentrated primarily in four regions: the Mississippi Salt Basin, the onshore Gulf Coast region of TX and LA, the Blackfeet Indian Reservation in Northwest MT and the Michigan Basin. For the three months ended 3/31/99, revenues rose 18 percent to $5 million. Net loss fell 95 percent to $288 thousand. Results reflect higher gas production volumes and the absence of a $5.4 million S Corp. termination charge. 
Magnum Hunter Resources (AMEX : MHR)Magnum Hunter Resources, Inc. is engaged in the acquisition, production and sale of crude oil and natural gas, the gathering transmission and marketing of natural gas, the managing and operating of producing properties and export and consulting services. For the three months ended 3/99, total revenues rose 3 percent to $13.1 million. Net loss applicable to Common rose from $2 million to $5.8 million. Results reflect higher sales volume, offset by higher debt level and the absence of tax benefits. 
Mallon Resources Corp. (Nasdaq : MLRC)Mallon Resources Corporation is engaged in domestic oil and gas development, exploration and production business through its wholly-owned subsidiary, Mallon Oil Company (``Mallon Oil''). For the three months ended 3/99, revenues fell 3 percent to 3 million. Net loss applicable to Com. totalled $901 thousand vs. income of $14 thousand. Revenues reflect lower oil and gas prices realized. Net loss suffered from increased oil and gas production costs due to new wells drilled. 
McMoRan Exploration Co. (NYSE : MMR)MMR is an independent oil and gas company engaged in the exploration, development and production of oil and natural gas in the Gulf of Mexico and in the Gulf Coast area; and in the mining, purchasing, transporting, terminaling and marketing of sulphur. For the fiscal year ended 12/31/98, revenues totalled $45.9 million, up from $13.6 million. Net loss rose 72 percent to $18.1 million. Results reflect increased sulphur revenues due to the merger, offset by higher production and delivery costs. 
Maxx Petroleum Ltd. (AMEX : MMX)Maxx Petroleum Ltd. explores, buys, develops and conducts production activities on petroleum and natural gas properties, primarily in central and southern Alberta and southern Saskatchewan. For the six months ended 6/30/98, revenues fell 12 percent to $19.5 million. Net loss totalled $1.4 million vs. an income of $3.4 million. Revenues reflect a decrease in production volumes. Loss also reflects higher production expenses and increased depletion and depreciation expenses. 
Mitchell Energy & Develp. (NYSE : MNDa)Mitchell Energy and Development, an independent oil and gas company, explores for and produces natural gas and crude oil, produces natural gas liquids, and operates gas gathering systems. For the fiscal year ended 1/31/99, total revenues fell 11 percent to $701.4 million. Net loss from continuing operations before extraordinary item totalled $53 million, vs. income of $37.8 million. Revenues reflect lower natural gas, oil and condensate prices. Net loss reflects higher expenditures for 3-D seismic surveys. 
Maynard Oil Company (Nasdaq : MOIL)MOIL is engaged in the acquisition, exploration, development, production and sale of crued oil and natural gas in the Continental United States, primarily in the states of Texas and Oklahoma. For the three months ended 3/31/99, revenues fell 27 percent to $3.7 million. Net loss totalled $78 thousand vs. income of $208 thousand. Revenues reflect lower oil and gas prices. Net loss suffered from increased depreciation expenses as a  percentage of sales. 
Worldwide Petromoly, Inc. (OTC BB : MOLY)MOLY is engaged in the business of manufacturing, marketing, and distributing a line of molybdenum fortified lubricant products called ``Petromoly(R)'', an engine oil designed to enhance and maintain all types of engines. For the six months ended 12/31/98, net sales rose 23 percent to $193 thousand. Net loss fell 40 percent to $523 thousand. Results reflect expanded purchasing of the Co.'s customer base, incentive programs, and lower cost of sales as a  percentage of revenues. 
Magellan Petroleum Corp. (Nasdaq : MPET)Magellan Petroleum is engaged, directly or through its majority owned subsidiary, in the sale of oil and gas and the exploration for and development of oil and gas reserves. For the nine months ended 3/31/99, total revenues fell 18 percent to $10.1 million. Net loss after minority interests totalled $264 thousand, vs. an income of $709 thousand. Revenues reflect reduced sales of oil and gas. Loss reflects the increased value of the Australian dollar relative to the U.S. dollar. 
USX-Marathon Group (NYSE : MRO)USX-Marathon Group is engaged in the worldwide exploration and production of crude oil and natural gas, the domestic refining, marketing and transportation of petroleum products, and other energy related businesses. For the three months ended 3/31/99, revenues fell 12 percent to $4.85 billion. Net income fell 35 percent to $119 million. Revenues reflect lower average refined product and liquid hydrocarbon prices. Earnings also suffered from increased minority interest. 
Midcoast Energy Resources (AMEX : MRS)Midcoast Energy Resources, Inc. is engaged in the transportation, gathering, processing and marketing of natural gas and other petroleum products. For the three months ended 3/31/99, revenues rose 22 percent to $82.1 million. Net income rose 18 percent to $3.3 million. Revenues benefitted from the Company's acquisition strategy. Earnings were partially offset by higher depreciation expense and higher interest expense due to increased debt levels. 
Murphy Oil Corp. (NYSE : MUR)MUR is a worldwide oil and gas exploration and production company with refining and marketing operations in the US and the United Kingdom and pipeline and crude oil trading operations in Canada. For the three months ended 3/99, revenues fell 31 percent to $304.3 million. Net loss totalled $6.7 million vs. income of $15.5 million. Revenues reflect a decline in average worldwide crude oil sales prices. Net loss reflects a $1.5 million provision for reduction in force. 
Noble Affiliates, Inc. (NYSE : NBL)Noble Affiliates Inc. is engaged, through its subsidiaries, in the exploration, production and marketing of oil and gas in the U.S., Canada, and Africa. For the three months ended 3/31/99, revenues decreased 28 percent to $177.9 million. Net loss totalled $8.94 million vs. income of $13.7 million. Revenues suffered from a decrease in gas and oil daily production and prices. Losses reflect a decrease in gross profit, and an increase in interest expense. 
North Coast Energy, Inc. (Nasdaq : NCEB)North Coast Energy is an independent natural gas and oil company engaged in exploration, development and production activities primarily in the Appalachian Basin. For the nine months ended 12/31/98, revenues rose 52 percent to $8.2 million. Net loss applicable to Common decreased 96 percent to $7 thousand. Revenues reflect an increase in the production of natural gas due to the acquisition of properties from Kelt Ohio. Loss also reflects lower general and administrative expenses. 
National Energy Group Inc (OTC BB : NEGXQ)National Energy Group is engaged in the acquisition, development, exploration and production of oil and natural gas. For the three months ended 3/99, revenues fell 31 percent to $7.2 million. Net loss applicable to Common fell 96 percent to $1.2 million. Revenues reflect a decline in oil and natural gas prices and lower oil and natural gas production. Lower net loss reflects the absence of a $26.5 million writedown of oil and natural gas properties. 
Newstar Resources, Inc. (NERIFNewstar Resources, Inc. is a junior oil and gas company incorporated to acquire, explore for and develop oil and gas reserves. For the comparable six months ended 6/30/97, total revenues totalled C$4 million, up from C$1.4 million. Net income totalled C$1 million vs. a loss of C$437 thousand. Revenues reflect higher production volumes as a result of successful drilling activities. Earnings also reflect a C$284 thousand foreign exchange gain and the absence of a C$500 thousand provision for impairment. 
Nuevo Energy Company (NYSE : NEV)NEV explores, acquires, develops and produces crude oil and natural gas. NEV also operates gas plants, pipeline facilities and oilfield assets. For the three months ended 3/31/99, revenues rose 87 percent to $126.6 million. Net income totalled $31.3 million vs. a loss of $6.6 million. Revenues reflect a $81.7 million gain from the sale of East Texas natural gas proprties. Earnings also reflect lower operating costs due to the sale of the East Texas natural gas properties. 
Newfield Exploration Co. (NYSE : NFX)Newfield Exploration explores for, develops, and acquires oil and natural gas properties located principally in the Gulf of Mexico. For the three months ended 3/31/99, revenues rose 6 percent to $52.9 million. Net loss totalled $170 thousand vs. income of $6.7 million. Revenues benefitted from increased gas production. Net loss reflects an increased depletion rate per Mcfe combined with producton increases from acquisitions and exploratory and development drilling activities. 
Daugherty Resources, Inc. (Nasdaq : NGAS)Daugherty Resources acquires properties for the exploration anddevelopment of oil and gas, and the production of wood component products. The Company is also engaged in the acquisition and development of gold mining properties in Alaska. For the nine months ended 9/30/98, revenues rose 23 percent to $4.4 million. Net loss rose 12 percent to $1.2 million. Revenues reflect increased drilling activities and contracts. Higher loss reflects the absence of $200 thousand gains on equipment sales. 
Numac Energy Inc. (AMEX : NMC)Numac Energy Inc. is engaged in the exploration for and development, production and marketing of crude oil, natural gas and natural gas liquids in western Canada. For the fiscal year ended 12/31/98, revenues decreased 22 percent to C$167.8 million. Net loss rose 77 percent to C$171.9 million. Revenues suffered from lower crude oil and gas liquids production due to lower production volumes and lower realized prices. Net loss also reflects a C$191.1 million ceiling test writedown. 
MarkWest Hydrocarbon,Inc. (AMEX : NRG)MWHX provides compression, gathering, treatment, processing and natural gas liquids extraction services to natural gas producers and fractionates NGLs into marketable products for sale to third parties. For the three months ended 3/99, total revenues rose 9 percent to $22.1 million. Net income fell 88 percent to $111 thousand. Revenues reflect an increase in the volume of gas gathered and processed. Net income was offset by higher lease expenses and debt levels. 
Nova Natural Resources (OTC BB : NVNU)NVNU is focused on exploring for paper grade kaolin on leases in Minnesota, seeking partners for exploration and development of gold on its properties in Alaska and seeking partners for exploratory drilling on a natural gas prospect in Wyoming. For the three months ended 12/98, revenues fell 61 percent to $9 thousand. Net loss fell 88 percent to $11 thousand. Revenues reflect the absence of mineral sales. Lower loss reflects decreased lower general and administrative expenses. 
Oceanic Exploration Co. (OTC BB : OCEX)Oceanic Exploration Company is engaged in the business of acquiring oil and gas concessions covering large blocks of acreage and in conducting exploration activities thereon, primarily on properties located offshore Greece. For the nine months ended 12/31/98, total revenues fell 28 percent to $485 thousand. Net loss rose 80 percent to $299 thousand. Results reflect the final year of production for the Greek properties and increased general and administrative expenses. 
Ocean Energy, Inc. (NYSE : OEI)Ocean Energy, Inc. is an independent energy company engaged in the development, production, exploration and acquisition of oil and natural gas offshore of the Gulf of Mexico, across North America and other oil and gas producing regions. For the three months ended 3/99, revenues fell 25 percent to $105.7 million. Net loss applicable to Common totalled $81.9 million, up from $28.1 million. Results reflect lower oil and gas prices and a $28.5 million loss on sale of Canadian assets. 
Triton Energy Limited (NYSE : OIL)OIL, an international oil and gas company, explores and produces through affiliates and subsidiaries. OIL's properties are located in Colombia, Malaysia-Thailand, Africa, Asia, Middle East and Europe. For the three months ended 3/31/99, revenues increased 36 percent to $49.2 million. Net income applicable to Common fell 96 percent to $1.7 million. Revenues reflect higher oil production. Net income reflects the absence of $50.2 million gain from the sale of TPC. 
Occidental Petroleum Corp (NYSE : OXY)OXY explores for, develops, produces and markets crude oil and gas; and manufactures and markets a variety of basic chemicals, polymers and plastics, specialty chemicals and petrochemicals. For the three months ended 3/99, total revenues fell 21 percent to $1.34 billion. Net loss from continuing operations applicable to Com. before acct. chg. totalled $61 million vs. an income of $135 million. Results reflect the absence of sales related to the assets contributed to Equistar and lower gains on assets disposition. 
PANACO, Inc. (Nasdaq : PANA)PANACO is in the oil and gas business, acquiring, drilling and operating offshore and onshore properties in the Gulf of Mexico. For the three months ended 3/31/99, total revenues decreased 18 percent to $9.2 million. Net loss totalled $5.6 million, up from $2.4 million. Revenues suffered from a decrease in average oil and natural gas prices. Higher loss also suffered from increased lease operating expenses, outside legal fees and interest expenses. 
Panhandle Royalty Company (Nasdaq : PANRA)Panhandle Royalty Company is involved in the acquisition and management of mineral interests and the exploration for, and development of, oil and gas properties. For the six months ended 3/31/99, total revenues fell 37 percent to $2 million. Net loss totalled $71 thousand vs. an income of $887 thousand. Revenues reflect lower oil and gas sales due to lower sales prices and lower volumes. Loss reflects increased depreciation costs and higher interest expense. 
Pendaries Petroleum Ltd. (AMEX : PDR)Pendaries Petroleum Ltd. is a Canadian corporation engaged in the exploration and development of oil and gas properties primarily in the offshore waters of China. For the fiscal year ended 12/31/98, revenues fell 23 percent to $465 thousand. Net loss totalled $2.7 million, up from $884 thousand. Revenues reflect lower oil and gas revenues due to a decline in oil prices. Loss also reflects a $450 thousand stock option settlement expense and a $299 thousand write-off of registration costs. 
Prima Energy Corporation (Nasdaq : PENG)PENG engages in the exploration, acquisition, development and production of crude oil and natural gas. PENG also engages in oil and gas property operations, oilfield services and natural gas marketing and trading. For the fiscal year ended 12/31/98, revenues fell 23 percent to $30.1 million. Net income fell by less than 1 percent to $8.1 million. Results suffered from the termination of gas supply and buy-for-resale contracts, offset by increased production costs. 
Petroleum Development (Nasdaq : PETD)Petroleum Development Corporation is engaged in the leasing, exploration, development, production and operation of oil and natural gas mineral rights. For the fiscal year ended 12/31/98, total revenues increased 12 percent to $83 million. Net income fell 12 percent to $6.7 million. Revenues reflect higher volumes ofdrilling and completion activities due to increased levels of partnership-related financing. Earnings were offset by increased depreciation, depletion and amortization. 
PetroCorp Incorporated (AMEX : PEX)PetroCorp Inc. is engaged in the acquisition, exploration and development oil and gas properties, and in the production of oil and natural gas in North America. For the three months ended 3/31/99, total revenues fell 17 percent to $5.4 million. Net loss increased 76 percent to $1.1 million. Revenues reflect decreased oil and natural gas prices and lower production volumes. Loss reflects the inclusion of a $1.1 million restructuring charge. 
Petroglyph Energy, Inc. (Nasdaq : PGEI)Petroglyph Energy, Inc. is an independent energy company engaged in the exploration, development and acquisition of crude oil and natural gas reserves. For the three months ended 3/99, total revenues fell 11 percent to $1 million. Net loss before accounting change totaled $329 thousand, up from $139 thousand. Revenues reflect lower realized oil and natural gas sales prices. Net loss reflects higher S/G/A costs due to increased engineering, geological and administrative staff. 
Parallel Petroleum Corp. (Nasdaq : PLLL)Parallel Petroleum Corporation is engaged in the exploration for and the acquisition, development and production of oil and natural gas. For the nine months ended 9/30/98, revenues decreased 26 percent to $7.1 million. Net income decreased 92 percent to $205 thousand. Revenues suffered from decreased oil and gas production volume. Net income also suffered from increased production costs as a  percentage of revenues and higher depreciation costs and debt levels. 
Plains Resources Inc. (AMEX : PLX)Plains Resources acquires, exploits, develops, explores and produces oil and natural gas and markets, transports, terminals and stores crude oil. For the three months ended 3/31/99, revenues increased from $193.6 million to $477 million. Net income applicable to Common decreased 82 percent to $205 thousand. Revenues benefitted from an increase in the volumes gathered and marketed. Net income was offset by $4.8 million in minority interest payment. 
Premier Oil plc (OTC BB : PMOIY)Premier Oil plc is an international oil and gas exploration and production company with oil and gas interests in over ten countries, including the U.K., North West Europe, Indonesia, Myanmar, Albania and Australia. For the fiscal year ended 12/31/97, revenues rose 20 percent to L166.2 million. Net income rose 7 percent to L48.5 million. Results reflect the acquisitions in Indonesia, Pakistan and Australia, partially offset by higher production costs and increased interest expense. 
Pennaco Energy, Inc. (AMEX : PN)Pennaco Energy, Inc. is an independent company primarily engaged in the acquisition, development and production of natural gas from coal bed methane (CBM) properties in the Rocky Mountain region of the United States. For the three months ended 3/31/99, total revenues totalled $109 thousand. Net income totalled $7 million. Results are not comparable due to the January 26, 1998 inception date of the company. 
PrimeEnergy Corporation (Nasdaq : PNRG)PNRG is engaged in the acquisition, exploration, development and production of crude oil and natural gas, primarily in TX, OK and WV. PNRG also provides related oilfield services. For the three months ended 3/31/99, revenues fell 14 percent to $5.3 million. Net loss totalled $450 thousand vs. income of $127 thousand. Results reflect decreased production, a drop in the average pp/Bbl. of crude oil to $10.87 from $13.94, and in the average pp/Mcf of natural gas to $1.89 from $2.19. 
Petromet Resources Ltd. (Nasdaq : PNTGF)Petromet Resources Ltd. is an exploration, development and production company focused primarily on natural gas. The Company has operations in west central Alberta. For the nine months ended 9/30/98, revenues rose 8 percent to $23 million. Net income before U.S. GAAP decreased 53 percent to $1.9 million. Revenues benefitted from increased production volumes of oil and natural gas. Earnings suffered from higher operating costs and higher depreciation costs. 
Pontotoc Production, Inc. (OTC BB : PNTU)Pontotoc Production, Inc. is engaged in the exploration for and the acquisition, development and production of oil and natural gas, focusing on low risk, shallow oil and gas properties in OK. For the nine months ended 12/31/98, total revenues rose 14 percent to $1.5 million. Net income fell 23 percent to $294 thousand. Results reflect increased oil and gas sales due to property acquisitions, offset by increased production, depreciation, accounting and related expenses. 
Penn Octane Corporation (Nasdaq : POCC)Penn Octane Corp. is engaged in the purchase, transportation, and sale of liquid petroleum gas (LPG) and the provision of equipment and services to the compressed natural gas industry. For the nine months ended 4/30/99, revenues fell 2 percent to $23.7 million. Net income from continuing operations applicable to Common totalled $1.1 million, up from $89 thousand. Revenues suffered from a decrease in the average sales price for LPG. Net income reflects a $987 thousand litigation award. 
Patina Oil & Gas Corp. (NYSE : POG)Patina Oil and Gas Corporation is engaged in the acquisition, development, production and exploration of oil and gas properties. For the three months ended 3/99, revenues decreased 19 percent to $16.7 million. Net loss applicable to Common totalled $3.7 million, up from $1.3 million. Revenues suffered from a sharp decline in oil and gas prices. Higher loss reflects the increased depletion, depreciation and amortization expenses. 
Pogo Producing Company (NYSE : PPP)PPP and subsidiaries are engaged in oil and gas exploration, development and production activities on its properties located offshore in the Gulf of Mexico and onshore in the U.S. and Canada and internationally in the Gulf of Thailand and the U.K. For the three months ended 3/99, revenues rose 25 percent to $76 million. Net income totalled $14.3 million, up from $184 thousand. Results reflect gains on sales of properties and decreased exploration and depreciation expenses. 
Petroquest Energy, Inc. (OTC BB : PQUE)Petroquest Energy, Inc. is an independent oil and gas company engaged in the generation, exploration, development and acquisition of oil and gas properties onshore and offshore in the Gulf Coast Region. For the comparable three months ended 3/31/99, net revenues rose 85 percent to $1.2 million. Net loss decreased 33 percent to $463 thousand. Results reflect increased oil and gas sales due to production increases, partially offset by increased depreciation and depletion. 
Pride Companies, L.P. (OTC BB : PRDE)Pride Companies, L.P. owns and operates a crude oil gathering system, that gathers, transports, resells and redelivers crude oil in the Texas market and certain integrated products pipelines and terminals. For the three months ended 3/31/99, total revenues fell 22 percent to $83.2 million. Net loss applicable to Common Units fell 4 percent to $1.1 million. Results reflect improved Gathering System results due to the reversal of a $1.2 million inventory adjustment. 
Prolong International (AMEX : PRL)PRL manufactures, sells and distributes a patented complete line of high-performance lubricants and appearance products. For the three months ended 3/31/99, revenues fell 10 percent to $9.7 million. Net loss totalled $128 thousand, vs. an income of $1.6 million. Revenues reflect lower direct response television sales. Earnings also reflect higher costs of new packaging for the super lubricants and one time display costs associated with the launch of the new automotive appearance products. 
PS Group Holdings, Inc. (NYSE : PSG)PSG, through its subsidiaries, is engaged in aircraft leasing, and oil and gas production and development, and fuel storage and distribution. For the three months ended 3/99, total revenues fell 16 percent to $7.1 million. Net income rose 21 percent to $621 thousand. Revenues reflect lower aircraft leasing revenues and lower oil and gas prices. Earnings reflect an improved gross profit margin, lower depreciation expenses, and lower interest expense. 
Petsec Energy Ltd (NYSE : PSJ)Petsec Energy Ltd. is an independent oil and gas exploration and production company operating in the shallow waters of the Gulf of Mexico. For the three months ended 3/31/99, net sales fell 67 percent to $9.3 million. Net loss decreased 34 percent to $5.8 million. Revenues reflect reduced production due to the sale of a 50 percent working interest in 17 production leases. Lower loss reflects the absence of $17 million in dry hole costs and impairments and reduced depreciation and depletion. 
Petrol Industries, Inc. (OTC BB : PTRL)Petrol Industries, Inc. is engaged in drilling for and producing oil and gas on leased property located near Caddo, Louisiana. For the three months ended 3/31/99, total revenues decreased 43 percent to $82 thousand. Net loss decreased 14 percent to $87 thousand. Revenues suffered from lower oil and gas production due to adverse weather conditions and lower average oil prices. Lower loss reflects lower lease operating and selling and administrative expenses. 
Petrominerals Corp. (Nasdaq : PTRO)Petrominerals Corporation is engaged in the production of crude oil and natural gas in California and oilfield services. For the nine months ended 9/30/98, total revenues decreased 64 percent to $400 thousand. Net income increased from $117 thousand to $1.2 million. Revenues were negatively impacted by decreased oil prices and decreased production. Earnings benefitted from a $1.7 million gain on the sale of fixed assets and decreased depreciation expenses. 
Penn Virginia Corporation (NYSE : PVA)Penn Virginia Corporation is engaged, primarily through its subsidiaries, in the leasing of mineral rights and collection of royalties, the exploration and production of oil and gas, and coal and timber. For the three months ended 3/31/99, total revenues rose 5 percent to $9.5 million. Net income fell 8 percent to $2.9 million. Revenues reflect increased coal and land sales, partially offset by decrease oil and gas sales. Earnings reflect higher general and administrative expenses. 
Pioneer Natural Resources (NYSE : PXD)PXD is an independent oil and gas exploration and production company with operations in TX, KS, OK, LA, NM, The Gulf of Mexico, Argentina and Canada. For the three months ended 3/99, revenues fell 3 percent to $193.2 million. Net loss decreased 91 percent to $2.5 million. Revenues reflect decreases in the average realized pp/bbl. of crude from $13.16 to $11.02, and in the average realized pp/Mcf of gas from $1.94 to $1.50. Lower loss primarily reflects higher margins and decreased S/G/A. 
Pyramid Oil Company (OTC BB : PYOL)Pyramid Oil Company acquires, explores and develops land and properties which produce crude oil and natural gas. For the three months ended 3/31/99, revenues decreased 16 percent to $213 thousand. Net loss decreased 42 percent to $92 thousand. Revenues suffered from lower average crude oil prices, partially offset by increased production volumes. Loss was offset by the shut down of certain properties that are uneconomic at the current price levels and lower SGA and depreciation expense. 
Queen Sand Resources (Nasdaq : QSRI)Queen Sand Resources is engaged in the acquisition, exploration, development, production and sale of crude oil and natural gas, primarily in TX, NM, MS, LA and KY. For the nine months ended 3/31/99, total revenues totalled $21.1 million, up from $4.9 million. Net loss totalled $42 million, up from $2.1 million. Revenues reflect increased net profits and royalty interests due to the drilling of new wells. Higher loss reflects a $35 million oil and gas property impairment charge. 
Questa Oil & Gas Co. (Nasdaq : QUES)Questa Oil and Gas Co. is primarily engaged in the acquisition, exploration and development of oil and gas properties, and the selling, developing, operating and otherwise dealing in oil and gas property interests of all types. For the three months ended 3/31/99, total revenues fell 13 percent to $921 thousand. Net income fell 6 percent to $128 thousand. Results reflect lower average oil and natural gas prices, partially offset by decreases in depreciation and depletion. 
Ramco Energy PLC (AMEX : RCO)Ramco is an independent energy company focused on the exploration and production of oil and gas in the former Soviet Union. For the six months ended 6/30/98, revenues increased 19 percent to L3.7 million. Net income according to U.S. GAAP totalled L136K vs. a loss of L531K. Revenues reflect higher tubular services operations. Net income reflects increased interest income due to higher investment balances and lower administrative expenses as a  percentage of revenues. 
Ranger Oil Limited (NYSE : RGO)Ranger Oil Limited is engaged in the international exploration, development and production of crude oil and natural gas in Canada, the North Sea, the U.S. Gulf of Mexico, Angola, Peru, Ecuador, Namibia, and Cote d'lvoire. For the three months ended 3/99, revenues rose 8 percent to $86.5 million. Net loss fell 76 percent to $2.7 million. Revenues reflect an increase in sales volume. Lower loss reflects higher margins, and lower depletion and depreciation. 
Rigel Energy Corp. (RJLRigel Energy Corp. is engaged in crude oil and natural gas exploration, development and production, natural gas processing and liquids extraction, and natural gas marketing. For the three months ended 3/31/99, total revenues decreased 12 percent to C$53.8 million. Net loss decreased 29 percent to C$6.2 million. Revenues suffered from the effect of decreased crude oil prices. Loss was partially offset by reduced operating costs and lower depreciation and depletion expenses. 
Remington Oil & Gas Corp. (Nasdaq : ROIL)Remington Oil and Gas, an independent energy company, explores, develops and produces oil and natural gas. For the three months ended 3/31/99, revenues decreased 40 percent to $7.4 million. Net loss totalled $6.7 million, up from $2 million. Revenues reflect decreased oil and gas production and prices. Higher loss also reflects increased exploration expense due to dry hole costs incurred as a result of the drilling of a sidetrack to an exploratory well on Main Pass block 262. 
Royale Energy Inc. (Nasdaq : ROYL)ROYL is engaged in the acquisition of oil and gas lease interests and proven reserves, drilling of exploratory and development wells, and sales of fractional working interests in wells. For the fiscal year ended 12/98, revenues fell 8 percent to $8.4 million. Net loss before accounting change totaled $419 thousand vs. income of $1.5 million. Revenues reflect lower turnkey drilling revenues. Net loss reflects higher depreciation, depletion and amortization expenses. 
Range Resources Corp. (NYSE : RRC)Range Resources Corporation is an independent oil and gas company operating in the Appalachian, Permian, Midcontinent and Gulf Coast regions. For the three months ended 3/31/99, total revenues rose 5 percent to $38 million. Net loss applicable to Common totalled $9.6 million, vs. an income of $2.2 million. Results reflect higher oil and gas sales and increased IPF revenues. Loss reflects increased direct operating expenses and increased interest and depreciation expenses. 
Seven Seas Petroleum Inc. (AMEX : SEV)Seven Seas Petroleum Inc. is a development stage independent energy company engaged in the exploration, development and production of oil and natural gas, primarily in Colombia, South America. For the three months ended 3/31/99, total revenues totalled $996 thousand, up from $184 thousand. Net loss fell 1 percent to $1.1 million. Results reflect increased interest income due to higher cash balances, partially offset by increased personnel costs. 
Santa Fe Snyder Corp. (NYSE : SFS)SFS explores for, develops, acquires and produces crude oil and natural gas in the continental and offshore U.S. and certain international areas. For the three months ended 3/99, revenues fell 1 percent to $68.2 million. Net loss totalled $12.1 million, up from $300 thousand. Revenues reflect increased production, offset by lower average realized prices for both crude oil and and natural gas. Higher loss reflects lower margins due to the unfavorbale market prices, and greater debt levels. 
Swift Energy Company (NYSE : SFY)Swift Energy Company is an oil and gas company engaged in the exploration, development, acquisition and operation of oil and gas properties, with a focus on U.S. onshore natural gas reserves. For the three months ended 3/31/99, revenues rose 30 percent to $21.5 million. Net income fell 60 percent to $1.3 million. Revenues reflect production from the recent Toledo Bend Properties acquisition. Earnings were offset by reserves additions and associated costs. 
Star Gas Partners, L.P. (NYSE : SGU)Star Gas Partners, L.P., is primarily engaged in the retail distribution of propane and related equipment and supplies to residential, commercial, industrial, agricultural and motor fuel customers. For the six months ended 3/31/99, sales rose 3 percent to $82.3 million. Net income applicable to Ltd. Partners rose 35 percent to $13.3 million. Revenues reflect higher retail and wholesale propane volumes. Net income reflects improved margins and lower loss on sale of assets. 
Stone Energy Corporation (NYSE : SGY)Stone Energy Corp. is an independent oil and gas company engaged in the acquisition, exploration, development and operation of oil and gas properties onshore and offshore in the Gulf Coast Basin. For the three months ended 3/31/99, revenues rose 7 percent to $30.9 million. Net income fell 47 percent to $1.7 million. Revenues reflect increased oil and gas production volumes. Earnings were offset by increased depreciation and depletion due to higher production rates. 
Shanghai Petrochemical Co (NYSE : SHI)Shanghai Petrochemical Co. is a highly integrated petrochemical complex which processes crude oil into synthetic fibers, resins and plastics, petrochemicals and petroleum products. For the six months ended 6/98, revenues fell 23 percent to RMB4.42 billion. Net income before US GAAP fell 91 percent to RMB27.3 million. Revenues reflect a decrease in product prices in the domestic petrochemical market. Earnings also reflect higher average cost per ton of crude oil. 
Superior Oil & Gas Co. (OTC BB : SIOR)Superior Oil and Gas Company is an independent energy exploration and development company specializing in the production of natural gas and condensate. During October of 1998 the Company announced the signing of an agreement for the sale of its oil and gas properties for $18 million. The Co. may also participate in the drilling of some selective, low risk/high return development wells. For the six months ended 6/30/97, revenues totalled $1 thousand. Net loss totalled $54 thousand. 
Sun Energy Partners, L.P. (NYSE : SLP)Sun Energy Partners, L.P. engages exclusively in the exploration, development, production and marketing of crude oil, natural gas liquids and natural gas in the United States. For the three months ended 3/31/99, total revenues decreased 27 percent to $106 million. Net income totalled $11 million vs. none. Revenues suffered from a decrease in crude oil and natural gas prices as well as a decrease in natural gas production. Earnings benefitted from a reduction in exploration expense. 
Southern Mineral Corp. (Nasdaq : SMIN)Southern Mineral Corp. engages in the acquisition, exploitation, exploration and operation of more than 2,700 oil and gas properties, primarily along the Gulf Coast of the U.S., in Canada and in Ecuador. For the three months ended 3/99, revenues totalled $10.7 million, up from $4.4 million. Net income totalled $2.9 million vs. a loss of $295 thousand. Results benefitted from increased oil and gas production due to Neutrino Resources acquisition, and a $5.1 million gain on the sale of mineral interest. 
Suburban Propane Partners (NYSE : SPH)Suburban Propane Partners is a limited partnership, is engaged, through it's subsidiaries, in the retail and wholesale marketing of propane and related appliances and services. SPH serves more than 700 thousand customers in over 40 states. For the six months ended 3/27/99, revenues fell 12 percent to $383.2 million. Net income applicable to Limited Partners fell 6 percent to $62.3 million. Results reflect decreased sales prices to customers, partially offset by lower payroll and fuel cost. 
Southern Pacific Petro. (Nasdaq : SPPTY)Southern Pacific Petroleum N.L., and its affiliate Central Pacific Minerals, are committed to the development of an Australian Shale oil industry based on their Tertiary oil shale deposits in eastern, coastal Queensland. For the fiscal year ended 12/31/97, total income totalled A$5.9 million, up from A$2.6 million. Net income totalled A$601 thousand, up from A$130 thousand. Results reflect the receipt of a A$3.3 million grant under the Australian government's R&D incentive program. 
Saratoga Resources, Inc. (OTC BB : SRIK)Saratoga Resources, Inc. has traditionally been engaged in oil and gas exploration and development of properties located in far southwest and east Texas and in Lousiana. For the three months ended 3/31/99, total revenues decreased 96 percent to $1 thousand. Net loss increased 33 percent to $92 thousand. Results suffered from the absence of gains on the sale of marketable securities and lower interest income because of a lower level of investable assets. 
Santos, Ltd. (Nasdaq : STOSY)STOSY is engaged in gas and petroleum exploration; the production, treatment and marketing of natural gas, crude oil, condensate, naphtha and liquid petroleum gas; and the transportation by pipeline of crude oil. For the six months ended 6/98, revenues rose 21 percent to A$511.4 million. Net income fell 18 percent to A$84.2 million. Revenues reflect the inclusion of a A$137 million proceed from the sale of Santos Europe Ltd. Net income was offset by lower crude oil and petroleum liquids prices. 
Questar Corporation (NYSE : STR)STR is an integrated energy services holding company. STR has two divisions, Market Resources (energy development and production, gas gathering and processing) and Regulated Services (interstate gas transmission and storage activities). For the three months ended 3/31/99, revenues fell 7 percent to $277.8 million. Net income rose 6 percent to $43.4 million. Revenues reflect lower volumes and lower natural gas prices. Earnings reflect higher interest and other income. 
Sunoco, Inc. (NYSE : SUN)Sunoco, Inc., through its subsidiaries, is a petroleum refiner and marketer with interests in cokemaking and coal mining. Sunoco's petroleum refining and marketing operations are conducted in the eastern half of the U.S. For the three months ended 3/31/99, revenues fell 9 percent to $1.93 billion. Net income applicable to Common fell 58 percent to $19 million. Revenues reflect lower refined product sales. Earnings suffered from significantly lower refining and wholesale fuel margins. 
Syntroleum Corporation (Nasdaq : SYNM)Syntroleum Corporation is the developer and owner of a proprietary process designed to catalytically convert natural gas into synthetic liquid hydrocarbons. For the three months ended 3/31/99, revenues rose 99 percent to $766 thousand. Net loss decreased 4 percent to $2.8 million. Results reflect increased joint development revenue from ARCO in connection with the Cherry Point refinery, partially offset by higher wages and salaries due to higher staffing levels and higher rent expense. 
Tracer Petroleum Corp. (Nasdaq : TCXXF)Tracer Petroleum Corp. is engaged primarily in the business of exploration and development of oil and gas reserves in Indonesia. For the fiscal year ended 12/31/98, total revenues fell 62 percent to C$2.2 million. Net loss totalled C$12.8 million vs. an income of C$497 thousand. Revenues reflect lower oil and gas sales from Indonesian properties and lower gains on the sale of Eurogas shares. Loss also reflects increased depletion, amoritzation, ceiling test and other write-downs. 
Trans-Orient Petroleum (OTC BB : TEPUF)Trans-Orient Petroleum Ltd. is engaged in the exploration and development of oil and gas projects in the Asia-Pacific region, principally in New Zealand, Australia and Papua New Guinea. For the six months ended 1/31/99, total revenues rose 52 percent to C$70 thousand. Net loss increased 39 percent to C$234 thousand. Revenues reflect increased interest income due to higher average cash balances. Higher loss reflects increased printing and corporate relations expenses. 
Titan Exploration, Inc. (Nasdaq : TEXP)Titan Exploration, Inc. is an independent energy company engaged in the exploration, development, and acquisition of oil and gas properties, operating 2752 gross wells as of 12/98. For the three months ended 3/31/99, revenues decreased 33 percent to $14.8 million. Net loss totalled $30 million, up from $1.3 million. Revenues reflect decreased realized oil and gas prices and production declines. Higher loss also reflects a $25.9 million impairment charge for the write-down of assets. 
TransGlobe Energy Corp. (OTC BB : TGLEF)Transglobe Energy Corp. is primarily engaged in the exploration for, development and production of, oil and gas in New Mexico, Montana and the Republic of Yemen. For the fiscal year ended 9/30/98, revenues fell 25 percent to $1.1 million. Net loss according to U.S. GAAP fell 17 percent to $6.3 million. Revenues suffered from the absence of a $263 thousand gain on the disposal of an investment and lower interest income. Lower loss reflects a more favorable U.S. GAAP adjustment. 
Transportadora de Gas S.A (NYSE : TGS)Transportadora de Gas del Sur S.A. transports and processes natural gas and also markets liquid petroleum gases in Argentina. For the fiscal year ended 12/97, revenues rose 3 percent to P$412.3 million. Net income according to U.S. GAAP rose 5 percent to P$163.9 million. Revenues reflect favorable tariff adjustments derived from changes in the U.S. producer price index and an increase in transportation contracts. Earnings also reflect decreased labor costs and slightly higher margins. 
Talisman Energy Inc. (NYSE : TLM)Talisman Energy Inc. is a Canadian-based international upstream oil and gas producer with operations in Canada, the North Sea and Indonesia. The Company also conducts exploration in Algeria, Trinidad and Peru. For the three months ended 3/31/99, total revenues rose 2 percent to C$359.3 million. Net income fell 32 percent to C$4 million. Results reflect increased natural gas production volumes and sales prices, offset by reduced gains on the sale of properties. 
Tom Brown, Inc. (Nasdaq : TMBR)Tom Brown is engaged in the exploration for, and the acquisition, development, production and sale of, natural gas and crude oil in the U.S. For the three months ended 3/31/99, total revenues decreased 1 percent to $31.5 million. Net loss applicable to Common increased 46 percent to $3 million. Revenues reflect decreased average gas and crude oil sales prices, and lower oil sales volumes. Higher loss also reflects increases in cost of gas sold, depreciation expenses and debt levels. 
TransMontaigne, Inc. (AMEX : TMG)TMG is engaged pipelining, terminaling, storing, and marketing refined petroleum products, and in natural gas gathering and processing in the U.S. For the comparable nine months ended 3/31/99, revenues rose 31 percent to $1.97 billion. Net income applicable to Common fell 12 percent to $4.1 million. Revenues reflect increased shipments from Chicago to Toledo. Earnings reflect higher general and administrative costs and costs related to the financing of acquisitions. 
Meridian Resource Corp. (NYSE : TMR)TMR, an independent oil and natural gas company, explores for, develops and produces oil and natural gas properties utilizing 3-D seismic technology. For the three months ended 3/31/99, total revenues rose 96 percent to $23.3 million. Net loss applicable to Common fell 88 percent to $5 million. Revenues reflect increased production due to additional offshore platforms and wells brought online. Net loss reflects the absence of a $40.3 million impairment of assets charge. 
OAO Tatneft (NYSE : TNT)OAO Tatneft is engaged in oil and gas field development and oil and gas production principally in the Republic of Tatarstan. For the fiscal year ended 12/31/97, revenues rose 9 percent to RUR15.09 billion. Net income applicable to Common according to U.S. GAAP totalled RUR62M, vs. a loss of RUR1.73 billion. Revenues reflect the re-direction of FSU sales to other oil related sales. Earnings also reflect a reduction in deferred tax charges. 
Tatham Offshore, Inc. (OTC BB : TOFF)TOFF provides offshore contract drilling services to the oil and gas industry in the Gulf and Atlantic Canada and is currently pursuing an integrated energy related investment strategy in Atlantic Canada. For the six months ended 12/98, revenues totalled $22.3 million, vs. $0. Net loss from continuing operations applicable to Common rose 20 percent to $2.7 million. Revenues reflect revenues generated by the Bill Shoemaker. Higher loss reflects the management fee and direct operating costs. 
Tosco Corporation (NYSE : TOS)TOS is a refiner and marketer of petroleum products, primarily on the East and West Coasts of the U.S. TOS also operates convenience stores. For the three months ended 3/99, net sales decreased 13 percent to $2.64 billion. Net income applicable to Common decreased 33 percent to $27.9 million. Revenues reflect decreased refinery production and product prices. Net income also reflects the increased S/G/A expenses due to higher levels of incentive compensation accruals. 
Tipperary Corporation (AMEX : TPY)Tipperary Corporation is principally engaged in the exploration for and development and production of crude oil and natural gas in NM, the Rocky Mountain and Mid-Continent areas of the U.S., and in Queensland, Australia. For the six months ended 3/99, revenues fell 30 percent to $3.4 million. Net loss totalled $8.4 million, up from $999 thousand. Revenues suffered from lower oil production volumes. Net loss reflects lower oil prices and a $5.7 million write-down of oil and gas properties. 
Toreador Royalty Corp. (Nasdaq : TRGL)Torreador Royalty Corporation is engaged in oil and gas exploration, development, and production activities, primarily in the Texas Panhandle and West Texas. For the fiscal year ended 12/31/98, total revenues decreased 17 percent to $2.3 million. Net loss totalled $262 thousand, up from $51 thousand. Revenues reflect a decrease in lease bonuses and rental revenues. Higher losses reflect an increase in general and administrative expenses due to increased legal fees. 
Tri-Valley Corporation (OTC BB : TRILTri-Valley Corp. is in the business of exploring, acquiring and developing prospective and producing petroleum and precious metals properties and interests therein. For the three months ended 3/31/99, total revenues fell 15 percent to $240 thousand. Net loss fell 27 percent to $200 thousand. Revenues reflect lower oil and gas sales due to one well being worked on during the period. Lower loss reflects decreased mining activity and lower legal expenses. 
Tesoro Petroleum Corp. (NYSE : TSO)Tesoro Petroleum Corp. is a natural resource company engaged in petroleum refining, distributing and marketing of petroleum products, marine services and the exploration and production of natural gas and oil. For the three months ended 3/31/99, revenues totalled $508.6 million, up from $196 million. Net loss applicable to Common totalled $2.7 million, vs. an income of $6.1 million. Results reflect acquisitions, offset by increased interest expense due to higher average borrowings. 
Trans Energy, Inc. (OTC BB : TSRG)TSRG is engaged in the exploration, development, production, transportation and marketing of natural gas and oil within the Appalachian Basin. For the fiscal year ended 12/98, revenues rose 10 percent to $1.2 million. Net loss from continuing operations rose 91 percent to $3.8 million. Revenues reflect the Company's purchase of the Gulf Canada well interests located in Wyoming. Higher loss reflects increased interest expense due to increased borrowings to finance the Gulf Canada pruchase. 
TransTexas Gas Corp. (OTC BB : TTGGQ)TransTexas Gas Corp. is engaged in the exploration for and the development and production of natural gas in south and coastal Texas. For the fiscal year ended 1/31/99, total revenues fell 78 percent to $156.8 million. Net loss before extraordinary item totalled $446.6 million vs. income of $300.2 million. Results reflect the absence of a $532.9 million gain from the sale of the stock of TransTexas Transmission Corporation and Lobo Trend producing properties and $426 million oil and gas impairment. 
Exploration Company of DE (Nasdaq : TXCO)TXCO is engaged in the exploration, development and production of oil and natural gas properties. TXCO's oil and gas operations are located primarily in TX, ND and MT. For the six months ended 2/28/99, revenues totalled $2.8 million, up from $1.2 million. Net income totalled $434 thousand vs. loss of $1.6 million. Revenues reflect higher volumes due to the completion of a new gas gathering system addition. Earnings reflect the absence of loan amortiz. fees and lower exploration costs. 
Texoil, Inc. (Nasdaq : TXLIDTexoil, Inc. is engaged in the acquisition, reengineering, development and exploration for, crude oil, natural gas and related products primarily in Texas and Louisiana. For the three months ended 3/31/99, total revenues increased 87 percent to $4.1 million. Net income increased 14 percent to $172 thousand. Results reflect increased production volumes due to the acquisition and development of producing properties, partially offset by increased lease operating and depreciation cost. 
Ultramar Diamond Shamrock (NYSE : UDS)UDS is an independent refiner and marketer of petroleum products in the southwest U.S., the northeast U.S. and eastern Canada. For the three ended 3/31/99, revenues fell 2 percent to $2.73 billion. Net income applicable to Common rose 5 percent to $16 million. Revenues reflect lower production from Mid-Continent Refineries due to planned production cuts. Net income reflects the absence of $1.1 million in preferred dividend requirements. 
Unimar Indonesian Units (AMEX : UMR)UMR is a general partnership whose sold business is the ownership of ENSTAR Corp., the operator of a joint venture for the exploration, development and production of oil and natural gas in East Kalimantan, Indonesia. For the three months ended 3/31/99, revenues fell 32 percent to $29.6 million. Net cash flow for benefit of Unitholders fell 81 percent to $862 thousand. Results reflect lower realized prices, lower gas volumes and increased production costs. 
Unit Corporation (NYSE : UNT)Unit Corporation is engaged in contract drilling of oil and natural gas wells and the acquisition, development and production of oil and natural gas properties. For the three months ended 3/99, total revenues fell 19 percent to $19.7 million. Net loss totalled $1.3 million, vs. an income of $725 million. Revenues reflect lower natural gas and oil prices and reduced oil production. Loss reflects higher depreciation expenses and higher interest expense. 
Union Pacific Resources (NYSE : UPR)Union Pacific Resources is engaged in the exploration for and the development and production of natural gas, natural gas liquids and crude oil in the United States, Canada and other international areas. For the three months ended 3/31/99, revenues increased 2 percent to $415.1 million. Net loss from continuing operations rose 71 percent to $42.3 million. Results reflect properties added in the Norcen Acquisition and a $35.9 million income tax benefit. 
United States Exploration (AMEX : UXP)United States Exploration is an independent producer of oil and natural gas, whose principal properties are located in northeastern Colorado. The Company also holds smaller interests in Kansas and Oklahoma and operates gas gathering systems. For the three months ended 3/31/99, revenues totalled $1.5 million, up from $759 thousand. Net loss applicable to Common rose 62 percent to $1.2 million. Results reflect property acquisitions, offset by increased S/G/A expenses. 
Vector Energy Corp. (OTC BB : VECT)Vector Energy Corporation, through its wholly-owned subsidiary, Vector Exploration, Inc., is involved in the exploration, development and production of oil and gas. For the nine months ended 1/31/99, revenues totalled $820 thousand vs. $0. Net loss totalled $895 thousand, up from $4 thousand. Revenues reflect the acquisition of15 oil and gas wells located in Oklahoma, Texas and Louisiana. Net loss reflects increased interest expense from additional debt. 
Vista Energy Resources (AMEX : VEI)Vista Energy Resources is an independent energy company engaged in the acquisition, development and exploration of oil and gas properties located in West Texas, Southeastern New Mexico and the onshore Gulf Coast region of South Texas. For the three months ended 3/31/99, revenues rose 81 percent to $3.7 million. Net income totalled $10 thousand vs. a loss of $144 thousand. Results reflect increased oil and gas sales due to acquisitions and the absence of option amortization. 
Venus Exploration, Inc. (Nasdaq : VENX)VENX is engaged in the application of advanced geoscience technology to the exploration for undiscovered onshore oil and gas reserves in the United States. For the fiscal year ended 12/31/98, revenues rose 13 percent to $2.8 million. Net loss before extra item totaled $9.1 million, up from $4.2 million. Revenues reflect higher production volumes due to the completion of wells. Higher loss reflects lower product prices and $3.5 million impairment charges for oil and gas properties. 
Valero Energy Corp. (NYSE : VLO)VLO is engaged in the production, transportation and marketing of environmentally clean fuels and products. Products include reformulated gasoline, low-sulfur diesel and oxygenates. For the three months ended 3/99, revenues decreased 2 percent to $1.34 billion. Net loss decreased 54 percent to $2.7 million. Revenues reflect a decrease in average sales prices per barrel. Net income reflects the absence of a $377 million charge for write-down of inventories. 
Valley National Gases (Nasdaq : VNGI)Valley National Gases is a packager and distributor of industrial, medical and specialty gases, welding equipment and supplies, propane and fire protection equipment in 10 states in the mid-Atlantic and midwestern regions of the U.S. For the nine months ended 3/31/99, sales rose 8 percent to $75.9 million. Net income applicable to Common fell 8 percent to $2.6 million. Sales benefitted from recent acquisitions. Earnings were offset by costs related to the acquisitions. 
Vintage Petroleum, Inc. (NYSE : VPI)Vintage Petroleum, Inc. is an independent oil and gas company focused on the acquisition of oil and gas properties which contain the potential for increased value through exploitation and exploration. For the three months ended 3/99, total revenues decreased 27 percent to $66 million. Net loss increased from $1.6 million to $18.1 million. Revenues reflects lower average oil and gas prices and lower production. Loss also reflects an increased average amortization rate per barrel. 
Vastar Resources, Inc. (NYSE : VRI)VRI is engaged in the exploration for and the development and production of natural gas and crude oil in the Gulf of Mexico, Gulf Coast, the San Juan Basin and the Mid-Continent areas. For the three months ended 3/99, revenues fell 2 percent to $239.4 million. Net income fell 60 percent to $19 million. Revenues reflect reduced oil and gas sales due to decreases in commodity prices. Net income reflect additional operating costs due to shelf property acquisitions. 
Windsor Energy Corp. (WNSWindsor Energy Corp., is engaged in the exploration for, development and production of oil and natural gas in the states of AR, CA, IL, LA, TX, and WY. For the nine months ended 9/30/98, revenues increased 1 percent to C$8.2 million. Net loss applicable to Common totalled C$9.2 million vs. income of C$4.8 million. Revenues reflect an increase in production, and the acquisition of SMK Energy Corp. Loss reflects an increase in funds borrowed for exploration and drilling. 
Wilshire Oil Co. of Texas (NYSE : WOC)Wilshire Oil Company of Texas is engaged in the exploration and production of oil and natural gas in the U.S. and Canada. The Company's real estate division owns investment real estate properties in AZ, TX, FL, GA and NJ. For the three months ended 3/31/99, total revenues rose 5 percent to $4.3 million. Net income fell 93 percent to $53 thousand. Results reflect increased real estate revenues due to higher rents. Earnings were offset by reduced gains on securities. 
Pease Oil and Gas Company (OTC BB : WPOG)Pease Oil and Gas Co. is engaged in the exploration, development, production and acquisition of oil and natural gas. The Co. is a non-operating company with working interests in the Gulf Coast, primarily TX and LA. For the fiscal year ended 12/31/98, revenues fell 37 percent to $2.9 million. Net loss applicable to Common fell 21 percent to $12.7 million. Revenues reflect the sale of the Company's Utah properties and a natural decline in production. Lower loss reflects lower impairment charges. 
Wichita River Oil Corp. (OTC BB : WROC)Wichita River Oil Corporation, Debtor-in-Possession is an oil and gas exploration, development and production company. For the nine months ended 9/30/97, revenues increased 13 percent to $3.4 million. Net loss decreased 4 percent to $1.5 million. Revenues reflect increased average daily oil and gas production, offset by lower average oil and natural gas prices. Lower loss reflects a decrease in general and administrative expenses due to the Company's continued austerity program. 
Wiser Oil Company (NYSE : WZR)Wiser Oil Company is engaged in the exploration, development and acquisition of crude oil and natural gas properties in the United States and Canada. For the three months ended 3/31/99, total revenues fell 32 percent to $11.9 million. Net loss increased 23 percent to $4.4 million. Results reflect reduced oil sales due to lower realized sales prices and reduced production volumes, partially offset by lower exploration expenses due to reductions in exploration activity. 
XCL, Ltd. (AMEX : XCL)XCL, Ltd. is engaged in the exploration for and the development and production of crude oil and natural gas. For the three months ended 3/31/99, revenues remained unchanged at $0. Net loss applicable to Common rose 8 percent to $4.8 million. Revenues and operating expenses associated with oil and gas properties held for sale have become insignificant. Higher loss reflects increased interest expense due to the discount amortization of the XCL land Ltd. 
Cross Timbers Oil Co. (NYSE : XTO)Cross Timbers Oil Co. is engaged in the acquisition, development, exploitation, and exploration of oil and gas producing properties and in the production, processing and transportation of oil and natural gas. For the three months ended 3/31/99, total revenues increased 39 percent to $69.5 million. Net loss applicable to Common totalled $1.9 million, up from $184 thousand. Results reflect increases in gas and natural gas liquid production, offset by higher production, depreciation and interest cost. 
YPF Sociedad Anonima S.A. (NYSE : YPF)YPF Sociedad Anonima is an oil and gas concern with a dominant position in Argentina's exploration, production, refining and marketing sectors, as well as a growing presence in petrochemicals. For the three months ended 3/99, revenues rose 1 percent to P$1.38 billion. Net income applicable to Common fell 28 percent to P$108 million. Results reflect increased production, partially offset by a drop in the average realized price per barrel of crude from P$15.98 to P$13.07, and lower operating margins. 
Zydeco Energy, Inc. (OTC BB : ZNRG)Zydeco Energy is an independent energy company engaged in the exploration for oil and gas utilizing advanced three-dimensional seismic and computer-aided exploration techniques. For the three months ended 3/31/99, revenues rose 35 percent to $167 thousand. Net loss fell 9 percent to $1.1 million. Results reflect increased gains on the sales of properties, partially offset by increased exploration expense and reduced net interest income.%}
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Amerada Hess Corporation (NYSE : AHC)Amerada Hess is engaged in the exploration for and the production, purchase, transportation and sale of crude oil and natural gas. AHC also purchases, manufactures, markets, and transports refined petroleum products. For the three months ended 3/31/99, total revenues fell 14 percent to $1.65 billion. Net income totalled $70.6 million vs. a loss of $12.6 million. Revenues reflect lower gains on asset sales. Earnings reflect lower operating and exploration costs. 
Alberta Energy Company (NYSE : AOG)Alberta Energy Company Ltd. is engaged in oil and gas exploration, production and marketing; and pipeline transportation, and natural gas storage and processing operations. For the fiscal year ended 12/98, total revenues rose 11 percent to C$1.91 billion. Net loss applicable to U.S. GAAP totalled C$141.7 million vs. an income of C$194 million. Results reflect higher exploration and production revenues. Loss reflects the lack of a C$178 million public offering gain and a C$277.2 million depletion adjustment. 
Atlantic Richfield Co. (NYSE : ARC)Atantic Richfield Co. and its subsidiaries are engaged in the worldwide exploration, development, production, transportation and refining of petroleum, including petroleum and natural gas liquids. For the three months ended 3/31/99, total revenues decreased 4 percent to $2.55 billion. Net income from continuing operations increased 23 percent $165 million. Results reflect lower crude oil prices and natural gas marketing activity. Earnings reflect decreased exploration expenses. 
BP Amoco p.l.c. (NYSE : BPA)BP Amoco p.l.c. produces and markets crude oil and petroleum products worldwide, is engaged in exploration and field development throughout the world, and is engaged in the manufacture and sale of various petroleum-based chemical products. For the fiscal year ended 12/31/98, turnover fell 26 percent to $68.3 billion. Net income applicable to Common according to U.S. GAAP fell 50 percent to $2.83 billion. Results reflect lower oil prices, lower margins and $198 million in merger-related expenses. 
Chevron Corporation (NYSE : CHV)Chevron Corp. provides administrative, financial and management support for its U.S. and foreign affiliates, which engage in petroleum, chemical and coal mining operations. For the three months ended 3/31/99, total revenues decreased 12 percent to $6.69 billion. Net income decreased 35 percent to $329 million. Revenues reflect lower sales prices for refined products, crude oil, natural gas and chemicals. Net income also reflects increased S/G/A and interest expenses. 
Conoco Inc. (NYSE : COC)Conoco Inc. is an integrated, global energy company principally engaged in the exploration for, development, production and sale of crude oil, natural gas and natural gas liquids, the refining of crude oil and other feedstocks into petroleum products, and the transportation and distribution of petroleum products. For the three months ended 3/31/99, total revenues fell 9 percent to $5.34 billion. Net income fell 74 percent to $83 million. Results reflect lower oil and gas prices. 
ENI S.p.A. (NYSE : E)ENI is a major integrated oil and gas company engaging in all aspects of the petroleum business. ENI has six subsidiaries: Agip, Snam, AgipPetroli, EniChem, Saipem, and Snamprogetti. For the fiscal year ended 12/31/97, net sales rose 5 percent to LIR61.910T. Net income according to U.S. GAAP rose 69 percent to LIR8.490T. Revenues reflect higher sales from the Natural Gas and Refining and Marketing segments. Earnings also reflect lower interest expense and foreign exchange losses. 
Elf Aquitaine Group (NYSE : ELF)ELF, a petro-chemical company, operates in four divisions: exploration and production (oil and gas); refining and trading (liquid petroleum); chemicals (petro-chemicals and fertilizers); and health products (beauty pro-ducts and perfumes). For the fiscal year ended 12/98, revenues fell 16 percent to EUR33.6 billion. Net income fell 37 percent to EUR540B. Revenues reflect a drop in average Brent crude oil prices. Earnings also suffered from a decrease in net operating profit. 
Fletcher Challenge Energy (NYSE : FEG)Fletcher Challenge Energy is a New Zealand based oil and gas organization with major operations in New Zealand, Canada and Brunei. For the six months ended 12/98, operating revenues rose 12 percent NZ$587 million. Net income fell 53 percent to NZ$56 million. Results reflect increased production activities and a NZ$23 million gain upon sale of an investment in the Island Cogeneration Project, offset by lower margins and higher funding costs due to increased debt levels. 
Imperial Oil Limited (AMEX : IMO)Imperial Oil Limited produces crude oil and natural gas, refines and markets petroleum products under the name Esso, and is a supplier of petrochemicals and fertilizers. For the nine months ended 9/30/98, total revenues decreased 14 percent to C$6.90 billion. Net income decreased 27 percent to C$418 million. Revenues suffered from lower crude oil prices. Earnings also suffered from lower margins for petroleum products and lower margins for chemical products. 
Mobil Corporation (NYSE : MOB)Mobil Corp. is engaged in the worldwide exploration and production of oil and gas, the operation of a global marketing and refining complex and a network of pipelines and tankers, and the manufacture of petrochemicals, packaging films and specialty chemicals. For the three months ended 3/31/99, revenues fell 11 percent to $12.18 billion. Net income applicable to Common fell 35 percent to $452 million. Results reflect lower crude oil and natural gas prices and higher non-income taxes. 
Norsk Hydro ASA (NYSE : NHY)NHY operates in four segments: Agriculture (fertilizers and related products); Oil and Gas (explores, develops, and markets oil and gas); Light Metals (produces aluminum and magnesium); and Petrochemicals. NHY also has interests in ``Hydro Seafood's'' ``Pronova'' and casualty insurance). For nine months ended 9/98, revenues rose 1 percent to NOK72.09 billion. Net income fell 24 percent to NOK3.29 billion. Results reflect higher metal production, offset by increased exploration activity. 
Phillips Petroleum Co. (NYSE : P)P operates in four segments: explores and produces crude oil, natural gas and liquids; gathers, processes and markets natural gas produced by others; refines and transports petroleum products; and manufactures petroleum-based chemical products. For the three months ended 3/31/99, revenues fell 22 percent to $2.54 billion. Net income fell 71 percent to $70 million. Revenues suffered from lower crude oil and natural gas prices. Earnings also suffered from higher S/G/A costs and debt levels. 
Petro-Canada (NYSE : PCZ)Petro-Canada is a major Canadian integrated oil and gas company with a balanced global portfolio of business spanning both the upstream and downstream sectors of the industry. For the three months ended 3/31/99, revenues fell fell 11 percent to C$1.11 billion. Net income fell 78 percent to C$8 million. Results reflect decreased production in Western Canada, a decline in refining margins due to an industry supply overhang and lower discounts for heavy crude oil feedstock in the downstream. 
PennzEnergy Company (NYSE : PZE)PZE is an independent oil and gas company with operations currently focused domestically in the Gulf of Mexico, onshore Gulf Coast and east and west Texas and with operations internationally. For the three months ended 3/99, revenues fell 27 percent to $126.5 million. Net loss from continuing operations applicable to Com. totalled $31.2 million vs. income of $348 thousand. Results reflect decreased natural gas sales and increased depreciation and amortization expenses. 
Pennzoil-Quaker State Co. (NYSE : PZL)Pennzoil-Quaker State Company is engaged in the marketing and manufacturing of lubricants, car care products and specialty industrial products and in the operation of fast lube centers under the Jiffy Lube and Q Lube brand names. For the three months ended 3/31/99, total revenues rose 63 percent to $723.9 million. Net loss totalled $2.2 million vs. an income of $599 thousand. Revenues reflect the acquisition of Quaker State. Loss reflects costs associated with the merger. 
Royal Dutch Petroleum Co. (NYSE : RD)Royal Dutch Petroleum, a holding company, owns 60 percent of Royal Dutch/Shell Group, and owns, directly or indirectly, investments in numerous companies, known as Royal Dutch/Shell Group of Companies. For the fiscal year ended 12/98, net proceeds fell 27 percent to $56.22 billion. Net income decreased 95 percent to $210 million. Revenues reflect lower crude oil prices and reduced natural gas realizations. Net income also reflects increased administrative expenses. 
Repsol, S.A. (NYSE : REP)Repsol, S.A. is engaged in all aspects of the petroleum business, including exploration, development, and production of crude oil and natural gas, transportation, refining and petrochemicals and derivatives. For the three months ended 3/31/99, revenues decreased 1 percent to P70.43 billion. Net income increased less than 1 percent to P38.43 billion. Revenues suffered due to a decrease in crude oil prices. Earnings were offset by a P3.22 million gain on divested land. 
Shell Transport & Trading (NYSE : SC)SC, a holding company, owns directly or indirectly investments in the numerous Dutch/Shell Group of companies. These companies are engaged in oil, natural gas, chemicals, coal and other businesses worldwide. For the fiscal year ended 12/31/97, net proceeds fell less than 1 percent to $51.26 billion. Net income fell 13 percent to $3.10 billion. Revenues reflect increased chemical production offset by lower oil sales. Net income suffered from lower oil prices and reduced gas sales. 
Suncor Energy, Inc. (NYSE : SU)Suncor Energy is an integrated oil and gas company, whose three operating segments are Oil Sands, Exploration and Production, and Sunoco. For the three months ended 3/31/99, revenues fell 14 percent to C$469 million. Net income applicable to Common fell 72 percent to C$14 million. Revenues reflect lower crude oil prices and lower sales volumes. Net income reflects lower refining margins, higher non-cash expenses and higher interest expenses. 
TOTAL Fina S.A. (NYSE : TOT)TOTAL Fina S.A. is an international integrated oil andgas and specialty chemical company with operations in 80 countries. The Co. engages in all areas of the petroleum industry, from exploration and production to refining and shipping. For the fiscal year ended 12/31/98, revenues decreased 16 percent to FF159.61 billion. Net income according to US GAAP decreased 25 percent to FF4.94 billion. Results reflect a decrease in crude oil prices and an increase in depreciation expense. 
Texaco, Inc. (NYSE : TX)Texaco is engaged in the worldwide exploration for and production, transportation, refining and marketing of crude oil, natural gas liquids, natural gas and petroleum products. For the three months ended 3/99, revenues fell 12 percent to $7.19 billion. Net income applicable to common before acct. change fell 24 percent to $186 million. Results reflect continuing lower crude oil and natural gas prices, a decline in production levels and employee separation costs. 
Unocal Corporation (NYSE : UCL)Unocal Corp. is the holding company for Union Oil Company of CA, a fully integrated energy resources company whose worldwide operations comprise many aspects of energy production. For the three months ended 3/99, total revenues rose 2 percent to $1.23 billion. Net income fell 61 percent to $7 million. Revenues reflect the receipt of a $120 million for natural gas sale. Net income suffered from lower crude oil prices and international natural gas prices. 
Veba AG (NYSE : VEB)Veba AG is a German based industrial group organized into five separate business divisions: electricity, oil, chemicals, trading/transportation/services, and telecommunications. For the fiscal year ended 12/31/98, net sales rose less than 1 percent to DM76.37 billion. Net income according to U.S. GAAP fell 20 percent to DM2.3 billion. Revenues reflect increased distribution/logistics revenues. Earnings were offset by increased general and administrative expenses. 
Exxon Corporation (NYSE : XON)Exxon Corporation is engaged in the exploration, production, manufacture, transportation and sale of crude oil, natural gas, and petroleum products. For the three months ended 3/31/99, total revenues fell 10 percent to $26.88 billion. Net income applicable to Common before accounting change decreased 46 percent to $1.02 billion. Revenues reflect lower crude oil prices and lower natural gas prices. Earnings also suffered from higher operating expenses as a  percentage of revenues.%}
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American Business Product (NYSE : ABP)American Business Products operates a specialty packaging business which manufactures soft packages and labels, and extrudes polythylene and other materials onto papers and non-wovens. ABP also operates a printed office products business. For the three months ended 3/99, sales fell 6 percent to $111.9 million. Net income from continuing operations fell 19 percent to $4.8 million. Results reflect lower printed office products segement sales and a lower gross profit margin. 
American Pad & Paper Co. (OTC BB : AMPP)American Pad and Paper Company is a manufacturer and marketer of branded and private label paper-based office products in North America. For the three months ended 3/99, net sales decreased 15 percent to $137.6 million. Net loss before accounting change totalled $12 million, up from $2.1 million. Revenues reflect an increase in customer incentives, loss of a major customer and efforts to sell unprofitable business. Loss reflects new product development and increased bad debt expense. 
A.T. Cross Company (AMEX : ATX)A.T. Cross Company has three reportable business segments: high quality writing instruments, pen-based computing products and a branded line of Swiss-made timepieces. For the three months ended 4/3/99 revenues fell 9 percent to $29.1 million. Net loss from continuing operations rose 97 percent to $2.6 million. Revenues reflect lower domestic writing instruments sales and lower revenues from PCG and timepieces. Higher loss reflects reduced gross margins. 
AXCESS, Inc. (Nasdaq : AXSI)AXSI is a holding company which develops and markets secure access control products that provides a low-cost method for controlling access to facilities. AXSI also designs, manufactures and sells high speed date marking equipment to facilitate inventory control. For the nine months ended 9/98, sales fell 16 percent to $4.4 million. Net loss applicable to Common from continuing operations rose 56 percent to $8.2 million. Result suffered from decreased system sales and increase R&D expenses. 
BCT International, Inc. (Nasdaq : BCTI)BCTI, a holding company, franchises wholesale thermography printing plants through Business Cards Tomorrow, Inc. BCTI also sells paper stock and catalogs. For the fiscal year ended 2/28/99, total revenues rose 9 percent to $18.6 million. Net income from continuing operations applicable to Common rose 38 percent to $2.5 million. Revenues benefitted from acontract to provide business stationery to over 700 OfficeMax locations. Net income also benefitted from improved sales mix. 
Boise Cascade Office Prod (NYSE : BOP)Boise Cascade Office Products Corp. supplies office products to large corporate, government and other offices in the United States and Great Britain. For the three months ended 3/31/99, revenues rose 12 percent to $848.4 million. Net income increased 5 percent to $18.5 million. Revenues reflect increased same location sales and acquisitions. Earnings were partially offset by the expansion of the U.S. sales force and the support of growth initiatives. 
Day Runner, Inc. (Nasdaq : DAYR)Day Runner, Inc. develops, manufactures and markets paper-based organizers for retail markets. Day Runner products are carried by approx. 20,000 retail stores across the U.S. For the nine months ended 3/99, revenues rose 27 percent to $148.5 million. Net income fell 69 percent to $3.4 million. Revenues reflect the Filofax acquisition and sales to mass market customers. Earnings were offset by Filofax's expenses and costs related to the introduction of new products. 
Deluxe Corporation (NYSE : DLX)DLX is a supplier of paper-based and electronic payment and information solutions services, and integrated payment protection services to the financial and retail industries. For the three months ended 3/99, net sales fell 15 percent to $414.1 million. Net income rose 9 percent to $47.6 million. Revenues reflect businesses sold in the Deluxe Direct Response and Deluxe Direct segments. Earnings reflect cost reductions realized from plant closings and process improvements. 
Dixon Ticonderoga Company (AMEX : DXT)Dixon Ticonderoga Company is a diversified manufacturer and marketer of writing and art products, as well as a producer of graphite, lubricant and refractory products. For the three months ended 12/98, revenues decreased 4 percent to $22.8 million. Net loss totalled $600 thousand, vs. an income of $305 thousand. Revenues suffered from lower mass market segment sales and the decline in foreign currencies. Net loss reflects higher presonnel and interest expenses. 
Daisytek International (Nasdaq : DZTK)Daisytek International is a wholesale distributor of non-paper computer and office automation supplies and accessories, including laser toner, inkjet cartridges, copier and fax supplies, printer ribbons, diskettes and others. For the nine months ended 12/31/98, net sales rose 17 percent to $668.2 million. Net income rose 23 percent to $15.6 million. Results reflect acquisitions, increased sales volume to large accounts and higher margins due to an increase in pro-tape sales. 
Ennis Business Forms Inc. (NYSE : EBF)EBF prints and constructs a broad line of business forms and other business products for national distribution. EBF also designs and manufactures tools, dies, and special machinery, through Connolly Tool and Machine Company. For the nine months ended 11/98, sales fell 4 percent to $112 million. Net income rose 61 percent to $9.9 million. Revenues reflect the sale of the commercial printing operation in Seattle. Earnings reflect the absence of $3.1 million in loss on disposal of Heath Printers. 
Geographics, Inc. (OTC BB : GGIT)Geographics develops, manufactures, markets and distributes specialty paper products (business cards, memo pads and brochures). GGIT also markets stick-on lettering, stencils and other signage products. For the nine months ended 12/31/98, revenues decreased 33 percent to $16.7 million. Net income from continuing operations totalled $371 thousand vs. net loss of $5.6 million. Results reflect the sale of the Core Business, the loss of Office Max, and improved margins. 
Hunt Corporation (NYSE : HUN)Hunt Corporation and subsidiaries are primarily engaged in the manufacture and distribution of consumer products and graphics which the Company markets worldwide. For the three months ended 2/28/99, revenues decreased 1 percent to $60.4 million. Net income decreased 28 percent to $2.4 million. Revenues reflect lower sales of graphics products and lower average selling prices. Net income suffered from higher freight and distribution expenses. 
John H. Harland Company (NYSE : JH)JH provides banks, credit unions, brokerage houses and financial software companies with products and services to help strengthen relationships with their customers. These products include checks, forms, business documents and others. For the three months ended 4/2/99, revenues rose 2 percent to $146 million. Net income rose 65 percent to $10 million. Revenues reflect increased sales of computer and traditional checks. Earnings also reflect the absence of $2.1 million in restructuring charges. 
Moore Corporation Ltd. (NYSE : MCL)MCL provides business forms, printing service, labels and label systems. MCL also provides customer communications services such as personalized direct mail services. For the fiscal year ended 12/31/98, revenues increased 3 percent to $2.72 billion. Net loss according to US GAAP totalled $454.1 million, up from $1.2 million. Revenues reflect acquisitions, volume growth and increased paper prices. Higher loss reflects the inclusion of a $615 million provision for restructuring costs. 
Mail-Well, Inc. (NYSE : MWL)MWL prints and manufactures envelopes in the United States and Canada. The Company is also a printer of custom business documents for the distributor market and a printer of labels for the food and beverage industry. For the three months ended 3/99, revenues rose 38 percent to $440.4 million. Net income rose 55 percent to $14.8 million. Revenues reflect acquisitions and internal growth. Earnings also reflect the absence of $2.2 million in merger costs. 
New England Business Ser. (NYSE : NEB)New England Business Services, Inc. manufactures and markets a product line consisting of standardized business forms, stationery, and other printed forms. For the nine months ended 3/27/99, net sales rose 39 percent to $355 million. Net income rose 4 percent to $19.6 million. Net sales reflect the acquisition of Rapidforms, Inc. and McBee Systems of Canada, Inc. Earnings were partially offset by higher selling and advertising expenses and increased borrowings related to the acquisitions. 
Nu-Kote Holding, Inc. (OTC BB : NKOT)Nu-Kote Holding, Inc., through its wholly owned subsidiaries, is a manufacturer and distributor of impact and non-impact imaging supplies for office and home printing devices. For the nine months ended 12/25/98, revenues decreased 20 percent to $178.5 million. Net loss before extraordinary items fell 6 percent to $27.1 million. Revenues reflect decreased sales of impact supplies due to shift of the market to non-impact printing supplies. Lower loss reflects lower restructuring charges. 
Northstar Computer Forms (Nasdaq : NSCF)Northstar Computer Forms designs, manufactures and markets printed forms with an emphasis on MICR (Magnetic Ink Character Recognition) printing, focusing on custom business forms and financial and internal bank forms. For the six months ended 4/30/99, net sales rose 5 percent to $22.5 million. Net income rose 25 percent to $1.2 million. Revenues reflect increased sales of custom business forms. Earnings also benefitted from lower S/G/A expenses as a  percentage of sales. 
Office Depot, Inc. (NYSE : ODP)ODP operates a chain of retail office products stores, provides delivery of its products in the U.S. and Canada to store and catalog customers, and is a full-service contract stationer serving businesses throughout the U.S. For the 13 weeks ended 3/27/99, revenues rose 9 percent to $2.62 billion. Net income rose 24 percent to $100.6 million. Revenues reflect the opening of new stores and higher comparable store sales. Earnings also reflect reduced remodelling costs. 
Paris Corporation (Nasdaq : PBFI)PBFI and its subsidiaries manufacture stock and custom business forms, provide value added services to cut sheet products and distribute office products and computer/ printer peripheral products. For the six months ended 3/31/99, revenues rose 1 percent to $17.8 million. Net income totalled $361 thousand, vs. a loss of $293 thousand. Revenues reflect increased value added product sales due to an increased customer base. Earnings reflect an $178 thousand gain on the sale of a building. 
Precept Business Services (Nasdaq : PBSI)Precept Business Services, Inc. is a nationwide independent distributor of printed business products and document management services. The Company also provides corporate transportation services. For the nine months ended 3/99, revenues increased 41 percent to $121.9 million. Net loss from continuing operations totalled $9.1 million vs income of $598 thousand. Results reflect higher sales due to acquisitions. Loss reflects the inclusion of a $14.3 million goodwill write-down charge. 
Pentech International,Inc (Nasdaq : PNTK)Pentech International primarily operates in one business segment: the manufacture and marketing of pens, markers, pencils, other writing instruments and activity kits, primarily to major mass market retailers. For the three months ended 12/98, net sales decreased 3 percent to $10.6 million. Net loss totalled $641 thousand vs. an income of $20 thousand. Revenues reflect lower sales from promotional and holiday programs. Loss reflects lower margins and higher promotional costs. 
Staples, Inc. (Nasdaq : SPLS)Staples is an office supplies retailer with a total of 913 (as of 1/99) office supply stores in the U.S., Canada, U.K. and Germany. SPLS also engages in direct mail delivery service and contract stationer business. For the 13 weeks ended 5/1/99, sales rose 24 percent to $2.07 billion. Net income vs. Pro forma income rose 47 percent to $50.3 million. Results reflect the opening of new stores, higher sales at existing stores, improved product cost and the conversion of debt into stock. 
Standard Register Company (NYSE : SR)Standard Register Company designs, manufactures and sells business forms, pressure sensitive labels, business equipment and systems, direct mail marketing materials and application software. For the 13 weeks ended 4/4/99, revenues rose 2 percent to $327 million. Net income from contin. operations rose 42 percent to $13.7 million. Results reflect increased impression segment revenues as a result of the Dupont printing and publishing acquisition and improved margins due to cost reductions. 
TST/Impreso, Inc. (Nasdaq : TSTI)TSTI, through its subsidiaries, manufactures and distributes to dealers and other resellers paper products for commercial and home use. Products include continuous computer stock business forms, facsimile paper, and cut sheet paper. For the six months ended 2/28/99, revenues rose 62 percent to $28 million. Net income totalled $396 thousand vs. a loss of $870 thousand. Results reflect sales to a major superstore chain and leveraging of fixed expenses. 
United Stationers Inc. (Nasdaq : USTR)United Stationers Inc. is a distributor of general line business products, including a broad range of office products, computer supplies, facilities management supplies, and office furniture. For the three months ended 3/99, net sales rose 16 percent to $824.3 million. Net income rose 24 percent to $18.7 million. Revenues reflect the impact of the Azerty acquisition. Net income reflects Azerty's lower operating expense ratio and decreased interest expense.%}
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Acres Gaming Incorporated (Nasdaq : AGAM)AGAM develops, markets and manufactures electronic game promotions, equipment and games for the casino gaming industry. For the six months ended 12/31/98, revenues decreased 35 percent to $6.3 million. Net loss applicable to Common increased 97 percent to $3.1 million. Revenues reflect volume related decreases and the absence of $2.6 million in sales to a gaming machine developer. Net loss suffered from increased litigation expenses. 
Autologic Information Int (Nasdaq : AIII)AIII designs, develops, manufactures, assembles, integrates, markets, sells and services computerized image-setting and publication systems equipment and software that automate various prepress production steps in the publishing process. For the six months ended 4/30/99, total revenues fell 5 percent to $38.4 million. Net loss totalled $101 thousand vs. an income of $703 thousand. Results reflect lower sales of systems and equipment and lower margins due to competitive pricing. 
Tidel Technologies, Inc. (Nasdaq : ATMS)ATMS, through its three subsidiaries, manufactures cash management security systems, automated teller machines and environmental monitoring systems. For the three months ended 12/31/98, revenues increased 17 percent to $7.1 million. Net income decreased 12 percent to $252 thousand. Revenues benefitted from increased ATM products sales due to the successful introduction of new ignition series ATMS. Earnings were offset by lower margins, higher debt levels and a $148 thousand income tax expense. 
ATS Money Systems, Inc. (OTC BB : ATSM)ATSM develops, sells and services currency counting systems and equipment, and communications systems for department and chain stores' cash offices and bank vaults. For the fiscal year ended 12/31/98, revenues rose 48 percent to $14.4 million. Net income decreased 14 percent to $573 thousand. Revenues reflect increased sales of hardware due to a large order from a single retail chain. Net income was offset by higher cost of equipment and system sales as a  percentage of sales. 
Bristol Retail Solutions (Nasdaq : BRTLC)BRTLC operates a national network of full service retail automation solution providers that sell, install and maintain point-of-sale (POS) systems and turnkey retail automation (VAR) systems. For the three months ended 3/31/99, total revenues rose 30 percent to $8.1 million. Net loss applicable to Common fell 46 percent to $498 thousand. Revenues reflect sales contributed by QBM and by other acquisitions. Lower loss reflects lower S/G/A expenses as a  percentage of revenue. 
Colorocs Information Tech (OTC BB : CLRC)Colorocs Information Technologies, Inc. and its subsidiaries are engaged in the licensing of patented printer and the network printing and file sharing software business. For the nine months ended 9/30/98, total revenues fell 49 percent to $525 thousand. Net income totalled $1.7 million vs. a loss of $1.8 million. Revenues suffered from the sale of the assets of the color copying and printing businesss's. Earnings benefitted from a $1.7 million gain on the sale of NetChannel to AOL. 
Comtrex Systems Corp. (Nasdaq : COMX)COMX designs, develops, assembles and markets electronic terminals and computer software which provide target retailers with transaction processing, in-store controls and management information. For the six months ended 9/98, revenues rose 58 percent to $4.1 million. Net income rose 55 percent to $150 thousand. Revenues reflect the acquisition of the Company's U.K. distributor. Earnings lagged from sharply higher S/G/A, primarily due to increased customer support expenses. 
Danka Business Systems (Nasdaq : DANKY)DANKY and its subsidiaries is a supplier of photocopiers, facsimiles and other office equipment. DANKY also provides a wide range of customer services, supply contracts, training and technical support, and 3rd party leasing arrangements. For the nine months ended 12/31/98, revenues fell 10 percent to $2.22 billion. Net loss totalled $282.4 million, vs. an income of $37.8 million. Results reflect lower equipment sales and a $107.9 million charge for the write-off of goodwill and other assets. 
Diebold Incorporated (NYSE : DBD)Diebold Incorporated engages in the sale, manufacture, installation and service of automated self-service transaction systems, electronic and physical security products, software and integrated systems. For the three months ended 3/31/99, net sales fell 4 percent to $283.5 million. Net income increased 8 percent to $29.1 million. Results reflect a decrease shipments of self-service terminals in the international market, offset by cost containment efforts. 
Electronic Retailing Sys. (Nasdaq : ERSI)Electronic Retailing Systems develops and supplies electronic shelf labeling systems which replace paper price tags on retail shelves with liquid crystal display labels and transmit pricing and other information to and from the aisle. For the fiscal year ended 12/98, revenues increased 91 percent to $3.8 million. Net loss increased 28 percent to $34.3 million. Revenues reflect installation of the Co.'s new generation product. Higher loss reflects efforts to expand the Company's organization. 
General Binding Corp. (Nasdaq : GBND)GBND and its subsidiaries design, manufacture and distribute business machines and related supplies. GBND products include binders, security identification, shredders and laminators. For the three months ended 3/31/99, sales rose 3 percent to $221.1 million. Net income fell 81 percent to $1.3 million. Revenues benefitted from the acquisition. Net income was offset by higher S/G/A expenses as a  percentage of revenues due to higher rebate programs and higher distribution expenses. 
Global Payment Tech. Inc. (Nasdaq : GPTX)GPTX designs and manufactures currency validation systems including paper currency validators and related paper currency stackers, and sells its products in the U.S. and many international markets. For the six months ended 3/99, sales rose 43 percent to $25.5 million. Net income rose 76 percent to $2.4 million. Sales reflect higher demand for the bill validator products in the international gaming industry. Earnings reflect operating efficiencies and reduced product costs. 
Gradco Systems, Inc. (Nasdaq : GRCO)Gradco Systems, Inc. designs, develops, produces, and markets intelligent paper handling devices and high technology short-run products for the office automation market. For the nine months ended 12/31/98, revenues decreased 32 percent to $64.8 million. Net loss totalled $2.9 million vs. income of $4.5 million. Revenues suffered from the shift from analog to digital copiers by OEM customers. Net loss also reflects a $5.6 million bad debt provision charge and a $5 million litigation settlement. 
Harris Corporation (NYSE : HRS)HRS operates in four businesses: communications (produces equipment and systems); semiconductor (produces integrated circuits and devices); electronic systems (designs, develops and produces information systems); and through Lanier sells office equipment. For the nine months ended 4/2/99, revenues fell 5 percent to $2.8 billion. Net income fell 22 percent to $122.6 million. Results reflect lower sales in the electronic systems and semiconductor segments and a $20.6 million litigation charge. 
Lasergate Systems, Inc. (OTC BB : LSGT)Lasergate Systems, Inc. engages in the development, assembly, marketing, servicing, installation, and sales of computerized admisson control and revenue accounting systems. For the nine months ended 9/98, revenues fell 19 percent to $2.7 million. Net loss decreased 83 percent to $374 thousand. Revenues reflect decreased sales of the Admits for Window (R) product. Lower loss reflects increases in software sales, maintenance and support revenues without a comparable increase in costs. 
Micros Systems, Inc. (Nasdaq : MCRS)MCRS designs, manufactures, markets and services restaurant point-of-sale systems, hotel property management systems and hotel central reservation systems. For the nine months ended 3/31/99, revenues increased 18 percent to $232.4 million. Net income before accounting change increased 25 percent to $17.4 million. Revenues reflect increased installation and support revenues. Net income also reflects decreased cost of sales expenses as a  percentage of revenues. 
Miami Computer Supply (Nasdaq : MCSC)MCSC is a distributor of computer and office automation supplies and accessories, and audio-visual presentation products products throughout the U.S. and Canada. For the three months ended 3/31/99, revenues totalled $153.9 million, up from $55.2 million. Net income rose from $1.1 million to $2.4 million. Results reflect recent acquisitions, increased sales penetration and an increase in dealer sales, which have a lower  percentage expense than end user sales. 
Nashua Corporation (NYSE : NSH)Nashua Corporation conducts business in three segments: Specialty Coated Products, Label Products, and Imaging Supplies. For the three months ended 3/31/99, revenues decreased 4 percent to $42.6 million. Net income from continued operations totalled $218 thousand vs. a loss of $490 thousand. Revenues suffered from lower toner and paper volumes in the Imaging Supplies Division. Earnings reflect a decrease in research expenses, and an increase in interest income. 
Nam Tai Electronics, Inc. (Nasdaq : NTAI)Nam Tai Electronics provides design and manufacturing service to OEMs of consumer products. The Company assists in the design and development of products and furnishes full turnkey services to its OEM customers. Sales for the fiscal year ended 12/31/98 fell 23 percent to $101.6 million. Net income fell 89 percent to $3.5 million. Revenues reflect reduced sales and unit prices due to the Asian economic turmoil. Earnings reflect an $8.3 million impairment provision and $1.4 million in customs assessment charges. 
Oce-van der Grinten N.V. (Nasdaq : OCENY)Oce-van der Grinten N.V. is a worldwide company with operating companies in more than 30 countries engaged in the supply of products and services for the presentation, reproduction and processing of information on paper. For the nine months ended 8/31/98, total revenues rose 14 percent to NLG4.41 billion. Net income applicable to Common rose 23 percent to NLG182M. Results reflect higher sales of the Oce 3165 high volume network copier/printer and higher margins due to cost controls. 
Officeland, Inc. (Nasdaq : OFLD)Officeland, Inc. is engaged in the purchase and sale of used photocopier equipment. For the fiscal year ended 11/30/97, total revenues increased 33 percent to C$19.1 million. Net loss applicable to U.S. GAAP decreased 69 percent to C$1.3 million. Revenues benefitted from increased sales of photocopiers to end users with higher unit sale valued. Lower loss also benefitted from increased gross profits and the absence of $44 thousand in interest expenses. 
Pitney Bowes Inc. (NYSE : PBI)PBI and its subsidiaries operate in four areas: Mailing and Integrated Logistics, Office Solutions, Mortgage Servicing and Capital Servicing. For the three months ended 3/99, total revenues rose 11 percent to $1.08 billion. Net income from continuing operations and applicable to Common rose 12 percent to $142.2 million. Results reflect higher sales of mailing systems, copiers and fax machines, strength in mortgage servicing, decreases in S/G/A and R&D as  percentages of sales, and higher margins. 
Photomatrix, Inc. (Nasdaq : PHRX)Photomatrix, Inc. is a valued added engineering, design and manufacturing company specializing in document scanning, digital video imaging and related technology. For the nine months ended 12/98, revenues rose 17 percent to $7.1 million. Net loss from continuing operations rose 51 percent to $1.7 million. Revenues reflect the acquisitions of various new manufacturing operations. Higher loss suffered primarily from lower margins and higher S/G/A associated with the acquisitions. 
PAR Technology Corp. (NYSE : PTC)PAR develops, manufactures, markets, installs and services microprocessor-based transaction processing systems for the restaurant and industrial market places and also designs software. For the three months ended 3/99, revenues rose 69 percent to $35.7 million. Net income totalled $766 thousand vs. a loss of $1.6 million. Revenues reflect higher sales and a higher customer base. Net income reflects higher product and contract margins and lower personnel costs as a percenatge of sales. 
Smith Corona Corporation (Nasdaq : SCCO)SCCO designs, manufactures and sells portable and compact electronic typewriters, personal word processors, and related accessories and supplies. For the nine months ended 3/99, net sales fell 24 percent to $35.8 million. Net loss before extraordinary item rose from $2.6 million to $16.5 million. Revenues reflect lower sales of typewriters and related accessories due to a shrinking market and competitive environment. Higher loss reflects lower gross margin and a $1.3 million restructuring expense. 
Gunther International Ltd (OTC BB : SORT)SORT designs, develops, assembles, markets and services high-speed systems that automatically assemble printed documents, fold, staple or bind the documents and insert them into envelopes. For the nine months ended 12/31/98, revenues rose 53 percent to $14.4 million. Net loss before accounting change fell 69 percent to $777 thousand. Revenues reflect increased system sales due to more systems in progress. Lower loss reflects a higher gross profit due to lower manufacturing overhead costs. 
Ultradata Systems, Inc. (Nasdaq : ULTR)Ultradata Systems, Inc. manufactures and markets a line of hand-held data retrieval devices that utilize the Co's proprietary data compression technology for storing large quantities of information on, and retrieving it from a microprocessor memory chip. For the three months ended 3/99, total revenues fell 2 percent to $1.1 million. Net loss increased from $163 thousand to $699 thousand. Results reflect the absence of contract sales, a lower gross profit and higher advertising expenses. 
U.S. Wireless Data, Inc. (OTC BB : USWDA)U.S. Wireless Data, Inc. designs, manufactures, and markets a line of wireless and portable credit card and check authorization terminals. For the nine months ended 3/31/99, revenues rose 79 percent to $1.1 million. Net loss applicable to Common decreased 41 percent to $5.2 million. Revenues benefitted from the continued shift from a per-unit sales approach to a recurring revenue model. Lower loss was partially offset by a lower gross profit margin. 
Xerox Corporation (NYSE : XRX)Xerox Corp. is engaged in the global document market, providing document solutions that enhance business productivity, including digital publishing, printing and copying equipment, and light-lens copiers and duplicators. For the three months ended 3/31/99, total revenues remained flat at $4.3 billion. Net income from continuing operations applicable to Common rose 15 percent to $333 million. Revenues reflect lower sales in Brazil. Earnings benefitted from higher operating margins.%}
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Ameralia, Inc. (Nasdaq : AALA)Ameralia, Inc. is engaged in establishing a chemical business for the manufacture of sodium bicarbonate and related products in Colorado. For the nine months ended 3/31/99, the Company reported no revenues. Net loss rose 90 percent to $894 thousand. Higher loss reflects higher general and administrative expenses and higher staffing costs which are expected to continue to rise as the Company increases its efforts to fund its operating facilities. 
Aber Resources Ltd. (Nasdaq : ABERF)Aber Resources Ltd. is engaged in the acquisition, exploration and development of mineral properties. For the nine months ended 10/31/98, total revenues increased from C$1.1 million to C$3.3 million. Net income totalled C$886 thousand vs. a loss of C$1.5 million. Revenues benefitted from an increase in interest income due to higher cash balances available for investment. Earnings also reflect the absence of $741 thousand in mineral property and $186 thousand in write down of investment charges. 
Asia Pacific Res. Ltd. (Nasdaq : APQCF)APQCF, a development stage Co., was granted the right to explore for, develop, and produce and market potash minerals for commercial sale within the area of a Concession situated in northeastern Thailand and the ``Udon Thani Concession''. For the three months ended 5/31/98, Interest and Other Income fell 47 percent to $105 thousand. Net loss rose 11 percent to $351 thousand. Interest and other Inc. reflect an increase in promotion and travel expenses, partially offset by foreign exchange gain. 
Dia Met Minerals Ltd. (AMEX : DMMa)Dia Met Minerals Ltd. is a mineral exploration and development company engaged in the exploration for and development of diamond deposits. For the nine months ended 10/31/98, revenues fell 65 percent to C$1.4 million. Net loss rose 14 percent to C$1.6 million. Revenues suffered from the absence of aircraft operations revenue. Higher loss reflects the absence of a C$787 thousand gain on the disposal of capital assets and increased general and administrative expenses. 
Global Diamond Resources (OTC BB : GDRS)GDRS recently organized to engage in diamond exploration. The Company owns two mining properties and owns option to acquire a third mining property. For the nine months ended 9/30/98, revenues totalled $67 thousand, up from $6 thousand. Net loss rose 74 percent to $1.3 million. Revenues reflect higher interest income due to investment of equity financing. Higher loss reflects higher travel, salaries and benefits, and office expenses caused by the Company commencing production. 
Mountain Province Mining (Nasdaq : MPVIF)Mountain Province Mining is a diamond exploration and development company that has discovered four highly diamondiferous kimberlite deposits on its AK property located in Canada's Northwest Territories. For the six months ended 9/30/98, revenues rose 4 percent to C$140 thousand. Net loss fell 18 percent to C$1.3 million. Revenues reflect higher interest income. Lower loss reflects the absence of C$500 thousand in settlement costs and lower professional fees. 
Potash Corp./Saskatchewan (NYSE : POT)Potash Corp. of Saskatchewan Inc. is an integrated fertilizer and related industrial and feed products company. The Company mines and produces potash, phosphate and nitrogen fertilizers and chemicals. For the three months ended 3/99, revenues fell 6 percent to $549.3 million. Net income fell 37 percent to $39.5 million. Revenues reflect a reduction in sales volume. Earnings suffered from increased provincial mining and other taxes.%}
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AGL Resources Inc. (NYSE : ATG)ATG distributes natural gas to customers in central, northwest, northeast and southeast GA and the Chattanooga, TN area. For the six months ended 3/31/99, revenues decreased 20 percent to $699 million. Net income applicable to Common decreased 43 percent to $40.1 million. Revenues suffered from the warmer weather, the new SFV rate structure, and lower revenue associated with the integrated stock plan. Earnings also suffered from a decrease in operating margin. 
Atmos Energy Corporation (NYSE : ATO)Atmos Energy Corporation distributes and sells natural gas to residential, commercial, industrial, agricultural, and other customers in parts of TX, LA, KY, CO, KS, IL, TN, IA, VA, GA, SC, and MO. For the six months ended 03/31/99, revenues fell 19 percent to $471.7 million. Net income fell 23 percent to $44.2 million. Revenues suffered from the effects of a warmer winter and a decrease in average gas sales prices. Lower income also reflects a $3.3 million litigation settlement. 
Berkshire Energy Resource (Nasdaq : BERK)BERK, a holding company, is engaged in the distribution and sale of natural gas for industrial, commercial, and residential use. BERK also sells and leases gas burning equipment and liquified petroleum gas. For the six months ended 12/98, revenues fell 13 percent to $16.2 million. Net loss applicable to Common totalled $281 thousand vs. an income of $232 thousand. Results reflect lower operating revenues due to warmer than normal temperatures and higher promotional costs. 
Bonneville Pacific Corp. (OTC BB : BPCO)Bonneville Pacific Corp. and its subsidiaries are a diversified energy company engaged in the the business of cogeneration and oil and gas operations. For the fiscal year ended 12/31/98, revenues increased 21 percent to $26.5 million. Net loss before extraordinary item decreased 85 percent to $3.4 million. Revenues benefitted from higher energy marketing revenues. Lower net loss also benefitted from lower interest expense charges related to bankruptcy. 
BG PLC (NYSE : BRG)BG PLC is an international energy company engaged in the development and operation of assets across the gas chain from exploration and production to transmission, distribution, liquefied natural gas production and power generation. For the fiscal year ended 12/31/98, revenues fell 16 percent to L4.47 billion. Net income totalled L805M vs. a loss of L307M. Revenues reflect the sale of certain operations. Earnings reflect the absence of a L514M windfall tax charge. 
Columbia Energy Group (NYSE : CG)Columbia Energy is engaged in natural gas transmission and distribution, exploration for and production of oil and natural gas, and other energy operations. For the three months ended 3/99, total revenues rose 38 percent to $2.55 billion. Net income rose 2 percent to $150.4 million. Revenues reflect increased activity in distribution and transportation segments. Earnings were partially offset by weak natural gas prices and higher costs related to investments, payroll and marketing. 
Cascade Natural Gas Corp. (NYSE : CGC)CGC is a public utility engaged in the distribution of natural gas to customers in Washington and Oregon. For the six months ended 3/31/99, operating revenues rose 6 percent to $134 million. Net income applicable to Common rose 23 percent to $14.5 million. Revenues reflect the addition of new customers and increased consupmtion. Earnings also reflect cost reductions and efficiencies, lower depreciation expenses, and lower payroll and property taxes. 
Coastal Corporation (NYSE : CGP)CGP is engaged in natural gas transmission and storage; petroleum refining, marketing and distribution and chemicals; gas and oil exploration and production; coal mining and power. For the three months ended 3/31/99, revenues decreased 13 percent to $1.71 billion. Net income applicable to Common from continuing operations increased 12 percent to $134.4 million. Revenues reflect lower prices and volumes for gas sales. Net income reflects decreased purchases as a result of the lower prices. 
Colonial Gas Company (NYSE : CLG)Colonial Gas Company is a regulated natural gas distribution utility. The Company's subsidiary, Transgas, provides over-the-road transport of liquefied natural gas, propane and other commodities. For the three months ended 3/31/99, revenues rose 13 percent to $88 million. Net income rose 6 percent to $15.1 million. Revenues benefited from increased sales due to colder weather. Net income was partially offset by an increase in operations and maintainance expenses. 
Connecticut Energy Corp. (NYSE : CNE)CNE is a public utility holding company engaged in the retail distribution of natural gas for residential, commercial and industrial uses. For the six months ended 3/99, revenues decreased 5 percent to $167.8 million. Net income increased 7 percent to $22.8 million. Revenues reflect decreased volumes of gas sold and transported. Net income reflects decreased operations expenses as a result of lower lease payments due to the sublease of the liquefied natural gas facility. 
Consolidated Natural Gas (NYSE : CNG)CNG is a public utility holding Company of 19 subsidiaries engaged in the exploration and production of natural gas and oil and provides a variety of energy marketing services. For the three months ended 3/31/99, total revenues rose 5 percent to $1.05 billion. Net income from continuing operations rose 1 percent to $139 million. Revenues reflect increased sales volumes from the Company's residential and commercial customers. Net income was partially offset by higher purchased gas costs. 
Consumers Gas Group (NYSE : CPG)Consumers Gas Group (comprised of Consumers Power's gas distribution business and Michigan Gas Storage Company's storage and transmission business) provides natural gas utility service in MI. For the three months ended 3/31/99, revenues rose 19 percent to $506 million. Net income before accounting change rose 63 percent to $39 million. Revenues reflect increased system deliveries due to colder temperatures during 1999. Earnings reflect lower cost of gas sold as a  percentage of sales. 
Chesapeake Utilities (NYSE : CPK)Chesapeake Utilities is engaged in the transmission and distribution of natural gas, propane distribution, and marketing and advanced information services. For the fiscal year ended 12/98, revenue decreased 17 percent to $183.6 million. Net income decreased 10 percent to $5.3 million. Revenues reflect lower volumes sold by the natural gas and propane segments due to warmer temperature. Net income was partially offset by a one-time reduction in pension costs of $1.2 million. 
CTG Resources, Inc. (NYSE : CTG)CTG distributes, transports, and sells natural gas through its subsidiary, CNG. CTG also provides district heating and cooling through its subsidiary, Energy Networks. For the six months ended 3/31/99, revenues fell 2 percent to $194.7 million. Net income applicable to Common rose 1 percent to $17.9 million. Results suffered from lower gas sales due to warmer winter heating season weather and the absence of costs related to the closing of certain diversified operations. 
Delta Natural Gas Company (Nasdaq : DGAS)Delta Natural Gas Company Inc. distributes, purchases, produces, and transmits natural gas for residential, commercial, industrial and transportation customers in KY. For the nine months ended 3/31/99, revenues decreased 14 percent to $30.5 million. Net income decreased 3 percent to $2.1 million. Revenues reflect a decrease in retail sales volumes. Net income was partially offset by decreases in the cost of gas purchased for retail sales. 
Eastern Enterprises (NYSE : EFU)Eastern Enterprises is a holding company whose subsidiaries provide barge transportation and distribute natural gas. For the three months ended 3/31/98, total revenues decreased 2 percent to $344.8 million. Net income before acct. change and extraordinary items increased 4 percent to $32.3 million. Results reflect lower gas distribution revenues due to decreased non-firm sales, the migration by customer from firm sales to transportation only services, offset by higher margins and lower debt levels. 
Energen Corporation (NYSE : EGN)Energen Corporation is an energy holding Company engaged in the purchase, distribution and sale of natural gas principally in central and north Alabama, and in the acquisition, development, exploration and production of oil and gas in the U.S. For the six months ended 3/31/99, total revenues fell 7 percent to $302.4 million. Net income fell less than 1 percent to $46.2 million. Results reflect decreased natural gas sales volumes, partially offset by lower non-income taxes. 
EnergyNorth, Inc. (NYSE : EI)EI's principal business activity is the management and operation of a regulated gas distribution subsidiary located in NH. EI also sells and leases gas heating equipment and appliances to residential, commercial, and industrial customers. Revenues for the six months ended 3/99 increased 9 percent to $79.5 million. Net income increased 4 percent to $10.3 million. Revenues reflect growth in the average number of customers. Net income was partially offset by increased interest expense. 
Enbridge, Inc. (Nasdaq : ENBRF)ENBRF is engaged in the transportation and distrubution of energy. The Company's activities include the movement of crude oil and other hydrocarbons and the distribution of natural gas and related retail energy services. For the nine months ended 9/98, revenues fell 9 percent to C$1.99 billion. Net income increased 12 percent to C$248.6 million. Results reflect decreased gas sales due to warm weather and improved results from Energy Transportation and Corporate segments. 
Enron Corp. (NYSE : ENE)Enron Corporation is engaged in the exploration for and production of natural gas and crude oil; transportation of natural gas through pipelines; generation and transmission of electricity; and the development and operation of power plants, pipelines and other energy related assets. For the three months ended 3/99, revenues rose 34 percent to $7.63 billion. Net income applicable to Common before acct. change rose 19 percent to $249 million. Results reflect acquisitions, partially offset by lower margins. 
EnergySouth, Inc. (Nasdaq : ENSI)Energysouth Inc., a holding company for Mobile Gas Service Corporation, is engaged in the distribution of natural gas to residential, commercial and industrial customers in southwest Alabama. For the six months ended 3/99, revenues decreased 12 percent to $42.7 million. Net income before accounting change fell 2 percent to $6.7 million. Revenues reflect decreased gas sales volumes. Earnings benefitted from decreased per unit gas costs. 
El Paso Energy Corp. (NYSE : EPG)EPG is engaged in the interstate and intrastate transportation, gathering and processing of natural gas; the marketing of natural gas, power and other commodities; and the development and operation of energy infrastructure facilities. For the three months ended 3/31/99, revenues fell 8 percent to $1.49 billion. Net income before accounting change rose 22 percent to $71 million. Revenues reflect lower revenues at El Paso Energy Marketing. Earnings benefitted from lower cost of gas. 
Equitable Resources, Inc. (NYSE : EQT)EQT is a fully-integrated energy exploration, production, transmission, distribution and marketing company. EQT offers energy products and services to wholesale and retail customers. For the three months ended 3/99, revenues rose 48 percent to $420.1 million. Net income from continuing operations rose 21 percent to $29.7 million. Revenues reflect increased distribution system throughput volumes due to colder weather. Earnings were partially offset by lower gross profit due to lower gas and oil prices. 
Energy West Incorporated (Nasdaq : EWST)Energy West Incorporated is a distributor of natural gas and propane to residential and commercial customers. For the six months ended 12/31/98, revenues increased 32 percent to $26.2 million. Net income decreased 51 percent to $66 thousand. Revenues benefitted from rate increases, and customer growth. Earnings were offset by reduced sales in Petrogas of Wyoming, as a result of the sale of four retail propane districts in Wyoming, and additional staffing. 
Fall River Gas Company (AMEX : FAL)Fall River Gas Company is an investor-owned public utility company that sells, distributes and transports natural gas at retail through a pipeline distribution system in Fall River, Somerset, Swansea and Westport, MA. For the six months ended 3/31/99, gas operating revenues rose 3 percent to $30.8 million. Net income rose 1 percent to $2.1 million. Results reflect the increased gas revenues due to higher gas costs, partially offset by increased health benefits and payroll costs. 
NICOR Inc. (NYSE : GAS)GAS, a holding company for Nicor Gas, distributes natural gas. GAS also owns Tropical Shipping, which provides containerized freight shipping in the Carribbean. For the three months ended 3/31/99, revenues rose 3 percent to $576.4 million. Net income applicable to Common rose 8 percent to $38.9 million. Revenues reflect higher deliveries in the gas distribution segment due to colder weather. Earnings also reflect reduced average borrowing levels and lower interest rates. 
Indiana Energy, Inc. (NYSE : IEI)Indiana Energy is a holding company engaged in natural gas distribution, gas portfolio administrative services and marketing of natural gas, electrical power and related services. IEI is also engaged in realty and other nonutility operations. For the six months ended 3/31/99, revenues decreased 14 percent to $287.1 million. Net income rose 2 percent to $42.4 million. Revenues reflect lower sales due to warmer weather. Earnings were offset by a decrease in the cost of gas. 
KN Energy (NYSE : KNE)KNE is an integrated energy services provider whose operations include the gathering, processing, transportation and storage of natural gas, and the marketing of natural gas and NGLS. For the three months ended 3/99, revenues fell 10 percent to $1.05 billion. Net income applicable to Com. fell 69 percent to $7 million. Revenues reflect low natural gas liquids prices and weather-related reduction in demand. Earnings suffered from increased interest expenses. 
KeySpan Corporation (NYSE : KSE)KeySpan Corporation distributes natural gas, owns investments ingas exploration and production operations, provides gas marketing and energy services, generates electricity, and provides electric transmission and distribution services. For the comparable three months ended 3/31/99, total revenues increased 16 percent to $958.3 million. Net income applicable to Common increased 31 percent to $134.5 million. Results reflect the inclusion of all KSE-acquired companies. 
Laclede Gas Company (NYSE : LG)Laclede Gas Company is a public utility engaged in the retail distribution and transportation of natural gas to customers in eastern MO. LG also operates natural gas storage fields and transports and stores propane. For the six months ended 3/31/99, revenues fell 14 percent to $356.7 million. Net income applicable to Common decreased 7 percent to $29.8 million. Revenues reflect lower gas sales volumes arising from warmer weather. Earnings were partially offset by cost reductions. 
MCN Energy Group, Inc. (NYSE : MCN)MCN Energy Group is a holding company for Michigan Consolidated Gas Company and MCN Investment Corporation. For the three months ended 3/31/99, total revenues increased 17 percent to $767.7 million. Net income before acctg. change from continuing operations rose 15 percent to $88.4 million. Revenues reflect acquisitions, earnings from the new gas sales program and more favorable weather. Earnings were partially offset by increased computer and advertising costs. 
MDU Resources Group, Inc. (NYSE : MDU)MDU is a natural resource company comprised of construction materials and mining operations, oil and natural gas production, sales and transportation of electricity, natural gas and propane and natural gas transmission and storage. For the three months ended 3/31/99, revenues rose 52 percent to $259 million. Net income applicable to Common fell 29 percent to $12.5 million. Revenues reflect acquisitions. Earnings were offset by increased operations and maintenance expense. 
Metrogas S.A. (NYSE : MGS)Metrogas S.A. is a natural gas distribution company in Argentina, with approximately 30 percent of total deliveries of all gas distribution companies. For the fiscal year ended 12/31/97, revenues decreased 9 percent to P$627.8 million. Net income according to US GAAP decreased 26 percent to P$29.1 million. Revenues reflect reduced sales to power plants and residential customers. Earnings also reflect a decrease in gross profit and a P$16.8 million trade receivable expense. 
Northern Border Partners (NYSE : NBP)NBP owns 70 percent interest in Northern Border Pipeline Company, which transports natural gas from the Montana-Saskatchewan border to interconnecting pipelines in Iowa and other areas. For the three months ended 3/31/99, revenues rose 49 percent to $78.9 million. Net income applicable to Limited Partners increased 46 percent to $21.2 million. Results reflect Northern Border Pipeline placing the facilities for The Chicage Project into service, partially offset by higher debt levels. 
North Carolina Nat. Gas (NYSE : NCG)North Carolina Natural Gas Corp. is in the business of providing natural gas, propane gas and related services to 173,000 customers in southcentral and eastern North Carolina. For the six months ended 3/99, revenues decreased 17 percent to $120 million. Net income decreased 2 percent to $15.1 million. Results reflect decreased volumes to wholesale municipal customers as a result of warmer-than-normal weather, partially offset by lower operations and general tax expenses. 
National Fuel Gas Co. (NYSE : NFG)National Fuel Gas Co. is an integrated natural gas operation consisting of three major business segments: Utility Operation, Pipeline and Storage, and Exploration and Production. For the six months ended 3/99, revenues fell less than 1 percent to $823.8 million. Net income before acct. change totalled $98.8 million, up from $16.3 million. Revenues reflect the recovery of lower gas costs. Earnings also reflect the absence of a $129 million charge for the impairment of oil and gas producing properties. 
New Jersey Resources Corp (NYSE : NJR)New Jersey Resources Corp. is an energy services holding company providing retail and wholesale natural gas and related energy services to customers from the Gulf Coast to New England. For the six months ended 3/31/99, revenues rose 17 percent to $571.9 million. Net income applicable to Common rose 6 percent to $45.5 million. Revenues reflect continued customer growth in New Jersey Natural Gas Company. Earnings were partially offset by higher state and federal income taxes. 
NUI Corporation (NYSE : NUI)NUI Corporation is a multi-state energy sales, services and distribution company whose utility operations distribute natural gas and related services in six states along the eastern seaboard. For the six months ended 3/31/99, operating revenues fell 2 percent to $484.2 million. Net income rose 10 percent to $24.7 million. Revenues suffered from warmer weather in several service areas. Earnings benefitted from a $2.1 million gain from restructuring and other non-recurring items. 
Northwest Natural Gas (Nasdaq : NWNG)Northwest Natural Gas Company distributes gas to communities in western Oregon and southwestern Washington. Revenues for the three months ended 3/31/99 increased 26 percent to $171 million. Net income applicable to Common Stock rose 4 percent to $23.4 million. Revenues benefitted from increased volumes of gas sold to residential and commercial customers and higher level of customer growth. Earnings were partially offset by higher operations, maintenance, and depreciation expenses. 
ONEOK, Inc. (NYSE : OKE)ONEOK, Inc. is engaged in the production, gathering, storage, transportation, distribution and marketing of natural gas and environmentally clean fuels and products. OKE operates in two business units: regulated and nonregulated. For the six months ended 2/28/98, total revenues fell 6 percent to $972.6 million. Net income applicable to Common fell 17 percent to $64.1 million. Results reflect a reduction in gas processing revenues due to the sale of Tonkawa gas processing, and higher depreciation costs. 
Peoples Energy Corp. (NYSE : PGL)Peoples Energy Corp. is a holding company operating two wholly-owned natural gas utilities, The Peoples Gas Light and Coke Company and North Shore Gas Company. For the six months ended 3/31/99, revenues rose 1 percent to $814.2 million. Net income rose 8 percent to $89.5 million. Results reflect the elimination of the decommissioning reserve, an increase in diversified energy earnings and lower revenue taxes attributable to lower unit costs of gas. 
Public Service Co. of NC (NYSE : PGS)PGS distributes, transports and sells natural gas to over 300,000 residential, commercial and industrial customers in NC. For the six months ended 3/99, revenues fell 15 percent to $207.5 million. Net income fell 13 percent to $25.8 million. Revenues reflect decreased consumption per degree day due to 10 percent warmer than normal weather and decreased throughput. Lower earnings partially benefitted from higher gross margins due to a decrease in gas costs and favorable WNA mechanism adjustments. 
Pennsylvania Enterprises (NYSE : PNT)PNT is engaged in the sale of natural gas, propane, electricity and other energy-related products and services; the construction, maintenance and rehabilitation of utility facilities; and the sale of property for residential, commercial and other development. For the three months ended 3/99, revenues rose 36 percent to $104.3 million. Net income rose 79 percent to $9.9 million. Results reflect increased gas sales to residential and commercial heating customers. 
Piedmont Natural Gas Co. (NYSE : PNY)Piedmont Natural Gas Company is primarily engaged in the sale and transportation of natural gas to residential, commercial and industrial customers in the Piedmont Region of NC and SC and the metropolitan Nashville, TN area. For the six months ended 4/30/99, revenues fell 14 percent to $495 million. Net income fell 2 percent to $75.2 million. Results reflect a reduction in delivered volumes of natural gas and warmer weather, partially offset by lower cost of gas and general taxes. 
Providence Energy Corp. (NYSE : PVY)Providence Energy is the parent of two wholly-owned gas distribution utilities: The Providence Gas Co. and North Attleboro Gas Co. PVY also distributes oil products and invests and manages real estate. For the six months ended 3/99, revenues rose 1 percent to $157.6 million. Net income fell less than 1 percent to $13.9 million. Revenues reflect customer growth. Earnings were offset by acquisition related expenses and increased depreciation expenses. 
Roanoke Gas Company (Nasdaq : RGCO)Roanoke Gas Company and its subsidiaries maintain an integrated natural gas system in the Roanoke Valley, VA, and in Bluefield, WV. RGCO also has a wholly owned subsidiary, Highland Propane Co., which distributes propane. For the six months ended 3/31/99, revenues fell 7 percent to $39.5 million. Earnings fell 1 percent to $3.6 million. Revenues reflect lower gas volume deliveries. Earnings reflect decreased operations and maintainence expenses due to reduced payroll. 
South Jersey Industries (NYSE : SJI)SJI is a holding company with investments in natural gas distribution and marketing, and utility construction. SJI also markets total energy management services. For the three months ended 3/31/99, revenues increased 19 percent to $146.7 million. Net income from continuing operations applicable to Common rose 45 percent to $17.9 million. Revenues reflect increased off-system sales and additional customers. Net income also reflects decreased operating expenses as a  percentage of revenues. 
SEMCO Energy, Inc. (Nasdaq : SMGS)SEMCO Energy is a holding co. for three subsidiaries, who purchase, distribute, and transport natural gas. SMGS also provides services in finance, accounting risk management, legal, human resources, information systems and tax. For the three months ended 3/31/99, revenue fell 19 percent to $183.9 million. Net income before accounting change applicable to Common rose 53 percent to $10.4 million. Results reflect reduced gas marketing revenues, offset by increased gas distrubution operating margins. 
Sonat, Inc. (NYSE : SNT)Sonat operates in three segments: Exploration and Production (explores, develops, and produces oil and gas); Natural Gas Transmission (interstate transmission and storage of gas); and Energy Services (markets gas and electric power). For the three months ended 3/99, revenues fell 30 percent to $773.7 million. Net loss totalled $212.2 million vs. an income of $28 million. Results reflect decreased energy prices, lower production volumes and increased ceiling test charges. 
Sempra Energy (NYSE : SRE)SRE is a California-based energy services company whose primary susidiaries are San Diego Gas and Electric, which provides electric and gas service to San Diego and southern Orange Counties, and Southern California Gas Company. For the three ended 3/31/99, revenues fell 12 percent to $1.19 billion. Net income rose 14 percent to $99 million. Results reflect lower average cost of natural gas and lower utility generating sales, offset by gain from sale of property and higher trading gains. 
Southern Union Company (NYSE : SUG)Southern Union Company is primarily engaged in the distribution and sale of natural gas to residential, commercial and industrial customers in Texas and Missouri. For the nine months ended 3/31/99, revenues fell 10 percent to $503.5 million. Net income applicable to Common fell 24 percent to $16 million. Revenues suffered from a decrease in unit volume and lower average prices. Net income reflects increased legal and professional fees associated with acquisitions. 
Southwestern Energy Co. (NYSE : SWN)SWN is diversified energy company engaging in oil and gas exploration and production, and natural gas gathering, transmission, marketing and distribution. For the three months ended 3/99, revenues fell 6 percent to $78.2 million. Net income rose 1 percent to $9.1 million. Revenues reflect decreased gas production due to warmer weather and decreased oil production due to declines in the productive capability of existing properties. Earnings reflect higher gross margins in the marketing segment. 
Southwest Gas Corporation (NYSE : SWX)Southwest Gas purchases, transports and distributes natural gas to 1,209,000 residential, commercial and industrial customers in portions of AZ, NV, and CA. For the three months ended 3/31/99, revenues rose 5 percent to $308 million. Net income fell 21 percent $28.3 million. Revenues reflect favorable climate temperatures, rate relief and customer growth. Earnings were offset by increases in fuel costs and construction expenses as  percentages of revenues. 
TC Pipelines, LP (Nasdaq : TCLPZ)TC Pipelines, LP acquires, owns and participates in the management of United States based pipeline assets. Through its subsidiary, Northern Border Pipeline Co., the Company transports natural gas from Montana-Saskatchewan border to the markets in the midwestern United States. For the three months ended 3/99, revenue totalled $9.1 million. Net income applicable to Limited Partners totalled $8.6 million. Results are not comparable due to 12/16/98 date of inception. 
TransCanada Pipelines Ltd (NYSE : TRP)TransCanada Pipelines Ltd. transmits, markets and processes energy in North America, and around the world. Its pipeline system transports natural gas and crude oil. For the three months ended 3/31/99, revenues fell 6 percent to C$3.32 billion. Net income from continuing operations applicable to Common fell 8 percent to C$147 million. Revenues reflect losses in the Energy Marketing Segment due to depressed crude oil prices. Net income reflects increased financing costs. 
UGI Corporation (NYSE : UGI)UGI Corporation is a holding co. with two principal lines of business: propane distribution and utilities. UGI Utilities, Inc., a gas and electric utility in eastern PA; and AmeriGas, Inc., the largest retail propane distributor in the U.S. For the six months ended 3/99, revenues fell 9 percent to $872.9 million. Net income applicable to Common fell 1 percent to $55.5 million. Revenues reflect lower propane prices and lower volume sold. Earnings reflect higher retail unit margins on propane. 
Virginia Gas Company (Nasdaq : VGCO)VGCO is engaged in the exploration, production, marketing, gathering, storage and distribution of natural and propane gas in the southwestern counties of the Commonwealth of VA. For the fiscal year ended 12/31/98, sales rose 5 percent to $9.8 million. Net loss before extraordinary item applicable to Common totalled $287 thousand vs. income of $851 thousand. Sales reflect continued growth in the Company's propane distribution operation. Loss reflects a $1.3 million restructuring charge. 
Valley Resources, Inc. (AMEX : VR)VR is a public utility holding company operating subsidiaries involved in natural gas distribution and installment, merchandising and appliance rental, propane sales and wholesale distribution of franchised lines. For the six months ended 2/28/99, revenues decreased 4 percent to $44.5 million. Net income increased 8 percent to $2.7 million. Revenues reflect a weather related decline in firm sales. Net income benefitted from a decline in the cost of gas. 
Westcoast Energy Inc. (NYSE : WE)WE, through its four divisions: provides pipeline storage, transportation and services; engages in natural gas distribution; provides power generation; pursues energy ventures. For the nine months ended 9/98, revenue rose 4 percent to C$5.51 billion. Net income applicable to Common fell 28 percent to C$98 million. Results reflect growth in the number of gas distribution customers, higher service and rental revenues, offset by unusual warm weather, non-recurring items and start-up costs. 
Washington Gas Light Co. (NYSE : WGL)Washington Gas Light Co. delivers and sells natural gas to metropolitan Washington, D.C. and adjoining areas in Virginia and Maryland. WGL also operates an underground storage field. For the six months ended 3/31/99, revenues fell 9 percent to $690.3 million. Net income applicable to Common fell 2 percent to $89.1 million. Results reflect reduced gas sales volumes due to warmer winter weather, partially offset by higher gas margins and reduced general taxes. 
Western Gas Resources Inc (NYSE : WGR)WGR designs, constructs, owns and operates natural gas gathering, processing, treating and storage facilities in major gas-producing basins in the Rocky Mountain, Gulf Coast and Southwestern regions of the U.S. For the three months ended 3/31/99, sales fell 26 percent to $429.5 million. Net loss applicable to Common was $4.8 million vs. a profit of $10.6 million. Sales reflect the decrease in average gas and natural gas liquids prices. Net loss reflects a higher interest expense. 
WICOR, Inc. (NYSE : WIC)WICOR, Inc. is a diversified holding company whose subsidiaries provide natural gas distribution to approx. 529 thousand customers throughout WI, and manufactures pumps and fluid processing equipment, including filtration equipment. For the three months ended 3/31/99, revenues rose less than 1 percent to $304.2 million. Net income rose 16 percent to $28.9 million. Results reflect new products within the pool/spa and industrial markets and higher margins due to energy rate increases. 
Williams Companies, Inc. (NYSE : WMB)WMB is engaged in the transportation and sale of natural gas and petroleum products, and is engaged in energy commodity trading and marketing. WMB also engages in the communications business. For the three months ended 3/31/99, revenues rose 1 percent to $1.98 billion. Net income before extraordinary item and accounting change applicable to Common fell 23 percent to $54.3 million. Results reflect new business growth on the fiber-optic network, offset by network expansion related costs. 
Yankee Energy Systems (NYSE : YES)Yankee Energy Systems, a holding company, distributes natural gas to 68 cities and towns in CT through its four subsidiaries. For the six months ended 3/31/99, revenues decreased 6 percent to $202.4 million. Net income decreased 3 percent to $19.3 million. Revenues suffered from lower sales due to warmer weather. Earnings reflect lower costs of gas sold due to the weather impact on utility revenues and the continued increase in transportation customers. 
York Research Corp. (Nasdaq : YORK)YORK is a developer, owner and marketer of energy related projects and products. YORK currently participates in two segments: Greenpower project development services and the marketing of natural gas. For the fiscal year ended 2/28/99, revenues totalled $972.9 million, up from $365.1 million. Net income from continuing operations before extraordinary item rose 38 percent to $4.9 million. Results reflect increases in the volume of natural gas moved, partially offset by higher costs of natural gas.%}
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Alliance Atlantis Comm. (Nasdaq : AACB)Alliance Atlantis Comm. is a fully integrated global supplier of entertainment products whose origins are in television and motion picture production and distribution. For the nine months ended 12/98, revenues increased 64 percent to C$401.7 million. Net loss totalled C$33 million vs. an income of C$17.8 million. Revenues benefitted from an increase in television programming hours delivered. Loss suffered from an $81.4 million restructuring charge and the absence of a $4.5 million gain on investment sales. 
AMC Entertainment Inc. (AMEX : AEN)AMC Entertainment is a holding Company which through its subsidiaries is involved in the operation of motion picture theaters in the U.S., Japan and Portugal. AEN also provides on-screen advertising and other services. For the 39 weeks ended 12/31/98, revenues rose 25 percent to $785.4 million. Net income totalled $3.1 million vs. a loss applicable to Com. of $24.6 million. Results reflect increased attendance due to the addition of 22 new theaters and absence of $47 million of impairment charges. 
American Entertainment Gr (OTC BB : AETG)American Entertainment Group, Inc. is a development stage company engaged in developing and marketing entertainment/telecommunications-related goods and services, such as its film library. For the nine months ended 9/30/97, sales remained at $0. Net loss totalled $1.3 million, up from $570 thousand. The Company's main activities to date have been primarily developmental and exploratory in nature. Higher loss reflects an increase in administrative expenses. 
American Film Tech. (OTC BB : AFTC)American Film Technologies, Inc. principal business has been the production of color versions of motion pictures and television programs originally produced in black and white. For the six months ended 12/31/98, the Company did not report any revenues. Net loss decreased 41 percent to 390 thousand. Lower loss benefitted from a decrease in compensation and benefits, selling, general and administrative, and depreciation expenses. 
CINAR Corporation (Nasdaq : CINR)CINAR Corporation, is an entertainment company that develops, produces and distributes animated and live-action children's programming, educational products and other merchandise worldwide. For the fiscal year ended 11/30/98, total revenues rose 61 percent to C$151 million. Net income increased 70 percent to C$21.8 million. Results reflect an increased number of hours of programming delivered, the acquisition of Carson-Dellosa Publishing, and higher gross margin as a  percent of sales. 
Carmike Cinemas, Inc. (NYSE : CKE)CKE is engaged in the motion picture exhibition business. As of 12/98, CKE operated 468 theatres with an aggregate of 2,658 screens in 36 states. For the three months ended 3/31/99, revenues decreased 17 percent to $97.7 million. Net loss applicble to Common before extraordinary item totalled $3.1 million vs. income of $3.8 million. Revenues suffered from a reduction in attendance. Net loss reflects increased cost of operations as a  percentage of revenues due to fixed costs. 
Dick Clark Productions (Nasdaq : DCPI)DCPI develops and produces television programming for TV networks, first run domestic syndicators, and cable TV. DCPI also operates a chain of restaurants and a corporate production business. For the nine months ended 3/99, revenues fell 8 percent to $58.3 million. Net income fell 23 percent to $5.1 million. Revenues reflect decreased television specials and communications projects. Earnings also reflect decreased profitability from restaurant operations. 
Digital Comm. Tech. Corp. (OTC BB : DGCT)DGCT is an integrated video and audio communications Co. which offers video/audio tape duplication and production services. The Company also provides mobile satellite uplink services and website design. For the nine months ended 3/98, net sales fell 83 percent to $3.4 million. Net loss from continuing operations totalled $7.9 million, up from $499 thousand. Revenues reflect managements elimination of unprofitable accounts. Higher loss reflects the loss on the sale of fixed assets. 
Image Entertainment, Inc. (Nasdaq : DISK)Image Entertainment, Inc. is engaged in the distribution of programming on optical disc and digital video disc under exclusive and nonexclusive license and wholesale distribution agreements. For the nine months ended 12/98, revenues fell 10 percent to $53.7 million. Net income fell 9 percent to $647 thousand. Revenues reflect a decline in the sales of LD programming. Earnings suffered from higher personnel and distribution costs, and increased trade and advertising costs. 
Diamond Entertainment (OTC BB : DMEC)Diamond Entertainment Corp., through the CA subsidiary, markets and sells avariety of videocassette titles to the budget home video market. DMEC also manufactures, purchases and distributes children's toy products. For the nine months ended 12/31/98, revenues decreased 47 percent to $3.7 million. Net loss totalled $553 thousand vs. income of $200 thousand. Revenues reflect lower video product sales. Net loss reflects an increase in the level of borrowing. 
First National Entertain. (FNATFNAT is engaged in the acquisition, distribution, and marketing of high quality entertainment properties targeted at the family market in all forms of media. FNAT, also provides short term, high yield bridge loans to developers in the Chicago area. For the comparable nine months ended 9/30/98, revenues totalled $1.4 million, up from $142 thousand. Earnings decreased 53 percent to $30 thousand. Results reflect higher sales and fees, offset by increased S/G/A expenses. 
Four Media Company (Nasdaq : FOUR)FOUR provides technical and creative services to owners, producers and distributors of television programming, feature films and other entertainment content in the U.S and Asia. For the six months ended 1/31/99, revenues rose 74 percent to $97.4 million. Net income totalled $4.3 million, up from $918 thousand. Revenues reflect higher television revenues due to the acquisition of POP and completion of a new facility. Earnings also reflect the leveraging of overhead expenses. 
Fox Entertainment Group (NYSE : FOX)Fox Entertainment Group is principally engaged in the development, production and worldwide distribution of feature films and television programs, television broadcasting and cable network programming. For the 39 weeks ended 3/31/99, revenues increased 26 percent to $6.09 billion. Net income fell 2 percent to $170 million. Results reflect the continued success of summer film releases, offset by increased programming costs related to FOX's NFL contract. 
GC Companies, Inc. (NYSE : GCX)GC Companies, Inc. operates motion picture theatres in the U.S. under the name General Cinema Theatres, and also manages a pool of capital used for investments. For the six months ended 4/30/99, total revenues decreased 14 percent to $178.6 million. Net loss increased 60 percent to $1.5 million. Revenues reflect lower patronage due to competitor impacts in certain markets. Higher loss reflects losses related to the sale of assets and higher equity loss in affiliates. 
Greenlight Communications (OTC BB : GLCT)Greenlight Communications operates in two areas: Entertainment, which includes the production and distribution of films; and Healthcare which includes providing continuing medical education services in all media. For the six months ended 12/31/98, revenues decreased 85 percent to $551 thousand. Net loss totalled $1.2 million vs. an income of $205 thousand. Results reflect reduction in entertainment activities, lower margins and higher personnel costs. 
Harmony Holdings, Inc. (OTC BB : HAHO)Harmony Holdings, Inc., through its subsidiaries, is engaged in the production of television commercials, music videos, and related media. For the nine months ended 3/99, contract revenues increased 27 percent to $47.6 million. Net loss increased from $2.3 million to $5.7 million. Revenues benefitted from improved resources with which the Co's subsidiaries are able to attract and retain directors. Net loss was offset by a $3.5 million restructuring and impairment of assets charge. 
Harvey Entertainment Co. (Nasdaq : HRVY)HRVY is primarily engaged in filmed entertainment production and merchandise licensing of its classic characters. For the three months ended 3/31/99, revenues fell 35 percent to $562 thousand. Net loss increased 17 percent to $2.4 million. Revenues reflect decreased merchandising revenues and the absence of filmed entertainment revenue. Higher loss reflects increased merchandising cost of sales due to higher third party participants' share in the merchandising activity. 
Imax Corporation (Nasdaq : IMAX)Imax Corp. designs and manufactures projection and sound systems for giant-screen theaters based on proprietary and patented technology and is a producer and distributor of films for giant-screen theaters. For the three months ended 3/99, revenues rose 1 percent to $36.7 million. Net income applicable to Com. fell 51 percent to $2 million. Revenues reflect royalties and maintenance fees. Earnings were offset by increased interest expenses. 
Instructivision Inc. (OTC BB : ISTC)ISTC is a multimedia publishing and production company that develops a broad line of educational software, video tapes, and related workbooks, and instructional video tapes for businesses. For the three months ended 12/98, total sales decreased 12 percent to $266 thousand. Net loss totalled $53 thousand vs. income of $24 thousand. Revenues reflect decreased video production services revenue. Higher loss reflects increased cost of products as a  percentage of revenues. 
Int'l Tourist Entertain. (OTC BB : ITEK)International Tourist Entertainment Corp. owns and operates the IMAX Entertainment Complex in Branson, MO, which consists of a giant screen motion picture theater, live performances, a full service restaurant, retail shops, food concessions and other ammenities. For the three months ended 3/31/99, total revenues fell 9 percent to $578 thousand. Net loss fell 9 percent to $542 thousand. Results reflect decreased theater revenues, offset by reduced management bonus accruals. 
IWERKS Entertainment (Nasdaq : IWRK)IWRK provides high-tech software-based theatre attractions for the out-of-home entertainment market and film-based software in large format, ride simulations and specialty venue attractions. For the six months ended 12/31/98, revenues rose 14 percent to $16 million. Net loss fell 55 percent to $1.8 million. Revenues reflect increased sales to Asian customers. Lower loss reflects the absence of $531 thousand in merger related expenses, lower staffing levels and lower recruiting costs. 
J2 Communications (Nasdaq : JTWO)J2 Communications is principally engaged in the administration of licensing of the National Lampoon trademark. The Co. is not actually engaged in any production or development activity. For the six months ended 1/31/99, revenues rose 28 percent to $782 thousand. Net income rose 87 percent to $133 thousand. Revenues reflect the licensing of two original made-for-television movies per the agreement with Int'l Family Entertainment. Earnings reflect lower S/G/A costs. 
Kushner Locke Co. (Nasdaq : KLOC)KLOC produces, develops and distributes television programming and feature films for major television networks, pay cable services and other delivery systems. For the six months ended 3/31/99, revenues decreased 46 percent to $24.2 million. Net loss totalled $10.6 million, up from $501 thousand. Revenues reflect the timing of delivery and/or availability of films and television programs. Net loss reflects higher S/G/A expenses due to increased advertising expenses. 
Kaleidoscope Media Group (OTC BB : KMGG)Kaleidoscope Media Group is an entertainment company principally engaged in the development, production and distribution of television products. For the three months ended 3/31/99, net revenue fell 96 percent to $38 thousand. Net loss totalled $276 thousand vs. an income $193 thousand. Revenues suffered from a reduction in total billings. Loss also reflects increased salaries and benefits and the absence of a $283 thousand gain on reduction of liabilities. 
Kings Road Entertainment (Nasdaq : KREN)Kings Road Entertainment develops, finances and produces motion pictures for subsequent distribution in theaters, to pay, network and syndicated television, on home video, and in other ancillary media. For the nine months ended 1/99, revenues fell 63 percent to $536 thousand. Net loss totalled $264 thousand vs. income of $134 thousand. Revenues reflect the lack of any new films produced since 1995. Loss reflects a $114 thousand charge for the cancellation of stock options. 
King World Productions (NYSE : KWP)King World Productions operates in only one business segment: production and distribution of television programming in the U.S., Canada and a number of foreign countries, and related operations. For the six months ended 2/99, revenues rose 13 percent to $391.8 million. Net income rose 19 percent to $81.1 million. Revenues reflect the introduction of HOLLYWOOD SQUARES and the ROSEANNE SHOW. Earnings reflect higher margins and the realization of nonrecurring capital gains on securities. 
Loews Cineplex Entertain. (NYSE : LCP)Loews Cineplex Entertainment Corp. is major motion picture theatre exhibition company with operations in North America and Europe. As of 2/99, the Company operated 2,881 screens at 423 theatres in 22 states, six Canadian provinces, Spain, Hungary and Turkey. For the fiscal year ended 2/28/99, total revenues totalled $851.2 million, up from $413.5 million. Net loss totalled $5.9 million, up from $139 thousand. Results reflect the inclusion of Cineplex's results, offset by higher interest. 
Lions Gate Entertainment (AMEX : LGF)LGF is a fully integrated entertainment company engaged in the development, production and distribution of feature films, television series, movies-of-the-week, mini-series, and animated programming and the management of film and studio facilities. For the nine months ended 12/98 (vs. eight months ended 12/97), revenues totalled C$82.5 million, up from C$38.6 million. Net loss totalled C$2 million vs. income of C$6 thousand. Results reflect acquisitions, offset by development costs. 
Laser-Pacific Media Corp. (Nasdaq : LPAC)LPAC provides post-production services such as film processing, film to video tape transfer, electronic editing, color correction, sound editing and mixing, and duplication to the Hollywood motion picture film and TV industry. For the three months ended 3/31/99, revenues fell 1 percent to $7.9 million. Net income totalled $1.2 million, up from $555 thousand. Revenues suffered from the sale of Pacific Video Canada Ltd. Earnings reflect the absence of operating costs from PVC. 
CinemaStar Luxury Theater (Nasdaq : LUXY)LUXY develops, leases and operates multi-screen, primarily first-run movie theater locations in Southern California and Northern Mexico. For the nine months ended 12/31/98, revenues rose 17 percent to $22.2 million. Net loss fell 85 percent to $881 thousand. Revenues reflect higher admissions and concessions revenues due to additional theaters. Lower loss also reflects reduced debt levels and the absence of $1.9 million in lease termination fees. 
Metro-Goldwyn-Mayer Inc. (NYSE : MGM)Metro-Goldwyn-Mayer Inc. in engaged primarily in the development, production, and worldwide distribution of theatrical motion pictures and television programs. For the three months ended 3/31/99, revenues decreased 18 percent to $258.6 million. Net loss totalled $306.6 million, up from $18.6 million. Revenues suffered from decreased worldwide theatrical revenues. Higher losses reflect a $225 million termination fee, and a decrease in gross profit. 
Metro Global Media Inc. (Nasdaq : MGMA)MGMA, through a wholly owned subsidiary, is in the motion picture, print production and distribution business, and magazine publishing and distribution. For the nine months ended 2/27/99, revenues increased 84 percent to $26.5 million. Net income increased 62 percent to $585 thousand. Results reflect the inclusion of revenues from Fanzine. Net income was partially offset by increased cost of revenues and S/G/A expenses due to the inclusion of Fanzine. 
Multi-Media Tutorial Svcs (OTC BB : MMTS)Multi-Media Tutorial Services is engaged in the production and sales of educational videotapes through its wholly-owned subsidiary, Video Tutorial Services, Inc. For the nine months ended 11/97, sales fell 45 percent to $3.2 million. Net loss increased 54 percent to $2.1 million. Results reflect a lack of capital to purchase direct response media time and the curbing of sales on unsecured credit. Results also reflect increased S/G/A expenses as a  percentage of revenues. 
MPTV, Inc. (OTC BB : MPTV)MPTV is engaged in the timeshare and related entertainment industries. Through its subsidiary, CRE, MPTV develops and markets timeshare ownership resort properties. For the six months ended 6/97, revenues totalled $3 thousand, up from $0. Net loss rose 52 percent to $3.5 million. Revenues reflect the Company's developmental stage. Higher loss reflects an increase in S/G/A expenses due to higher financing fees, commissions and marketing expenditures. 
Macrovision Corporation (Nasdaq : MVSN)MVSN designs, develops and markets video security technologies and products that provide copy protection and video scrambling for motion pictures and other video materials. For the three months ended 3/31/99, revenues rose 38 percent to $7.2 million. Net income rose 87 percent to $1.9 million. Revenues reflect higher Copy Protection group revenues. Net income reflects lower S/G/A expenses as a  percentage of revenue and higher interest income from stock offerings proceeds. 
Netter Digital Entertain. (Nasdaq : NETT)NETT is engaged in two primary business activities: Entertainment production; and Computer animation and visual effects production serivces. For the nine months ended 3/99, revenues fell 2 percent to $19.9 million. Net income from continuing operations applicable to Com. fell 28 percent to $181 thousand. Revenues reflect lower revenues generated from ``Babylon5''/``Crusade'' productions. Earnings reflect higher general and administrative expenses and higher interest expense. 
New Frontier Media, Inc. (Nasdaq : NOOF)NOOF, through its subsidiary CSB, is a provider of subscriber-based premium television channels and transaction-based television networks. CSB owns, distributes and operates three C-band adult programming networks. For the nine months ended 12/31/98, revenues rose from $1.2 million to $7.8 million. Net loss rose from $572 thousand to $4.3 million. Results reflect revenues from the adult satellite business, offset by the acquisition costs of Fifth Dimension and additional staff. 
Northwest Teleproductions (OTC BB : NWTL)Northwest Teleproductions is a full service videotape and film production company. The Co.'s services include television commercials, governmental and educational programs and infomercials. For the nine months ended 12/98, sales decreased 12 percent to $8 million. Net loss decreased 98 percent to $25 thousand. Revenues reflect closure of the Minneapolis based Post and Transfer facility. Lower loss reflects higher margins due to improvements in project budgeting and reductions in overhead. 
Odyssey Pictures Corp. (OTC BB : OPIX)OPIX is currently engaged only in the international distribution of motion pictures. Management's new objective is to build a diverse, global media company independent in ownership from the major film and music companies. For the six months ended 12/98, revenues rose from $39 thousand to $208 thousand. Net loss rose 3 percent to $683 thousand. Results reflect the purchase and exploitation of the Kimon Film Library, offset by costs related to the distribution of the Kimon Film Library. 
Overseas Filmgroup, Inc. (OTC BB : OSFG)Overseas Filmgroup is involved in the acquisition and worldwide license, sale and distribution of rights to independent films. OSFG also distributes films domestically under the name First Look Pictures. For the fiscal year ended 12/98, revenues rose 14 percent to $25.6 million. Net income totalled $59 thousand vs. a loss of $544 thousand. Results reflect sales of North and Latin American rights to a film for $5 million, increased licensings of library titles, higher margins and decreased S/G/A expenses. 
Avenue Entertainment Grp. (AMEX : PIX)PIX is an independent entertainment company, that produces feature films, television films, series for television made-for-television/cable movies and one-hour-profiles of Hollywood stars. For the three months ended 3/31/99, net sales decreased 26 percent to $178 thousand. Net loss decreased 34 percent to $307 thousand. Revenues suffered from lower licensing of rights. Lower loss benefitted from efforts to reduce expenses and personnel costs. 
Pixar Animation Studios (Nasdaq : PIXR)PIXR is a digital animation studio with the technical, creative and production capabilities to create a new generation of animated feature films. For the three months ended 4/3/99, total revenues decreased 31 percent to $3.4 million. Net income from continuing operations decreased 74 percent to $900 thousand. Revenues reflect a decline in film revenues. Earnings also reflect higher cost of revenues and higher costs for employee salaries and benefits due to labor competition. 
Rank Group Plc (Nasdaq : RANKY)The Rank Group Plc is a leading leisure and entertainment company and an international provider of services to the film industry. For the fiscal year ended 12/31/98, revenues rose 2 percent to L2.06 billion. Net loss applicable to Common totalled L130M vs. income of L173M. Revenues reflect increased turnover from Deluxe. Loss reflects the disposal of leisure properties, principally night clubs and bingo clubs, from which the Company has chosen to withdraw. 
Reading Entertainment (Nasdaq : RDGE)Reading operates multiplex cinemas in Puerto Rico, Australia, and the U.S., and exhibits art and specialty cinemas in the U.S. RDGE also sells real estate properties and does equipment leasing. Revenues for the three months ended 3/99 fell 18 percent to $8.3 million. Net loss applicable to Common rose 77 percent to $2.5 million. Revenues reflect lower theater revenues and lower interest and dividend income. Higher loss reflects lower margins and higher personnel costs. 
Rentrak Corporation (Nasdaq : RENT)RENT is an entertainment company that distributes video cassettes to home video specialty stores using its Pay-Per-Transaction system. For the nine months ended 12/98, revenues rose 6 percent to $92.8 million. Net income fell 70 percent to $1 million. Revenues reflect a growth in number of Cassettes leased and number of titles released under the PPT System. Earnings suffered from additional costs related to the guarantee minimum payments due to program suppliers on movie titles. 
Film Roman, Inc. (Nasdaq : ROMN)Film Roman Inc. develops, produces and distributes a broad range of television programming for the television network, cable television, first-run domestic syndication and international markets. For the three months ended 3/99, revenues rose 32 percent to $12.3 million. Net loss fell 30 percent to $534 thousand. Revenues reflect more episodes of programming delivered. Lower loss reflects lower personnel expenses as a  percentage of total revenues. 
Shopnet.com Inc. (Nasdaq : SPNT)Shopnet.com engages in acquiring screenplays and producing independent motion pictures. The Co. is also a designer, manufacturer and distributor of swimwear, wetsuits, jackets, beach cover ups and accessories. For the three months ended 3/31/99, net sales decreased 24 percent to $2.2 million. Net income fell 86 percent to $79 thousand. Revenues suffered from lower sales due to the timing of orders by customers. Net income also reflects the inclusion of a $151 thousand equity in loss of affiliate. 
Trimark Holdings, Inc. (Nasdaq : TMRK)TMRK is a worldwide distributor of entertainment software engaged in the distribution of feature films for the domestic home video market and licensing of distribution rights for foreign markets. For the six months ended 12/31/98, revenues rose 23 percent to $46.3 million. Net income totalled $1.1 million vs. a loss of $4.5 million. Results reflect higher revenues from the home video, television and foreign markets, higher gross profits and collections on past due video receipts. 
Team Communications Group (Nasdaq : TMTV)TMTV is engaged in developing, producing and distributing dramatic and reality-based television series, programs, specials, and made-for-television movies. For the fiscal year ended 12/31/98, revenues rose 98 percent to $13.6 million. Net income before extraordinary item increased 6 percent to $475 thousand. Revenues reflect the sale and availability for ``Total Recall-2070''. Earnings were offset by costs related to the amortization of production costs of television programming. 
Todd-AO Corporation (Nasdaq : TODDA)Todd-AO Corporation provides sound, video and ancillary post-production and distribution services to the motion picture and television industries in the U.S. and Europe. For the six months ended 2/28/99, revenues rose 31 percent to $62.3 million. Net income rose 9 percent to $3.4 million. Revenues reflect the acquisition of TeleCine and the formation of Todd-AO Video Services DVD. Earnings were partially offset by increased operating costs and debt levels due to the acquisition. 
Tour CFG, Inc. (OTC BB : TOUR)Tour CFG, Inc. produces and edits feature films and television programs, and distributes and invests in broadcast media properties. For the nine months ended 6/97, revenues fell 71 percent to $412 thousand. Net loss from continuing operations rose 65 percent to $2 million. Revenues reflect the Company ceasing the airing of EDENQUEST and THE CONTEMPORARY COLLECTIBLES SHOW series. Higher loss was partially offset by the absence of costs of sales due to the transfer of production projects. 
Time Warner, Inc. (NYSE : TWX)TWX is a media and entertainment company with interests in filmed entertainment, television production and broadcasting, recorded music, cable television programming, magazine and book publishing, direct marketing and cable television systems. For the three months ended 3/99, revenues rose 4 percent to $3.27 billion. Earnings applicable to Common totaled $120 million vs. a loss $144 million. Results reflect increased advertising revenues and a $215 million settlement of a distribution agreement. 
Unitel Video, Inc. (AMEX : UNV)UNV provides a full range of services to the video and film communications industry for the recording, editing, creation of digital effects and duplication of television programs, commercials and corporate communications and feature films. For the six months ended 2/28/99, sales fell 13 percent to $22.7 million. Net loss rose 12 percent to $2 million. Revenues reflect the closure of Unitel Post 57. Loss reflects a decrease in sales at the Company's Editel Los Angeles Division. 
Unapix Entertainment, Inc (AMEX : UPX)Unapix Entertainment, Inc. is a world-wide licensor, distributor and producer of feature films and programming using multiple distribution channels, including free and pay television, cable and satellite, and the home video market. For the three months ended 3/31/99, revenues rose 23 percent to $9.8 million. Net income applicable to Common fell 6 percent to $291 thousand. Results reflect continued growth in the home video market, offset by increased infrastructure costs and preferred dividends. 
VDI Media (Nasdaq : VDIM)VDIM provides video services consisting of: the physical and electronic of broadcast advertising (spots, electronic press kits and infomercials); and the duplication of video in all formats. VDIM also provides post-production and editing services. For the three months ended 3/31/99, revenues rose 70 percent to $19.8 million. Net income rose 43 percent to $1.6 million. Results reflect acquisitions, partially offset by the integration of operating costs of the acquired companies. 
Viacom, Inc. (NYSE : VIAb)VIA.B is an entertainment and publishing company with operations in: Networks, Entertainment, Video and Music/ Theme Parks, Publishing, and Online. For the three months ended 3/99, revenues rose 10 percent to $2.95 billion. Net loss from continuing operations before extraordinary item applicable to Common rose 72 percent to $56 million. Revenues reflect higher gains at MTV Networks due to higher advertising and affiliate fees. Earnings also reflect a decrease in average interest rates and debt levels. 
Video Services Corp. (AMEX : VS)VS is a provider of value-added video services to a diverse base of customers within the television network, cable and syndicated programming markets. For the nine months ended 3/31/99, revenues rose 30 percent to $66.2 million. Net loss from continuing operations totalled $1.6 million vs. income of $1.3 million. Revenues reflect a rise in the number of customers, and demand for the design and installation of video systems. Losses reflect additional administrative salaries and occupancy costs. 
Westwood One, Inc. (NYSE : WON)Westwood One, Inc. is a producer and distributor of nationally sponsored radio programs and also provides local traffic, news, sports and weather programming to radio stations and other media outlets in 16 major cities. For the three months ended 3/31/99, gross revenues increased 11 percent to $67.7 million. Net loss totalled $662 thousand vs. an income of $49 thousand. Results reflect higher revenues from the Shadow Traffic operations, offset by higher depreciation and amortization.%}
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Abbey National PLC. (ABYNYAbbey National provides personal banking services, mortgage financing, and underwrites life and general insurance for its market in the U.K. For the fiscal year ended 12/31/97, net interest income rose 17 percent to L7.7 billion. Net interest income after loan loss prov. rose 6 percent to L1.75 billion. Net income rose 23 percent to L781M. Results reflect higher income on secured advances, partially offset by lower interest spread. Net income reflects higher fees and commissions. 
Argentaria Caja Postal Y (NYSE : AGR)Argentaria Caja operates in three main areas: retail banking, wholesale banking, and asset management and insurance (principally pension and life insurance). For the fiscal year ended 12/31/97, interest income fell 16 percent to P791.93 billion. Net interest income after loan loss prov. rose 13 percent to P224.88 billion. Net income according to U.S. GAAP before extraordinary item fell 49 percent to P25.51 billion. Results reflect lower cost of deposits offset by a $49.70 billion U.S. GAAP charge for employee benefit. 
Australia & N.Z. Banking (NYSE : ANZ)Australia and New Zealand Banking Group is a bank holding company whose subsidiaries provide a range of retail and corporate financial services in 43 countries worldwide. For the fiscal year ended 9/30/98, total interest income rose less than 1 percent to A$9.5 billion. Net interest income after loan loss prov. rose 1 percent to A$3.06 billion. Net income rose 8 percent to A$1.11 billion. Results reflect a higher net interest margin and lower salaries and wages and pension fund expenses. 
Bank of America Corp. (NYSE : BAC)BAC is a multi-bank holding company that provides banking and related services throughout the Mid-Atlantic, Midwest and South. For the three months ended 3/99, total interest income fell 5 percent to $9.20 billion. Net interest income after loan loss provision fell less than 1 percent to $4.09 billion. Net income applicable to Common rose 45 percent to $1.91 billion. Results reflect decreased interest and fees on loans and leases. Earnings reflect the absence of a $900 million merger charge. 
Banco BHIF (NYSE : BB)Banco BHIF is a Chilean private commercial bank which provides a range of financial products and services throughout Chile. For the fiscal year ended 12/31/97, total interest income rose 13 percent to CH$160.25 billion. Net interest income after loan loss provision rose 11 percent to CH$42.09 billion. Net income rose 6 percent to CH$15.1 billion. Net interest income reflects higher earning asset balances, partially offset by a higher provision for loan losses. Earnings reflect increased price-level losses. 
Canadian Imperial Bank (NYSE : BCM)CIBC is a financial institution engaged in personal and commerical banking, insurance, global corporate and investment banking. For the three months ended 1/31/99, totalinterest income rose 7 percent to C$3.77 billion. Net interest income after loan loss prov. fell 7 percent to C$927 million. Net income applicable to Common fell 5 percent to C$299 million. Results reflects increases in personal banking and the Oppenheimer acquisition, offset by higher debt cost. Earnings reflect higher employee expenses. 
Barclays PLC (NYSE : BCS)BCS is a UK-based financial services group engaged primarily in banking and investment banking businesses. For the fiscal year ended 12/97, interest income rose 5 percent to L9.13 billion. Net interest income after loan loss provision rose 2 percent to L3.81 billion. Net income according to U.S. GAAP decreased 18 percent to L1.27 billion. Net interest income reflects growth in consumer lending and mortgages, partially offset by loss provisions. Earnings were offset by increased salaries and related expenses. 
Banco Comercial Portugues (NYSE : BPC)Banco Comercial Portugues is a financial institution engaged in personal, commercial and investment banking, insurance and asset management. For the nine months ended 9/30/98, total interest income decreased 11 percent to PTE264.34 billion. Net interest income after loan loss provision increased 7 percent to PTE97.24 billion. Net income rose from PTE19.19 billion to PTE41.30 billion. Results reflect lower interest earning assets, offset by decreased interest expenses and trading losses. 
Chase Manhattan Corp. (NYSE : CMB)Chase Manhattan Corp. is a bank holding company whose subsidiaries provide banking and financial services on a worldwide basis. For the three months ended 3/31/99, total interest income fell 13 percent to $5.03 billion. Net interest income after loan loss provision fell less than 1 percent to $1.82 billion. Net income applicable to Common rose 67 percent to $1.16 billion. Results reflect lower average investment balances, offset by the absence of $521 million in restructuring costs. 
HSBC Holdings PLC (HSBHYHSBHY provides various financial services: personal, corporate, investment and private banking; treasury and capital markets services; consumer and business finance; investment management; trustee and custody services and insurance. For the fiscal year ended 12/98, interest income rose 17 percent to $33.62 billion. Net interest income after loan loss prov. fell 12 percent to $8.68 billion. Net income fell 21 percent to $4.32 billion. Results reflect increased interest earning assets offset by higher bad debt provision. 
Bank of Ireland (NYSE : IRE)Bank of Ireland is a Ireland-based bank providing an array of banking and other financial services in Ireland, Northern Ireland, Great Britain and the United States. For the fiscal year ended 3/31/98, total interest income rose 61 percent to IPU2.03 billion. Net interest income after loan loss provision rose 20 percent to IPU715.9 million. Net income applicable to Common rose 40 percent to IPU353.8 million. Results reflect increased earning asset balances and increased fees and commissions received. 
J.P. Morgan & Co. Inc. (NYSE : JPM)J.P. Morgan and Co., Inc. is the holding company for subsidiaries engaged globally in banking, financial advisory, securities underwriting, trading and investment fund management services and market making. For the three months ended 3/99, total interest income fell 15 percent to $2.76 billion. Net interest income after loan loss prov. rose 16 percent to $389 million. Net income applicable to Common rose from $228 million to $591 million. Results reflect lower asset values and higher trading revenues. 
Bank Tokyo-Mitsubishi Ltd (NYSE : MBK)MBK is engaged in commercial banking and investment banking activities in global financial markets. For the fiscal year ended 3/98, total interest income rose 3 percent to Y2.467T. Net interest loss after loan loss prov. totalled Y587.66 billion vs. an income of $360.02 billion. Net loss totalled Y773.74 billion vs. an income of Y32.33 billion. Net interest income reflects higher interest rate spreads, offset by higher loan loss provision. Loss also reflects Y216.92 billion in exchange and securities losses. 
NatWest Group (NYSE : NW)NW is engaged in a wide range of banking, financial and related activities in the UK and throughout the world. For the fiscal year ended 12/97, interest income fell 1 percent to L9.03 billion. Net interest income fell 5 percent to L3.66 billion. Net income from continuing operations applicable to Common after U.S. GAAP rose from $299 million to L721M. Net interest income reflects lower interest receivables, and higher interest payables. Net income benefitted from profit on disposal of subsidiary operations. 
Royal Bank of Canada (NYSE : RY)Royal Bank of Canada provides personal and commercial banking, wealth management, and corporate and investment banking services on a worldwide basis. For the three months ended 1/31/99, total interest income rose 2 percent to C$3.75 billion. Net interest income after loan loss provision fell 3 percent to C$1.13 billion. Net income applicable to Common fell 24 percent to C$323 million. Net interest income reflects a higher provision for loan losses. Earnings also reflect C$189 million in special charges. 
Toronto-Dominion Bank (NYSE : TD)The Toronto-Dominion Bank is a Canadian bank with a network of approximately 900 branches and subsidiaries worldwide. For the three months ended 1/31/99, total interest income rose 19 percent to C$2.69 billion. Net interest income after loan loss prov. fell 11 percent to C$618 million. Net income applicable to Common rose 7 percent to C$301 million. Results reflect a higher provision for loan losses, offset by increased investment and securities services income and securities gains. 
United PanAm Financial (Nasdaq : UPFC)UPFC is a holding company for Pan American Financial, Inc., Pan American Bank, FSB and United PanAm Mortgage Corporation. For the three months ended 3/31/99, interest income rose 27 percent to $12.1 million. Net interest income after loan loss prov. fell 5 percent to $4.9 million. Net income fell 45 percent to $801 thousand. Results reflect an increase in average earning assets and interest rate, offset by a larger LLP, increased employee-related expenses and acquisition premium costs.%}
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T.J.T., Inc. (Nasdaq : AXLE)T.J.T., Inc. engages in the repair and reconditioning of axles and tires for the manufactured housing industry. TJT also supplies vinyl and steel siding and related items. For the three months ended 12/98, total sales rose 3 percent to $8.3 million. Net income fell 63 percent to $49 thousand. Revenues reflect increased manufactured housing accessory and siding revenues. Earnings suffered primarily from lower margins due to higher raw axle procurement costs needed to meet increased demand. 
Champion Enterprises, Inc (NYSE : CHB)Champion Enterprises, Inc. is a producer of manufactured housing with operations and markets located throughout the U.S and in western Canada. For the three months ended 4/3/99, revenues increased 35 percent to $624.6 million. Net income increased 20 percent to $21.2 million. Revenues benefitted from the acquisitions, and higher shipments of floors and homes sold. Earnings were partially offset by an increase in SGA and interest expenses. 
Coachmen Industries (NYSE : COA)Coachmen Industries is principally engaged in the manufacture of motorhomes, travel, fifth wheel and camping trailers, truck and van campers, van and truck conversions and related parts. COA also produces modular homes. For the three months ended 3/31/99, net sales rose 20 percent to $211 million. Net income rose 15 percent to $7.2 million. Results reflect increased sales of motorized products, partially offset by the absence of $762 thousand in key-man life insurance proceeds. 
Fleetwood Enterprises (NYSE : FLE)FLE is a producer of manufactured housing and recreational vehicles (motor homes, travel trailers, folding trailers and slide-in truck campers). The Company conducts activities in 18 U.S. states. Revenues for the 39 weeks ended 1/24/99 rose 15 percent to $2.54 billion. Net income rose 3 percent to $82.6 million. Revenues reflect higher sales of both manufactured housing and recreational vehicles. Earnings were partially offset by a $13.1 million distribution on preferred securities. 
KIT Manufacturing Company (AMEX : KIT)KIT Manufacturing Company designs, manufactures and sells manufactured housing (mobile homes), and also produces recreational vehicles designed as short-period accomodations for vacationers and travelers. For the three months ended 1/31/99, sales decreased 9 percent to $12.6 million. Net income totalled $127 thousand vs. a loss of $157 thousand. Revenues reflect lower recreational vehicle sales. Net income reflects labor cost containments and operating efficiencies. 
Liberty Homes, Inc. (Nasdaq : LIBHA)Liberty Homes Inc. designs, manufactures and sells at wholesale throughout most of the United States a line of manufactured homes under various trade names. For the three months ended 3/31/99, net sales increased 3 percent to $44.4 million. Net income increased 3 percent to $599 thousand. Results benefitted from increased sales of multi-section homes and higher sales of single-section homes, following trends in the home building industry. 
Nobility Homes, Inc. (Nasdaq : NOBH)NOBH designs, manufactures and sells manufactured homes through a network of 15 retail sales centers and on a wholesale basis to manufactured home dealers and home parks. For the three months ended 1/30/99, net sales decreased 5 percent to $10.1 million. Net income decreased 10 percent to $718 thousand. Revenues reflect the additional stocking of new inventory homes. Net income also reflects higher S/G/A expenses as a  percentage of revenues due to increased overhead. 
National RV Holdings, Inc (NYSE : NVH)NVH designs, manufactures and markets Class A motorhomes and fifth-wheel travel trailers under brand names including Dolphin, Sea Breeze, Tropi-Cal, Tradewinds, and Sea View. For the three months ended 3/31/99, net sales rose 28 percent to $103 million. Net income rose 47 percent to $7.3 million. Revenues reflect an increase in the number of motorhomes shipped and increased demand for higher-priced motorhomes with slide-out rooms. Earnings reflect manufacturing efficiencies. 
Oakwood Homes Corporation (NYSE : OH)OH designs, manufactures and markets manufactured and modular homes and finances the majority of its sales. The homes are sold at retail through Company owned and operated sales centers. For the six months ended 3/31/99, total revenues rose 51 percent to $785.7 million. Net income fell 17 percent to $21.1 million. Revenues reflect higher new unit volumes and prices. Earnings were offset by a $2 million provision for losses on credit sales and costs of the Schuld acquisition. 
Rexhall Industries, Inc. (Nasdaq : REXL)Rexhall Industries, Inc. designs, manufactures, and sells various models of Class A motorhomes used for leisure travel and outdoor activities. For the three months ended 3/99, net sales increased 57 percent to $22.2 million. Net income totalled $1.3 million, up from $543 thousand. Revenues reflect increased production and shipment of vehicles and increased sales demand. Earnings reflect higher margins and lower personnel costs as a  percentage of sales. 
Skyline Corporation (NYSE : SKY)Skyline Corporation designs, produces and distributes manufactured housing and recreational vehicles including travel trailers and truck campers. For the nine months ended 2/28/99, sales rose 9 percent to $492.9 million. Net income rose 37 percent to $17.7 million. Revenues reflect sales of higher priced multi-section homes and continued demand for travel trailers. Net income reflects higher margins due to lower raw material costs and higher interest income. 
Starcraft Corporation (Nasdaq : STCRC)STCRC is a second stage manufacturer of custom van, sport utility vehicle and pickup truck conversions. STCRC offers a full range of conversion vehicles at every customer price point. For the 26 weeks ended 3/28/99, net sales increased 10 percent to $30.8 million. Net loss decreased 13 percent to $1.7 million. Revenues benefitted from the start-up of the Tecstar operations. Lower loss reflects improved margins in the vehicle conversion division due to cost reduction efforts. 
Thor Industries, Inc. (NYSE : THO)Thor Industries, Inc. manufactures and sells a wide range of recreational vehicles and small and mid-size buses in the U.S. and Canada. For the nine months ended 4/30/99, net sales increased 14 percent to $578.4 million. Net income rose 41 percent to $21.4 million. Revenues reflect higher sales of buses and recreational vehicles. Net income reflects the acquisition of Champion Bus, the absence of losses at Thor West due to divestment and higher margins due to higher volume. 
Winnebago Industries (NYSE : WGO)WGO is a manufacturer of motor homes, self-contained recreation vehicles used in leisure travel and outdoor recreation activities. WGO also handles floor plan unit financing of products in dealer inventories. For the 26 weeks ended 02/27/99, revenues rose 27 percent to $311.8 million. Net income rose from $9.7 million. to $19.6 million. Revenues benefitted from an increase in motor home shipments. Earnings also reflect an increase in gross profit margin.%}
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Air Express International (Nasdaq : AEIC)AEIC provides cargo transportation logistics management, including international air and ocean freight forwarding, customs brokerage, warehousing and distribution services worldwide. For the three months ended 3/99, revenues fell 5 percent to $354.7 million. Net income rose 40 percent to $13.6 million. Revenues reflect lower airfreight shipping and pricing pressures in certain markets. Earnings reflect improvement in the mix of cargo and lower transportation costs. 
Air Methods Corporation (Nasdaq : AIRM)Air Methods Corp. provides aeromedical emergency transport services and systems throughout North and South America. AIRM also designs, manufactures and installs aircraft medical interiors and other aerospace products. For the three months ended 3/99, revenues rose 9 percent to $13.3 million. Net income fell 33 percent to $602 thousand. Revenues reflect the addition of two new contracts and price increases for hospital clients. Earnings were offset by merit pay raises. 
A&A International Indus. (OTC BB : ANAFF)A&A International Industries Inc. used to be in the food manufacturing and distribution business, but since the 6/97 sale of the food manufacturing division the Company is focusing on converting the production facilities into commercial storage and warehousing. For the nine months ended 3/31/99, sales fell 47 percent to C$102 thousand. Net loss fell 42 percent to C$548 thousand. Results reflect a difficulty in finding storage customers, offset by lower professional services expense. 
Anangel Amer. Shipholding (Nasdaq : ASIPY)Anangel American Shipholdings Limited is a holding Company for subsidiaries engaged in acquiring and operating ocean-going dry cargo vessels. As of 12/31/97, the Company owned 19 operating vessels and chartered in 2. For the fiscal year ended 12/31/97, revenue from voyages totalled $74.6 million. Net income totalled $4.4 million. Results are not comparable due to a change in fiscal year end from June to December. 
Aviation Group, Inc. (Nasdaq : AVGP)AVGP provides services and products to airline companies and other aviation firms. AVGP is organized into three divisions: overhaul services, ground handling and services, and fixed base operations and airport management. For the nine months ended 3/31/99, revenues rose 24 percent to $17.6 million. Net loss rose 21 percent to $674 thousand. Results reflect increased activity at the painting facilities in Portland and an improved gross profit margin. 
Aviall, Incorporated (NYSE : AVL)Aviall, Inc is an independent global distributor of new aviation parts and supplies. AVL also provides on-line parts information services to the aviation and marine industries. For the three months ended 3/31/99, net sales decreased 11 percent to $87.4 million. Net income decreased 56 percent to $3.1 million. Results reflect lower parts distribution sales as a result of the implementation of the Lawson enterprise software system and start-up cost related to the Aviallone project. 
Aero Services Int'l (OTC BB : BFST)Aero Services International and its subsidiaries provide airport ground support services to corporate and other general aviation aircraft at three airports located in the U.S. For the three months ended 3/31/99, net sales increased 10 percent to $2.8 million. Net income applicable to Common totalled $234 thousand vs a loss of $256 thousand. Revenues reflect higher fuel sales and services to commercial airlines. Earnings also reflect improved gross profit and lower fuel costs. 
Baltic International USA (OTC BB : BISA)Baltic International USA provides management services throughout Eastern Europe. BISA is currently engaged in air transportation and aviation-related services such as catering. For the nine months ended 9/30/98, revenues fell 26 percent to $498 thousand. Net loss from continuing operations applicable to Common decreased 5 percent to $832 thousand. Revenues reflect reduced earnings from joint ventures. Lower loss reflects lower interest expense due to lower average debt levels. 
Carey International, Inc. (Nasdaq : CARY)CARY is a chauffeured vehicle service company, providing services through a worldwide network of owned and operated companies, licensees and affilites serving 420 cities in 65 countries. For the three months ended 2/28/99, revenues rose 54 percent to $36.4 million. Net income rose 80 percent to $1.7 million. Revenues reflect acquisitions and increased business from corporate travel customers and business travel arrangers. Earnings also benefitted from improved margins. 
C.H. Robinson Worldwide (Nasdaq : CHRW)C.H. Robinson Worldwide, Inc. is global provider of multimodal transportation services and logistics solutions through a network of 120 offices in 38 states and internationally. For the three months ended 3/31/99, gross revenues rose 9 percent to $509.3 million. Net income rose 29 percent to $10.8 million. Results reflect increased transaction volume from current and new domestic and international customers and reduction in personnel expenses as a  percentage of net revenues. 
Community Medical Trans. (Nasdaq : CMTI)CMTI provides specialized transportation for the handicapped, disabled, mentally retarded, elderly and chronically ill to and from various healthcare facilities. For the three months ended 3/31/99, revenues fell 17 percent to $4 million. Net income totalled $445 thousand vs. a loss of $190 thousand. Revenues reflect stricter interpretations of reimbursement regulations. Earnings reflect the recognition of deferred tax assets and increased gross margins. 
Circle Int'l Group, Inc. (Nasdaq : CRCL)Circle International Group provides transportation and integrated logistics services for the international movement of goods and furnishes value-added information, distribution and inventory management services worldwide. For the three months ended 3/31/99, revenues rose 11 percent to $182.9 million. Net income fell 66 percent to $1.9 million. Results reflect increased European and Asia Pacific Air freight forwarding sales, offset by increased S/G/A expenses and decreased affiliate income. 
Coach USA, Inc. (NYSE : CUI)Coach USA is a provider of motorcoach charter, tour and sightseeing services, non-municipal commuter and transit motorcoach services, taxicab and related passenger ground transportation services. For the three months ended 3/31/99, revenues rose 34 percent to $201.6 million. Net income before extraordinary item and accounting change rose 46 percent to $3.6 million. Results reflect Purchased Companies, expansion of transit services, and the effects of increased purchasing power. 
Eagle USA Airfreight, Inc (Nasdaq : EUSA)Eagle USA Airfreight, Inc. is engaged in the business of providing air freight forwarding and other transportation and logistics services. For the six months ended 3/31/99, revenues increased 48 percent to $278.6 million. Net income increased 34 percent to $13.3 million. Revenues reflect increases in the number of shipments and total weight of cargo shipped. Earnings were partially offset by increased cost of transportation per shipment and higher S/G/A expenses. 
Expeditors Int'l of WA (Nasdaq : EXPD)EXPD is engaged in the business of global logistics management, including international freight forwarding and consolidation, for both air and ocean freight. For the three months ended 3/99, revenues rose 27 percent to $283.7 million. Net income rose 19 percent to $9.5 million. Revenues reflect increased airfreight tonnage handled, customs brokerage and import services and increased ocean freight revenues. Net income was partially offset by increased salaries. 
CHC Helicopter Corp. (Nasdaq : FLYAF)CHC Helicopter Corp. operates in two industry segments: helicopter operations and aviation repair and overhaul. For the six months ended 10/31/98, revenues decreased 15 percent to C$166.7 million. Net income according to US GAAP before extraordinary item totalled C$75.3 million, up from C$11.3 million. Revenues suffered from a decrease repair and overhaul revenues. Earnings also benefitted from a C$94.8 million gain on sale of Vector. 
Fritz Companies, Inc. (Nasdaq : FRTZ)Fritz Companies, Inc. provides logistics and related information services; including logistics management, customs brokerage, international air and ocean freight forwarding, warehousing and distribution, and other value-added services for the international movement of goods. For the nine months ended 2/28/99, revenues rose 7 percent to $1.04 billion. Net income fell 8 percent to $12.3 million. Results reflect increases in all of the Company's service areas, offset by $5.8 million in interest costs. 
flightserv.com (AMEX : FSW)FSW through its web site will offer services to the private aviation marketplace over the Internet. The Co. is building alliances with service providers for air charter, lodging, ground transportation and personal protection services. For the nine months ended 3/99, revenues rose 51 percent to $19 million. Net loss from continuing operations totalled $8.3 million vs. an income of $830 thousand. Results reflect large sales in the Golden Eagle subdivision, offset by high basis in the property sold. 
Freight Connection (OTC BB : FTCN)The Freight Connection operates as a transportation freight broker and coordinates both truck and rail shipments from point of origin to delivery at destination for its clients' freight shipments. For the fiscal year ended 12/31/98, revenues increased 7 percent to $28.1 million. Net income fell 62 percent to $177 thousand. Revenues benefitted from new businesses generated by the opening of new offices. Net income was offset by start-up costs related to the opening of new offices. 
Grand Adventures Tour (Nasdaq : GATT)GATT serves interline travelers and operators through two business units: Interline Adventures, a publication; and Interline TravelReps, which markets cruises, tours, and hotel and resort accommodations. For the fiscal year ended 12/31/98, revenues rose 28 percent to $16.4 million. Net loss totalled $1.7 million, up from $598 thousand. Revenues reflect an increase in the quantity, distribution and frequency in the production of publications. Higher loss reflects increased staffing. 
Global Ocean Carriers Ltd (AMEX : GLO)Global Ocean Carriers Ltd. is engaged in the investing, owning and ultimately selling a diversified fleet of secondhand dry bulk or combination vessels. For the three months ended 3/31/99, revenues decreased 7 percent to $9.8 million. Net loss decreased 55 percent to $572 thousand. Revenues reflect a depressed freight market resulting in low freight rates for both spot and charted vessels. Lower loss reflects decreased operating expenses and a $914 thousand unrealized gain on Yen Loans. 
GATX Corporation (NYSE : GMT)GTM is a holding company which provides railcar leasing and management , financial services, storage terminals, pipelines, shipping, distribution and logisitics support services and warehousing. For the three months ended 3/31/99, revenues rose 4 percent to $431.2 million. Net income rose 5 percent to $39.2 million. Revenues benefited from a higher investment balance. Net income reflects a lower interest expense and an increase in earnings from affiliates. 
Hub Group, Inc. (Nasdaq : HUBG)HUBG is an Intermodal Marketing Comapny, ``IMC,'' and full service transportation provider, offering intermodal, truck brokerage and comprehensive logistics services. For the three months ended 3/31/99, revenues rose 29 percent to $39.2 million. Net income rose 19 percent to $1.9 million. Results an increase in truckload brokerage revenue due to the improved service level of the rail intermodal industry and a decrease in transportation costs as a  percentage of revenue. 
Iron Mountain, Inc. (NYSE : IRM)IRM, a records management company, provides records mgmt. and related services, enabling customers to outsource data, and records management functions. For the three months ended 3/31/99, revenues increased 21 percent to $120.1 million. Net loss decreased 53 percent to $149 thousand. Revenues benefitted from a rise in records and other media stored by existing customers and from sales to new customers. Lower losses reflect a decrease in cost of sales as a  percentage of sales. 
Integ.Trans.Network Group (AMEX : ITR)Integrated Transportation Network Group, Inc. conducts taxi leasing, car rental and auto repair businesses in the Peoples Republic of China. For the fiscal year ended 12/31/98, revenues rose 78 percent to $22.3 million. Net income before accounting change rose 50 percent to $8.8 million. Revenues benefitted from increased revenue from the rental business. Earnings were partially offset by a $1.5 million provision for classaction lawsuit and increased depreciation on new rental cars. 
International Total Srvs. (Nasdaq : ITSW)ITSW is a domestic provider of aviation contract support and security services. The Company provides aviation services for more than 329 cities in the United States and Europe. For the nine months ended 12/98, revenues rose 42 percent to $174.9 million. Net income fell 29 percent to $2.7 million. Revenues benefitted from five new acquisitions and 11 acquisitions completed in fiscal 1998. Earnings were offset by increased overtime paid and higher wages paid to employees. 
Kitty Hawk, Inc. (Nasdaq : KTTY)Kitty Hawk is a U.S. and international provider of air freight carrier services; and a U.S. provider of: scheduled freight services; air logistics services and a provider of engine overhaul services on JT3 engines. For the three months ended 3/31/99, revenues fell 4 percent to $138.5 million. Net loss rose 16 percent to $2 million. Results reflect the elimination of the passenger charter division, higher administrative costs and higher interest expenses. 
Laidlaw, Inc. (NYSE : LDW)LDW provides passenger services, including school bus and public transit services; healthcare transportation services; and management of physicians' services in the U.S. and Canada. For the six months ended 2/28/99, revenues fell 18 percent to $1.74 billion. Net income applicable to Com. before extraordinary item fell 18 percent to $124 million. Revenues reflect the absence of Hazardous Waste Services revenues. Earnings reflect restructuring of Company's Ambulance service segment. 
Lynton Group, Inc. (LYNGLynton Group Inc. sells, manages, maintains, stores, refuels and charters corporate helicopters and executive fixed wing aircraft. Revenues for the three months ended 12/31/98 totalled $16 million, up from $6.9 million. Net loss totalled $37 thousand vs. income of $192 thousand. Revenues reflect inclusion of revenues from acquisitions. Net loss reflects increased goodwill amortization and higher levels of bank borrowings and convertible debt used to finance acquisitions. 
Mercury Air Group Inc. (AMEX : MAX)Mercury Air Group, Inc. provides a broad range of services to the Aviation industry through four principal operating units: fuel sales and services, cargo operations, fixed base operations and government contract services. For the nine months ended 3/99, revenues fell 15 percent to $162.9 million. Net income before extraordinary item totalled $4.6 million, up from $1.2 million. Results reflect a lower price and volume of fuel sold, offset by the absence of a $7.1 million customer loss. 
Rural/Metro Corporation (Nasdaq : RURL)RURL is an emergency services company which provides ambulance transport services, urgent home medical care, fire protection and training services, alternative transportation and home health care services. For the nine months ended 3/31/99, revenues rose 24 percent to $421.3 million. Net income fell 25 percent to $12.4 million. Revenues reflect the acquisition of ambulance service companies. Net income was offset by increased payroll and employee benefits costs and higher debt levels. 
RailWorks Corporation (Nasdaq : RWKS)RailWorks Corporation is a nationwide provider of rail system services, including construction and rehabilitation, repair and maintenance, and related products. For the three months ended 3/31/99, revenues rose 75 percent to $72.7 million. Net income totalled $1.6 million, up from $666 thousand. Revenues reflect the companies acquired during the consolidation as well as subsequent acquisitions. Earnings also reflect higher margins due to changes in work mix. 
Statia Terminals Group NV (Nasdaq : STNV)Statia Terminals Group N.V. and subsidiaries own and operate petroleum blending, transshipment and storage facilities located on the island of St. Eustatius, Netherlands Antilles and at Point Tupper, Nova Scotia, Canada. For the three months ended 3/31/99, revenues rose 23 percent to $37.4 million. Net loss applicable to Common fell 26 percent to $1.7 million. Revenues reflect new long term customers and vessel calls. Lower loss reflects improved margins. 
Target Logistics, Inc. (OTC BB : TARG)Target Logistics, Inc. provides freight forwarding services and logistics services, through its wholly owned Target Airfreight, Inc. The Company has network of offices in 22 cities throughout the U.S. and Puerto Rico. For the six months ended 12/98, revenues decreased 57 percent to $21.8 million. Net income applicable to Common increased from $414 thousand to $13.9 million. Revenues suffered from the sale of Caribbean Air Services. Earnings benefitted from a $24.8 million gain from the sale of CAS. 
Professional Trans. Group (Nasdaq : TRUC)TRUC and its subsidiaries provide transportation and logistics services primarily for the air freight and expedited delivery industries throughout the continental U.S. For the fiscal year ended 12/31/98, revenues increased 28 percent to $55.1 million. Net loss increased 98 percent to $3.5 million. Revenues reflect increases in business from core accounts. Net loss reflects increased driver payroll and related costs and increased fuel and equipment rental costs. 
U.S. Trucking, Inc. (OTC BB : USTK)U.S. Trucking, Inc. is a mid-to long haul truckload carrier and a third-party logistics company. For the three months ended 3/31/99, revenues increased 51 percent to $7.7 million. Net income decreased 13 percent to $120 thousand. Revenues benefitted from the acquisition of Mid-Cal Express and higher independent contractor revenues. Net income suffered from costs related to the acquisition of Mid-Cal Express, higher fuel and payroll expenses. 
Vitran Corporation, Inc. (Nasdaq : VTNA)Vitran Corporation, Inc. is a freight services organization offering distribution services utilizing both highway and rail modes throughout Canada and in certain areas in the Midwest, Pacific Coastal and Southeastern U.S. For the three months ended 3/31/99, revenues rose 30 percent to C$118 million. Net income rose 88 percent to C$1.7 million. Revenues reflect growth in all divisions. Earnings reflect improved operating margins.%}
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AmBase Corp. (OTC BB : ABCP)AmBase Corporation, formed a new wholly-owned subdisidiary, SDG Financial Corp., to pursue merchant banking activities. For the three months ended 3/31/99, the Company reported no revenues. Net loss rose 71 percent to $519 thousand. Higher loss reflects higher compensation and benefits expense, higher occupancy and other operating expenses, and lower interest income due to a decreased yield on cash equivalents and securities. 
American Capital Strat. (Nasdaq : ACAS)American Capital is a specialty finance company that has been principally engaged in arranging commercial loans to small and medium sized business. For the three months ended 3/31/99, revenues increased 98 percent to $6.5 million. Net income totalled $7 million, up from $3 million. Revenues reflect the Company closing 15 investments in private companies and increased income in interest and dividends on non-publicly traded companies. Earnings also reflects higher gross margins. 
Sigma-7 Products, Inc. (OTC BB : ACDCE)Sigma-7 Products seeks to acquire assets of or an interest in a small to medium-size company or venture actively engaged in a business generating revenues or having immediate revenue gathering prospects. For the nine months ended 6/30/98 the Company reported no revenues. Net loss totalled $51 thousand, up from $12 thousand. Results reflect the absence of a revenue generating business and higher professional fees and acquisition search costs. 
ACM Gov't Income Fund (NYSE : ACG)ACM Government Income Fund inc. is a closed-end management, non-diversified investment company. The Fund invests principally in U.S. Government obligations. For the fiscal year ended 12/98, investment income totalled $62.8 million. Net investment income totalled $51 million. Net realized and unrealized loss on investments transactions totalled $2.4 million. Net decrease in net asset value from operations totalled $48.2 million. Net asset value per share totalled $8.8. 
Acacia Research Corp. (Nasdaq : ACRI)Acacia Research Corp., a capital management company, provides investment advisory services, and management services to and makes direct investments in emerging corps. For the three months ended 3/99, revenues increased 97 percent to $61 thousand. Net loss totalled $2 million, up from $997 thousand. Revenues reflect collection of the performance fee. Net loss reflects relocation to the larger office facilities, higher R&D expenses and increased business development expenses. 
Actrade International Ltd (Nasdaq : ACRT)Actrade provides innovative domestic and international trade finance services. Its Trade Acceptance Draft enables companies to buy goods/services with unsecured payment terms for up to 12 months while suppliers receive full payment within 48 hrs. For the nine months ended 3/99, sales totalled $137.1 million, up from $68.7 million. Net income rose 48 percent to $4.7 million. Results reflect higher sales by Actrade, S.A. and growth of Capital's TAD program, offset by lower gross margins. 
Adams Express Company (NYSE : ADX)ADX is registered as a diversified investment company. ADX is a closed-end equity fund whose investment objectives are preservation of capital, reasonable income, and an opportunity for capital appreciation. For the three months ended 3/31/99, total income fell 7 percent to $6 million. Net investment income fell 4 percent to $5 million. Net asset value rose 14 percent to $32.54. Results reflect a decrease in dividends income, partially offset by a decrease in investment research. 
Associates First Capital (NYSE : AFS)Associates First Capital, a diversified consumer and commercial finance organization, provides finance, leasing and related services to individual consumers and businesses in the U.S. and overseas. For the three months ended 3/31/99, sales rose 32 percent to $2.95 billion. Net income rose 20 percent to $336.8 million. Sales reflect higher finance charges due to growth in average net finance receivables outstanding. Earnings were partially offset by increased operating expenses. 
Amer. Insured Mtg. Invest (AMEX : AIA)American Insured Mortgage Investors, a limited partner to CRIIMI, Inc., is engaged in the management of government insured multi-family mortgages. For the three months ended 3/31/99, total revenues decreased 32 percent to $599 thousand. Net income applicable to Limited Partners fell 52 percent to $446 thousand. Revenues reflect lower mortgage investment income. Earnings suffered from the absence of $200 thousand gain from the disposition of mortgages of Portervillage I Apartments. 
American Insured Mort. 85 (AMEX : AII)American Insured Mortgage Investors -Series 85, L.P. is principally engaged in the acquisition, origination and investment in insured mortgages. For the three months ended 3/99, total income fell 18 percent to $3.2 million. Net income applicable to Limited Partners decreased 22 percent to $2.6 million. Results reflect dispositions of eight mortgages since 4/98, decreased net gains from mortgage dispositions and reduction in the mortgage asset base. 
American Insured Mort. 86 (AMEX : AIJ)American Insured Mortgage Investors L.P. -Series 86 is principally engaged in the acquisition, origination and investment of insured and coinsured mortgages. For the three months ended 3/31/99, total income decreased 34 percent to $1.2 million. Net income applicable to Limited Partners fell 23 percent to $1.1 million. Revenues reflect the prepayment of four mortgages since March 1998. Net income benefitted from net gains on mortgage dispositions. 
American Insured Mort. 88 (AMEX : AIK)American Insured Mortgage Investors L.P. -Series 88 is principally engaged in the business of originating, acquiring and investing in insured and guaranteed mortgage loans. For the three months ended 3/31/99, total revenues fell 26 percent to $2.1 million. Net income applicable to Limited Partners fell 48 percent to $1.6 million. Revenues reflect lower mortgage investment income due to prepayments of mortgages. Earnings reflect legal expenses related to a mortgage litigation. 
Ampal-Amer. Israel Corp. (AMEX : AIS)Ampal-American Israel acquires interests in businesses located in Israel or in Israel related businesses. AIS's interests include energy distribution, real estate, communications, technology, and finance. For the three months ended 3/99, total revenues rose 60 percent to $15.7 million. Net income totalled $5.6 million, up from $2 million. Results reflect greater unrealized gains on investments and dividend income from MIRS Communication Company Ltd. 
Allied Capital Corp (Nasdaq : ALLC)ALLC is a closed-end management investment company and operates its portfolio in four parts: mezzanine finance, commercial real estate finance, SBA seven (a) lending and investment advisory services. For the three months ended 3/99, revenues fell 25 percent to $27.7 million. Net income applicable to Common fell 42 percent to $18.5 million. Revenues reflect the absence of $14.8 million in net gains on securitization of commercial mortgage loans. Earnings also reflect lower net realized gains. 
Affiliated Managers Group (NYSE : AMG)Affiliated Managers Group is an asset management holding company which acquires majority interests in mid-sized investment management firms. For the three months ended 3/31/99, revenues rose 49 percent to $68.1 million. Net income rose 69 percent to $7.5 million. Revenues benefitted as a result of the addition of the New Affiliates. Earnings reflect investments in Essex Investment Management, LLC and DHJA and Rorer. 
American Metals Service (OTC BB : AMTS)AMTS (until 8/92) was engaged in the wholesale distribution of aluminum alloys, steel and other specialty metals. The Co. has liquidated its assets and is seeking the acquisition of an operating business. For the six months ended 2/99, total revenues decreased 15 percent to $45 thousand. Net income decreased 33 percent to $14 thousand. Revenues reflect decreased interest income due to lower interest rates. Earnings also reflect insurance expenses. 
ASA Limited (NYSE : ASA)ASA Limited invests its assets in common shares of gold mining companies and other companies in South Africa. For the fiscal year ended 11/98, investment income fell 11 percent to RAN46.3 million. Net increase in net assets resulting from operations totalled RAN126.8 million, vs. a decrease of RAN545.8 million. Investment income reflects lower dividend income. Increase in net assets from operations reflects a RAN73M increase in unrealized appreciation on investments. 
Artra Group, Inc. (NYSE : ATA)Artra Group, Inc. previously manufactured packaging products principally for the food industry. In 8/98, Artra disposed of its primary assets and currently has no revenue generating operations. For the three months ended 3/31/99, the Co. reported no revenues. Net loss from continuing operations and applicable to Common fell 30 percent to $1.3 million. Results reflect the 8/98 disposal of BagCraft and the absence of $1.1 million in net interest expense. 
Equity Income Fund 1st Ex (AMEX : ATF)The Equity Income Fund, First Exchange Series, is a unit investment trust which permits an investor to hold an investment in AT&T and the seven regional holding companies in the form of units of beneficial interest. For the three months ended 3/99, dividend income decreased 19 percent to $8.4 million. Net loss totalled $86.8 million vs. an income $344.5 million. Revenues suffered from a decline in dividend income. Net loss also suffered from $120 million unrealized depreciation on investments. 
Auric Metals Corporation (OTC BB : AURE)Auric Metals Corporation is engaged in the acquisition, exploration and development of interests in various natural resource properties. The Company also has interests in hotel operations. For the fiscal year ended 3/31/98, revenues increased 4 percent to $40 thousand. Net income totalled $213 thousand vs. a loss of $4 thousand. Revenues benefitted from higher interest income. Earnings also benefitted from a $215 thousand gain on the sale of securities and lower mineral exploration costs. 
AutoLend Group, Inc. (OTC BB : AUTL)AUTL has been engaged in no active business other than the collection of amounts due under the outstanding Installment Contract Receivables and the collection of proceeds from the Policies. For the nine months ended 12/98, revenues rose 79 percent to $1.1 million. Net loss before extraordinary item fell 95 percent to $436 thousand. Revenues reflect viatical revenues realized from policies. Lower loss reflects the absence of a $6.3 million debenture conversion charge. 
Advanced Tobacco Products (OTC BB : AVTH)Advanced Tobacco Products generates revenues through the receipt of royalty payments from Pharmacia and Upjohn based on a  percentage of sales of products using a nicotine impermeable copolymer technology. AVTH currently receives royalties from sales of the Nicotrol/Nicorette patch. For the six months ended 3/31/99, net revenues totalled $554 thousand, up from $265 thousand. Net income totalled $524 thousand, up from $244 thousand. Results reflect increased royalty payments from P&U. 
AMVESCAP PLC (NYSE : AVZ)AMVESCAP PLC is an independent investment manager, operating under the AIM and INVESCO brand names. AVZ is a holding company offering investment products and services to individuals and institutions. For the fiscal year ended 12/31/98, revenues increased 51 percent to L802.2 million. Net income according to US GAAP decreased 36 percent to L44.3 million. Revenues reflect the acquisition of GT Global and growth of existing operations. Net income reflects $21.2 million in amortization expenses. 
Amazon Natural Treasures (OTC BB : AZNT)Amazon Natural Treasures Inc. is in the business of importing, developing, manufacturing and selling products derived from plants grown in the Amazon Rain Forest of Brazil. For the nine months ended 9/30/98, revenues totalled $492 thousand, up from $31 thousand. Net loss fell 93 percent to $43 thousand. Net revenues reflect sales of the HairLife Scalp Enhancement System. Lower net loss reflects higher margins and reduced operating expenses. 
Brantley Capital Corp. (Nasdaq : BBDC)Brantley Capital Corp. is a closed-end investment company whose objective is the realization of long-term capital appreciation through the investment in privately placed equities and debt, and in post venture small-cap public companies. For the three months ended 3/99, inv. income fell 27 percent to $310 thousand. Net change in assets resulting from operations totalled $1.3 million vs. an income of $1.9 million. Results reflect general stock market conditions. 
Bancroft Convertible Fund (AMEX : BCV)Bancroft Convertible Fund, Inc. is a closed-end, diversified management investment company that invests primarily in corporate convertible bonds with the objectives of providing income and capital appreciation. For the fiscal year ended 10/31/98, investment income totalled $4.1 million. Net investment income totalled $3 million. Net increase in net assets totalled $3.8 million. Net increase in net assets reflects a $10.2 million net gain on investments. 
Bergstrom Capital Corp. (AMEX : BEM)BEM is a nondiversified, closed-end management company. For the three months ended 3/31/99, total investment income decreased 24 percent to $311 thousand. Net investment income decreased 86 percent to $12 thousand. Net increase in assets from operations fell 1 percent to $22.5 million. Net asset value per share increased 11 percent to $222.87. Net investment income reflects lower interest and dividends income. Earnings benefitted from higher realized gains on investments. 
Bernard Haldane Associate (OTC BB : BHAL)BHAL owns the worldwide licensing rights to the Bernard Haldane name, which offers outplacement, job search and career management services. As of 5/98, BHAL operated 76 offices throughout the U.S., Canada and the U.K. For the nine months ended 2/28/99, revenues rose 25 percent to $2.6 million. Net income fell 5 percent to $206 thousand. Revenues reflect the operations of several Haldane offices. Net income was offset by higher payroll, general and administrative expenses. 
Baker, Fentress & Co. (NYSE : BKF)Baker Fentress and Co. is a non-diversified closed-end management investment company investing primarily in equity securities. For the fiscal year ended 12/31/98, investment income totalled $20.8 million. Net investment income totalled $14.6 million. Net increase in net assets totalled $73.8 million. Net asset value totalled $19.76. Results reflect the growth in Levco assets as restructuring of the portfolio with an emphasis on downside protection. 
BlackRock Income Trust (NYSE : BKT)BlackRock Income Trust, Inc. is a diversified, actively managed closed-end bond fund whose objective is to provide high current income consistent with the preservation of capital. For the fiscal year ended 10/31/98, interest income totalled $44.4 million. Net investment income totalled $39.2 million. Net increase in net assets resulting from operations totalled $24.2 million. Net asset value per share totalled $7.94. 
Blue Chip Value Fund (NYSE : BLU)Blue Chip Value Fund is a closed-end diversified management investment company investing in blue chip domestic stocks representing various industries. For the fiscal year ended 12/31/98, total investment income totalled $2.3 million. Net investment income totalled $854 thousand. Net realized gains totalled $22.7 million. Net gain on investments totalled $28 million. Net assets from continuing operations totalled $28.9 million. Net asset value per share totalled $10.25, up from $9.76. 
BP Prudhoe Bay Royalty (NYSE : BPT)BP Prudhoe Bay Royalty Trust owns and administers a royalty interest in the daily net production of oil and condensate from the Prudhoe Bay Field located on the North Slope of Alaska. For the three months ended 3/31/99, revenues totalled zero vs. $8.8 million. Net income totalled zero vs. $8.8 million. Results suffered from a decrease in the average WTI prices during 1998 and the first quarter of 1999, causing the the absence of royalty revenues and a cash distribution. 
BlackRock Target Term (NYSE : BTT)The BlackRock Target Term Trust is a diversified closed-end management investment company whose investment objective is to manage a portfolio of fixed income securities that will return $10 per share to investors on or shortly before 12/00. For the fiscal year ended 12/31/98, interest income totalled $57.3 million. Net investment income totalled $50.1 million. Net increase in net assets totalled $74.6 million. Net asset value per share rose from $9.89 to $10.13. 
Brazil Fund (NYSE : BZF)The Brazil Fund is a closed-end investment company seeking long-term capital appreciation through investments primarily in the equity securities of Brazilian issuers. For the fiscal year ended 12/31/98, investment income increased 11 percent to $19.3 million. Net investment income rose 37 percent to $13.4 million. Net decrease in assets from operations totalled $138 million, vs. an increase of $63.8 million. Results reflect increased interest income offset by political uncertainty in Brazil. 
Camelot Corporation (CAMLCamelot Corporation is a holding company whose subsidiaries are all inactive, all previous business operations have been discontinued. The Company's primary assets are common and preferred shares in OTC Bulletin Board companies. For the nine months ended 1/31/99, revenue fell from $1.7 million to $1 thousand. Net loss from continuing operations applicable to Common decreased 95 percent to $234 thousand. Revenues reflect the lack of operations. Lower loss reflects lower S/G/A expenses. 
Central Coal & Coke Corp. (OTC BB : CCCK)Central Coal and Coke Corp. is engaged in the management of its interests in real properties. CCCK is also engaged in the ownership and operation of its investment portfolio. For the three months ended 3/31/99, total revenues fell 53 percent to $96 thousand. Net income from continuing operations fell 92 percent to $15 thousand. Results reflect lower oil prices, reduced production, increased outside service fees and the absence of gains on sales of real estate. 
Cencor, Inc. (OTC BB : CCOO)CCOO sold substantially all of the assets of Century Acceptance Corp. on 6/30/95, its only operating subsidiary. The Company has no ongoing operations. On 9/12/96, the stockholders approved a Plan of Dissolution and Liquidation. For the three months ended 3/31/99, revenues fell 25 percent to $151 thousand. The increase in net assets in liquidation fell 97 percent to $2 thousand. As of 9/96, the Company is in the process of liquidation and has no continuing operations. 
Central Fund of Canada (AMEX : CEF)Central Fund of Canada operates as a specialized investment holding company, investing in gold and silver bullion. For the three months ended 1/31/98, loss before operating expenses totalled $156 thousand, vs. revenue of $2 thousand. Net income according to U.S. GAAP totalled $7 million, vs. a loss of $3.9 million. Results reflect a $157 thousand loss on the sale of certificates representing 500 ounces of gold and 25,000 ounces of silver. Earnings reflect an increased US dollar. 
Central Securities Corp. (AMEX : CET)Central Securities Corporation is a non-diversified, closed-end management investment company, registered under the Investment Company Act of 1940. For the fiscal year ended 12/31/98, investment income totalled $7 million. Net investment income totalled $4.8 million. Net gain on investments totalled $50.9 million. The net increase in net assets resulting from operations totalled $55.7 million. Net asset value per Common share totalled $31.43. 
Credit Suisse  Strat.Glob (NYSE : CGF)Credit Suisse Asset Management Strategic Global Income Fund, Inc. is adiversified, closed end investment company. The Fund's investment objective is to seek high current income through investments primarily in debt securities. Total investment income for the fiscal year ended 12/31/98 totalled $8.9 million. Net investment income totalled $7.9 million. Net decrease in net assets resulting from operations totalled $4.7 million. Net asset value per share totalled $9.29. 
Chile Fund, Inc. (NYSE : CH)The Chile Fund, Inc. is a closed-end, non-diversified management investment company investing primarily in the Chilean securities markets. For the fiscal year ended 12/31/98, investment income totalled $9.4 million. Net investment income totalled $5.5 million. Net decrease in net assets resulting from operations totalled $90.8 million. Net asset value per share totalled $12.59, down from $21.61 at 12/31/97. Results reflect deteriorating economic conditions in Asia. 
Cherokee Inc. (Nasdaq : CHKE)Cherokee is in the business of marketing and licensing the Cherokee and Sideout brands and related trademarks and other brands it owns. CHKE licenses and markets brand names and trademarks for apparel, footwear and accessories in the United States. For the three months ended 5/1/99, revenues rose 31 percent to $6.9 million. Net income rose 30 percent to $2.6 million. Results reflect the expansion by Target of the Cherokee Trademark and the Zeller's launch in Canada. 
China Resources Develop. (Nasdaq : CHRBD)China Resources Development, through its Billion Luck subsidiary, purchases natural rubber produced on the island of Hainan, and distributes the rubber to customers throughout China. CHRBD also procures various production materials. For the three months ended 3/31/99, net sales fell 77 percent to RMB21.4 million. Net loss fell 21 percent to RMB4.3 million. Results reflect lower natural rubber sales due to a weak consumption market and competition from imported rubber. 
Credit Suisse Asset Mgnt. (NYSE : CIK)Credit Suisse Asset Management Income Fund is a diversified, closed-end investment company, which primarily invests in debt securities. For the fiscal year ended 12/31/98, total investment income totalled $26.7 million. Net investment income totalled $24.4 million. Net realized gain on investments totalled $1.6 million. Net change in unrealized depreciation on investments totalled $24.2 million. Net increase in assets from operations totalled $1.8 million. Net asset value fell from $7.77 to $7.56. 
Circle Income Shares (Nasdaq : CINS)Circle Income Shares is a closed-end investment company. The primary investment objective of the Company is to provide a high level of current income through investment principally in debt securities. Investment revenue for the six months ended 12/31/98 totalled $1.3 million. Net investment income totalled $1.1 million. Net increase in net assets resulting from operations totalled $1.2 million. Net asset value per share totalled $11.99. 
CMGI Inc. (Nasdaq : CMGI)CMGI develops and operates Internet and direct marketing companies as well as venture funds focused on the Internet. For the nine months ended 4/30/99, revenues totalled $120 million, up from $56 million. Net income from continuing operations applicable to Common totalled $23.6 million, vs. a loss of $126 thousand. Revenues benefitted from increases fulfillment services revenues. Earnings also reflects a $29.4 million gain on the stock issuance by Geocities. 
Corniche Group, Inc. (OTC BB : CNGI)Corniche Group, Inc. has been inactive since 2/28/96 when it was placed into receivership after being unable to secure interim financing. For the comparable three months ended 3/31/99, the Company reported no revenues. Net loss applicable to Common totaled $409 thousand, up from $57 thousand. Revenues reflect the discontinuation of business operations. Higher loss reflects increased consulting, professional fees, salaries, office and stockholders annual meeting costs. 
CVF Technologies Corp. (AMEX : CNV)CVF is a holding company primarily involved in the business of developing and managing early stage and start-up companies engaged in the information and environmental technologies areas. For the three months ended 3/31/99, revenues rose from $648 thousand to $3.2 million. Net loss fell 31 percent to $1.1 million. Revenues reflect higher sales from Solaria Research Enterprises. Lower loss was partially offset by research and development expenses and lower invested cash balances. 
City Investing Company (Nasdaq : CNVLZ)City Investing Company Liquidating Trust was organized for the sole purpose of liquidating the assets and liabilities of City Investing Company in a manner to conserve and protect the Trust Estate and to collect and distribute the beneficiaries proceeds. For the three months ended 3/31/99, revenues fell 4 percent to $773 thousand. Net income fell 3 percent to $687 thousand. Results reflect lower dividend, interest and other income, partially offset by lower S/G/A expenses. 
Consolidated Tech. Group (OTC BB : COTG)COTG has no operating segments. During the three months ended 3/99, COTG discontinued the operations of Trans Global Services and Arc Networks and disposed of a significant portion of its ownership in Netsmart Technologies. For the three months ended 3/31/99, the Company reported no revenues. Net loss from continuing operations fell 70 percent to $786 thousand. Results reflect the absence of a $1.8 million termination payment for executive contracts. 
Corporate Renaissance (Nasdaq : CREN)Corporate Renaissance Group, Inc. is a non-diversified, closed-end management investment company which has a primary objective to achieve long-term capital appreciation through investments in companies. For the three months ended 12/98, investment income fell 94 percent to $47 thousand. Net increase in net asset totalled $426 thousand, up from $147 thousand. Investment income reflects the absence of dividend and fee income. Earnings reflect $985 thousand in unrealized appreciation. 
Corrections Services, Inc (OTC BB : CRSE)Corrections Services, Inc. sold its interest in its electronic monitoring business and is presently seeking merger opportunities. For the three months ended 3/31/99, revenues totalled a negative $14 thousand vs. a positive $20 thousand. Net loss from continuing operations totalled $127 thousand, up from $10 thousand. Revenues reflect higher realized and unrealized loss on marketable securitites. Higher loss also reflects issuance of stock to officers and employees for services. 
Cross Timbers Royalty (NYSE : CRT)Cross Timbers Royalty Trust is an express trust with interests in certain royalty and overriding royalty interests in producting properties in Texas, Oklahoma, and New Mexico. For the fiscal year ended 12/31/98, total revenues fell 33 percent to $7.1 million. Distributable income fell 33 percent to $6.9 million. Results suffered from significantly lower oil prices and decreased gas sales volumes which were largely attributable to lawsuit settlement proceeds received in 1997. 
CRW Financial, Inc. (Nasdaq : CRWF)CRWF has sold its Collection Business and Casino Money Centers Business. CRWF has entered into a definitive merger agreement with TeleSpectrum Worldwide, Inc. For the three months ended 3/31/99, the Company reports no revenue. Net income from continuing operations totalled $700 thousand, vs. a loss of $439 thousand. Results reflect the decrease in salary of the Chief Executive Officer of the Company and gains in interest income due to the sale of warrants to purchase NCOG stock. 
Capital Southwest Corp. (Nasdaq : CSWC)Capital Southwest is a venture capital investment company whose objective is to achieve capital appreciation through investments in businesses believed to have favorable growth potential. For the nine months ended 12/98, investment income fell 13 percent to $3 million. Net investment income fell 28 percent to $1.3 million. Net assets per share totalled $70.93 down from $71.69 as of 12/98. Results reflect lower value of the restricted stocks of four public companies: PHHM, ALG, WIRE and MWL. 
Capital Trust, Inc. (NYSE : CT)Capital Trust, Inc. is a speciality finance company designed to take advantage of high-yielding lending and investment opportunities in commercial real estate and related assets. For the three months ended 3/31/99, revenues totaled $17.2 million, up from $8.1 million. Net income applicable to Common rose 59 percent to $3 million. Revenues reflect increased lending and investment transactions. Net income was partially offset by dividends on trust preferred securities. 
Castle Convertible Fund (AMEX : CVF)Castle Convertible Fund, Inc. is a diversified, closed-end management investment company. The Fund's investment advisor is Fred Alger Management. For the fiscal year ended 10/31/98, total income totalled $3.8 million. Net investment income totalled $3.1 million. Net decrease in assets resulting from operations totalled $2.2 million. Net asset value per share fell from $30.08 on 10/31/97, to $25.32 on 10/31/98. 
Dreyfus CA Muni. Income (AMEX : DCM)Dreyfus California Municipal Income Fund is a non-diversified closed-end management investment company. DCM's investment objective is to invest in municipal bonds and short term tax exempt investments in CA. For the six months ended 3/31/99, total investment income totalled $1.32 million. Net investment income totalled $1.1 million. Net change in net assets from operations totalled $383 thousand. Net asset value per share totalled $9.58. 
Chequemate International (AMEX : DDD)Chequemate International is engaged in taking workable ideas in the fields of finance, communications and entertainment and transforming them into viable market opportunities through the use of state-of-the-art computer technologies. For the nine months ended 12/31/98, revenues fell 53 percent to $443 thousand. Net loss fell 39 percent to $1.9 million. Revenues reflect the sale of the financial services segment. Lower loss reflects lower selling and overhead expenses. 
Desc, S.A. de C.V. (NYSE : DES)Desc, S.A. de C.V. is a diversified holding company engaged in five principal lines of business: automotive parts, chemicals, consumer products, agribusiness and real estate. For the fiscal year ended 12/31/97, revenues increased 16 percent to PS16.16 billion. Net income before U.S. GAAP decreased 18 percent to PS1.81 billion. Revenues reflect higher sales in the automotive parts and agribusiness sectors. Earnings were offset by a lower gain on monetary position and a higher exchange loss. 
Dreyfus Municipal Income (AMEX : DMF)Dreyfus Municipal Income Fund is a non-diversified closed-end management investment company with the objective of paying tax free dividends from a portfolio of investment grade municipal bonds. For the fiscal year ended 9/30/98, investment income totalled $12.9 million. Net investment income totalled $11.3 million. Net increase in assets from operations totalled $15.4 million. Net asset value per share increased from $9.55 to $9.71. 
Dreyfus NY Muni. Income (AMEX : DNM)Dreyfus New York Municipal Income Fund is a non-diversified closed-end management investment company that invests in various New York State municipal and U.S. related bonds. For the fiscal year ended 9/30/98, investment income totalled $2.5 million. Net investment income totalled $2.1 million. Net increase in net assets resulting from operations totalled $2.5 million. Net asset value per share increased from $9.97 on 9/30/97, to $10.04 on 9/30/98. 
Duff & Phelps Utilities (NYSE : DNP)Duff and Phelps Utilities Income, Inc. is a closed-end diversified management investment company investing in equity and debt securities of various utilities. The primary objectives are current income and long-term growth of income. For the fiscal year ended 12/98, total investment income totalled $210 million. Net investment income totalled $180.2 million. Net increase in net assets totalled $274 million. Net asset value per share increased 5 percent to $10.36 since 12/97. 
Dominion Resources Bl.Tr. (NYSE : DOM)Dominion Resources Black Warrior Trust is a grantor trust formed to acquire and hold certain overriding royalty interests burdening proved natural gas properties located in Pottsville coal formation of the Black Warrior Basin, Tuscaloosa County, Alabama. For the three months ended 3/31/99, total revenues fell 30 percent to $4.9 million. Distributable income fell 31 percent to $4.7 million. Results reflect decreased royalty income due to decreased production and prices. 
Dreyfus Strategic Gov'ts. (NYSE : DSI)Dreyfus Strategic Governments Income is a non-diversified closed-end management investment company investing primarily in various foreign government, supranational and other bonds and notes. For the fiscal year months ended 11/30/98, total interest income totalled $11.5 million. Net investment income totalled $10.1 million. Net increase in net assets from operations totalled $8.5 million. Net asset value per share fell from $10.81 on 11/30/97, to $10.20 on 11/30/98. 
Dreyfus Strat Mun Bnd Fnd (NYSE : DSM)Dreyfus Strategic Municipal Bond Fund is a diversified closed-end management investment company specializing in investing in municipal debt securities. For the fiscal year ended 11/98, total investment income totalled $31.9 million. Net investment income totalled $28.3 million. Net increase in net assets from operations totalled $30.6 million. Net asset value totalled $9.52. DSM's portfolio consists of 99.8 percent long term municipal bonds and 0.2 percent short term municipal bonds. 
Dwyer Group Inc. (Nasdaq : DWYR)DWYR provides a diverse array of specialty services internationally, including carpet cleaning and restoration, plumbing and drain cleaning, general business, information and management services, air conditioning, and electrical repair. For the three months ended 3/99, revenues fell 15 percent to $3.5 million. Net income totalled $255 thousand, up from $120 thousand. Revenues reflect decreased tax services. Earnings benefitted from reduced employee costs. 
Eastbrokers International (Nasdaq : EAST)EAST provides a wide range of financial services in the U.S., Central Europe, and Eastern Europe. Its businesses include securities underwriting, asset management, merchant banking, brokerage and research services, and securities clearance services. For the nine months ended 12/98, revenues rose from $5.5 million to $17 million. Net loss rose from $1.2 million to $3.1 million. Results reflect the consolidation of EBI Securities, offset by higher compensation and benefits costs. 
Ellsworth Conv. Growth (AMEX : ECF)Ellsworth Convertible Growth and Income Fund is a closed-end, diversified management investment company which invests in convertible securities with the objective of providing income and the potential for capital appreciation. For the six months ended 3/31/99, investment income totalled $1.9 million. Net investment income totalled $1.4 million. Net increase in assets from operations totalled $15.1 million. Net asset value per share rose from $11.18 at 9/30/98, to $11.44 at 3/31/99. 
Engex, Inc. (AMEX : EGX)Engex, Inc. is a nondiversified, closed-end investment management company which invests in emerging growth companies and other undervalued or turnaround situations. For the fiscal year ended 9/30/98, revenues decreased 99 percent to $8 thousand. Net loss totalled $6.8 million, up from $1.1 million. Revenues reflect lower dividends and interest income. Net loss reflects an increased net realized loss on investments ($6.4 million vs. $5 million) and increased insurance expenses. 
Templeton Emerging Market (NYSE : EMF)Templeton Emerging Markets Fund is a closed-end, diversified management investment company that has an investment portfolio consisting of emerging country equity securities. For the six months ended 2/28/99, total investment income totalled $32.3 million and net investment income totalled $29.3 million. Net increase in net assets resulting from operations totalled $71.2 million. Net asset value per share totalled $10.95. 
Enercorp, Inc. (OTC BB : ENCP)Enercorp, Inc. is a Business Development Company under the Investment Company Act of 6/82. The Company is primarily engaged in the business of investing in and providing managerial assistance to developing companies. For the nine months ended 3/31/99, revenues decreased 68 percent to $5 thousand. Net decrease in assets totalled a negative $210 thousand vs. a positive $9 thousand. Net assets per share totalled $3.54/share vs. $3.90/share in 6/98. 
Equitex, Inc. (Nasdaq : EQTX)EQTX is a closed-end, non-diversified investment company, that currently operates through its wholly owned subsidiary, First TeleServices Corp. of Atlanta, GA which offers various financial products targeted to the subprime customer. For the fiscal year ended 12/31/98, revenues rose 18 percent to $448 thousand. Net loss fell 50 percent to $2 million. Revenues reflect consulting fees from Triumph Sports. Lower loss reflects the absence of the investment loss in RDM Sports. 
Euroweb International (Nasdaq : EWEB)EuroWeb International has exitted the construction business and sold a 51 percent interest in EuroWeb RT. The Company currently doesn't have a business but is seeking to acquire other ISP companies in E. Europe. For the three months ended 3/31/99, revenues totalled $0, down from $385 thousand. Net loss from continuing operations fell 62 percent to $62 thousand. Results reflect the absence of internet revenues, offset by equity in Euroweb Rt. and lower compensation costs. 
Eastwind Group, Inc. (OTC BB : EWND)The Eastwind Group, Inc. is a holding company which acquires and consolidates manufacturing businesses on an industry by industry basis. For the nine months ended 10/3/98, sales fell 35 percent to $22.4 million. Net loss from continuing operations applicable to Common rose 62 percent to $3.5 million. Revenues suffered from the closing of Premier Book and delays in receiving authorization to ship goods. Loss also reflects a lower gross profit margin and a $562 thousand write down of assets expense. 
First Australia Prime (AMEX : FAX)First Australia Prime Income is a closed-end, non-diversified management investment company. The portfolio consists primarily of Australian government and semi-government securities. For the fiscal year ended 10/31/98, total investment income totalled $181.2 million. Net investment income totalled $159.3 million. Net decrease in net assets from operations applicable to Common totalled $154.5 million. Net asset value per share totalled $7.33 as of 10/31/98. 
Fidelity Holdings, Inc. (Nasdaq : FDHG)FDHG is a holding company for Major Automotive Group, a consolidator of automobile dealerships in the New York area which operates through five retail automobile dealerships. For the three months ended 3/31/99, revenues totalled $45.8 million, up from $165 thousand. Net income from continuing operations totalled $844 thousand vs. a loss of $88 thousand. Revenues reflect the acquisition of Major Automotive Group. Net income also reflects an increased gross profit as a  percentage of sales. 
First Financial Fund Inc. (NYSE : FF)First Financial Fund, Inc. is a closed-end management investment company. The Fund's portfolio consists primarily of equity securities and debt securities of savings and loan associations. For the fiscal year ended 3/31/99, investment income totalled $7.5 million. Net investment income totalled $2.7 million. Net decrease in net assets from operations totalled $147.1 million. Net asset value per share of Common Stock totalled $8.85. 
Federated Investors, Inc. (NYSE : FII)Federated Investors, Inc. and its subsidiaries sponsor, market and provide investment advisory, distribution and administrative services primarily to mutual funds. FII also provides services to corporations, employee benefit plans and others. For the three months ended 3/31/99, total revenues rose 15 percent to $141.3 million. Net income rose 28 percent to $26.7 million. Revenues reflect growth in Managed Assets. Earnings also reflect a reduction in bad debt expense. 
Firstmark Corp. (OTC BB : FIRM)Firstmark is engaged in the business of making venture capital and real estate investments either in the form of equity investments or loans. For the three months ended 3/31/99, revenues decreased 57 percent to $18 thousand. Net loss applicable to Common and from continuing operations rose 5 percent to $160 thousand. Revenues reflect the absence of investment gains. Net loss reflects lower operating expenses in all catagories offset by commissions paid to agents. 
Franklin Capital Corp. (AMEX : FKL)Franklin Capital Corp. is a registered closed-end investment company whose investment objective is to achieve capital appreciation through long-term investments in businesses believed to have favorable growth potential. For the nine months ended 9/30/98, investment income fell 10 percent to $319 thousand. Net investment loss decreased 39 percent to $864 thousand. Net decrease in net assets decreased 23 percent to $747 thousand. Net asset value per share fell from $9.17 on 12/97, to $8.32 on 9/98. 
Freeport McMoran Oil&Gas (NYSE : FMR)Freeport-McMoran Oil and Gas Royalty Trust has a net overriding royalty interest in offshore oil and gas properties located in federal waters offshore Louisiana, Texas and California. For the three months ended 3/31/99, the Company reported no revenues. Net income totalled $0 thousand, vs. $0 thousand in the prior period. Results reflect increased trust administrative expenses, offset by an increased reserve for future Trust expenses. 
First Philippine Fund Inc (NYSE : FPF)First Philippine Fund is a closed-end investment company seeking long term capital appreciation primarily through investment in equity securities of Philippine companies. The Fund is managed by Clemente Capital, Inc. For the six months ended 12/31/98, total investment income totalled $354 thousand. Net investment loss totalled $415 thousand. The net increase in net assets from operations totalled $9.2 million. Net asset value per share rose from $6.51 to $7.33. 
Fort Dearborn Income Secs (NYSE : FTD)Fort Dearborn Income Securities is a closed-end bond fund investing principally in investment grade long-term fixed income debt securities. The fund's objective is to provide a stable steam of current income and an attractive total return. For the six months ended 3/31/98, total investment income totalled $5.2 million. Net investment income totalled $4.7 million. Net increase in net assets from operations totalled $8.8 million. Net asset value per share totalled $16.63. 
Grow Biz International (Nasdaq : GBIZ)Grow Biz International offers licenses to operate retail stores using the service marks ``Play It Again Sports'', ``Once Upon A Child'', ``Music Go Round'', ``Computer Renaissance'', ``Disc Go Round'', ``It's About Games'' and others. For the three months ended 3/27/99, revenues fell 28 percent to $18.5 million. Net loss totalled $175 thousand vs. income of $691 thousand. Results reflect comparable store sales decreases and increased interest expenses. 
Templeton Global Income (NYSE : GIM)Templeton Global Income Fund Inc., is a closed-end, non-diversified management investment company that has an investment portfolio of debt securities of companies, governments, and government agencies throughout the world. For the six months ended 2/28/99, interest income totalled $38.8 million. Net investment income totalled $35.2 million. Net increase in assets from operations totalled $45.5 million. Net asset value per share rose from $7.67 on 8/98, to $7.75 on 2/99. 
Globus Growth Group, Inc. (GPIXGlobus Growth Group, Inc. is a business development company that: acquires and holds interests in other com-panies; renders consulting services; and seeks out acquisition and joint venture opportunites. For the nine months ended 11/98, revenues decreased 77 percent to $32 thousand. Net loss totalled $211 thousand, up from $34 thousand. Revenues reflect the absence of $94 thousand in realized gains on investments. Higher loss suffered from increased general and administrative expenses. 
Asia Tigers Fund, Inc. (NYSE : GRR)GRR is an investment company primarily investing in the equity markets of the Asian Pacific basin and the Indian subcontinent. For the fiscal year ended 10/31/98, total investment income totalled $4.5 million. Net investment income totalled $1.7 million. Net decrease in net assets resulting from operations totalled $43.6 million. Net asset value per share totalled $7.55, down from $9.68 at 10/97. Results suffered from the negative impacts of foreign currency movements. 
Merit Diversified Int'l. (OTC BB : GRTT)Merit Diversified International is a development stage company that currently has no assets and is not engaged in any operational activities. GRTT is currently seeking to acquire, merge with or enter into another form of business combination with another entity. For the six months ended 2/28/99, revenues remained flat at $0. Net income remained flat at $0. Results reflect the discontinuation of all activites by the Company. 
Morgan St.D.W. Gov. Inc. (NYSE : GVT)Morgan Stanley Dean Witter Government Income Trust is a diversified, closed-end management investment company that invests in long term mortgage backed securities, commercial paper and treasury securities. For six months ended 3/99, interest income totalled $13.5 million. Net investment income totalled $12.1 million. Net loss on investments totalled $13.5 million. Net decrease in net assets totalled $1.4 million. Net asset value per share totalled $9.42. 
Gateway Industries Inc. (OTC BB : GWAY)Gateway Industries, Inc. currently has no business and is pursuing various strategic alternatives. Previously the company was engaged in the manufacturing and sales of mirror and glass products until the sale of Marsel Mirror and Glass Products on 12/21/96. For the fiscal year ended 12/31/98, the Company reported no revenues. Net income totalled $389 thousand vs. a loss of $339 thousand. Results reflect the inclusion of a $360 thousand write up of note receivable vs. a $360 write down. 
Healthcare Fin'l Partners (NYSE : HCF)HCF is a specialty finance co. offering asset-based financing to healthcare service providers. For the three months ended 3/31/99, revenues increased 41 percent to $17.6 million. Net income increased 70 percent to $6.1 million. Revenues benefitted from higher average finance receivables outstanding due to the Company's growth in the Accounts Receivable Program and the the STL Program. Earnings also benefitted from an increase incommissions and management income. 
H.D. Vest, Inc. (Nasdaq : HDVS)HDVS provides financial services through tax and accounting professionals. The Company's services are designed to assist in making individual tax and accounting professionals financial service centers for their clients. For the six months ended 3/99, revenues rose 29 percent to $69.8 million. Net loss applicable to Com. totalled $28 thousand vs. income of $802 thousand. Results reflect overall strength of financial markets, offset by increased portfolio and management fees. 
Harris & Harris Group,Inc (Nasdaq : HHGP)HHGP is a venture capital investment co. operating as a business development company. The Company's objective is LT capital appreciation, rather than current income from its investments. For the fiscal year ended 12/31/98, total investment income increased 3 percent to $635 thousand. Net loss increased 10 percent to $2.9 million. Revenues benefitted from a rise in the balance of the Company's fixed-income portfolio. Higher losses reflect $729 thousand in other expenses. 
Holco Mort. Accpt Corp. I (OTC BB : HOLA)Holco Mortgage Acceptance Corporation -I invests in multifamily GNMA certificates, acquiring ownership in housing project mortgage loans issued by the Federal Housing Administration. For the fiscal year ended 12/31/97, revenues decreased 1 percent to $856 thousand. Net income increased 9 percent to $24 thousand. Revenues were negatively impacted by increased scheduled prepayments of the principal on GNMA certificates. Earnings reflect a decreased interest expense. 
Hambrecht & Quist Group (NYSE : HQ)Hambrecht and Quist Group is a holding company for operations including investment banking, broker-dealer services, investment advisory services, venture capital fund management, and asset-based and other financings. For the six months ended 3/99, revenues rose 27 percent to $253.1 million. Net income rose 68 percent to $37.9 million. Revenues reflect higher volumes in the OTC business and increased net investment gains. Net income also reflects the lack of an $8 million litigation charge. 
H&Q Healthcare Investors (NYSE : HQH)H&Q Healthcare Investors is a Massachusetts business trust registered under the Investment Company Act of 1940 as a diversified closed-end management investment company, and invests in investment securities of companies in the health-care industries. For the fiscal year ended 9/30/98, investment income fell 5 percent to $644 thousand. Net loss on investments totalled $45.1 million vs. a gain of $34.9 million. Net decrease in net assets resulting from totalled $47.2 million vs. an increase of $33.2 million. 
H&Q Life Sciences Inves. (NYSE : HQL)HQL is a Massachusetts business trust registered under the Investment Company Act of 1940 as a diversified closed-end management investment company, and invests in investment securities of companies in the life sciences industries. For the fiscal year ended 9/30/98, investment income fell 57 percent to $136 thousand. Net loss on investments totalled $28.6 million vs. a gain of $16.7 million. Net decrease in net assets resulting from operations totalled $30.4 million vs. an increase of $15.2 million 
High Yield Income Fund (NYSE : HYI)High Yield Income Fund is a diversified, closed-end management investment company. The fund seeks high current income and capital appreciation from a portfolio of high-yielding, noninvestment grade bonds, commonly known as junk bonds. For the fiscal year ended 8/98, investment income totalled $10.5 million. Net investment income totalled $8.2 million. Net increase in net assets resulting from operations totalled $493 thousand. Net asset value per share totalled $6.91. 
High Yield Plus Fund Inc. (NYSE : HYP)High Yield Plus Fund Inc. is a diversified, closed-end investment company. The Fund's primary objective is to provide a high level of current income to shareholders through investment in publicly or privately offered high yield debt securities. For the fiscal year ended 3/31/99, investment income totalled $13.9 million. Net investment income totalled $10.9 million. Net decrease in net assets resulting from operations totalled $7 million. Net asset value per share totalled $7.36. 
Morgan St.D.W. Income Sec (NYSE : ICB)Morgan Stanley Dean Witter Income Securities, Inc. is a diversified, closed-end management investment co. ICB commenced operations in 4/73. For the three months ended 3/31/99, investment income decreased 1 percent to $8.6 million. Net loss totalled $1.7 million vs. income of $11.6 million. Net asset value per share totalled $18.23. Revenues suffered from lower investment income. Earnings reflect a $9.6 million net relaized and unrelized loss vs. a gain of $3.6 million. 
India Growth Fund, Inc. (NYSE : IGF)IGF is a diversified, closed-end management investment company. The Fund's objective is long term capital appreciation through investing primarily in equity securities of Indian companies. For the six months ended 12/31/98, total investment income totalled $705 thousand. Net investment loss totalled $257 thousand. Net increase in net assets from investment operations totalled $10.1 million. Net asset value per share totalled $10.63. 
Italy Fund Inc. (NYSE : ITA)The Italy Fund Inc. is a closed-end, diversified investment company for U.S. and other investors wanting to participate in the Italian economy. For the fiscal year ended 1/31/99, investment income totalled $2.9 million. Net investment income totalled $938 thousand. Net increase in net assets resulting from operations totalled $37.6 million. Net gain on investments and foreign currencies totalled $36.7 million. Net asset value per share totalled $18.09. 
Integrated Technology USA (AMEX : ITH)As of 11/6/97, ITH announced its decision to discontinue its existing operations in their entirety. ITH will be a ``shell company'' and its principal asset will be its remaining cash. ITH intends to focus on seeking a merger/acquisition opportunity. For the three months ended 3/31/99, the Company reported no revenues. Net loss totalled $74 thousand, vs. an income of $47 thousand. Results reflect lower interest income and higher costs related to being a public company. 
KBK Capital Corporation (AMEX : KBK)KBK is engaged in providing financing to middle-market businesses through loans secured by accounts receivable, inventory, equipment, owner-occupied real estate of the borrower and the discounted purchase of accounts receivable. For the fiscal year ended 12/31/98, revenues rose 18 percent to $17.9 million. Net income rose 16 percent to $2.4 million. Results reflect an increase in earning assets under management, partially offset by additional staff and management costs. 
Latshaw Enterprises, Inc. (OTC BB : LAEN)Latshaw Enterprises, Inc., is a holding company through its subsidiaries, produces and markets component parts for a wide range of original equipment manufacturers and consumer products. LAEN also invests in equity securities. For the three months ended 1/30/99, net sales decreased 3 percent to $12.8 million. Net income decreased 21 percent to $574 thousand. Revenues reflect lower sales at the Wescon Control and Latshaw Tools Divisions. Earnings also reflect higher personnel and interest expenses. 
Liberte Investors Inc. (NYSE : LBI)LBI was engaged in the investment in first mortgage construction loans, and first mortgage acquisition and development loans. However, LBI has progressively curtailed its lending activities and reduced its portfolio. For the nine months ended 3/99, revenues fell 1 percent to $2.1 million. Net income rose 4 percent to $1.4 million. Revenues reflect lower interest on deposits. Net income reflects lower insurance expense and lower personnel costs. 
Dreyfus Strategic Muni. (NYSE : LEO)Dreyfus Strategic Municipals is a diversified closed end management investment company that invests in municipal bonds from across the United States. For the fiscal year ended 9/30/98, interest income totalled $38.8 million. Net investment income totalled $33.9 million. Net realized and unrealized gain on investments totalled $14.5 million. Net assets from operations totalled $48.4 million. Net asset value per share totalled $10.22.  
Lexington Global Asset (Nasdaq : LGAM)LGAM is a holding company that offers, through its subsidiaries, a variety of asset management and related services to retail investors, institutions and private clients. For the three months ended 3/99, revenues fell 14 percent to $4.5 million. Net income applicable to Common income fell 20 percent to $185 thousand. Revenues reflect lower mutual fund assets under management and investor interest in precious metal mutual funds. Net income reflects a higher minority interest cost. 
Lotus Pacific, Inc. (OTC BB : LPFC)LPFC is a holding company for Regent Electronics Corp. (designs, engineers, developes and market Internet related electronics products) and LPF International Corp. (an apparel fashion designer, wholesaler and manufacturer). For the nine months ended 3/99, sales totalled $24 million, up from $3.7 million. Net loss from continuing operations fell 56 percent to $1.3 million. Results reflect the sale of the newly released WonderTV set-top boxes, partially offset by a lower gross profit margin. 
Quinenco S.A. (NYSE : LQ)LQ is a diversified holding company engaged in the industrial and financial services sector in the Southern Cone countries of South America. For the comparable fiscal year ended 12/31/97, net sales increased 23 percent to CH$529.58 billion. Net income according to U.S. GAAP increased 16 percent to CH$69.75 billion. Revenues reflect increased sales from Madeco and VTR. Net income was partially offset by increased administrative and selling expenses and decreased interest income. 
LL&E Royalty Trust (NYSE : LRT)LL&E Royalty Trust has royalty interests in certain productive oil and gas properties located in Alabama, Florida, Texas, in federal waters offshore Louisiana and south Louisiana fee lands. For the three months ended 3/31/99, royalty revenue decreased 78 percent to $912 thousand. Net income fell 80 percent to $777 thousand. Results suffered from decreased oil and natural gas prices and decreases in natural gas production from natural declines at mature producing properties. 
MACC Private Equities Inc (Nasdaq : MACC)MACC Private Equities Inc. is qualified as a business development company under the Investment Company Act of 1940 and is principally engaged in the investment in small businesses. For the six months ended 3/31/99, total income totalled $1.2 million. Net investment income totalled $25 thousand. Net change in assets from operations totalled $277 thousand. Net asset value per share fell from $15.87 on December 31, 1998 to $1.30 on March 31, 1999. 
Marine Petroleum Trust (Nasdaq : MARPS)Marine Petroleum Trust holds interests in oil and gas properties in the Gulf of Mexico. The Company's sole purpose is the administration and collection of royalties, and therefore has no capital requirements. For the six months ended 12/31/98, total revenues decreased 1 percent to $1.7 million. Net income fell 3 percent to $1.6 million. Results reflect a decrease in oil sales volume, a fall in the average price per barrel for oil and decreased income from the equity interest in Tidelands. 
Mobley Environmental Srvc (OTC BB : MBLYA)Mobley Environmental Services provided diverse environmental and field-related services to industrial, governmental and commercial markets. By 5/97, the Company had sold all of its operating assets and is currently looking for new investments. For the three months ended 3/31/99, the Company reported no revenues. Net loss totalled $175 thousand, up from $77 thousand. Higher loss reflects unexpected charges related to insurance claims. 
Midland Holland, Inc. (MDHIFMidland Holland currently has no operations and is seeking opportunities in other businesses. The Company was engaged in the publishing, distribution and marketing of multimedia CD-ROM titles for use with both Macintosh and IBM-compatible computers in the United States. For the nine months ended 9/30/98, the Co. reported no revenues. Net loss from continuing operations totalled $1.3 million vs. income of $4.7 million. Results reflect the absence of a $5.6 million gain on the sale of shares. 
Mackenzie Financial Corp. (Nasdaq : MKFCF)Mackenzie Financial Corp. is principally engaged in the marketing and management of public mutual funds in both Canada and the United States. MKFCF also provides investment management services to other public mutual funds and private accounts. For the nine months ended 12/31/98, total revenues rose 33 percent to C$517.8 million. Net income rose 49 percent to C$85.5 million. Results reflect growth in the average balances of assets under administration and reduced distribution fees paid. 
Morgan Keegan, Inc. (NYSE : MOR)Morgan Keegan, Inc. is a holding company whose principal subsidiary is a regional securities broker/dealer serving retail customers and institutional clients. For the nine months ended 4/30/99, revenues rose 6 percent to $318.1 million. Net income fell 8 percent to $33.7 million. Revenues reflect higher principal transactions and commission income due to a strong market for fixed income securities. Earnings were offset by higher employee compensation costs. 
Mentor Income Fund, Inc. (NYSE : MRF)Mentor Income Fund, Inc. is a closed-end investment fund which primarily invests in high-quality fixed-income securities. The Fund's investment objective is to achieve high monthly income consistent with preservation of capital. For the fiscal year ended 10/31/98, investment income totalled $11.5 million. Net investment income totalled $7.6 million. Net increase in net assets resulting from operations totalled $5.2 million. Net asset value totalled $9.94. 
Mesabi Trust (NYSE : MSB)Mesabi Trust is engaged in the collection and distribution of the income and proceeds from the Trust Estate to the certificate holders. Trust Estate includes interests formerly owned by Mesabi Iron Company. For the fiscal year ended 1/31/99, revenues fell 13 percent to $6 million. Net income fell 13 percent to $5.6 million. Results reflect a decrease in pellet shipments and a lower average selling price per ton for iron ore. 
Mesa Royalty Trust (NYSE : MTR)The Mesa Royalty Trust (The ``Trust'') is engaged in the operation of oil and gas producing properties located in the Hugoton field of Kansas, the San Juan Basin field of New Mexico and Colorado and the Yellow Creek field of Wyoming. For the three months ended 3/31/99, royalty income fell 45 percent to $1.2 million. Distributable income fell 45 percent to $1.2 million. Results reflect lower production and lower prices received from the sale of natural gas. 
MFC Bancorp Ltd. (Nasdaq : MXBIF)-MFC Bancorp Ltd. is in the financial services business and its activities include banking, insurance and proprietary investing/merchant banking, and commercial lending. For the three months ended 3/31/99, revenues fell 28 percent to $C23.5 million. Net income fell 27 percent to C$5.1 million. Revenues reflect decreased financial services revenues. Lower income was partially offset by decreased financial services expenses as a  percentage of revenue. 
Nuveen CA Municipal Value (NYSE : NCA)Nuveen California Municipal Value Fund, Inc. is a closed-end, management investment company investing in municipal bonds which are exempt from California state income tax. For the fiscal year ended 8/30/98, total investment income decreased 9 percent to $15.2 million. Net investment income decreased 10 percent to $13.4 million. Net increase in assets from operations increased 21 percent to $22.3 million. Net asset value per share increased from $10.09 to $10.38. 
National Capital Mgmt. (OTC BB : NCMC)National Capital Management Corporation is a holding company that currently is completing the orderly liquidation of its discontinued operations, while seeking other acquisitions. For the three months ended 3/31/99, revenues increased 53 percent to $17 thousand. Net loss from continuing operations decreased 16 percent to $105 thousand. Results reflect an increased in other income, partially offset by increased administrative expenses as a  percentage of other income. 
Scudder New Europe Fund (NYSE : NEF)Scudder New Europe Fund is a non-diversified closed-end fund with the objective of long term capital appreciation. The Fund invests in the equity securities of companies traded on smaller and emerging European markets. For the fiscal year ended 10/31/98, investment income totalled $5.1 million. Net investment loss totalled $30 thousand. Net increase in net assets from operations totalled $72.3 million. Net asset value per share increased from $19.96 to $22.23. 
North European Oil Rylty (NYSE : NET)North European Oil Royalty Trust holds royalty rights covering oil and gas production in certain concessions or leases in the Federal Republic of Germany. For the six months ended 4/30/99, royalties received decreased 18 percent to $6 million. Net income decreased 19 percent to $5.7 million. Revenues reflect a decline in gas prices. Earnings suffered from increased trust expenses resulting from additional audit work performed by auditors. 
Nuveen Municipal Income (NYSE : NMI)Nuveen Municipal Income Fund, Inc. is a closed-end municipal bond fund. The Fund's primary objective is to provide a high level of current interest income exempt from federal income taxes. For the fiscal year ended 10/31/98, total investment income totalled $6.4 million. Net investment income totalled $5.6 million. Net increase in net assets from operations totalled $6.5 million. Net asset value per share increased from $12.02 to $12.10. 
Nuveen NY Municipal Value (NYSE : NNY)Nuveen NY Municipal Value Fund is a closed-end municipal bond fund. The Fund's primary objective is to provide a high level of current interest income exempt from federal, state and local taxes in the State of NY. For the six months ended 3/31/99, total investment income totalled $4.5 million. Net investment income totalled $3.9 million. Net increase in net assets from operations totalled $1.5 million. Net asset value per share at the end of the period totalled $10.13. 
Oppenheimer Multi-Sector (NYSE : OMS)Oppenheimer Multi-Sector Income Trust is a closed-end management investment company. The Trust operates with a flexible strategy which allows investments in seven different fixed income sectors. For the fiscal year ended 10/31/98, total investment income fell 10 percent to $26.1 million. Net increase in assets from operations fell 96 percent to $1 million. Net asset value per share totalled $9.82. Results reflect a decrease in interest income and a $22 million unrealized loss (vs. $2.5 million gain). 
Omega Worldwide, Inc. (Nasdaq : OWWI)Omega Worldwide, Inc., a subsidiary of Omega, provides investment advisory services and holds equity and debt interests in companies that provide sale/leaseback financing and other capital financing to healthcare companies worldwide. For the six months ended 3/31/99, revenues totalled $9.2 million. Net income applicable to Common totalled $2.4 million. Results are not comparable due to the 4/98 inception of operations. 
Permian Basin Royalty Tr. (NYSE : PBT)Permian Basin Royalty Trust, an express trust, collects the income from properties owned by Burlington Resources Oil and Gas Company, including the Waddell Ranch properties (containing 344 oil wells, 67 gas wells and 137 net injection wells) and the Texas Royalty Properties. For the three months ended 3/31/99, total revenues fell 66 percent to $1.8 million. Net income fell 68 percent to $1.6 million. Results reflect lower royalty income due to a decrease in oil and gas prices. 
Petroleum & Resource Fund (NYSE : PEO)PEO is a closed-end equity fund emphasizing natural resources stocks. The investment objectives are capital preservation, reasonable income, and an opportunity for capital gain. For the three months ended 3/99, total investment income totalled $2.6 million. Net increase in net assets from operations totalled $20.5 million. Net asset value per share rose from $34.30 at the beginning of the quarter to $35.58 at the end of the quarter. 
Personal Diagnostics Inc. (OTC BB : PERS)As of 3/31/95, Personal Diagnostics Inc. sold its orthopedic component manufacturing facilities for artificial hips and knees, and is focusing on entering into a new operating business. The Company is presently trading equity and other financial instruments. For the three months ended 12/31/98, revenues fell 37 percent to $62 thousand. Net income rose from $10 thousand to $30 thousand. Results reflect higher interest income due to lower interest rates and compensation paid. 
Portugal Fund, Inc. (NYSE : PGF)The Portugal Fund, Inc. is a closed-end, non-diversified management investment company. The Funds investment objective is to seek total return through investments primarily in Portugese securities. Total investment income for the fiscal year ended 12/31/98 totalled $2.6 million. Net investment income totalled $658 thousand. Net increase in net assets resulting from operations totalled $24.5 million. Net asset value per share totalled $18.31. 
Prospect Street High Inc. (NYSE : PHY)Prospect Street High Income Portfolio Inc. is a closed-end diversified investment company that invests primarily in high yield debt securities in different industry groups. For the fiscal year ended 10/31/98, total investment income increased 41 percent to $30 million. Net decrease in net assets applicable to Common Stock totalled $50.2 million, vs and increase of $26 million. Net asset value per share dropped from $11.94 to $7.97. 
Putnam Master Int. Income (NYSE : PIM)Putnam Master Intermediate Income Trust is a diversified, closed-end management investment company whose objective is to seek, with equal emphasis, high current income and relative stability of net asset value. For the six months ended 3/31/99, total investment income totalled $33 million. Net investment income totalled $29.3 million. Net increase in assets from operations totalled $16.3 million. Net asset value per share fell from $8.14 on 9/30/98, to $7.96 on 3/31/99. 
Putnam Master Inc. Trust (NYSE : PMT)Putnam Master Income Trust is a closed-end, diver-sified investment company managed by Putnam Management Co. The fund diversifies its investments among three sectors, the government sector, a high yield sector and an international sector. Total investment income for the fiscal year ended 10/31/98 totalled $42.3 million. Net investment income totalled $37.6 million. Net decrease in assets resulting from operations totalled $13.2 million. Net asset value per share totalled $8.27. 
Purus, Inc. (OTC BB : PURS)Purus discontinued its environmental technology business in November 1995. PURS's continuing operations consist principally of management of the Company's short-term investments, administration, and investigation of potential acquisitions. For the three months ended 4/3/99, the Company reported no revenues. Net loss from continuing operations decreased 70 percent to $14 thousand. Lower loss reflects lower general and administrative expenses. 
Rand Capital Corp. (Nasdaq : RAND)Rand Capital Corporation is a registered closed-end management investment company, investing in the securities of small businesses, which offer unique opportunities for growth. Net asset value totalled $1.44/share as of 12/98 vs. $1.46/share as of 12/97. For the fiscal year ended 12/31/98, investment income totalled $593 thousand, up from $458 thousand. For the fiscal year ended 12/31/98, net assets from operations decreased $104 thousand. 
Racom Systems, Inc. (OTC BB : RCOM)Racom Systems has entered a period whereby its primary function will be to collect future royalities if and when receivable persuant to the Company's existing RFID technology licenses to three multinational semiconductor companies. For the three months ended 3/31/99, revenues fell 98 percent to $23 thousand. Net loss totaled $459 thousand vs. income of $179 thousand. Results reflect the absence of $1 million licensing revenue, RCOM ceasing operations and fees paid to investment banking firms. 
REFAC (AMEX : REF)REFAC establishes, acquires, and administers international manufacturing licenses and joint ventures involving the products and related technologies, often patented or trademarked, of its clients. For the fiscal year ended 12/31/98, revenues rose 36 percent to $15.1 million. Net income fell 9 percent to $4.7 million. Results reflect increased gains on licensing related securities, offset by the inclusion of service expenses of Human Factors'and RSC's clients. 
Renaissance Cap. Growth (Nasdaq : RENN)Renaissance Capital Growth and Income Fund III, Inc. is a closed-end investment fund, primarily investing in registered and unregistered convertible equity and debt securities of small and medium sized companies. For the three months ended 3/31/99, gross investment income decreased 20 percent to $721 thousand. Net increase in net assets from operations decreased 19 percent to $6.4 million. Net asset value per share at the end of the period totalled $11.48. 
Resource America, Inc. (Nasdaq : REXI)REXI is engaged in three lines of business: real estate finance, commercial equipment leasing and energy operations, including natural oil and gas production. For the six months ended 3/99, revenues increased 86 percent to $67.6 million. Net income before extraordinary item increased 21 percent to $12.4 million. Revenues reflect increased energy revenues due to the acquisition of Atlas Group, Inc. Net income was partially offset by increased cost of revenues due to the acquisition. 
Regenesis Holdings, Inc. (RGNSRegenesis Holdings, Inc. is engaged in the search and investigation of business opportunities. For the nine months ended 9/30/98, the Company reported no revenues. Net loss from continuing operations fell 69 percent to $365 thousand. Revenues reflect the absence of operating subsidiaries. Lower loss reflects the absence of an underwriter warrant settlement charge and interest expense and lower office staff salaries, legal, professional fees, rent, travel and telephone expenses. 
Cohen & Steers Rlty. Inc. (AMEX : RIF)Cohen and Steers Realty Income Fund is a closed-end non-diversified management investment company which invests primarily in real estate related equity securities. For the fiscal year ended 12/31/98, total investment income totalled $2.5 million. Net investment income totalled $2 million. Net decrease in assets resulting from operations totalled $4.4 million. Net asset value per share decreased from $11.08 as of December 31, 1997, to $7.56 as of December 31, 1998. 
Morgan St.D.W. Eastern Eu (NYSE : RNE)Morgan Stanley Dean Witter Eastern Europe Fund is a closed-end management investment company whose investment objective is long-term capital appreciation through investments primarily in equity securities. For the fiscal year ended 12/31/98, total investment income totalled $1.5 million. Net investment loss totalled $823 thousand. Net decrease in assets resulting from operations totalled $67.5 million. Net asset value per share fell from $26.59 at 12/97, to $12.65 at 12/98. 
R O C Taiwan Fund (NYSE : ROC)ROC is a diversified closed-end mgmt. fund investing in securities traded on Taiwan Stock Market. The fund is mainly invested in the metals, electronics, textiles, plastics and food industries. For the fiscal year ended 12/31/98, total investment income fell 22 percent to $1.4 million. Net investment loss fell 30 percent to $3.7 million. Net assets loss from operations totalled $57.5 million vs. income of $42.2 million. Results reflect higher China Taxes, and a realized loss on investments and foreign currency. 
Ramco-Gershenson Prop.Tr. (NYSE : RPT)Ramco-Gershenson Properties Trust is engaged in the business of owning, developing, acquiring, managing and leasing community shopping centers, regional malls and single tenant retail properties. For the three months ended 3/31/99, revenues rose 18 percent to $21.8 million. Net income applicable to Common rose 14 percent to $2 million. Revenues benefitted from increased minimum rents due to shopping center acquisitions. Earnings were partially offset by higher operating expenses. 
Rose's Holdings, Inc. (OTC BB : RSES)Rose's Holdings owns a 90 percent interest in WebBank, which engages in commercial finance transactions, and Praxis, which provides research and development in creating financial products. For the three months ended 3/31/99, total interest income totalled $190 thousand. Net interest income after loan loss provision totalled $149 thousand. Net loss totalled $494 thousand. Results are not comparable due to the Company changing its fiscal year end from January to December. 
Royce Value Trust Inc (NYSE : RVT)Royce Value Trust is a closed-end fund with an objective of capital appreciation. The Fund invests primarily in small and micro-cap companies using a disciplined value approach. For the six months ended 6/30/98, total investment income totalled $5.6 million. Net investment income totalled $2.5 million. Net increase in net assets from investment operations totalled $50.4 million. Net asset value per share increased from $16.91 to $17.54. 
Salomon Brothers Fund (NYSE : SBF)The Salomon Brothers Fund, Inc. is a diversified, closed-end management investment company. The Fund's primary investment objectives are growth and conservation of capital. For the fiscal year ended 12/31/98, total investment income totalled $32 million. Net investment income totalled $23.3 million. Net increase in net assets from operations totalled $322.6 million. Net asset value per share rose from $18.51 at 12/31/97 to $18.76 at 12/31/98. 
Sabine Royalty Trust (NYSE : SBR)SBR was established between Sabine Corp., as trustor, and NationsBank of Texas, N.A., as trustee, and by the transfer from Sabine Corp. to the Trust, of royalty and mineral interests in producing and proved undeveloped oil and gas properties in six states. For the three months ended 3/31/99, royalty income fell 34 percent to $5.2 million. Distributable income decreased 35 percent to $4.8 million. Results reflect lower oil and gas prices and production and lower interest income. 
Santa Fe Financial Corp. (Nasdaq : SFEF)SFEF owns a 49.8 percent limited partnership interest in Justice Investors (owns and leases a hotel in San Francisco, CA) and 55.4 percent equity interest in Intergroup Woodland Village (an apartment complex). For the fiscal year ended 12/31/98, total revenues fell 33 percent to $2 million. Net loss totalled $380 thousand, vs. income of $591 thousand. Revenues reflect the repositioning of the investment portfolio by selling underperforming securities. Net loss reflects increased property operating expenses. 
Santa Fe Energy Trust (NYSE : SFF)Santa Fe Energy Trust holds royalty interests in oil and gas properties. The principal assets of the Trust consist of Wasson ODC Royalty and Wasson Willard Royalty. For the three months ended 1/31/99, revenues decreased 19 percent to $2.6 million. Net income decreased 18 percent to $2.5 million. Royalty income suffered from a decrease in the price of oil and gas and decreased volumes sold. Net income was partially offset by the absence of cash withheld for trust expenses. 
San Juan Basin Royalty (NYSE : SJT)San Juan Basin Royalty Trust is a trust between Southland Royalty Co. and Bank One, TX, NA. SJT's principal asset is a 75 percent net overriding royalty interest carved out of Southland's oil and gas leasehold and royalty interests in the San Juan Basin, NM. For the three months ended 3/99, royalty income fell 40 percent to $7 million. Net income fell 41 percent to $6.8 million. Results reflect lower average gas and oil prices and lower gas prodution due to a decrease in coal seam production. 
Source Capital, Inc. (NYSE : SOR)Source Capital, Inc. is a diversified, closed-end management investment company. The Company's investment portfolio includes a wide range of securities with primary emphasis on Common Stock and Convertibe Debentures. For the fiscal year ended 12/98, investment income totalled $10.2 million. Net investment income totalled $6.6 million. Net increase in net assets applicable to Common totalled $24.6 million. Net asset value per share totalled $48.23. 
Sterling Capital Corp. (AMEX : SPR)Sterling Capital Corp. is a diversified, closed-end investment company. The Company's investments include stock in Consumer Goods, Telecommunication and Cable TV, Health Care, Financial Services, Transportation Services and other industries. For the fiscal year ended 12/31/98, revenues decreased 15 percent to $635 thousand. Net income decreased 64 percent to $856 thousand. Revenues reflect decreased interest and dividend income. Earnings reflect decreased realized/unrealized gains on investments. 
Southern States Power Co. (OTC BB : SSPC)Southern States Power Company, Inc. is a development stage company concerned with power generation for various applications. For the nine months ended 10/31/98, revenues totalled $26 thousand. Net loss totalled $46 thousand. Revenues benefitted from the inclusion of dividend income from cash reserves. Loss reflects the inclusion of amortization expenses, legal expenses, travel expenses, supplies and bank charges and increased accounting charges. 
SWWT, Inc. (OTC BB : SWWT)SWWT, Inc., prior to February 1998, was engaged in the manufacture and sale of portable water filtration and purification devices. On 2/6/98, the Company sold these operations and currently has no further operating businesses. For the three months ended 3/31/99, the Company reported no revenues. Net loss decreased 91 percent to $8 thousand. Lower loss reflects lower general and administrative expenses due to the sale of all operating businesses. 
Medallion Financial Corp. (Nasdaq : TAXI)Medallion is a closed-end management investment company whose principal activity is the origination and servicing of commercial secured loans. TAXI also operates a taxicab rooftop advertising business. For the three months ended 3/31/99, total investment income rose 8 percent to $9.4 million. Net increase in assets from operations rose 7 percent to $4.5 million. Results reflect increased average loan and investment balances, partially offset by increased interest expense. 
TBM Holdings, Inc. (OTC BB : TBMH)TBM sold all business operations and its subsidiary, Building Blocks, Inc., and filed a petition for relief under Chapter 11 of the U.S. Bankruptcy code. The Company is currently seeking opportunities for business combinations. For the comparable 13 wks. ended 3/99, net sales remained at $0. Net loss fell 67 percent to $42 thousand. Revenues reflect the discontinuation of all operations. Lower loss reflects lower S/G/A costs and the absence of litigation costs. 
Tadeo Holdings, Inc (Nasdaq : TDEO)Tadeo Holdings, Inc., through its wholly-owned subsidiary Astratek, is involved in developing software tools and related products for Internet and intranet technology and providing consulting and professional services for several major companies. For the nine months ended 3/99, revenues rose from $503 thousand to $1.3 million. Net loss applicable to Common fell 56 percent to $1 million. Results reflect higher Visual Audit sales, increased professional fees from clients and lower salary expenses. 
Tel Offshore Trust (OTC BB : TELOZ)TELOZ consists of interests in the Tel Offshore Trust Partnership, which owns an overriding royalty interest in certain oil and gas properties located in offshore LA. For the three months ended 3/31/99, royalty income fell 95 percent to $88 thousand. Distributable income fell 97 percent to $56 thousand. Revenues suffered from lower average price per barrel of crude oil and natural gas. Earnings also suffered from a net deposit of $461 thousand into the Trust's Special Cost Escrow Acct. 
Templeton Global Govt. (NYSE : TGG)Templeton Global Governments Income Trust is a closed-end, non-diversified management investment company that invests in a portfolio of debt securities of govern-ments and government agencies of various nations throughout the world. For the six months ended 2/28/99, interest income totalled $7.2 million and net investment income totalled $6.3 million. Net increase in net assets from operations totalled $762 thousand. Net asset value per share totalled $7.29. 
Tianrong Internet Product (OTC BB : TIPS)Tianrong Internet Products and Services, previously engaged in themarketing and sale of powdered metals, ceased all active operations on 6/30/94. The Company currently maintains its corporate status, negotiates creditor settlements and searches for aquistions. For the nine months ended 9/30/96, net revenues totalled $458, up from $0 thousand. Net loss fell 50 percent to $460 thousand. Results reflect the acquisition of Kingslawn Offset Corp. 
Tidelands Royalty Trust B (OTC BB : TIRTZ)Tidelands Royalty Trust B engages in the administration and liquidation of rights to interests in oil, gas or other mineral leases obtained by Gulf Oil Corporation in a designated area of the Gulf of Mexico. For the three months ended 3/31/99, total revenues decreased 20 percent to $388 thousand. Net income decreased 22 percent to $361 thousand. Results reflect an decrease in the average price realized for oil sales and increased general and administrative expenses. 
Torch Energy Royalty Trus (NYSE : TRU)TRU was formed truant to a trust agreement among Wilmington Trust Co., Torch Royalty Co., Velasco Gas Co., and Torch Energy Advisors. TRC and Velasco receive payments from the proceeds of oil and gas sold and make payments to the Trust which is paid out in quartlerly dividends. For the three months ended 3/99, revenues fell 41 percent to $2.5 million. Distributable income fell 42 percent to $2.2 million. Results suffered from declines in oil and gas production. 
Tri-Continental Corp. (NYSE : TY)Tri-Continental Corp. is a registered closed-end investment company whose goal is to produce long-term growth of both capital and income, while providing reasonable income. For the fiscal year ended 12/31/98, total investment income totalled $80.1 million. Net investment income totalled $58.8 million. Net increase in assets from operations totalled $814.9 million. Net asset value per share increased from $32.06 at December 31, 1997, to $34.13 at December 31, 1998. 
Uniservice Corporation (Nasdaq : UNSRA)Uniservice Corporation, a holding company for Kentucky Foods Chile, S.A., is in the fast food business and operates 34 Kentucky Fried Chicken restaurants in the Santiago, Chile area. For the three months ended 3/99, revenues fell 7 percent to $3.2 million. Net income fell 81 percent to $42 thousand. Revenues suffered from government mandated power outages of up to two hours per day during operating hours. Earnings also reflect an increase in payroll and employee benefits expense. 
Utopia Marketing, Inc. (UTPMUtopia Marketing sold off all its trademarks, and currently has no products under development. Prior to the sale of its trademarks, UTPM was engaged in the design, development and marketing of footwear products under its SAM and LIBBY brand name. For the fiscal year ended 1/02/99, revenues fell to $0, down from $129 thousand. Net loss decreased 43 percent to $449 thousand. Results reflect the sale of the Company's trademarks to the Maxwell Shoe Company on 7/2/96. 
Value Holdings, Inc. (OTC BB : VALH)VALH acquires businesses with the goal of building well-run, independent subsidiaries who have solid market niches. ILCO has a 28 percent interest in Forest Hill Capital Corp. which operates a chain of retail optical stores. For the six months ended 4/30/99, sales totalled $9.1 million, up from $317 thousand. Net income totalled $463 thousand, up from $24 thousand. Results reflect the recent acquisition of John Ziner Lumber Ltd., partially offset by $250 thousand in bad debt reserve. 
Winfield Capital Corp. (Nasdaq : WCAP)WCAP is a non-diversified company that elects to be regulated as a business development unit, a type of closed end investment company. Using SBA funds, WCAP lends to and makes investments in small businesses. For the nine months ended 12/98, revenues fell 30 percent to $629 thousand. Net income totalled $24.3 million vs. a loss of $1.6 million. Revenues reflect lower interest on invested idle funds. Earnings reflect the unrealized appreciation of shares held in Cyberian Outpost. 
Walnut Financial Services (Nasdaq : WNUT)Walnut Financial, a closed-end management investment company, invests in start-up and early stage development companies, and operates an investment vehicle that provides bridge financing to small to medium-sized companies. For the three months ended 3/31/99, total investment income totalled $26 thousand. Net investment loss totalled $375 thousand. Net decrease in assets from operations totalled $352 thousand. Net asset value per share fell from $2.73 at 12/98 to $2.58 at 3/99. 
Waterside Capital Corp. (Nasdaq : WSCC)Waterside Capital Corp. is a closed-end investment company licensed by the SBA as a small business investment company. The Company invests in equity and debt securities of small businesses to finance their growth, expansion and modernization. For the nine months ended 3/99, total operating income totalled $2 million, up from $371 thousand. Net income rose from $312 thousand to $748 thousand. Results reflect increased dividend income, partially offset by $211 thousand in interest expense. 
Williams Coal Seam Gas (NYSE : WTU)Williams Coal Seam Gas, a business trust, acquires and holds certain royalty interests in proved natural gas properties located in the San Juan Basin of NM and CO. For the three months ended 3/31/99, total revenues increased 35 percent to $4.1 million. Distributable income increased 35 percent to $4 million. Results reflect an increase in royalty income due to an increase in the overall production and a decrease in expenses related to royalty, taxes, operating costs and capital expenditures. 
Morgan St.D.W. Hi Inc II (NYSE : YLT)Morgan Stanley Dean Witter High Income Advantage Trust II is a diversified closed-end management investment company whose primary investment objective is to earn a high level of current income and capital appreciation. For the six months ended 1/31/99, investment income totalled $12.6 million. Net investment income totalled $11.8 million. Net decrease in assets resulting from operations totalled $20.8 million. Net asset value per share fell from $5.56 on 7/98, to $4.62 on 1/99.%}
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ABC-NACO, Inc. (Nasdaq : ABCR)ABCR engineers, manufactures and markets replacement products and original equipment for the freight railroad and rail transit industries, focusing on specialty trackwork and mechanical products. For the nine months ended 4/99, revenues rose 10 percent to $506.5 million. Net loss before extraordinary item and acct. change totalled $4.7 million vs. an income of $8.6 million. Revenues reflect increased sales in the Rail Products Group. Net loss reflects merger-related expenses and higher debt. 
AFC Cable Systems, Inc. (Nasdaq : AFCX)AFC Cable Systems, designs, manufactures and supplies electrical, voice and data distribution products used in the construction and modernization of non-residential buildings. For the three months ended 4/3/99, revenues rose 12 percent to $72.9 million. Net income rose 25 percent to $6.9 million. Revenues reflect higher sales of modular wiring systems, photo controls and other lighting products, and electronic interfaces and connectors for the computer industry. Earnings reflect higher gross margins. 
Alpine Group, Inc. (NYSE : AGI)AGI is engaged in the manufacture and sale of telecommunications wire and cable products and the manufacture and supply of refractory products and services. For the nine months ended 1/31/99, net sales rose 54 percent to $997.4 million. Net income before extraordinary item applicable to Common rose 10 percent to $12.9 million. Revenues reflect the acquisitions of American Premier, Essex, and Cables of Zion. Earnings were partially offset by an increase in consolidated debt. 
Amcast Industrial Corp. (NYSE : AIZ)Amcast Industrial Corp. engages in the business of producing fabricated metal products, valves and controls, and cast and tubular metal products. For the six months ended 2/28/99, net sales increased 4 percent to $287.8 million. Net income before accounting change rose 43 percent to $14.5 million. Revenues reflect strong aluminum wheel sales in North America and Europe. Earnings also reflect a $9 million gain on the sale of Superior Valve Company and lower interest expense. 
Alyn Corporation (Nasdaq : ALYN)Alyn Corporation designs, develops and manufactures industrial and consumer products utilizing its proprietary advanced metal matrix composite materials. For the three months ended 3/31/99, revenues totalled $826 thousand, up from $28 thousand. Net loss applicable to Common rose 3 percent to $2.8 million. Revenues reflect the Company's transition from prototyping to production. Higher loss reflects reduced margins and increased interest expense. 
American Superconductor (Nasdaq : AMSC)AMSC develops and commercializes high temperature superconducting wire, wire products and systems, including current leads, multistrand conductors, electromagnetic coils and electromagnets. For the nine months ended 12/98, revenues decreased 32 percent to $7.8 million. Net loss increased 29 percent to $11.5 million. Revenues reflect the absence of a shipment of a large PQ DC (TM) SMES system. Higher loss reflects increased salaries and related expenses to support corporate development. 
Anicom, Inc. (Nasdaq : ANIC)Anicom specializes in the sale and distribution of communications related wire, cable, fiber optics and computer network and connectivity products. For the three months ended 3/31/99, revenues rose 34 percent to $137.2 million. Net income applicable to Common rose 12 percent to $3 million. Results reflect new customers, new products, expanded market penetration and increased volume with existing customers, partially offset by higher interest expense. 
ANTEC Corporation (Nasdaq : ANTC)ANTC is a communications technology co. specializing in the design, engineering, manufacturing, materials management and distribution of products for hybrid fiber/coax (HFC) broadband networks. For the three months ended 03/31/99 sales rose 18 percent to $145.3 million. Net income totalled $38.6 million vs. a loss of $4.6 million. Revenues reflect increased sales to AT&T the Co.'s largest customer. Income reflects a $60 million gain on the sale of ANTEC's 6.25 percent interest in Arris Interactive. 
Advanced Technical Prod. (Nasdaq : ATPX)Advanced Technical Products designs, develops and manufactures advanced composite material products used in the aerospace and defense industries, and produces natural gas vehicle fuel tanks and specialty vehicle electronic products. For the three months ended 4/2/99, revenues rose 37 percent to $42.3 million. Net income applicable to Common totalled $1.1 million, up from $111 thousand. Results reflect increased NGV fuel tank shipments, and improved economies of scale. 
Atrix International, Inc. (Nasdaq : ATXI)ATXI is a manufacturer of remote metering and production monitoring hardware and software for the copy control and plastic injection molding industries. ATXI also manufactures industrial vacuums, vacuum filters and circuit board transport cases. For the nine months ended 3/31/99, revenues rose 4 percent to $3.2 million. Net loss fell 73 percent to $42 thousand. Revenues reflect increased sales of miscellaneous tool items. Lower loss reflects reduced salary expenses. 
Barnes Group, Inc. (NYSE : B)B operates Bowman Distribution, a distributor of replacement items; Associated Spring, a manufacturer and distributor of custom-made springs/metal components; and Barnes Aero-space, an aerospace parts manufacturer. For the three months ended 3/99, revenues fell 4 percent to $162.2 million. Net income fell 16 percent to $10 million. Revenues reflect shipment delays caused by planned warehouse shutdowns. Earnings suffered from increased costs as a  percentage of sales. 
BMC Industries, Inc. (NYSE : BMC)BMC Industries designs, manufactures and markets aperture masks for color television and computer monitors, precision photo-etched metal and electroformed parts, and polycarbonate, glass and hard-resin plastic ophthalmic lenses. For the three months ended 3/31/99, revenues rose 6 percent to $84.6 million. Net income fell 16 percent to $3.2 million. Results reflect growth in sales of high-end products, offset by higher selling expenses and increased interest expense. 
Barnett Inc. (Nasdaq : BNTT)Barnett Inc. is a direct marketer and distributor of a range of plumbing, electrical, and hardware products to approximately 65 thousand active customers throughout the United States (as of 6/98). For the nine months ended 3/31/99, net sales rose 18 percent to $174.4 million. Net income rose 9 percent to $11.3 million. Results reflect greater sales by existing telesalespersons and the introduction of new products, partially offset by lower margins due to competitive pricing pressures. 
Dynamic Materials Corp. (Nasdaq : BOOM)BOOM performs metal cladding using its proprietary Dynaclad(TM) and Detaclad(R) technologies and performs metal forming using several technologies, including its proprietary Dynaform(TM) technology worldwide. For the three months ended 3/99, revenues rose 2 percent to $9.7 million. Net income fell 72 percent to $145 thousand. Revenues reflect the acquisitions of AMK, Spin Forge and PMP. Earnings were offset by start-up costs and increased interest expenses. 
Belden, Incorporated (NYSE : BWC)Belden, Inc. designs, manufactures and markets wire, cable and cord products for the electronics and electrical applications. For the three months ended 3/31/99, revenues decreased 8 percent to $159.6 million. Net income from continuing operations decreased 59 percent to $6.2 million. Revenues suffered from price declines due to the pass-through of cheaper copper. Earnings also suffered from a decrease in gross profit due to lower revenues and decreased profitability. 
A.M. Castle & Co. (AMEX : CAS)CAS is an industrial distributor of specialty metals such as carbon, alloy and stainless steels; aluminum; nickel alloy; titanium and copper and brass. The Co. also distributes a broad range of industrial plastics. For the three months ended 3/31/99, net sales fell 13 percent to $183.5 million. Net income fell 61 percent to $2.8 million. Results reflect a decrease in tons sold, a reduction in average selling prices and a higher interest expense. 
Century Aluminum Company (Nasdaq : CENX)Century Aluminum Company is an integrated producer of primary aluminum and a range of value-added and specialized flat-rolled sheet and plate aluminum products. For the three months ended 3/31/99, net sales fell 7 percent to $163.4 million. Net loss totalled $2.8 million vs. an income of $5.8 million. Revenues reflect lower primary and sheet aluminum sales due to lower sales prices. Loss also reflects negative primary aluminum margins due to lower prices. 
Margate Industries Inc. (Nasdaq : CGUL)Margate Industries, Inc. is a holding company whose subsidiaries are involved in the cleaning of small and medium-sized grey iron castings that are sold primarily to the North American automobile industry. For the three months ended 3/31/99, net sales rose 7 percent to $2.5 million. Net income fell 95 percent to $85 thousand. Revenues reflect an increase in sales. Earnings were offset by the absence of a $2.1 million gain on the sale of a 45 percent interest in New Haven Foundry. 
China Pacific, Inc. (OTC BB : CHNAQ)China Pacific, Inc. is engaged in iron and steel production in the People's Republic of China. The Co. also holds options to develop and market land surrounding Sun City. For the nine months ended 9/30/98, net sales fell 16 percent to RMB633M. Net loss totalled RM68.6 million vs. an income of RMB35.8 million. Revenues reflect a decrease in sales volume of the Company's steel products. Loss also reflects increased provisions for the diminution in value of two properties. 
CompX International Inc. (NYSE : CIX)CompX sells ergonomic computer support systems and precision ball bearing draw slides and medium-security mechanical locks for office furniture and a variety of other applications. For the three months ended 3/31/99, total revenues rose 72 percent to $55.2 million. Net income totaled $5.9 million, up from $2.2 million. Revenues reflect the acquisitions of Fort Lock, Timberline Lock and Thomas Regout. Net income benefitted from the absence of a $3.3 million stock award to key individuals. 
Commercial Metals Company (NYSE : CMC)Commercial Metals Company manufactures, recycles, and markets steel and metal products and related materials. CMC also trades primary and secondary metals and other industrial products worldwide. For the six months ended 2/28/99, revenues fell 2 percent to $1.1 billion. Net income rose 18 percent to $19.4 million. Revenues reflect lower recycling revenues due to lower ferrous sales prices. Earnings reflect an improved operating profit in the manufacturing and marketing segments. 
Commonwealth Industries (Nasdaq : CMIN)CMIN manufactures aluminum sheet and flexible electrical conduit and cable products made principally from recycled aluminum scrap and primary aluminum. For the three months ended 3/99, net sales fell 4 percent to $238.8 million. Net income fell 22 percent to $2.2 million. Revenues reflect lower aluminum and copper prices. Earnings also reflect from increased at Alflex associated with higher sales volume and the infrastructure required to support the growth of this business. 
Coventry Industries Corp. (OTC BB : COVN)Coventry Industries is a Florida corporation which distributes conveyor pulleys and idlers, gear and motor drives, bearings, roller chains and a full line of power transmission products. The Company also distributes pipes and valves. For the six months ended 12/98, revenues fell 25 percent to $3.9 million. Net loss applicable to Common fell 14 percent to $1.7 million. Revenues reflect the sale of Apollo and the sale of American Industrial Management. Lower loss reflects higher margins. 
Crane Company (NYSE : CR)Crane Co. is a diversified manufacturer of engineered industrial products and is a distributor of doors, windows and millwork. For the three months ended 3/31/99, sales increased 9 percent to $574.8 million. Net income increased 13 percent to $33.7 million. Revenues benefitted from acquisitions. Earnings also benefitted from improved operating margins, increased interest income and higher miscellaneous income. 
Chase Industries, Inc. (NYSE : CSI)Chase Industries, Inc., through its subsidiaries CBCC and Leavitt, manufacture free-machining and forging brass rod and structural and mechanical steel tubing. For the three months ended 3/31/99, net sales decreased 17 percent to $103.9 million. Net income decreased 37 percent to $4.4 million. Revenues suffered from lower prices and a reduction in steel tube shipments. Net income also suffered from the inclusion of a $1.8 million lower of cost-or-market inventory writedown. 
Chicago Rivet & Machine (AMEX : CVR)Chicago Rivet and Machine Co. produces and sells rivets, cold-headed parts, screw machine products, automatic rivet setting machines and parts and tools for such machines. CVR also leases automatic rivet setting machines. For the three months ended 3/31/99, revenues increased 7 percent to $12.5 million. Net income increased 26 percent to $1.2 million. Revenues reflect higher sales in the fastener segment. Net income also reflects ongoing efforts to control manufacturing costs. 
Dyna Group International (OTC BB : DGIX)DGIX designs, manufactures, and markets lines of consumer products, as well as products for industry used as advertising specialties and premiums, utilizing pewter and white metal alloys centrifugally cast in rubber molds. For the three months ended 3/99, revenues rose 14 percent to $1.7 million. Net income totalled $49 thousand, up from $21 thousand. Revenues reflect the overall broadening of the customer base. Earnings also reflect lower interest expenses. 
Driver-Harris Company (AMEX : DRH)DRH is engaged in the business of manufacturing and marketing non-ferrous metal products, principally insulated electrical wire and cable. For the three months ended 3/31/99, total revenues rose 7 percent to $10.1 million. Net income totalled $108 thousand vs. a loss of $373 thousand. Revenues reflect increased units shipped in manufacturing. Net income reflect lower selling, general and administrative costs as a  percentage of sales. 
Dura Automotive Systems (Nasdaq : DRRA)DRRA designs and manufactures mechanical assembly system, components, hardware and cables for use in the automotive industry. DRRA supplies both parking brake mechanisms and parking brake cables to OEMs. For the three months ended 3/31/99, revenues totaled $264.7 million, up from $125.7 million. Net income before extraordinary item and effect of acctg. change totaled $9.3 million, up from $4.6 million. Results reflect acquisitions and an improved gross margin. 
Engelhard Corporation (NYSE : EC)Engelhard Corporation develops, manufactures and markets technology-based performance products and engineered materials for a wide spectrum of industrial customers. EC also provides services to precious and base metals customers. For the three months ended 3/99, sales rose 11 percent to $1.07 billion. Net income fell 6 percent to $40.5 million. Revenues reflect higher sales in the Catalysts and Chemicals segment. Net income was offset by lower margins. 
Ekco Group, Inc. (NYSE : EKO)EKO is a manufacturer, developer and marketer of branded consumer products, such as bakeware, kitchenware, pantryware, brooms, brushes and mops. For the 13 weeks ended 4/4/99, revenues fell 1 percent to $66.9 million. Net loss rose 60 percent to $1 million. Revenues reflect price reduction in low-end commodity products and the absence of revenue from discontinued operations. Net loss also reflects reduced selling prices of kitchenware products. 
Easco, Inc. (Nasdaq : ESCO)ESCO is an extruder of soft alloy aluminum products. The products include standard and custom profiles (shapes of specific lengths and cross-sectional design), conduit and drawn tubing. For the three months ended 3/99, sales rose 1 percent to $81.6 million. Net income fell 48 percent to $1.8 million. Revenues reflect higher aluminum pounds shipped and a shift in the mix of shipment from toll conversion to Company supplied products. Earnings were offset by the absence of $3 million in benefits. 
Essef Corporation (Nasdaq : ESSF)Essef Corp. is a worldwide supplier of composite components and subsystems for the movement, storage, and treatment of water. For the six months ended 3/99, revenues increased 22 percent to $208.8 million. Net income fell 47 percent to $1.1 million. Revenues benefitted from five acquisitions completed in fiscal 1998. Net income reflects increased sales and marketing lead-generating expenses as well as lower gross margins within Swimming Pool and Installation segments. 
Fastenal Company (Nasdaq : FAST)Fastenal Company is principally engaged in the sale of industrial supplies, including threaded fasteners and construction supplies, through 767 store sites located in 48 states, Puerto Rico and Canada. For the three months ended 3/31/99, net sales rose 21 percent to $140.6 million. Net income rose 24 percent to $15.4 million. Revenues reflect unit sales growth at existing sites from increased market share. Earnings also reflect a reduction in the rate of payroll cost growth. 
Foilmark, Inc. (Nasdaq : FLMK)Foilmark, Inc. is a manufacturer of all components used in the hot stamping process: machinery, foils, tooling and dies. For the fiscal year ended 12/31/98, net sales fell 7 percent to $30.9 million. Net income from continuing operations fell 76 percent to $357 thousand. Revenues suffered from declining sales volume at the FHI holographic division and a reduction in export sales of hot stamping foils to Asian manufacturers. Earnings also reflect increased advertising and marketing expenses. 
Fansteel Inc. (NYSE : FNL)FNL is a specialty metals manufacturer of tools for cutting, milling, coal mining, construction and toolholding devices. FNL's products are classified into two business segments; industrial tools and metal fabrications. For the fiscal year ended 12/98, revenues increased 10 percent to $153.8 million. Net income from continuing operations totalled $5.4 million vs. a loss of $2.5 million. Results reflect higher sales of forgings product line, and the absence of a $6.9 million environmental remediation charge. 
Federal Screw Works (Nasdaq : FSCR)Federal Screw Works is a manufacturer of industrial component parts such as locknuts, bolts, piston pins, studs, bushings, shafts and other machined, cold formed, hardened and/or ground metal parts. For the six months ended 12/98, net sales increased 10 percent to $55 million. Net income rose 16 percent to $2.7 million. Revenues benefitted from a strong participation in a new truck program. Earnings also benefitted from improved gross margins due to better product mix and higher volume. 
L.B. Foster Company (Nasdaq : FSTR)L.B. Foster Company is engaged in the manufacture, fabrication and distribution of rail and trackwork, piling and highway and tubular products. For the three months ended 3/31/99, total revenues increased 9 percent to $53.8 million. Net income decreased 35 percent to $460 thousand. Revenues reflect increased shipments of new rail products and the acquisition of the Foster Geotechnical division. Earnings were offset by lower margins due to the Company's product mix and increased S/G/A expenses. 
General Cable Corp. (NYSE : GCN)General Cable is engaged in the development, design manufacture, marketing and distribution of copper wire and cable products for the communications and electrical markets. For the three months ended 3/31/99, net sales fell 6 percent to $262.8 million. Net income fell 40 percent to $8.1 million. Results reflect lower average monthly Comex price per pound of copper, lower sales of Electrical products and higher interest expense due to increased borrowing. 
General Housewares Corp. (NYSE : GHW)GHW manufactures and markets consumer durable goods with principal lines of businesses consisting of housewares and precision cutting tools. For the fiscal year ended 12/31/98, revenues decreased 7 percent to $97 million. Net income decreased 94 percent to $39 thousand. Revenues suffered from reduced sales resulting from Divestiture. Higher loss reflects an increase in distribution-related expenses, write-down of notes receivable, and royalty expenses. 
General Kinetics, Inc. (OTC BB : GKIN)General Kinetics Incorporated is a designer and manufacturer of high-quality precision enclosures for electronic systems, principally for sale to the U.S. Department of Defense and U.S. Navy. For the nine months ended 2/28/99, revenues decreased 2 percent to $4.7 million. Net loss before extraordinary item totalled $212 thousand, up from $55 thousand. Revenues suffered from a decrease in demand. Higher losses reflect an increase in marketing costs. 
General Magnaplate Corp. (Nasdaq : GMCC)GMCC is engaged in applying, through various proprietary and other processes, coatings which cannot chip, peel or rub off and which increase the hardness and corrosion resistance of metal parts. For the nine months ended 3/31/99, revenues decreased 2 percent to $8.6 million. Net income decreased 13 percent to $888 thousand. Revenues reflect decreased royalty and license income. Net income also reflects increased cost of sales due to higher raw material costs. 
General Bearing Corp. (Nasdaq : GNRL)GNRL and subsidiaries manufactures, sources, assembles and distributes ball bearings, including standard radial, electric motor quality, tapered roller and traction motor ball bearings, used in a broad range of industrial applications. For the 13 weeks ended 4/3/99, revenues rose 33 percent to $13.7 million. Net income rose 60 percent to $1 million. Results reflect new sales of a drive line component to the automotive industry, and higher ball bearing sales. 
Goddard Industries (OTC BB : GODD)Goddard Industries is engaged in the design, manufacture and sale of cryogenic valves for industrial and commercial use and in the distribution of plumbing goods, valves and fittings for residential and commercial use. For the three months ended 1/2/99, revenues fell 5 percent to $2.4 million. Net income fell 18 percent to $162 thousand. Revenues reflect lower activities in the cryogenic industry due to lower orders from Asia. Earnings also reflect higher personnel expenses. 
Highway Holdings Limited (Nasdaq : HIHOF)Highway Holdings Limited is an integrated manufacturer of high quality metal parts, cameras and clocks for major Japanese, German and United States OEMs and contract manufacturers. For the six months ended 9/30/98, revenues rose 19 percent to $14.6 million. Net income totalled $1.3 million, up from $591 thousand. Revenues benefitted from increased sales in the United States and Europe. Earnings also benefitted from higher margins due to cost-savings initiatives. 
Hexcel Corporation (NYSE : HXL)HXL develops, manufactures and markets lightweight, high-performance reinforcement products, composite materials and engineered products for use in the commercial aerospace, space and defense, electronics, general industrial and recreation markets. For the three months ended 3/99, sales rose 23 percent to $316.2 million. Net income fell 69 percent to $5.2 million. Results reflect strong sales of composite products, offset by $2.8 million in acquisition and consolidation costs. 
Industrial Distrib. Group (NYSE : IDG)IDG is a nationwide supplier of cost-effective, flexible procurement solutions for manufacturers and users of industrial maintenance, repair, operating and production products. For the fiscal year ended 12/31/98, revenues rose from $153.2 million to $437.6 million. Net income rose from $2.3 million to $6.2 million. Revenues benefitted from the contributed sales of companies acquired in 1998 under the purchase method. Earnings also reflect a small decrease in S/G/A as a  percentage of sales. 
Industrial Holdings, Inc. (Nasdaq : IHII)IHII owns and operates a diversified group of middle-market industrial manufacturing and distribution businesses whose products include metal fasteners, large and heavy pressure vessels, high pressure industrial valves and related products and services. For the three months ended 3/31/99, sales rose 61 percent to $72.8 million. Net income avail. to Common fell 10 percent to $2.2 million. Results reflect acquisitions, offset by additional debt to fund the acquisitions. 
Pentacon, Inc. (NYSE : JIT)Pentacon, Inc. is a distributor of fasteners and other small parts and a provider of related inventory procurement and management services to original equipment manufacturers (OEMs) on a worldwide basis. Fasteners and small parts are incorporated into a wide variety of end use applications. For the three months ended 12/98, revenues rose from $14.5 million to $66.7 million. Net income rose from $145 thousand to $1.6 million. Results reflect the initial and subsequent acquisitions. 
Kaydon Corporation (NYSE : KDN)Kaydon Corp. designs, manufactures and sells antifriction bearings, bearing systems and components, filters and filter housings, specialty retaining rings, specialty balls and various custom-engineered products. For the three months ended 4/3/99, net sales fell 11 percent to $88.1 million. Earnings decreased 12 percent to $16.1 million. Results reflect lower sales levels of construction equipment, aerospace and specialty bearing products and lower margins. 
Kinark Corporation (AMEX : KIN)Kinark Corporation is engaged in galvanizing, chemical storage and public warehousing through its wholly-owned subsidiaries. For the three months ended 3/31/99, sales fell 8 percent to $11.1 million. Net income fell 29 percent to $241 thousand. Sales reflect lower than expected galvanizing activity and weather-related disruptions. Net income reflects an additional provision of $182 thousand for estimated uncollectible accounts receivable in the galvanizing unit. 
Lawson Products, Inc. (Nasdaq : LAWS)LAWS distributes expendable maintenance, repair and replacement products. Products include nuts, screws, hoses and hose fittings, rivets, lubricants, wiring, cleansers, connectors and automotive parts. For the three months ended 3/31/99, net sales increased 5 percent to $74.1 million. Net income increased 17 percent to $5.3 million. Revenues reflect an increased number of orders processed. Net income also reflects higher gross margins due to cost containment efforts. 
Ladish Company, Inc. (Nasdaq : LDSH)Ladish Company, Inc. is a provider of highly engineered, technically advanced components for the jet engine, aerospace and general industrial markets. For the three months ended 3/31/99, revenues decreased 31 percent to $42.8 million. Net income decreased 77 percent to $1.5 million. Revenues suffered from repair and upgrade of the Company's largest isothermal press. Earnings also suffered from under absorption of fixed costs by a diminished level of sales. 
Lindberg Corporation (Nasdaq : LIND)Lindberg Corporation is a heat treating company which serves in diverse industries including commercial aerospace automotive defense and others. For the fiscal year ended 12/31/98, net sales increased 41 percent to $125.1 million. Net income from continuing operations increased 37 percent to $9.5 million. Revenues benefitted from acquisitions and expansion of the SP 2000 program. Earnings were partially offset by the absence of a $1.4 million gain from earnings of a partnership. 
Madeco S.A. (NYSE : MAD)MAD operates in four business segments: construction, telecommunications, consumer products packaging and energy, mining and industrial products. For the fiscal year ended 12/31/97, net sales increased 36 percent to Ch$349.23 billion. Net income according to U.S. GAAP decreased 57 percent to Ch$4.77 billion. Net sales reflect the inclusion of sales from Ficap. Net income was offset by the inclusion of a Ch$2.31 billion minority interest charge vs. a Ch$659.4 million credit. 
Matthew's International (Nasdaq : MATW)Matthew's International designs, manufactures and markets custom-made products used to identify people, places, products and events. The operations are comprised of three business segments: Bronze, Graphics Imaging and Marking Products. For the six months ended 3/99, revenues rose 14 percent to $115 million. Net income increased 13 percent to $11.8 million. Results reflect acquisitions and increased unit volumes, partially offset by lower margins on sales of mausoleums. 
Morton Industrial Group (Nasdaq : MGRP)Morton Industrial Group is a contract manufacturer oh highly engineered metal and plastic components and subassemblies for construction, agricultural and industrial original equipment manufacturers. For the three months ended 3/31/99, net sales rose 28 percent to $39.4 million. Net loss before accounting change totalled $680 thousand, vs. an income of $958 thousand. Revenues reflect acquisitions. Loss reflects increased administrative expenses and higher interest expenses. 
Milastar Corporation (OTC BB : MILAA)MILAA sells special metallurgical services to manufacturers primarily in the greater Midwest and New England regions. Processing services performed include metallurgical engineering, heat treating, brazing and surface finishing. For the nine months ended 1/99, net sales rose 12 percent to $6.8 million. Net income fell 10 percent to $342 thousand. Revenues reflect successful marketing strategies. Earnings were offset by higher cost of sales at the Rogers, Minnesota plant. 
Mueller Industries, Inc. (NYSE : MLI)Mueller Industries Inc. manufactures brass, copper, plastic, and aluminum products. MLI also owns a short-line railroad and various natural resource properties. For the three months ended 3/27/99, revenues rose 27 percent to $287.8 million. Net income rose 13 percent to $21.7 million. Revenues reflect increased sales volumes at cooper tube and line sets. Net income reflects costs related to acquired business and higher interest expense due to increases in long term debt. 
Meridian National Corp. (OTC BB : MRCO)MRCO trades and processes steel products for the automotive truck and appliance industries and recycles or disposes paint wastes for generators of such wastes in the automotive industries. For the fiscal year ended 2/28/99, revenues fell 30 percent to $49.3 million. Net loss applicable to Common Stock totalled $5.7 million, up from $2.8 million. Revenues suffered from a major automotive strike and from a decline in demand for steel. Higher loss reflects a $2.7 million restructuring charge. 
Material Sciences Corp. (NYSE : MSC)MSC develops, manufactures,and markets continuously processed, coated and laminated materials. MSC's four product groups are: laminates and composites, specialty films, coal coating, and galvanizing. Net sales for the nine months ended 11/30/98 increased 62 percent to $355.1 million. Net income decreased 3 percent to $6.3 million. Revenues reflect increased sales of coil coating products and laminates and composites. Net income was offset by a higher interest expense ($9.2 million vs. $3.1 million). 
Metals USA, Inc. (NYSE : MUI)MUI, a metals processor/service center, manufactures components from processed metals (processes metals to specified thickness, length, width, shape, and surface quality). For the three months ended 3/99, revenues rose 52 percent to $422.4 million. Net income rose 49 percent to $10.7 million. Revenues reflect sales attributable to acquisitions. Earnings were partially offset by increased operating and delivery expenses and increased administrative costs. 
Nanophase Technologies (Nasdaq : NANX)Nanophase Technologies Corporation develops and markets nanocrystalline materials for the use as ingredients and components in a range of commercial applications. For the three months ended 3/99, total revenues decreased 54 percent to $325 thousand. Net loss increased 78 percent to $1.6 million. Total revenues reflects a reduction in development revenues. Higher loss reflects increased spending to further develop end use products and increased personnel costs. 
NN Ball & Roller, Inc. (Nasdaq : NNBR)NN Ball and Roller, Inc. is an independent manufacturer and supplier of precision steel balls and rollers to both domestic and international anti-friction bearing manufacturers. For the three months ended 3/31/99, net sales fell 14 percent to $17.9 million. Net income fell 26 percent to $2 million. Revenues reflect decreased sales volumes due to general economic conditions in Asia and South America. Earnings also suffered from lower margins due to lower volumes. 
Nortech Systems, Inc. (Nasdaq : NSYS)Nortech Systems, Inc. manufactures wire harness, cables, electronic sub-assemblies and components, printed circuit board assemblies, monitors and medical imaging products. For the three months ended 3/99, sales increased less than 1 percent to $10.5 million. Net income increased 1 percent to $249 thousand. Revenues reflect additional revenues generated by internal growth. Net income also benefitted from an increased gross margin and decreased interest expense. 
Networks Electronic Corp. (OTC BB : NWRK)Networks Electronic Corp. is engaged in the design, fabrication, assembly and sale of high technology components for aerospace and U.S. Government defense prime contractors, including specialized bearings and miniature pyrotechnic devices. For the nine months ended 3/31/99, net sales rose 41 percent to $6.1 million. Net income rose 71 percent to $1.1 million. Revenues benefitted from an increased order backlog. Earnings also benefitted from higher margins due to increased volumes. 
Optical Cable Corporation (Nasdaq : OCCF)OCCF manufactures and markets a broad range of fiber optic cables for ``high bandwidth'' transmission of data, video and audio communications over moderate distances of up to ten miles. For the six months ended 4/30/99, revenues fell 1 percent to $23.3 million. Net income fell 4 percent to $3.4 million. Revenues suffered from a decrease in volume and a change in product mix. Net income reflects an increase in S/G/A expenses as a  percentage of revenue due to increased marketing efforts. 
Parker-Hannifin Corp. (NYSE : PH)Parker-Hannifin Corp. manufactures motion control products, including fluid power systems, electromechanical controls and related components. For the nine months ended 3/99, net sales increased 8 percent to $3.67 billion. Net income fell 6 percent to $218.2 million. Revenues reflect acquisitions and continued strength of the Aerospace operations. Earnings were offset by increased interest expense due to increased borrowings related to acquisitions. 
Park-Ohio Holdings Corp. (Nasdaq : PKOH)Park-Ohio Holdings Corp. operates through two segments, Manufactured Products, high quality products engineered for specific customer applications, and Logistics, value-added, cost effective procurement solutions. Net sales for the three months ended 3/31/99 rose 26 percent to $171.4 million. Net income rose 51 percent to $4.3 million. Revenues benefitted from acquisitions. Earnings also reflect improved margins in the Aluminum products and ILS segments. 
Penn Engineering & Manuf. (NYSE : PNN)PNN manufactures and sells self-clinching and broaching fasteners and automatic insertion equipment. PNN also manufactures permanent magnet field, brush commutated direct current electric motors, and servomotors. For the three months ended 3/99, revenues fell 2 percent to $46 million. Net income fell 5 percent to $4.1 million. Revenues reflect decreased average selling prices. Earnings suffered from increases in advertising and technology related expenses. 
Productivity Technologies (Nasdaq : PRAC)Productivity Technologies is a manufacturer of automated industrial systems, machinery, equipment, components and engineering services principally for the automotive and appliance manufacturing industries. For the nine months ended three months ended 3/31/99, revenues fell 17 percent to $24.2 million. Net income fell 34 percent to $256 thousand. Results reflect lower order closings and produstion delays as well as an increase in R&D expenses. 
Pechiney (NYSE : PY)Pechiney is primarily engaged in the production of primary aluminum and aluminum products, and the production of packaging materials. PY is also engaged in the production of ferroalloys and international trade. For the comparable fiscal year ended 12/31/98, total revenues fell 7 percent to EUR10.01 billion. Net income rose 3 percent to EUR310M. Results reflect reduced revenues from international trade due to reduced copper activity, offset by increased beverage can margins. 
Q.E.P. Co., Inc. (Nasdaq : QEPC)QEPC manufactures, markets and distributes, principally through major home center chains, tools and related products used in the ceramic tile, masonry, dry wall and carpeting trades. For the nine months ended 11/30/98, revenues totalled $73.1 million, up from $31.4 million. Net income rose 22 percent to $1.8 million. Results reflect acquisitions and higher sales volumes to home center retailers, partially offset by lower margins due to the acquisition of lower margin businesses. 
Raytech Corporation (NYSE : RAY)RAY is a multinational manufacturer and marketer of specialty engineered products for heat resistant, inertia control, energy absorption and transmission applications. For the fiscal year ended 1/3/99, revenues increased 6 percent to $247.5 million. Net income increased 5 percent to $16.4 million. Revenues reflect additional sales volume within the domestic OEM and construction product market segments. Earnings were partially offset by an increase in shipping costs. 
Reliance Steel & Aluminum (NYSE : RS)Reliance Steel and Aluminum operates a network of metals service centers in 20 states providing value-added metals processing services and distributing a full line of metal products. For the three ended 3/31/99, revenues increased 18 percent to $375.1 million. Net income increased 20 percent to $14.1 million. Revenues benefitted from acquisitions and a one-time gain of $2.3 million from life insurance. Net income also reflects higher margin due to lower material costs. 
RTI International Metals (NYSE : RTI)RTI International is a holding company producing titanium mill and fabricated-metal products for the global market. RTI products are used in the aerospace, geothermal energy production, chemical process and oil and gas industries. For the three months ended 3/31/99, sales fell 24 percent to $67.5 million. Net income fell 75 percent to $3.7 million. Results reflect reduction in shipments of titanium mill products and lower demand from the aerospace industry. 
Russel Metals Inc. (Nasdaq : RUSMF)Russel Metals processes and distributes metals and metal products in North America through its network of 66 service centers. The Company also operates an international steel trading business. For the three months ended 3/31/99, revenues decreased 23 percent to C$360.3 million. Net income applicable to Common before U.S. GAAP adjustment decreased 45 percent to C$6.4 million. Revenues reflect decreased volumes. Lower income also reflects pricing pressures. 
Shaw Group Inc. (NYSE : SGR)Shaw Group Inc. is a supplier of integrated piping systems and provider of industrial construction and maintenance services for the electric power, chemical, petrochemical, and refining industries worldwide. For the six months ended 2/28/99, revenues decreased 2 percent to $229 million. Net income from continued operation decreased 29 percent to $7.1 million. Revenues reflect lower international sales from the Electric Power Sector. Earnings also reflect by higher S/G/A and interest expenses. 
Soligen Technologies, Inc (Emerging Company Marketplace : SGTSGT has developed a proprietary technology called Direct Shell Production Casting which is embodied in the Company's DSPC 300 System, producing ceramic molds directly from CAD files. Customer orders are taken through SGT's website. For the nine months ended 12/98, revenues rose 12 percent to $4.1 million. Net loss rose 58 percent to $1.4 million. Revenues reflect higher Parts NOW revenues. Higher loss reflects lower margins and costs related to expansion of the sales force. 
Shiloh Industries, Inc. (Nasdaq : SHLO)Shiloh Industries, Inc. is a steel processor that supplies high quality blanks, stampings and processed steel to the automotive and other industries. For the three months ended 1/31/99, revenues increased 10 percent to $81.6 million. Net income decreased 59 percent to $2 million. Revenues reflect increased volumes with three primary customers. Net income was offset by increased S/G/A expenses due to increased corporate staffing and professional fees. 
Aktiebolaget SKF (Nasdaq : SKFR)Aktiebolaget SKF manufactures rolling-bearings, oil seals and special steels. For the three months ended 3/31/99, total revenues fell 2 percent to SEK9.3 billion. Net income fell 41 percent to SEK273M. Revenues reflect decreased sales volumes of rolling bearings and oil seals. Earnings suffered from lower operating profit due to unsatisfactory capacity utilisation, lower demand in the Brazilian market, and slowdown of the business cycle in electrical Division. 
Sun Hydraulics (Nasdaq : SNHY)Sun Hydraulics is a designer and manufacturer of high-performance screw-in cartridge valves and manifolds which control force, speed and motion as integral parts in fluid power systems. For the three months ended 4/3/99, net sales fell 3 percent to $18.5 million. Net income fell 56 percent to $723 thousand. Revenues reflect decreased sales of the manifold product line in the United States. Earnings also suffered from lower margins due to changes in product mix. 
Simpson Manufacturing Co. (NYSE : SSD)SSD through its subsidiaries, Simpson Strong-Tie Co. and Simpson Dura-Vent Co., designs, engineers, and manufactures wood-to-wood, wood-to-concrete and wood-to-masonry connectors and venting systems for gas and wood burning appliances. For the three months ended 3/99, net sales rose 26 percent to $74.7 million. Net income increased 35 percent to $7.6 million. Revenues reflect higher sales volume throughout the U.S. Net income reflects the better absorbtion of fixed overhead costs. 
SPS Technologies, Inc. (NYSE : ST)ST is engaged in the design, manufacture and marketing of fasteners, specialty materials, magnetic materials, aerospace structures and precision tools. For the three months ended 3/31/99, revenues rose 13 percent to $202.5 million. Net income rose 22 percent to $13.3 million. Revenues benefited from increased sales from businesses acquired. Net income reflects improved operating efficiencies in certain fastener businesses as a result of capital investment. 
Starmet Corporation (Nasdaq : STMT)Starmet Corporation operates in three industry segments: fabrication of an assortment of specialty metal products; uranium services and recycling of low-level contaminated steel; and manufacture of depleted uranium penetrators. For the six months ended 3/31/99, net sales fell 29 percent to $13.3 million. Net loss rose 69 percent to $2.2 million. Revenues reflect a reduction in foreign procurement of depleted uranium products. Loss also reflects lower margins due to basin remediation costs. 
Strategic Distribution (Nasdaq : STRD)Strategic Distribution, Inc., provides proprietary maintenance, repair and operating supply procurement and handling solutions to industrial sites, primarily through its In-Plant Store (R) program. For the three months ended 3/31/99, revenues rose 29 percent to $65 million. Net income totalled $75 thousand, vs. a loss of $1.1 million. Revenues reflect the implementation of new In-Plant Store facilities. Earnings also reflect an improved gross profit margin. 
Super Vision Int'l Inc. (Nasdaq : SUPVA)Super Vision International designs and manufactures fiber optic lighting products, signs and displays for applications in the signage, swimming pool, architectural, and retail industries. For the three months ended 3/31/99, revenues rose less than 1 percent to $2.3 million. Net income totalled $31 thousand, up from $4 thousand. Revenues reflect growth in the domestic architectural lighting market. Earnings also benefitted from lower trade show, commission and literature expenses. 
Superior Telecom Inc. (NYSE : SUT)Superior Telecom Inc. is a manufacturer of copper telecommunications wire and cable products for the local loop segment of the telecommunications network. The Company also manufactures data communications and other electronic equipment. For the comparable three months ended 3/99, revenues totalled $506.8 million, up from $129.2 million. Net income fell 4 percent to $10.5 million. Results reflect acquisitions of Essex and Superior Israel, offset by external consulting costs. 
Timken Company (NYSE : TKR)TKR is engaged in the manufacture of anti-friction bearings (tapered roller bearing, cylindrical, spherical, straight and ball bearing) and steel products(low and intermediate alloy, vacuum-processed alloys, tool steel and some carbon grades). For the three months ended 3/31/99, sales decreased 12 percent to $625.4 million. Net income decreased 66 percent to $16.6 million. Revenues reflect lower demand for bearing and steel products. Earnings reflect a decrease in gross profit. 
Tower Automotive, Inc. (NYSE : TWR)Tower Automotive designs and produces high quality, engineered body structure components and assemblies. TWR products are used by original equipment manufacturers in the automotive industry. For the three months ended 3/31/99, revenues rose 9 percent $498.6 million. Net income rose 49 percent to $28.1 million. Revenues reflect the acquisitions of IMAR and OSLAMT. Earnings reflect higher margins due to operating efficiencies and productivity initiatives. 
USR Industries, Inc. (UINDUSR Industries, Inc. is primarily engaged in the support and development of the specialty metals business of its subsidiaries, USR Metals, Inc. and MultiMetal Products Corporation, located in Bloomsburg, PA. For the fiscal year ended 12/31/97, total revenues rose 16 percent to $1.5 million. Net loss decreased 80 percent to $10 thousand. Revenues benefitted from an acceleration of orders from the Company's major customer. Loss also benefitted from higher margins. 
Webco Industries, Inc. (AMEX : WEB)Webco Industries, Inc. is a specialty manufacturer of high-quality carbon steel tubing and stainless steel tubing products designed to industry and customer specifications. WEB also produces and markets the QuikWater water heater. For the six months ended 1/31/99, net sales fell 5 percent to $68.7 million. Net income fell 45 percent to $1.4 million. Results reflect a decrease in sales of carbon tubing products and increased legal and software installation expenses. 
Encore Wire Corporation (Nasdaq : WIRE)Encore Wire is a manufacturer of copper electrical wire, principally NM cable, used as interior wiring in homes, apartments and manufactured housing, and THHN cable, used in commercial and industrial housing. For the three months ended 3/99, net sales rose 1 percent to $63.5 million. Net income decreased 65 percent to $2.3 million. Revenues reflect a 35 percent increase in sales volume, partially offset by a lower price per copper pound. Earnings suffered from higher cost of sales. 
Whittaker Corporation (NYSE : WKR)Whittaker Corp. develops innovative fluid control and fire safety systems for aerospace and industrial applications. For the three months ended 1/31/99, revenues increased 6 percent to $30.6 million. Net income from continuing operations totalled $7 million, up from $855 thousand. Revenues benefitted from higher sales of fire and overheat detectors, and fluid and pneumatic controls. Earnings also benefitted from lower debt levels. 
Wolverine Tube, Inc. (NYSE : WLV)WLV is a manufacturer and distributor of copper and copper alloy tubes, rods, bars and strip products which are sold to appliance manufacturers, power generating companies, and plumbing wholesalers. For the three months ended 3/99, net sales fell 6 percent to $160.8 million. Net income applicable to Common before extraordinary item fell 32 percent to $7.2 million. Revenues reflect lower copper prices. Net income reflects higher salaries and marketing expenses, and an increase in interest expense. 
Watts Industries, Inc. (NYSE : WTS)Watts Industries designs, manufactures and sells an extensive line of valves for the plumbing and heating, water quality, industrial, and oil and gas markets. For the nine months ended 3/31/99, net sales rose 4 percent to $344.6 million. Net income from continuing operations remained flat at $22.1 million. Revenues reflect increased volumes of domestic plumbing and heating valves and the recent acquisition of Cazzaniga. Flat earnings reflect lower margins offset by a lower tax rate. 
Wyman-Gordon Company (NYSE : WYG)WYG manufactures technologically advanced forging and investment casting components, and composite airframe structures for the commercial aviation, commercial power and defense industries. For the nine months ended 02/28/99, revenues rose 16 percent to $639.7 million. Net income before extraordinary item fell 40 percent to $17.5 million. Revenues reflect increased throughput at the Houston and Grafton facilities. Earnings were offset by different charges totalling $14 million. 
Olympic Steel, Inc. (Nasdaq : ZEUS)Olympic Steel processes and distributes flat-rolled carbon, stainless and tubular steel products according to customer specifications at 14 facilities, operating as an intermediary between producers and manufacturers. For the three months ended 3/31/99, net sales fell 17 percent to $129.1 million. Net income fell 43 percent to $1.3 million. Results reflect weak demand from agricultural equipment manufacturers, decreased sales to automotive customers, increased S/G/A and higher depreciation.%}
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AAON, Incorporated (Nasdaq : AAON)AAON engineers, manufactures and markets commercial rooftop air conditioning, heating and heat recovery equipment and air conditioning coils, serving the commercial and industrial new construction and replacement markets. For the three months ended 3/31/99, net sales rose 28 percent to $30 million. Net income rose 60 percent to $1.8 million. Results reflect increased sales to the entire customer base and higher margins due to new automated sheet metal equipment. 
ABC Dispensing Tech. (OTC BB : ABCC)ABC Dispensing Technologies designs, manufactures, and services dispensing systems that utilize standard micro-processing technology and proprietary operating software. For the nine months ended 1/23/99, revenues fell 71 percent to $1.3 million. Net loss applicable to Common rose 63 percent to $2.1 million. Revenues reflect lower equipment sales. Higher loss reflects increased payroll, higher equity losses from joint ventures and higher interest expsnses due to higher debt balances. 
ACR Group, Inc. (Nasdaq : ACRG)ACR Group acquires and operates businesses engaged in the wholesale distribution of heating, ventilating, air conditioning and refrigeration equipment and supplies. For the nine months ended 11/30/98, revenues rose 24 percent to $92.7 million. Net income rose 11 percent to $2 million. Revenues reflect higher same store sales and acquisition of CHS. Earnings were partially offset by increased interest expenses primarily as a result of acquisitions. 
Addvantage Media Group (Nasdaq : ADDM)ADDM markets Shoppers Calculators (R) which are solar-powered calculators which attach to the handles of shopping carts. For the three months ended 3/31/99, sales decreased 99 percent to $7 thousand. Net loss applicable to Common totalled $447 thousand vs. income of $811 thousand. Revenues suffered from the absence of $2.9 million in advertising revenues. Net loss also reflects the inclusion of a $96 thousand equity in loss of Ventures Education Systems Corporation charge. 
Adept Technology, Inc. (Nasdaq : ADTK)Adept Technology designs, manufactures, and markets intelligent automation software and hardware products for manufacturers in the electronics, telecommunications, food processing, appliances, pharmaceutical, and automotive components industries. For the nine months ended 3/27/99, revenues fell 21 percent to $60 million. Net income fell 46 percent to $1.9 million. Results reflect a decrease in robot and motion controller sales and increased research and development expenses. 
Alanco Enviro. Res. Corp. (Nasdaq : ALAN)Alanco Environmental Resources Corp. is engaged in the design, production, marketing and distribution of pollution control products, and restaurant equipment/food marketing and distribution. For the six months ended 12/31/98, net sales fell 20 percent to $4.2 million. Net income rose 31 percent to $198 thousand. Results reflect a decrease in Fry Guy food service revenue due to termination of the Wal-Mart contract, offset by reduced commissions and overhead expenses. 
Allied Devices Corp. (Nasdaq : ALDV)Allied Devices Corporation is engaged primarily in the manufacture and distribution of standard and custom precision mechanical components and a line of screw machine products. For the six months ended 3/31/99, net sales rose 23 percent to $11 million. Net income fell 58 percent to $229 thousand. Revenues benefitted from the acquisitions of two businesses in fiscal 1998. Earnings were offset by lower margins due to lower levels of sales activity at existing businesses. 
Ampco-Pittsburgh Corp. (NYSE : AP)AP produces finned tube heat exchange coils, air handling systems, pumps for construction, power generation, refrigeration, and chemical processing. AP also produces feed screws, barrels, heat transfer and chill rolls and forged hardened steel rolls. For the three months ended 3/99, net sales rose 2 percent to $49.4 million. Net income fell 27 percent to $3.4 million. Results reflect increased sales outside of the U.S., offset by lower earnings from Forged Steel Rolls. 
Applied Power Inc. (NYSE : APW)Applied Power Inc. is engaged in the business of providing tools, equipment, systems and supply items to a variety of end users and OEMs in the manufacturing, computer, semiconductor, telecommunications, datacom, construction, electrical and other industries. For the six months ended 2/28/99, net sales rose 55 percent to $857.6 million. Net income remained flat at $35.7 million. Results reflect acquisitions in Enclosure Products, offset by $7.8 million in contract termination costs. 
Aqua Care Systems (Nasdaq : AQCR)AQCR and subsidiaries is engaged in the design, assembly, manufacturing, assembly, sales, marketing, and distribution of filtration and purification products, flow control systems and products and other related products. For the three months ended 3/99, revenues fell 12 percent to $6.3 million. Net income increased 79 percent to $155 thousand. Revenues reflect lower sales of of water filtration and purification segment. Earnings benefitted from the absence of a $9 million doubtful account prov. 
American Standard Cos. (NYSE : ASD)American Standard Companies is a manufacturer of high quality, brand name air conditioning systems, bathroom and kitchen fixtures and fittings, braking systems for vehicles and medical systems. For the three months ended 3/31/99, revenues rose 12 percent to $1.68 billion. Net income rose 31 percent to $47 million. Revenues benefited from increased sales of air conditioning and plumbing products. Net income reflects lower interest expense due to lower average interest rates. 
Astec Industries, Inc. (Nasdaq : ASTE)Astec Industries, Inc. designs, engineers, manufactures, finances and markets equipment and components used primarily in road building and related construction activities. For the three months ended 3/99, revenues rose 28 percent to $112.5 million. Net income increased 54 percent to $8.6 million. Revenues reflect the acquisition of JCI, asphalt plants, paving equipment and related components. Earnings reflect decreased S/G/A expenses as a  percentage of revenues. 
Armatron International (OTC BB : ATRN)Armatron manufactures and distributes Flowtron leaf-eaters, bugkillers, compost bins and biomisters. ATRN also manufactures electronic obstacle avoidance systems for transportation and automotive applications. For the three months ended 12/98, revenues rose 20 percent to $1.5 million. Net loss fell 8 percent to $695 thousand. Revenues reflect increases in sales of consumer and industrial products. Lower loss reflects cost containment efforts. 
AVTEAM, Inc. (Nasdaq : AVTM)AVTM is a global supplier of aftermarket aircraft engines, engine parts and airframe components. The Co. has focused on the purchase and resale of engines and components for the Pratt and Whitney JT8D series of engines. For the fiscal year ended 12/98, net sales rose 43 percent to $75.4 million. Net income rose 48 percent to $5.8 million. Revenues reflect increased whole engine revenues and sales of aircraft components. Earnings reflect net sales increasing at a higher rate than operating costs. 
Beres Industries Inc. (OTC BB : BERS)BERS manufactures and sells injection molded plastic parts, precision engineered molds and finished ribbons. For the nine months ended 12/31/98, revenues fell 16 percent to $1.6 million. Net loss from continuing operations fell 47 percent to $148 thousand. Revenues reflect a lower number of cartridge kits molded and sold to outside customers in the ribbon industry which is experiencing a continued and permanent slowdown. Lower loss reflects a more profitable product mix and efficiencies. 
Bethlehem Corporation (AMEX : BET)Bethlehem Corp. designs, manufactures, markets, and services a product line of capital equipment used to process materials for a variety of industrial applications, and fabricates machines and assembles equipment to customers' specifications. For the nine months ended 2/28/99, net sales fell 20 percent to $9.4 million. Net loss totalled $19 thousand vs. an income of $707 thousand. Results reflect decreased sales in the Thermal Process Unit and reduced gross margin. 
Briggs & Stratton Corp. (NYSE : BGG)Briggs and Stratton Corp. designs, manufactures, markets and services air cooled gasoline engines for outdoor power equipment. For the nine months ended 3/28/99, net sales rose 12 percent to $1.06 billion. Net income increased 63 percent to $70.9 million. Revenues benefitted from increases in engine unit shipments. Earnings also benefitted from higher gross margins due to lower costs for aluminum and lower costs on purchased engines due to favorable exchange rates. 
BHA Group Holdings, Inc. (Nasdaq : BHAG)BHA Group Holdings, Inc. is a global filtration company that designs, manufactures and sells replacement parts and provides rehabilitation and conversion services for industrial air pollution control equipment. For the three months ended 12/98, sales rose 17 percent to $35.2 million. Net income fell 5 percent to $1.3 million. Results reflect increased major product work in both the electric utility and industrial markets, offset by higher S/G/A expenses as a  percentage of revenue. 
Sames Corporation (AMEX : BIN)Sames Corporation manufactures and sells spray finishing and coating applicable equipment. The Company's products include spray guns, spray booths, and spray painting robots. For the three months ended 2/28/99, revenues decreased 44 percent to $17.8 million. Net income from continuing ops totalled $604 thousand, up from $79 thousand. Revenues suffered from the sales mix of Sames France more heavily wieghted towards lower volume. Earnings reflect an increase in gross profit. 
Baldwin Technology Co. (AMEX : BLD)Baldwin Technology and its subsidiaries are engaged in the development, manufacture and sale of material handling, accessory and control equipment for the printing and print-on-demand industries. For the nine months ended 3/99, net sales increased 9 percent to $178.5 million. Net income decreased 25 percent to $4.1 million. Revenues reflect increased sales in Germany, Sweden and France. Earnings were offset by a $2.4 million loss provision on the disposition of Pre-press operations 
Blount International, Inc (NYSE : BLTa)Blount International, Inc. is an international manufacturing company with operations in three business segments: Outdoor Products, Sporting Equipment, and Industrial and Power Equipment. For the three months ended 3/31/99, sales fell 7 percent to $185.1 million. Net income fell 35 percent to $8.8 million. Revenues reflect adverse market conditions in the Industrial and Power Equipment segment. Earnings also suffered from higher corporate expenses. 
Brown & Sharpe Manufact. (NYSE : BNS)BNS is a manufacturer of metrology products, such as manual and computer-controlled, high precision machines; mechanical and electronic measuring and inspection tools and specialty products and systems. For the three months ended 3/31/99, net sales fell 1 percent to $82.4 million. Net loss totaled $15 million vs. income of $1.8 million. Revenues reflect lower PMI sales. Net loss suffered from $10.8 million in restructuring charges related to asset impairment and inventory adjustments. 
Bonso Electronics Int'l (Nasdaq : BNSO)Bonso Electronics International Inc. is a holding company engaged, through its subsidiaries, in the design, manufacture and sale of electronic scales and electronic consumer and health products. For the six months ended 9/30/98, net sales decreased 34 percent to $6.9 million. Net income decreased 87 percent to $110 thousand. Revenues suffered from reduced orders from two major customers. Earnings also suffered from increased S/G/A expenses as a  percentage of revenues. 
Bridgeport Machines, Inc. (Nasdaq : BPTM)Bridgeport Machines, Inc. is a manufacturer and distributor of metal cutting machine tools and accessories, including machining centers, manual milling machines, computer controlled milling machines and related software, lathes and surface grinders. For the fiscal year ended 4/3/99, net sales fell 16 percent to $179.8 million. Net loss totalled $486 thousand vs. an income of $3.9 million. Results reflect weaker market conditions and lower margins due to a decline in sales volume. 
Cascade Corporation (NYSE : CAE)Cascade Corp. manufactures and markets attachments, masts, hose reels, sideshifters, hydraulic cylinders and related products for the lift truck industry. For the three months ended 4/30/99, net sales fell 16 percent to $89.5 million. Net income applicable to Common fell 40 percent to $4 million. Revenues reflect the divestiture of the mast business unit in January 1999. Earnings reflect higher costs as a  percentage of sales and a loss from the sale of the Industrial Tire division. 
Core Technologies, Inc. (OTC BB : CCOR)CCOR designs, manufactures and distributes air filtration units, components and systems which are used in a variety of industries which require particulate-free, ultra-clean environments. For the nine months ended 9/98, net sales fell 22 percent to $2.8 million. Net loss from continuing operations rose from $177 thousand to $558 thousand. Revenues reflect a slowdown in the semi-comductor industry. Higher loss also reflects a lower gross margin due to pricing pressures and higher interest expense. 
CECO Environmental Corp. (Nasdaq : CECE)CECE primary assets are interests in other entities. As of 12/98, CECE owned a 93 percent interest in Ceco Filters, Inc. Ceco is in the business of manufacturing and selling fiber bed mist eliminators. For the three months ended 3/31/99, revenues decreased 17 percent to $4.8 million. Net income from continuing operations decreased 10 percent to $165 thousand. Revenues suffered from a decrease in new sales orders. Net income was partially offset by a decreased cost of revenues as a  percentage of revenues. 
China Continental, Inc. (OTC BB : CHCL)China Continental, Inc. designs, installs and sells plastic production lines on a turn-key basis and sells machinery and equipment for the manufacture of plastic products. For the comparable nine months ended 9/30/98, revenues increased 36 percent to $32 million. Net income inceased 19 percent to $14.1 million. Revenues benefitted from increased sales to plastic manufactures in the People's Republic of China. Earnings also reflect $1.7 million in minority interest payments. 
Centrum Industries, Inc. (OTC BB : CIII)Centrum Industries, Inc. is a holding company for manufacturing companies in the metal forming, material handling and motor production industries. For the nine months ended 12/31/98, net sales rose 5 percent to $59.5 million. Net loss totalled $651 thousand vs. an income of $1 million. Revenues reflect increased revenues in the Material Handling segment due to the acquisition of Northern Steel. Loss reflects lower operating margins due to reduced volumes. 
Columbus McKinnon Corp. (Nasdaq : CMCO)Columbus McKinnon is a broad-line designer, manufacturer, and supplier of material handling products and integrated material handling systems used by industrial end-users and consumers. For the nine months ended 12/27/98, sales increased 37 percent to $510.9 million. Net income rose 8 percent to $16.9 million. Revenues benefitted from acquisitions of LICO and Univeyer. Net earnings were partially offset by a decrease in gross profit margin, and higher selling and administrative costs. 
Central Sprinkler Corp. (Nasdaq : CNSP)Central Sprinkler Corp. is a manufacturer and distributor of components used in automatic fire sprinkler systems used in commercial, industrial, residential and institutional properties. For the six months ended 4/30/99, net sales fell 1 percent to $108.8 million. Net income totalled $3.2 million, up from $1.2 million. Revenues reflect the discontinuance of the Omega sprinkler products and stiff market competition. Earnings were offset by reduced operating expenses. 
Cohesant Technologies (Nasdaq : COHT)Cohesant technologies, Inc. designs, develops, manufactures and sells specialized spray finishing and coating application equipment, replacement parts and supplies, and specialty coating and grout products. For the three months ended 2/28/99, revenues increased 19 percent to $3.1 million. Net income decreased 17 percent to $141 thousand. Revenues benefitted from increased sales of polyurethane equipment and sales to OEM accounts. Earnings were offset by a provision for income tax expense. 
Crown Andersen, Inc. (Nasdaq : CRAN)CRAN is a holding company whose subsidiaries design, manufacture and sell specialized industrial equipment, including pollution control systems, medical and hazardous waste disposal systems, and heat recovery, industrial air handling and spray dryer systems. For the six months ended 3/31/99, total revenues fell 1 percent to $9.1 million. Net income fell 57 percent to $64 thousand. Results reflect lower contract revenue at Andersen and increased S/G/A expenses. 
Catalytica, Inc. (Nasdaq : CTAL)Catalytica is engaged in the production of pharmaceutical and biotect components and the development of advanced combustion systems to reduce toxic emissions generated by natural gas turbines. For the three months ended 3/99, revenues fell 4 percent to $88.1 million. Net income rose 45 percent to $6.2 million. Revenues reflect lower product sales attributable to the Supply Agreement with Glaxo Wellcome. Earnings reflect change in product mix and reduced KHI develop. costs. 
Check Technology Corp. (Nasdaq : CTCQ)Check Technology Corporation's business is the design, manufacture, sale and service of computerized financial document production systems that can collate, personalize and encode documents into packages tailored to the customers' requirements. For the six months ended 3/31/99, net sales fell 8 percent to $10.6 million. Net loss totalled $830 thousand, up from $60 thousand. Results reflect reduced sales of the Checktronic product line and lower gross margins. 
Cummins Engine Company (NYSE : CUM)Cummins Engine Company is a worldwide designer and manufacturer of diesel engines, and also produces natural gas engines and engine components and subsystems. For the three months ended 3/28/99, net sales rose less than 1 percent to $1.51 billion. Net income totalled $24 million, up from $7 million. Revenues reflect the strong heavy duty truck market in North America. Earnings also benefitted from the absence of a $43 million special charge for product coverage. 
CUNO Incorporated (Nasdaq : CUNO)CUNO Incorporated designs, manufactures, and markets a comprehensive line of filtration products for the separation, clarification and purification of liquids and gases. The Company's products are sold in the healthcare, fluid processing and portable water markets. For the six months ended 4/99, revenues rose 10 percent to $104.7 million. Net income fell 25 percent to $4.9 million. Revenues reflect improved sales in the U.S. Income was offset by lower margins and higher personnel costs. 
Continental Materials (AMEX : CUO)CUO operates in two segments: heating and air conditioning (manufactures wall furnaces, console heaters, air coolers and fan coil/air handler products); and construction materials (produces and sells ready-mix concrete). For the three months ended 4/3/99, net sales rose 7 percent to $24.3 million. Net income rose 27 percent to $734 thousand. Results benefitted from mild weather, continuing high level of construction activity in Southern Colorado and an improved gross profit margin. 
China Yuchai Int'l Ltd. (NYSE : CYD)China Yuchai International Ltd. is a holding company whose sole operating asset is a 76.4 percent ownership interest in Guangxi Yuchai Machinery Company Limited, a manufacturer of medium-duty diesel engines, diesel power generators, diesel engine parts and excavators in China. For the fiscal year ended 12/31/97, net sales fell 22 percent to RMB941.5 million. Net loss totalled RMB450.5 million, up from RMB71.3 million. Results reflect the truck market depression and a RMB438M impairment charge. 
Donaldson Company, Inc. (NYSE : DCI)DCI manufactures air cleaners, filters and exhaust products for heavy-duty mobile equipment; in-plant air cleaning systems; air intake systems for gas turbines; filters for disk drives, and personal respirators. For the nine months ended 4/99, sales fell 2 percent to $689.9 million. Net income rose 4 percent to $44 million. Results reflect a decrease in both off-road and aftermarket net sales. Earnings benefitted from cost reduction and productivity initiatives. 
Detroit Diesel Corp. (NYSE : DDC)DDC designs, manufactures, markets, services and provides aftermarket and remanufactured products for high performance diesel and alternative fuel engines. For the three months ended 3/99, net revenues remained flat at $591.5 million. Net income increased 29 percent to $12.5 million. Results reflect an increased gross profit due to a change in sales mix and cost reduction efforts, and a decreased interest expense due to lower average debt balances. 
DT Industries, Inc. (Nasdaq : DTII)DTII is an engineering-driven designer, manufacturer and integrator of automated production equipment and systems used to manufacture, test or package a variety of industrial and consumer products. For the nine months ended 3/28/99, net sales fell 14 percent to $328.6 million. Net income before extraordinary items decreased 76 percent to $5.4 million. Revenues reflect lower sales of plastics processing equipment. Earnings suffered from lower margins on stamping and fabrication work. 
DTM Corporation (Nasdaq : DTMC)DTM Corporation, through the proprietary and patented selective laser sintering process, is engaged in the development, design, manufacture, marketing and support of prototyping and tooling systems. For the fiscal year ended 12/31/98, revenues increased 10 percent to $27.8 million. Net loss decreased 37 percent to $4.6 million. Revenues reflect higher sales of powdered materials. Lower loss also reflects the absence of $2.9 million in stock compensation costs. 
DeVlieg-Bullard, Inc. (OTC BB : DVLG)DeVlieg-Bullard, a diversified industrial concern, specializes in manufacturing, servicing, upgrading, automating and remanufacturing precision engineered machine tools. For the three months ended 10/31/98, net sales remained flat at $26.6 million. Net loss totalled $1.2 million vs. income of $272 thousand. Results reflect disruptions in production and shipping schedules due to inadequate inventory levels and increased engineering expenses related to outsourcing efforts. 
DXP Enterprises, Inc. (Nasdaq : DXPE)DXP Enterprises, Inc. is a provider of maintenance, repair and operating products, equipment and integrated services, including engineering expertise and logistic capabilities, to industrial customers. For the three months ended 3/99, sales fell 1 percent to $48.4 million. Net income applicable to Common fell 73 percent to $235 thousand. Revenues reflect lower sales of bearing and transmission equipment. Net income reflects higher personnel costs and increased debt levels. 
DynaMotive Technologies (OTC BB : DYMTF)DynaMotive Technologies is engaged in the process of commercializing three technologies: BioOil, an emission reduction process; DynaPower, a metal cleaning process; and actuator technologies used in both steel and aluminum welding. For the three months ended 3/31/99, total revenues rose 82 percent to $250 thousand. Net loss according to U.S. GAAP rose 3 percent to $616 thousand. Revenues benefitted from increased product sales. Higher loss reflects increased professional fees. 
Engineered Support System (Nasdaq : EASI)Engineered Support Systems Inc. is a holding company for four subsidiaries engaged in the manufacturing of chemical, biological and military ground support equipment, air conditioning and heating systems, distribution systems, and injection molded plastic products. For the fiscal year ended 10/98, revenues rose 9 percent to $97 million. Net income rose 25 percent to $5.8 million. Results reflect acquisitions and higher margins due to increased capacity utilization. 
Environmental Elements (NYSE : EEC)EEC designs and supplies air pollution control systems enabling customers to operate their facilities in compliance with regulatory standards limiting particulate and gaseous emmissions. For the nine months ended 12/31/98, sales increased 44 percent to $54.3 million. Net income totalled $904 thousand vs. a loss of $103 thousand. Revenues reflect increased sales to the Company's Power and Aftermarket customers. Net income also reflects lower S/G/A expenses as a  percentage of revenues. 
Emco Limited (Nasdaq : EMLTF)EMLTF distributes, manufactures, services plumbing, air conditioning, heating, waterworks, industrial and related products, roofing and wood fibre products, sinkware and air barriers wrap. For the fiscal year ended 12/31/98, sales fell 2 percent to C$1.24 billion. Net income according to U.S. GAAP fell 26 percent to C$25.4 million. Revenues reflect higher Emco Distribution sales, offset by a strike and a weak construction market. Earnings also reflect a $8 million restructuring charge. 
Earth Products and Tech. (OTC BB : EPAT)Earth Products and Technology, Inc. is a development stage company. The Company currently has no commercial operations and plans to seek and if warranted, aquire one or more properties or businesses. For the three months ended 3/31/99, no revenues were reported by the company. Net loss totalled $1 thousand vs. an income of $3 thousand. Results reflect the continued absence of revenues and the absence of a $15 thousand other income gain. 
EV Environmental, Inc. (OTC BB : EVEN)EV Environmental, Inc. is engaged in the manufacture, distribution and engineering of products used to treat water and wastewater. For the nine months ended 9/30/97, revenues decreased 37 percent to $6.9 million. Net loss totalled $666 thousand, up from $86 thousand. Revenues suffered from the absence and delays of contract renewals. Higher loss also suffered from increased S/G/A expenses due to the write-off of costs related to the MSD project. 
Farr Company (Nasdaq : FARC)Farr Co. develops and sells filters and filtration systems that control particulate and vapor contaminants in air and liquids. For the fiscal year ended 1/2/99, sales fell 3 percent to $122.3 million. Net income fell 2 percent to $7.2 million. Revenues reflect lower 1998 exchange rates that impacted results from Canada and a 52 week operating period vs. 53 weeks last year. Earnings reflect decreased gross margin due to high warranty costs, unfavorable sales mix, and lower sales. 
Farrel Corporation (Nasdaq : FARL)FARL designs, manufactures, sells and services machinery (batch and contin. mixers, extruders, pelletizers, gear pumps, calenders and mills) for the rubber and plastics industry. For the fiscal year ended 12/31/98, revenues rose 15 percent to $98 million. Net income rose 68 percent to $2.3 million. Revenues reflect the inclusion of orders from the recently acquired Shaw operations. Earnings reflect higher gross margins due to the mix of products sold and cost reduction actions. 
Fedders Corporation (NYSE : FJC)Fedders Corporation is a holding company which manufactures and sells a full line of room air conditioners and dehumidifiers, principally for use in U.S. residential markets. For the six months ended 2/28/99, net sales rose 43 percent to $84.6 million. Net loss decreased 88 percent to $2.1 million. Revenues reflect an increase in domestic sales due to the replenishing of inventories by retailers. Loss also reflects the absence of $16.8 million in restructuring costs. 
Flanders Corporation (Nasdaq : FLDR)Flanders Corp. designs, manufactures and markets a range of air filtration products, including high efficiency particulate air filters, mid-range filters for personal and commercial use, and standard-grade filters for furnaces and air-conditioners. For the three months ended 3/31/99, net sales rose 24 percent to $38.1 million. Net income fell 8 percent to $1.2 million. Results reflect the acquisition of Eco-Air, offset by increased operating expenses as a  percentage of sales. 
Flow International Corp. (Nasdaq : FLOW)FLOW designs, develops, manufactures, markets, and services ultra high-pressure waterjet cutting and cleaning systems, and specialized robotics and factory automation systems. For the nine months ended 1/31/99, total revenues decreased 8 percent to $108.4 million. Net income totalled $5.4 million, up from $2.7 million. Revenues reflect continued weakness in the Asian markets and lower North American aerospace and automotive sales. Earnings reflect the lack of a $4.9 million restructuring expense. 
Flowserve Corporation (NYSE : FLS)Flowserve designs, manufactures, distributes and services industrial flow management equipment such as pumps, valves and mechanical seals. For the three months ended 3/31/99, net sales rose 4 percent to $269.4 million. Net income fell 21 percent to $10.4 million. Revenues benefited from increased sales in the company's control and solutions divisions. Net income was offset by lower gross profit margins due to unfavorable product and market mix as well as pricing pressures. 
Gardner Denver, Inc. (NYSE : GDI)Gardner Denver, Inc. manufactures stationary air compressors and blowers for industrial applications. The Company also manufactures petroleum pumps and drilling equipment used in oil and gas production. For the three months ended 3/31/99, revenues fell 22 percent to $70.2 million. Net income fell 60 percent to $3.2 million. Revenues reflect declines in the Compressed Air Products segment. Earnings reflect lower gross margins and greater depreciation and amortization costs. 
Graco Incorporated (NYSE : GGG)Graco Incorporated designs, manufactures and markets systems, products and technology to move, measure, control, dispense and apply a wide variety of fluids and viscous materials. For the 13 weeks ended 3/26/99, net sales fell 2 percent to $103.2 million. Net income rose 25 percent to $11.2 million. Revenues reflect lower industrial automotive equipment segment sales. Earnings reflect lower S/G/A cost due to a restructuring of the Company's industrial automotive businesses. 
Genus, Inc. (Nasdaq : GGNS)GGNS designs, manufactures and markets capital equipment and deposition processes for advanced semiconductor manufacturing used to produce integrated circuits for the data processing, communications, medical, transportation, military, and consumer electronics industries. For the three months ended 3/99, revenues fell 18 percent to $6 million. Net loss applicable to Common fell 93 percent to $611KM. Results reflect the sale of a product line and increased gross margins. 
Graham Corporation (AMEX : GHM)Graham Corporation and its subsidiaries design and manufacture vacuum and heat transfer equipment used in the chemical, petrochemical, petroleum refining and electric power generating industries. For the nine months ended 12/31/98, net sales rose 6 percent to $40.8 million. Net income fell 16 percent to $1.4 million. Revenues reflect the timing of certain large contracts. Earnings suffered from increased material costs and an unfavorable product mix. 
Gleason Corporation (NYSE : GLE)Gleason Corporation's principal business activity is the development, manufacture and sale of gear production machinery and related equipment. For the three months ended 3/31/99, revenues fell 10 percent to $85.7 million. Net income fell 26 percent to $4.6 million. Revenues suffered due to lower domestic sales of machine products. Net income reflects lower sales volumes and a higher cost of sales as a  percentage of revenue. 
Gorman-Rupp Company (AMEX : GRC)Gorman-Rupp Company is primarily engaged in the design, manufacturing and sale of pumps and related equipment such as pump and motor controls. For the three months ended 3/31/99, total revenues decreased 1 percent to $43.4 million. Net income decreased 12 percent to $2.9 million. Revenues suffered from decreased sales of fabricated turbine diffusers and lower interest income. Earnings also suffered from increased advertising expenses associated with trade shows. 
W.W. Grainger, Inc. (NYSE : GWW)GWW is a distributor of maintenance, repair, and operating (MRO) supplies and related information to the commercial, industrial, contractor and institutional markets in North America. For the three months ended 3/31/99, net sales rose 3 percent to $1.09 billion. Net income fell 2 percent to $56.3 million. Revenues reflect customer-focused strategic initiatives and sales of seasonal products due to colder weather. Earnings were offset by costs increasing at a higher rate than sales. 
Hardinge Inc. (Nasdaq : HDNG)HDNG is a machine tool manufacturer, which designs, manufactures and sells metal cutting lathes, grinding machines, machining centers, electrical discharge machines and related tooling. For the three months ended 3/99, sales fell 30 percent to $46.2 million. Net income fell 62 percent to $2.1 million. Revenues reflect decreased demand for products in machine tool industry worldwide. Earnings also suffered from the larger discount sales prices to the foreign distributors. 
Helisys, Inc. (OTC BB : HELI)HELI designs, develops, manufactures and markets rapid prototyping systems used to make physical models, industrial patterns and prototypes from a three-dimensional computer-aided design. For the six months ended 1/31/99, net sales fell 8 percent to $4.2 million. Net loss decreased 67 percent to $651 thousand. Revenues reflect reduced sales of materials and services due to a fewer number of LOM systems shipped. Lower loss reflects higher margins and sales force staff reductions. 
HelpMate Robotics Inc. (OTC BB : HELP)HelpMate, develops, manufactures and markets mobile robotic systems, which are distinguished by their ability to navigate autonomously without the need for fixed tracks or guide wires. For the three months ended 3/99, revenues increased 35 percent to $1.1 million. Net income totalled $109 thousand vs a loss of $290 thousand. Revenues reflect increased sales revenue due to higher sales of component products to universities and researchers. Earnings also reflect cost control effort. 
Glacier Water Services (AMEX : HOO)Glacier Water Services provides low priced, high quality drinking water dispensed to consumers through self service vending machines designed, developed and assembled by the Company. For the fiscal year ended 1/3/99, revenues fell 2 percent to $56.3 million. Net loss totalled $3.3 million vs. an income of $430 thousand. Results reflect higher servicing costs for vending machines due to the expansion into new markets and higher sales and marketing activity. 
Hirsch International (Nasdaq : HRSH)Hirsch International is a single source provider of of electronic computer-controlled embroidery machinery and related value-added products and services. For the nine months ended 10/31/98, total revenues fell 14 percent to $102.4 million. Net income fell 78 percent to $1.8 million. Revenues reflect a weakening of demand for new large machines and a stronger dollar/yen exchange rate. Earnings reflect higher S/G/A expenses due to investment in infrastructure and higher debt levels. 
Harsco Corporation (NYSE : HSC)Harsco Corporation operates in three industry segments: Metal Reclamation and Mill Services; Infrastructure and Construction; and Process Industry Products. For the three months ended 3/31/98, total revenues rose 1 percent to $405.1 million. Net income fell 39 percent to $14.8 million. Revenues reflect the inclusion of acquired companies and higher product sales for process equipment. Earnings were offset by higher costs of services and products sold and higher interest expense. 
Hussmann International (NYSE : HSM)HSM manufactures, sells, installs and services merchandising and refrigeration systems for the world's commercial food industry. For the three months ended 3/31/99, revenues rose 10 percent to $271.1 million. Net loss totalled $800 thousand vs. income of $4.2 million. Revenues reflect continued strong U.S. supermarket and specialty case demand. Net loss reflects the inclusion of a $10.3 million foreign exchange loss on the hedge of the Koxka purchase price. 
Int'l Comfort Products (AMEX : ICP)ICP designs, manufactures and markets central air conditioning and heating products for residential and light commercial use in the U.S. and Canada. For the three months ended 3/31/99, revenues increased 19 percent to $158.1 million. Net loss according to U.S. GAAP totalled $400 thousand vs. income of $2.6 million. Revenues reflect acquisitions and increases in the residential products group. Loss reflects $2.5 million in restructuring costs and an unfavorable sales mix. 
IDEX Corporation (NYSE : IEX)IDEX Corp. designs, manufactures, and markets a broad range of pump related products, dispensing equipment and other engineered products. For the three months ended 3/31/99, net sales fell 2 percent to $156.5 million. Net income from continuing operations before extraordinary item fell 14 percent to $11.9 million. Revenues reflect lower sales volume of Dispnensing Equipment Group in certain international markets. Earnings suffered from higher operating expenses due to recent acquisitions. 
Indigo N.V. (Nasdaq : INDG)Indigo N.V. and its subsidiaries develop, license, manufacture, market, distribute and service liquid ink-based electrophotographic products. For the nine months ended 9/30/98, revenues rose 45 percent to $104.7 million. Net loss applicable to Common fell 76 percent to $11.7 million. Revenues reflect an increase in product sales, services and license fees. Lower loss reflects the absence of $3.3 million in restructuring charges and lower selling, general and administrative expenses. 
Inotek Technologies Corp. (OTC BB : INTK)Inotek Technologies Corp. sells and services process controls and instrumentation, information management products, and test and measurement equipment. For the nine months ended 2/28/99, revenues decreased 18 percent to $15.9 million. Net loss totalled $273 thousand vs. income of $113 thousand. Revenues reflect the reduction in service contract with Duke Energy. Net loss suffered from increased sales and marketing expenses as a  percentage of sales. 
Ingersoll-Rand Company (NYSE : IR)IR is a multinational manufacturer of nonelectrical industrial machinery and equipment. IR's principal lines of business include air compressors, architectural hardware products, construction equipment, automotive parts and temperature control systems. For the three months ended 3/99, net sales increased 4 percent to $2.08 billion. Net income increased 22 percent to $121.1 million. Results reflect higher sales of specialty vehicles and hardware, and the benefits of cost reduction. 
ITEQ, Inc. (Nasdaq : ITEQ)ITEQ, Inc. designs, engineers, manufactures and services process, storage and filtration systems, equipment and components used in the processing, treatment and movement of gases and liquids. For the three months ended 3/31/99, revenues fell 2 percent to $69.4 million. Net income from continuing operations fell 67 percent to $1.1 million. Results reflect decreased oil and refined products prices and higher selling, general and administrative expenses as a  percent of sales. 
Illinois Tool Works, Inc. (NYSE : ITW)ITW is a multinational manufacturer of highly engineered components and industrial systems with three business segments: Engineered Components, Industrial Systems and Consumables, and Leasing and Investments. For the three months ended 3/99, revenues rose 10 percent to $1.47 billion. Net income rose 11 percent to $164.3 million. Revenues benefitted from higher engineered product sales due to acquisitions. Net income also benefitted from gained manufacturing efficiencies. 
JLK Direct Distribution (NYSE : JLK)JLK Direct Distribution is a supplier of a range of metalworking consumables and related products, including cutting tools, carbide and other tool inserts, abrasives, drills, machine tool accessories, hand tools and other industrial supplies. For the nine months ended 3/31/99, sales rose 35 percent to $403.8 million. Net income fell 27 percent to $15.3 million. Results reflect acquisitions and growth in Full Service Supply, offset by increased amortization and direct mail expenses. 
Kulicke and Soffa Inds. (Nasdaq : KLIC)KLIC manufactures and markets capital equipment and packaging materials used in the assembly of semiconductors, including wire bonders. KLIC also services, maintains, repairs, and upgrades assembly equipment. For the six months ended 3/31/99, revenues fell 45 percent to $134.7 million. Net loss totalled $23.6 million vs. income of $16 million. Revenues reflect lower demand for semiconductor assembly equipment. Net loss reflects $5.9 million in resizing and relocation costs. 
KSW Inc. (OTC BB : KSWW)KSWW furnishes and installs heating, ventilating and air conditioning systems and process piping systems for institutional, industrial, commercial, residential and public works projects. For the three months ended 3/31/99, revenues decreased 8 percent to $8.9 million. Net income totalled $87 thousand vs. a loss of $331 thousand. Revenues reflect the major projects from 1998 were in final completion stages. Earnings reflect higher profit margins on new projects and cost saving measure. 
Key Technology, Inc. (Nasdaq : KTEC)Key Technology, Inc. and its subsidiaries design, manufacture, and sell process automation systems, integrating electro-optical inspection and sorting, specialized conveying and product preparation equipment. For the six months ended 3/31/99, net sales rose 18 percent to $30.5 million. Net income rose 87 percent to $971 thousand. Revenues reflect a higher volume of sales to European customers of all three product groups. Earnings also benefitted from lower research and development expenses. 
Lancer Corporation (AMEX : LAN)LAN designs, engineers, manufactures and markets fountain soft drink, beer and citrus beverage dispensing systems, and other equipment for use in the food service and beverage industry. For the three months ended 3/31/99, net sales remained flat at $36.2 million. Net income fell 32 percent to $1.5 million. Results reflect lower sales in Latin America due to poor economic conditions in Brazil and decreased gross margins at the Company's Brazilian subsidiary. 
Lincoln Electric Holdings (Nasdaq : LECO)Lincoln Electric Holdings, Inc. is a full-line manufacturer of welding and cutting products and integral horsepower industrial electric motors. For the three months ended 3/31/99, net sales fell 7 percent to $282.9 million. Net income fell 82 percent to $4.3 million. Revenues reflect decreased volumes. Net income also reflects the inclusion of a $32 million loss on the disposal of the Company's electric motor business, and increased interest expense due to higher borrowing levels. 
Mansur Industries, Inc. (Nasdaq : MANS)Mansur Industries, Inc. is primarily engaged in research and development, marketing, and production of industrial parts cleaning equipment for use in automotive, marine, airline and general manufacturing industries. For the fiscal year ended 12/31/98, revenues rose 4 percent to $7.6 million. Net loss totalled $13 million, up from $1.2 million. Revenues reflect an increase in the average sales price per unit. Higher losses reflect the hiring of additional personnel. 
Mestek, Inc. (NYSE : MCC)Mestek, Inc. operates in four business segments: the manufacture of Heating, Ventilating and Air Conditioning Equipment; Computer Software Development and System Design; Metal Products and Metal Forming. For the three months ended 3/31/99, revenues rose 8 percent to $82 million. Net income rose 4 percent to $3.5 million. Revenues reflect the acquisition of Boyertown Foundry Co. and higher sales of Trac-Pipe(TM). Earnings were partially offset by increased product development costs. 
McDermott International (NYSE : MDR)MDR operates in four businesses: Marine Construction Services (offshore exploration), Power Generation Systems (steam/electric power service and equip. Government Operations (nuclear reactor components) and Industrial Operations. For the fiscal year ended 3/99, revenues fell 14 percent to $3.15 billion. Net income applicable to Common before extraordinary item fell 7 percent to $192.1 million. Results reflect withdrawal from European engineering markets, partially offset by increased investment in secs. 
Megalith Corporation (OTC BB : MEGH)Megalith Corporation is engaged in the manufacturing and selling of custom passenger and freight elevators. For the nine months ended 6/30/97, revenues increased 33 percent to $2.5 million. Net loss totalled $2.6 million, up from $507 thousand. Revenues benefitted from an increase in the sales of passenger and freight elevators. Higher loss suffered from cost incurred in acquiring new capital and increased legal and professional fees. 
Met-Coil Systems Corp. (OTC BB : METS)Met-Coil designs and manufactures metal forming equipment, fabricating machinery and computer-controlled fabrication systems which produce a wide variety of products from metal coils and sheets. For the nine months ended 2/28/99, net revenues fell 5 percent to $32.3 million. Net income applicable to Common totalled $2.4 million, up from $796 thousand. Results reflect a return to historical revenues after the exit of a competitor last year and $810 thousand in tax credits. 
MFRI Inc. (Nasdaq : MFRI)MFRI manufactures and sells filter elements for use in industrial air filtration systems, and also engineers, designs and manufactures specialty piping systems, leak detection and location systems and industrial process cooling equipment. For the fiscal year 1/31/99, sales rose 10 percent to $122 million. Net income fell 88 percent to $336 thousand. Results reflect the benefits of acquisitions, offset by higher selling, general, administrative and interest expenses. 
Micro General Corporation (OTC BB : MGEN)Micro General Corporation designs, markets and sells parcel shipping systems and electronic postal scales for use in shipping departments and office mailrooms. For the 39 weeks ended 9/30/98, sales totalled $12.2 million, up from $1.6 million. Net loss rose 54 percent to $1.4 million. Revenues reflect the acquisition of ACS Systems, Inc. Higher loss reflects the inclusion of amortization of goodwill and software development costs. 
Middleby Corporation (Nasdaq : MIDD)Middleby is engaged in design, manufacture and sale of commercial and institutional foodservice equipment. For the three months ended 4/3/99, revenues rose 4 percent to $32.4 million. Net loss totalled $350 thousand vs. income of $520 thousand. Revenues reflect higher sales of conveyor oven equipment due to improved sales to major restaurant chains. Net loss reflects the inclusion of a $750 thousand non-recurring charge related to severance and benefit costs. 
Minuteman Int'l Inc. (Nasdaq : MMAN)Minuteman International Inc. manufactures and distributes commercial and industrial vacuums, floor/carpet care equipment, and chemical cleaning and coating products. For the three months ended 3/31/99, net sales increased 27 percent to $19.1 million. Net income decreased 14 percent to $772 thousand. Revenues reflect sales of PowerBoss's industrial floor-care equipment. Earnings were offset by an increase in S/G/A expenses and higher debt levels. 
Metromedia Int'l Group (AMEX : MMG)MMG manufactures lawn and garden products through Snapper. MMG also develops and operates cable TV, paging services, radio broadcasting and various types of telephony services. For the three months ended 3/31/99, revenues rose 12 percent to $67.6 million. Net loss from applicable to Common fell 44 percent to $15 million. Revenues reflect higher sales at Snapper and increased subscribers. Lower loss reflects lower S/G/A expenses, debt level and lower equity in losses of unconsolidated investees 
Monarch Machine Tool Co. (NYSE : MMO)MMO designs and builds machine tool equipment, coil processing equipment and laminating equipment. For the fiscal year ended 12/98, revenues decreased 26 percent to $79.1 million. Net income applicable to Common totalled $2.1 million vs. a loss of $4.2 million. Revenues suffered from a decrease in backlog, and increased competition in the machine tool segment. Earnings reflect the absence of a $3 million impairment and other disposal charge, and a decrease in SGA expenses. 
Mannesmann AG (MNNSYMannesmann AG is a German corporation with four core business sectors: Engineering, Automative, Telecommunications and Tubes and Trading. For the fiscal year ended 12/31/97 revenues increased 13 percent to DM39.94 billion. Net income applicable to Common increased 11 percent to DM369M. Revenues benefitted from the increased sales in all four divisions. Earnings were partially offset by the higher costs of materials and increases in personnel costs. 
Met-Pro Corporation (NYSE : MPR)Met-Pro Corporation manufactures and sells pollution control and allied equipment for purification of air and liquids, and fluid handling equipment for corrosive, abrasive, and high temperature liquids. For the three months ended 4/30/99, net sales rose 39 percent to $20.8 million. Net income rose 8 percent to $1.9 million. Revenues reflect increased sales of Pollution Control Systems and Allied Equipment. Net income reflects costs related to the Flex-Kleen acquisition. 
Memry Corporation (OTC BB : MRMY)MRMY develops, manufactures and markets materials, components and products utilizing the properties exhibited by shape memory alloys for surgical instruments and a wide range of other industrial, medical and consumer applications. For the nine months ended 3/31/99, revenues rose 4 percent to $13.9 million. Net income fell 44 percent to $1.1 million. Revenues reflect an increase in products sold to medical device companies. Net income was offset by an increase in fixed costs. 
MRS Technology, Inc. (OTC BB : MRSIQ)MRS Technology, Inc. develops and manufactures photolithographic equipment for the production of flat panel displays principally active matrix liquid crystal display screens. For the six months ended 9/98, total revenues decreased 73 percent to $993 thousand. Net loss increased 51 percent to $2.3 million. Revenues reflect no product sales. Higher loss reflects a negative product gross margin due to unabsorbed manufacturing and overhead costs. 
MSC Industrial Direct Co. (NYSE : MSM)MSC Industrial Direct Co. is a direct marketer of a full line of industrial products intended to satisfy its customers' maintenance, repair and operations supplies requirements. For the 26 weeks ended 2/27/99, net sales rose 14 percent to $316 million. Net income rose 29 percent to $27.2 million. Net sales reflect increased SKUs offered and active customers. Net income reflects leveraging fixed costs over a larger revenue base and continued emphasis on cost control. 
Mettler-Toledo Int'l (NYSE : MTD)Mettler-Toledo Int'l is engaged in the manufacturing and marketing of weighing instruments used in laboratory, industrial and food retailing applications. For the three months ended 3/99, net sales rose 9 percent to $235.7 million. Net income rose 18 percent to $8.1 million. Revenues reflect favorable sales trends due to a strengthened European economy and improved market conditions in USA. Earnings reflect higher margins and lower level of borrowing. 
Multigraphics, Inc. (AMEX : MTI)Multigraphics, Inc. distributes a range of equipment, supplies and services to the graphic arts industry. Customers include small and mid-size commercial printers, quick print franchises, in-plant print shops and others. For the nine months ended 5/1/99, total revenues rose 16 percent to $81.7 million. Net income fell 83 percent to $146 thousand. Results reflect the acquisitions of three regional graphic arts dealers, offset by lower margins and increased personnel expenses. 
Milacron Inc. (NYSE : MZ)Milacron, Inc. engages in plastics processing technologies (including molding machines and equipment) and industrial consumable products for metalworking. For the three months ended 3/31/99, revenues increased 10 percent to $392 million. Net income applicable to Common from continuing operations rose 1 percent to $15 million. Revenues reflect increased new orders and acquisitions. Earnings were partially offset by a lower margins for round metal cutting tools. 
NACCO Industries, Inc. (NYSE : NC)NC is a holding company for it's four subsidiaries. These subsidiaries manufacture forklift trucks and parts, and small electronic appliances; operate kitchen appliance stores; and mine and market lignite coal. For the three months ended 3/99, revenues rose 2 percent to $613.5 million. Net income before accounting change fell 46 percent to $12.9 million. Revenues reflect unit volume growth at HBPS. Earnings were offset by costs associated with acquired dealerships. 
Nordson Corporation (Nasdaq : NDSN)Nordson Corporation designs, manufactures and markets systems that apply adhesives, sealants and coatings to a broad range of consumer and industrial products during manufacturing operations. For the 26 weeks ended 5/2/99, sales increased 8 percent to $331.8 million. Net income increased from $5.6 million to $20 million. Revenues reflect local volume gains and price increases. Net income reflects the absence of asset impairment charge of $9.7 million. 
National-Oilwell, Inc. (NYSE : NOI)National-Oilwell designs, manufactures and sells machinery, equipment, and downhole products used in oil and gas drilling and production as well as in the distribution to the oil and gas industry maintenance and repair. For the three months ended 3/99, revenues fell 39 percent to $185.2 million. Net income rose 82 percent to $3.7 million. Revenues reflect a decline in the sales of major capital equipment and rig packages. Earnings reflect lower margins and higher debt level. 
Noland Company (Nasdaq : NOLD)Noland Company is a wholesale distributor of mechanical equipment and supplies, including plumbing/heating, air conditioning, industrial and electrical equipment, to contractors, industrial plants, utilities and others. For the three months ended 3/31/99, sales rose 10 percent to $114.3 million. Net income rose 25 percent to $822 thousand. Revenues reflect increased air conditioning/heating sales. Earnings also benefitted from lower operating expenses as a  percentage of sales. 
Nortek Incorporated (NYSE : NTK)NTK is a manufacturer of residential and commercial building products, operating within three principal segments: the Residential Building Product, the Air Conditioning and Heating Product, and the Windows, Doors and Siding Segments. For the three months ended 4/3/99, revenues rose 4 percent to $406.7 million. Net income totalled $3.5 million, up from $1.3 million. Revenues reflect acquisitions and higher sales volume. Earnings also reflect increased investment income. 
Net/Tech International (OTC BB : NTTI)NTTI is a developer of the Hygiene Guard Hand Wash Reminder and Monitoring technology which promps and verifies employee hand washing in an environment where hand washing is a priority. For the three months ended 2/28/99, revenue totalled $24 thousand, up from $0. Net loss fell 79 percent to $86 thousand. Results reflect lower marketing, general and administrative expenditures and lower expenses to refine and manufacture the Hygiene Guard Series 4000. 
NUR Macroprinters Ltd. (NURTNUR Macroprinters Ltd. develops, manufactures, sells and services digital printing systems for on-demand, short run, wide format and superwide format printing. NURT also supplies inks and print substrates. For the fiscal year ended 12/98, sales increased 66 percent to $36.4 million. Net income totalled $1.5 million, up from $485 thousand. Revenues reflect the introduction of the NUR Blueboard 2. Earnings also reflect lower general and administrative expenses as a  percentage of sales. 
Oilgear Company (Nasdaq : OLGR)The Oilgear Company manufactures and distributes systems and engineered components including hydraulic pumps, valves, meters, high pressure intensifiers, controllers, cylinders and motors. For the three months ended 3/31/99, net sales rose 6 percent to $23.2 million. Net income rose 20 percent to $482 thousand. Revenues benefitted from an increased order backlog entering the quarter. Earnings also benefitted from lower general and administrative costs as a  percentage of sales. 
On-Point Technology Sys. (Nasdaq : ONPT)ONPT designs, manufactures and services automated point-of-sale transaction vending terminals for the retail sale and leasing of instant-winner lottery tickets, prepaid phone cards and smartcards worldwide. For the three months ended 3/99, revenues rose 24 percent to $5.3 million. Net income rose 22 percent to $674 thousand. Revenues reflect increased vending terminal sales and sales-type lease arrangements. Earnings were partially offset primarily by increased R&D expenditures. 
Osmonics, Inc. (NYSE : OSM)Osmonics, Inc. designs, manufactures and markets machines, systems and components used in the processing and handling of fluids. The Company manufactures replaceable, semi-permeable membranes and other filter materials. Net sales for the three months ended 3/99 increased 6 percent to $44.5 million. Net income fell 27 percent to $1.6 million. Revenues reflect acquisitions. Net income was offset by lower margins and higher personnel costs. 
Pameco Corporation (NYSE : PCN)Pameco Corporation is a nationwide distributor of heating, ventilation and air conditioning systems and equipment and refrigeration products, with 361 branches in 47 states and Guam (as of 2/99). For the fiscal year ended 2/28/99, net sales rose 29 percent to $625 million. Net loss totalled $188 thousand vs. an income of $8.8 million. Results reflect the acquisition of branches and increased same store sales of HVAC products, offset by $5.6 million in restructuring and severance expenses. 
Publishers Equipment Corp (OTC BB : PECN)PECN is a multinational manufacturer of single-width newspaper, commercial and semi-commercial printing markets through its wholly-owned subsidiary, King Press Corp. For the three months ended 3/31/99, revenues fell 20 percent to $1.6 million. Net loss totalled $379 thousand, up from $141 thousand. Revenues suffered from lower domestic sales and competitive pricing pressures. Higher loss also suffered from additional presonnel and higher operating costs as a  percentage of revenues. 
Process Equipment, Inc. (OTC BB : PEQM)PEQM designs and manufactures sanitary steel systems used for manufacturing processes in the wine, food and biotechnology industries. PEQM also distributes pumps, related components and winery equipment imported from Europe. For the nine months ended 1/99, revenues rose 4 percent to $2.1 million. Net income rose 11 percent to $138 thousand. Revenues reflect higher sales to wineries and biotech firms. Earnings reflect a $3 thousand gain on assets sold compared to an $8 thousand loss in the prior period. 
Peerless Manufacturing Co (Nasdaq : PMFG)Peerless Manufacturing designs, engineers, and manufactures specialized products for the removal of contaminants from gases and liquids and for air pollution abatement. For the nine months ended 3/31/99, net sales rose 5 percent to $30 million. Net income rose less than 1 percent to $1.2 million. Revenues reflect firm sales volumes for SCR products, filtration and separation products and nuclear steam products. Earnings were partially offset by an increase in income taxes. 
Prab, Inc. (OTC BB : PRAB)Prab, Inc. designs and manufactures complete metal scrap reclamation systems and conveyor equipment used to reduce labor, manufacturing and transportation costs associated with metal scrap disposal. For the six months ended 4/30/99, net sales fell 21 percent to $6.9 million. Net income before extraordinary item applicable to Common fell 89 percent to $48 thousand. Revenues reflect reduced shipments due to a lower order backlog. Earnings also suffered from lower margins. 
Presstek, Inc. (Nasdaq : PRST)Presstek, Inc. is principally engaged in the development, manufacture, and sale of PEARL (R), its patented, proprietary, digital imaging system and proces-free thermal ablation printing plate technologies. For the three months ended 4/3/99, revenues fell 39 percent to $14.8 million. Net loss totalled $3.1 million vs. income of $2.3 million. Revenues reflect decreased sales of Digital Imaging Products. Net loss suffered from increased engineering costs.  Technologies, IncPRTK is engaged in developing and commercializing potential processes for the nondestructive, noninvasive testing of both above ground and buried pipelines for the effectiveness of pipeline cathodic protecting systems and coating integrity. For the nine months ended 3/99, revenues totalled $179 thousand, up from $45 thousand. Net loss rose 19 percent to $595 thousand. Revenues reflect the completion of two commercial contracts. Higher loss reflects increased S/G/A expenses. 
Innovative Med. Services (Nasdaq : PURE)PURE manufactures and markets the Fillmaster(R), a water purification, measuring and dispensing apparatus used in pharmacies to reconstitute oral antibiotic suspensions. PURE also markets NutriPure(R), a residential drinking water system. For the six months ended 1/31/99, net sales rose 82 percent to $1.6 million. Net income totalled $294 thousand vs. a loss of $795 thousand. Results reflect increasing numbers of Fillmaster(R) Purification Systems in use and increased gross margins. 
Puroflow Incorporated (OTC BB : PURO)Puroflow Incorporated designs and manufactures precision filtration devices used in automotive airbags and industrial applications and also designs surface tension devices for propellant management in missiles and satellites. For the three months ended 4/30/99, sales fell 1 percent to $2.1 million. Net income fell 83 percent to $32 thousand. Revenues suffered from lower shipments of technical aftermarket filters. Net income also suffered from higher marketing expenses. 
Pfeiffer Vacuum Tech. AG (NYSE : PV)Pfeiffer Vacuum Technology AG is engaged in the design, development and marketing of vacuum pumps and systems for various applications. For the fiscal year ended 12/31/97, net sales increased 11 percent to DM276.2 million. Net income increased 83 percent to DM21.7 million. Revenues benefitted from higher sales in the United States, especially to the semiconductor industry. Earnings also benefitted from the streamlining of the Company's worldwide sales organization. 
Quality Products, Inc. (OTC BB : QPDC)Quality Products, Inc. is a holding company that is engaged through its subsidiary, QPI Multipresses, Inc., in the manufacturing of industrial hydraulic presses and accessories. For the six months ended 3/31/99, revenues increased 7 percent to $3.7 million. Net income increased 21 percent to $380 thousand. Revenues reflect one large order shipped in the second quarter. Net income reflects higher gross profit, lower interest costs and lower SGA costs as a  percentage of sales. 
Quipp, Inc. (Nasdaq : QUIP)Quipp, Inc. through its wholly owned subsidiary, Quipp Systems, Inc., designs and manufactures material handling equipment for the newspaper industry. Products include flat belt conveyor systems, stackers and related components. For the three months ended 3/31/99, net sales rose 12 percent to $6.5 million. Net income fell 21 percent to $490 thousand. Revenues reflect improved domestic sales. Earnings were offset by a lower gross profit margin and higher R&D expenses. 
Regal-Beloit Corporation (AMEX : RBC)Regal-Beloit Corporation manufactures a line of mechanical products to control motion and torque and electrical products such as motors and generators. For the three months ended 3/31/99, net sales decreased 8 percent to $127.3 million. Net income decreased 13 percent to $9.1 million. Revenues reflect decreased mechanical group sales due to a slowing of demand. Net income also reflects a decreased gross profit due to the lower sales volume, and decreased interest income. 
Robbins & Myers, Inc. (NYSE : RBN)RBN designs, manufactures and markets specialized fluids management products for the process industries. The Co's primary product platforms are Reactors Systems, Energy Systems, Industrial Mixers, Industrial Pump Products and Corrosion-Resistant Products. For the six months ended 2/28/99, revenues fell 9 percent to $193.1 million. Net income fell 77 percent to $3.7 million. Results reflect weak market conditions in the Co.'s Energy Systems products and higher debt levels. 
Recovery Engineering, Inc (Nasdaq : REIN)REIN manufactures and markets low energy desalinators, antimicrobial water purifiers and microfilters, and residential water filters sold to retailers under the P-UR brand name for use in the U.S. and foreign markets. For the 13 weeks ended 4/4/99, revenues rose 19 percent to $20.6 million. Net income totalled $470 thousand vs. a loss of $1 million. Revenues reflect increased sales of PUR water filtration products. Earnings benefitted from increased interest income. 
Research, Incorporated (Nasdaq : RESR)RESR is engaged in the design, manufacture and sale of complete product solutions based on precise heating and control which include assembly of surface mount printed circuit boards, ink drying for on demand printing, tube shrinking, and materials testing. For the three months ended 12/98, net sales rose 11 percent to $5.4 million. Net income totalled $82 thousand vs. a loss of $180 thousand. Results reflect higher sales in the SMT market and lower selling expenses. 
REGI U.S., Inc. (OTC BB : RGUS)REGI U.S., Inc., a development stage company, is engaged in the business of developing and building an improved axial vane-type rotary engine known as the RC/DC Engine which is a variation of the original engine. For the nine months ended 1/31/99, the Company reports no revenues. Net loss decreased 15 percent to $310 thousand. Results reflect the absence of a $106 thousand marketing development charge and a $5 thousand technical reports expense. 
Roper Industries, Inc. (NYSE : ROP)Roper Industries, Inc. designs, manufactures and distributes specialty industrial controls, fluid handling and analytical instrumentation products worldwide. For the six months ended 4/30/99, net sales rose 2 percent to $189.5 million. Net income fell 7 percent to $19.9 million. Revenues reflect results of prior year acquisitions. Net income was offset by higher R&D costs and other engineering and amortization costs in the Analytical Instrumentation segment. 
Rotary Power Int'l, Inc. (OTC BB : RPIN)Rotary Power International is engaged in the development, demonstration and production of rotary engines capable of operating on a variety of liquid fuels and natural gases. For the six months ended 6/30/98, revenues fell 48 percent to $72 thousand. Net loss decreased 66 percent to $803 thousand. Revenues reflect reduced sales of Rotary Power Marine's Series 65 engines. Lower loss reflects positive margins and lower S/G/A expenses due to personnel reductions. 
Riviera Tool Company (AMEX : RTC)Riviera Tool Company designs and manufactures large scale, complex stamping die systems used to form sheet metal parts used in the production of automobile and truck body parts. For the six months ended 2/28/99, sales fell 8 percent to $10.6 million. Net income applicable to Common rose 65 percent to $1.2 million. Revenues reflect sales recognized as costs are incurred on contracts. Earnings reflect improved gross margin due to decreases in the direct cost expense and gain on asset sales. 
RTI Inc. (OTC BB : RTII)RTI, Inc. is engaged in the manufacture and sale of evaporative coolers, commercial heat exchange modules and high efficiency, water-cooled central air conditioners, sold primarily in the Southern U.S. and Mexico. For the three months ended 3/31/99, net sales fell 14 percent to $837 thousand. Net loss fell 76 percent to $214 thousand. Revenues reflect the return AC2 units to be upgraded. Lower loss reflects a decrease in cost of sales due to better material usage and lower S/G/A expenses. 
Radiant Technology Corp. (OTC BB : RTNC)Radiant Technology Corporation is engaged in the manufacturing and marketing of infrared conveyorized ovens and furnaces used by the microcircuit manufacturing industry. For the six months ended 3/31/99, net sales decreased 36 percent to $1.5 million. Net income decreased 95 percent to $17 thousand. Revenues suffered from reduced sales of infrared ovens and furnaces. Earnings also suffered from increased operating expenses. 
Scotsman Industries, Inc. (NYSE : SCT)SCT manufactures and markets refrigeration products, food preparation equipment and beverage systems that is sold primarily to restaurant, supermarket, lodging, healthcare and convenience store industries. Net sales for the three months ended 4/4/99 rose 5 percent to $159.8 million. Net income fell 1 percent to $2.3 million. Revenues reflect the inclusion of Austral Refrigeration Party Limited. Net income reflect higher costs due to the consolidation of Austral's operations. 
L.S. Starrett Company (NYSE : SCX)The L.S. Starrett Company manufactures industrial, professional and consumer products, focused primarily in hand measuring tools and precision instrumentation. For the 39 weeks ended 3/27/99, net sales fell 10 percent to $176.3 million. Net income fell 28 percent to $12 million. Revenues reflect the devaluation of the Brazilian Real and the condition of industrial manufacturing economies. Earnings reflect lower margins due to pricing pressures and lower production activity. 
SunSource, Inc. (NYSE : SDP)SunSource Inc. is a provider of value-added services and products to retail and industrial customers, including systems, parts and engineering services, small hardware items and merchandising services, and a network of full-service glass shops. For the three months ended 3/31/99, net sales rose 1 percent to $173.1 million. Net income fell 44 percent to $905 thousand. Results reflect acquisitions and new product lines, offset by increased S/G/A expenses due to acquisitions. 
Specialty Equipment Cos. (NYSE : SEC)SEC is a domestic manufacturer of a diversified line of commercial and institutional foodservice equipment used by a variety of restaurants, convenience store chains, and soft drink bottlers. For the three months ended 4/99, net revenues rose 9 percent to $139.5 million. Net income rose 25 percent to $11.8 million. Revenues reflect higher sales of beverage equipment to the brewery market. Net income benefitted from economies of scale and lower cost of borrowings. 
Secom General Corporation (Nasdaq : SECM)Secom supplies metal parts forming and tooling to the auto and truck markets through four wholly-owned subsidiaries: Uniflow, Form Flow, L&H Die and Micanol. For the three months ended 12/31/98, net sales fell 12 percent to $7.3 million. Net loss from continuing operations fell 57 percent to $201 thousand. Revenues reflect the discontinuations of various parts offerings at Uniflow and fewer orders from larger accounts at Micanol. Lower loss reflects higher margins due to repricings at Uniflow. 
SETO Holdings, Inc. (OTC BB : SETO)SETO Holdings, Inc. primarily manufactures and/or distributes industrial ceramic products, small disposable diamond cutting tools and cellular telephone and other rechargeable batteries. For the three months ended 4/30/99, net sales rose 55 percent to $901 thousand. Net income from continuing operations fell 97 percent to $4 thousand. Results reflect increasing sales volumes, offset by lower margins due to changes in sales mix and increased S/G/A expenses. 
Sauer Inc. (NYSE : SHS)Sauer, Inc. is an international manufacturer of components and systems that generate, transmit and control fluid power in mobile equipment. The products include hydrostatic transmissions, open circuit piston pumps and gear pumps. For the three months ended 3/99, net sales remained flat at $153.1 million. Net income increased 25 percent to $8.1 million. Results were favorably impacted by the Company's efforts to control manufacturing costs. 
SI Diamond Technology (OTC BB : SIDT)SIDT is a developer, manufacturer and assembler of high-density microelectronics, and developer of proprietary Diamond Based Field Emission Technologies. For the three months ended 3/99, revenues totalled $5.7 million, up from $338 thousand. Net income applicable to Common totalled $3.3 million vs. a loss of $1.6 million. Results reflect strength at the FEPET subsidiary due to the recent signing of a high-margin licensing agreement with a large manufacturer of information and office products. 
SI Handling Systems, Inc. (Nasdaq : SIHS)SIHS is a systems integrator that supplies automated materials handling systems to manufacturing, order selection and distribution operations. SIHS also develops and designs computer control programs for the operation of the systems. For the nine months ended 11/29/98, revenues fell 7 percent to $30.1 million. Net income fell 36 percent to $1.2 million. Revenues reflect a smaller backlog of orders entering fiscal 1999. Earnings also reflect higher costs associated with product promotion. 
Sonics & Materials, Inc. (OTC BB : SIMA)Sonics and Materials, Inc. is a manufacturer and distributor of ultrasonic assembly and liquid processing machinery and equipment. For the six months ended 12/31/98, revenues rose 7 percent to $6.4 million. Net income rose from $44 thousand to $121 thousand. Revenues reflect increased sales generated by the Company's Tooltex subsidiary. Earnings also reflect lower R and D expenses due to a reduction in labor costs and outside consulting, and lower selling expenses. 
SI Technologies, Inc. (Nasdaq : SISI)S.I. Technologies, Inc. is a designer, manufacturer, and marketer of high-performance industrial sensors, weighing and material-handling equipment and systems that handle, inspect and measure goods and materials. For the nine months ended 4/99, net sales totaled $32.4 million, up from $15.8 million. Net loss totaled $330 thousand vs. income of $671 thousand. Revenues reflect the Allegany, and Revere acquisitions. Net loss reflects $850 thousand in restructuring costs and lower margins. 
Selas Corp. of America (AMEX : SLS)Selas designs and manufactures specialized industrial heat processing systems and equipment, micro-miniature components and molded plastic parts for the hearing instruments, heat sensitive resistors, and tire holders and lifts. For the three months ended 3/99, revenues rose 10 percent to $24.1 million. Net loss totalled $354 thousand vs. income of $559 thousand. Results reflect acquisitions, offset by higher SG&A costs due to acquisitions. 
Sodak Gaming Inc. (Nasdaq : SODK)Sodak Gaming, Inc. is distributor and financier of gaming equipment and a broad range of gaming-related products and services and a provider of wide area systems. SODK also operates a riverboat casino entertainment facility. For the three months ended 3/31/99, total revenues increased 5 percent to $31.3 million. Net income increased 59 percent to $3.1 million. Revenues reflect increased machine and ancillary product sales. Earnings also benefitted from decreased debt levels. 
Sono-Tek Corporation (OTC BB : SOTK)Sono-Tek is engaged in the development, manufacture, assembly and sale of ultrasonic liquid atomizing nozzle systems that atomize low to medium viscosity liquids used in industrial spray processes. For the nine months ended 11/30/98, sales decreased 8 percent to $2.4 million. Net loss totalled $201 thousand vs. an income of $157 thousand. Revenues reflect decreased sales of the Company's Sonoflux systems. Loss also reflects lower profit margins and increased R&D and general administrative costs. 
SPX Corporation (NYSE : SPW)SPX Corporation is a global provider of industrial products and services, technical products and systems, service solutions and vehicle components. For the three months ended 3/31/99, net sales increased 73 percent to $646.9 million. Net income rose 32 percent to $30.9 million. Results reflect the merger and higher sales in the Industrial Products and Services and Technical segments, partially offset by the inclusion of $14.1 million in employee termination and write-down costs. 
Speizman Industries, Inc. (Nasdaq : SPZN)SPZN distributes new sock and sheer hosiery knitting machines in the U.S., Canada and Mexico. SPZN also sells dyeing and finishing equipment for the textile industry. For the 27 weeks ended 1/2/99 (vs. 26 weeks ended 12/27/97), revenues increased 6 percent to $48.7 million. Net loss totalled $418 thousand vs. income of $1.1 million. Revenues reflect increased sales of yarn processing equipment. Net loss reflects increased S/G/A expenses due to costs incurred as a result of the acq. 
Stewart & Stevenson Svcs. (Nasdaq : SSSS)SSSS markets industrial equipment and related parts; manufactures the U.S. Army's medium tactical vehicles; and manufactures equipment for oil and gas exploration, production and well stimulation industries. For the three months ended 5/1/99, revenues fell 38 percent to $188.9 million. Net income fell 77 percent to $2.1 million. Revenues reflect decreased sales in the Tactical Vehicle Segment. Net income reflects higher general and administrative costs related to acquisitions and startups. 
Stevens International Inc (AMEX : SVGa)SVG.A designs, manufactures, markets, and services web-fed packaging and printing systems and related equipment to the packaging industry and specialty/commercial and banknote and securities segments of the printing industry. For the fiscal year ended 12/31/98, revenues fell 37 percent to $22.2 million. Net loss before extraordinary item fell 82 percent to $3.5 million. Revenues reflect a slowdown in orders and the sale of various divisions. Loss reflects excess capacity and competitive pressures. 
Tennant Company (Nasdaq : TANT)TANT designs, manufactures, and sells nonresidential floor maintenance equipment and related products. Products include scrubbers, sweepers, scarifiers, buffers, burnishers and extractors. Net sales for the three months ended 3/99 rose 12 percent to $99.7 million. Net income decreased 7 percent to $4.9 million. Results reflect increased industrial equipment orders in North America. Net income suffered from lower interest income due to outsourcing of the Co.'s product financing business. 
Tapistron International (OTC BB : TAPI)TAPI develops and markets technology for the textile industry, including computerized yarn placement (CYP) machines and technology for dyeing textile materials. For the six months ended 1/99, revenues remained flat at $2.7 million. Net loss before extraordinary item rose from $50 thousand to $226 thousand. Revenues reflect flat sales of CYP machines in the period. Higher loss reflects lower gross margins, increased S/G/A expenses and decreased interest income. 
Taylor Devices, Inc. (Nasdaq : TAYD)Taylor Devices, Inc. designs, manufactures, markets and develops shock absorption, rate control, and energy storage devices used in various types of machinery, equipment and structures. For the nine months ended 2/28/99, sales rose 9 percent to $8.1 million. Net income rose 27 percent to $460 thousand. Revenues reflect strong contributions from all three primary segments. Earnings reflect continuing efforts at standardization in the seismic product line. 
TB Wood's Corporation (NYSE : TBW)TBW designs, manufacturers and markets electronic and mechanical industrial power transmission products. For the three months ended 4/2/99, net sales decreased 17 percent to $30.1 million. Net income decreased 51 percent to $1.2 million. Revenues reflect lower sales due to a slowing in demand. Net income also reflects increased cost of sales as a  percentage of revenues due to lower sales volumes and increased S/G/A expenses as a  percentage of revenues. 
Technology General Corp. (OTC BB : TCGN)Technology General Corp. operates four divisions and one subsidiary: Precision Metalform division, Eclipse Systems division, Clawson Machine division, Aerosystems division, and Transbanc Int'l Investors Corp. For the nine months ended 12/98, revenues increased 1 percent to $2.3 million. Net loss totalled $54 thousand vs. an income of $24 thousand. Revenues reflect an increase in consolidated rental billings. Loss reflects increased selling, general and administrative expense. 
Twin Disc, Incorporated (NYSE : TDI)Twin Disc designs, manufactures and sells heavy duty off-highway power transmission equipment for the marine, construction, industrial, government, natural resource and agricultural markets. For the nine months ended 3/31/99, net sales fell 19 percent to $121.9 million. Net loss totaled $1.5 million vs. income of $5.9 million. Revenues reflect the absence of an automatic transmission contract. Net loss reflects lower margins due to restructuring costs. 
Tecumseh Products Company (Nasdaq : TECUA)TECUA is an independent global manufacturer of pumps, hermetic compressors, and engine and power train components. For the three months ended 3/99, net sales rose 6 percent to $489.4 million. Net income rose 71 percent to $42.5 million. Results benefitted from strength in the engine and power train segment, and the 1/99 devaluation of the Real, which yielded higher margins at the Brazil-based compressor unit, and an $8.6 million gain on a futures position entered into in anticipation of the devaluation. 
Tesco Corporation (Nasdaq : TESOF)Tesco is a multi-faceted technology and service company that designs, manufactures, sells and operates top drive and underbalanced drilling systems; completion products; control, electrical and hydraulic systems for the oil and gas drilling industry. For the nine months ended 11/98, revenues fell 13 percent to C$99.1 million. Earnings before U.S. GAAP fell 86 percent to C$2.7 million. Results reflect lower rental service days of top drive systems and increased S/G/A and R and D expenses. 
Terex Corp. (NYSE : TEX)Terex Corp. is a global provider of capital goods and equipment used in the manufacturing, distribution, mining, construction and infrastructure industries. For the three months ended 3/31/99, net sales increased 62 percent to $423.3 million. Net income from before extraordinary item increased 81 percent to $26 million. Revenues benefitted from acquisitions and increased sales in the crane and utility aerial device businesses. Earnings also reflect an improved sale mix and cost control efforts. 
Thermo Fibergen Inc. (AMEX : TFG)Thermo Fibergen Inc. designs, builds, owns and operates fiber-recovery and water-clarification plants which allow pulp and paper mill customers to ``close the loop'' in their water and solids systems on a long-term contract basis. For the three months ended 4/3/99, revenues rose 54 percent to $2.1 million. Net income totalled $279 thousand, up from $117 thousand. Results reflect revenues from Fiber-recovery and Water-clarification segments, and lower SG&A costs as a  percentage of revenues. 
Tasty Fries, Inc. (OTC BB : TFRY)Tasty Fries, Inc. is a development stage company, since it has not completed designing, testing, and manufacturing its sole product, a vending machine which cook and dispense french fries. For the fiscal year ended 1/31/99, revenues remained flat at $0. Net loss decreased 55 percent to $2.2 million. The Company reports no revenues. Lower losses reflect the absence of a $1 million non-recurring compensation charge. 
Thermo Fibertek, Inc. (AMEX : TFT)Thermo Fibertek, Inc. designs and manufactures processing machinery, accessories and water-management systems for the paper and paper recycling industries. For the three months ended 4/3/99, revenues decreased 3 percent to $60.2 million. Net income increased 94 percent to $8.2 million. Revenues reflect a decrease in revenues from the stock-preparation equipment product line. Earnings benefitted from a $11.1 million gain on the sale of business. 
Thermwood Corporation (AMEX : THM)THM develops, manufactures, markets and services technology-based machining systems, such as industrial spray painting robots and wood carving machine robots. THM also offers installation assistance, preventive maintenance and enhancement services. For the nine months ended 4/99, net sales were unchanged at $15.9 million. Net income applicable to Common fell 59 percent to $418 thousand. Earnings reflect increased personnel and increased salaries and benefits. 
Thermo Power Corp. (AMEX : THP)Thermo Power Corporation develops and commercializes intelligent traffic control systems, commercial cooling and cogeneration systems and industrial refrigeration equipment. For the six months ended 4/3/99, revenues increased 14 percent to $137.4 million. Net loss from continued operations totalled $732 thousand, vs. an income of $146 thousand. Revenues reflects the Optronics acquisition and increases at the Traffic Control segment. Loss reflects a $701 thousand charge for the restructuring of Peek, plc. 
Thomas Industries, Inc. (NYSE : TII)Thomas Industries designs and manufactures vacuum pumps and compressors for use in global OEM applications and pneumatic construction equipment, leakage detection systems and lab equipment. TII also manufactures lighting fixtures. For the three months ended 3/31/99, revenues fell 4 percent to $46.3 million. Net income rose 12 percent to $5.9 million. Revenues reflect application of the equity method for the Lighting segment. Net income reflects increased GTG's earnings and lower interest expense. 
Thermatrix, Inc. (Nasdaq : TMXI)Thermatrix, Inc. develops, manufactures and sells industrial process equipment for the destruction of volatile organic compounds and hazardous air pollutants (``VOCs''). For the three months ended 3/31/99, revenues totalled $10.9 million, up from $2.9 million. Net loss increased 54 percent to $1.9 million. Revenues reflect the acquisition of Wahlco. Net loss was offset by higher costs of operating the combined entity after the Wahlco acquisition. 
Tokheim Corporation (NYSE : TOK)Tokheim manufactures and services electronic and mechanical petroleum dispensing systems, including point-of sale systems and pay-at-the-pump terminals. For the three months ended 2/99, net sales rose 83 percent to $166.2 million. Net loss applicable to Common before extraordinary item totalled $14.6 million, up from $6 million. Results reflect the recent acquisition of RPS and domestic strength, offset by higher interest expense due to increased debt levels, and low margins yielded by an acquired company. 
Toups Tech. Licensing Inc (OTC BB : TOUP)TOUP is engaged in licensing and facilitating market applications of late-stage technologies, primarily in the energy, environmental, natural resources and healthcare market segments, through obtaining license agreements and acquisitions. For the fiscal year ended 12/31/98, sales totalled $3.1 million., up from $1.2 million. Net loss totalled $2.2 million. vs income of $50 thousand. Sales reflect the market launch and acceptance of the BORS Lift Units. Loss reflects higher S/G/A expenses. 
TurboChef Technologies (Nasdaq : TRBO)TurboChef Technologies is engaged in the design, development, assembly and marketing of high-speed commercial cooking systems for the foodservice industry. For the three months ended 3/31/99, revenues decreased less than 1 percent to $1.7 million. Net loss increased 89 percent to $1.4 million. Revenues reflect a reduction in sales of commercial cooking systems. Higher loss also reflects increased S/G/A and R&D expenses due to the addition of personnel and a $162 thousand amortization charge. 
Trion, Inc. (Nasdaq : TRON)TRON is engaged in the design, manufacture and sale of equipment to improve the quality of indoor air in the consumer, residential, commercial and industrial markets. For the fiscal year ended 12/31/98, revenues decreased 12 percent to $57.2 million. Net loss totalled $1.2 million vs. income of $2.1 million. Revenues suffered from lower sales volume in the Company's Consumer Products segment. Losses also reflect a $3.6 million litigation settlement charge. 
Thermo Sentron, Inc. (AMEX : TSR)Thermo Sentron develops, manufactures and markets high-speed precision-weighing and inspection equipment for industrial production and packaging lines. The Company operates in North America, Europe, Australia, New Zealand, and South Africa. For the 13 weeks ended 4/3/99, revenues rose 40 percent to $26.6 million. Earnings fell 24 percent to $1.1 million. Revenues reflect acquisitions of product-monitoring businesses. Net income was offset by lower margins and higher material costs. 
TurboSonic Technologies (OTC BB : TSTA)TurboSonic Technologies designs and markets integrated pollution control and industrial gas cooling/conditioning systems, wet scrubber systems, flue gas desulfurization systems, and dust suppression systems. For the nine months ended 3/31/99, total revenues rose 32 percent to $3 million. Net income totalled $51 thousand vs. a loss of $697 thousand. Results reflect a return to normal rehabilitation and maintenance volume and higher OEM margins. 
Toro Company (NYSE : TTC)TTC designs, manufactures and markets consumer and commercial turf maintenance equipment, snow removal products and irrigation systems and provides landscaping and turf maintenance services. For the three months ended 1/29/99, revenues rose 19 percent to $250.8 million. Net income totalled $796 thousand vs. a loss of $1.1 million. Revenues reflect the introduction of new products, and timing of snowthrower shipments. Earnings also reflect an increase in gross profit. 
Tower Tech, Inc. (Nasdaq : TTMT)Tower Tech builds, repairs and upgrades conventional water cooling towers. TTMT also develops technology for the cooling tower industry. For the three months ended 2/28/99, total revenues rose 7 percent to $4.3 million. Net income totalled $2.9 million vs. a loss of $297 thousand. Revenues reflect higher unit sales volumes due to successful marketing of the newly designed TTEF Series. Earnings benefitted primarily from a $6.7 million gain upon sale of certain rental operations to Aggreko, Inc. 
United Dominion Ind. (NYSE : UDI)UDI provides proprietary engineered products to selected industrial markets worldwide. UDI's manufactures products in four segments: Flow Technology, Machinery, Specialty Engineered Products and Test Instrumentation. Sales for the fiscal year ended 12/31/98 rose 22 percent to $2.02 billion. Net income from continuing operations according to US GAAP fell 32 percent to $97.1 million. Revenues benefitted from acquisitions. Earnings were offset by a $16.3 million restructuring charge. 
Unova, Inc. (NYSE : UNA)UNA is engaged in automated data collection and mobile computing products and services. UNA also is a designer, producer and integrator of manufacturing technologies for automotive, off-road and diesel engine industries. For the three months ended 3/31/99, revenues increased 48 percent to $493.4 million. Net income decreased 55 percent to $3.5 million. Revenues benefitted from increased sales in the IAS segment. Earnings were offset by the change in business mix. 
Venturian Corporation (Nasdaq : VENT)Venturian Corp. through its subsidiary Napco Industries sells a broad range of defense related products to commercial customers, the US government and foreign governments. VENT also owns 45 percent of Atio a provider of contact automation software. For the three months ended 3/99, net sales fell 4 percent to $7.1 million. Net income totaled $18 thousand vs. a loss of $188 thousand. Results reflect lower sales to the U.S. government and the absence of $500 thousand in equity losses. 
Web Press Corp. (OTC BB : WEBP)Web Press Corp. manufactures web-fed offset printing presses designed to print on absorbent paper such as newsprint for the production of newspapers, shoppers, advertising inserts, and paperback books. For the three months ended 3/31/99, sales rose 38 percent to $1.4 million. Net loss decreased 20 percent to $70 thousand. Results reflect increased sales of new equipment, partially offset by lower margins due to cost overruns on certain new equipment sales. 
Wilmar Industries, Inc. (Nasdaq : WLMR)Wilmar Industries is a national marketer and direct distributor of repair and maintenance products, principally to the apartment housing market. For the 13 weeks ended 03/26/99, sales rose 12 percent to $48.7 million. Net income rose 14 percent to $3.1 million. Sales benefitted from the maturation of the existing sales force, sales force additions and the telesales effort. Earnings also reflect the increase in gross profit, as a persentage of net sales. 
Waterpur International (OTC BB : WPUR)WPUR develops or acquires environmental technologies in the areas of water treatment, purification and depollution. WPUR also sells water purification systems, safe water and related technologies. For the nine months ended 6/98, sales fell 51 percent to $496 thousand. Net loss decreased 34 percent to $1.7 million. Revenues reflect reduced sales of consumer products in North America. Lower loss reflects decreased staff levels in Vietnam due to the closure of a bottling plant and lower auditing costs. 
Watsco, Incorporated (NYSE : WSO)Watsco, Inc. distributes residential central air conditioning, heating and refrigeration equipment and related parts and supplies. For the three months ended 3/31/99, revenues rose 43 percent to $247.4 million. Net income from continuing operations rose 32 percent to $2.3 million. Revenues reflect additional sales generated from market share gains and expanded product lines. Net income was partially offset by higher selling costs associated with the increase in sales. 
Westerbeke Corporation (Nasdaq : WTBK)Westerbeke Corporation designs, manufactures and markets marine engine and air conditioning products and electrical generator sets for non-marine use. For the three months ended 1/23/99, net sales rose 10 percent to $5.4 million. Net loss rose from $54 thousand to $111 thousand. Revenues reflect greater sales volumes of marine generator products due to strength in the pleasure boat industry. Higher loss reflects increased R&D expenses and a $31 thousand loss upon sale of certain securities. 
Waste Technology Corp. (OTC BB : WTEK)Waste Technology Corp. is involved in the manufacture and sale of balers, which are machines used to compress and compact various waste material. For the six months ended 4/30/99, net sales decreased 32 percent to $4.3 million. Net loss increased from $246 thousand to $710 thousand. Revenues reflect a decrease in shipments to the recycled products markets. Higher loss also reflects the underabsorption of manufacturing overhead and increased interest expense. 
Xeikon N.V. (Nasdaq : XEIK)Xeikon N.V. develops, produces and markets digital color printing systems and related consumables to meet the speed, quality, reliability, cost, variable content and on demand requirements of the global digital color printing market. For the nine months ended 9/98, revenues rose 78 percent to $95.5 million. Net income totalled $9.7 million, vs. a loss of $2.6 million. Results reflect higher shipments to OEM and VAD customers, higher margins and the absence of a $1.7 million acquired R&D cost. 
YieldUP International (Nasdaq : YILD)YILD manufactures, develops and markets cleaning, rinsing and drying equipment used in the manufacturing of semiconductor wafers and other defect sensitive substrates. For the three months ended 3/31/99, revenues fell 46 percent to $1.4 million. Net loss increased from $573 thousand to $1.1 million. Revenues reflect a decrease in shipments of cleaning, rinsing and drying systems. Loss also reflects declines in gross margins due to fixed overhead costs allocated over reduced shipments. 
York International Corp. (NYSE : YRK)York International Corp. is a full-line, global designer and manufacturer of heating, ventilating, air conditioning and refrigeration equipment, sold to residential contractors, design builders and building owners. For the three months ended 3/31/99, net sales rose 5 percent to $782.8 million. Net income before accounting change rose 25 percent to $18.3 million. Results reflect increased volume in the Middle East region and increased equity in earnings of affiliates. 
Zebra Technologies Corp. (Nasdaq : ZBRA)ZBRA provides bar code solution to service entities and manufacturers worldwide for use in automatic identification and data collection systems. ZBRA designs, manufactures, sells and supports a broad line of computerized label printing systems. For the six months ended 7/4/98, revenues rose 20 percent to $167.9 million. Net income from continuing operations rose 5 percent to $28.4 million. Results reflect unit growth in hardware, partially offset by the absence of a $5.5 million gain on investments sold.%}
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Alcoa, Inc. (NYSE : AA)Alcoa is an integrated aluminum company producing and selling aluminum, semi-fabricated and finished aluminum products and alumina. For the three months ended 3/31/99, revenues rose 15 percent to $3.98 billion. Net income applicable to Common rose 5 percent to $220.6 million. Revenues benefitted from increased ingot sales due to acquistions. Earnings were partially offset by a lower gross profit margin and acquistion related increases in selling, general and administrative expenses. 
Alcan Aluminium Ltd. (NYSE : AL)Alcan Aluminium is engaged in all aspects of the aluminum business, including refining, mining, smelting and recycling. For the three months ended 3/31/99, revenues fell 7 percent to $1.84 billion. Net income applicable to Common fell 69 percent to $35 million. Revenues reflect lower average aluminum prices. Net income suffered from the economic crisis in Brazil, weaker conditions in European markets and a strong U. S. dollar. 
Asarco Incorporated (NYSE : AR)Asarco Incorporated is a producer of nonferrous metals, principally copper, lead, zinc, and silver. AR also produces specialty chemicals and aggregates. For the three months ended 3/31/99, sales fell 23 percent to $475.3 million. Net loss rose 11 percent to $35.3 million. Revenues suffered from lower copper prices and lower metal sales volumes. Higher loss was partially offset by the absence of a $20 million charge for asset dispositions and impairments. 
Broken Hill Proprietary (NYSE : BHP)BHP, an Australian company operates in four principal areas of business. BHP engages in minerals exploration and production, copper concentrate and metal exploration, hydro-carbon exploration and steel production. For the fiscal year ended 5/31/98, revenues increased 11 percent to A$24.66 billion. Net loss according to U.S. GAAP totalled A$586 million vs. income of A$478 million. Revenues reflect increased production levels. Net loss reflects increased interest and depreciation expenses. 
Brush Wellman Inc. (NYSE : BW)BW manufactures engineered materials producing beryllium, beryllium alloys, beryllia ceramic, specialty metal systems and precious metal products. For the three months ended 4/2/99, sales decreased 1 percent to $113.2 million. Net income decreased 60 percent to $2.5 million. Revenues reflect softness in the oil and gas and aerospace markets. Net income also reflects a decline in gross margins due to an adverse shift in sales mix. 
Crested Corp. (OTC BB : CBAG)CBAG acquires, explores, develops and/or sells or leases mineral properties, and the mining and marketing of minerals. CBAG also engages in commercial operations (real estate and general aviation) and carries on small oil and gas operations in MT and WY. For the nine months ended 2/28/99, revenues rose from $1.8 million to $4.1 million. Net income totalled $674 thousand vs. a loss of $610 thousand. Results reflect a $3 million SMP settlement gain and lower general and administrative expenses. 
Cameco Corporation (NYSE : CCJ)Cameco Corporation is engaged in the production and exploration of uranium and gold. The Company sells its uranium exclusively for use by electric utilities in the nuclear generation of electric power. For the nine months ended 9/98, revenues increased 6 percent to C$491.5 million. Net income decreased 13 percent to C$55.4 million. Revenues reflect increased gold sales. Net income reflects smaller margins for uranium and increased costs associated with purchased uranium. 
Chief Consolidated Mining (Nasdaq : CFCM)Chief Consolidated Mining operates as a mineral resource company actively engaged in the exploration and development of their mining claims and properties. For the fiscal year ended 12/31/98, revenues decreased 14 percent to $74 thousand. Net loss increased 82 percent to $1.7 million. Revenues reflect a decrease in sales of surface real estate. Higher losses reflect the consolidation of the Registrant, and the beginning of rehabilitation work. 
Cleveland-Cliffs Inc. (NYSE : CLF)CLF is engaged in the production and sale of iron ore pellets to integrated steel companies. CLF controls, develops and leases reserves to mine owners; manages and owns interests in mines; sells iron ore; and provides ancillary services to the mines. For the three months ended 3/31/99, total revenues fell 34 percent to $25 million. Net income totalled $2.7 million, up from $500 thousand. Results reflect lower pellet sales volume, offset by the absence of kiln outage related costs. 
Colossal Resources Corp. (CLPZColossal Resources Corp.'s principal business activities include the acquiring and developing of resource properties and the processing of related mineral resources. The Company owns a cobalt processing plant in South Africa which is currently inoperative. For the nine months ended 6/30/98, revenues rose 71 percent to C$501 thousand. Net loss fell 18 percent to C$1.3 million. Results reflect increased operations and lower travel and promotional expenses. 
Cominco Ltd. (AMEX : CLT)Cominco Ltd. is an integrated minings and metal company whose principal activities are mineral exploration, mining, smelting and refining. For the three months ended 3/99, revenues rose 1 percent to C$383.5 million. Net income totalled C$4.4 million, vs. a loss of C$2.7 million. Revenues benefitted from increased production volumes. Earnings also reflect an improved gross profit margin, lower selling, general and administrative expenses and lower exploration expenses. 
Casmyn Corporation (OTC BB : CMYN)CSMY engages in the acquisition and exploration of precious and base metal resource properties in Zimbabwe, Zambia and South Africa and makes water purification systems through its investment in VETI. For the fiscal year ended 9/30/98, revenues increased 34 percent to $4.6 million. Net loss applicable to Common totalled $30 million, up from $11.5 million. Revenues reflect an increase in gold production. Net loss reflects a higher preferred stock dividend ($17 million vs. $4.7 million). 
Canarc Resource Corp. (OTC BB : CRCUF)Canarc Resource Corporation is a Canadian resource company engaged in the acquisition, exploration and, if warranted, development of precious metal properties in British Columbia, Guyana, Suriname, Mexico, Venezuela, Africa, Indonesia and Costa Rica. For the nine months ended 9/98, revenues fell 97 percent to $4 thousand. Net loss fell 58 percent to $1.7 million. Revenues suffered from lower investment and other income. Lower loss reflects a decrease in property writedown. 
Cyprus Amax Minerals Co. (NYSE : CYM)Cyprus Amax Minerals Co. is a diversified mining company engaged in the exploration for and extraction, processing, and marketing of mineral resources. For the three months ended 3/31/99, revenues decreased 39 percent to $449 million. Net loss applicable to Common totalled $31 million vs. none. Revenues suffered from lower metal and coal realizations, molybdenum results and the absence of sales from coal properties. Loss also reflects $10 million in equity investment losses. 
EdperBrascan Corporation (AMEX : EBC)EBC operates in the natural resources (minings and metals, and forest products), power generation (integrated power systems), real estate (development and management) and financial services (banking and brokerage) segments. For the fiscal year ended 12/98, revenues increased 4 percent to C$1.41 billion. Net income decreased 33 percent to C$415 million. Results reflect an increase in revenues from Brazilian operations, offset by higher operating costs and lower investment gains. 
Freeport-McMoRan C & G (NYSE : FCX)Freeport-McMoRan Copper and Gold, Inc. explores, mines, and mills copper, gold, and silver in Irian Jaya, Indonesia. For the three months ended 3/31/99, revenues increased 5 percent to $415.8 million. Net income applicable to Common decreased 33 percent to $17.7 million. Revenues reflect increases in copper and gold sales volumes. Earnings were offset by an increase in equity losses from PT-SC and higher interest expense due to increased debt levels. 
Fremont Gold Corporation (OTC BB : FGLD)Fremont Gold Corporation is engaged in the acquisition, exploration and development of mineral properties, primarily gold and copper properties located in Latin America. For the nine months ended 9/30/97, revenues increased from $2 thousand to $11 thousand. Net loss increased from $284 thousand to $1.5 million. Revenues benefitted from an increase in interest income. Loss reflects an increase in salaries and consulting expenses and a $181 thousand interest expense. 
Great Northern Iron Ore (NYSE : GNI)Great Northern Iron Ore owns in fee, 12,033 acres of mineral and non-mineral lands on the Mesabi Iron Range of Northern Minnesota. For the three months ended 3/31/99, total revenues decreased 26 percent to $1.6 million. Net income decreased 33 percent to $1.2 million. Revenues reflect decreased royalty income due to reduced taconite production from Trust lands. Net income also reflects increased costs and expenses as a  percentage of revenues. 
Golden Phoenix Minerals (OTC BB : GPXM)Golden Phoenix Minerals is an exploration stage Company dedicated to the discovery and development of precious and base metals in the western United States and Alaska. For the nine months ended 9/30/98, revenues totalled $33 thousand. Net loss totalled $1.6 million. Revenues reflect the granting of joint venture positions in part of the Company's Alaska holdings. Loss reflects increased spending due to exploration activities and the acquisition of properties. 
K.L.S. Enviro Resources (OTC BB : KLSE)KLSE provides dual tube reverse circulation drilling services such as mineral exploration drilling, and geotechnical and water-related drilling. For the nine months ended 6/30/98, revenues decreased 49 percent to $2.5 million. Net loss applicable to Common totalled $2.8 million, up from $230 thousand. Revenues suffered from lower drilling service revenues due to depressed market prices of base metals. Higher loss also reflects higher debt levels and depreciation costs. 
Kaiser Aluminum Corp. (NYSE : KLU)Kaiser Aluminum Corp. operates in all aspects of its industry: mining and refining of bauxite, production of primary aluminum and manufacture of fabricated aluminum products. For the three months ended 3/31/99, net sales fell 20 percent to $479.4 million. Net loss totalled $38.2 million vs. an income of $12 million. Revenues reflect a reduction in primary aluminum shipments due to potline curtailments. Loss also reflects lower margins due to lower prices and lower volumes. 
Leadville Corporation (OTC BB : LEAD)Leadville Corporation is engaged in the acquisition, exploration and development mining properties, primarily in Lake and Park Counties, Colorado. LEAD controls the Sherman-Hilltop Consolidation and the Diamond-Resurrection Consolidation mining properties. For the three months ended 3/31/99, the Company reported no revenues. Net loss fell 16 percent to $415 thousand. Results reflect increased interest charges associated with notes payable and debentures. 
Metal Recovery Tech. (OTC BB : MRTI)Metal Recovery Technologies, Inc. is engaged in the development of the first commercially viable means of recovering the zinc coating from steel scrap through a dezincing process. For the nine months ended 9/30/98, revenues remained at $0. Net loss decreased 86 percent to $593 thousand. Results reflect the Company's election to capitalize all organization costs during the developmental stage, and a reduction in litigation expenses and general overheads. 
INCO Limited (NYSE : N)INCO Limited produces nickel, copper, cobalt and precious metals, and also manufactures alloy components for industrial applications. For the fiscal year ended 12/31/98, net sales decreased 25 percent to $1.77 billion. Net loss applicable to Common from continuing operations according to US GAAP totaled $175 million, up from $35 million. Revenues suffered from lower average realized prices for and slightly lower deliveries of nickel and copper. Higher loss reflects a $64 million restructuring charge. 
Nord Pacific Limited (OTC BB : NORPF)Nord Pacific Limited is engaged in the production of copper and in the exploration for gold, copper, nickel, cobalt, and other minerals in Australia, Papua New Guinea, Mexico, Canada and the U.S. For the three months ended 3/31/99, sales fell 10 percent to $2.9 million. Net loss rose from $113 thousand to $314 thousand. Revenues reflect lower copper prices. Higher loss also reflects increased depreciation, depletion and amortization of deferred leach costs, and higher interest expense. 
Nord Resources Corp. (NYSE : NRD)NRD, through Sierra Rutile Ltd. and Nord Pacific Ltd., is engaged in the mining and processing of titanium dioxide, the production of copper and in the exploration for gold, copper, nickle, cobalt and other minerals. For the three months ended 3/31/99, Company reported no revenues. Net loss decreased 44 percent to $1.5 million. Results reflect the absence of expenses related to asset refurbishment and negotiations with the government of Sierra Leone. 
Southern Peru Copper Corp (NYSE : PCU)Southern Peru Copper Corporation, through its wholly owned subsidiary, Southern Peru Limited, is an integrated producer of copper that operates mining, smelting, and refining facilities in southern Peru. For the three months ended 3/31/99, net sales fell 19 percent to $123.9 million. Net income fell 69 percent to $4 million. Revenues reflect lower metals prices. Earnings also reflect increased operating cost as a  percentage of revenues and higher depreciation and interest expenses. 
Phelps Dodge Corp. (NYSE : PD)PD operates Phelps Dodge Mining Co. (involved in copper operations-including mining, concentrating, smelting and refining production) and Phelps Dodge Inds. (manufactures engineered products mainly for the transportation, energy and telecommunications inds.). For the three months ended 3/31/99, sales fell 17 percent to $663.1 million. Net income before acct. change fell 99 percent to $500 thousand. Results reflect lower average copper prices and the absence of a $186.2 million gain on asset disposition. 
Reynolds Metals Company (NYSE : RLM)Reynolds Metals Company serves customers in the established and growing world markets, such as the packaging and consumer, construction, distribution and automotive markets with a wide variety of aluminum, plastic and other products. For the three months ended 3/31/99, revenues fell 30 percent to $1.07 billion. Net loss before accounting totalled $10 million, vs. an income of $58 million. Results reflect lower primary aluminum prices and a lower gross profit margin. 
Rio Algom Limited (AMEX : ROM)ROM is an international mining and metals distribution company. ROM produces copper, gold, molybdenum, coal, and uranium from mines in the U.S. and Canada. For the three months ended 3/31/99, revenues rose 14 percent to C$511 million. Net loss applicable to Common before U.S. GAAP totalled C$5 million, vs. an income of C$6 million. Revenues reflect the acquisition of Ideal Metal Inc. Earnings were offset by lower copper prices and an increased cost of mine production and metal sales. 
Rio Tinto PLC (NYSE : RTP)Rio Tinto PLC is an international natural resource company with substantial interests in copper, gold, iron ore, coal, aluminum and other raw materials throughout the world. For the fiscal year ended 12/31/97, net sales increased 11 percent to $3.77 billion. Net income applicable to U.S. GAAP increased 3 percent to $802 million. Revenues reflect increased sales volumes from non ferrous metals and iron ore and higher average aluminium prices. Earnings were partially offset higher debt levels. 
Silver Butte Mining Co. (OTC BB : SIBM)Silver Butte Mining Co. was in the exploratory mining stage from its inception until ceasing of all exploration in 1994 since the Company's exploration efforts developed no commercial ore deposits. SIBM continues to search for business opportunities in the mining industry. For the six months ended 2/28/99, total revenue rose 2 percent to $2 thousand. Net loss fell 12 percent to $6 thousand. Results reflect increased dividend income and lower professional services costs. 
Synergy Renewable Resourc (OTC BB : SRRIF)Synergy Renewable Resources, Inc. explores and develops mineral properties in and around Butte, Montana. Revenues for the fiscal year ended 12/31/97 increased 77 percent to $2.5 million. Net loss according to U.S. GAAP decreased 32 percent to $2.6 million. Revenues benefitted from increased sales of mineral products. Lower loss also reflects the absence of $4.7 million write-down of resource properties and mineral recovery project. 
Sunshine Mining/Refining (NYSE : SSC)Sunshine Mining and Refining Company is a holding company whose principal subsidiaries mine, refine and market silver and certain by-product metals to commercial customers. For the three months ended 3/31/99, revenues fell 8 percent to $9.7 million. Net loss totalled $2.7 million vs. income of $71 thousand. Revenues reflect decreases in the average price received per ounce of silver sold. Loss reflects lower margins and the absence of $1.6 million in valuation reserves. 
Stillwater Mining Company (AMEX : SWC)SWC mines, processes and refines palladium, platinum and related metals from a geological formation in southern Montana called the J-M Reef, which is the only major source of platinum group metals outside of South Africa and Russia. For the three months ended 3/31/99, revenues rose 77 percent to $38 million. Net income totalled $10.6 million, up from $984 thousand. Results reflect increased production, higher market prices for palladium due to continued Russian supply concerns, and higher margins. 
Titanium Metals Corp. (NYSE : TIE)Titanium Metals Corp. is a worldwide producer of titanium sponge and mill products, particularly for use in commercial and military aerospace applications. For the three months ended 3/31/99, total revenues decreased 28 percent to $134.5 million. Net loss totalled $3.9 million vs. income of $18.3 million. Revenues suffered from a decrease in mill product shipments and volumes, and lower demand in the aerospace and industrial markets. Losses reflect a decrease in gross profit. 
Tremont Corporation (NYSE : TRE)Tremont Corp. is a holding company for: Titanium Metals (producer titanium sponge and mill products); and NL Industries (produces dioxide pigments). For the three months ended 3/31/99, revenues fell 98 percent to $1.3 million. Net income before extraordinary item fell 99 percent to $322 thousand. Results suffered from lower equity in the earnings of NL Industries due to the absence of a gain on the sale of its specialty chemicals operations. 
Uranium Resources, Inc. (OTC BB : URIX)Uranium Resources, Inc. acquires, explores, and develops, properties for the mining of uranium in the U.S. using the in situ leach mining process. For the three months ended 3/31/99, total revenues decreased from $6.1 million to $2 thousand. Net loss totalled $786 thousand vs. an income of $111 thousand. Revenues reflect how the Company made no uranium deliveries in the first quarter of 1999. Loss also reflects an increase in operating expenses as a  percentage of sales. 
WMC Ltd. (NYSE : WMC)WMC Ltd. and its subsidiaries explore, develop, process, and market industrial minerals and metals such as nickle, gold, copper and uranium oxide. WMC also produces bauxite, alumina and fertilizer. For the fiscal year ended 12/31/98, revenues totalled A$1.72 billion. Net income according to U.S. GAAP totalled A$59.7 million. Results are not comparable due to the Company changing its fiscal year end from June to December.%}
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Applied Biometrics, Inc. (Nasdaq : ABIO)ABIO develops, manufactures, and markets cardiac output monitoring devices and ultrasound transducer technology for use in hospital operating rooms and intensive care units. For the three months ended 3/99, the Company reports no revenues. Net loss before discontinued operations fell 10 percent to $360 thousand. Results reflect lower personnel and related costs due to the distribution of Cardia during 1999 quarter. 
Abatix Environmental Corp (Nasdaq : ABIX)Abatix Environmental markets and distributes personal protection and safety equipment, and durable and nondurable supplies to the asbestos and lead abatement, industrial safety and hazardous materials industries. For the fiscal year ended 12/31/98, sales rose 7 percent to $37.3 million. Net income increased 39 percent to $1.2 million. Revenues reflect expansion of the customer base and stable economic conditions. Earnings also reflect lower S/G/A costs as a  percentage of sales. 
Abiomed, Inc. (Nasdaq : ABMD)Abiomed Inc. is engaged in the research, development and commercialization of medical devices with a primary focus on cardiac support systems. For the nine months ended 12/31/98, revenues decreased 7 percent to $15.9 million. Net loss from continued operations totalled $5.3 million vs. income of $500 thousand. Revenues suffered from a reduction in international orders. Net loss reflects higher levels of spending to advance the development of the HRD and to enhance the BVS. 
American Biomed, Inc. (OTC BB : ABMI)American Biomed, Inc. is a development stage company engaged in the development, manufacture and marketing of medical, surgical and diagnostic devices. For the three months ended 3/31/99, net sales fell 30 percent to $113 thousand. Net loss increased 4 percent to $581 thousand. Revenues reflect the absence of Original Equipment Manufacturer projects. Higher loss was partially offset by lower research and development expenditures. 
Acuson Corporation (NYSE : ACN)ACN is a manufacturer, worldwide marketer and services provider of high-performance medical diagnostic ultrasound systems and image products. Clinics, hospitals and healthcare delivery systems throughout the world use ACN for a broad range of clinical applications. For the three months ended 4/3/99, sales rose 3 percent to $119 million. Net income fell 4 percent to $5.5 million. Revenues reflect higher worldwide service revenues. Earnings reflect lower margins and higher borrowings 
Acme United Corporation (AMEX : ACU)Acme United Corp., produces scissors, shears, rulers, and first aid kits, and related products which are sold to wholesale, contract and retail stationary distributors, office supply stores, retailers and mass market retailers. For the three months ended 3/31/99, total revenues fell 9 percent to $7.7 million. Net loss from continuing operations fell 44 percent to $542 thousand. Revenues reflect higher backorder levels. Loss was offset by improved margins on international sales. 
ADAC Laboratories (Nasdaq : ADACE)ADAC Laboratories designs, develops, manufactures, sells and services medical imaging and health care information systems used for nuclear medicine, radiology, cardiology and oncology. For the three months ended 1/3/99, revenues increased 40 percent to $94.3 million. Net income totalled $3.9 million vs. a loss of $5.5 million. Revenues reflect higher sales and servicing of medical imaging products. Earnings reflect the absence of $14.5 million in discontinued products charge. 
American Dental Tech. (Nasdaq : ADLI)ADLI manufactures, develops, and markets high technology dental products for general dentistry. ADLI's primary products are air abrasive kinetic cavity preparation systems (KCP) and pulsed dental laser. For the fiscal year ended 12/98, total revenues rose 31 percent to $28.3 million. Net income rose from $3.6 million to $8.8 million. Results reflect the acquisition of Dental Vision Direct, increased sales of the stand alone curing light, and a $5.1 million income tax benefit. 
Advanced Medical Products (OTC BB : ADVAE)Advanced Medical Products develops, manufactures (through subcontractors), assembles and markets diagnostic equipment and software primarily for use in physicians' offices. For the six months ended 12/31/98, net sales increased 33 percent to $1.4 million. Net loss applicable to Common Stock increased 99 percent to $449 thousand. Revenues reflect the purchase and resale of Biosensor products. Net loss was offset by increased sales and marketing costs. 
AFP Imaging (OTC BB : AFPC)AFPC designs, develops, manufactures and distributes equipment for producing hard copy images by chemical processing photosensitive materials and manufacturing other electro/optical imaging equipment. For the nine months ended 3/31/99, net sales fell 17 percent to $21.8 million. Net loss fell 25 percent to $2 million. Revenues reflect lower graphic art product sales. Lower loss reflects lower goodwill write-down costs related to the acquisition of ProDen. 
Allied Healthcare Product (Nasdaq : AHPI)Allied Healthcare Products is a manufacturer of respiratory products used in the health care industry in a wide range of hospital and alternate site settings, including post-acute care facilities, home health care and trauma care. For the nine months ended 3/99, net sales decreased 30 percent to $54.2 million. Net loss before extraordinary item decreased 48 percent to $3.4 million. Results reflect the divestiture of the ventilation products division, offset by the absence of impairment losses. 
Applied Imaging Corp. (Nasdaq : AICX)AICX designs, develops, manufactures, and markets automated image analysis systems used by cytogenetic laboratories for prenatal, cancer and other genetic testing applications. For the three months ended 3/99, revenues fell less than 1 percent to $2.7 million. Net loss fell 27 percent to $1.8 million. Revenues reflect lower sales prices on cytogenetic instr. products. Lower loss reflects decreased sallary, consunting and marketing promotions costs. 
Aksys, Ltd. (Nasdaq : AKSY)Aksys, Ltd. is a development stage company working to provide hemodialysis products and services for patients suffering from end stage renal disease (ESRD), commonly known as chronic kidney failure. For the three months ended 3/99, Company reports no revenues. Net loss increased 25 percent to $4.5 million. Results reflect increased operating expenses coupled with a reduction in interest income and increased costs related to filing of an IDE with FDA. 
Alaris Medical, Inc. (Nasdaq : ALRS)ALRS through its major operating subsidiary, ALARIS Medical Systems, Inc., develops and manufactures intravenous infusion pumps, periodic patient monitoring devices. For the three months ended 3/31/99, revenues increased 7 percent to $93.4 million. Net loss totalled $725 thousand vs. income of $207 thousand. Revenues reflect an increase in drug infusion disposable administrative set revenue. Losses reflect a $2.1 million integration and other non-recurring charge. 
American Medical Alert (Nasdaq : AMAC)American Medical Alert is engaged in the design, engineering, marketing, installation and monitoring of computerized Personal Emergency Response Systems, sold to consumers, healthcare agencies, hospitals and others. For the fiscal year ended 12/31/98, revenues rose 9 percent to $8.3 million. Net income rose 23 percent to $987 thousand. Revenues reflect expansion of the customer base for monthly monitoring services. Earnings also benefitted from operational efficiencies. 
American Consolidated Lab (OTC BB : AMCL)American Consolidated Laboratories is engaged in the manufacture and distribution of rigid gas permeable lenses and speciality soft lenses. For the nine months ended 9/30/97, net sales decreased 23 percent to $2.7 million. Net loss from continuing operations increased 23 percent to $1.3 million. Revenues reflect the loss of a specialty manufactured soft lens customer and the loss of certain local Lincold customers. Loss also reflects lower margins and $153 thousand in manufacturing integration costs. 
American Electromedics (OTC BB : AMER)American Electromedics Corp is engaged in developing, manufacturing and selling healthcare products. AMER produces three devices: intraoral dental cameras, a needle-free delivery system and audiometric medical devices. For the six months ended 1/31/99, net sales increased 21 percent to $4.4 million. Net loss applicable to Com. totalled $2.9 million vs. an income of $44 thousand. Results reflect the acquisitions of DDS and ESI, offset by lower margins and deferred compensation expenses. 
Andersen Group, Inc. (Nasdaq : ANDR)ANDR, through its subsidiary, provides precious metals and parts to automotive, medical, industrial electronics, military and semiconductor manufacturers. For the fiscal year ended 2/99, revenues fell 18 percent to $23.6 million. Net loss from continuing operations applicable to Common totalled $3.3 million, vs. an income of $1.3 million. Revenues reflect investment losses. Loss also reflects a lower gross profit margin, higher research and development expenses and higher interest expense. 
Angeion Corporation (Nasdaq : ANGN)Angeion Corporation designs, develops, manufactures and markets products that treat irregular heartbeats (arrhythmias). For the three months ended 3/31/99, net sales totalled $1.8 million, up from $355 thousand. Net loss fell 13 percent to $8.4 million. Revenues benefitted from increased sales of ICD's. Lower loss was partially offset by a $720 thousand restructuring charge, increased equity in net loss of a joint venture and increased interest expenses. 
Advanced Neuromodulation (Nasdaq : ANSI)Advanced Neuromodulation Systems designs, develops, manufactures and markets implantable electronic stimulation systems for spinal cord stimulation used to manage chronic intractable pain. For the three months ended 3/31/99, revenues totalled $13.5 million, up from $4.4 million. Net income from continuing operations totalled $5.4 million, up from $502 thousand. Results reflect higher unit sales volume and the Sofamor Danek development agreement, higher margins, lower debt and higher investment funds. 
Alpha Pro Tech, Ltd. (OTC BB : APTD)Alpha Pro Tech, Ltd. develops, manufactures and markets disposable protective apparel and consumer products for the cleanroom, food service, industrial, medical, dental and consumer markets. For the three months ended 3/99, sales fell 5 percent to $4.5 million. Net income totalled $272 thousand, up from $83 thousand. Revenues reflect decreased Apparel Division sales to the Company's largest distributor. Earnings reflect lower public company and professional expenses. 
Aradigm Corporation (Nasdaq : ARDM)Aradigm is engaged in the development of AERx(TM) Pulmonary Drug Delivery System, which uses proprietary technologies to create aerosols from liquid drug formulas for delivery via the lungs. For the three months ended 3/99, revenues rose 30 percent to $3.6 million. Net loss rose 45 percent to $5.5 million. Revenues reflect higher partner-funded product development with SmithKline Beecham and Novo Nordisk. Net loss reflects the hiring of additional scientific personnel. 
Arrow International, Inc. (Nasdaq : ARRO)Arrow International, Inc. develops, manufactures and markets a broad range of clinically advanced, disposable catheters and related products for critical care and interventional medical procedures. For the six months ended 2/99, revenues rose 9 percent to $142.4 million. Net income decreased 11 percent to $18.4 million. Revenues reflect increased sales of cardiac care products. Earnings were offset by a $4.1 million special charge related to purchase of in-process R&D. 
ArthroCare Corporation (Nasdaq : ARTC)ARTC designs, develops, manufactures and markets medical devices for use in arthroscopic and orthopedic procedures. ARTC's tools enable surgeons to shrink soft tissues and seal small bleeding vessels. For the three months ended 4/3/99, revenues rose 36 percent to $9.7 million. Net income fell 5 percent to $240 thousand. Revenues reflect increased sales of controller and disposable units. Earnings were offset by increased sales and marketing expenses. 
American Science & Engin. (AMEX : ASE)American Science and Engineering, Inc. develops, produces, markets, sells and provides research and engineering services with respect to X-ray inspection systems. For the nine months ended 12/31/98, revenues rose 75 percent to $42.3 million. Net income fell 17 percent to $1.7 million. Revenues benefitted from an increase in CargoSearch (TM) revenues. Earnings were offset by a less favorable sales mix and increased research and development expenditures. 
ATRION Corporation (Nasdaq : ATRI)Atrion Corporation is a holding Company which designs, develops, manufactures, markets, sells and distributes medical products and components. For the three months ended 3/99, revenues rose 14 percent to $11.6 million. Net income fell 21 percent to $394 thousand. Revenues reflect the inclusion of the operations of Quest for three full months compared to two months in 1998. Net income was offset by higher selling expenses and lower interest income. 
ATS Medical, Inc. (Nasdaq : ATSI)ATS Medical, Inc. manufactures and markets a pyrolytic carbon bileaflet mechanical heart valve. The Company sells the ATS Valve in international markets and sponsors clinical trials. For the three months ended 3/31/99, revenues fell 1 percent to $4.2 million. Net income fell 1 percent to $688 thousand. Revenues reflect volatility in foreign exchange and pricing pressures. Net income reflects a decrease in interest income due to lower average investable cash balances. 
Avitar, Inc. (OTC BB : AVIT)Avitar, Inc. develops, manufactures, markets and sells proprietary hydrophilic polyurethane foam disposables fabricated for medical, diagnostics, dental and consumer use. For the six months ended 3/31/99, revenues rose 3 percent to $966 thousand. Net loss applic to common from continuing operations rose 13 percent to $1.2 million. Revenues benefited from increased sales of wound dressing products. Loss reflects the company's efforts to enter a rapid diagnostic test market. 
Bacou USA, Inc. (NYSE : BAU)Bacou USA designs, manufactures and sells safety products that protect the sight, hearing and respiratory systems of workers against occupational hazards, as well as related instrumentation including gas monitors and test equipment. For the three months ended 3/31/99, net sales rose 10 percent to $54.6 million. Net income totalled $5.5 million, up from $2.7 million. Revenues reflect the acquisition of Howard Leight. Earnings also reflect the absence of purchased R&D charges. 
Baxter International Inc. (NYSE : BAX)Baxter International Inc. develops, manufactures and distributes a variety of products, systems and services used mainly in the health care field. For the three months ended 3/31/99, revenues increased 15 percent to $1.69 billion. Net income before accounting change increased 9 percent to $178 million. Revenues benefitted from increased sales of the volumetric infusion pump. Earnings were partially offset by the recognition of unfavorable manufacturing variances. 
C.R. Bard, Inc. (NYSE : BCR)C.R. Bard develops, manufactures and markets health care products, including vascular, urological and oncological diagnosis and intervention products, sold worldwide to hospitals, health care professionals, and extended care and alternate site facilities. For the three months ended 3/99, sales fell 16 percent to $248.5 million. Net income rose 7 percent to $26.6 million. Results reflect the divestiture of several cardiology businesses and improved manufacturing efficiencies. 
Becton, Dickinson and Co. (NYSE : BDX)Becton, Dickinson and Company manufactures and sells a broad line of medical supplies and devices and diagnostic systems used by health care professionals, medical research institutions and the general public. For the six months ended 3/99, revenues rose 14 percent to $1.64 billion. Net income applicable to Common rose 6 percent to $164.7 million. Results reflect acquisitions and strong performance by international businesses, partially offset by higher selling and administrative expenses. 
Summit Technology, Inc. (Nasdaq : BEAM)Summit Technology is engaged in manufacturing, selling and servicing laser systems and related products to correct vision disorders, and in selling contact lenses and related products through mail order. For the three months ended 3/31/99, total revenues rose 17 percent to $25.7 million. Net income before accounting change totalled $2.4 million, up from $377 thousand. Results reflect an increase in license fee revenues and higher margins due to increased license revenues. 
Biocontrol Technology Inc (OTC BB : BICO)Biocontrol Technology, Inc. and its subsidiaries are engaged in the development, manufacturing and marketing of biomedical products and biological remediation products. For the nine months ended 9/30/98, total revenues rose 36 percent to $1.1 million. Net loss decreased 18 percent to $13.9 million. Results reflect fluctuations in sales of Functional Electrical Stimulators, partially offset by increased interest expense and reduced unrelated investors' interest in net loss of subsidiary. 
BioCoral, Inc. (OTC BB : BICR)BioCoral engages in developing, manufacturing and marketing bone graft and growth material for orthopedic, oral and maxillofacial applications. For the fiscal year ended 12/98, total revenues fell 34 percent to $406 thousand. Net loss from continuing operations fell 62 percent to $1.2 million. Revenues reflect weakness at the Inoteb subsidiary. Lower loss reflects decreased amortization of unearned compensation due to the cancellation of options, and the absence of a $1.5 million write-off of intangible assets. 
Bionx Implants, Inc. (Nasdaq : BINX)BINX is a developer, manufacturer and marketer of Self-Reinforced, resorbable polymer implants for use in a variety of applications which include orthopaedic surgery, urology, dentistry and maxillo-facial surgery. For the three months ended 3/31/99, total revenues rose 17 percent to $5.3 million. Net loss totalled $865 thousand vs. an income of $329 thousand. Revenues reflect higher product sales and other implant revenues. Earnings were offset by higher commissions and R&D costs. 
Bioject Medical Tech. (Nasdaq : BJCT)Bioject Medical Technologies develops, manufactures and markets a jet injection system for needle-free drug delivery. For the nine months ended 12/31/98, revenues rose 44 percent to $2.4 million. Net loss applicable to Common fell 66 percent to $5.1 million. Revenues reflect increased licensing and technology revenues. Lower loss reflects the absence of a $15 million charge for acquired research and development, lower selling, general and administrative expenses, and lower interest expense. 
Bio-Logic Systems Corp. (Nasdaq : BLSC)Bio-Logic Systems Corp. designs, develops, assembles and markets computer based electro-diagnostic systems for use by hospitals, clinics, universities and physicians. For the fiscal year ended 2/28/99, revenues fell 3 percent to $17.4 million. Net income fell 75 percent to $289 thousand. Revenues suffered from lower unit sales of the Ceegraph and Sleep product lines. Earnings also reflect higher salaries, increased outside development costs and higher administrative expenses. 
Biolase Technology, Inc. (Nasdaq : BLTI)Biolase Technology designs, develops, manufactures, and markets laser-based systems for use in dental and medical applications. For the three months ended 3/31/99, revenues totaled $1.8 million, up from $263 thousand. Net loss fell 19 percent to $670 thousand. Revenues reflects the company's marketing efforts of its Millennium YSGG HydorKinetic system. Lower loss was partially offset by higher sales and marketing expenses due to increased personnel and marketing efforts. 
BEI Medical Systems Co. (Nasdaq : BMED)BEI Medical Systems Company is a manufacturer of diagnostic and therapeutic products focused on gynecology and women's health issues. For the 26 weeks ended 4/3/99, net sales fell 16 percent to $4.2 million. Net loss increased 36 percent to $3.2 million. Revenues reflect reduced shipments of reusable instruments and disposable products to customers in the gynecology market. Loss also reflects the absence of an $880 thousand income tax benefit. 
Biomet, Inc. (Nasdaq : BMET)BMET designs, manufactures and markets products used primarily by orthopedic medical specialists in both surgical and non-surgical therapy. For the nine months ended 2/28/99, net sales rose 18 percent to $552.3 million. Net income rose 17 percent to $106.8 million. Revenues reflect the continued penetration of the reconstructive device market and higher sales of fixation and spinal products. Earnings were partially offset by the absence of a $15.2 million gain on the sale of European Operations. 
Ballard Medical Products (NYSE : BMP)Ballard Medical Products and its subsidiaries develop, manufacture and market specialized medical products. For the six months ended 3/31/99, net sales increased 2 percent to $74.4 million. Net income decreased 5 percent to $13.4 million. Revenues benefitted from increased international sales of the MIC enteral feeding catheters and endoscopic devices. Earnings were offset by increased selling, general and administrative, research and development and royalty expenses. 
Biosearch Medical Prod. (OTC BB : BMPI)Biosearch Medical Products is an OEM manufacturer for various medical product companies and manufactures and distributes its own line of endoscopic products to hospitals. For the three months ended 3/31/99, net sales decreased 64 percent to $218 thousand. Net income totalled $400 thousand vs. a loss of $47 thousand. Revenues reflect the loss of the urinary catheter business. Net income reflects the inclusion of a $191 thousand gain on the sale of fixed assets. 
Biomerica, Inc. (Nasdaq : BMRA)Biomerica, Inc. is engaged in the development, manufacture and marketing of medical diagnostic test kits and various orthodontic products, and the performance of specialized diagnostic testing services. For the nine months ended 2/28/99, net sales fell 11 percent to $6.2 million. Net loss totalled $193 thousand vs. an income of $191 thousand. Revenues reflect lower foreign sales at Biomerica. Loss also reflects lower margins due to increased manufacturing labor costs. 
Bausch & Lomb Inc. (NYSE : BOL)Bausch and Lomb Inc. develops and produces eye care products and precision optical devices, and provides specialized biomedical products and services which help diagnose and treat various diseases. For the three months ended 3/27/99, revenues rose 4 percent to $574.8 million. Net income totalled $22.4 million, vs. a loss of $23.2 million. Revenues reflect growth of planned replacement and disposable lenses. Earnings reflect the absence of a $41 million charge for the acquisition of Chiron Vision. 
Interpore International (Nasdaq : BONZ)Interpore International is a biomaterials company that develops, manufactures and markets synthetic bone graft material for the orthopaedic. For the three months ended 3/31/99, revenues increased 22 percent to $9 million. Net income increased 15 percent to $1.1 million. Revenues benefitted from an increase in the sale of bone biologics and spinal products. Earnings were partially offset by an increase in commissions on higher sales. 
Bovie Medical Corporation (OTC BB : BOVI)BOVI manufactures and markets battery operated cauteries and other medical products, and also develops related technologies, with a focus on electrosurgical generators and electrosurgical disposables. For the three months ended 3/31/99, sales rose 27 percent to $2.2 million. Net income totalled $9 thousand vs. a loss of $171 thousand. Revenues reflect higher sales of Bovie generators. Earnings reflect decreased salaries due to an absence of bonuses, and decreased professional fees. 
Bio Plexus, Inc. (Nasdaq : BPLX)Bio Plexus, Inc. designs, develops, manufactures and sells safety medical products, focusing on its Punctur-Guard series of safety blood collection needles. For the three months ended 3/31/99, revenues increased 50 percent to $2.3 million. Net income totalled $3 thousand vs. a loss of $1.2 million. Revenues reflect the expansion of domestic account base and the recognition of deferred revenue for the I.V. catheter. Earnings also reflect lower work force and equipment lease financing costs. 
BSD Medical Corporation (OTC BB : BSDM)BSD Medical Corporation is engaged in the development, production, marketing and servicing of heat therapy equipment used for the treatment of cancer and other diseases. For the six months ended 2/28/99, total revenues fell 78 percent to $200 thousand. Net loss totalled $753 thousand, up from $116 thousand. Revenues reflect a delay in the receipt and processing of European orders. Loss also reflects increased resources devoted to completion of the BSD-2000/3D/MR system. 
BioSphere Medical, Inc. (OTC BB : BSMD)BioSphere is engaged in the medical device business, focusing on the non-surgical treatment of uterine fibroids. Products are used in embolizing hypervascularized tumors, arteriovenous malformations and hemostasis. For the three months ended 3/31/99, total revenue rose 27 percent to $2.6 million. Net loss totalled $975 thousand vs. a loss of $124 thousand. Results reflect improved sales performance in Europe for the chromatography business, offset by increased legal and professional fees. 
Boston Scientific Corp. (NYSE : BSX)Boston Scientific Corp. develops, manufactures and markets minimally invasive medical devices used in cardiology, electrophysiology, gastroenterology, radiology, urology and vascular surgery. Net sales for the three months ended 3/99 rose 56 percent to $708 million. Net income rose 67 percent to $100 million. Revenues reflect increased domestic sales of coronary stents. Earnings also reflect lower selling, general and administrative expenses as a  percentage of sales. 
Biomagnetic Technologies (OTC BB : BTIX)Biomagnetic Technologies, Inc. develops, manufactures, and sells innovative medical imaging systems to medical institutions located in the United States, Europe and Japan. For the six months ended 3/31/99, revenues rose 34 percent to $2.8 million. Net loss increased 39 percent to $2.6 million. Revenues reflect the revenue recognition of two 2500 WH systems and one Magnes I system. Higher loss reflects increased research and development expenditures. 
Bio-Vascular, Inc. (Nasdaq : BVAS)Bio-Vascular, Inc. develops, manufactures and markets proprietary and patented specialty medical products for use in thoracic, cardiac, neuro, vascular and ophthalmic surgery. For the six months ended 4/30/99, revenues rose 68 percent to $8.7 million. Net loss rose 70 percent to $520 thousand. Results reflect higher sales from the Jer-Neen component business, offset by a lower gross profit margin, increased selling, general and admnistrative expenses and lower interest income. 
Biofield Corp. (OTC BB : BZET)Biofield Corp., a medical technology company, has developed a system for detecting breast cancer through the skin in a non-invasive procedure. Biofield's system employs single-use sensors and a measurement device to detect and analyze changes in cellular electrical charge distributions. For the nine months ended 9/98, the Company reported no revenue. Net loss rose 17 percent to $8.8 million. Loss reflects higher SGA costs due to European marketing activities, and severance benefits. 
Cambridge Heart, Inc. (Nasdaq : CAMH)Cambridge Heart, Inc. is engaged in the research, development and commercialization of products for the non-invasive diagnosis of cardiac disease. For the three months ended 3/31/99, revenues increased 31 percent to $533 thousand. Net loss remained flat at $1.7 million. Revenues reflect an improvement in the Company's U.S. sales effort. Net loss was partially offset by increased S/G/A expenses due to additional marketing efforts, and decreased interest income. 
Caprius, Inc. (OTC BB : CAPR)Caprius, Inc. develops, markets, and commercializes a dedicated MRI system for breast imaging known as the Aurora System(TM). CAPR is also engaged in physician care and physical therapy rehabilitation services. For the six months ended 3/31/99, total revenues rose 21 percent to $2.1 million. Net loss from continued operations fell 65 percent to $2.8 million. Revenues reflect increases from the Faulkner and Strax centers. Lower loss also reflects the absence of $7.1 million for purchased R&D. 
Cryo-Cell International (Nasdaq : CCEL)Cryo-Cell International, Inc. is engaged in cryogenic storage and design and development of cryogenic storage devices used in its storage programs. For the three months ended 2/28/99, revenues increased from $36 thousand to $219 thousand. Net loss decreased 15 percent to $434 thousand. Results reflect growth in the processing and storage revenues associated with the the Company's U-cordTM stem cell program. Lower loss also reflects decreased R and D and depreciation expenses. 
Cardiac Control Systems (OTC BB : CDCS)CDCS is engaged in the design, development, manufacture and marketing of implantable cardiac pacemaker systems, consisting of implantable pacemakers, connecting electrode leads and devices used for programming and monitoring the systems. For the nine months ended 12/31/98, revenues fell 55 percent to $2.2 million. Net loss increased from $513 thousand to $2.1 million. Revenues reflect the termination of a license agreement with Intermedics. Higher loss also reflects higher debt levels. 
CardioDynamics Int'l Corp (Nasdaq : CDIC)CardioDynamics Intl. develops, manufactures and markets noninvasive digital heart monitoring devices which provide continuous data on a wide range of hemodynamic parameters (ability to deliver oxygen-rich blood throughout the body). For the three months ended 2/28/99, net sales totalled $1.1 million, up from $148 thousand. Net loss applicable to Common fell 12 percent to $1.1 million. Results reflect increased acceptance of the technology, partially offset by higher marketing costs. 
Coronado Industries, Inc. (OTC BB : CDIK)CDIK, through Ophthalmic Int'l, Inc., manufactures and markets a vacuum fixation device with a patented designed suction ring that treats Open Angle and Pigmentary glaucoma. CDIK also operates glaucoma treatment centers through American Glaucoma. For the three months ended 3/31/99, revenues fell 25 percent to $74 thousand. Net loss fell 42 percent to $153 thousand. Results reflect decreased patient revenues due to the close of Scottsdale treatment center, offset by lower S/G/A expenses. 
Celsion Corporation (OTC BB : CELN)Celsion Corporation is a biomedical research and development company dedicated to creating and marketing medical treatment systems for cancer, benign prostatic hyperplasia and other diseases using focused heat energy. For the six months ended 3/31/99, revenues fell from $110 thousand to $0. Net loss fell 39 percent to $1.2 million. Lower loss reflects a decrease in consulting and legal expenses and lower compensation expenses. 
Collagen Aesthetics, Inc. (Nasdaq : CGEN)CGEN designs, develops, markets, and manufactures biocompatible products, especially collagen, for the treatment of damaged human tissues on a worldwide basis. For the six months ended 12/98, revenues rose 1 percent to $41.1 million. Net income from continuing operations totalled $4.3 million vs. a loss of $4.3 million. Results reflect higher U. S. sales of collagen injectable products and international sales of Hylaform gel, and the absence of a $10.5 million acquired in-process R&D expense. 
Life Medical Sciences Inc (OTC BB : CHAI)Life Medical Sciences, Inc. is engaged in the development and commercialization of innovative and cost-effective medical devices for therapeutic applications. For the three months ended 3/31/99, revenues totalled $816 thousand, up from $13 thousand. Net income totalled $278 thousand vs. a loss of $1.7 million. Revenues reflect initial sales of CLINICEL products. Earnings reflect reduced spending on the manufacturing development of bioresorbable adhesion prevention products. 
US-China Industrial Exch. (Nasdaq : CHDX)U.S.-China Industrial Exchange is a sales representative in China and Hong Kong for manufacturers of high-technology medical equipment, construction, mining and other industrial machinery and scientific research instrumentation. For the fiscal year ended 12/98, total revenues fell 11 percent to $21.6 million. Net loss fell 56 percent to $2 million. Revenues reflect new foreign exchange regulations on letters of credit. Lower loss reflects the absence of a $1.5 million restructuring charge. 
Closure Medical Corp. (Nasdaq : CLSR)Closure Medical develops, commercializes and manufactures medical tissue cohesive products based on its proprietary cyanoacrylate technology to be used for human and veterinary wound closure. For the three months ended 3/99, revenues rose from $770 thousand to $3.8 million. Net loss fell 71 percent to $565 thousand. Revenues reflect increased sales volume of DERMABOND. Lower loss reflects the fixed portion of the cost of products sold being allocated over higher volume. 
Candela Corporation (Nasdaq : CLZR)CLZR develops, manufactures and distributes clinical solutions to treat selected cosmetic and medical problems using lasers, cryosurgery and other technologies. CLZR also provides personal care services through its skin care laser centers. For the nine months ended 3/27/99, revenues rose 60 percent to $39.9 million. Net income totalled $4.2 million vs. a loss of $5.5 million. Results reflect increased GentleLASE(TM) laser shipments and the absence of a $2.6 million restructuring charge. 
Colorado MEDtech, Inc. (Nasdaq : CMED)Colorado MEDtech Inc. is a full service provider of advanced medical products, technologies and comprehensive outsourcing services. CMED develops, manufactures, markets, and services computerized diagnostic and testing instrumentation. For the nine months ended 3/31/99, revenues rose 41 percent to $46.3 million. Net income rose 78 percent to $5.2 million. Results reflect the company's emphasis on proprietary products and the acquisition of Erbtec Engineering. 
CAS Medical Systems (OTC BB : CMRX)CAS Medical Systems is engaged in the business of developing, manufacturing and distributing diagnostic equipment and medical products for use by adults and children in many areas of the health care industry. For the three months ended 3/31/99, revenues rose 2 percent to $1.8 million. Net income fell 45 percent to $101 thousand. Revenues reflect increased sales of diagnostic equipment. Earnings were offset by lower margins and additional personnel in the selling department. 
Cryomedical Sciences, Inc (OTC BB : CMSI)CMSI engages in research, development, manufacture and marketing of products for use in the field of low-temperature medicine by surgeons and radiologists in the US and abroad. For the three months ended 3/28/99, revenues fell 27 percent to $391 thousand. Net loss fell 53 percent to $313 thousand. Revenues reflect a decline in the number of AccuProbe systems and accessories sold. Lower loss reflects staff reductions, reduced marketing activity and general cut backs in expenses. 
ChemTrak Incorporated (OTC BB : CMTR)ChemTrak Incorporated develops, manufactures, markets and sells personal medical diagnostic systems for consumer over-the-counter markets, point-of-care markets and physician's office laboratories worldwide. For the six months ended 6/30/98, total revenues fell 18 percent to $1.9 million. Net loss applicable to Common rose 76 percent to $5.2 million. Revenues reflect lower funded research and other revenues. Higher loss also reflects manufacturing inefficiencies and higher marketing costs. 
CONMED Corporation (Nasdaq : CNMD)CNMD develops, manufactures, and supplies a broad range of medical instruments and systems used in orthopaedics, general surgery and other medical procedures. For the three months ended 3/31/99, net sales rose 13 percent to $90.9 million. Net income before extraordinary item totaled $6.3 million, up from $2.5 million. Sales benefited from increased sales of orthopaedic products. Net income reflects an increase in gross margin from higher sales volume and improved pricing. 
Cantel Industries, Inc. (Nasdaq : CNTL)Cantel Industries, Inc. is engaged in designing, developing, manufacturing, marketing and distributing products for the infection prevention and control industry. CNTL also markets and distributes medical equipment in Canada. For the nine months ended 4/30/99, total net sales rose 22 percent to $34.8 million. Net income fell 2 percent to $1.2 million. Results reflect increased demand for medical and consumer products, offset by lower margins due to a weaker Canadian dollar. 
Cooper Companies (NYSE : COO)Cooper Companies develops, manufactures and markets healthcare products, including hard and soft daily, flexible and extended wear contact lenses, and diagnostic products and surgical instruments and related equipment. For the six months ended 4/30/99, revenues rose 15 percent to $76.7 million. Net income from continuing operations fell 38 percent to $7.9 million. Results reflect the 12/97 acquisition of Aspect Vision Care, offset by increased spending to launch new products. 
CPC of America, Inc. (OTC BB : CPCF)CPC of America, Inc. intends to manufacture and distribute external counterpulsation devices for the treatment of coronary artery disease and to provide counterpulsation treatment through Company-owned and joint-venture clinical facilities. For the three months ended 3/31/99, the Company reported no revenues. Net loss totalled $327 thousand, up from $97 thousand. Higher loss reflects increased research and development expenses. 
CPX Corporation (OTC BB : CPRO)CPX Corporation has developed a unique monoclonal antibody-based system that can be used to separate specific cells from complex cell mixtures for use in therapeutic, diagnostic and research applications. For the three months ended 6/30/98, revenues increased 1 percent to $2.6 million. Net loss decreased 2 percent to $5 million. Revenues reflect higher US sales of CEPRATE (R) SC Systems. Earnings reflect lower administrative expenses related to professional advisors. 
Conceptus, Inc. (Nasdaq : CPTS)Conceptus, Inc. designs, develops and markets minimally invasive devices for reproductive medical applications. CPTS's micro-catheter and guidewire systems allow physicians to transcervically access and navigate the full length of the fallopian tubes. For the fiscal year ended 12/98, revenues fell 69 percent to $449 thousand. Net loss fell 20 percent to $9.7 million. Revenues reflect loss of distributors and corporate restructuring. Lower loss reflects higher margins and lower personnel expenses. 
Cardiac Pathways Corp. (Nasdaq : CPWY)CPWY designs, develops and manufactures minimally invasive systems to diagnose and treat cardiac tachyarrhyth-mias (abnormally rapid heart rhythms) which, if untreated, can cause palpitations, fainting and sudden cardiac arrest. For the nine months ended 3/99, revenues totalled $3.4 million, up from $1.7 million. Net loss rose 7 percent to $13.9 million. Revenues reflect higher sales of Radii and Trio/Ensemble diagnostic catheters. Higher loss reflects the hiring of additional personnel. 
Cardima, Inc. (Nasdaq : CRDM)Cardima, Inc. designs, develops, manufactures and markets minimally invasive, single-use, microcatheter-based systems for the mapping and ablation of the two most comnon forms of cardiac arrhythmias: atrial fibrillation and ventricular tachycardia. For the three months ended 3/31/99, net sales rose 55 percent to $775 thousand. Net loss decreased 11 percent to $3.4 million. Results reflect increased international sales, partially offset by increased interest expense. 
Cell Robotics Int'l Inc. (OTC BB : CRII)Cell Robotics develops, manufactures and markets a series of laser-based medical devices with applications in the blood sample collection, skin resurfacing and in vitro fertilization markets. For the three months ended 3/31/99, revenues rose 13 percent to $516 thousand. Net loss applicable to Common totalled $937 thousand, up from $295 thousand. Results reflect the inclusion of a $19 thousand SBIR grant by National Institute of Health and a $515 thousand preferred stock dividends. 
Cohesion Technologies (Nasdaq : CSON)Cohesion Technologies, Inc. develops and commercializes proprietary surgical products for tissue repair and regeneration which increase the effectiveness of and minimize complications following invasive surgeries. For the six months ended 12/98, revenues fell 1 percent to $1.2 million. Net income fell totalled $925 thousand vs. a loss of $11 million. Revenues reflect lower sales. Earnings reflect the absence of $10.5 million in Purchased R&D charges. 
Cholestech Corporation (Nasdaq : CTEC)CTEC develops, manufactures and markets the Cholestech L.D.X(R), which performs near-patient diagnostic screening and therapeutic monitoring for the managment of prevalent chronic diseases. For the fiscal year ended 3/26/99, revenues rose 2 percent to $22 million. Net loss totalled $73 thousand vs. an income of $2 million. Results reflect higher unit sales of single use test cassettes, offset by an $826 thousand non-recurring charge for the cancellation of a Common stock offering. 
CardioThoracic Systems (Nasdaq : CTSI)CardioThoracic Systems develops, manufactures, and markets proprietary, disposable instruments and systems for performing minimally invasive cardiothoracic surgery. For the three months ended 4/2/99, revenues totalled $6.3 million, up from $3 million. Net loss decreased 33 percent to $3.8 million. Revenues reflect increased shipments of beating heart products and higher ancillary product sales. Lower loss reflects a decrease in material costs per unit. 
Chad Therapeutics (AMEX : CTU)CTU is in the business of developing, producing and marketing respiratory care devices designed to improve the efficiency of oxygen delivery systems for home health care and hospital treatment of patients suffering from pulmonary diseases. For the nine months ended 12/98, net sales fell 15 percent to $11 million. Net loss totalled $785 thousand vs. income of $807 thousand. Revenues reflect lower domestic unit sales of OXYMATIC conservers. Net loss reflects higher fixed overhead costs. 
Criticare Systems, Inc. (Nasdaq : CXIM)Criticare Systems designs, manufactures and markets vital signs and gas monitoring instruments and related noninvasive sensors for the health care industry. For the six months ended 12/31/98, revenues decreased 5 percent to $14 million. Net loss totalled $1.4 million vs. income of $304 thousand. Revenues reflect an increase in competition and the economic down turn. Losses reflect expanded sales promotion activities, development of new products, and legal fees. 
Cyberonics, Inc. (Nasdaq : CYBX)Cyberonics, Inc. designs, develops and markets medical devices which provide a novel therapy, vagus nerve stimulation for epilepsy and other debilitating neurological disorders. For the nine months ended 3/31/99, net sales totalled $20 million, up from $9.6 million. Net loss rose 30 percent to $11.8 million. Revenues reflect higher sales of the NCP System in domestic and international markets. Higher loss reflects higher sales and marketing expenditures for the NCP System. 
Cygnus Inc. (Nasdaq : CYGN)Cygnus develops and manufactures diagnostic and drug delivery systems, utilizing proprietary technologies to satisfy unmet medical needs cost effectively. Revenues for the three months ended 3/31/99 fell 16 percent to $2.9 million. Net loss increased 23 percent to $6.8 million. Revenues reflect discontinuation of shipments of the FemPatch-R-system products. Higher loss reflects increased R&D expenses due to increased development costs of Gluco-Watch-R-monitor and the AutoSensor products. 
Dexterity Surgical, Inc. (Nasdaq : DEXT)Dexterity Surgical and its subsidiaries develop, manufacture, and market proprietary disposable and reusable medical devices designed primarily for minimally invasive surgery and vascular access. For the fiscal year ended 12/31/98, revenues rose 29 percent to $17.3 million. Net loss applicable to Common fell 34 percent to $2 million. Revenues reflect sales growth throughout the Company and the launch of new Dextereity products. Lower loss reflects a $390 thousand gain on the sale of assets. 
Cardiac Science, Inc. (OTC BB : DFIB)Cardiac Science, Inc. develops automatic external cardioverter defibrillator devices, and manufactures and distributes cardiac devices and supplies. For the three ended 3/31/99, the Company reported no revenues. Net loss from continuing operations rose 60 percent to $1.2 million. Higher loss reflects increased engineering and pre-production costs associated with the AECD product and pre-marketing expenses related to the Powerheart product. 
DHB Capital Group (Nasdaq : DHBT)DHB Capital Group is a holding company for two divisions that develop, manufacture and distribute bullet and projectile resistant garments, protective athletic apparel and equipment, and orthopedic products. For the three months ended 3/31/99, revenues decreased 11 percent to $9.4 million. Net income income totalled $31 thousand vs. a loss of $485 thousand. Revenues reflect delays in shipping dates for major customers. Net income reflects lower cost of sales. 
Diapulse Corp. of America (OTC BB : DIAC)DIAC develops, manufactures and markets Diapulse Technology, a proprietary medical system which produces non-thermal pulsed high-frequency, high peak power electromagnetic energy to treat post-operative edema and pain in acute and chronic wounds. For the three months ended 3/31/99, revenues fell 21 percent to $310 thousand. Net loss totalled $58 thousand vs. an income of $39 thousand. Results reflect a decline in Medicare machine rentals and increased salaries. 
DiaSys Corporation (Nasdaq : DIYS)DiaSys Corporation is a devevelopment stage company engaged in the design, development, manufacture and distribution of proprietary products for medical and clinical laboratory applications. For the six months ended 12/31/98, net sales rose 5 percent to $244 thousand. Net loss fell 42 percent to $634 thousand. Revenues reflect the successful arbitration of the Company's legal rights against IMI. Loss also reflects the absence of $323 thousand in investment banking advisory costs. 
Dental/Medical Diagnostic (Nasdaq : DMDS)DMDS designs, develops, manufactures and sells high technology dental equipment, with the primary emphasis on an intraoral camera system and a dental office networking system for use in connection with the camera system. For the three months ended 3/31/99, sales rose from $2.1 million to $10.2 million. Net income totalled $1.2 million vs. a loss of $1.4 million. Revenues reflect increased Apollo sales. Earnings also reflect lower cost of sales due to a more favorable margins on the Apollo 95E. 
Diametrics Medical, Inc. (Nasdaq : DMED)Diametrics Medical, Inc. develops, manufactures and markets a proprietary blood chemistry testing system that provides diagnostic results at the patient point of care. For the three months ended 3/99, revenues increased 76 percent to $4.2 million. Net loss decreased 9 percent to $3.9 million. Revenues reflect an increase in instruments, disposable cartridge and sensors sales. Net loss was partially offset by higher commissions and travel costs related to increased sales. 
Diagnostic Products (NYSE : DP)DP develops, manufactures and markets medical immuno-diagnostic test kits and related instrumentation which utilize technology derived from immunology and molecular biology. For the three months ended 3/99, revenues increased 9 percent to $50.5 million. Net income remained flat at $4.1 million. Revenues reflect growth in the sales of IMMULITE instrumentation and assays. Earnings were offset by a rise in general and administrative expense due to the exchange loss from Brazilian devaluation. 
Datascope Corporation (Nasdaq : DSCP)Datascope manufactures proprietary products for interventional cardiology, anesthesiology, cardiovascular and vascular surgery. For the nine months ended 3/31/99, revenues rose 9 percent to $192.9 million. Net income remained flat at $14.5 million. Revenues benefitted from U.S. sales growth of VasoSeal and increased sales of cardiac assist products. Earnings were offset by higher selling, general and administrative expenses and and $864 thousand restructuring charge. 
Dynatronics Corporation (Nasdaq : DYNT)DYNT designs, manufactures and sells medical devices for therapeutic and aesthetic applications, medical supplies and soft goods, treatment tables and rehabilitation products for use by practitioners and nutritional supplements. For the nine months ended 3/99, net sales rose 36 percent to $12.3 million. Net income rose 19 percent to $656 thousand. Revenues reflect higher sales of medical supplies and soft goods. Earnings were partially offset by higher S/G/A costs related to the Synergie line. 
EchoCath, Inc. (OTC BB : ECHTA)EchoCath, Inc. a development stage company, develops, manufacturers, and markets medical devices which enhance and expand the use of ultrasound technology for medical applications and procedures. For the six months ended 2/28/99, revenues decreased 76 percent to $189 thousand. Net loss applicable to Common increased 45 percent to $1.2 million. Revenues suffered from a decrease in license fees. Higher losses reflect a reallocation of facilities space and payroll. 
Endocardial Solutions (Nasdaq : ECSI)Endocardial Solutions designs, develops and manufactures a minimally invasive diagnostic system that diagnoses, within the span of a few heartbeats, arryhthmia, a potentially fatal abnormal heath rhythm. For the three months ended 3/31/99, revenues totalled $1.3 million, up from $0 thousand. Net loss fell 53 percent to $2.9 million. Revenues reflect sales of the EnSite catheter and the EnSite clinical workstation. Lower loss reflects the absence of $3.6 million in purchased R&D costs. 
Electro-Catheter Corp. (OTC BB : ECTH)ECTH designs, develops, manufactures, markets and sells products utilized in connection with illnesses of the heart and circulatory system and make use of catheters and related products. For the six months ended 2/99, revenues fell 29 percent to $1.9 million. Net loss rose 79 percent to $1.1 million. Revenues reflect the Company not having an approved electrophysiology ablation catheter. Higher loss reflects lower margins due to reduced sales and higher interest expenses. 
EDAP TMS S.A. (Nasdaq : EDAPY)EDAP TMS S.A. develops, produces, markets and distributes a portfolio of minimally-invasive medical devices, primarily for the treatment of urological diseases. For the nine months ended 9/30/98, total revenues fell 22 percent to FF113.9 million. Net loss totalled FF33M, up from FF6.1 million. Revenues reflect delays or cancellations in certain equipment sales in Asia and Russia. Loss also reflects higher S/G/A expenses and increased currency losses. 
Elron Electronic Ind. Ltd (Nasdaq : ELRNF)ELRNF is a multi-national high technology holding company. Through its affiliates, Elron is active in medical diagnostic imaging, advanced defense electronics, communication, semiconductors, machine vision, and software and information technology. For the fiscal year ended 12/98, revenues rose 97 percent to $67.8 million. Net income fell 8 percent to $24.5 million. Results reflect an increase in the Company's share in income of related companies, offset by a $19 million acquired R&D charge. 
Embryo Development Corp. (OTC BB : EMBR)EMBR is a development stage company engaged in the development, acquisition, manufacture and marketing of various bio-medical devices in two market segments: energency medical equipment, and peritoneal dialysis warming devices. For the nine months ended 1/31/99, revenues decreased 89 percent to $86 thousand. Net loss decreased 36 percent to $1.4 million. Results reflect the suspension of international Hot Sack sales, offset by a $654 thousand gain on the sale of stock of an investee. 
Emer. Filtration Prods. (OTC BB : EMFP)EMFP is engaged in the development and production of equipment in the emergency respiration equipment field. The Company supplies a variety of single use, disposable products which can be used from on-site emergency care, to patient transport, the ER, surgery and recovery. For the fiscal year ended 12/97, revenues totalled $26 thousand vs. none prior. Net loss fell 22 percent to $614 thousand. Results reflect the initial marketing of products and decreased developmental costs. 
Empi, Inc. (Nasdaq : EMPI)Empi, Inc. develops, manufactures and distributes non-invasive biomedical devices and accessories for applications in the orthopedic rehabilitation and incontinence treatment markets. For the three months ended 3/99, revenues increased 2 percent to $17.3 million. Net income increased 1 percent to $2.6 million. Revenues reflect increases in volume and average selling prices. Earnings were partially offset by decreased interest income. 
ENDOcare, Inc. (Nasdaq : ENDO)ENDO develops, manufactures and markets an array of temperature-based surgical devices and technologies to treat a variety of urological conditions, including prostate cancer and prostate enlargement. For the fiscal year ended 12/31/98, revenues rose 6 percent to $2.1 million. Net loss rose 24 percent to $4.8 million. Revenues reflect a $475 thousand in BSC licensing payments. Higher loss reflects lower gross margins and higher infrastructure and personnel costs to support manufacturing of new products. 
Encore Medical Corp. (Nasdaq : ENMC)Encore Medical designs, manufactures, markets and sells products for the orthopedic implant industry primarily in the U.S., Europe and Asia. For the three months ended 4/2/99, total sales decreased 6 percent to $6.8 million. Net income increased 53 percent to $516 thousand. Revenues reflect a 20 percent decrease in sales outside the U.S., partially offset by a 2.9 percent domestic increase. Earnings were offset by lower SGA and R&D costs, manufacturing efficiencies and cost controls. 
Electropharmacology, Inc. (OTC BB : EPHI)Electropharmacology, Inc. is engaged in developing, manufacturing, and marketing medical devices that deliver pulsed electromagnetic signals in the radio frequency range. For the nine months ended 9/30/98, revenues decreased 75 percent to $496 thousand. Net loss applicable to Common totalled $12.5 million, up from $1 million. Revenues reflect a non-reimbursement by medicade for all forms of electrotherapy for wound healing. Higher losses reflect a $11.5 million charge for purchased R&D expenses. 
EP Medsystems, Inc. (Nasdaq : EPMD)EP Medsystems, Inc. develops, markets, sells and services a line of cardiac electrophysiology (EP) products used to diagnose, monitor and treat cardiac disorders. For the fiscal year ended 12/31/98, revenues increased 86 percent to $7.5 million. Net loss fell 7 percent to $4.5 million. Revenues benefitted from sales of the EP WorkMate and initial sales of the ALERT System in Europe. Lower loss was partially offset by a $1.4 million investment write-down in EchoCath. 
Epitope, Inc. (Nasdaq : EPTO)Epitope develops and markets oral specimen collection kits and related diagnostic tests for the detection of HIV, the cause of AIDS, and other medical conditions and analytes. For the three months ended 12/98, revenues rose 40 percent to $2.2 million. Net loss fell 27 percent to $700 thousand. Revenues reflect expanded sales volume of Epitope's lead product. Lower loss was partially offset by increased spending on advertising and promotion to support expansion. 
ESC Medical Systems Ltd. (Nasdaq : ESCMF)ESCMF develops, manufactures and markets medical devices utilizing lasers and proprietary intense pulsed light technology for non-invasive treatment of varicose veins and other benign vascular lesions, as well as other clinical applications. For the fiscal year ended 12/31/97, net sales rose 89 percent to $114.9 million. Net income rose 50 percent to $21.8 million. Results reflect higher sales of PhotoDerm VL, partially offset by a $4.3 million charge for the purchase of AOC and a $4.7 million merger expense. 
Electroscope, Inc. (OTC BB : ESCP)ESCP designs, develops, manufactures and markets a patented monopolar electrosurgical shielding system and integrated surgical instruments which are designed to provide greater safety to patients who undergo laparoscopic surgery. For the nine months ended 12/31/98, revenues rose 20 percent to $1.1 million. Net loss decreased 41 percent to $1.6 million. Results reflect the transition to independent sales network, lower costs for marketing and a reduced level of engineering support. 
Escalon Medical Corp. (Nasdaq : ESMC)ESMC develops, markets and distributes ophthalmic medical devices and pharmaceuticals. The Co. is also in the process of developing ophthalmic lasers and drug delivery systems. For the six months ended 12/98, revenues increased 20 percent to $3.5 million. Net income totalled $280 thousand, up from $51 thousand. Revenues reflect higher unit sales of Adatosil (R) 5000 Silicone Oil. Net income also reflects lower cost of goods sold as a  percentage of revenues due to cost controls. 
EndoSonics Corporation (Nasdaq : ESON)ESON develops, manufactures and markets intravascular ultrasound imaging systems and percutaneous transluminal coronary angioplasty catheters to assist in the diagnosis and treatment of cardiovascular and peripheral vascular disease. For the three months ended 3/31/99, revenues rose 34 percent to $12.1 million. Net income totalled $1.2 million vs. a loss of $1.1 million. Revenues reflect higher IVUS sales. Net income reflects lower cost of sales as a  percentage of revenues due to higher prices. 
Eclipse Surgical Tech,Inc (Nasdaq : ESTI)Eclipse Surgical Technologies designs, develops, manufactures and distributes laser-based surgical products and disposable fiber-optic accessories for the treatment of advanced cardiovascular disease. For the three months ended 3/99, net revenues rose 85 percent to $4.5 million. Net loss increased 35 percent to $15.2 million. Revenues reflect higher laser systems and disposable product sales. Higher loss reflects a $6.9 million charge for the merger with CardioGenesis. 
Everest Medical Corp. (Nasdaq : EVMD)EVMD is engaged in the development, manufacturing, and marketing of bipolar electrosurgical instrumentation for use in minimally invasive surgery procedures. For the three months ended 3/99, net sales rose 41 percent to $3 million. Net income applicable to Common totalled $50 thousand vs. a loss of $71 thousand. Revenues reflect growth in revenues from Growth Businesses and Mature Businesses. Earnings reflects higher gross margins due to greater control of overhead costs. 
Exactech, Inc. (Nasdaq : EXAC)Exactech, Inc. develops, manufactures, markets and sells orthopaedic implant devices and related surgical instrumentation. For the three months ended 3/31/99, net sales increased 35 percent to $7.2 million. Net income increased 41 percent to $713 thousand. Revenues reflect increased unit and dollar volume of the Company's knee and hip implant products. Net income also reflects decreased R&D expenses due to the timing of costs associated with ongoing research projects. 
Exogen, Inc. (Nasdaq : EXGN)Exogen, Inc. designs, develops, manufactures and markets medical devices for the non-invasive treatment of musculoskeletal injury and disease. For the three months ended 12/31/98, revenues rose 75 percent to $3.3 million. Net loss fell 33 percent to $1.5 million. Results reflect an increase in domestic sales volume and an increase in the average realized selling price of SAFHS devices, partially offset by increased commissions and bad debt expenses. 
Fischer Imaging Corp. (Nasdaq : FIMG)Fischer Imaging Corp., designs, manufactures and markets specialty andgeneral purpose medical imaging systems for the diagnosis and treatment of disease. For the three months ended 4/4/99, revenues increased 49 percent to $20.4 million. Net income totalled $3.4 million vs. a loss of $1.1 million. Results benefitted from increased shipments of mammography products and a $6.2 million gain from the sale of the non-exclusive manufacturing rights of the Tilt-C system to GE Medical Systems. 
Focal, Inc. (Nasdaq : FOCL)Focal, Inc. develops, manufactures and commercializes synthetic, absorbable, liquid surgical sealants based on the Company's proprietary polymer technology. For the three months ended 3/31/99, revenues fell 32 percent to $1.3 million. Net loss rose 26 percent to $4.1 million. Revenues reflect lower collaborative revenue due to the funding under the alliance with Ethicon relating to the pulmonary and neurological sealants ceased after 12/98. Loss also reflects lower gross margins and higher S/G/A costs. 
Fonar Corporation (Nasdaq : FONR)Fonar Corporation is engaged in designing, manufacturing, selling and servicing magnetic resonance imaging (MRI) scanners which utilize MRI technology for the detection and diagnosis of human disease. For the six months ended 12/31/98, revenues increased 23 percent to $16.7 million. Net loss increased 23 percent to $5.3 million. Revenues benefitted from the acquisition of RVDC. Higher losses reflect an increase in selling, general and administrative expenses. 
Fusion Medical Tech., Inc (Nasdaq : FSON)FSON is developing and commercializing proprietary collagen-based flowable-gel products used to control bleeding in a variety of surgeries. For the three months ended 3/31/99, revenues remained flat at $0 thousand. Net loss decreased 22 percent to $1.6 million. Revenues reflect the Company's exit from the RapiSeal Patch business. Lower loss reflects decreased S/G/A expenses due to a decrease in expenses associated with external professional resources. 
Langer Biomechanics Group (Nasdaq : GAIT)GAIT designs, manufactures and markets a variety of foot and gait related biomechanical products. For the nine months ended 11/28/98, net sales increased 3 percent to $7.9 million. Net income totalled $490 thousand, up from $227 thousand. Revenues reflect unit volume increases in the Co's core custom orthotic product line. Net income also reflects lower S/G/A expenses due to reduced salaries and related benefits due to staff reductions, and the inclusion of a $149 thousand legal settlement gain. 
Guidant Corporation (New) (NYSE : GDT)GDT develops, manufactures and markets products used for cardiac rhythm management, vascular intervention and other forms of cardiac and vascular surgery. For the three months ended 3/31/99, net sales increased 25 percent to $590.1 million. Net income before acctg. change remained flat at $55.4 million Revenues benefitted from higher sales of ACS Multi-link Duet Coronary Stent System. Net income was partially offset by $49 million in purchased research and development costs. 
Genetronics Biomedical (AMEX : GEB)GEB develops, manufactures, and markets electroporation instrumentation and accessories used to perform genetic engineering techniques, such as cell fusion, gene transfer, cell membrane research and genetic mapping. For the six months ended 9/30/98 (vs. 8/97), total revenues rose 19 percent to $2 million. Net loss rose 63 percent to $5 million. Revenues reflect increased product sales and collaborative research. Higher loss reflects higher R&D and S/G/A expenses. 
Graham-Field Health Prod. (NYSE : GFI)GFI manufactures, markets and distributes medical, surgical and a range of other healthcare products for the home healthcare and medical/surgical markets. For the nine months ended 9/30/98, revenues increased 52 percent to $290.1 million. Net loss applicable to Common totalled $8.7 million vs. income of $8.2 million. Revenues reflect the expansion of the Co.'s Consolidation Advantage Program and the acquisition of companies. Net loss reflects the inclusion of a $3.3 million separation charge. 
Gish Biomedical (Nasdaq : GISH)Gish Biomedical designs, produces, and markets specialty surgical devices for use in cardiac surgery, myocardial management, infusion therapy, and post operative blood salvage. For the six months ended 12/31/98, revenues fell 12 percent to $9.3 million. Net loss rose from $142 thousand to $596 thousand. Revenues reflect the termination of two distributor relationships. Higher loss also reflects higher fixed costs and higher research and development expenses. 
General Surgical Innov. (Nasdaq : GSII)GSII develops, manufactures and sells balloon dissection systems and related surgical instruments for use in minimally invasive surgery. For the six months ended 12/31/98, revenues decreased 36 percent to $2.9 million. Net loss totalled $7.1 million, up from $3.2 million. Revenues reflect the conversion of EES to a non-exclusive distributor. Higher loss reflects increased spending on new product development, and legal costs related to intellectual property litigation. 
Haemonetics Corporation (NYSE : HAE)Haemonetics Corporation is engaged in the design, manufacture, and worldwide marketing of automated systems for the collection, processing and surgical salvage of blood. For the nine months ended 1/2/99, net revenues fell 7 percent to $207.7 million. Net income from continuing operations totalled $15.1 million, up from $4.2 million. Revenues reflect lower plasma equipment shipped to China. Net income reflects the absence of $24.5 million in restructuring charges. 
Hypertension Diagnostics (Nasdaq : HDII)Hypertension Diagnostics is a development stage company engaged in the design, development, assembly and marketing of a proprietary medical device for the non-invasive detection of subtle changes in the elasticity of large and small arteries. For the six months ended 12/31/98, revenues totalled $95 thousand, up from none. Net loss totalled $1 million, up from $492 thousand. Results reflect initial equipment sales, offset by personnel increases. 
HealthWatch, Inc. (Nasdaq : HEAL)HealthWatch, Inc. manufactures and distributes noninvasive vascular diagnostic medical instruments to hospitals and medical clinics worldwide with the majority of sales occurring in the United Stated and Great Britain. For the six months ended 12/31/98, revenues fell less than 1 percent to $662 thousand. Net loss decreased 6 percent to $957 thousand. Revenues reflect a lower level of sales of the Company's MVL system. Lower loss reflects improved gross profit and lower S/G/A costs. 
Henley Healthcare, Inc. (Nasdaq : HENL)Henley Healthcare, Inc. is a manufacturer, provider and marketer of diversified, brand name products and services in the pain management industry. For the three months ended 3/31/99, net sales totalled $13.3 million, up from $6.3 million. Net income from continuing operations applicable to Common totalled $186 thousand vs. a loss of $180 thousand. Results reflect the 5/98 acquisition of Enraf-Nonius and reductions in commissions and selling expenses. 
Hanger Orthopedic Group (NYSE : HGR)Hanger Orthopedic Group, Inc. acquires and operates the practices of orthotists and prosthetists. HGR also manufactures and distributes custom-made and prefabricated O&P products. For the three months ended 3/31/99, revenues rose 21 percent to $49.1 million. Net income applicable to Common rose 85 percent to $3.1 million. Revenues benefitted from acquisitions and higher sales from patient-care centers. Earnings also reflect increased gross profit and lower debt levels. 
Horizon Medical Products (Nasdaq : HMPS)HMPS is a specialty medical device company focused on manufacturing and marketing vascular products. For the three months ended 3/31/99, net sales rose from $6.7 million to $19.4 million. Net income before extraordinary item totalled $939 thousand, vs. a loss of $928 thousand. Revenues reflect sales resulting from 1998 acquisitions. Net income also reflects lower selling, general and administrative expenses as a  percentage of revenues and lower interest expense. 
Humascan Inc. (OTC BB : HMSC)HMSC, a development stage company, owns under license the exclusive rights in the U.S. and Canada to manufacture and market a device called the BreastAlert(TM) Differential Temperature Sensor. For the nine months ended 9/98, revenues fell 34 percent to $301 thousand. Net loss totalled $8.7 million, up from $2.4 million. Revenue reflect lower interest income. Higher loss reflects planned rises for the production ramp-up, expanded marketing for the launch of BreastAlert, and a $2.9 million special charge. 
HemaSure Inc. (OTC BB : HMSR)HemaSure Inc. develops and delivers innovative filtration technologies designed to set standards of safety for processing blood components worldwide. For the three months ended 3/31/99, revenues fell 84 percent to $4 thousand. Net loss fell 15 percent to $2.9 million. Revenues suffered from the discontinuance of the Company's Leukonet system. Lower loss benefitted from lower research and development costs, and lower sales and marketing costs. 
Hologic, Inc. (Nasdaq : HOLX)HOLX is a developer, manufacturer and marketer of X-ray bone densitometers for use in the diagnosis and monitoring of metabolic bone diseases such as osteoporosis. For the 26 weeks ended 3/27/99, revenues fell 22 percent to $44 million. Net income fell 80 percent to $949 thousand. Revenues reflect a decrease in DXA bone densitometers sold to the primary care market. Earnings also reflect additional engineering personnel and an increase in accounts receivable reserve. 
Heartport, Inc. (Nasdaq : HPRT)Heartport develops and markets proprietary systems that are designed to enable cardiac surgeons to perform a wide range of heart surgeries in a minimally invasive manner through small incisions between the ribs without the need to crack open the chest. For the three months ended 3/99, revenues fell 25 percent to $5.6 million. Net loss decreased 60 percent to $5.2 million. Results reflect a change in customer order patterns and reduced selling, general and administrative expenses. 
Arrhythmia Research Tech. (AMEX : HRT)HRT markets and manufactures computerized medical instruments which acquire data and analyze electrical impulses of the heart to detect and aid in the treatment of potentially lethal arrhythmias. For the fiscal year ended 12/31/98, net sales decreased 21 percent to $9.4 million. Net loss totalled $136 thousand vs. income of $32 thousand. Revenues reflect the absence of sales from the Prucka contract. Net loss primarily reflects a $454 thousand charge for goodwill write-offs and various other items. 
Henry Schein, Inc. (Nasdaq : HSIC)Henry Schein, Inc. is a distributor of healthcare products and services to office-based healthcare practitioners in the combined North American and European markets. The Company's primary customers are dental practices and dental laboratories. For the 13 weeks ended 3/27/99, net sales rose 19 percent to $536.3 million. Net income rose 62 percent to $9.9 million. Results reflect increased medical sales to hospitals, acquisitions and improved distribution efficiencies. 
ICU Medical, Incorporated (Nasdaq : ICUI)ICUI develops, manufactures and sells proprietary disposable medical connection systems for use in intravenous therapy applications and to protect users from accidental spread of infectious diseases. For the three months ended 3/99, sales increased 15 percent to $11.4 million. Net income increased 32 percent to $2.2 million. Revenues reflect an increase in sales of Clave products. Net income also reflects a higher gross margin due to greater absorption of overhead and lower unit costs. 
Innovasive Devices, Inc. (Nasdaq : IDEA)Innovasive Devices, Inc. designs, develops, manufactures and markets proprietary tissue repair systems which facilitate the repair of soft tissue injuries. For the fiscal year ended 12/98, net sales increased 54 percent to $11.9 million. Net loss decreased 66 percent to $6.5 million. Revenues reflect sales of the BioROC suture anchors, the Cufflink suture systems and the Linx HT ACL reconstruction product lines. Lower loss also reflects the absence of a $13.4 million in-process R and D expense. 
Innerdyne, Inc. (Nasdaq : IDYN)IDYN designs, develops, manufactures and markets minimally invasive surgical access products incorporating its proprietary radial dilation technology. For the fiscal year ended 12/31/98, revenues rose 12 percent to $17.6 million. Net income totaled $425 thousand vs. a loss of $907 thousand. Revenues reflect an increase in the sales of the Step device. Earnings reflect lower reimbursed research costs associated with the EnAbl thermal ablation system. 
I-Flow Corporation (Nasdaq : IFLO)I-Flow Corporation designs, develops, manufactures and markets ambulatory infusion systems that administer antibiotics, analgesics, chemotherapeutic agents, hormones, nutrients, hyrdation therapies and other medical treatments to patients. For the fiscal year ended 12/31/98, net revenues rose 33 percent to $23.6 million. Net income applicable to Common totalled $1 million, up from $286 thousand. Results reflect the acquisition of InfuSystems II and reduced product development expenses. 
Imatron Inc. (Nasdaq : IMAT)IMAT is a technology-based company principally engaged in the business of designing, manufacturing and marketing a high performance computed tomography (``CT'') scanner. For the three months ended 3/99, revenues increased 39 percent to $5.2 million. Net loss from continuing operations fell 23 percent to $2.4 million. Revenues reflect the shipment of two scanners vs. one prior and increased service revenues. Lower loss reflects a $1.5 million gain on the sale of assets. 
INAMED Corp. (OTC BB : IMDC)INAMED Corporation, through its subsidiaries, is a developer, manufacturer and marketer of breast implants for plastic and reconstructive surgery. The Company produces a wide variety of models, shapes and sizes. For the three months ended 3/99, revenues rose 25 percent to $37.6 million. Net income totalled $7.5 million vs. a loss of $1.3 million. Revenues reflect increased demand for saline and gel implants. Earnings also reflect reduced marketing costs. 
Imaging Diagnostic System (OTC BB : IMDS)Imaging Diagnostic Systems is a medical technology company in the business of developing medical imaging devices based upon ultrafast electro-optic technology and the knowledge of medical imaging devices held by the Company's founders. For the six months ended 12/31/98, the Company reported no revenues. Net loss applicable to Common decreased 37 percent to $3.2 million. Lower loss reflects the absence of a $888 thousand preferred stock dividend discount at issuance. 
Intermagnetics General (AMEX : IMG)IMG is engaged in the manufacture and sale of magnets, superconductive materials, permanent magnets and radio frequency coils used mainly in magnetic resonance imaging, and the manufacture of cryogenic refrigeration equipment. For the 39 weeks ended 2/28/99, net sales rose 10 percent to $75.5 million. Net income totalled $8 thousand, down from $1.9 million. Results reflect higher sales of Magnetic and Refrigeration Products, offset by a $2.4 million restructuring charge. 
Intelligent Med. Imaging (OTC BB : IMII)IMII has developed and is marketing the ``Micro21 System'', an intelligent, automated microscope system, for diagnostic use. The ``Micro21 System'' is designed to automate a broad range of manual microscopic procedures. For the fiscal year ended 12/31/98, revenues decreased less than 1 percent to $3.8 million. Net loss increased 29 percent to $15.2 million. Revenues suffered from a decrease in sales of the MICRO21. Higher losses reflect increases in staffing fees. 
Imagyn Medical Tech., Inc (OTC BB : IMTI)Imagyn Medical Technologies is engaged in the manufacturing, marketing and distribution of products used by surgeons, urologists and gynecologists. For the nine months ended 12/31/98, net sales fell 64 percent to $30.9 million. Net loss from continuing operations before extraordinary item rose 44 percent to $72.1 million. Results reflect the negative impact of the introduction of new oral drug-based treatments for impotence, partially offset by the absence of restructuring and acquisition costs. 
Inhale Therapeutic Syst. (Nasdaq : INHL)Inhale Therapeutic Systems is creating an inhalation drug delivery system to deliver peptides, proteins and other macromolecule drugs into the deep lung. For the three months ended 3/31/99, revenues totaled $7.8 million, up from $3.9 million. Net loss rose 26 percent to $5.2 million. Revenues reflect the expansion of the comapny's collaborative agreement with Pfizer, Inc. Higher loss reflects a higher R&D expense due to the company's expansion of manufacturing activities. 
Instrumentarium Corp. (Nasdaq : INMRY)Instrumentarium operates in three business segments: health care equipment, optical and home health care products, and distribution of consumer and commercial products. For the nine months ended 9/30/98, net sales rose 56 percent to FIM2.87 billion. Net income fell 31 percent to FIM111M. Results reflect strong sales of anesthesia and critical care equipment in Europe and the USA and the acquisition of Ohmeda, offset by higher administrative and financing costs. 
IRIDEX Corporation (Nasdaq : IRIX)IRIX provides semiconductor based laser systems used to treat eye diseases, including the three leading causes of irreversible blindness (macular degeneration, diabetic retinopathy and glaucoma). For the nine months ended 10/3/98, revenues rose 39 percent to $17.1 million. Net income decreased 6 percent to $1.2 million. Revenues benefitted from increased domestic sales due to the introduction of the DioLite 532 dermatology laser. Earnings were offset by increased personnel expenses. 
Invacare Corporation (NYSE : IVC)Invacare designs, manufactures and distributes medical equipment for the home health care and extended care markets. IVC's products include wheelchairs, home care beds, respiratory, patient aids and seating and positioning products. For the three months ended 3/31/99, net sales increased 8 percent to $196.1 million. Net income increased 13 percent to $8.5 million. Results reflect higher sales in the Beds and Continuing Care and Respiratory units and manufacturing costs improvements. 
Innovative Tracking Solut (OTC BB : IVTX)Innovative Tracking Solutions Corp. is engaged in the business of product development, manufacturing, marketing and sale of new innovative products in both the consumer product and healthcare industries. For the three months ended 3/99, revenues totalled $4 thousand, up from $1 thousand. Net loss rose 86 percent to $210 thousand. Revenues reflect increased sales of the Company's products. Higher loss suffered from increased general and administrative expenses. 
KeraVision, Inc. (Nasdaq : KERA)KeraVision, Inc. was founded to develop and commercialize proprietary medical products for the treatment of common vision problems, including myopia, hyperopia and astigmatism. For the three months ended 3/31/99, net sales totalled $472 thousand, up from $152 thousand. Net loss applicable to Common rose 39 percent to $7.7 million. Revenues reflect the Company's limited product launch into the Canadian market. Higher loss reflects increased marketing expenses. 
Kensey Nash Corporation (Nasdaq : KNSY)Kensey Nash is a medical device company established in three technology platforms; puncture closure (Angio-Seal), biomaterials (collagen and resorbable polymers) and revasculariztion (Aegis Vortex System). For the six months ended 12/98, revenues rose 68 percent to $7.3 million. Net income totalled $1 million vs. a loss of $679 thousand. Revenues reflect increased U.S. and European demand for Angio-Seal. Earnings also reflect favorable trends in gross margins. 
Kuala Healthcare, Inc. (Nasdaq : KUAL)KUAL provides a variety of non-hospital based health care services, including long term care and residential health care facilities, home infusion therapy and provision of medical products and services to patients in long term care facilities. For the six months ended 12/31/98, total revenues fell 2 percent to $31.9 million. Net loss applicable to Comm. before extraordinary item rose from $105 thousand to $1.2 million. Results reflect a reduction in infusion therapy revenue and higher costs of medical sales. 
Lakeland Industries, Inc (Nasdaq : LAKE)Lakeland Industries, Inc. is engaged primarily in the manufacture of personal safety protective work clothing. For the fiscal year ended 1/31/99, net sales rose 16 percent to $54.7 million. Net income rose 30 percent to $2.1 million. Revenues reflect increased production capacity, the ability to maintain higher inventory levels and price increase on Tyvek lines. Earnings also reflect higher margins due to higher prices of the Tyvek(TM) Line. 
Lancer Orthodontics (Nasdaq : LANZ)Lancer Orthodontics manufactures and markets orthodontic products such as preformed bands, direct bonding brackets, buccal tubes, arch wires, lingual attachments and related accessories. For the nine months ended 2/28/99, net sales increased 1 percent to $4.4 million. Net loss totalled $84 thousand vs. income of $9 thousand. Revenues reflect the addition of new distributors. Net loss reflects competitive pricing pressures and higher marketing salaries and commissions costs. 
LecTec Corporation (Nasdaq : LECT)LECT designs, manufactures and markets resting diagnostic electrodes, conductive and non-conductive adhesive hydrogels, medical tapes and patches for the tropical application of drugs or other therapeutic compounds. For the six months ended 12/31/98, net sales fell 13 percent to $6 million. Net loss totalled $813 thousand vs. an income of $154 thousand. Revenues reflect lower medical tape and therapeutic product sales. Loss also reflects increases in staffing level. 
Lifepoint, Inc. (OTC BB : LFPT)Lifepoint is a developmental stage company focused on the commercialization of the flow immunosensor technology. The technology allows for the use of saliva as a non-invasive, rapid, on site diagnosis test system. For the nine months ended 12/31/98, the company reports no revenues. Net loss rose 3 percent to $2.1 million. Earnings reflect higher general and administrative expenses associated with management fees paid to SAT, now incurred by the company. 
Laserscope (Nasdaq : LSCP)LSCP develops, manufactures, markets and supports surgical lasers and other surgical systems, related instrumentation and disposable supplies. For the three months ended 3/31/99, revenues fell 13 percent to $11.9 million. Net loss totalled $639 thousand, up from $230 thousand. Revenues reflect decreased shipments of disposable supplies and reduced contract revenues from hospitals. Higher loss reflects manufacturing inefficiencies from phase out of CO2 and YAG product lines. 
Laser Photonics, Inc. (OTC BB : LSPT)Laser Photonics, Inc. is engaged in the development of proprietary excimer laser and fiber optic equipment and techniques directed toward the treatment of cardiovascular and vascular disease and the treatment of psoriasis. For the three months ended 3/31/99, total revenues fell 68 percent to $347 thousand. Net loss totalled $2.5 million, up from $570 thousand. Revenues reflect a decrease in sales of scientific and medical lasers. Loss also reflects increased interest expense. 
Lunar Corporation (Nasdaq : LUNR)LUNR develops and sells x-rays and ultrasound bone densitometers for the diagnosis and monitoring of osteoporosis and other metabolic bone diseases. LUNR also develops and sells medical imaging equipment. For the nine months ended 3/31/99, revenues increased 14 percent to $66 million. Net income fell 80 percent to $1.1 million. Revenues reflect higher sales of the Artoscan dedicated MRI system. Earnings suffered from a lower gross profit margin and higher selling and marketing expenses. 
Luxottica Group S.p.A. (NYSE : LUX)Luxottica Group S.p.A. designs, manufactures, distributes and markets high quality eyeglass frames and sunglasses in the mid and premium price categories. For the fiscal year ended 12/97, net sales increased 17 percent to LIR2.770T. Net income rose 22 percent to LIR250.66 billion. Revenues reflect an increase in the number of LensCrafters' retail stores and increased comparable store sales. Earnings also reflect lower interest expense due to the reduction in borrowings. 
Laser Vision Centers, Inc (Nasdaq : LVCI)Laser Vision Centers, Inc. is a provider of access to excimer lasers and related services for the treatment of refractive vision disorders. For the nine months ended 1/31/99, revenues totalled $33.6 million, up from $15.7 million. Net income applicable to Common totalled $3.4 million vs. a loss of $3.8 million. Revenues benefitted from an increase in the number of procedures performed on each laser in the U.S. and new lasers. Earnings reflect an increase in gross profit. 
Luxtec Corporation (Emerging Company Marketplace : LXULutex Corp., designs, manufactures, markets and distributes fiber optic headlight and video camera systems, cables, retractors, light sources, surgical telescopes and other custom made medical and dental equipment. For the six months ended 4/30/99, revenues fell 13 percent to $4.9 million. Net loss applicable to Common totalled $21 thousand vs an income of $15 thousand. Results reflect a distributor change in major markets, a lower gross profit and increased R&D expenses. 
Magna-Lab, Inc. (OTC BB : MAGLA)Magna-Lab, Inc. develops, manufactures, and markets anatomy specific MRI products, including the MAGNA-SL(R). For the nine months ended 11/30/98, the Company reported no revenues. Net loss increased 73 percent to $855 thousand. Revenues reflect the ceasing of virtually all operations. Higher loss reflects higher research and development expenses due to the Cardiac Initiative development activities in collaboration with the Mount Sinai School of Medicine. 
Maxxim Medical Inc. (NYSE : MAM)Maxxim Medical Inc. develops, manufactures, markets and distributes disposable specialty medical products primarily for use in the operating room at hospitals or surgery centers. For the three months ended 1/31/99, net sales rose 6 percent to $136.1 million. Net income increased 3 percent to $3.9 million. Revenues benefitted from increased glove sales and containment products. Earnings were partially offset by $3.4 million in transition charges. 
Medical Action Industries (Nasdaq : MDCI)MDCI develops, manufactures, markets and distributes a variety of disposable surgical related products, including laparotomy sponges, towels, gauze sponges and dry burn dressings. For the nine months ended 12/31/98, net sales rose 6 percent to $43.3 million. Earnings rose 17 percent to $1.4 million. Revenues reflect higher sales of the SBW and QuanTech product lines and gauze sponges due to greater market penetration. Net income reflects the absence of a $273 thousand restructuring charge. 
MEDJET INC. (OTC BB : MDJT)Medjet Inc., is engaged in the research and development of medical technology with a current emphasis on ophthalmic surgical technology and equipment and has developed a proprietary technology and derivative devices for corneal surgery. For the fiscal year ended 12/31/98, revenues totaled $500 thousand, up from $0. Net loss fell 26 percent to $1.9 million. Results reflect the execution of the Alcon licenses agreement and a $594 thousand state tax benefit. 
Mediscience Technology (OTC BB : MDSC)Mediscience Technology Corp. designs and develops proprietary diagnostic medical devices that detect cancer using light induced native tissue fluorescence and Raman spectroscopy to distinguish between malignant and normal tissue. For the six months ended 8/31/98, the Company reported no revenues. Net loss decreased 26 percent to $515 thousand. Lower loss reflects a decrease in general and administrative and product development expenses. 
Medtronic, Inc. (NYSE : MDT)Medtronic, Inc. is a medical technology company which provides therapeutic, diagnostic and monitoring products for the cardiac rhythm management, other cardiovascular, and neurological markets. For the nine months ended 1/29/99, net sales rose 26 percent to $3.02 billion. Net income fell 15 percent to $310.3 million. Results reflect increased sales in the vascular product lines, offset by a $252.3 million increase in non-recurring charges and increased marketing expenses. 
Medwave, Inc. (Nasdaq : MDWV)Medwave, Inc. is a development stage company that is engaged in the development of a non-invasive, continual blood pressure measurement and monitoring system which provides new readings every 15 heartbeats. For the nine months ended 1/31/99, net sales fell less than 1 percent to $457 thousand. Net loss fell 13 percent to $1.6 million. Results reflect the company's changing from an employee sales force to a dealer network, offset by a decrease in employee sales representatives. 
Med-Design Corporation (Nasdaq : MEDC)Med-Design Corp. designs, develops, manufactures and markets safety medical devices intended to reduce the incidence of accidental needlesticks. For the three months ended 3/31/99, the Company reports no revenues. Net loss increased 30 percent to $963 thousand. Results reflect increased general and administrative expenses and increased research and development expenditures. Higher loss also reflects increased interest expenses. 
Medical Device Tech.,Inc. (OTC BB : MEDD)Medical Device Technologies, Inc. is engaged in the indentification, development and marketing of medical devices and products. For the three months ended 3/31/99, revenues totalled $804 thousand, up from $2 thousand. Net loss increased 41 percent to $418 thousand. Revenues reflect the acquisition of Vision Diagnostics, Inc. Higher loss suffered from increased selling, general and administrative expenses due to acquisitions and increased interest income. 
Medi-Ject Corporation (Nasdaq : MEDJ)MEDJ is a drug delivery co. focused on developing, manufacturing and marketing needle-free injection systems for the self-administration of a wide range of parenteral drugs. For the three months ended 3/31/99, total revenues increased 74 percent to $1.6 million. Net loss applicable to Common decreased 66 percent to $290 thousand. Revenues benefitted from funds received from Schering-Plough Corp. Lower loss also reflects decreased S/G/A expenses due to staffing reductions. 
MedAmicus, Inc. (Nasdaq : MEDM)MEDM design, develop, manufacture and markets pressure measurement system utilizing a proprietary fiber optic transducer for measuring and monitoring physiological pressures in the human body. The Company also manufacture other medical products on a contract basis. For the three months ended 3/99, revenues rose 31 percent to $2.3 million. Net income totalled $26 thousand vs. a loss of $149 thousand. Results reflect higher sales of vessel introducers and lower interest expenses. 
Medstone International (Nasdaq : MEDS)MEDS designs, manufactures, markets and services the Medstone STSTM Shockwave Therapy System for the noninvasive disintegration of kidney stomes. For the three months ended 3/31/99, revenues fell 16 percent to $4.9 million. Net income fell 44 percent to $532 thousand. Revenues reflect lower maintenance, procedure, and fee -for-service revenues due to pricing pressures. Net income also reflects increased S/G/A expenses due to higher legal expenses associated with the Co's strategic evaluation plan. 
Medical Dynamics, Inc. (Nasdaq : MEDY)MEDY designs, develops, manufactures and markets dental intra oral cameras, disposable products and practice management products for the medical and dental professions. For the three months ended 12/31/98, sales totalled $3.1 million, up from $1.5 million. Net loss totalled $1 million, up from $320 thousand. Revenues reflect the acquisition of IPS and increased software sales. Higher loss reflects increased advertising costs, additional staff costs and higher software support/training costs. 
Medical Graphics Corp. (Nasdaq : MGCC)Medical Graphics Corp. designs and produces innovative non-invasive diagnostic systems for the prevention, early detection and cost-effective treatment of heart and lung disease. The Company also purchases sleep diagnostic systems. For the three months ended 3/31/99, revenues fell 4 percent to $4.9 million. Net income totalled $3 thousand vs. a loss of $320 thousand. Results reflect changes in the European sales and distribution channels, offset by higher margins. 
Moore Medical Corp. (AMEX : MMD)Moore Medical Corp. is a national distributor and marketer of medical and surgical supplies to customers in the health-care industry. For the fiscal year ended 1/2/99, revenues decreased 58 percent to $120.8 million. Net income totalled $2.8 million vs. a loss of $2.9 million. Revenues reflect the Company's decision to exit the wholesale drug distribution business. Earnings were offset by reductions in staff, freight expense and other variable expenses, and lower interest expense. 
Merit Medical Systems (Nasdaq : MMSI)Merit Medical Systems, Inc. develops, manufactures and distributes disposable medical products for use in the diagnosis and treatment of cardiovascular disease. For the three months ended 3/31/99, net sales rose 8 percent to $17.7 million. Net income rose 32 percent to $565 thousand. Revenues reflect growth in sales of stand-alone products and custom kits. Earnings also reflect higher gross profit as a  percent of sales, and lower R&D costs due to the completion of Tomcat guide wire project. 
Mine Safety Appliances (Nasdaq : MNES)Mine Safety Appliances manufactures and sells products designed to protect the safety and health of workers. The Company also provides instruments that monitor and analyze environments. For the three months ended 3/99, revenues fell 6 percent to $116.6 million. Net income applicable to Com. fell 53 percent to $2.6 million. Revenues reflect the divestitures of HAZCO Services and Baseline Industries. Earnings suffered from the absence of a $4 million pension settlement gain. 
MiniMed Inc. (Nasdaq : MNMD)MiniMed designs, develops, manufactures and markets advanced microinfusion systems for delivery of a variety of drugs, with a primary focus on the intensive management of diabetes. For the three months ended 4/2/99, net sales rose 55 percent to $40.9 million. Net income rose 64 percent to $3.8 million. Revenues reflect higher sales volumes of external pumps and related disposable products. Earnings also reflect higher selling prices for external pumps and lower S/G/A costs as a  percentage of sales. 
Mentor Corporation (Nasdaq : MNTR)Mentor Corporation develops, manufactures, and markets products for the medical specialties of plastic and reconstructive surgery, urology and ophthalmology. For the nine months ended 12/31/98, revenues rose 11 percent to $176.2 million. Net income fell 51 percent to $8.2 million. Net revenues benefitted from strong sales of urology products and disposal products for urinary incontinence. Net income was offset by special and restructuring charges totalling $16 million. 
Minntech Corporation (Nasdaq : MNTX)MNTX develops, manufactures and markets medical devices and supplies, sterilants and water filtration products used primarily in kidney dialysis and in open-heart surgery. For the nine months ended 12/31/98, revenues increased 9 percent to $56.4 million. Net income rose 64 percent to $5.4 million. Revenues reflect unit growth in both endoscope and dialyzer reprocessing. Net income also reflects a higher gross margin due to product cost reductions and a favorable product mix. 
Moyco Technologies, Inc. (Nasdaq : MOYC)Moyco Technologies, Inc. manufactures and sells dental supplies such as waxes, medicaments, sundry dental items and equipment, commercial abrasives and fine polishing agents. For the six months ended 12/98, net sales fell 6 percent to $7.3 million. Net loss totalled $31 thousand, vs. income of $782 thousand. Revenues reflect sale the CMP product line for the electronics industry. Net loss reflects the absence of a $1.7 million gain on the sale of the CMP business. 
Milestone Scientific Inc. (AMEX : MS)Milestone Scientific, Inc. develops, manufactures, markets and sells equipment and related disposable or consumable items and other products for use primarily by the dental practitioner. For the three months ended 3/31/99, revenues decreased 87 percent to $668 thousand. Net loss totalled $1.6 million vs. income of $358 thousand. Revenues reflect a severe decline in the sale volume for The Wand(TM). Losses reflect a decrease in gross profit and net interest income. 
Medical Technology System (OTC BB : MSYS)MSYS and subsidiaries provides a diverse line of proprietary medication dispensing systems, clinical information systems and laboratory services to the health care industry. For the nine months ended 12/98, revenues increased 56 percent to $25.5 million. Net loss before extraordinary items increased 78 percent to $1.6 million. Revenues reflect increased number of installations of medication dispensing systems. Higher loss suffered from increased personnel costs. 
Meridian Medical Tech. (Nasdaq : MTEC)MTEC is a technology-based health care company that designs, develops and produces a broad range of automatic injectors, prefilled syringes, cardiopulmonary products, and other innovative health care devices. For the six months ended 1/31/99, revenues fell 3 percent to $20.7 million. Net loss totalled $507 thousand vs. income of $1.3 million. Revenues reflect the EpiPen autoinjector Class one product recall. Net loss reflects the negative impact of product mix changes. 
Medical Tech. & Innovat. (OTC BB : MTEN)Medical Technology and Innovations is engaged in the design, manufacture and distribution of medical screening devices for medical professionals primarily involved in vision screening. MTEN also distributes digital and glass thermometers and other devices. For the nine months ended 3/31/99, revenues rose 14 percent to $4.3 million. Net loss fell 67 percent to $295 thousand. Revenues reflect increased demand for the MTI PhotoScreener. Loss also benefitted from higher margins. 
Micro Therapeutics, Inc. (Nasdaq : MTIX)MTIX develops, manufactures, and markets minimally invasive medical devices to diagnose and treat vascular diseases. MTIX treatments serve two markets: neuro vascular disorders and peripheral vascular diseases. For the three months ended 3/99, revenues fell 10 percent to $813 thousand. Net loss rose 73 percent to $3.5 million. Revenues reflect lower average selling prices. Higher loss reflects increased personnel and higher costs due to the development of neuro vascular products. 
Maxxon, Inc. (OTC BB : MXON)Maxxon, Inc., a development stage company, organized to develop and market selected healthcare products. The Company had acquired an exclusive license to develop, manufacture and market a patented disposable safety syringe that automatically retracts the needle into the plunger after use. For the fiscal year ended 12/31/97, the Company reported no revenues. Net loss totalled $795 thousand. Results reflect expenses incurred from operating activities. 
Nat'l Healthcare Manuf. (Nasdaq : NHMCNat'l Healthcare Manufacturing is engaged in the assembly and packaging of medical supplies for the healthcare industry, producing over 800 different single-use kits and trays for a wide range of medical and surgical procedures. For the nine months ended 1/31/99, revenues totaled C$8.6 million. Net loss applicable to US GAAP totaled C$3.3 million. Results are not comparable due to the company changing their fiscal year from June to April. 
Non-Invasive Monitoring (OTC BB : NIMU)Non-Invasive Monitoring Systems Inc. is engaged in research and development of computer assisted, non-invasive monitoring devices and related software designed to detect abnormal respiratory, cardiac, and other medical conditions. For the six months ended 1/99, revenues rose 30 percent to $153 thousand. Net loss fell 13 percent to $249 thousand. Revenues reflect increased sales of newly marketed products. Lower loss reflects lower general and administrative expenses. 
NutraMax Products, Inc. (Nasdaq : NMPC)NMPC is a manufacturer of private label health and personal care products including disposable douches, disposable enemas, disposable baby bottle liners, and pediatric electrolyte oral maintenance solutions. For the 26 weeks ended 4/3/99, net sales remained flat at $62.7 million. Net income from continuing operations rose 16 percent to $1.9 million. Results reflect lower interest expense due to a decrease in debt outstanding combined with reduced interest rates. 
NMT Medical., Inc (Nasdaq : NMTI)NMT Medical, Inc. designs, develops, and markets innovative medical devices that utilize advanced technologies and are delivered by minimally invasive procedures. For the fiscal year ended 12/31/98, revenues totalled $32.2 million, up from $10.1 million. Net loss totalled $3.7 million, up from $1.8 million. Revenues reflect higher unit sales of vena cava filters and sales of the CardioSEAL Septal Occluder. Higher losses reflect the inclusion of acquisition-related costs. 
Novametrix Medical System (Nasdaq : NMTX)Novametrix Medical Systems designs, develops, manufactures and markets non-invasive critical care monitors, sensors and accessories which provide continuous patient monitoring capabilities. For the 39 weeks ended 1/31/99, net sales rose 11 percent to $24.7 million. Net income applicable to Common rose 1 percent to $1.7 million. Results reflect significant growth in domestic sales, partially offset by increased sales and marketing expenses. 
Novoste Corporation (Nasdaq : NOVT)NOVT is a development stage enterprise engaged in developing the Beta-Cath System, an intraluminal beta radiation catheter delivery system designed to reduce restenosis. For the three months ended 3/31/99, revenues totalled $81 thousand, up from $0. Net loss rose 93 percent to $8.1 million. Revenues reflect the sales of the Beta-Cath System in Europe. Net loss reflects increased R&D expenses due to patient enrollment in the Company's clinical trials. 
NeoPath, Inc. (Nasdaq : NPTH)NeoPath, Inc. develops and markets visual intelligence technology to increase accuracy in medical testing. For the three months ended 3/31/99, revenues decreased 43 percent to $2 million. Net loss decreased 11 percent to $5.1 million. Revenues reflect decreased sales of AutoPap Systems. Lower loss reflects decreased R&D expenses due to lower net development costs on AutoPap applications, lower patent filing expenditures and decreased overall regulatory expenses. 
Norland Medical Systems (OTC BB : NRLD)Norland Medical Systems develops, manufactures, markets, sells, distributes and services a broad range of bone densitometry systems used to diagnose and monitor bone diseases. For the three months ended 3/31/99, revenues totalled $4.8 million, up from $2.1 million. Net loss fell 67 percent to $615 thousand. Revenues reflect increased sales of DXA-based systems. Lower loss was partially offset by the absence of a $1.3 million income tax benefit. 
Neuromedical Systems (OTC BB : NSIX)NSIX is a healthcare technology Company focused on diagnostic screening applications. The Company is primarily engaged in the development, manufacturing and marketing of the PAPNET Testing System, and Pap smear scanning. For the nine months ended 9/98, revenues rose 1 percent to $6.5 million. Net loss fell 3 percent to $26.9 million. Revenues reflect higher European revenues due to selling and leasing directly to laboratories. Lower loss also reflects lower sales and marketing expenses. 
NetMed, Inc. (OTC BB : NTMD)NetMed, Inc. is engaged in the acquisition, development and marketing of medical and health-related technologies. The Company's revenues are currently derived principally from the marketing of the PAPNET Testing System. For the three months ended 3/31/99, the Company reported no revenues, down from $151 thousand. Net loss applicable to Common rose 41 percent to $1.2 million. Revenues reflect the absence of royalties. Higher loss reflects $504 thousand in preferred dividends. 
Nyer Medical Group, Inc. (Nasdaq : NYER)NYER, a holding company, operates in medical products distribution, biotech, nutritional tube feeding, emergency medical services and fire and police equipment supply. For the fiscal year ended 12/31/98, net sales rose 10 percent to $37.2 million. Net loss from continuing operations rose 33 percent to $278 thousand. Revenues reflect higher sales at Eaton due to pharmacy acquisitions. Higher loss reflects lower margins, increased S/G/A, and a greater loss yielded by a minority interest. 
Ocular Sciences, Inc. (Nasdaq : OCLR)OCLR is engaged in the design, manufacture and distribution of contact lenses and conducts business under the nameof Ocular Sciences/American Hydrox. For the three months ended 3/31/99, revenues increased 15 percent to $37 million. Net income increased 14 percent to $6.7 million. Revenues benefited from increased sales of lenses marketed for weekly disposable replacement regimens. Net income reflects a decrease in production costs due to process improvement. 
Ocurest Laboratories Inc. (OTC BB : OCULU)OCULU is a marketing company organized to develop and commercialize new health and personal care products for the consumer market. For the nine months ended 9/30/97, net sales increased 13 percent to $1.2 million. Net loss increased 57 percent to $2.5 million. Net sales suffered from a decline in customer reorders due to the lack of an advertising campaign. Higher loss also reflects increased selling and marketing expenses due to an international marketing agreement. 
Orthofix Int'l N.V. (Nasdaq : OFIX)Orthofix International is engaged in the design, development, manufacture, marketing and distribution of medical equipment, principally external and internal fixation devices and pulsed electromagnetic frequency products for non-invasive healing. For the fiscal year ended 12/31/98, net sales rose 16 percent to $104.1 million. Net income totalled $14.3 million, up from $3.1 million. Results reflect growth in sales of PEMF products and $8.1 million in license sale gains. 
Ophthalmic Imaging System (OTC BB : OISI)OISI designs, develops, manufactures and markets digital imaging systems, image enhancement and analysis software for use by practitioners in the ocular health field. For the six months ended 2/28/99, revenues decreased 1 percent to $3.4 million. Net loss decreased 57 percent to $684 thousand. Revenues suffered from management's efforts being directed to the negotiations with Premier. Lower loss reflects decreased S/G/A expenses as a  percentage of revenues. 
OrthoLogic Corporation (Nasdaq : OLGC)OrthoLogic Corporation develops, manufactures and markets technologically advanced orthopedic products and packaged services for the health care market. For the three months ended 3/31/99, revenues rose 10 percent to $21.1 million. Net loss applicable to Common fell 95 percent to $485 thousand. Revenues reflect higher sales of the Orthologic 1000. Lower loss reflects the absence of a $9.3 million increase in the allowance for uncollectable accounts. 
Oxboro Medical Int'l (Nasdaq : OMED)OMED develops, assembles and markets medical and surgical devices, and through its subsidiary, Oxboro Outdoors, Inc. develops, assembles and markets fishing, hunting and related outdoor products. Net sales for the six months ended 3/31/99 rose 8 percent to $2.6 million. Net loss totalled $1.1 million, up from $21 thousand. Revenues reflect increased sales of Outdoor products. Higher loss reflects a lower gross profit margin, and an increase in S/G/A expenses. 
Owens & Minor, Inc. (NYSE : OMI)Owens and Minor, Inc. is a distributor of national name brand medical/surgical supplies, serving hospitals, integrated healthcare systems and group purchasing organizations nationwide. For the three months ended 3/31/99, net sales fell 7 percent to $741.1 million. Net income applicable to Common rose less than 1 percent to $5.5 million. Results reflect the cancellation of the Company's contract with Columbia/HCA, offset by higher margins due to supply chain initiatives. 
Optical Sensors, Inc. (Nasdaq : OPSI)OPSI is a development stage company, develops, manufactures and markets fiberoptic chemical sensors for blood gas monitoring for the medically unstable patients in critical and intensive care units. For the fiscal year ended 12/31/98, revenues totalled $1 million, up from $141 thousand. Net loss rose 4 percent to $11.8 million. Revenues reflect the introduction of an enhanced version of its SensiCath Sensor. Higher losses reflect a rise in sale activities, and lower interest income. 
Ocean Optique Distributor (OPTQEOcean Optique Distributors is engaged in importing, marketing and distributing high-quality ophthalmic frames and sunglasses. For the comparable nine months ended 3/31/98, revenues rose 61 percent to $2.8 million. Net loss applicable to Common totalled $3 million, up from $18 thousand. Revenues benefitted from the acquisition of Solovision. Higher loss reflects a lower gross profit margin, a $2 million write off of intangible assets, and additional expenses related to the Solovision Acquisition. 
Isolyser Company, Inc. (Nasdaq : OREX)Isolyser Company, Inc. develops, manufactures and markets proprietary and other produsts for patient care, occupational safety and management of potentially infectious and hazardous waste. For the three months ended 3/99, revenues fell 16 percent to $34.8 million. Net loss fell 71 percent to $367 thousand. Revenues reflect the sale of White Knight's industrial division. Lower losses reflect higher margins and reduced costs associated with the development and registration of the LTS Plus product. 
Ostex International, Inc. (Nasdaq : OSTX)Ostex International, Inc. is engaged in the discovery and commercialization of products associated with osteoporosis and other collagen-related diseases. For the fiscal year ended 12/31/98, total revenues decreased 26 percent to $3 million. Net loss totalled $8.1 million, up from $2.3 million. Revenues reflect lower volumes of Osteomark kits sold and the attainment of scheduled milestones in 1997. Higher loss reflects the absence of $6.2 million in proceeds from a legal settlement. 
OEC Medical Systems, Inc. (NYSE : OXE)OXE designs, manufactures, markets, and services computer-based X-ray fluoroscopic imaging systems for use in hospitals, outpatient clinics, physicians offices and surgery centers for minimally invasive procedures. For the three months ended 3/99, sales rose 21 percent to $50.4 million. Net income rose 32 percent to $4.3 million. Revenues reflect strong revenue growth in China, Japan and Europe. Earnings reflect manufacturing efficiencies due to sales of higher margin products. 
Protocol Systems, Inc. (Nasdaq : PCOL)Protocol Systems designs, manufactures and markets medical instruments such as patient monitors, defibrillator components, and capnography products. For the three months ended 3/31/99, revenues decreased 4 percent to $14.3 million. Net income totalled $725 thousand, up from $230 thousand. Revenues reflect decreased international sales due to the continued strength of U.S. dollar and soft international markets. Earnings benefitted from decreased research and development costs. 
Patterson Dental Company (Nasdaq : PDCO)Patterson Dental Company is a provider of dental equipment, supplies and services to dentists, institutional customers and dental laboratories. Revenues for the nine months ended 1/23/99 increased 13 percent to $643.6 million. Net income increased 23 percent to $35.9 million. Revenues reflect increased sales in the U.S. on strong equipment, sundry sales and EagleSoft sales. Earnings reflect higher gross margins, lower expenses as a  percentage of sales and lower borrowings. 
Pro-Dex, Inc. (Nasdaq : PDEX)Pro-Dex, Inc. is the parent company of four operating subsidiaries engaged in the manufacture and supply of infection control products for the dental industry, flouride products, miniature pneumatic motors and multi-axis circuit boards. For the nine months ended 3/31/99, revenues fell 25 percent to $13 million. Net loss totalled $2.2 million, vs an income of $561 thousand. Results reflect lower sales from Micro Motors and Oregon Micro Systems and the inclusion of a $839 thousand unusual charge. 
Photoelectron Corporation (Nasdaq : PECX)PECX is a developmental stage company focused on the design, development, and commercialization of the Photon Radiosurgery System, a proprietary, therapuetic device for the treatment of cancerous tumors through the application of radiation directly into a tumor. For the fiscal year ended 1/2/99, revenues fell 7 percent to $678 thousand. Net loss rose 31 percent to $7.7 million. Results reflect decreased sales and increased S/G/A expenses due to an increase in personnel. 
Perclose, Inc. (Nasdaq : PERC)PERC is a medical device company which develops, manufactures and markets less invasive surgical devices for closing femoral artery access sites following angioplasty and angiography procedures. For the nine months ended 12/31/98, net revenues totalled $29.1 million, up from $4.8 million. Net income totalled $2.7 million vs. a loss of $12.2 million. Results reflect the introduction of Prostar and Techstar products, and an increase in gross margins due to operating efficiencies. 
Pharmanetics, Inc. (Nasdaq : PHAR)Pharmanetics, Inc., a holding company, develops, markets and manufactures a proprietary cardiovascular diagnostic test system that provides rapid and accurate evaluation of hemostasis at the point of patient care. For the fiscal year ended 12/31/98, revenues increased 15 percent to $8.8 million. Net loss decreased 22 percent to $3.6 million. Revenues reflect higher sales from Company's TAS Products. Lower losses reflect lower litigation expenses and fewer personnel. 
Physiometrix, Inc. (OTC BB : PHYX)PHYX designs, develops, manufactures and markets noninvasive medical products incorporating proprietary materials, electronics technology and software for use in neurological monitoring applications during surgical and diagnostic procedures. For the three months ended 3/99, revenues fell 36 percent to $118 thousand. Net loss fell 57 percent to $833 thousand. Revenues reflect lower sales volume. Lower loss benefitted from decreased R&D costs due to reduced personnel. 
PLC Systems, Inc. (AMEX : PLC)PLC Systems is a multinational manufacturer of medical lasers and related products. PLC has patented The Heart Laser, a CO2 laser system. For the three months ended 3/31/99, revenues totalled $2.8 million, up from $945 thousand. Net loss decreased 44 percent to $2.2 million. Revenues benefitted from higher product sales and license fee from a litigation settlement. Lower loss was partially offset by unabsorbed manufacturing overhead and unfavorable manufacturing variances. 
Premier Laser Systems Inc (Nasdaq : PLSIA)Premier Laser Systems develops, manufactures and markets several lines of proprietary medical lasers, fiberoptic delivery systems and associated products for a variety of dental, ophthalmic and surgical applications. For the nine months ended 12/31/98, net sales increased 18 percent to $10.3 million. Net loss increased 55 percent to $22.3 million. Revenues reflect the inclusion of operations from acquisitions. Loss was offset by a $7.8 million shareholder litigation settlement expense. 
Pace Medical, Inc. (OTC BB : PMDL)Pace Medical designs, manufactures and markets single and dual-chamber temporary cardiac pacemakers, dual-chamber pacing analyzer, percutaneous lead introducers, heartwires, surgical and temporary extension cables and related accessories. For the fiscal year ended 12/31/98, net sales decreased 24 percent to $1.6 million. Net income fell 85 percent to $59 thousand. Revenues reflect lower sales by the Company to its OEM accounts. Net income reflects higher operating expenses due to marketing costs. 
Paradigm Medical Indust. (Nasdaq : PMED)Paradigm Medical Industries, Inc. develops, manufactures, sources, markets and sells ophthalmic surgical and diagnostic equipment and instrumentation. For the fiscal year ended 12/31/98, revenues totalled $1.3 million, up from $464 thousand. Net loss fell 8 percent to $2.8 million. Results benefitted from the launching of the Blood Flow Analyzer System and higher sales of Precisionist ThirtyThousand Ocular Surgery Workstation, partially offset by higher promotional activities. 
Palomar Medical Tech.,Inc (Nasdaq : PMTI)Palomar Medical Technologies designs, manufactures and markets lasers, delivery systems and related disposable products for use in medical procedures. For the three months ended 3/30/99, revenues rose 91 percent to $13.5 million. Net income applicable to Common totalled $372 thousand, vs. a loss of $7.6 million. Revenues benefitted from the introduction of the LightSheer (TM) diode laser. Earnings also reflect an improved gross profit margin and lower R and D expenditures. 
Positron Corporation (OTC BB : POSC)Positron designs, manufactures, markets and services advanced medical imaging devices, which utilize positron emission tomography (``PET'') technology under the tradename POSICAM(TM) systems. PET measures the biological processes of organs and tissues. For the fiscal year ended 12/31/98, revenues fell 43 percent to $2 million. Net loss fell 84 percent to $724 thousand. Revenues suffered from a decrease in systems sales. Lower loss reflects staff reductions and cost cutting efforts. 
Possis Medical, Inc. (Nasdaq : POSS)Possis Medical, Inc. is a developer, manufacturer and marketer of medical devices. For the six months ended 1/31/99, revenues increased 79 percent to $4.6 million. Net loss increased 10 percent to $6.4 million. Revenues benefited from growing physician acceptance of AngioJet Rheolytic Thrombectomy System and disposable catheters and pumps in the U.S. Higher loss reflects costs associated with the establishment of a direct sales organization to sell the AngioJet System. 
Professional Dental Tech. (Emerging Company Marketplace : PROPRO designs, manufactures and markets products used for the diagnosing, treatment and prevention of periodontal diseases. For the six months ended 4/30/99, sales rose 3 percent to $13.9 million. Net income fell 30 percent to $513 thousand. Revenues reflect steady sales of the Roto-Dent and higher sales of the ultrasonic scaler and accessories. Earnings were offset by lower gross margins associated with the mid-1998 decision to ship four necks with each instrument sold rather than two. 
PSS World Medical, Inc. (Nasdaq : PSSI)PSS World Medical, Inc. is a distributor of medical supplies, equipment and pharmaceuticals to primary care and other office-based physicians. For the thirty-nine weeks ended 12/31/98, revenues increased 17 percent to $1.1 billion. Net income increased 61 percent to $40.2 million. Revenues benefitted from growth in existing services and the inclusion of operations from acquisitions. Earnings also benefitted from improved sales mixes of higher margin diagnostic equipment. 
Quidel Corporation (Nasdaq : QDEL)Quidel develops, manufactures, and markets rapid immunodiagnostic products which provide diagnoses in the areas of reproductive and women's health, infectious diseases, allergies, and autoimmune disorders. For the nine months ended 12/98, revenues increased 7 percent to $37.2 million. Net income fell 80 percent to $248 thousand. Revenues reflect increased research contracts and royalties. Earnings were offset by a $687 thousand restructuring charge. 
Q-Med, Inc. (Nasdaq : QEKG)Q-Med, Inc. provides management of heart disease to managed health care plans. The Company also designs and markets medical devices targeting heart disease and diabetes. For the three months ended 2/28/99, net sales decreased 14 percent to $392 thousand. Net loss decreased 32 percent to $520 thousand. Revenues reflect reductions in capital equipment sales to the primary care marketplace. Lower loss reflects the consolidation of production and customer support operations. 
Quantech Ltd. (OTC BB : QQQQ)Quantech, Ltd. is a development stage company seeking to commercialize its proprietary Surface Plasmon Resonance (SPR) technology for use in the critical care diagnostic market and also to sublicense its SPR technology. For the nine months ended 3/31/99, revenues fell 86 percent to $1 thousand. Net loss applicable to Common rose 66 percent to $3.4 million. Revenues reflect lower interest income. Higher loss reflects increased research and development and interest expenses. 
Radiance Medical Systems (Nasdaq : RADX)Radiance Medical Systems, Inc. designs, develops, manufactures and markets catheters used to treat certain vascular diseases, which enable physicians to deliver therapeutic radial force, stents, drugs or contrast media to the treatment site. For the fiscal year ended 12/98, sales fell 7 percent to $12.2 million. Net loss fell 9 percent to $8 million. Revenues reflect lower sales to one distributor. Lower loss reflects lower sales force and lower cost of sales. 
Computer Motion, Inc. (Nasdaq : RBOT)Computer Motion, Inc. develops and markets proprietary robotic and computerized surgical systems that enhance a surgeon's performance and centralize and simplify a surgeon's control of the operating room. For the three months ended 3/99, revenues rose 90 percent to $4 million. Net loss rose less than 1 percent to $2.7 million. Revenues reflect an increase in revenues from HERMES and ZEUS product lines. Net loss was offset by increased personnel and development efforts. 
Integrated Surgical Sys. (Nasdaq : RDOC)Integrated Surgical Systems develops, manufactures, markets and services image-directed, computer controlled robotic products for orthopaedic and neurological applications. For the fiscal year ended 12/31/98, revenues increased 25 percent to $6.1 million. Net loss applicable to Common totalled $10.6 million, up from $4.5 million. Revenues reflect increased sales of ROBODOC Systems. Higher losses reflect increased sales and marketing activity, and increased engineering staff. 
Rehabilicare Inc. (Nasdaq : REHB)Rehabilicare Inc. is a manufacturer and provider of rehabilitation and electromedical pain management products and services used in clinical, home healthcare and occupational medicine applications. For the nine months ended 3/31/99, total revenues rose 22 percent to $30.9 million. Net income totalled $2.1 million vs. a loss of $1.1 million. Revenues reflect growth in the number of new patients. Earnings also benefitted from a $3.1 million reduction in acquisition expense. 
Repro Med Systems, Inc. (OTC BB : REPR)REPR is engaged in the research, development, production and marketing of medical devices. REPR's main product is the Testicular Hypothermia Device (THD), which is used to improve semen quality in males. For the nine months ended 11/30/98, totalled revenues fell 27 percent to $1.4 million. Net loss applicable to Comm. totalled $277 thousand vs. an income of $80 thousand. Results suffered from the absence of $708 thousand in revenues from the sale of the Company's impotence treatment technology. 
ResMed Inc. (Nasdaq : RESM)RESM designs, manufactures and distributes medical equipment for treating and diagnosing sleep disordered breathing, primarily obstructive sleep apnea. For the nine months ended 3/31/99, revenues increased 34 percent to $63.5 million. Net income rose 51 percent to $11.5 million. Revenues reflect increased unit sales of flow generators and accessories in Latin and North America. Net income also reflects an increased gross profit due to a shift to higher margin product sales. 
Respironics, Inc. (Nasdaq : RESP)RESP develops, manufactures, and markets medical devices used for the treatment of patients suffering from respiratory disorders. These products are used in homes, hospitals, and in emergency situations. For the nine months ended 3/31/99, net sales remained flat at $267.5 million. Net income totalled $21.9 million vs. a loss of $5.4 million. Results reflect the absence of a $37.5 million merger related expense and a $650 million unsolicited offer expense. 
Rockwell Medical Tech. (Nasdaq : RMTI)Rockwell Medical Technologies, Inc. manufactures, sells, distributes, and delivers hemodialysis concentrates, dialysis kits, and other hemodialysis products to hemodialysis providers in the United States and Venezuela. For the three months ended 3/31/99, revenues increased 63 percent to $1.6 million. Net loss decreased 34 percent to $358 thousand. Results reflect increased sales volume, higher prices and the introduction of new products, partially offset by higher S/G/A expenses. 
Rochester Medical Corp. (Nasdaq : ROCM)Rochester Medical Corp. develops, manufactures, and markets a broad line of innovative, technologically enhanced latex-free urinary continence care products to the home care and acute care markets. For the six months ended 3/31/99 net sales fell 13 percent to $3.7 million. Net loss rose 79 percent to $1.7 million. Revenues reflect decreased sales of Rochester Medical brand products. Higher loss reflects the expansion of production facilities and the expansion of the sales force. 
ReSound Corporation (Nasdaq : RSND)ReSound Corporation is a hearing health care company that designs, develops, manufatures and markets technologically advanced hearing devices throughout the world. For the three months ended 3/27/99, sales increased 10 percent to $34.2 million. Net income increased 65 percent to $1.6 million. Revenues reflect higher shipments and the ramp-up of production of certain product lines. Net income reflects lower product development costs. 
Invivo Corporation (Nasdaq : SAFE)Invivo Corporation is engaged in the design, manufacture and marketing of sensor-based instruments for health, safety, and industrial process control applications. For the nine months ended 3/99, sales rose 21 percent to $35.8 million. Net income rose 67 percent to $2.6 million. Revenues reflect sales growth at the Co.'s patient safety monitoring business. Net income also benefited from higher gross profit due to sales growth at MRI vital signs monitoring product line and lower debt. 
Saliva Diagnostic Systems (OTC BB : SALV)SALV develops, maufactures and markets rapid in-vitro assays used in the detection of infectious diseases and other conditions. SALV also offers other medical devices. For the three months ended 3/31/99, revenues rose 63 percent to $323 thousand. Net loss applicable to Common decreased 49 percent to $560 thousand. Results reflet increased sales volumes of Omni-Swab, higher margins, decreases in R&D and S/G/A as  percentages of sales, and decreased Preferred dividend requirements. 
Sabratek Corporation (Nasdaq : SBTK)SBTK develops, produces and markets technologically advanced, user-friendly and cost-effective multi-therapy infusion systems for the alternate-site health care market. For the three months ended 3/31/99, revenues decreased 10 percent to $13.6 million. Net income decreased 62 percent to $726 thousand. Revenues reflect the suspension of distribution of the Rocap product line. Earnings also reflect increased S/G/A expenses due to the expansion of the direct sales force and higher debt levels. 
Medisys Technologies, Inc (OTC BB : SCEP)SCEP is a development stage company with a focus on the delivery of innovative, cost-effective products to the Women's Healthcare and Medical Safety Device markets. For the fiscal year ended 12/31/98, revenues decreased 73 percent to $27 thousand. Net loss decreased 40 percent to $1.3 million. Revenues suffered from the lack of capital to expand the marketing of products. Lower loss reflects decreased S/G/A expenses due to a reduction in staff, and decreased research and development expenses. 
Schick Technologies, Inc. (Nasdaq : SCHK)Schick Technologies, Inc. designs, develops and manufactures innovative digital radiographic imaging systems and devices for the dental and medical markets. For the nine months ended 12/98, net revenues rose 65 percent to $43.2 million. Net loss totaled $9.9 million vs. income of $1.5 million. Revenues reflect a higher number of CDR(TM) products sold, increased foreign sales and sales of AccuDEXA devices. Net loss reflects increased reserves for obsloete inventory. 
Scherer Healthcare (Nasdaq : SCHR)SCHR manufactures, distributes, and sells healthcare and safety room products and services through: Bio Systems Partners, BioWaste Systems and Medical Waste Systems (waste management); and Scherer Labs (healthcare products). For the nine months ended 12/31/98, net sales rose 8 percent to $11.2 million. Earnings from continuing operations increased 70 percent to $1.9 million. Results reflect the securing of new hospital contracts for Bio Systems, lower legal fees and the repayment of note payable. 
SeaMED Corporation (Nasdaq : SEMD)SeaMED manufactures advanced durable electronic medical instruments for medical technology companies. SEMD also provides engineering services and regulatory expertise. For the nine months ended 3/31/99, total revenues increased 7 percent to $54.1 million. Net income decreased 31 percent to $2 million. Revenues reflect increased sales from new medical instruments and the manufacturing of the Coinstar coin counting machine. Earnings were offset by a reduction in gross margins. 
Signature Eyewear, Inc. (Nasdaq : SEYE)Signature Eyewear designs, markets and distributes prescription eyeglass frames primarily under exclusive licenses for Laura Ashley, Eddie Bauer, Hart Schaffner and Marx, as well as its own private labels. For the three months ended 1/31/99, reveunes rose 34 percent to $9 million. Net income fell 90 percent to $39 thousand. Revenues reflect sales of Eddie Bauer Eyewear. Net income was offset by lower margins due to product mix and increased management personnel. 
Specialized Health Prod. (Nasdaq : SHPIC)Specialized Health Products International, Inc. is engaged in the development of disposable proprietary health care products designed to reduce the incidence of accidental injury in the health care industry, and thus reduce the spread of desease. For the three months ended 3/31/99, total revenues rose from $246 thousand to $553 thousand. Net loss increased 2 percent to $758 thousand. Revenues reflect development fees from JJM, offset by the absence of product operations. 
Scantek Medical, Inc. (OTC BB : SKML)Scantek Medical, Inc. is engaged in developing and ultimately manufacturing, marketing and licensing the BreastCare device, an early screening device for the detection of certain breast tissue abnormalities. For the nine months ended 3/31/99, total revenues fell 35 percent to $1.3 million. Net loss totalled $205 thousand vs. an income of $864 thousand. Results reflect the absence of license fee revenue from HumaScan and increased depreciation and R&D expenses. 
SpaceLabs Medical, Inc. (Nasdaq : SLMD)SLMD is engaged in the developing, manufacturing, marketing and servicing of patient monitoring, diagnostic cardiology and clinical information systems products used throughout the healthcare industry. For the 13 weeks ended 4/3/99, revenues increased 6 percent to $70.3 million. Net income totaled $1.8 million vs. a loss of $871 thousand. Revenues reflect sales of Ultraview Care Network products. Net income reflects higher margins due to cost savings from restructuring. 
Surgical Laser Tech. Inc. (Nasdaq : SLTI)SLTI is engaged in the development, manufacture, sale and rental of proprietary laser systems and delivery systems for both contact and non-contact surgery. For the 13 weeks ended 4/4/99, sales fell 4 percent to $2.3 million. Net loss fell 40 percent to $277 thousand. Revenues reflect lower levels of Contact Laser Delivery System sales within the urology market. Lower loss reflects personnel and other expense reductions and lower laser system development consulting charges. 
Sulzer Medica (NYSE : SM)SM designs, manufactures and markets a broad range of orthopedic and cardiovascular products, with a focus on implantable medical products and materials technology. For the fiscal year ended 12/31/97, revenues rose 21 percent to SF1.40 billion. Net income rose 99 percent to SF149M. Revenues reflect a positive currency exchange impact, acquisitions and strong sales of the vascular graft business. Earnings reflect the absence of a SF73M exceptional operating item charge. 
Sunrise Medical Inc. (NYSE : SMD)Sunrise Medical Inc. designs, manufactures and markets medical products used in homecare and extended care settings that address the recovery, rehabilitation and respiratory needs of the patient. For the 39 weeks ended 4/2/99, net sales rose 2 percent to $498 million. Net income totalled $7.2 million, up from $1.7 million. Revenues reflect increased sales of mobility and respiratory products. Earnings also reflect the absence of $17 million in re-engineering expenses. 
Symphonix Devices, Inc. (Nasdaq : SMPX)Symphonix Devices, Inc. is a developer of proprietary semi-implantable and implantable products, or soundbridges, for the management of moderate to severe hearing impairment. For the three months ended 3/31/99, revenues totalled $115 thousand, up from $0 thousand. Net loss rose 46 percent to $3.9 million. Revenues reflect initial sales of the Company's Vibrant P soundbridge in Europe. Higher loss reflects increased research and development and administrative costs. 
Somanetics Corporation (Nasdaq : SMTS)SMTS develops, manufactures and markets the INVOS Cerebral Oximeter, the only FDA-cleared, non-invasive patient monitoring system that measures changes in the blood oxygen levels in the adult brain. For the three months ended 2/99, net revenues rose 13 percent to $911 thousand. Net loss rose 1 percent to $1.2 million. Results reflect higher sales of the model 4100 Cerebral Oximeter and SomaSensor, offset by increased personnel costs due to increased headcount. 
Sunrise Tech. Int'l, Inc. (Nasdaq : SNRS)Sunrise Technologies International, Inc. develops, manufactures and markets laser systems and other products for applications in ophthalmology. For the three months ended 3/31/99, revenues fell 87 percent to $13 thousand. Net loss rose from $3.8 million to $8.5 million. Revenues reflect the lack of dental equipment sales due to the sale of the Co's dental assets during 6/97. Loss also reflects the underabsorption of manufacturing overhead and higher R&D and S/G/A expenses. 
Sola International Inc. (NYSE : SOL)SOL designs, manufactures and distributes a broad range of plastic and glass eyeglass lenses. For the nine months ended 12/98, net sales decreased 3 percent to $388.5 million. Net income before extraordinary item decreased 26 percent to $25.3 million. Revenues reflect softness in the domestic retail optical market and currency exchange fluctuations. Net income fell due to lower progressive sales, product mix changes and underabsorption of overhead from decreased production. 
Somnus Medical Technology (Nasdaq : SOMN)SOMN designs, develops, manufactures and markets innovative medical devices utilizing a proprietary radio frequency technology for the treatment of upper airway disorders. For the three months ended 3/99, revenues rose 39 percent to $2.3 million Net loss rose 2 percent to $4.1 million. Results reflect higher sales of the Somnoplasty System as SOMN builds an installed user base, offset by costs related to expansion of the sales force and the opening of European offices. 
SonoSite, Inc. (Nasdaq : SONO)SonoSite, Inc. is a development stage enterprise which was chartered to develop and design miniaturized, handheld digital imaging devices. For the three months ended 3/31/99, revenues decreased 84 percent to $125 thousand. Net loss totalled $5.2 million, up from $2.5 million. Revenues reflect fewer technological milestone achievements. Higher loss reflects additional personnel, product development and manufacturing costs, and costs of operating as a publicly owned Company. 
Span-America Medical (Nasdaq : SPAN)Span-America Medical Systems manufactures and distributes a variety of polyurethane foam products for the medical, consumer and industrial markets. For the 13 weeks ended 1/2/99, revenues fell 19 percent to $5.2 million. Net income from continuing operations fell 82 percent to $48 thousand. Revenues reflect lower sales of foam products due to the discontinuance of two product lines . Net income reflects costs associated with the consolidation of manufacturing facilities. 
Spectranetics Corporation (Nasdaq : SPNC)Spectranetics Corp. designs, manufactures, and markets laser interventional cardiology products for the medical industry and drawn silica glass products for the medical device and gas chromatography and separation markets. For the three months ended 3/31/99, revenues increased 8 percent to $7.1 million. Net loss rose 16 percent to $925 thousand. Revenues reflect shipments of lasers to Polymicro. Higher loss reflects increased field personnel. 
SpectRx, Inc. (Nasdaq : SPRX)SPRX is engaged in the research and development of products that offer less invasive and painless alternatives to blood tests currently used for glucose monitoring, diabetes screening and infant jaundice. For the three months ended 3/31/99, revenues totalled $406 thousand, up from $50 thousand. Net loss decreased 7 percent to $1.8 million. Revenues reflect the shipments of infant jaundice product to Canada. Lower losses reflect an increase in gross profit, and a decrease in SGA expenses. 
Sparta Surgical Corp. (OTC BB : SPSG)Sparta Surgical develops, manufactures, distributes and markets surgical and electrotherapy products for the healthcare industry. Products include hospital disposables, microsurgical instruments, oral plating systems and electrical nerve stimulators. For the nine months ended 11/30/98, sales fell 8 percent to $1.7 million. Net income applicable to Common totalled $44 thousand vs. a loss of $643 thousand. Results reflect decreased sales of electrotherapy products and lower personnel expenses. 
SpectraScience, Inc. (OTC BB : SPSI)SpectraScience designs, develops, manufactures and markets medical products and computer products used for minimally-invasive spectroscopic systems to facilitate the detection of canceous tissue. For the three months ended 3/31/99, the Co. reported no revenues. Net loss decreased 14 percent to $460 thousand. Lower loss reflects lower consulting, salary, design, engineering, S/G/A and investor relations expenses. 
SWISSRAY International (OTC BB : SRMI)SRMI is engaged in the business of manufacturing and selling diagnostic X-ray equipment for all radiological applications. The Company also sells imaging systems and components and accessories for X-ray equipment and provides related services. For the nine months ended 3/31/99, net sales fell 26 percent to $13.2 million. Net loss before extraordinary item fell 34 percent to $9.9 million. Results reflect sale of the Empower film and processor business, offset by lower R&D expenses. 
STAAR Surgical Company (Nasdaq : STAA)STAAR Surgical Company develops, manufactures and distributes foldable intraocular lenses, and medical devices used in connection with cataract surgery. For the three months ended 4/2/99, total revenues increased 5 percent to $14.8 million. Net income decreased 60 percent to $673 thousand. Revenues benefitted from increased sales of the Company's refractive products particularly the Implantable Contact Lens(TM). Earnings were offset by increased cost of sales and S/G/A expenses. 
i-STAT Corporation (Nasdaq : STAT)i-STAT develops, manufactures and markets medical diagnostic products for blood analysis that provide healthcare professionals with immediate and accurate critical diagnostic information. For the three months ended 3/31/99, revenues rose 18 percent to $10.3 million. Net loss fell 27 percent to $4.5 million. Revenues benefited from the prepayments of Abbott Laboratories. Lower loss reflects an improvement in gross margin due to increased shipment volume of cartridges. 
Steris Corporation (NYSE : STE)STE develops, manufactures and markets, infection prevention, contamination prevention, microbial reduction and surgical support systems, products, services and technologies for healthcare, scientific, food, research and industrial customers. For the fiscal year ended 3/31/99, revenues rose 11 percent to $797.6 million. Net income rose 30 percent to $84.9 million. Results reflect higher sales of capital equipment, consumable products and equipment and an improved gross profit margin. 
St. Jude Medical, Inc. (NYSE : STJ)St. Jude Medical designs, manufactures, and markets medical devices primarily for cardiac care. Products include heart valve disease management devices, cardiac rhythm management and interventional cardiology devices. For the three months ended 3/31/99, net sales increased 4 percent to $266.7 million. Net loss totalled $12.1 million vs. an income of $29.2 million. Results reflect increased heart valve and cardiac rhythm management sales, offset by a $47.8 million in-process R and D charge. 
Sterile Recoveries, Inc. (Nasdaq : STRC)STRC provides hospitals and surgery centers with a comprehensive surgical procedure-based delivery and retrieval service for reusable gowns, towels, drapes, and basins, and additionally, provides disposable products necessary for surgery. For the three months ended 3/99, revenues rose 45 percent to $17.1 million. Net income applicable to Common rose 33 percent to $1.2 million. Revenues reflect higher sales to new and existing customers. Earnings were partially offset by a rise in SGA expenses. 
Sybron International Corp (NYSE : SYB)Sybron International manufactures value-added products for the laboratory market (plastic labware, microscope slides, consumables) and professional orthodontic and dental markets (orthodontic appliances) in the U.S. and overseas. For the six months ended 3/99, sales rose 18 percent to $520.3 million. Net income from continuing operations rose 22 percent to $55.8 million. Results reflect acquisitions, price increases, decreased manufacturing overhead and improved product mix. 
Stryker Corporation (NYSE : SYK)SYK develops, manufactures and markets specialty surgical and medical products, including orthopaedic implants, powered surgical instruments, endoscopic systems and patient care and handling equipment. For the three months ended 3/99, net sales totaled $522.4 million, up from $253.6 million. Net loss totaled $20.8 million vs. income of $36 million. Results reflect the acquisition of Howmedica offset by $19.7 million in restructuring charges. 
Thermo Cardiosystems Inc. (AMEX : TCA)Thermo Cardiosystems, Inc. researches, develops, and manufactures implantable left ventricular assist systems (LVAS). TCA's subsidiaries produce coagulation testing equipment, skin-incision devices and conducts R and D on ventricular devices and artificial hearts. For the three months ended 4/3/99, revenues rose 18 percent to $19.5 million. Net income fell 23 percent to $1.8 million. Results reflect increased demand for the Company's electric LVAS, offset by higher S/G/A and R&D costs. 
Thoratec Laboratories (Nasdaq : THOR)THOR develops, manufactures and markets medical devices for circulatory support and vascular graft applications. THOR markets VAD system for use as a bridge to heart transplant. Revenues for the three months ended 4/3/99 rose 50 percent to $5.5 million. Net loss fell 50 percent to $336 thousand. Revenues reflect higher number of centers using VAD System, and higher domestic selling price. Lower loss also reflects lower R&D costs due to the completion of TLC II(TM) project. 
ThermoTrex Corporation (AMEX : TKN)TKN manufactures and markets general-purpose and specialty X-ray equipment, imaging and needle biopsy systems for the early detection of breast cancer and laser-based systems for hair removal. For the six months ended 4/3/99, total revenues increased 3 percent to $173.5 million. Net loss totalled $21.6 million vs. an income of $20.2 million. Revenues reflect the inclusion of operations from acquisitions. Losses reflect the absence of a $23.8 million gain from the issuance of stock. 
ThermoLase Corporation (AMEX : TLZ)TLZ manufactures laser-based systems for the long term removal of unwanted body hair. TLZ also manufactures skin-care, bath and body products and operates day spa's. For the six months ended 4/3/99, revenues decreased 10 percent to $19.4 million. Net loss increased 43 percent to $15.1 million. Results suffered from demand and price reductions at the Company's spas and a decrease in the number of participating licensees. Higher loss also reflects a lower international licensing fees. 
Trimedyne, Inc. (Nasdaq : TMED)TMED is engaged in the development, manufacturing and marketing of Holmium ``cold'' pulsed Lasers, Nd:YAG ``thermal'' continuous wave Lasers and proprietary, disposable fiber optic laser delivery devices for use in orthopedics, urology, ear, nose and throat surgery and other specialties. For the three months ended 12/98, revenues fell 28 percent to $1.5 million. Net income totalled $5.5 million vs. a loss of $1.1 million. Results reflect lower sales, offset by a $6.5 million lawsuit settlement. 
Tutogen Medical, Inc. (OTC BB : TTGN)Tutogen Medical with its subsidiaries processes, is engaged in tissue processing and distribution of specialty surgical products for neuro, orthopedic, reconstructive and general surgical applications. For the six months ended 3/31/99, revenues rose 35 percent to $5.3 million. Net loss increased 15 percent to $319 thousand. Revenues reflect a strategic alliance with the Mentor Corporation and IOP. Loss reflects increased legal, consulting, marketing and travel expenses. 
Trex Medical Corporation (AMEX : TXM)Trex Medical Corporation designs, manufactures and markets mammography equipment and minimally invasive digital breast-biopsy systems and medical and dental x-ray equipment. For the six months ended 4/3/99, revenues fell 5 percent to $125.1 million. Net loss totalled $5.7 million vs. income of $9.6 million. Revenues reflect the loss of an OEM contract with U.S. Surgical. Loss also reflects a lower gross profit margin, higher selling, general and administrative expenses and lower interest income. 
Urologix, Inc. (Nasdaq : ULGX)Urologix, Inc. develops minimally invasive medical devices for the treatment of urological diseases. ULGX is currently focusing on the development of its T3 approach for the treatment of Benign Prostatic Hyperplasia (BPH). For six months ended 12/98, sales decreased 51 percent to $2.9 million. Net loss increased from $4.2 million to $9.1 million. Results reflect inadequate inventory levels of the Targis System to international distributors and a $1.6 million non-recurring S/G/A charge. 
Utah Medical Products (NYSE : UM)Utah Medical Products is in the business of producing cost-effective devices for the health care industry which are predominantly proprietary, disposable and for hospital use. For the three months ended 3/31/99, net sales rose 10 percent to $7 million. Net income rose 4 percent to $1.2 million. Revenues benefitted from the acquisition of the Gesco neonatal product line from CR Bard. Earnings were partially offset by the absence of unusual income. 
Univec, Inc. (Nasdaq : UNVCE)Univec, Inc. develops, assembles, licenses and markets safety hypodermic syringes designed to protect the healthcare worker and patient against cross-infection. UNVC also sells other medical devices and intends to develop other medication delivery systems. For the nine months ended 9/98, revenues fell 28 percent to $1.6 million. Net loss applicable to Common totalled $1.1 million vs. a pro-forma loss of $334 thousand. Results reflect the absence of a $1.7 million supply licensing agreement. 
UroMed Corporation (Nasdaq : URMD)UroMed Corporation is a provider of urological products, with a primary emphasis on prostate cancer. The Company also has developed and acquired technology in urinary incontinence products and in breast cancer detection. For the three months ended 3/31/99, revenues totalled $442 thousand, up from $61 thousand. Net loss before extraordinary item fell 72 percent to $2 million. Revenues reflect sales of new products. Lower loss reflects personnel reductions. 
UroQuest Medical Corp. (Nasdaq : UROQ)UROQ designs, develops and markets products for the management and diagnosis of both male and female urological disorders. For the three months ended 3/31/99, net sales rose 9 percent to $4.4 million. Net loss decreased 2 percent to $890 thousand. Revenues reflect higher sales by BMT of proprietary airway management products and other medical devices to OEM customers. Lower loss was partially offset by increased R&D expenditures for airway management/OEM products, and decreased interest income. 
Vallen Corporation (Nasdaq : VALN)Vallen Corporation is a provider of industrial safety and health products and services designed for the protection of the individual worker and the workplace environment. For the nine months ended 2/28/99, net sales rose 7 percent to $229.8 million. Net income was unchanged at $6.8 million. Revenues reflect increased sales by the distribution business. Net income was offset by increased branch occupancy and higher leased vehicle and equipment costs. 
Varian Medical Systems (NYSE : VAR)Varian Medical Systems, Inc. is engaged in the manufacture of integrated cancer therapy systems. The Co. also supplies x-ray tubes for diagnostic imaging applications. For the six months ended 4/2/99, revenues increased 10 percent to $254.3 million. Net loss from continuing operations totalled $12.2 million, vs. an income of $193 thousand. Results reflect increased oncology systems sales, offset by the inclusion of non-recurring reorganization charges of $31 million. 
Vasomedical Inc. (Nasdaq : VASO)Vasomedical is engaged in the commercialization of the enhanced external counterpulsation system (EECP), a microprocessor-based medical device for the non-invasive, atraumatic treatment of patients with coronary artery disease. For the nine months ended 2/28/99, revenues fell 36 percent to $2.5 million. Net loss applicable to Common rose 19 percent to $4.4 million. Results reflect a change in the nature of the unit placement arrangements, partially offset by lower R&D costs. 
Vitalcom Inc. (Nasdaq : VCOM)VCOM provides radio communications products and computer networks that acquire, interpret and distribute real-time patient monitoring information. For the three months ended 3/31/99, revenues fell 6 percent to $4.8 million. Net loss decreased 52 percent to $328 thousand. Revenues reflect lower product sales to the Company's OEM customers. Lower loss reflects higher margin products sold, continued reductions in material and overhead costs and lower salary and R&D expenses. 
Vicon Fiber Optics Corp. (OTC BB : VFOX)Vicon Fiber Optics is engaged in the manufacture and sale of fiber optic illuminating systems and components for use with dental equipment and instruments utilizing fiber optic elements. For the fiscal year ended 12/31/98, revenues fell 17 percent to $3.3 million. Net income fell 73 percent to $115 thousand. Revenues reflect late deliveries of new and existing models of Fantasia lamps. Net income suffered from the settlement and costs of a patent infringement action. 
VidaMed, Inc. (Nasdaq : VIDA)VidaMed, Inc. designs, develops, manufactures and markets technologically and clinically advanced, cost effective systems for urological conditions, with an initial focus on the treatment of the enlarged prostate or benign prostatic hyperplasia. For the three months ended 3/99, revenues fell 38 percent to $1 million. Net loss fell 40 percent to $3.2 million. Results reflect the absence of a one time stocking order from the Japanese distributor, offset by lower S/G/A costs. 
VISX, Incorporated (Nasdaq : VISX)VISX, Incorporated designs and develops proprietary technology and systems for laser vision correction. For the three months ended 3/31/99, total revenues totaled $53.9 million, up from $24.3 million. Net income totaled $19.7 million, up from $9 million. Revenues reflect increased systems sales and growth in license revenue due to higher procedure volume. Net income reflect higher margins, lower S/G/A as a  percentage of revenues and higher interest income. 
Vital Signs, Inc. (Nasdaq : VITL)Vital Signs, Inc. designs, manufactures and markets single-patient use products for the anesthesia, respiratory, critical care and emergency care markets. For the six months ended 3/99, net sales rose 1 percent to $63.7 million. Net income before accounting change rose 22 percent to $8.4 million. Revenues reflect higher sales of respiratory products abroad and increased unit volumes, partially offset by lower average selling prices. Earnings benefitted from a 50 percent decrease in sales personnel. 
Valley Forge Scientific (Nasdaq : VLFG)Valley Forge Scientific Corp. is engaged in the development, manufacture, and sale of medical devices and healthcare products such as bipolar electrosurgical products. For the six months ended 3/31/99, revenues increased 10 percent to $1.8 million. Net loss fell 65 percent to $33 thousand. Revenues reflect increased sales of bi-polar electrosurgical instruments. Lower net loss reflects higher margins and lower selling, general and administrative expenses. 
Ventana Medical Systems (Nasdaq : VMSI)Ventana Medical Systems develops, manufactures, and markets instruments and reagents that automate diagnostic procedures used for the molecular analysis of cells. For the three months ended 3/31/99, total revenues increased 51 percent to $15.6 million. Net income rose 54 percent to $1.2 million. Revenues reflect increased direct sales resources, special stains tissue processors and electron microscopy instruments. Earnings also reflects a shift in product mix. 
Vista Medical Technology (Nasdaq : VMTI)VMTI develops, manufactures and markets proprietary visualization and information systems that enable minimally invasive surgical solutions in cardiothoracic, head, neck and spine and other microsurgical procedures. For the fiscal year ended 12/98, revenues rose 59 percent to $6.6 million. Net loss fell 1 percent to $16.7 million. Revenues reflect initial sales of StereoSite systems and associated distribution fees. Lower loss reflects a decrease in staffing and related supply and occupancy costs. 
VOXEL (VOXQVOXEL, a development stage company, is engaged in the development and marketing of a proprietary system that produces three-dimensional X-rays of the internal structure of the human body. For the three months ended 3/31/98, the Company reported no revenues. Net loss rose 49 percent to $1.7 million. Higher loss reflects the costs of completing the trial phase of a pending arbitration and fees for private placement of debt securities and warrants. 
Vision-Sciences, Inc. (Nasdaq : VSCI)Vision-Sciences, Inc. develops, manufactures and markets products for endoscopy which have infection control advantages over conventional flexible endoscopes designed to eliminate the risk of cross-contamination to patients and health care professionals. For the nine months ended 12/31/98, net sales rose 2 percent to $5.8 million. Net loss fell 54 percent to $1.2 million. Revenues reflect increased industrial products sales. Lower loss reflects reduced staff and promotional expenses. 
World Heart Corporation (Nasdaq : WHRT)World Heart Corporation was formed for the purpose of developing a medical devices business based initially on licensed artificial heart and related technologies developed by the Cardiovascular Devices Division of the Ottawa Heart Research Corporation. For the three months ended 3/31/99, the Compant reported no revenues. Net loss totalled C$2.7 million, up from C$847 thousand. Higher loss reflects increased research and development expenses and personnel increases. 
Wesley Jessen Visioncare (Nasdaq : WJCO)Wesley Jessen Visioncare, Inc. is a researcher, developer, manufacturer, marketer and seller of conventional and disposable soft contact lenses. For the three months ended 4/3/99, net sales increased 8 percent to $76.3 million. Net income increased 18 percent to $6.2 million. Revenues reflect increased sales of disposable and planned replacement contact lenses as a result of the launch of Freshlook Colorblends. Earnings also reflect improved gross profits and a lower tax rate. 
Wolf Industries, Inc. (OTC BB : WLFN)Wolf Industries is involved in the manufacturing and marketing of the Dental Color Analyzer, which is used to determine the measurement of shades and colors of dental materials. For the three months ended 3/31/99, the Company reported no revenues. Net loss from continuing operations totalled $168 thousand, up from $6 thousand. Higher loss reflects increased amortization, administration, research and development and executive compensation expenses. 
Work Recovery, Inc. (OTC BB : WRKE)Work Recovery, Inc. is engaged in the manufacture, distribution and sale of the ERGOS System which measures the functional capacity of workers and addresses the needs of the injured workers' rehabilitation industry. For the nine months ended 3/31/98, net revenues fell 53 percent to $667 thousand. Net loss before extraordinary item decreased 95 percent to $1.7 million. Results reflect sale of the Company's remaining clinic services centers, offset by the absence of reorganization costs. 
Worksafe Industries Inc. (Nasdaq : WRKS)Worksafe, through its wholly-owned subsidiaries, manufactures industrial protective clothing products and distributes a wide range of industrial safety products. For the six months ended 12/31/98, net sales rose 3 percent to $11.6 million. Net loss from continuing operations totaled $54 thousand vs. income of $370 thousand. Revenues reflect increased demand for the Company's products in the manufacturing segment. Net loss reflects lower margins due to a competitive market. 
WRP Corporation (Nasdaq : WRPC)WRPC is a manufacturer and marketer of disposable latex medical examination gloves. The Co. sells its gloves primarily to the medical, dental, food service and retail markets. For the three months ended 3/31/99, total revenues rose 12 percent to $17.1 million. Net income rose 10 percent to $1.2 million. Revenues reflect increased AHPC sales of powder-free exam gloves. Earnings were partially offset by reduced sell prices of powdered latex exam gloves. 
Wyant Corporation (Nasdaq : WYNT)WYNT and its wholly-owned subsidiaries (Bridgewater Manufacturing Corp. and IFC Disposables, Inc.) is a manufacturer of disposable medical products, wiping products and nonwoven roll goods. For the three months ended 3/31/99, revenues increased 19 percent to $18.5 million. Net loss applicable to Common from continuing operations totalled $14 thousand vs. income of $80 thousand. Revenues reflect an increase in sales of the businesses acquired. Losses reflect an increase in SGA expenses. 
Xomed Surgical Products (Nasdaq : XOMD)XOMD developes, manufactures and markets surgical products for use by ear, nose and throat specialists. XOMD also offers a line of ophthlamic and other products. For the three months ended 4/3/99, sales increased 33 percent to $27.6 million. Net income increased 48 percent to $2.6 million. Revenues reflect strong growth in the Company's XPS product line. Net income also reflects decreased R&D expenses as a  percentage of revenues due to increased sales without associated R&D expenses. 
Dentsply International (Nasdaq : XRAY)Dentsply International, Inc. designs, develops, manufactures, and markets dental consumable and laboratory products, and dental equipment. For the three months ended 3/31/99, sales rose 9 percent to $196.6 million. Net income rose 3 percent to $19.5 million. Revenues benefitted from acquisitions and a base business sales increase in the U.S. Earnings were partially offset by higher interest expense due to debt incurred to finance acquisitions and stock repurchase program in 1998. 
Young Innovations, Inc. (Nasdaq : YDNT)Young Innovations, Inc. designs, manufactures and markets single-use supplies, autoclavable instruments and other products used by dental professionals. For the three months ended 3/31/99, revenues increased 25 percent to $9 million. Net income increased 16 percent to $1.6 million. Revenues benefitted from the acquisition of Panoramic Corporation. Earnings were partially offset by a decrease in gross margin, and an increase in SGA expenses. 
ZOLL Medical Corporation (Nasdaq : ZOLL)ZOLL designs, manufactures and markets an integrated line of proprietary, non-invasive cardiac resuscitation devices and disposable electrodes. ZOLL also designs and markets software for emergency medical service providers. For the 26 weeks ended 4/3/99, net sales rose 24 percent to $32.3 million. Net income totalled $1.2 million, up from $482 thousand. Results reflect increasing demand for the MSeries line of defribillators/pacemakers and higher gross margins. 
Zevex International, Inc (Nasdaq : ZVXI)Zevex designs and manufactures advanced medical devices, including surgical systems, device components, and sensors for medical and industrial technology companies. For the three months ended 3/31/99, sales totalled $4.7 million, up from $2.2 million. Net income totalled $288 thousand, up from $115 thousand. Revenues reflect increased sales of the Company's proprietary enteral feeding products line and the Jtech product line. Earnings reflect improved gross margins.%}
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Abbott Laboratories (NYSE : ABT)Abbott Laboratories is principally engaged in the discovery, development, manufacture and sale of a broad line of health care products and services, including diagnostic, pharmaceutical and hospital products. For the three months ended 3/31/99, net sales rose 8 percent to $3.3 billion. Net income rose 13 percent to $666.6 million. Revenues reflect higher unit sales in the International and Diagnostics segments. Earnings also reflect lower R&D expenses and income from TAP Holdings. 
American Home Products (NYSE : AHP)AHP is engaged in the discovery, development, manufacture, distribution and sale of a diversified line of products in three business segments: Pharmaceuticals, Consumer Health Care and Agricultural products. For the three months ended 3/99, sales fell 6 percent to $3.44 million. Net income applicable to Com. fell 33 percent to $654.9 million. Revenues reflect the disposition of the medical devices business. Earnings also reflect the absence of a $592.1 million gain on the sale of a business. 
Amgen, Inc. (Nasdaq : AMGN)Amgen, Inc. is a global biotechnology company that discovers, develops, manufactures and markets human therapeutics based on advances in cellular and molecular biology. For the three months ended 3/99, revenues increased 23 percent to $745.5 million. Net income increased 32 percent to $247.2 million. Revenues reflect higher sales of Epogen due to growth in the U.S. dialysis patient population and increased dosage. Earnings also reflect a lower effective income tax rate. 
Bristol-Myers Squibb Co. (NYSE : BMY)Bristol-Myers Squibb Company, through its divisions and subsidiaries, is a producer and distributor of pharmaceuticals, consumer medicines, nutritionals, medical devices and beauty care products. For the three months ended 3/31/99, net sales rose 9 percent to $4.85 billion. Net income rose 15 percent to $1.07 billion. Revenues benefitted from increased volumes and selling prices of pharmaceutical products. Earnings also reflect lower advertising expenses. 
Glaxo Wellcome PLC (NYSE : GLX)Glaxo Wellcome PLC and its subsidiaries operate a international pharmaceutical company engaged in the creation and discovery, development, manufacture and marketing of prescription medicines. For the fiscal year ended 12/31/97, net sales fell 4 percent to L7.98 billion. Net income according to U.S. GAAP fell to 3 percent to L952M. Revenues suffered from the loss of patent protection for Zantac in U.S. and U.K. Earnings were partially offset by increased royalties and other rights. 
Hoechst AG (NYSE : HOE)Hoechst AG, through Hoechst Marion Roussel, is engaged in the discovery, manufacture and marketing of a range of branded pharmaceutical products. HOE is also engaged, through Celanese, in the supply of basic chemicals to the chemical industry. For the fiscal year ended 12/31/98, net sales fell 16 percent to DM43.7 billion. Net income accordint to U.S. GAAP totalled DM1.86 billion, up from DM377M. Results reflect divestitures, offset by reduced R&D write-offs. 
Johnson & Johnson (NYSE : JNJ)Johnson and Johnson is a manufacturer of health care products serving the consumer, pharmaceutical and professional markets. For the three months ended 4/4/99, revenues increased 15 percent to $6.64 billion. Net income increased 12 percent to $1.13 billion. Revenues reflect acquisitions, new product launches and price increases. Earnings were partially offset by increased interest expenses, decreased interest income and unfavorable foreign currency rates. 
Eli Lilly & Co. (NYSE : LLY)Eli Lilly, and its subsidiaries, are principally engaged in the discovery, development, manufacture and sale of pharmaceutical products. For the three months ended 3/31/99, net sales rose 8 percent to $2.26 billion. Net income from continuing operations before extraordinary item and applicable to Common fell 15 percent to $451.3 million. Results reflect higher sales of Gemzar, ReoPro and Zyprexa and the launch of Evista, offset by a $150 million charge related to the Lilly Foundation. 
Merck & Co., Inc. (NYSE : MRK)Merck and Co., Inc. is a pharmaceutical company that discovers, develops, produces and markets human/animal health products and services. Merck also provides pharmaceutical benefit services. For the three months ended 3/31/99, sales rose 24 percent to $7.54 billion. Net income rose 12 percent to $1.3 billion. Results reflect sales growth of established major products and growth from Merck-Medco Managed Care business, partially offset by higher materials and production costs. 
Novartis AG (NVTSYNovartis AG is a world leader in life sciences with operations in healthcare, agribusiness and consumer health. For the fiscal year ended 12/31/98, revenues rose 2 percent to CHF31.70 billion. Net income rose 16 percent to CHF6.06 billion. Revenues reflect strength in pharmaceuticals, including higher sales of Aredia, Sandostatin, Cibacen, Foradil, Miacalcic, and the flagship drug Sandimmun/Neoral. Earnings reflect decreased S/G/A and CHF896M netted through capital gains and hedging activity. 
Pfizer, Inc. (NYSE : PFE)PFE develops, manufactures, and sells technology-intensive products in three segments: Health Care, includes pharmaceuticals, bone and joint devices, and medical instruments and implants; Animal Health and Consumer Health Care. For the three months ended 4/4/99, total revenues rose 29 percent to $3.93 billion. Net income from continuing operations rose 52 percent to $815 million. Results reflect sales from erectile dysfunction segment and the absence of copromotion payments to Searle. 
Pharmacia & Upjohn, Inc. (NYSE : PNU)Pharmacia and Upjohn, Inc. is engaged in the research, development, manufacture and sale of pharmaceuticals and other related health care products. For the three months ended 3/31/99, revenues increased 12 percent to $1.77 billion. Net income applicable to Common increased 17 percent to $218 million. Revenues reflect strong performances of new products and trade inventory accumulations. Earnings also reflect a decrease in cost of products sold as a  percentage of sales. 
Rhone-Poulenc S.A. (NYSE : RP)Rhone-Poulenc S.A. is an international co. engaged in the research, development, production, marketing and sale of organic and inorganic intermediate chemicals, specialty chemicals, fibers, polymers, pharmaceuticals and agricultural chemicals. For the nine months ended 9/30/98, net sales fell 3 percent to FF65.14 billion. Net income applicable to Common rose 75 percent to FF4.65 billion. Results suffered from weakened Japanese S.E. Asian sales, offset by raw material declines and improved margins. 
Smithkline Beecham (NYSE : SBH)Smithkline Beecham discovers, develops, manufactures and markets pharmaceuticals, vaccines, over-the-counter medicines and health related consumer products, and provides related healthcare services. For the fiscal year ended 12/31/98, sales rose 4 percent to L8.08 billion. Net income applicable to Common according to U.S. GAAP fell 72 percent to L231M. Results reflect increased pharmaceutical sales volumes, offset by a L629M provision for losses on operations to be discontinued. 
Schering-Plough Corp. (NYSE : SGP)SGP is engaged in the discovery, development, manufacturing and marketing of pharmaceutical and health care products worldwide, including prescription drugs, animal health, over-the-counter, foot care and sun care products. For the three months ended 3/31/99, revenues rose 15 percent to $2.19 billion. Net income rose 20 percent to $539 million. Results benefited from increased sales of anti-infective and anticancer products and a decrease in S/G/A expenses as a  percent of sales. 
Warner-Lambert Company (NYSE : WLA)Warner-Lambert Company manufactures pharmaceuticals products (ethical, biologicals, capsules), consumer health care products (OTC, shaving, pet care) and confectionary products (chewing gums, breath mints, cough tablets). For the three months ended 3/31/99, net sales rose 29 percent to $2.86 billion. Net income rose 36 percent to $381.1 million. Revenues reflect increased pharmaceutical sales due to increased price and volume. Earnings reflect improved gross margins.%}
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Bulova Corporation (OTC BB : BULV)Bulova Corporation is engaged in the distribution and sale of watches, clocks and timepiece parts for consumer use under the brand names Bulova, Caravelle, Accutron and Sportstime. For the three months ended 3/31/99, net sales fell 7 percent to $28.9 million. Net income fell 1 percent to $2.3 million. Results reflect a decrease in unit volume and a decrease in the average selling price, partially offset by higher margins due to a favorable product sales mix. 
Cosmo Communications Corp (OTC BB : CSMO)CSMO imports, markets and distributes consumer electronic products, including alarm and wall clocks, clock-radios, combination products, TV, VCR, and audio equipment. For the fiscal year ended 12/31/98, sales fell 15 percent to $14.2 million. Net loss totalled $1.5 million, up from $576 thousand. Revenues reflect a higher level of competition in the clock and digital radio market. Higher loss reflects sales of lower margin products and fluctuation in the Canadian exchange rate. 
C3, Inc. (Nasdaq : CTHR)C3, Inc. manufactures, markets and distributes lab-created moissanite gemstones for sale in the jewelry market. For the three months ended 3/99, net sales totaled $3.2 million, up from 251 thousand. Net loss fell 66 percent to $707 thousand. Revenues reflect the company's net sales from moissanite. Net loss was partially offset by increased compensation related to additional staff, occupancy expenses and investor relations expenses associated with business expansion. 
Dallas Gold & Silver Exc. (Emerging Company Marketplace : DLSDallas Gold and Silver Exchange sells jewelry and bullion products to both retail and wholesale customers and makes collateralized loans to individuals. For the fiscal year ended 12/98, total revenues increased 15 percent to $16.5 million. Net income from continuing operations decreased 65 percent to $418 thousand. Revenues reflect an increase in the sale of bullion related products and an increase in jewelry sales. Earnings suffered from higher cost of sales and payroll costs. 
Fossil, Inc. (Nasdaq : FOSL)Fossil designs, develops, markets and distributes fashion watches and accessories, including sunglasses, small leather goods, belts and handbags. For the 13 weeks ended 4/3/99, sales rose 46 percent to $83.3 million. Net income totalled $10.4 million, up from $4.7 million. Revenues benefitted from an increase in demand for FOSSIL watches and metal bracelet watches in the company's sales mix. Earnings also reflect higher margins due to the increased production level. 
LJ International, Inc. (Nasdaq : JADE)LJ International, Inc. is engaged in cutting and polishing semi-precious gemstones and designing, manufacturing, marketing and distributing gem set jewelry to fine jewelers throughout North America and Western Europe. For the fiscal year ended 4/98, revenues rose 35 percent to HK$124.2 million. Net income applicable to U.S. GAAP fell 15 percent to HK$12.2 million. Results reflect higher sales to the International Jewelry Connection offset by a HK$6 million charge for shares issued to note holders. 
IWI Holding Limited (OTC BB : JEWLF)IWI Holding Limited is engaged in the design, assembly, merchandising and wholesale distribution of jewelry. For the fiscal year ended 12/31/97, revenues decreased 17 percent to $25.5 million. Net loss increased 71 percent to $10.1 million. Revenues suffered from a decrease in sales at all targeted markets with the exception of jewelry retail stores. Higher loss also suffered from a decrease in gross profit, and a $2.3 million loss on assets held for disposal charge. 
Jostens, Inc. (NYSE : JOS)JOS provides products and services (yearbooks, class rings, graduation products, student photography packages, customized awards, sports awards and customized affinity products) to help people commemorate experiences. For the three months ended 4/3/99, revenues fell 1 percent to $166.4 million. Net income fell 23 percent to $8 million. Revenues reflect lower Recognition segment product sales. Earnings suffered from costs related to investments in information systems. 
Lazare Kaplan Intern'l (AMEX : LKI)Lazare Kaplan International is engaged in the cutting and polishing of rough diamonds and the selling of both polished and rough diamonds world wide. For the nine months ended 2/99, net sales rose 25 percent to $190.6 million. Net loss totalled 911 thousand, up from $410 thousand. Revenues reflect continued strong sales throughout the United States and Japan, and increased sales of large gem quality polished stones. Higher loss reflects lower margins due to lower selling prices. 
Michael Anthony Jewelers (AMEX : MAJ)MAJ designs, markets and manufactures fine jewelry in the U.S. The Company sells its jewelry directly to jewelry chain stores, discount stores, department stores, catalogue retailers, and wholesalers. For the three months ended 5/1/99, revenues fell 5 percent to $29 million. Net income fell 22 percent to $183 thousand. Revenues reflect decreased average gold prices. Earnings suffered from increased payroll and payroll related expenses. 
Movado Group, Inc. (Nasdaq : MOVA)Movado Group, Inc. designs, manufactures and distributes quality watches with prominent brands sold in almost every price category comprising the watch industry. For the three months ended 4/30/99, net sales rose 14 percent to $47.7 million. Net income totalled $4.3 million, up from $148 thousand. Revenues benefitted from increased sales of Concord, Movado and ESQ brands. Earnings also benefitted from a $4.8 million gain from the disposition of the Piaget business. 
Man Sang Holdings, Inc. (OTC BB : MSHI)MSHI is engaged in the purchasing, processing, assembling, merchandising, and wholesale distribution of pearls and pearl jewelry products; and the management and leasing of a commercial real estate complex. For the nine months ended 12/31/98, net sales fell 21 percent to HK$153.2 million. Net income decreased 89 percent to HK$5.1 million. Net sales suffered from weakness in the Asian economies. Net income also reflects the absence of a HK$8.4 million gain from the sale of property. 
Oneida Ltd. (NYSE : OCQ)Oneida, Ltd. manufactures and markets a variety of tableware items including stainless steel, silverplated, sterling and color handle resin flatware, dinnerware, crystal stemware, and barware. For the three months ended 5/1/99, sales rose 11 percent to $118 million. Net loss applicable to Common totalled $18.5 million, vs. an income of $5.5 million. Revenues benefitted from the entry into the grocery store segment. Earnings were offset by a $32.8 million charge for restructuring and unusual costs. 
OroAmerica (Nasdaq : OROA)OroAmerica is a manufacturer and distributor of karat gold jewelry in the U.S. OROA's products are marketed to large retailers such as mass merchandisers and discount stores, catalog showrooms, home shopping networks and warehouse clubs. For the 39 weeks ended 10/30/98, sales rose 19 percent to $126.5 million. Net income rose 28 percent to $4.1 million. Revenues reflect an increase in the amount of gold jewelry sold. Earnings reflect a favorable product mix. 
Swiss Army Brands, Inc. (Nasdaq : SABI)Swiss Army Brands, Inc. distributes the Victorinox Original Swiss Army Knife, SwissTool, SwissCard, Cutlery and Watches. SABI also markets its own line of Swiss Army Brand watches and other Swiss-made products. For the three months ended 3/31/99, sales fell 4 percent to $23.6 million. Net loss totalled $353 thousand vs. an income of $286 thousand. Revenues reflect lower watch, cutlery and Victorinox sales. Loss also reflects reduced gains on the sale of investments. 
Swank, Inc. (Nasdaq : SNKI)Swank manufactures, sells and distributes men's jewelry, belts, leather accessories and suspenders and women's jewelry, all available worldwide through retailers. For the three months ended 3/99, net sales rose 11 percent to $37.2 million. Net income fell 86 percent to $115 thousand. Results reflect initial spring shipments of the Kenneth Cole women's jewelry line and the Claiborne for Men men's accessories line, offset by start-up losses at Joyas y Cueros de Costa Rica, and lower margins. 
Star Resources Corp. (SRRCFSRRCF, an exploration stage enterprise, engages in the business of exploring for and developing mineral properties with the potential for the commercial recovery of diamonds. For the nine months ended 10/98, revenues totalled C$147 thousand, up from C$73 thousand. Net loss decreased 82 percent to C$798 thousand. Revenues reflect increased rental income related to the Diamond Recovery Plant. Lower loss reflects the absence of a C$3.8 million write-down of mineral properties charge. 
Town & Country Corp. (OTC BB : TCCEA)Town and Country Corp. designs, manufactures and markets an extensive collection of fine jewelry. For the nine months ended 11/23/97, net sales decreased 46 percent to $97.5 million. Net loss applicable to Common Stk. decreased 47 percent to $26 million. Revenues reflect the sale of the Balfour subsidiary and decreased sales of fine jewelry due to softness in the wholesale jewelry marketplace. Lower loss reflects the absence of a $35.5 million inventory charge and decreased interest expense. 
TAG Heuer International (NYSE : THW)TAG Heuer International SA designs, produces and markets Swiss sports watches and chronographs such as the 2000, 6000, S/el and Kirium series. For the fiscal year ended 12/31/97, revenues rose 13 percent to SF474.1 million. Net income before extraordinary item rose 29 percent to SF47.4 million. Revenues benefitted from the launch of the new Kirium series of watches and favorable exchange rate movements. Earnings also benefitted from lower debt levels and lower net exchange losses.%}
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AK Steel Holding Corp. (NYSE : AKS)AK Steel Holding Corp. is fully-integrated producer of flat rolled steel, concentrating on the production of coated, cold rolled and hot rolled carbon steel primarily for sale to the automotive, appliance, construction and manufacturing markets. For the three months ended 3/31/99, net sales rose 7 percent to $632.2 million. Net income fell 3 percent to $27.6 million. Revenues reflect an increase in sales volume. Earnings were offset by lower margins due to lower prices. 
Algoma Steel, Inc. (Nasdaq : ALGSF)ALGSF is a vertically integrated steel producer. ALGSF's principal markets include the automotive industry, steel fabricators and manufacturers, pipe and tube manufacturers and the oil and gas exploration industry. For the nine months ended 9/30/98, revenues rose 4 percent to C$977.6 million. Net loss totalled C$10 million vs. an income of C$45 million. Revenues reflect higher production levels and selling prices for plate and tubes. Loss reflects higher debt levels. 
Allegheny Teledyne Inc. (NYSE : ALT)ALT is a holding Company for Allegheny Ludlum and Allegheny Teledyne which is a group of technology-based manufacturing businesses with concentrations in specialty metals, complemented by aerospace and electronics, industrial and consumer products. For the three months ended 3/31/99, revenues fell 7 percent to $934.6 million. Net income totalled $60.6 million, up from $26.9 million. Revenues reflect difficult pricing conditions and lower demand. Earnings reflect lower merger charges. 
Acme Metals Incorporated (OTC BB : AMIIQ)Acme Metals is a fully integrated producer of steel products, concentrating on the manufacturing of flat-rolled steels including sheet, strip and carbon steels. For the fiscal year ended 12/27/98, revenues fell 6 percent to $459.9 million. Net loss before extraordinary item and accounting change totaled $127.7 million, up from $47.5 million. Revenuess reflect the absence of Universal Tool. Net loss suffered from a $55.7 million income tax provision in 1998 vs. a $29.1 million income tax benefit in 1997. 
Armco Inc. (NYSE : AS)Armco Inc. is a producer of stainless sheet and strip and electrical steels, manufactures a range of steel pipe and tubing products, and manufactures snowplows for four-wheel drive light trucks. For the three months ended 3/31/99, net sales fell 9 percent to $407.9 million. Net income before accounting change and extraordinary item applicable to Common rose 31 percent to $20.7 million. Results reflect lower pricing across all steel product lines, offset by a $2.5 million insurance recovery. 
Birmingham Steel Corp. (NYSE : BIR)Birmingham Steel Corp. operates steel-producing mini-mills in the United States producing steel reinforcing bar, merchant products and SBQ (special bar quality) bar, rod and wire. For the nine months ended 3/31/99, net sales fell 25 percent to $224.5 million. Net loss totalled $15.6 million, up from $4.1 million. Revenues reflect reduced steel shipments due to a record level of steel imports. Loss also reflects start-up costs at the Memphis melt shop and other pre-operating costs. 
Bethlehem Steel Corp. (NYSE : BS)Bethlehem Steel Corporation produces and sells steel mill products including: sheets and strips, bars, structural shapes, piling, tin mill products, rail, pipe and rod, and wire. For the three months ended 3/99, revenues decreased 15 percent to $959.5 million. Net loss applicable to Common totalled $35.9 million vs. net income of $58.1 million. Revenues suffered from a decrease in steel shipments. Loss reflects lower realized prices due to high levels of unfairly traded steel imports. 
British Steel plc (NYSE : BST)British Steel plc is the second largest steel producer in Europe and the fourth largest in the world. BST produces uncoated and coated strip, tubular and semi-finished products. For the fiscal year ended 3/28/98, sales fell 4 percent to L6.95 billion. Net income according to U.S. GAAP fell 44 percent to L230M. Results suffered from exchange rate movements, higher operating costs as a  percentage of revenues, and the commissioning and build-up costs of Trico. 
Bayou Steel Corporation (AMEX : BYX)BYX owns and operates a steel minimill in LA that produces structural steel products, and a rolling mill in TN that produces merchant bar shapes. For the six months ended 3/31/98, net sales decreased 26 percent to $97.3 million. Net income applicable to Common decreased 55 percent to $3.6 million. Revenues reflect decreased tons shipped and a reduction in the average selling price. Earnings also reflect increased S/G/A and interest costs and the recognition of deferred income taxes. 
Citation Corporation (Nasdaq : CAST)Citation Corporation manufactures cast, forged and machined components made primarily from iron, steel and aluminum materials for the capital and durable goods industries. For the six months ended 3/28/99, net sales increased 10 percent to $398.2 million. Net income fell 25 percent to $10.2 million. Revenues benefitted from the acquisitions of Custom Products, Citation Precision and Dycast, and Camden Casting Center. Earnings were offset by a lower gross profit margin. 
Cold Metal Products, Inc. (NYSE : CLQ)CLQ processes specialty and conventional strip steel, and premium and standard sheet steel to meet the critical requirements of precision parts manufacturers. Sales for the nine months ended 12/98 fell 15 percent to $186.9 million. Net loss totalled $7 million, vs. an income of $1.6 million. Revenues reflect lower volumes due to the General Motors work stoppage. Earnings also reflects a $3.1 million charge to recognize the impairment of goodwill, machinery and equipment. 
Carpenter Technology Corp (NYSE : CRS)Carpenter Technology is engaged in the manufacture, fabrication, and distribution of specialty metals. CRS also manufactures certain engineered products such as structural ceramics, and ultra-hard wear parts. For the nine months ended 3/31/99, net sales fell 10 percent to $770.8 million. Net income applicable to Common fell 57 percent to $24.4 million. Results reflect lower sales to industrial markets, inventory adjustments in aerospace markets, and higher administrative costs due to acquisitions. 
Atchison Casting Corp. (NYSE : FDY)Atchison Casting Corp. manufactures engineered metal castings that are utilized in a wide variety of products, such as tractor-crawlers, excavators, wheel loaders, turbine pumps, valves and automobiles. For the nine months ended 3/31/99, revenues increased 47 percent to $359.1 million. Net income decreased 47 percent to $4.3 million. Revenues benefitted from acquired operations. Earnings were offset by the absorption of overhead from the acquired operations and higher debt levels. 
Geneva Steel Company (OTC BB : GNVSQ)Geneva Steel Company owns and operates an integrated steel mill located South of Salt Lake City, UT. The mill manufactures hot-rolled sheet, plate, pipe and other steel products. For the three months ended 12/31/98, revenues decreased 57 percent to $78.7 million. Net loss applicable to Common totalled $53 million, up from $5.5 million. Revenues suffered from a decrease in shipments. Higher losses reflect an increase in cost of sales per ton shipped. 
Huntco, Inc. (NYSE : HCO)Huntco, Inc. through Huntco Steel, Inc. processes flat rolled carbon steel tospecified close tolerances and manufactures portable compressed air vessels and air cylinders for tractor-trailer brake systems. For the fiscal year ended 12/31/98, net sales totalled $391.2 million. Net loss applicable to Common totalled $4.5 million. Results are not comparable due to the Company changing its fiscal year end from April to December. 
Altos Hornos de Mexico (NYSE : IAM)Altos Hornos de Mexico, S.A. de C.V. is an integrated steelmaker principally engaged in the production and sale of flat steel products, heavy and light structural sections and wire products. For the nine months ended 9/30/98, net sales fell 3 percent to PS9.9 billion. Net loss totalled PS2.1 billion vs. an income of PS1.51 billion. Results reflect lower export sales volumes, lower steel prices, lower steam coal sales and PS3.73 billion in exchange rate losses vs. PS340.1 million in gains. 
Grupo Imsa, S.A. DE C.V. (NYSE : IMY)IMY is a diversified Mexican industrial company, conducting business in three segments: steel processing products, automotive batteries and related products, and construction and related products. For the fiscal year ended 12/97, net sales rose 13 percent to PS11.78 billion. Net income applicable to Common from continuing operations fell 13 percent to PS1.65 billion. Results reflect higher sales due to acquisitions, offset by higher operating costs and lower gains from monetary positions. 
Intermet Corporation (Nasdaq : INMT)Intermet is a manufacturer of precision iron and aluminum castings for automotive and industrial equipment producers worldwide. For the three months ended 3/31/99, net sales increased 9 percent to $245.2 million. Net income increased 8 percent to $12.1 million. Revenues benefitted from an increase in domestic vehicle sales. Net income was partially offset by increased operating expenses as a  percentage of revenues and a lower gross profit due to slowed production. 
IPSCO Inc. (NYSE : IPS)IPS is engaged in the production of steel and sale of primary and secondary manufactured steel products. IPS's products include hot rolled coil, plate and slabs, and line pipe, tubular goods and transmission towers. For the nine months ended 9/98, total revenues rose 17 percent to C$858 million. Net income fell 5 percent to C$89.7 million. Results reflect the availability of the new Montpelier Steelworks, offset by an increase in cost of sales as a  percentage of total revenues. 
Ispat International N.V. (NYSE : IST)Ispat N.V., through its subsidiaries, manufactures finished and semifinished steel products. IST owns and operates steel companies in Mexico, Canada, Germany, Ireland, and Trinidad and Tobago. For the three months ended 3/99, net sales rose 61 percent to $1.10 billion. Net income according to U.S. GAAP fell 93 percent to $6 million. Results reflect a 64 percent increase in tons shipped, offset by lower gross margins, higher depreciation, and an increase in interest expense due to greater debt levels. 
Keystone Consolidated (NYSE : KES)Keystone Consolidated Industries is a manufacturer of carbon steel rod, wire and a wide range of fabricated wire products for a variety of end users. For the three months ended 3/99, sales fell 5 percent to $91.9 million. Net loss applicable to Common totalled $348 thousand vs. an income of $2.1 million. Revenues reflect a 1 percent overall decline in product per ton selling prices. Net loss reflects higher selling expenses and an increase in personnel costs. 
Kentucky Electric Steel (Nasdaq : KESI)Kentucky Electric Steel owns and operates a steel mini-mill to manufacture special bar quality alloy and carbon steel bar flats to precise customer specifications for sale in a variety of niche markets. For the 26 weeks ended 3/27/99, revenues fell 7 percent to $51.6 million. Net loss totalled $415 thousand vs. an income of $604 thousand. Results reflect lower average selling prices and decreased production due to a 10 day maintenance outage resulting in increased conversion costs. 
Kubota Corporation (NYSE : KUB)Kubota is a Japanese concern operating in three product groups: Internal Combustion Engines and Machinery, Industrial Products and Engineering, and Building Materials and Housing. For the fiscal year ended 3/31/98, net sales fell 10 percent to Y1.029T. Net income fell 25 percent to Y21.78 billion. Revenues reflect lower domestic sales in all three groups due to weakness in the Japanese economy. Earnings also suffered from a Y33.16 billion loss on the disposal of two computer hardware subsidiaries. 
Laclede Steel Company (OTC BB : LCLDQ)Laclede Steel Company manufactures carbon and alloy steel products, including hot rolled products, pipe and tubular products, rod and wire products and welded chains. For the comparable three months ended 12/31/98, revenues fell 15 percent to $68.1 million. Net loss applicable to Common fell 77 percent to $860 thousand. Revenues reflect lower steel shipments and a decrease in average sales prices for steel products. Lower loss reflects the inclusion of a $1.8 million litigation gain. 
LTV Corporation (NYSE : LTV)LTV Corporation operates in three segments: Integrated Steel (manufatures and sells coated sheets and tin mill products), Metal Fabrication (steel processing and blanking operations), and Corporate (investment) and other. For the three months ended 3/99, net sales fell 12 percent to $988 million. Net loss applicable to Common was $30 million vs. an income of $18 million. Results reflect decreased steel shipments and lower margins due to lower selling prices. 
Niagara Corporation (Nasdaq : NIAG)Niagara Corporation, through its subsidiaries, produces cold drawn steel bars for steel service centers and original equipment manufacturers. For the three months ended 3/31/99, net sales fell 21 percent to $49.4 million. Net income fell 45 percent to $1.4 million. Revenues reflect the market decline in prices and weakend demand for the company's products. Net income reflects reduced gross margins due to higher general and administrative costs as a  percentage of sales. 
National Steel Corp. (NYSE : NS)National Steel Corp. is engaged in the production and sale of flatrolled carbon steel products, including hot rolled, cold rolled, galvanized, and tin plated steels. For the three months ended 3/31/99, revenues fell 7 percent to $657.9 million. Net loss totalled $24.1 million vs. an income of $5.9 million. Revenues reflect a decrease in tonnage shipment and lower prices. Loss also reflects higher operating costs as a  percentage of revenues. 
NS Group, Inc. (NYSE : NSS)NS Group is engaged in two industry segments: the specialty steel segment and the adhesives segment, producing specialty steel products and water-borne and solvent-borne adhesives. For the six months ended 3/27/99, net sales decreased 55 percent to $110.7 million. Net loss before extraordinary item totalled $25.1 million vs. an income of $12.3 million. Results reflect declines in domestic drilling activities and higher S/G/A as a  percentage of revenues. 
Nucor Corporation (NYSE : NUE)Nucor Corporation manufactures hot rolled steel, cold rolled steel, cold finished steel, steel joists, joist girders, steel decks, grinding balls, and other various steel components. For the three months ended 4/3/99, revenues fell 22 percent to $893.8 million. Net income fell 57 percent to $28.2 million. Revenues reflect a decrease in average sales prices. Earnings suffered from decreased margins and increased pre-operating and start-up costs. 
Northwestern Steel & Wire (Nasdaq : NWSW)NWSW is a mini-mill producer of structural steel components which include wide flange beams, light structural shapes, merchant bars and semi-finished steel, as well as rod and wire products which include nails, fencing, concrete reinforcing mesh and other fabricated wire products. For the six months ended 1/99, net sales fell 32 percent to $190.5 million. Net loss totalled $29.8 million vs. income of $15.2 million. Results reflect lower orders and the inclusion of a $41.6 million non-recurring cost. 
Quanex Corporation (NYSE : NX)Quanex Corporation is a manufacturer of value-added engineered alloy steel bars, aluminum flat-rolled products, engineered and formed metal products. Net sales for the six months ended 4/30/99 increased less than 1 percent to $386 million. Net income from continuing operations before extraordinary items increased 36 percent to $13.6 million. Revenues reflect higher sales from the aluminum mill sheet and engineered products businesses. Earnings also reflect higher operating income. 
Oregon Steel Mills, Inc. (NYSE : OS)OS manufactures various specialty and commodity steel products with operations in the U.S. and Canada, marketing to service centers, steel fabricators, railroads and oil and gas producers. For the three months ended 3/99, sales rose 7 percent to $239.7 million. Net income rose from $1.8 million to $8.4 million. Results reflect increased production at the Combination Mill, strong demand for plate, coil and welded pipe, and higher margins due to improved efficiency at the Portland plate mill. 
Pohang Iron & Steel Co. (NYSE : PKX)Pohang Iron and Steel Co. Ltd. is the only fully integrated steel producer in Korea. PKX manufactures and sells a broad line of steel products, including hot and cold rolled and stainless steel products. For the fiscal year ended 12/97, revenues increased 19 percent to W11.52T. Net loss according to U.S. GAAP totalled W896.30 billion vs. an income of W734.85 billion. Results reflect increased sales volumes and average per ton price of steel products, offset by foreign exchange losses. 
Roanoke Electric Steel (Nasdaq : RESC)Roanoke Electric Steel is engaged in manufacturing merchant steel bar products, fabricating open-web steel joists and concrete reinforcing steel, and extracting scrap steel and other materials from junked automobiles. For the three months ended 1/99, revenues rose 3 percent to $73.4 million. Net income fell 9 percent to $3.9 million. Revenues reflect increased billet and fabricated products shipments. Net income was offset by higher personnel and debt expense. 
Gibraltar Steel Corp. (Nasdaq : ROCK)Gibraltar Steel Corp. is an intermediate processor of value-added steel products, primarily cold-rolled strip steel products. ROCK also manufactures high quality steel strapping for industrial applications. For the three ended 3/31/99, net sales increased 24 percent to $143.8 million. Net income increased 21 percent to $5 million. Revenues reflect the acquisitions of Solar, Appleton, USP, and Harbor. Net income was partially offset by higher debt levels. 
Rouge Industries, Inc. (NYSE : ROU)Rouge Industries is an integrated producer of high quality, flat rolled carbon steel products, consisting of hot rolled, cold rolled and electrogalvanized steel selling primarily to the automotive industry. For the three months ended 3/31/99, total sales fell 27 percent to $233.9 million. Net loss totalled $11.6 million vs. an income of $4.1 million. Results reflect lower steel product shipments, lower selling prices and lower margins due to slower sales. 
Ryerson Tull, Inc. (NYSE : RT)Ryerson Tull distributes and processes metals through its wholly owned subsidiary, Ryerson Tull, Inc. The company completed the acquisition of Washington Specialty Metals Corporation on 2/1/99. For the three months ended 3/31/99, net sales fell 7 percent to $691.4 million. Net income from continuing operations applicable to Common fell 31 percent to $9.8 million. Revenues reflect lower average selling prices. Net income reflects a decrease in gross profit. 
Schnitzer Steel Ind. (Nasdaq : SCHN)SCHN collects, processes and recycles steel scrap and manufactures finished steel products through a steel scrap recycling business and a technologically advanced steel mini mill. For the six months ended 2/28/99, revenues fell 37 percent to $118.9 million. Net loss totalled $5.5 million vs. income of $10.1 million. Revenues reflect a decrease in ferrous tons shipped and lower average selling prices. Net loss reflects the inclusion of a loss from joint ventures and higher interest costs. 
Companhia Siderurgica Nac (NYSE : SID)Companhia Siderurgica Nacional is a fully integrated steel manufacturer in Brazil and Latin America whose products include hot and cold-rolled coils and sheets for automobiles, appliances, construction and consumer items, and tin mill products for packaging containers. For the fiscal year ended 12/31/98, revenues rose 3 percent to R$2.66 billion. Net income fell 5 percent to R$435 million. Results reflect higher average prices offset by the absence of a R$32 million social contribution credit. 
Grupo Simec, S.A de C.V. (AMEX : SIM)Grupo Simec, S.A de C.V. is a Mexican producer of non-flat steel, manufacturing a broad range of structural steel products, primarily for the construction market. For the nine months ended 9/98, net sales fell 1 percent to Ps1.79 billion. Net loss totalled Ps308M vs. income of Ps239M. Revenues reflect lower average selling prices. Net loss reflects sharply higher financing expenses and a Ps89M loss upon sale of shares held in Aluminio Conesa, S.A de C.V. by a subsidiary. 
Special Metals Corp. (Nasdaq : SMCX)Special Metals Corp. is a producer of superalloy and special alloy long products. For the fiscal year ended 12/31/98, revenues increased 36 percent to $253.2 million. Net income applicable to Common decreased 62 percent to $8.8 million. Revenues benefitted from the inclusion of two month sales from Inco Alloys International. Earnings were offset by decreased gross profit, and a planned increase in research and development activities. 
Stelax Industries LTD. (OTC BB : STAX)STAX produces a variety of solid stainless steel products in numerous sizes utilizing traditional hot-rolled, solid stainless steel production techniques and Nuovinox (TM), a stainless steel cladded product with a carbon steel core. For the nine months ended 12/98, revenues fell 90 percent to $241 thousand. Net loss fell 23 percent to $2.1 million. Revenues reflect the Company's decision to cease production and sale of stainless steel. Lower loss reflects reduced overhead expenses. 
Steel Dynamics, Inc. (Nasdaq : STLD)Steel Dynamics owns and operates a flat-rolled steel mini mill, producing products such as hot/cold rolled steel and galvanized sheets. For the three months ended 3/31/99, total revenues decreased 1 percent to $117.5 million. Net income before decreased 61 percent to $3 million. Revenues suffered from lower realized steel prices due to high levels of steel imports. Earnings also reflect higher debt levels and S/G/A expenses related to the start-ups costs associated with Iron Dynamics. 
Steel Technologies, Inc. (Nasdaq : STTX)STTX is an intermediate steel processor engaged in the business of processing flat rolled steel for industrial customers who specify thickness, width, temper, finish and shape. For the six months ended 3/31/99, net sales rose 4 percent to $205.1 million. Net income increased 20 percent to $6.9 million. Revenues reflect the inclusion of revenues from Roberts Steel Company. Earnings also reflect product mix improvements, productivity increases and cost reductions. 
Novamerican Steel Inc. (Nasdaq : TONS)Novamerican Steel processes and distributes carbon steel, stainless steel and aluminum products and operates as an intermediary between primary metal producers and manufacturers that require processed metal. For the fiscal year ended 11/29/97, revenues rose 57 percent to $401.5 million. Net income rose 17 percent to $9.7 million. Revenues reflect the inclusion of American Steel's operations. Earnings were partially offset by higher interest expense due to increased borrowings. 
Texas Industries, Inc. (NYSE : TXI)TXI produces steel and cement/concrete products for the construction and manufacturing industries. Chaparral Steel (84.5 percent owned subsidiary) produces carbon steel products, and Brookhollow (a wholly owned subsidiary) owns land for investment and resale. For the nine months ended 2/28/99, revenues decreased 3 percent to $832.3 million. Net income decreased 10 percent to $60.4 million. Results reflect lower structured steel sales due to foreign competition and higher S/G/A costs. 
Universal Stainless/Alloy (Nasdaq : USAP)USAP manufactures and markets semi-finished and finished specialty steel products, including stainless steel, tool steel and certain other alloyed steels. For the three months ended 3/31/99, net sales fell 35 percent to $14.5 million. Net income fell 87 percent to $231 thousand. Revenues reflect decreased shipments to all of Company's market segments due to increased imports. Earnings also suffered from lower selling prices in response to higher levels of imports. 
WHX Corporation (NYSE : WHX)WHX, a holding company for Wheeling-Pittsburgh, develops, processes, and fabricates steel (hot/cold rolled sheets and coated products) and steel products (roof deck, form deck, culvert, steel framing and related products). For the three months ended 3/31/99, revenues rose 31 percent to $396.9 million. Net loss applicable to Common before extraordinary item totalled $41.6 million, up from $4.1 million. Revenues reflect the acquisition of H&H. Higher loss reflects unrealized loss in ST investment. 
Weirton Steel Corp. (NYSE : WS)WS is an integrated domestic steelmaker which produces carbon steel from raw materials. WS products include rolled sheet steel, galvanized products and coated steels. For the three months ended 3/31/99, sales fell 22 percent to $265.1 million. Net loss totalled $27.9 million vs. an income of $2.2 million. Revenues reflect lower shipments and sales due to an increase in imports and lower sheet products prices. Loss reflects reduced gross margins and lower interest income. 
Worthington Industries (Nasdaq : WTHG)Worthington Industries is an intermediate processor of flat rolled steel, produces portable low pressure and high pressure gas cylinders, produces metal framing products and is a supplier of automotive aftermarket body panels. For the nine months ended 2/28/99, net sales rose 8 percent to $1.27 billion. Net income from continuing operations before extraordinary item fell 3 percent to $55.1 million. Results reflect stronger demand for most product lines, offset by increased interest expense. 
USX-U.S. Steel Group (NYSE : X)USX-U.S. Steel is engaged in the production and sale of steel mill products, coke, and taconite pellets, the management of mineral resources, domestic coal mining, real estate development and engineering and consulting services. For the three months ended 3/31/99, revenues fell 29 percent to $1.21 billion. Net loss before extraordinary item applicable to Common totalled $11 million vs. an income of $85 million. Results reflect lower average steel product prices and lower steel margins.%}
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Alliance Capital Mgt L.P. (NYSE : AC)Alliance Capital Management L.P. provides investment advice and diversified investment management services to institutional and individual investors. For the three months ended 3/31/1999, revenues rose 33 percent to $419.7 million. Net income applicable to limited partners rose 42 percent to $97.1 million. Revenues reflect increased assets under management due to market appreciation and net new client accounts of $1.7 billion. Net income benefitted from an increase in investment advisory and servicing fees. 
Advest Group, Inc. (NYSE : ADV)The Advest Group, Inc. and its subsidiaries provide diversified financial services including securities brokerage, trading, investment banking, residential mortgage and consumer lending, trust and asset management. For the six months ended 3/31/99, total revenues rose 5 percent to $168.5 million. Net income fell 12 percent to $7.7 million. Results reflect increased corporate and municipal bond trading profits, offset by increased research and investment banking staffing levels. 
A.G. Edwards, Inc. (NYSE : AGE)A.G. Edwards, Inc. is a holding Company whose subsidiaries provide securities and commodities brokerage, investment banking, trust, asset management, and insurance services. For the fiscal year ended 2/28/99, revenues increased 12 percent to $2.24 billion. Net income increased 8 percent to $292.1 million. Revenues benefitted from an increase trading volume. Earnings were partially offset by an increase in compensation and benefits, and a rise in employment. 
AMRESCO, INC. (Nasdaq : AMMB)AMMB engages in the business of real estate lending, commercial finance and the acquisition, resolution and servicing of nonperforming and underperforming commercial loans. For the three months ended 3/99, revenues rose 21 percent to $170.3 million. Net income fell 27 percent $10.2 million. Revenues reflect an increase in cash gain on sale of loans in residential mortgage banking. Net income suffered from increased personnel and administrative expenses. 
Ameritrade Holding Corp. (Nasdaq : AMTD)AMTD provides retail discount brokerage services and related financial services, including electronic trading and market data and research services. For the 26 weeks ended 3/26/98, total revenues increased 99 percent to $135.9 million. Net income totalled $11.8 million vs. a loss of $11.5 million. Results benefitted from an increase in the number of securities transactions processed and increased interest revenues. Earnings also reflect decreased advertising and promotional expenditures. 
Atalanta/Sosnoff Capital (NYSE : ATL)Atalanta/Sosnoff Capital Corporation, through its operating subsidiaries, provides discretionary investment management, brokerage and related services. For the three months ended 3/31/99, total revenues fell 5 percent to $4.2 million. Net income rose 62 percent to $2.9 million. Revenues reflect a decrease in assets under management. Earnings benefitted from $4.4 million in net realized and unrealized capital gains.  
Franklin Resources (NYSE : BEN)Franklin Resources, Inc. and its subsidiaries derive revenues from providing investment management, administration, distribution and related services to the Franklin, Templeton and Mutual Series funds, institutional accounts and others. For the six months ended 3/31/99, revenues fell 14 percent to $1.12 billion. Net income fell 34 percent to $171 million. Results reflect a decrease in underwriting and distribution fees and $58.5 million in restructuring charges. 
Bear Stearns Co's (NYSE : BSC)The Bear Stearns Companies is engaged in investment banking, securities trading and brokerage firm serving corporations, governments, institutional and individual investors worldwide. For the nine months ended 3/31/99, total revenues fell 4 percent to $5.53 billion. Net income applicable to Common fell 20 percent to $374.3 million. Revenues reflect decreased underwriting revenues and advisory fees. Earnings also reflect higher communications and depreciation costs. 
Chapman Holdings, Inc. (Nasdaq : CMAN)Chapman Holdings, Inc. through its subsidiary, The Chapman Co., provides securities brokerage and investment banking services. For the nine months ended 9/30/98, total revenues increased 23 percent to $2.4 million. Net loss from continuing operations totalled $305 thousand vs. an income of $42 thousand. Revenues benefitted from increased advisory fees from municipal transactions and interest income. Higher loss reflects increased commissions paid to brokers and expenses related to the office openings. 
Chapman Capital Mgt., Inc (Nasdaq : CMGT)Chapman Capital Management Holdings, Inc. is an investment advisory and investment management company. Through its subsidiary CCM the Company manages the assets for two active mutual funds, the DEM Equity Fund and The Chapman U.S. Treasury Money Fund. For the nine months ended 9/30/98, total revenue rose 44 percent to $2.4 million. Net income rose from $28 thousand to $59 thousand. Results reflects increased assets under management in the DEM-MET Trust and the DEM Equity Fund. 
Conning Corporation (Nasdaq : CNNG)CNNG is a holding company whose subsidiaries provide asset management and research services focused upon the insurance industry. For the three months ended 3/31/99, total revenues increased 17 percent to $23 million. Net income increased 33 percent to $3.8 million. Revenues reflect the addition of new clients and growth in assets managed for existing clients. Net income also reflects lower interest expense due to reduced long term debt and a decreased amortization of goodwill expense. 
DLJdirect (NYSE : DIR)DLJdirect, a Donaldson, Lufkin and Jenrette's online brokerage unit, provides online discount brokerage and related investment services, offering customers automated securities order placement, information and research capabilities. For the three months ended 3/99, revenues rose 96 percent to $47.2 million. Net income totalled $7.2 million, vs. a loss of $2.3 million. Results reflect increases in customer trading volumes and more favorable interest sharing arrangements. 
Donaldson, Lufkin & Jen. (NYSE : DLJ)DLJ is an integrated investment and merchant bank that provides institutional, corporate, governmental and individual clients with securities underwriting, sales and trading, merchant banking, financial advisory services, investment research and brokerage services. For the three months ended 3/99, revenues remained flat at $1.49 billion. Net income applicable to Common fell 10 percent to $116.4 million. Results reflect increased expenses related to international expansion. 
Dain Rauscher Corporation (NYSE : DRC)Dain Rauscher Corporation provides investment advice and services to individual investors in the western U. S. and investment banking services to corporate and government clients nationwide. For the three months ended 3/31/99, total revenues rose 26 percent to $236 million. Net income totaled $22.6 million vs. a loss of $2 million. Revenues reflect higher investment banking and underwriting offerings. Net income benefitted from the absence of a $20 million merger-related charge. 
E*TRADE Group, Inc. (Nasdaq : EGRP)E*TRADE Group, Inc. is a provider of online investing services, which include automated order placement, portfolio tracking, real-time market commentary and analysis, news, and other information services 24 hours a day, seven days a week. For the six months ended 3/99, total revenues increased 95 percent to $214.7 million. Net loss totalled $7.4 million vs. an income of $9.6 million. Results reflect an increase in the average transaction per day, offset by reduced bid/ask spread. 
Equus II Inc. (NYSE : EQS)Equus II Inc. is a closed-end fund which seeks capital appreciation by investing in equity and equity-oriented securities issued by privately owned companies. For the three months ended 3/31/99, total investment income decreased 2 percent to $1.2 million. Net investment loss increased from $83 thousand to $241 thousand. Increase in net assets from operations totalled a loss of $8.9 million vs. an income of $8.2 million. Net asset value per share fell from $29.92 to $21.65. 
Eaton Vance Corp. (NYSE : EV)Eaton Vance Corp. is engaged in creating, marketing, and managing mutual funds and providing management and counseling services to institutions and individuals. For the six months ended 4/30/99, total revenues increased 39 percent to $159.8 million. Net loss before accounting change decreased 99 percent to 92 thousand. Revenues benefitted from greater average assets under management. Earnings were offset by a $71.3 million charge related to changes in the accounting treatment of sales commissions. 
Evision USA.Com, Inc. (OTC BB : EVIS)Evision USA with its subsidiaries, is a registered securities broker/dealer, is engaged in industry specific software development and provides consulting services, and participates in insurance brokerage activities in certain states. For the six months ended 3/99, revenues rose 28 percent to $18.2 million. Net loss from continuing operations before extraordinary item fell 24 percent to $936 thousand. Results reflect increased brokerage commissions, partially offset by higher S/G/A expenses. 
EVEREN Capital Corp. (NYSE : EVR)EVR is a full-service securities brokerage firm that provides a broad range of investment services and products to individuals, institutions, corporations and municipalities. For the three months ended 3/31/99, total revenue increased 4 percent to $216.1 million. Net income decreased 13 percent to $14 million. Revenues reflect higher transaction volume and increased assets under management. Net income was offset by increased compensation and benefits expenses. 
First Albany Companies (Nasdaq : FACT)FACT, through its subsidiary, First Albany Corp., provides investment banking services with brokerage activity in NY and MA. FACT also underwrites and distributes municipal and corporate securities and provides financial advisory services. For the three months ended 3/31/99, revenues fell 4 percent to $55.1 million. Net loss totalled $797 thousand vs. an income of $1.4 million. Results reflect increased investment losses and increased communications and data processing expenses. 
Friedman Billings Ramsey (NYSE : FBG)Friedman, Billings, Ramsey Group is a full-service investment banking firm focused on investment banking, research, institutional brokerage and asset management. For the three months ended 3/31/99, revenues fell 68 percent to $22.1 million. Net income fell from $15.6 million to $45 thousand. Revenues reflect decreased underwriting activity. Net income reflects the cost of office space expansion and an increased depreciation expense related to the expansion of the facilities. 
First Montauk Financial (OTC BB : FMFK)First Montauk Financial is primarily engaged as a retail and institutional securities brokerage firm through its subsidiary First Montauk Securities Corp. FMFK also sells insurance products. For the fiscal year ended 12/31/98, revenues rose 11 percent to $41.9 million. Net loss totalled $2.8 million vs. an income of $1.5 million. Results reflect the addition of several high-volume affiliated brokers, offset by higher commission payouts and a $1.8 million note receivable write-down. 
Freedom Securities Corp. (NYSE : FSI)FSI, with its subsidiaries, Tucker Anthony Inc., Sutro and Co. Inc., and Freedom Capital Management, is a full service, regionally focused retail brokerage and investment banking firm. For the three months ended 3/99, revenues rose 21 percent to $129.6 million. Net income increased 35 percent to $6.8 million. Revenues reflect acquisitions and continued penetration into new markets. Earnings benefitted from the absence of acquisition related interest expenses. 
Fahnestock Viner Holdings (NYSE : FVH)Fahnestock Viner Holdings is a holding company, which through its subsidiaries, is engaged in the securities brokerage, trading, investment advisory and other related financial business. For the three months ended 3/31/99, total revenues fell 8 percent to $64 million. Net income fell 24 percent to $5.3 million. Revenues reflect decreased principal transactions revenues due to trading losses. Lower income reflects increased compensation and related expenses as a  percentage of revenues. 
Gabelli Asset Management (NYSE : GBL)Gabelli Asset Management is a provider of investment advisory and brokerage services to mutual fund, institutional and high net worth investors, primarily in the United States. For the three months ended 3/31/99, revenues increased 24 percent to $39.7 million. Net loss totalled $17.9 million vs. income of $11.8 million. Revenues reflect a strong growth in the level of average assets under management. Losses reflect a $50.7 million non recurring charge. 
Globalnet Financial.com (OTC BB : GLBN)Globalnet Financial.com, Inc. acts as a placement agent in connection with the private placement of securities of its client companies, and also provides internet based electronic publishing and investor relations services to the MicroCap sector and interested investors. For the three months ended 3/31/99, total revenues fell 21 percent to $226 thousand. Net loss totalled $2 million, up from $310 thousand. Results reflect lower private placement fees and increased website development costs. 
U.S. Global Investors (Nasdaq : GROW)U.S. Global Investors serves as investment advisor, investment manager and transfer agent to U.S. Global Investors Funds and U.S. Global Accolade Funds. For the six months ended 12/98, total revenues fell 25 percent to $4.4 million. Net loss totalled $711 thousand vs. an income of $229 thousand. Revenues reflect decreased assets under management and the absence of accounting fees as the Company outsourced accounting functions. Loss reflects higher equity loss in affiliate. 
Goldman Sachs Group (NYSE : GS)The Goldman Sachs Group is a global investment banking and securities firm providing a range of services on a worldwide basis, including investment banking, trading and principal investments, and asset management and securities services. For the three months ended 2/26/99, total revenues fell 1 percent to $5.86 billion. Net income rose 14 percent to $1.01 billion. Revenues reflect reduced interest income. Earnings benefitted from a $570 million reduction in interest expense. 
Helm Capital Group, Inc. (OTC BB : HCGI)Helm Capital Group, Inc. provides financial and management services to small and mid-market companies. The Company is also engaged in making collateralized loans to small businesses. For the three months ended 3/31/99, revenues fell 28 percent to $58 thousand. Net loss from continuing operations before accounting change applicable to Common rose from $6 thousand to $190 thousand. Results reflect equity losses in Core Capital and Intersystems, and increased S/G/A expenses and debt levels. 
Hoenig Group Inc. (Nasdaq : HOEN)HOEN provides global securities brokerage, marketing and distribution of independent third party research and other related services to institutional clients. For the fiscal year ended 12/31/98, total revenues increased 10 percent to $83.9 million. Net income increased 31 percent to $4.7 million. Revenues benefitted from gains in the U.S. brokerage and investment management operations. Earnings also benefitted from lower operating expenses as a  percentage of revenues. 
International Assets Hldg (Nasdaq : IAAC)IAAC operates a full-service securities brokerage firm specializing in global investing on behalf of its clients. For the three months ended 12/98, total revenues decreased 6 percent to $2.5 million. Net income totalled $201 thousand vs. a loss of $135 thousand. Revenues reflect a decrease in the overall volume of customer ticket orders and average dollar amount of retail trades. Earnings also reflect a decrease in promotional, communications, and professional fees. 
Investors Financial Ser. (Nasdaq : IFIN)IFIN provides asset administration services for the financial services industry through its subsidiaries, Investors Bank and Trust and Investors Capital Services. For the three months ended 3/99, total interest income fell 4 percent to $20.2 million. Net interest income after loan loss provision rose less than 1 percent to $7.2 million. Net income rose 44 percent to $4.6 million. Net interest income reflects lower avg. yield, partially offset by lower rates. Earnings reflect higher administration fees. 
Internet Financial Serv. (Nasdaq : IFSX)Internet Financial Services is a financial services company which owns A.B. Watley, a registered securities broker-dealer that provides real-time online financial brokerage services and proprietary trading systems. For the six months ended 3/31/99, revenues totalled $8 million, up from $3.7 million. Net loss fell 74 percent to $140 thousand. Results reflect an increased number of online trades executed, partially offset by increased compensation due to personnel increases. 
Investment Technology Grp (NYSE : ITG)Investment Technology provides automated equity trading services and transaction research to institutional investors and brokers through its wholly owned subsidiary, ITG, Inc. For the three months ended 3/26/99, revenues increased 27 percent to $52.6 million. Net income increased 14 percent to $8.4 million. Revenues reflect an increased number of customers and increased trading volumes by existing customers. Earnings were partially offset by higher spin-off costs. 
Jordan American Holdings (OTC BB : JAHI)JAHI is an investment advisory firm which conducts business under the name ``Equity Assets Management.'' JAHI also engages in the business of broker-dealer, commodities pool operator and trading advisor. For the fiscal year ended 12/31/98, total revenues decreased 21 percent to $1.1 million. Net loss applicable to Common fell 23 percent to $826 thousand. Revenues reflect a reduction in assets under performance. Lower loss reflects a $51 thousand gain on asset disposal and lower organizational costs. 
JB Oxford Holdings, Inc. (Nasdaq : JBOH)JBOH, through its JB Oxford and Company subsidiary, is a registered broker-dealer offering clearing, settlement, margin account and other services for regional broker-dealers, as well as discount brokerage services. For the three months ended 3/99, revenues rose 44 percent to $23 million. Net income before extraordinary item totaled $3.3 million vs. a loss of $86 thousand. Results reflect increased clearing and execution revenues, lower data processing expense and improved efficiency. 
Jefferies Group, Inc. (NYSE : JEF)Jefferies Group, Inc. is a holding company engaged in securities brokerage and trading, corporate finance and other financial services. For the fiscal year ended 12/31/98, revenues increased 4 percent to $798.7 million. Net income increased 10 percent to $69.7 million. Revenues benefitted from higher commission led by ITG and the Equities division, and trading gains in the Taxable Fixed Income division. Earnings also reflect a decrease in incentive based compensation. 
JMC Group, Inc. (Nasdaq : JMCG)JMC Group has exited its traditional lines of business. The Company continues to service all exsisting annuity contracts and mutual fund accounts. For the three months ended 3/31/99, revenues fell 59 percent to $321 thousand. Net loss totaled $30 thousand vs. income of $93 thousand. Revenues reflect lower commissions due to the termination of retail bank operations and the sale the rights to asset-base fee revenues. Net loss reflects higher professional fees. 
John Nuveen Company (NYSE : JNC)JNC specializes in the sponsorship, marketing and management of investment product, and in municipal and corporate investment banking services. For the three months ended 3/31/99, revenues rose 14 percent to $82.9 million. Net income applicable to Common rose 22 percent to $22.8 million. Revenues reflect higher advisory fee revenues and an increase in distribution revenues. Earnings also reflect lower amortization of goodwill and deferred offering costs. 
JWGenesis Financial Corp. (AMEX : JWG)JWG operates a full service securities and brokerage and investment banking firm, and provides securities transaction processing and other related services. For the three months ended 3/99, revenues increased 79 percent to $43.4 million. Net income totalled $3.8 million, up from $1.3 million. Revenues reflect a rise in commissions, and market making and principal transactions. Earnings also reflect a decrease in commissions and clearing costs as a  percentage of revenues. 
Kent Financial Services (Nasdaq : KENT)Kent Financial Services is a holding company for T.R. Winston and Co., a securities broker-dealer licensed in all states (except AK) and in Washington D.C. KENT also offers investment advisory services. For the three months ended 3/99, revenues fell 33 percent to $5.2 million. Net income fell 62 percent to $248 thousand. Results reflect a decrease in investment gains. Earnings also reflects increased brokerage expenses and higher interest expense. 
Kirlin Holding Corp. (Nasdaq : KILN)Kirlin Holding Corp. is a holding company engaged in securities brokerage, securities trading and investment banking of primarily fixed income securities through Kirlin Securities, Inc. For the fiscal year ended 12/31/98, total revenues fell 27 percent to $15.6 million. Net loss totalled $737 thousand vs. income of $2.2 million. Revenues reflect reduced investor interest in fixed income securities. Net loss reflects increased advertising expenditures and increased litigation costs. 
Kinnard Investments, Inc. (Nasdaq : KINN)Kinnard Investments, Inc. is a holding company, which through its subsidiaries is engaged in securities brokerage, trading, asset management, investment banking, and related financial services. For the fiscal year ended 12/31/98, total revenues decreased 18 percent to $40.9 million. Net loss totalled $3.4 million vs. an income of $308 thousand. Revenues reflect lower principal transaction revenues and lower interest income. Loss reflects increased occupancy and equipment expenses. 
Lehman Brothers Holdings (NYSE : LEH)LEH is engaged in global investment banking, raising capital through underwriting and placements, merchant banking, corporate finance services, securities trading, and commodities. For the three months ended 2/28/99, total revenues rose less than 1 percent to $4.59 billion. Net income applicable to Common rose 10 percent to $198 million. Results reflect higher customer flow activities across most of the fixed income and equity product areas and a decrease in interest expense. 
onlinetradinginc.com (Nasdaq : LINE)onlinetradinginc.com provides financial brokerage services to experienced investors and small to mid-sized financial institutions through a variety of communications mediums, including the internet. For the fiscal year ended 1/31/99, total revenues rose 69 percent to $6 million. Net income totalled $108 thousand, vs. a loss of $19 thousand. Revenues reflect an increased client base and the servicing of new institutional and retail customers. Earnings also reflect lower interest expenses. 
Legg Mason, Inc. (NYSE : LM)Legg Mason, Inc. is principally engaged in providing securities brokerage, investment advisory, investment banking and commercial mortgage banking services to individuals, institutions, corporations and municipalities. For the nine months ended 12/98, revenues rose 18 percent to $756.9 million. Net income rose 31 percent to $68.9 million. Revenues reflect increased volume of transactions and growth in assets under management. Earnings reflect lower expenses as a  percentage of revenues. 
London Pacific Group Ltd. (Nasdaq : LPGL)London Pacific Group Ltd. is an Anglo-American fund management group with activities ranging from venture capital to retail investment products, including fixed and variable annuities, mutual funds and financial planning services. For the fiscal year ended 12/31/97, total revenue rose 3 percent to $155.3 million. Net income remained flat at $25.1 million. Results reflect increased fund management and advisory services revenue, offset by losses at Select Advisors. 
Maxcor Financial Group (Nasdaq : MAXF)Maxcor Financial is an international and domestic inter-dealer brokerage firm, specializing in emerging market debt, money market instruments, derivatives, natural gas and electricity, repurchase agreements and other fixed income securities. For the three months ended 3/31/99, total revenues rose 14 percent to $45.2 million. Net income applicable to Common totalled $1.6 million vs. a loss of $804 thousand. Results reflect increased brokerage in London and reduced travel costs. 
Merrill Lynch & Co., Inc. (NYSE : MER)Merrill Lynch and Co. provides investment, financing, insurance and related services to individuals and institutions on a global basis through its broker, dealer, banking, insurance and other financial services subsidiaries. For the 13 weeks ended 3/26/99, total revenues fell 6 percent to $8.85 billion. Net income applicable to Common rose 19 percent to $599 million. Results reflect reduced interest income earned, offset by lower advertising, market development and professional fees. 
M.H. Meyerson & Co., Inc. (Nasdaq : MHMY)MHMY is a securities firm that conducts its business in seven separate divisions. They are wholesale trading, investment banking, correspondent services, retail services, syndicate, fixed income and institutional sales. For the fiscal year ended 1/31/99, revenues decreased 23 percent to $33.9 million. Net income totalled $236 thousand vs. a loss of $1.7 million. Revenues reflect lower trading volume. Earnings reflect a decrease in communications as a  percentage of revenues. 
Morgan Stanley Dean Witt. (NYSE : MWD)MWD a global financial services firm, operates in three segments: securities (underwriting, trading, mergers and related services); asset management; and credit services (issuance and servicing credit cards, and real-estate loans). For the three months ended 2/28/99, revenues rose 33 percent to $5.35 billion. Net income applicable to Common before accounting change rose 52 percent to $1.03 billion. Results reflect higher trading revenues and lower interest expense. 
Olympic Cascade Financial (Nasdaq : NATS)NATS conducts national securities brokerage business for individual and institutional clients, market-making trading activities and corporate finance services operating 38 offices in 18 states. For the six months ended 3/26/99, revenues decreased 28 percent to $18.5 million. Net loss decreased 37 percent to $243 thousand. Revenues reflect lower underwriting revenues due to weak capital markets for IPO's. Lower loss reflects decreased salaries due to incurred salary reductions. 
National Discount Brokers (NYSE : NDB)National Discount Brokers Group, Inc. is a holding company with subsidiaries engaged in the securities business and in providing related financial services. For the nine months ended 2/28/99, revenues increased 26 percent to $152.3 million. Net income from continuing operations increased 78 percent to $12.7 million. Revenues reflect increased trading volume in internet and technology stocks. Earnings also reflect a decrease in clearance charges per ticket. 
ND Holdings, Inc. (OTC BB : NDHI)ND Holdings, Inc. is principally engaged in providing investment management, distribution, shareholder services, fund accounting and other related administrative services to open-end investment companies. For the three months ended 3/31/99, total revenues rose 2 percent to $1.2 million. Net income before accounting change fell 39 percent to $67 thousand. Results reflect increased assets under management, offset by personnel increases and increased marketing expenses. 
NVEST, L.P. (NYSE : NEW)NEW acts as an advising general partner of NEIC Operating Partnership which offers a broad array of investment management products across a range of asset categories. For the three months ended 3/31/99, revenues increased 1 percent to $4 million. Net income remained flat at $3.1 million. Revenues reflect other revenues and interest income. Net income reflects lower tax rate, partially offset by higher operating expenses. 
Knight/Trimark Group Inc. (Nasdaq : NITE)Knight/Trimark Group Inc. is a market maker in NASDAQ securities, other over-the-counter (OTC) equity securities, and equity securities listed on the New York Stock Exchange and the American Stock Exchange in the Third Market. For the three months ended 3/31/99, total revenues totalled $182.7 million, up from $63.5 million. Net income (vs. pro forma) totalled $37.4 million, up from $8.4 million. Results reflect increased net trading revenue due to higher trading volume. 
New Valley Corp. (OTC BB : NVAL)New Valley, through its subsidiaries, is engaged in investment banking, brokerage services, real estate development and the ownership and management of commercial real estate. For the nine months ended 9/98, revenues rose 2 percent to $78.6 million. Net loss from continuing operations applicable to Common rose 4 percent to $75.8 million. Revenues reflect increased revenues of Ladenburg due to increased net principal transactions and commissions. Loss also reflects higher Preferred Dividend requirements. 
PIMCO Advisors Hldgs L.P. (NYSE : PA)PIMCO Advisors Holdings L.P. is a limited partnership holding a majority interest in PIMCO Advisors L.P., a registered investment adviser. For the three months ended 3/99, total revenues fell 28 percent to $14.4 million. Net income applicable to limited partners decreased 35 percent to $10.7 million. Results reflect lower equity in earnings of operations due to a $19.4 million charge related to facility consolidation and management severance costs and higher taxes and other costs. 
Pilgrim Capital Corp. (NYSE : PFX)Pilgrim Capital Corp. is a holding company which provides investment management services through seven open-end funds and one closed-end fund. For the six months ended 3/31/99, revenues increased 47 percent to $24.9 million. Net income increased 82 percent to $6.5 million. Revenues benefitted from increased Structured Finance Product average assets under management. Earnings also benefitted from lower amortization, interest and depreciation expenses due to the sale of the DAC asset. 
Pinnacle Global Group (Nasdaq : PING)Pinnacle Global is a holding Co. for three financial services firms and a wastewater treatment unit. On 1/99, TEI, the wastewater treatment unit, combined with Pinnacle to form a new company focused on financial services. For the nine months ended 9/98, revenues rose 11 percent to $2.3 million. Net loss from continuing operations fell 60 percent to $130 thousand. Revenues reflect a greater volume of wastewater processed. Lower loss reflects higher margins and decreased S/G/A expenses. 
Pioneer Group, Inc. (Nasdaq : PIOG)PIOG is engaged in mutual fund and related service businesses, operates a gold mine in the Republic of Ghana and participates in several asset management and other businesses. For the three months ended 3/31/99, revenues increased 1 percent to $78.3 million. Net loss from continuing operations before acctg. change totalled $8.4 million vs. income of $5.4 million. Results reflect management fes due to higher average assets under management, offset by higher shareholders servicing fees. 
Paulson Capital Corp. (Nasdaq : PLCC)PLCC is a holding company whose subsidiary, Paulson Invest. Co., is a full service brokerage engaged in the purchase and sale of securities to and from the public for its own account and in investment banking activities. For the nine months ended 9/98, total revenues fell 58 percent to $6.8 million. Net loss totalled $2.8 million vs. an income of $3.2 million. Results reflect losses on investment income, lower corporate finance revenues and higher total expenses as a  percent of revenues. 
Paine Webber Group, Inc. (NYSE : PWJ)Paine Webber Group, a holding company, is a full-service securities and commodities firm serving the investment and capital needs of individual, corporate, institutional and public clients. For the three months ended 3/99, total revenues rose 7 percent to $1.92 billion. Net income applicable to Common rose 35 percent to $154.7 million. Revenues reflect higher commissions and revenues earned on managed accounts. Net income reflects higher margins and lower brokerage fees. 
Phoenix Investment Ptnrs. (NYSE : PXP)PXP provides a variety of financial services to investors. Services include: investment management, investment banking and advisory service, and brokerage services. For the three months ended 3/31/99, revenues rose 21 percent to $63.3 million. Net income applicable to Common rose 43 percent to $6 million. Revenues reflect a rise in assets under management as a result of positive performance. Earnings also benefitted from a decreasein employment expenses as a  percentage of revenues. 
Raymond James Financial (NYSE : RJF)Raymond James Financial, a holding company, through its subsidiaries is engaged in the securities brokerage business, including the underwriting, distribution, trading and brokerage of equity and debt securities and the sale of other investment products. For the six months ended 3/26/99, revenues rose 8 percent to $299.2 million. Net income fell 17 percent to $39.3 million. Results reflect higher commissions and fees due to higher transaction volumes, offset by higher development costs. 
Ragen MacKenzie Group (NYSE : RMG)RMG is engaged in securities brokerage and related investment services that include retail and institutional brokerage of securities, investment research, market making, trading, underwriting, and distribution of corporate securities and correspondent clearing. For the six months ended 3/99, revenues rose less than 1 percent to $52.2 million. Net income rose 14 percent to $8.3 million. Results reflect increased revenues from U.S. bonds, and a lower effective tax rate. 
Research Partners Int'l (Nasdaq : RPII)RPII provides securities brokerage, investment banking, and trading services to emerging growth and small capitalization corporate clients and investors through its principal operating subsidiaries. For the fiscal year ended 1/99, total revenues rose 3 percent to $50.2 million. Net loss increased 13 percent to $7.4 million. Revenues reflect an increase in the number of trades, and merchant banking and asset management activities. Higher losses reflect a rise in occupancy and equipment costs. 
Charles Schwab Corp. (NYSE : SCH)The Charles Schwab Corp., a holding company, engages in securities brokerage and related financial services. For the three months ended 3/31/99, total revenues increased 57 percent to $951.6 million. Net income increased from $68 million to $142.9 million. Revenues benefitted from increased commissions primarily due to the increase in the number of online trades executed. Earnings also benefitted from lower compensation and benefits expense as a  percentage of revenues. 
SEI Investments Company (Nasdaq : SEIC)SEIC is organized into three segments: SEI Trust Company, SEI Investments Distribution Company, and SEI Investments Management Corporaton. For the three months ended 3/99, revenues rose 27 percent to $104.3 million. Net income rose from $7.6 million to $15.2 million. Results benefitted from strength in asset management, increased contracting of new trust technology clients, decreased S/G/A as a  percentage of revenues and $1.5 million in earnings from an interest in LSV Asset Management. 
Stifel Financial Corp. (NYSE : SF)Stifel Financial Corp. is principally engaged in retail brokerage, securities trading, investment banking, investment advisory, and related financial services throughout the United States. For the three months ended 3/99, revenues rose 3 percent to $37 million. Net income fell 13 percent to $1.8 million. Revenues reflect increased commissions due to increased investment executive production. Net income was offset by costs related to the addition of non-sales associates. 
Siebert Financial Corp. (Nasdaq : SIEB)Siebert Financial Corp. is a holding company for Muriel Siebert and Co.,Inc., which engages in discount brokeraging, investment banking and trading of its own accounts. For the three months ended 3/31/99, total revenues rose 8 percent to $7.1 million. Net income rose 28 percent to $1 million. Revenues reflect higher commission and fee income due to higher trading volume. Net income reflects lower employee compensation and benefits and reduced interest expense. 
Southwest Securities Grp. (NYSE : SWS)SWS provides securities transaction processing and operates a full-service brokerage, investment banking and asset management firm. The Company also provides brokerage and investment services. For the nine months ended 3/31/99, revenues rose 19 percent to $242.5 million. Net income rose 20 percent to $18.4 million. Revenues reflect increased revenues from clearing operations due to an increase in total transaction volumes. Net income also reflects decreased interest expense. 
T. Rowe Price Associates (Nasdaq : TROW)TROW and its consolidated subsidiaries serve as the advisor to individual and institutional investors in the sponsored T. Rowe Price Mutual Funds and private investment portfolios. For the three months ended 3/99, revenues rose 17 percent to $245.8 million. Net income rose 29 percent to $53.4 million. Revenues reflect increased advisory fees due to greater cash inflow into the Funds. Earnings reflect decreases in international research fees and promotional costs as  percentages of sales. 
TD Waterhouse Group, Inc. (NYSE : TWE)TD Waterhouse Group, Inc. is a provider of online investing services and related financial products to individual retail investors with operations in the United States, Canada, Australia, the United Kingdom and Hong Kong. For the six months ended 4/30/99, total revenues rose 65 percent to $464 million. Net income totalled $50 million, up from $21.3 million. Results reflect growth in the customer base and lower compensation and benefits costs as a  percentage of revenues. 
United Asset Mgmt. Corp. (NYSE : UAM)United Asset Management Corp. is a holding company for investment management firms engaged primarily in the management of portfolios for institutional clients. UAM operates through 60 subsidiaries. For the three months ended 3/31/99, revenues fell 10 percent to $217.7 million. Net income fell 32 percent to $15.1 million. Results reflect negative net client cash flow in the period, the sale of Heitman Financials non-retail property management operations, and increased debt levels. 
Value Line, Inc. (Nasdaq : VALU)Value Line produces investment related periodical publications and provides investment advisory services to mutual funds, institutions and individual clients. For the nine months ended 1/99, total revenues rose 2 percent to $71.6 million. Net income fell 31 percent to $20.1 million. Revenues reflect an increase in average annual net assets under management in the Company's mutual funds. Net income suffered from a significant reduction in the Company's securities portfolio. 
Waddell & Reed Financial (NYSE : WDR)WDR is the exclusive underwriter and distributor of 36 mutual fund portfolios, including 17 comprising the United Funds, eight comprising the W&R Funds, and 11 comprising the TMK/United Funds. WDR also provides financial planning services. For the three months ended 3/99, revenues rose 24 percent to $80.5 million. Net income rose 31 percent to $22 million. Revenues reflect increased investment management fees received. Earnings also reflect decreased interest expenses. 
Wit Capital Group, Inc. (Nasdaq : WITC)Wit Capital Group, Inc. is an Internet investment banking and brokerage firm that uses electronic mail and the Web to offer and sell shares in public offerings to individuals. WITC also produces and disseminates investment research. For the three months ended 3/31/99, total revenues totalled $3.9 million, up from $76 thousand. Net loss totalled $4.9 million, up from $1.4 million. Results reflect development of the investment banking business, offset by personnel increases. 
Winmill & Co., Inc. (Nasdaq : WNMLA)Winmill and Co., Inc., is a holding company, which through its subsidiaries provides investment management distribution and shareholder administration services for the Bull and Bear Funds, Midas Funds, and Rockwood Funds For the three months ended 3/99, revenues fell 14 percent to $775 thousand. Net loss from continuing operations totaled $19 thousand vs. income of $207 thousand. Results reflect lower level of net assets under management, higher S/G/A expenses and higher rent expenses. 
Ziegler Companies (AMEX : ZCO)ZCO is a holding company which owns seven subsidiary companies. Six of the companies engage in financially oriented businesses and the other engages in environmental services. For the nine months ended 9/30/98, total revenues rose 41 percent to $56.1 million. Net loss fell 63 percent to $402 thousand. Revenues benefitted from higher investment banking and investment management fees. Lower loss also benefitted from the absence of a $3.9 million provision for losses.%}
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AMBAC Financial Group (NYSE : ABK)AMBAC Financial Group is a holding company which provides financial guarantee insurance and financial management services to public and private clients. For the three months ended 3/31/99, total revenues increased 11 percent to $128.4 million. Net income increased 11 percent to $73.2 million. Revenues benefitted from higher premiums written and lower unearned premiums. Earnings also reflect lower underwriting and operating, and financial management services expenses. 
American Country Holdings (Nasdaq : ACHI)American Country Holdings is a property and casualty insurance company which underwrites and markets specialty transportation, commercial, and personal lines of insurance. For the three months ended 3/31/99, revenues rose 9 percent to $16.8 million. Net loss totalled $88 thousand, vs. an income of $474 thousand. Revenues benefitted from increased transportation lines premiums. Loss reflects increased loss and loss adjustment expenses. 
ACE Limited (NYSE : ACL)ACE Limited through its subsidiaries, provides insurance and reinsurance products for a diverse group of international clients. For the six months ended 3/31/99, revenues increased 11 percent to $822.3 million. Net income decreased 1 percent to $367.6 million. Revenues benefitted from an increase in investment income and the acquisitions of ACE USA and CAT. Earnings were offset by increased cost base resulting from the strategic diversification of the Company. 
ACMAT Corporation (Nasdaq : ACMTA)ACMAT, a holding company, provides commercial insurance and bonding coverage for contractors and other professionals in the construction and environmental fields. ACMAT is also engaged in construction contracting. For the three months ended 3/31/99, total revenues fell 11 percent to $6.6 million. Net income fell 12 percent to $881 thousand. Revenues reflect lower earned premiums due to a soft market insurance place. Net income also reflects an absent of $400 thousand pre-tax investment gains. 
American Eagle Group, Inc (OTC BB : AEGP)AEGP is an insurance holding Company which markets and underwrites property and casualty coverage for the general aviation, artisan contractors, local and intermediate haul trucking and private yachts. For the nine months ended 9/97, total revenues fell 79 percent to $20.4 million. Net loss applicable to Common rose 88 percent to $8.5 million. Revenues reflect lower earned premiums and lower investment income. Higher loss reflects higher losses and loss adjustment expenses. 
Allmerica Financial Corp. (NYSE : AFC)AFC is a holding co. for a group of insurance and financial services companies, offering financial products and services in Risk Management and Retirement and Asset Accumulation. For the three months ended 3/99, revenues rose 10 percent to $953.6 million. Net income totalled $154.1 million, up from $66.8 million. Revenues reflect the sale of appreciated equities in the property and casualty portfolio. Results also reflect declining information systems costs. 
American Financial Group (NYSE : AFG)AFG is a holding company engaged in specialty and multi-line property and casualty insurance, and in the sale of tax deferred annuity and life and health insurance products. For the three months ended 3/31/99, revenues fell 20 percent to $813.8 million. Net income before extraordinary item and accounting change applicable to Common fell 12 percent to $59.1 million. Results reflect stonger price competition in the personal automobile market, and the absence of gains on sale of investees. 
Argonaut Group, Inc. (Nasdaq : AGII)Argonaut Group, Inc. is a holding company whose subsidiaries are primarily engaged in the selling, underwriting and servicing of workers compensation and other lines of property-casualty insurance. For the three months ended 3/31/99, revenues fell 53 percent to $46.1 million. Net income fell 74 percent to $9.5 million. Revenues reflect lower gains on the sale of investments. Earnings also reflect higher underwriting, acquistion and insurance expenses as a  percentage of sales. 
Acceptance Insurance Cos. (NYSE : AIF)AIF underwrites and sells specialty property and casualty insurance coverage that serve niche markets or programs and crop insurance coverages. For the three months ended 3/31/99, revenues fell 21 percent to $62.3 million. Net income before accounting change fell 45 percent to $3.4 million. Revenues reflect a decrease in premiums written, lower net investment income and lower net realized capital gains. Net income reflects lower margins and higher borrowings. 
American Indemnity Finan. (Nasdaq : AIFC)American Indemnity Financial, an insurance holding company comprised of a group of property and casualty insurance companies, offers personal and commercial lines of insurance through its independent agents. For the fiscal year ended 12/31/98, revenues decreased 2 percent to $69.3 million. Net loss decreased 1 percent to $5.8 million. Revenues suffered from competitive pricing pressures. Lower losses reflect a decrease in loss adjustment expenses. 
American Int'l Group, Inc (NYSE : AIG)American International Group is a holding company engaged in insurance and insurance-related activities in the U.S. and abroad. AIG's primary activities are general and life insurance operations. For the three months ended 3/31/99, revenues rose 19 percent to $9.13 billion. Net income rose 19 percent to $1.20 billion. Results benefitted from higher general insurance premiums written, higher life insurance premium income and higher investment income. 
Allcity Insurance Company (Nasdaq : ALCI)ALCI provides private passenger and commercial automobile insurance, commercial multi-peril, workers' compensation and other liability insurance, and miscellaneous fire, allied and homeowners insurance coverages, primarily in NY. For the three months ended 3/99, total revenues fell 28 percent to $17.4 million. Net income fell 21 percent to $87 thousand. Results reflect a decline in the number of assigned risk automobile pool contracts acquired, offset by lower losses. 
Alfa Corporation (Nasdaq : ALFA)Alfa, through its subsidiaries, offers life and property/casualty insurance, consumer financing, leasing, real estate investment and sales, and construction. For the three months ended 3/99, total revenues increased 6 percent to $122.8 million. Net income increased 1 percent to $16.3 million. Results reflect increased property casualty business and increased investment income due to improved underwriting results, partially offset by legal and administrative expenses. 
Allstate Corporation (NYSE : ALL)ALL is a holding company for Allstate Insurance Company and subsidiaries. Allstate is engaged in the property-liability insurance, life insurance and annuity business. For the three months ended 3/31/99, total revenues rose 6 percent to $6.81 billion. Net income applicable to Common rose 11 percent to $1.04 billion. Revenues reflect growth in property-liabilities premiums. Net income also benefitted from higher realized capital gains. 
Amwest Insurance Group (AMEX : AMW)Amwest is an insurance holding Co. engaged, through its subsidiaries, in underwriting surety bond, commercial automobile insurance (in CA), and property and casualty coverages. For the nine months ended 9/98, net premiums earned rose 19 percent to $80 million. Net income rose 36 percent to $5.1 million. Results reflect continued growth in the contract and commercial surety operations, lower operating costs as a  percentage of revenues and a $1 million gain on the sale of investment property. 
American National Fncl. (Nasdaq : ANFI)American National Financial, Inc. provides title insurance services as well as other real estate related financial and informational services including escrow, real estate information, trustee sale guarantees, and appraisals. For the three months ended 3/31/99, revenues rose 34 percent to $24.4 million Net income totalled $2.8 million, up from $1.1 million. Revenues reflect expansion through acquisitions. Net income reflects higher margins and increased productivity. 
American Safety Insurance (NYSE : ASI)American Safety Insurance develops, manages and markets primary casualty insurance and reinsurance programs in the alternative insurance market for environmental remediation risks and employee leasing and staffing industry risks. For the three months ended 3/31/99, total revenues increased 33 percent to $4.8 million. Net income increased 68 percent to $1.7 million. Revenues reflect higher interest on notes receivables. Earnings also reflect lower losses and loss adjustment costs. 
Bancinsurance Corporation (Nasdaq : BCIS)Bancinsurance Corporation, through its subsidiary, Ohio Indemnity Co. underwrites specialized property and niche products and related services. For the three months ended 3/31/99, total revenues rose 39 percent to $7.1 million. Net income rose 24 percent to $881 thousand. Revenues benefitted from strong performance in the Company's expanding core lines of business. Earnings were partially offset by higher loss and loss adjustment expenses and higher commissions paid. 
W.R. Berkley Corporation (Nasdaq : BKLY)W.R. Berkley is an insurance holding company whose subsidiaries provide regional property casualty insurance, reinsurance, specialty lines of insurance, alternative markets services and international insurance. For the three months ended 3/31/99, total revenues rose 6 percent to $407.7 million. Net income before extraordinary item and accounting change applicable to Common fell 92 percent to $2 million. Results reflect an increase in treaty volume, offset by higher than expected loss ratios. 
Berkshire Hathaway Inc. (NYSE : BRKa)Berkshire Hathaway is a holding company primarily involved in the property and casualty insurance business. BRK.A is also involved in publishing, manufacturing of confectionery products, cleaning systems, footwear, and furnishings retailing. For the three months ended 3/31/99, total revenues rose 64 percent to $5.45 billion. Net income fell 25 percent to $541 million. Revenues reflect the acquisition of General Re. Earnings were offset by underwriting losses at General Re. 
Capitol Transamerica Corp (Nasdaq : CATA)Capitol Transamerica is a property and casualty insurance holding company engaged in the writing of a complete portfolio of fidelity and surety bonds and specialty insurance coverages through its subsidiaries. For the three months ended 3/31/99, revenues decreased 1 percent to $25.1 million. Net income increased 31 percent to $4.5 million. Revenues reflect a decrease in premium writings. Earnings benefitted from lower losses incurred. 
Chubb Corporation (NYSE : CB)CB is a holding company whose subsidiaries are engaged in two industries: property and casualty insurance and real estate. For the three months ended 3/31/99, revenues increased 3 percent to $1.63 billion. Net income decreased 3 percent to $186.9 million. Revenues reflect increased premiums earned and increased investment income. Net income was offset by increased insurance claims and increased amortization of deferred policy acquisition costs. 
Consumers Financial Corp. (OTC BB : CFIN)CFIN is an insurance holding company which, until 10/97, provided credit life and credit disability insurance in the Middle Atlantic region of the U.S. CFIN discontinued those operations and on 3/98 approved a plan of liquidation. For the three months ended 3/31/98, total revenues totalled $317 thousand, up from $54 thousand. Net loss from continuing operations applicable to Common fell 17 percent to $206 thousand. Results reflect higher investment gains, partially offset by higher corporate expenses. 
Commerce Group, Inc. (NYSE : CGI)CGI is principally engaged in providing personal and commercial property and casualty insurance in MA, primarily motor vehicle insurance covering personal automobiles. CGI also originates residential and commercial mortgage loans. For the three months ended 3/31/99, total revenues rose 6 percent to $227.2 million. Net income fell 42 percent to $14.7 million. Results reflect increased premiums written due to the acquisition of ACIC, offset by higher costs for settling physical damage claims. 
Chandler Insurance Co. (Nasdaq : CHANF)CHANF is an insurance holding company in the Cayman Islands whose subsidiaries are engaged in various property and casualty insurance and reinsurance operations. For the three months ended 3/31/99, total revenues increased 24 percent to $22.9 million. Net income decreased 46 percent to $525 thousand. Revenues reflect higher net premiums earned primarily attributable to increased production in Oklahoma and Texas. Net income was offset by higher loss adjustment expense. 
CIGNA Corporation (NYSE : CI)CIGNA Corporation provides insurance and related financial services including life/health and property/ casualty insurance, and managed care, annuity, retirement and investment products. For the three months ended 3/31/99, total revenues remained flat at $5.40 billion. Net income before accounting change decreased 44 percent to $279 million. Results reflect membership growth and rate increases, offset by increased benefits, losses and settlement expenses. 
Cincinnati Financial Corp (Nasdaq : CINF)Cincinnati Financial Corp. provides property and casualty, life, fire, health and all related forms of property and casualty insurance. CINF's CFC-I provides vehicle and equipment leasing. For the three months ended 3/31/99, total revenues increased 5 percent to $536.7 million. Net income fell 23 percent to $64.5 million. Revenues reflect higher property and casualty premiums. Earnings were offset by higher catastrophic and property and casualty losses. 
CNA Financial Corporation (NYSE : CNA)CNA Financial Corporation, through its subsidiaries, is principally engaged in the underwriting of property, casualty, life and accident and health insurance coverages, as well as pension products and annuities. For the three months ended 3/31/99, revenues rose 2 percent to $4.43 billion. Net income before accounting change applicable to Common fell 28 percent to $167 million. Results reflect increased realized investment gains, offset by increased amortization and restructuring. 
Capital Title Group, Inc. (Nasdaq : CTGI)CTGI provides title insurance and escrow services to the real estate industry in Yavapai, Maricopa and Mohave counties in AZ and San Diego County, CA. For the fiscal year ended 12/31/98, revenues totalled $23.2 million, up from $8.3 million. Net income totalled $1.7 million vs. a loss of $245 thousand. Revenues reflect aquisitions in CA, startup operations in CA and Mohave County, AZ and a favorable real estate market and interest rates. Net income also reflects improved operating margins. 
Chicago Title Corporation (NYSE : CTZ)Chicago Title Corporation is a provider of title insurance and other related services for residential and commercial real estate transactions. For the three months ended 3/31/99, total revenues increased 22 percent to $489.5 million. Net income from continuing operations increased 9 percent to $23.2 million. Revenues reflect an increase in direct residential refinance title insurance premiums. Earnings were partially offset by an increase in commissions paid to agents. 
Cumberland Technologies (Nasdaq : CUMB)CUMB through its subsidiaries provides underwriting for specialty surety and performance and payment bonds for contractors. The Company also provides claim and contracting consulting services. For the three months ended 3/31/99, revenues rose 13 percent to $2.6 million. Net income decreased 23 percent to $247 thousand. Revenues reflect higher premiums earned due to increased market penetration. Earnings were offset by a rise in amortization of deferred policy acquisition costs. 
Donegal Group, Inc. (Nasdaq : DGIC)DGIC is a regional insurance holding company which offers a range of insurance products, including homeowner and private passenger automobile policies, and commercial automobile, multiple peril and workers' compensation policies. For the three months ended 3/31/99, revenues rose 30 percent to $40.1 million. Net income fell 35 percent to $2.2 million. Results reflect premium growth due to the acquisition of Southern Heritage, offset by a lower loss ratio. 
Danielson Holding Corp. (AMEX : DHC)DHC is a holding company that offers a variety of insurance, trust and investment management and other financial service products through its subsidiaries. The largest subsidiary is National American Insurance Co. of CA. For the fiscal year ended 12/98, total revenues fell 2 percent to $64.7 million. Net income fell 50 percent to $2.3 million. Revenues reflect lower average fixed income invested assets. Earnings also reflect a shift to automobile lines which have lower loss and LAE ratios. 
Enhance Financial Service (NYSE : EFS)EFS is a holding company which provides financial guaranty reinsurance, reinsurance and insurance of related specialty lines of business, and primary guaranty insurance. For the three months ended 3/31/99, total revenues fell 8 percent to $44.4 million. Net income decreased 6 percent to $18.2 million. Revenues reflect a decrease in gross premiums written and municipal new-issue volume. Earnings reflect the cost of reorganizing Singer's operations including new product start-up expenses. 
EMC Insurance Group (Nasdaq : EMCI)EMC Insurance Group is an insurance holding company with operations in property and casualty, reinsurance, nonstandard risk auto insurance, and an excess and surplus lines insurance agency. For the three months ended 3/31/99, revenues rose 9 percent to $56.9 million. Net income fell 60 percent to $1.8 million. Revenues benefited from an increase in premiums earned. Net income was offset by a decline in the amount of favorable development experienced in the actual settlement of claims. 
Executive Risk, Inc. (NYSE : ER)ER is a specialty insurance holding company which develops, markets and underwrites specialty insurance products, principally professional liability coverages but also crime, inland marine and other property-casualty lines. For the three months ended 3/31/99, total revenues rose 6 percent to $81.6 million. Net income decreased 3 percent to $11.2 million. Results reflect growth in net premiums written and invested assets, offset by a $2.6 million non-recurring merger expenses. 
Erie Indemnity Company (Nasdaq : ERIE)ERIE is the attorney-in-fact for Erie Insurance Exchange (the ``Exchange''). The Company's principal business consists of management of the Exchange. The Company also engages in the property/casualty insurance business. For the three months ended 3/99, revenues rose 6 percent to $169.3 million. Net income rose 5 percent to $33.4 million. Revenues reflect increased management fees. Earnings were partially offset by increased commissions and incentive awards. 
E.W. Blanch Holdings Inc. (NYSE : EWB)EWB, a holding company for E.W. Blanch Co., provides integrated risk management and distribution services including reinsurance intermediary, risk management consulting and administration, and primary insurance distribution services. For the three months ended 3/31/99, revenues rose 32 percent to $62 million. Net income rose 34 percent to $9.5 million. Results reflect increased domestic operations revenue due to new client production, higher operating profit margins and acquisitions. 
First American Financial (NYSE : FAF)First American Financial Corp. is a holding company engaged in the business of providing title insurance, tax services, credit reports, and home warranty, trust and mortgage services. For the three months ended 3/99, total revenue rose 15 percent to $706.9 million. Net income fell 44 percent to $24.9 million. Results reflect an increased number of title orders closed by the Company's direct operations, offset by processing and closing costs and new acquisitions. 
First Central Financial (OTC BB : FCCX)First Central Financial is the parent co. of First Central Insurance Co. (processes renewals and services existing business), and Mercury Adjustment Bureau, Inc. (a licensed insurance adjuster). For the six months ended 6/97, revenues fell 15 percent to $25.3 million. Net loss totalled $9 million vs. an income of $1 million. Revenues reflect decreased premium writing due to the Company's ceasing to write new business. Loss reflects an increase in losses and loss adjustment expense. 
Farm Family Holdings Inc. (NYSE : FFH)FFH is a specialized, regional property and casualty insurer of farms, agricultural related businesses, and residents and businesses of rural and suburban communities. For the three months ended 3/31/99, revenues rose 12 percent to $53.7 million. Net income rose 24 percent to $3.7 million. Results reflect an increase in earned premiums on the Company's primary products, a company-wide expense management program and higher margins on premium income. 
Fremont General Corp. (NYSE : FMT)FMT is a nationwide insurance and financial services holding company. FMT underwrites workers' compensation insurance and is engaged in commercial and residential real estate lending, commercial finance and premium financing. For the three months ended 3/99, revenues rose 14 percent to $298.8 million. Net income rose 8 percent to $34.3 million. Revenues reflect higher financial services revenues. Earnings were partially offset by increased dividends paid to policyholders. 
Fidelity Nat'l Financial (NYSE : FNF)Fidelity National Financial, Inc., through its subsidiaries, is engaged in issuing title insurance policies and performing other title related services. Total revenues for the three months ended 3/31/99 increased 31 percent to $344.3 million. Net income increased 19 percent to $19.8 million. Revenues reflect premium growth in both direct and agency operations. Earnings were partially offset by higher personnel costs, other operating expenses and agent commissions. 
Foremost Corp. of America (NYSE : FOM)FOM is a holding company which, through its subsidiaries, provides property and casualty insurance to those who buy, sell or finance mobile homes and recreational vehicles. For the three months ended 3/99, revenues rose 9 percent to $127.2 million. Net income increased 75 percent to $20.3 million. Revenues reflect increased mobile home premiums and automobile premiums. Earnings benefitted from decreased insurance loss and other operating expenses. 
FPIC Insurance Group, Inc (Nasdaq : FPIC)FPIC Insurance Group, Inc. is a holding company whose subsidiaries provide professional liability insurance for physicians, dentists, hospitals and other healthcare providers, primarily in Florida. For the three months ended 3/31/99, total revenues rose 57 percent to $40 million. Net income rose 51 percent to $7.2 million. Results reflect increased premiums written in Texas and the assumption of MPL premiums, partially offset by higher claims administration expenses. 
Financial Sec. Assurance (NYSE : FSA)Financial Security Assurance, through its wholly owned subsidiary, is engaged in the business of providing financial guaranty insurance on asset-backed securities and municipal obligations. For the three months ended 3/99, total revenues increased 20 percent to $64.2 million. Net income increased 15 percent to $30.5 million. Revenues reflect higher levels of consumers. Net income was partially offset by lower margins and a $585 thousand minority interest charge. 
Frontier Insurance Group (NYSE : FTR)FTR and its subsidiaries is a specialty property and casualty insurer operating in 50 states. FTR's principal lines of business are general liability, medical malpractice, surety, specialty personal lines and credit related products. For the three months ended 3/99, revenues rose 14 percent to $161.2 million. Net income fell 7 percent to $16.4 million. Results reflect increased premiums earned, offset by increased employee and interest expenses. 
Gainsco, Inc. (NYSE : GNA)GNA is a property and casualty insurance holding company specializing in certain specialty excess and surplus markets within the commercial auto, auto garage and general liability insurance lines. For the three months ended 3/99, revenues fell 2 percent to $26.3 million. Net income totalled $2.1 million vs. a loss of $9.4 million. Revenues reflect decreased investment income. Earnings benefitted from favorable claim development from prior years. 
Goran Capital Inc. (Nasdaq : GNCNF)Goran Capital is a Canadian holding company engaged, through its subsidiaries, in the underwriting of property and casualty insurance. The Company also offers specialized reinsurance. For the three months ended 3/31/99, revenues fell 5 percent to $78.4 million. Net income from continuing operations applicable to Common fell 41 percent to $2.2 million. Revenues reflect $1.3 million in realized capital losses vs. $2 million in gains. Earnings also reflect increased temporary labor costs. 
Hallmark Financial Svcs. (Emerging Company Marketplace : HAFHAF is involved in marketing, underwriting and premium financing of non-standard automobile insurance, as well as claims adjusting and other insurance related services. For the fiscal year ended 12/31/98, revenues rose 5 percent to $16.6 million. Net loss before extraordinary item fell 94 percent to $47 thousand. Revenues reflect higher net premiums earned and an increase in finance charges. Lower loss reflects decreases in salaries, other benefit expenses, commission expenses, and premium taxes. 
HCC Insurance Holdings (NYSE : HCC)HCC is principally engaged in providing aviation, marine, offshore energy, property, accident and health, and lenders single interest insurance and reinsurance on a worldwide basis. For the three months ended 3/31/99, revenues rose 35 percent to $92 million. Net income rose 21 percent to $20.7 million. Revenues reflect higher management fees and commission income due to internal growth and acquisitions. Net income were partially offset by higher loss adjustment and compensation costs. 
Harleysville Group Inc. (Nasdaq : HGIC)Harleysville Group is an insurance holding company which engages, through its subsidiaries, in the property and casualty insurance business. For the three months ended 3/99, revenues rose 5 percent to $199.7 million. Net income before accounting change increased 6 percent to $14.8 million. Revenues benefitted from an increase in premiums earned for commercial lines and from an increase in invested assets. Results also reflect higher realized investment gains. 
Highlands Insurance Group (NYSE : HIC)Highlands Insurance Group is an insurance holding company whose subsidiaries are principally engaged in the writing of property and casualty insurance for commercial customers and certain personal lines. For the three months ended 3/31/99, total revenues fell 7 percent to $100 million. Net income fell 57 percent to $2.8 million. Results reflect reduced investment income due to the continued reduction in the size of the investment portfolio, and a higher loss ratio. 
Horace Mann Educators (NYSE : HMN)Horace Mann Educators, an insurance holding company, markets and underwrites personal lines of property and casualty and life insurance and retirement annuities. For the three months ended 3/31/99, revenues fell 3 percent to $190 million. Net income fell 24 percent to $17.1 million. Revenues suffered from a realized investment loss from the sale of two fixed income securities. Net income reflects the deferral of additional acquisition costs. 
HSB Group, Inc. (NYSE : HSB)HSB provides insurance against losses from accidents to boilers, pressure vessels and a wide variety of mechanical and electrical machinery and equipment. For the three months ended 3/99, revenues rose 7 percent to $146.9 million. Net income from continuing operations applicable to Common fell 51 percent to $21 million. Revenues reflect recent acquisitions and realized investment gains. Earnings were offset by the absence of $39 million in gains from the sale of the interest in Industrial Risk Insurers. 
IPC Holdings, Ltd. (Nasdaq : IPCR)IPC Holdings provides property catastrophe reinsurance, and to a limited extent, marine, aviation, property-per-risk excess and other short-tail property reinsurance worldwide. For the three months ended 3/31/99, revenues fell 3 percent to $37.7 million. Net income fell 47 percent to $15.2 million. Revenues reflect rate reduction and program restructuring. Earnings also reflect higher losses and loss adjustment expenses due to the icestorms in the U.S. 
Investors Title Company (Nasdaq : ITIC)Investors Title Company, through its wholly-owned subsidiaries, is licensed to insure titles to residential, institutional, commercial and industrial properties. For the nine months ended 9/98, total revenues rose 50 percent to $34.6 million. Net income increased 20 percent to $4 million. Revenues benefitted from continued marketing efforts and a strong real estate market. Earnings were partially offset by increased personnel costs and higher commissions rates due to expansion in new markets. 
Kaye Group Inc. (Nasdaq : KAYE)KAYE is an insurance holding company, whose subsi-diaries underwrite property/casualty and employee benefit insurance. KAYE also provides a full range of brokerage and risk management services. For the three months ended 3/31/99, total revenues increased 9 percent to $16.1 million. Net income increased 40 percent to $1.4 million. Revenues reflect increased net premiums earned and higher investment income. Net income also reflects lower rent costs and lower S/G/A expenses. 
Capital Re Corporation (NYSE : KRE)Capital Re is an insurance holding company for a group of reinsurance companies that provide value-added reinsurance products in several specialty insurance markets in two principal divisions: financial guaranty and financial risks. For the three months ended 3/31/99, total revenues rose 1 percent to $61.8 million . Net income from continuing operations fell 4 percent to $19.4 million. Results reflect higher investment income, offset by increased loss and acquisition costs. 
LandAmerica Financial Grp (NYSE : LFG)LandAmerica Financial Group, a holding company, is engaged in the business of issuing title insurance policies and performing other real estate-related services for both residential and commercial real estate transactions. For the three months ended 3/99, revenues rose 91 percent to $489.9 million. Net income applicable to Com. totalled $12.9 million, up from $4 million. Results reflect strong volumes in resale and refinancing transactions and favorable claims experiences. 
LaSalle Re Holdings Ltd. (NYSE : LSH)LSH is a property an casualty reinsurer writing worldwide specialist products with an emphasis on catastrophe cover. For the six months ended 3/31/99, revenues fell 7 percent to $91.6 million. Net loss applicable to Common totalled $7.9 million vs. income of $38.2 million. Revenues reflect a decrease in net premiums earned due to a reduction of premiums written. Earnings reflect higher losses and loss expenses due to the tornadoes which hit the mid-western states. 
Loews Corporation (NYSE : LTR)Loews Corporation is a holding company whose subsidiaries are engaged in property, casualty and life insurance, the production and sale of cigarettes and watches, and the operation of hotels and oil and gas drilling rigs. For the three months ended 3/99, revenues rose 15 percent to $5.56 billion. Net income before accounting change totalled $203.3 million vs. a loss of $83.7 million. Revenues reflect higher risk earned premium. Earnings reflect higher margins. 
Leucadia National Corp. (NYSE : LUK)LUK is a financial services holding company engaged in personal and commercial lines of property and casualty insurance, banking, lending, manufacturing and real estate activities. For the three months ended 3/31/99, revenues rose from $145 million to $298.6 million. Net income from continuing operations rose from $11.1 million to $148.2 million. Revenues reflect higher rent income and gains from real estate properties sales. Earnings reflect lower provision for insurance losses and policy benefits. 
Medical Assurance, Inc. (NYSE : MAI)Medical Assurance, Inc. provides professional and general liability insurance for physicians and surgeons, dentists, hospitals, and others engaged in the delivery of health care. For the three months ended 3/31/99, total revenues rose 24 percent to $52.3 million. Net income before accounting change rose 16 percent to $11.5 million. Results reflect an increase in direct medical malpractice premiums written, partially offset by increased policy acquisition costs. 
Mobile America Corp. (Nasdaq : MAME)MAME provides property and casualty insurance, life insurance and insurance administrative services to various state underwriting associations on a fee for service basis and premium financing. For the three months ended 3/31/99, revenues fell 20 percent to $11.3 million. Net income fell 60 percent to $534 thousand. Results reflect lower premiums earned due to increased competition and lower net investment income. Net income reflects higher loss adjustment expenses. 
MBIA Incorporated (NYSE : MBI)MBI provides financial guarantees for municipal bonds, asset-backed and mortgage-backed securities, corporate debt and debt of selected financial institutions and provides investment management services. Revenues for the three months ended 3/31/99 increased 6 percent to $237.5 million. Net income decreased 91 percent to $9.4 million. Revenues reflect growth in premiums earned due to new business written. Net income was offset by increased operating expenses as a  percentage of revenues. 
McM Corporation (MCMCMCMC is an insurance holding company that conducts its business through subsidiaries, in property and casualty insurance and non-insurance fixed maturity investments. For the fiscal year ended 12/98, revenues decreased 16 percent to $50.2 million. Net loss applicable to Com. rose 83 percent to $15.6 million. Revenues reflect an increase in the level of premiums ceded to the Company's reinsurers and decreased premium production. Higher loss suffered from increased provisions for bad debts. 
Mercury General Corp. (NYSE : MCY)Mercury General Corp. is an insurance holding Co. engaged primarily in writing all risk classifications of automobile insurance in CA. Total revenues for the three months ended 3/31/99 rose 5 percent to $315.7 million. Net income fell 22 percent to $40 million. Revenues reflect premiums written growth due to the California non-standard auto program and the Florida auto program. Earnings suffered from higher loss ratio due to the 7 percent rate reduction taken in California in April, 1998. 
Merchants Group, Inc. (AMEX : MGP)Merchants Group Inc., through its subsidiary, provides property and casualty insurance to preferred risk individuals and small to medium size businesses in the Northeast U.S. For the three months ended 3/31/99, revenues remained unchanged at $27.1 million. Net income rose 23 percent to $1.6 million. Revenues reflect substantially unchanged net premiums earned. Earnings reflect lower losses in the Co.'s private passenger and commercial automobile business. 
Meadowbrook Insurance (NYSE : MIG)Meadowbrook Insurance Group, Inc. is a holding co. for Star Insurance Co., Savers Property and Casualty Insurance Co. and American Indemnity Insurance Co. Ltd. For the three months ended 3/99, revenues rose 31 percent to $37.9 million. Net loss before accounting change totalled $1.4 million vs. income of $3.3 million. Revenues reflect higher net earned premiums due to a rise in existing business reflecting new programs added. Losses reflect an increase in loss and loss adjustment expenses. 
Meridian Insurance Group (Nasdaq : MIGI)Meridian Insurance Group is a holding company engaged in underwriting property and casualty insurance, through its wholly-owned sudsidiaries. For the three months ended 3/31/99, revenues rose less than 1 percent to $52.8 million. Net income before accounting change fell 63 percent to $924 thousand. Revenues reflect higher realized investment gains. Net income suffered from higher weather-related catastrophe losses incurred due to severe winter weather. 
Markel Corporation (NYSE : MKL)Markel Corporation, an insurance holding company, writes specialty insurance products and programs for a variety of niche markets through its insurance subsidiaries. For the three months ended 3/31/99, revenues rose 38 percent to $138.5 million. Net income rose 14 percent to $14.7 million. Revenues reflect the Gryphon acquisition and increased production in the Essex specialty property program. Earnings were partially offset by expenses related to the Gryphon acquisition. 
Midland Company (Nasdaq : MLAN)Midland Company, through its two primary subsidiaries, writes physical damage insurance and related coverages on manufactured housing and charters barges and brokers freight for commodity movement on inland waterways. For the three months ended 3/99, total revenues rose 6 percent to $114.1 million. Net income rose 30 percent to $7.9 million. Revenues reflect volume increases in manufactured home and related coverages. Earnings reflect fewer weather-related catastrophe losses. 
Mutual Risk Management (NYSE : MM)Mutual Risk Management provides risk management services to clients in the U.S., Bermuda, Barbados, the Cayman Islands and Europe seeking an alternative risk funding vehicle. For the three months ended 3/31/99, total revenues increased 27 percent to $91.9 million. Net income applicable to Common rose 24 percent to $18.8 million. Revenues reflect growth in the Program business segment. Earnings were partially offset by a rise in acquisition costs, and growth in personnel. 
MMI Companies, Inc. (NYSE : MMI)MMI and its subsidiaries provide insurance products and related specialized services in two principal markets: the US healthcare industry and international insurance markets. For the three months ended 3/99, total revenues fell 14 percent to $115 million. Net income from continuing operations fell 38 percent to $5.9 million. Revenues reflect lower Medical malpractice net premiums earned. Earnings also reflect costs associated with the ARM acquisition and higher brokerage expenses. 
Motor Club of America (Nasdaq : MOTR)MOTR and its affiliated companies provide a broad range of property and casualty insurance and related services. Revenues for the three months ended 3/31/99 increased 1 percent to $14.3 million. Net income decreased 4 percent to $986 thousand. Revenues reflect increases in new commercial business written, and increased net investment income due to an increase in average invested assets. Net income was offset by increased insurance losses and loss expenses. 
MGIC Investment Corp. (NYSE : MTG)MTG, a holding company, provides private mortgage insurance coverage in the United States to the home mortgage lending industry through Mortgage Guaranty Insurance Corp. For the three months ended 3/99, total revenues rose 1 percent to $246.7 million. Net income rose 7 percent to $100.4 million. Revenues reflect a higher  percentage of renewal premiums on mortgage loans with deeper coverages. Earnings also reflect decreased losses paid and continued improvement in California. 
Navigators Group, Inc (Nasdaq : NAVG)NAVG, through its subsidiaries, underwrites marine, onshore energy, and engineering and construction insurance. For the three months ended 3/31/99, total revenues fell 10 percent to $21.7 million. Net income fell 38 percent to $2.1 million. Results reflect intense market competition in the marine business, decreased underwritings of aviation, onshore energy, and engineering and construction insurance, a decrease in commission income from the Somerset Companies, and a greater loss ratio. 
North East Insurance Co. (Nasdaq : NEIC)North East Insurance Co. underwrites casualty and property insurance (general liability, auto liability, physical damage, commercial multi-peril and other general lines). For the nine months ended 9/30/98, total revenues increased 31 percent to $9.4 million. Net loss decreased 55 percent to $54 thousand. Revenues benefitted from an increase in premiums and the introduction of ``Auto''Matic insurance program. Lower loss also reflects lower expenses as a  percentage of revenues. 
NYMAGIC, Inc. (NYSE : NYM)NYM, through its subsidiaries, specializes in underwriting ocean marine, inland marine, aviation and other liability insurance through insurance pools managed by Mutual Marine Office, Pacific Mutual Marine Office, and MMO of the Midwest. For the three months ended 3/99, total revenues fell 38 percent to $22.8 million. Net income fell 4 percent to $5.2 million. Results reflect intense ocean marine premium competition partially offset by a decreased loss ratio. 
Orion Capital Corporation (NYSE : OC)Orion Capital Corporation is a property and casualty insurance holding company whose subsidiaries concentrate on commercial insurance in specialized markets. OC also owns an equity interest in Guaranty National Corp., a property and insurance holding company. For the three months ended 3/99, revenues fell 21 percent to $336.3 million. Net loss before accounting change totalled $88 million vs. an income of $42.2 million. Results reflect lower premiums earned and higher losses incurred. 
Ohio Casualty Corp. (Nasdaq : OCAS)Ohio Casualty Corp. operates as a holding company and is principally engaged in the business of property and casualty insurance and insurance premium finance. For the three months ended 3/99, revenues increased 19 percent to $427.3 billion. Net income from continuing operations before accounting change decreased 62 percent to $11.7 million. Results reflect increased premiums and finance charges earned, offset by higher S/G/A expenses and amortization of policy acquisition costs. 
Old Guard Group, Inc. (Nasdaq : OGGI)OGGI is a holding company for Old Guard Insurance Co., Old Guard Fire Insurance Co., New Castle, Old Guard management, and First Patriot Insurance Co. OGGI main lines of business are homeowners, farmowners, personal and commercial multi-peril. For the fiscal year ended 12/31/98, revenues rose 20 percent to $85 million. Net income fell 92 percent to $279 thousand. Results reflect an increase in homeowners and personal auto premiums offset by higher commission expense. 
Old Republic Int'l Corp. (NYSE : ORI)ORI is a holding company engaged in the underwriting and managing of property and liability, life and disability, title, and mortgage guaranty insurance. For the three months ended 3/31/99, revenues increased 7 percent to $541.2 million. Net income decreased 9 percent to $73.8 million. Revenues reflect positive effects of favorable mortgage rates, greater housing price appreciation and strong mortgage finance activity. Earnings were offset by higher underwriting and acquisition costs. 
PAULA Financial (Nasdaq : PFCO)PFCO and subsidiaries is an integrated insurance organization which specializes in the production, underwriting and servicing of workers' compensation and accident and health insurance for agribusiness clients. For the three months ended 3/31/99, total revenues fell 34 percent to $20.6 million. Net income rose 25 percent to $1.3 million. Revenues reflect lower gross premiums written due to decline of large accounts. Earnings reflect decreases in loss ratio. 
Progressive Corp. (NYSE : PGR)The Progressive Corp. is an insurance holding company for 82 subsidiaries which provide personal auto insurance and specialty property-casualty insurance. PGR also has one mutual insurance company affiliate. For the three months ended 3/99, revenues rose 12 percent to $1.41 billion. Net income fell 12 percent to $105.3 million. Revenues reflect increases in premiums earned and investment income. Earnings were offset by additional advertising expenses. 
Philadelphia Consol. Hld. (Nasdaq : PHLY)PHLY designs, markets and underwrites specialty commercial property and casualty insurance products for the rent-a-car, automobile leasing, health fitness and non-profit industries. For the three months ended 3/31/99, revenues rose 39 percent to $41.1 million. Net income increased 9 percent to $4.9 million. Revenue reflects higher net premiums earned due to expanded marketing efforts. Net income was partially offset by dividend expenses on trust preferred securities. 
Professionals Group, Inc. (Nasdaq : PICM)PICM is an insurance holding company which provides medical professional liability insurance for physicians, surgeons, dentists, hospitals and other health care providers. For the three months ended 3/31/99, revenues decreased 4 percent to $50.7 million. Net income increased 5 percent to $6.7 million. Revenues reflect decreased net realized investment gains. Net income reflects a decreased losses and loss adjustment expense due to milder weather. 
PICO Holdings, Inc. (Nasdaq : PICO)PICO is a diversified holding company operating in four segments; wholesale water and storage, real estate and minerals, insurance underwriting, and investment management. For the three months ended 3/99, total revenues fell 23 percent to $10.5 million. Net loss from continuing operations totalled $2.1 million, up from $980 thousand. Revenues reflect decreases in premiums due to more stringent underwriting, and decreased interest from fixed income secs. Higher loss suffered from unprofitable MPL underwritings. 
PMI Group, Inc. (NYSE : PMA)PMI Group, through its wholly-owned subsidiaries, underwrites residential mortgage and title insurance, and also offers mortgage pool insurance products. For the three months ended 3/31/99, total revenues rose 3 percent to $155.3 million. Net income fell 5 percent to $43.7 million. Revenues reflect growth of risk in force of both primary and pool insurance, and an increase in market share. Earnings were offset by increased policy acquisition costs and higher underwriting expenses. 
PMA Capital Corporation (Nasdaq : PMACA)PMA Capital Corporation is an insurance holding company whose susidiaries provide property and casualty reinsurance products and services, workers' compensation and other commercial insurance, and specialty insurance. For the three months ended 3/31/99, total revenues fell 6 percent to $140.4 million. Net income before accounting change fell 30 percent to $8.5 million. Revenues reflect lower realized investment gains. Earnings also reflect increased dividends to policyholders. 
Penn-America Group, Inc. (NYSE : PNG)Penn American Group is an insurance holding company which is engaged, through its wholly-owned subsidiary Penn-America Insurance Company, in the property and casualty insurance business. For the three months ended 3/31/99, total revenues decreased 5 percent to $24.4 million. Net income decreased 14 percent to $2.2 million. Revenues reflect a 40 percent decrease in personal lines automobile premiums earned. Net income also suffered from increased underwriting expenses. 
PXRE Corporation (NYSE : PXT)PXRE Corporation is principally engaged in the underwriting of treaty and facultative reinsurance for property (including marine and aerospace) and short tail casualty risks. For the three months ended 3/31/99, revenues remained flat at $29.4 million. Net loss totalled $2.8 million vs. an income of $10 million. Revenues reflect increased premiums earned, offset by increased investment losses. Loss reflects losses related to Hurricanes Georges and Mitch. 
Risk Capital Holdings (Nasdaq : RCHI)Risk Capital Holdings is a reinsurance holding Co. which integrates property and casualty reinsurance underwriting with an investment strategy focused on the insurance industry. The Co. operates through its subsidiary, Risk Capital Reinsurance Co. For the three months ended 3/99, revenues rose 45 percent to $66.3 million. Net loss before acct. change totalled $24.6 million vs. income of $1.6 million. Results reflect increased premiums written, offset by higher claims. 
Radian Group, Inc. (NYSE : RDN)Radian Group, Inc. provides, through its wholly owned subsidiary Commonwealth Mortgage Assurance Company, private mortgage insurance coverage in the United States on residential mortgage loans. For the three months ended 3/31/99, total revenues rose 14 percent to $89.8 million. Net income applicable to Common rose 9 percent to $22.1 million. Results reflect strong new insurance volume and increased pool insurance written, partially offset by $2.4 million in merger expenses. 
Everest Reinsurance Hold. (NYSE : RE)Everest Reinsurance Holdings, a holding company for Everest Reinsurance Co., is engaged in property and casualty reinsurance operations on a treaty and facultative basis. Revenues for the three months ended 3/31/99 fell 2 percent to$294.1 million. Net income rose 4 percent to $41.2 million. Results reflect a decrease in direct treaty reinsurance and insurance premiums. Earnings benefitted from lower loss and loss adjustment expenses. 
Reliance Group Holdings (NYSE : REL)REL is a holding company whose principal business is the ownership of Reliance Insurance Company, which underwrites property, casualty and automobile insurance. For the three months ended 3/31/99, revenues decreased 29 percent to $750 million. Net income from continuing operations before extraordinary item and accounting change fell 79 percent to $42.3 million. Revenues reflects the absence of $197.3 million gain from the sale of subsidiary. Earnings reflect $24 million in restructuring charges. 
RISCORP, Inc. (OTC BB : RISC)RISCORP, Inc., prior to 4/98, was a managed care workers' compensation company which offers managed care products and services designed to lower the overall costs of workers' compensation claims. The Company currently has no operating activity. For the fiscal year ended 12/31/98, total revenues fell 80 percent to $43.1 million. Net loss totalled $70.9 million vs. income of $7.3 million. Results reflect the 4/98 sale of all insurance operations to Zenith. 
RLI Corporation (NYSE : RLI)RLI Corporation is a holding company that, through its subsidiaries, underwrites selected property and casual insurance products. For the three months ended 3/31/99, total revenues increased 26 percent to $52 million. Net income decreased 6 percent to $6.6 million. Revenues benefitted from an increase in gross writings of the insurance group and the impact of the new global casualty reinsurance treaty. Earnings were offset by an increase in losses and settlement expenses. 
RenaissanceRe Holdings (NYSE : RNR)RenaissanceRe Holdings provides property catastrophe reinsurance coverage to insurers and reinsurers on a worldwide basis, primarily on a excess of loss basis. For the three months ended 3/31/99, total revenues rose 14 percent to $69.7 million. Net income fell 16 percent to $30 million. Revenues benefitted from increased premiums earned due to acquisitions. Earnings were offset by increased claims and claims expenses and a $3 million write-off of goodwill. 
RTW, Inc. (Nasdaq : RTWI)RTWI provides comprehensive management products and services to employers for their workers' compensation programs in MN, WI, SD, CO, MO, IL, KS, MI, IN, MA, CT, RI and NH. For the three months ended 3/31/99, total revenues fell 23 percent to $18.9 million. Net income totalled $1.2 million vs. a loss of $1.1 million. Revenues reflect a $4.2 million premiums ceded cost vs. a $1.2 million benefit. Net income reflects a decreased claim and claim settlement expense. 
SAFECO Corporation (Nasdaq : SAFC)SAFC is engaged in underwriting property and casualty insurance, surety insurance and life and health insurance. SAFC is also involved in real estate investment, commercial lending and investment management. For the three months ended 3/31/99, revenues rose 5 percent to $1.67 billion. Net income applicable to Common rose 6 percent to $118.5 million. Revenues reflect increases in written premiums for property and casualty lines. Earnings reflect increased profits in credit and asset management. 
Seibels Bruce Group (Nasdaq : SBIG)SBIG provides auto, flood and other property and casualty insurance services and products primarily to the Southeastern U.S. For the fiscal year ended 12/31/98, revenues rose 47 percent to $81.4 million. Net loss available to Common before accounting change totalled $2.5 million vs. income of $4 million. Revenues reflect increases in automobile and commercial multi-peril premiums. Net loss reflects higher loss and loss adjustments costs and higher policy acquisition costs. 
SCOR (NYSE : SCO)SCOR is a France-based provider of treaty and facultative reinsurance on a worldwide basis to property-casualty and life insurers through nine subsidiary companies and 14 branches and representative offices. For the six months ended 6/30/98, total revenues fell 1 percent to FF7.59 billion. Net income fell 12 percent to FF470M. Revenues reflect reduced life premiums earned. Earnings also suffered from increased property-casualty claims and acquisition costs. 
Symons Int'l Group, Inc. (Nasdaq : SIGC)SIGC is primarily involved in the sale of personal nonstandard automobile insurance and crop insurance. For the three months ended 3/31/99, revenues fell 4 percent to $75.4 million. Net income applicable to Common fell 59 percent to $2 million. Revenues reflect decreased gross premiums written for the nonstandard automobile segment due to downsizing, loss of business, and slow growth of new business. Earnings suffered higher policy acquisition and general and administrative costs. 
Selective Insurance Group (Nasdaq : SIGI)Selective Insurance Group is an insurance holding company that provides property and casualty insurance products to small-to medium-sized service-oriented businesses, government entities and individuals. For the three months ended 3/31/99, revenues increased 16 percent to $234.7 million. Net income decreased 12 percent to $14 million. Revenues benefitted from higher net premiums written in Commercial SBU's. Earnings were offset by a higher loss expense ratio. 
SCPIE Holdings (NYSE : SKP)SCPIE Holdings, Inc. is the parent company of a group of insurance and insurance-related companies providing medical malpractice insurance primarily in CA. For the three months ended 3/99, total revenues rose 8 percent to $56.7 million. Net income rose 28 percent to $11.6 million. Results reflect an increase in medical malpractice insurance premiums from physicians and medical groups, higher realized investment gains, and favorable economies of scale. 
St. Paul Companies (NYSE : SPC)SPC underwrites property-casualty, life insurance and reinsurance worldwide, and offers asset management services. For the three months ended 3/31/99, net revenues fell 3 percent to $2.24 billion. Net income before accounting change and applicable to Common remained flat at $195 million. Revenues reflect decreased underwritings of unprofitable business as per a management initiative. Earnings reflect decreases in both S/G/A and policy acquisition expenses offset by a greater loss ratio. 
Stewart Information Svcs. (NYSE : STC)STC is principally engaged in the issuance of title insurance on homes and other real property through over 4,200 issuing locations in all 50 states, D.C. and several foreign countries. STC also provides services to the real estate and mortgage industries. For the three months ended 3/31/99, revenues rose 26 percent to $247.9 million. Net income rose 11 percent to $9.6 million. Results reflect an increased number of mortgage closings, partially offset by increased compensation rates. 
State Auto Financial (Nasdaq : STFC)State Auto Financial Corp. is an insurance holding company engaging inproperty and casualty, automobile, homeowners, commercial multi-peril, worker's compensation, and fire insurance. STFC also provides investment management services. For the three months ended 3/31/99, total revenues rose 12 percent to $110.9 million. Net income fell 6 percent to $10.9 million. Results reflect acquisitions and an amendment to the Company's pooling arrangement, offset by storm-related catastrophe losses. 
CNA Surety Corporation (NYSE : SUR)CNA Surety provides surety and fidelity bonds in all 50 states through a combined network of 37,000 independent agents. For the three months ended 3/31/99, total revenues rose 14 percent to $74.6 million. Net income rose 33 percent to $13 million. Revenues reflect higher gross written premiums from Contract surety due to increased highway construction. Net income reflects a lower loss ratio, a lower expense ratio and lower interest expenses due to lower debt levels. 
Travelers Property Casual (NYSE : TAP)Travelers Property Casualty Corp. is a property casualty insurance holding company engaged, through its subsidiaries, principally in two business segments: Commercial Lines and Personal Lines. For the three months ended 3/31/99, revenues fell 1 percent to $2.57 billion. Net income before accounting change rose 4 percent to $334 million. Revenues reflect a decrease in realized investment gains. Earnings benefitted from lower general and administrative expenses. 
21st Century Holding Co. (Nasdaq : TCHC)TCHC is a vertically integrated insurance holding co. which, through its subsidiaries, controls all aspects of the insurance underwriting, distribution and claims process. For the three months ended 3/99, total revenues increased 13 percent to $6 million. Net income increased 3 percent to $610 thousand. Revenues reflect an increase in commission income and the higher number of premium contracts financed by Federated Premium. Net income reflects costs related to 22 agencies acquired by the Co. 
Triad Guaranty Inc. (Nasdaq : TGIC)TGIC is a holding Co. for Triad Guaranty Insurance Corp., which provides private mortgage insurance coverage in the US to residential mortgage lenders, including mortgage bankers, mortgage brokers, and commercial banks. For the three months ended 3/31/99, revenues increased 30 percent to $18.3 million. Net income increased 22 percent to $6.6 million. Results reflect increases in earned premiums and net investment income, partially offset by an increase in loss ratio. 
Tokio Marine & Fire Ins. (Nasdaq : TKIOY)TKIOY writes marine, fire and casualty, automobile and allied lines of insurance, principally covering risks in Japan and hull and cargo risks for Japanese business. TKIOY has also offered life insurance since 8/96 through a new subsidiary. For the fiscal year ended 3/98, total revenues rose 2 percent to Y1.435T. Net income rose 28 percent to Y151.43 billion. Revenues reflect increased automobile, cargo and allied line premiums written. Earnings reflect a reassessment of deferred taxes. 
Terra Nova Bermuda Hldng. (NYSE : TNA)Terra Nova Bermuda Holdings, through its five wholly-owned subsidiaries, is a specialty property, casualty, marine and aviation insurance and reinsurance company. For the three months ended 3/31/99, total revenues rose 1 percent to $172.8 million. Net income fell 14 percent to $21.1 million. Revenues reflect increased premiums earned due to increased participation in the Octavian syndicates. Earnings were offset by increased policy acquisition costs. 
Trenwick Group, Inc. (Nasdaq : TREN)Trenwick Group is an insurance holding company whose principal subsidiary, Trenwick America Reinsurance Corp. and Trenwick International Limited, underwrite reinsurance and specialty insurance. Total revenues for the three months ended 3/31/99 rose 28 percent to $75.6 million. Net income fell 12 percent to $8.1 million. Revenues benefitted from an increase in Trenwick International's increased capital base. Earnings were offset by higher claims expenses and interest expense. 
20th Century Industries (NYSE : TW)20th Century Industries is an insurance holding company which markets and underwrites passenger automobile liability, physical damage, and personal excess liability insurance. For the three months ended 3/31/99, revenues increased 2 percent to $219.5 million. Net income applicable to Common increased 27 percent to $28.9 million. Revenues reflect an increase in realized investment gains. Earnings also reflect the absence of a $5.1 million preferred dividends charge. 
Unistar Financial Service (AMEX : UAI)Unistar Financial Service Corp. is a fully integrated financial service holding company, specializing in auto insurance, renter's insurance, premium financing, and insurance claims management. For the three months ended 3/31/99, total revenues totalled $19.6 million. Net income totalled $1.4 million. Results are not comparable due to the 9/98 formation of the Company through a reverse-takeover of International Fidelity Holding Corporation. 
United Fire & Casualty (Nasdaq : UFCS)United Fire and Casualty Company is engaged in the business of writing property, casualty and life insurance. Revenues for the three months ended 3/99 decreased 1 percent to $79.1 million. Net income decreased 67 percent to $3 million. Revenues reflect lower investments gains due to the absence of the exercise of written covered call options. Net income reflects higher losses and settlement expenses and increased other underwriting expenses due to deferred acquisition costs. 
Universal Heights, Inc. (OTC BB : UHTS)Universal Heights, Inc. is a property and casualty insurance company. In 1997, the Company discontinued its operations in the design and marketing of licensed novelty and souvenir products. In 2/98 the Company began operating a new insurance business. For the nine months ended 9/30/98, revenues totalled $6.6 million. Net income totalled $2 million. Results are not comparable due to the changes in the Company's business and fiscal Year end from April to December. 
Unico American Corp. (Nasdaq : UNAM)Unico American Corp. is an insurance holding company whose subsidiaries provide property, casualty, health and life insurance and related premium financing. For the three months ended 3/31/99, total revenues decreased 15 percent to $10.6 million. Net income decreased 6 percent to $2 million. Results reflect reduced premiums earned due to a change in marketing strategy in Washington and Oregon, partially offset by the favorable development of prior period losses. 
Unitrin, Inc. (Nasdaq : UNIT)Unitrin, Inc. is a holding company engaged in the life, health, property and casualty insurance, and thrift and loan businesses. For the three months ended 3/99, total revenues rose 2 percent to $427.4 million. Net income fell 31 percent to $52.2 million. Revenues reflect increased life and health insurance premiums earned due to the acquisition of The Reliable Life Insurance Company. Net income was offset by Year 2000 costs and higher insurance expenses. 
Vesta Insurance Group (NYSE : VTA)VTA is the holding company for a group of property and casualty insurance companies (the ``Vesta Group'') that offer treaty reinsurance and primary insurance on personal and commercial risks. For the three months ended 3/31/99, revenues fell 1 percent to $148.9 million. Net income totalled $8.8 million, up from $2.1 million. Revenues reflect a decline in personal lines gross written premiums. Earnings reflect lower loss and loss adjustment expenses and lower amortization costs. 
XL Capital Limited (NYSE : XL)XL Capital Limited, through its wholly owned subsidiaries, provides excess liability insurance coverage to industrial, commercial and other enterprises. For the three months ended 2/28/99, total revenues rose 58 percent to $434.3 million. Net income rose 23 percent to $191.7 million. Revenues reflect increased net premiums earned and net investment income as a result of the Mid Ocean Limited merger. Earnings were partially offset by higher acquisition, administration and amortization costs. 
Exstar Financial Corp. (XTARExstar Financial, an insurance holding company, which produces and underwrites property and casualty insurance and manages insurance claims. For the three months ended 3/31/98, revenues fell 22 percent to $4.2 million. Net loss totalled $492 thousand vs. income of $2.8 million. Revenues reflect the absence of a one-time settlement of a lawsuit against the Company's former independent auditors. Loss reflects the WESTCAP's and Claims Control's expenses being included in the Co's results. 
Alleghany Corporation (NYSE : Y)Y engages in title insurance, real estate-related services, certain financial services, property and casualty reinsurance and insurance, industrial minerals and steel fastener importing and distribution. For the three months ended 3/31/99, total revenues rose 33 percent to $276.1 million. Net income from continuing operations rose 23 percent to $16 million. Results reflect higher trust fees and net property and casualty premiums earned, partially offset by higher losses and loss adjustment costs. 
Zenith National Insurance (NYSE : ZNT)Zenith National Insurance is a holding company whose subsidiaries provide property-casualty insurance and weorkers' compensation insurance, and develop land and construct private residences for sale in Las Vegas, Nevada. For the three months ended 3/31/99, total revenues rose 12 percent to $162.2 million. Net income totalled $104.4 million, up from $7.1 million. Results reflect increased workers' compensation premiums earned and a $160.3 million gain on the sale of CalFarm Insurance.%}
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Arthur J. Gallagher & Co. (NYSE : AJG)Arthur J. Gallagher and Company provides insurance brokerage, risk management, employee benefit and related services to clients worldwide. For the three months ended 3/31/99, total revenues rose 7 percent to $135.1 million. Net income rose 14 percent to $13.3 million. Results reflect acquisitions, new business production, strong niche marketing, and a smaller  percent increase in salaries and other operating expenses due to economies of scale. 
Aon Corporation (NYSE : AOC)Aon Corporation is a family of insurance brokerage, consulting& consumer insurance companies serving clients and policyholders through distribution networks owned by Aon subsidiaries. For the three months ended 3/31/99, revenues rose 9 percent to $1.70 billion. Net income applicable to Common fell 64 percent to $49 million. Revenues benefitted form acquisition-related growth in brokerage commissions and fees. Earnings were offset by $163 million in special charges for restructuring and pension misselling. 
Anchor Pacific Underwrit. (OTC BB : APUX)Anchor Pacific Underwriters, Inc. is a holding company that provides insurance administration, and property and casualty brokerage services through its three direct and indirect subsidiaries. For the nine months ended 9/30/98, total revenues rose 68 percent to $11.8 million. Net loss fell 81 percent to $114 thousand. Results benefited from increases in fee income derived from third-party administration services and lower operating costs as a  percentage of revenues. 
Brown & Brown, Inc. (NYSE : BRO)Brown and Brown, Inc. is a diversified insurance brokerage and agency that markets and sells primarily property and casualty insurance products and services. Revenues for the three months ended 3/31/99 rose 20 percent to $43.9 million. Net income rose 46 percent to $6.7 million. Revenues benefitted from acquired agencies and new business production. Net income also benefitted from lower operating expenses as a  percentage of sales. 
Baldwin & Lyons, Inc. (Nasdaq : BWINB)Baldwin and Lyons, Inc. is principally engaged in the marketing and underwriting of property and casualty insurance. The Company also provides specialized insurance-related services. For the three months ended 3/31/99, total revenues fell 2 percent to $23.9 million. Net income rose 5 percent to $5 million. Revenues reflect decreased premiums earned from fleet trucking products. Earnings were offset by increased ceding commission income generated from new treaties. 
Centris Group, Inc. (NYSE : CGE)CGE, a holding company for US Benefits Insurance Services, INTERRA Reinsurance Group and Seaboard Life Insurance Co. provides specialty, catastrophic accident, health and medical lines coverage. For the three months ended 3/99, total revenues rose 22 percent to $46.4 million. Net income from continuing operations fell 53 percent to $1.2 million. Revenues reflect $13.9 million in managed and withdrawal lines. Earnings were offset by increased professional services incurred. 
Clark Bardes Holdings (Nasdaq : CLKB)Clark Bardes Holdings is a designer, marketer and administrator of business-owned life insurance products to large corporations and bank-owned life insurance to banks in the U.S. For the three months ended 3/99, revenues increased 75 percent to $24.1 million. Net income increased from $183 thousand to $1.5 million. Revenues reflect the acquistions of Bank Compensation Strategies Group, Schoenke and Wiedemann and Johnson. Net income reflects improved margins and lower interest expense. 
Core, Inc. (Nasdaq : CORE)Core, Inc. is a national provider of employee absence management services to Fortune 500 companies, third-party administrators and insurance carriers. For the three months ended 3/31/99, revenues rose 45 percent to $14.7 million. Net income totalled $882 thousand, up from $210 thousand. Revenues benefitted from growth of Integrated Disability Management services. Earnings also benefitted from higher margins due to efficiencies resulting from a larger client base. 
Crawford & Company (NYSE : CRDb)CRD.B is a diversified service firm providing claims administration, risk management, disability managment and risk information services to insurance companies, self insured corporations and governmental entities. For the three months ended 3/99, revenues rose 4 percent to $172.6 million. Net income fell 12 percent to $10 million. Results reflect the acquisition of Adjusters Canada Incorporated. Earnings were offset by higher selling, general and administrative expenses. 
DCAP Group, Inc. (OTC BB : DCAP)DCAP Group, an insurance brokerage, specializes in providing assigned-risk and nonstandard insurance policies, offering automobile, boat, motorcycle, property casualty, life, mortgage, commercial property and homeowners insurance coverage. For the predecessor Company's (EXTECH's) fiscal year ended 12/98, total revenues rose 3 percent to $1 million. Net loss fell 23 percent to $112 thousand. Revenues reflect increases in hotel room rentals and interest income. Lower loss also reflects decreased S/G/A. 
Frontier Adjusters of Am. (AMEX : FAJ)Frontier Adjusters of America is engaged in the licensing and franchising of independent adjusters through-out the U.S. and Canada. FAJ also operates independent adjusting businesses in AZ and NV. For the six months ended 12/31/98, revenues rose 9 percent to $3.2 million. Net income fell 12 percent to $435 thousand. Revenues reflect adjusting fees from the Phoenix office and higher licensee and franchisee fees. Earnings were offset by additional employees and higher legal and accounting fees. 
First Health Group Corp. (Nasdaq : FHCC)First Health Group Corp. provides Preferred Provider Organization, clinical cost management, fee schedule and other cost management services. The Company also provides insurance coverage. For the three months ended 3/99, revenues decreased 8 percent to $117.4 million. Net income decreased 24 percent to $17.6 million. Revenues suffered from the loss of traditional First Health Strategies clients. Net income also reflects decreased interest income due to lower investment balances. 
Healthcare Recoveries (Nasdaq : HCRI)Healthcare Recoveries is an independent provider of health insurance subrogation and related recovery services for private healthcare payors in the U.S. For the three months ended 3/99, revenues rose 24 percent to $13.9 million. Net income fell 33 percent to $1.4 million. Revenues reflect an increase in claims revenue and recoveries due to acquisitions. Earnings reflect operating costs related to acquisitions and capital expenditures for continuing system upgrades. 
Hartford Financial Svcs. (NYSE : HIG)The Hartford Financial Services Group, Inc. is a diversified insurance co. which provides property and casualty insurance, and life insurance. For the three ended 3/31/99, total revenues fell 12 percent to $3.3 billion. Net income fell 10 percent to $238 million. Revenues reflect the lowewr premiums earned due to the sale of London and Edinburgh Insurance Group. Lower net income was partially offset by lower benefits, claims and claim adjustment expenses. 
Hilb, Rogal & Hamilton Co (NYSE : HRH)Hilb, Rogal, and Hamilton places various types of insurance (property, casualty, marine, aviation and employee benefits) with insurance underwriters on behalf of its clients. For the three months ended 3/31/99, revenues increased 6 percent to $50.3 million. Net income increased 25 percent to $7.4 million. Results reflect gains on the sale of certain insurance accounts. Net income also reflects lower compensation and employee benefits as a  percentage of sales. 
Interstate Nat'l Dealer (Nasdaq : ISTN)ISTN designs, markets and administers service contracts and warranties for new and used motor vehicles, recreational vehicles, watercraft, motorcycles and other vehicles. For the three months ended 1/99, revenues rose 12 percent to $11.5 million. Net income fell 39 percent to $491 thousand. Revenues reflect higher recognition of deferred contract revenue. Earnings were offset by the absence of a $500 thousand settlement gain from a dispute with an unaffiliated party. 
Juniper Group, Inc. (Nasdaq : JUNI)Juniper Group provides of various types of revenue enhancement services for the healthcare industry, provides full service healthcare networks, and acquires, exploits and distributes film rights. For the three months ended 3/31/99, revenues fell 26 percent to $154 thousand. Net loss applicable to Common rose 9 percent to $270 thousand. Revenues reflect the discontinuation of a joint venture and an arrangement with the Guardian. Higher loss was partially offset by decreased salaries. 
Liberty Financial Co's (NYSE : L)Liberty Financial Companies is an asset accumulation and management company providing investment management products and retirement-oriented insurance products through multiple distribution channels. For the three months ended 3/31/99, revenues rose 2 percent to $311.9 million. Net income applicable to Common fell 13 percent to $27.2 million. Results reflect a higher level of fee-based assets under management, offset by increased operating expenses due to acquisitions. 
Marsh & McLennan Co's (NYSE : MMC)MMC is a holding co. which, through its subsidiaries, provides analysis, advice and transactional capabilities in the fields of insurance and reinsurance broking, consulting and investment management. Revenues for the three months ended 3/31/99 increased 32 percent to $2.35 billion. Net income increased 21 percent to $279 million. Revenues reflect increased average assets under management. Net income was partially offset by increased operating expenses as a  percentage of revenues. 
Preferred Employers Hldgs (Nasdaq : PEGI)PEGI offers temporary medical staffing, underwrites workers' compensation and business insurance products, and also provides risk management services. For the fiscal year ended 12/31/98, total revenues rose 97 percent to $54.3 million. Net income rose from $610 thousand to $2.2 million. Results reflect high increases in staffing income due to the acquisition of Travel Nurse, an increase in business upon the merger with NET Healthcare and higher margins on temporary medical staffing operations. 
Policy Management Systems (NYSE : PMS)PMS is a provider of enterprise software and electronic commerce systems, related professional services, and business process outsourcing designed to meet the needs of the global insurance and related financial services industries. For the three months ended 3/99, revenues rose 15 percent to $161.5 million. Net income from continuing operations rose 9 percent to $14.1 million. Results reflect increased licensing activity, partially offset by salaries and related costs. 
PartnerRe Ltd. (NYSE : PRE)PRE, through its wholly owned subsidiary, Partner Reinsurance Company Ltd., provides catastrophe and other non-casualty reinsurance to insurance co. worldwide. The Co. also provides underwriting and administrative services through its PartnerRe Services subsidiary. For the nine months ended 9/30/98, revenues rose 83 percent to $665.1 million. Net income applicable to Com. remained flat at $187.9 million. Results reflect higher premiums earned, partially offset by a higher loss expense. 
Rushmore Financial Group (Nasdaq : RFGI)RFGI is a financial services holding company that provides a wide range of investment and insurance services and products to its clients over the Internet and through a national distribution network. For the three months ended 3/99, revenues rose 4 percent to $2 million. Net income applicable to Common was $214 thousand vs. a loss of $146 thousand. Revenues reflect an increase in variable annuity commission income. Net income reflects the pre-tax gain on the disposition of reinsurance policies. 
Stirling Cooke Brown (Nasdaq : SCBHF)Stirling Cooke Brown is a Bermuda holding Company which provides risk management services and products to U.S.-based small and mid-sized businesses. SCBHF provides service to independent insurance carriers, reinsurance companies and the insureds. For the three months ended 3/99, sales rose 18 percent to $23.6 million. Net income before accounting change fell 1 percent to $3.9 million. Results reflect increased business volume, offset by expansion related costs. 
Superior Nat'l Insurance (Nasdaq : SNTL)Superior National Insurance Group, Inc. is a holding company that, through its wholly-owned subsidiaries, is engaged in writing workers' compensation insurance principally in California. For the three months ended 3/31/99, total revenues increased 91 percent to $66.6 million. Net income increased from $1.9 million to $6.7 million. Revenues reflect an increase in premiums written and investment income. Earnings also reflect a $15.9 million commission gain. 
United Medicorp Inc. (OTC BB : UMCI)United Medicorp Inc. provides medical insurance claims processing and accounts receivable management services to healthcare providers using proprietory and purchased software. For the three months ended 3/31/99, total revenues fell 9 percent to $1.2 million. Net loss totalled $33 thousand vs. an income of $172 thousand. Results reflect a decrease in claims submitted at the Washington Hospital and increased office, vehicle and equipment rental expenses. 
Westbridge Capital Corp. (WBBCQWestbridge Capital Corp. is an insurance holding Co. engaged in the development, marketing, underwriting and administration of medical expense and supplemental health insurance products. For the nine months ended 9/98, total sales fell 9 percent to $129.5 million. Net loss applicable to Common before extraordinary item decreased 38 percent to $14.5 million. Results reflect lower first-year premiums, offset by reduced benefits and claims expenses and decreased amortization of policy aquisitions.%}
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American Annuity Group (NYSE : AAG)AAG markets retirement products, individual life insurance and annuity policies and various forms of supplemental life and health insurance. For the three months ended 3/31/99, revenues fell 18 percent to $155 million. Net income before extraordinary item and acct. change fell 13 percent to $22.4 million. Revenues reflect lower life, accident and health premiums and less invested assets. Earnings reflect lower annuity benefits due to lower crediting rates and changes in actuarial assumptions. 
Atlantic American Corp. (Nasdaq : AAME)Atlantic American Corp., through its subsidiaries, offers life, accident and health insurance, which includes Medicare supplement and other medical care policies, as well as property and casualty insurance. For the three months ended 3/99, total revenues rose 3 percent to $27.3 million. Net income applicable to Common Stock decreased 5 percent to $1.2 million. Revenues reflect higher insurance premiums. Net income was offset by lower gross margins. 
Amer. Bankers Insurance (NYSE : ABI)American Bankers Insurance Group is a specialty insurer providing primarily credit-related insurance products in the U.S and Canada, as well as in Latin America, the Caribbean and the United Kingdom. For the three months ended 3/99, revenues rose 37 percent to $411.9 million. Net income applicable to Common totalled $32.5 million vs. a loss of $44.5 million. Revenues reflect the absence of a $100 million merger termination fee. Earnings reflect an improved benefits and claims ratio. 
AEGON N.V. (NYSE : AEG)AEGON N.V. focuses on life insurance, pensions and long-term savings, as well as accident and health and general insurance. For the nine months ended 9/30/98, revenues increased 26 percent to NG28.77 billion. Net income increased 33 percent to NG1.99 billion. Results benefitted from continued strong performance by all of the Company's major group units, the inclusion of the Providian portfolio and the strengthening of U.S. dollar and British pound vs. the Dutch guilder. 
American General Corp. (NYSE : AGC)American General Corporation is a consumer financial services organization providing retirement services, life insurance, and consumer loans. For the three months ended 3/31/99, revenues increased 6 percent to $2.62 billion. Net income applicable to Common rose 18 percent to $286 million. Revenues reflect continued growth in investments and increased premiums and finance charges earned. Earnings also reflect increased benefits from changes in deferred acquisition costs. 
American Heritage Life (NYSE : AHL)American Heritage Life is a holding company whose principal subsidiary is American Heritage Life Insurance Co. AHL offers life, health and accident insurance on an individual, group and credit basis. For the three months ended 3/31/99, revenues rose 6 percent to $105.7 million. Net income rose 16 percent to $10.1 million. Revenues reflect an increase in invested assets. Earnings also reflects decreased taxes, commissions and general expenses due to lower credit earned commissions. 
Acap Corporation (OTC BB : AKAP)Acap Corporation is a life insurance holding company that focuses on the acquisition of existing life insurance policies through direct purchase or the acquisition of insurance companies. For the three months ended 3/31/99, revenues rose 11 percent to $2.7 million. Net income applicable to Common rose 65 percent to $210 thousand. Revenues reflect increased premium income from acquired policies, new business and coinsurance. Net income reflects improved gross margins. 
AmerUs Life Holdings Inc. (NYSE : AMH)AMH is a holding company engaged in marketing, underwriting and distributing life insurance, annuities and related products to individuals throughout the U.S., the District of Columbia and the Virgin Islands. For the three months ended 3/31/99, revenues fell less than 1 percent to $180.5 million. Net income fell 22 percent to $17 million. Revenues reflect lower realized gains on investments. Net income suffered from higher death benefits and Y2K compliance costs. 
American Nat'l Insurance (Nasdaq : ANAT)ANAT offers a broad line of insurance coverage, including individual and group life, health and annuities; personal lines property and casualty; and credit insurance. The Company also offers a variety of mutual funds. For the fiscal year ended 12/97, revenues rose 12 percent to $1.74 billion. Net income increased 15 percent to $248.4 million. Revenues reflect increased gains from investments and higher premiums. Net income benefitted from lower commissions for acquiring and servicing policies. 
ARM Financial Group, Inc. (NYSE : ARM)ARM specializes in the asset accumulation business, providing retail and institutional customers with products and services designed to serve the long-term savings and retirement markets. For the three months ended 3/99, investment fee income rose 32 percent to $36 million. Net income applicable to Common rose 26 percent to $12.4 million. Results reflect higher net investment spread due to the growth of assets under management. Earnings reflect higher technology infrastructure expenses. 
AXA UAP (NYSE : AXA)AXA UAP is the holding company for AXA, an international group of insurance and related financial services companies whose operations include life insurance, property and casuality insurance and reinsurance. For the fiscal year ended 12/31/97, revenues totaled FF448.66 billion, up from FF202.38 billion. Net income according to U.S. GAAP fell 6 percent to FF2.03 billion. Results reflect the acquisition of UAP, offset by a the exclusion of FF6.25 billion in UK with-profits contracts. 
Citigroup Inc. (NYSE : C)Citigroup, Inc. is a diversified holding company whose businesses provide a range of financial services, including banking, insurance and investment services, to consumer and corporate customers around the world. For the three months ended 3/31/99, total revenues rose 6 percent to $20.52 billion. Net income before accounting change applicable to Common rose 17 percent to $2.45 billion. Results reflect increased interest earned on loans and a $130 million restructuring-related credit. 
Ceres Group, Inc. (Nasdaq : CERG)Ceres Group, Inc. is a holding company whose subsidiaries specialize in meeting the accident and health insurance needs of individuals and small to mid-sized businesses and the health and life insurance needs of Americans over age 65. For the three months ended 3/31/99, total revenues totalled $78.4 million, up from $38.1 million. Net income totalled $2.2 million vs. a loss of $2.4 million. Results reflect the CGIC acquisition and a $3.1 million deferral of acquisition costs. 
Citizens, Inc. (AMEX : CIA)CIA, a holding co., provides life insurance through its subsidiaries CICA, USLIC, NSLIC, and CILIC. The Company offers individual accident and health products as well as ordinary whole life policies. For the three months ended 3/31/99, revenues rose 2 percent to $16.8 million. Net income totalled $278 thousand, up from $113 thousand. Revenues reflect the production of new premiums by the agents of CICA. Earnings reflect improved economies of scale after the cosolidation of USLIC and NSLIC. 
Conseco, Inc. (NYSE : CNC)Conseco, Inc. is a financial services holding company, which engages in the development, marketing and administration of annuity, individual health insurance and individual life insurance products. For the three months ended 3/31/99, revenues fell 1 percent to $1.97 billion. Net income before extraordinary item applicable to Common rose 29 percent to $296.5 million. Revenues reflect lower investment gains due to reinvestment at lower yields. Earnings reflect cost efficiencies. 
Cotton States Life Ins. (Nasdaq : CSLI)CSLI is a provider of individual life insurance, payroll deduction life insurance, guaranteed-simplified issue life insurance and individual annuities. For the three months ended 3/31/99, total revenues rose 15 percent to $8.6 million. Net income fell 22 percent to $1.2 million. Revenues reflect strong sales of the Co.'s guaranteed-simplified issue whole life policies and higher commissions. Earnings were offset by higher benefits paid as a  percentage of premium income. 
Delphi Financial Group (NYSE : DFG)DFG is an insurance holding company which, through its subsidiaries, offers a diverse portfolio of life, disability, workers compensation and personal accident insurance to employee benefit plans. DFG also offers annuities to groups and individuals. For the three months ended 3/31/99, total revenues rose 13 percent to $193.1 million. Net income from continuing operations fell 46 percent to $20.6 million. Results reflect increases in group employee benefits, offset by higher benefits claims. 
Equitable Companies (NYSE : EQ)EQ is a financial services company operating in the insurance, investment management and investment banking industries. For the three months ended 3/31/99, revenues rose less than 1 percent to $2.95 billion. Net income from continuing operations fell 15 percent to $226.4 million. Revenues reflect increases from insurance operations and commissions, fees and other income due to increased investment services activity. Earnings were offset by increased other operating expenses. 
Erie Family Life Insur. (OTC BB : ERIF)Erie Family Life Insurance is engaged in the business of underwriting and selling nonparticipating individual and group life insurance policies, including universal life and annuity products. For the three months ended 3/31/99, total revenues rose 2 percent to $24.3 million. Net income fell 25 percent to $4.9 million. Revenues reflect increased policy revenue due to strong production. Earnings were offset by increased death benefits. 
ESG Re Limited (Nasdaq : ESREF)ESG Re Limited, through its subsidiaries, is a specialty reinsurer providing innovative risk solutions and capacity on a global basis in the fields of accident, life, health and special risk reinsurance to insurers and selected reinsurers. For the three months ended 3/99, total revenues rose from $28.4 million to $62.2 million. Net income rose 23 percent to $4 million. Results reflect new business and increased renewal business, partially offset by increased acquisition costs. 
FBL Financial Group (NYSE : FFG)FFG underwrites, markets and distributes life insurance, annuities, property-casualty insurance and mutual funds to individuals and small businesses in 14 western states. For the three months ended 3/31/99, total revenues fell 3 percent to $95.5 million. Net income from continuing operations applicable to Common decreased 11 percent to $11.6 million. Revenues reflect realized losses on investments. Earnings also suffered from an increase in underwriting and acquisition expenses. 
Financial Industries Corp (Nasdaq : FNIN)Financial Industries Corp. is a holding company providing life, disability and health insurance coverage and annuity products throughout the United States. For the fiscal year ended 12/31/98, revenues decreased 15 percent to $53.6 million. Net income decreased 44 percent to $9.2 million. Revenues suffered from lower net premiums and net investment income. Earnings also suffered from higher policyholder benefits and expenses as  percentage of revenues. 
Guarantee Life Co's (Nasdaq : GUAR)The Guarantee Life Companies Inc., a stock life insurance holding company, provides group life and health insurance to employers and other groups and life insurance and annuities for individuals. For the three months ended 3/31/99, total revenues rose 33 percent to $123.7 million. Net income from continuing operations totalled $3.5 million, up from $359 thousand. Results reflect increased life and dental premiums earned and improved operating unit expenses due to technology. 
Hartford Life, Inc. (NYSE : HLI)HLI is an insurance and financial services company that provide preretirement savings, estate planning and employee benefits products. The Company offers variable and fixed annuities, mutual funds and life and disability insurance. For the three months ended 3/31/99, total revenues fell 5 percent to $1.34 billion. Net income rose 26 percent to $106 million. Results reflect the declining block of leveraged COLI business, offset by asset growth and a higher margin in the Investment Product segment. 
Investors Insurance Group (OTC BB : IIGI)IIGI, a holding company, offers flexible premium deferred annuity products and performs agent recruitment services for a group of life insurance companies. For the nine months ended 9/30/98, revenues remained flat at $0. Net loss from continuing operations decreased 64 percent to $97 thousand. Revenues reflect the disposal of Investors Insurance Corporation. Lower loss reflects the absence of a $160 thousand interest expense. 
InterContinental Life (Nasdaq : ILCO)InterContinental, through its subsidiaries, engages in administering existing portfolios of individual and group life insurance, credit life and disability insurance policies and annuity products. Revenues for the three months ended 3/31/99 decreased 6 percent to $26.3 million. Net income increased 9 percent to $3 million. Revenues reflect decreased net investment income. Net income reflects decreased policyholder benefits and expenses and the absence of a $275 thousand interest expense. 
ING Groep N.V. (NYSE : ING)ING Groep N.V. is a global financial institution of Dutch origin which is active in the fields of banking, insurance and asset management in some 60 countries. For the fiscal year ended 12/31/97, total revenues rose 27 percent to NLG60.18 billion. Net income applicable to Common and according to U.S. GAAP rose 16 percent to NLG5.35 billion. Results reflect increased premium income due to growth in the Netherlands and Australia, partially offset by higher underwriting and salary expenses. 
Independence Holding Co. (Nasdaq : INHO)INHO is a financial services holding company engaged in life and health insurance activities through wholly-owned subsidiaries: Standard Life, Madison Life and First Standard. For the three months ended 3/31/99, revenues increased 1 percent to $28.5 million. Net income decreased 2 percent to $2.4 million. Revenues reflect an increase in other income due to acquisitions and continued growth at Madison Life and Standard Life. Earnings were offset by an increase in commissions. 
Investors Heritage Life (OTC BB : INLF)INLF engages in the sale and administration of annuity and insurance products, including whole life, limited pay, universal life, annuity contracts, credit life, credit accident, health and group insurance policies. For the three months ended 3/99, revenues rose 3 percent to $14.7 million. Net income rose 15 percent to $717 thousand. Revenues reflect increased premiums and gains on investments. Earnings also reflect decreased amortization of deferred acquisition costs. 
Jefferson-Pilot Corp. (NYSE : JP)Jefferson-Pilot Corp. is principally engaged in the business of writing life insurance, accident and health insurance and annuity policies. JP is also engaged in radio and television broadcasting and sports program production. For the three months ended 3/31/99, revenues fell 4 percent to $670 million. Net income applicable to common rose 13 percent to $127 million. Results reflect lower life insurance revenues and a decrease in insurance and annuity benefits expense. 
Kansas City Life Insur. (Nasdaq : KCLI)Kansas City Life Insurance Company underwrites a full line of individual life insurance and annuity products through its three wholly owned subsidiaries. For the three months ended 3/31/99, total revenues increased 1 percent to $118.8 million. Net income increased 28 percent to $12.4 million. Revenues reflect higher premiums on life insurance. Net income reflects the result of significantly improved mortality for all three subsidiaries and across all product lines. 
Kentucky Investors, Inc. (OTC BB : KINV)KINV is a holding company for Investors Heritage Life Insurance Company, Investors Heritage Printing, a printing company and Investors Heritage Financial services Group, an insurance marketing company. For the three months ended 3/99, revenues rose 3 percent to $14.8 million. Net income increased 24 percent to $509 thousand. Revenues reflect growth in invested assets due to increased sales and market expansion. Earnings also reflect a credit to amortization of acquisition costs. 
Liberty Corporation (NYSE : LC)LC is a holding company for subsidiaries operating in the insurance and broadcasting businesses. For the three months ended 3/31/99, revenues fell 26 percent to $124.6 million. Net income applicable to Common totalled $2 million vs. a loss of $3.1 million. Revenues reflect decreased insurance revenues due to decreased premiums and policy charges and lower investment income. Net income reflects the absence of $13.8 million in costs related to the sale of a subsidiary and lower expenses. 
Lincoln National Corp. (NYSE : LNC)Lincoln National is an insurance and investment management holding Company. LNC's subsidiaries operate in four business segments: life insurance and annuities, Lincoln UK, reinsurance, and investment management. For the three months ended 3/99, revenues rose 16 percent to $1.68 billion. Net income applicable to Common rose 19 percent to $145 million. Revenues reflect an increase in business volume. Earnings reflect lower benefits and expenses as a  percentage of revenues. 
Lifeone, Inc. (OTC BB : LONE)Lifeone, Inc., through its subsidiaries, markets and sells life and health insurance in 17 states and the District of Columbia. For the nine months ended 9/30/97, total revenues rose 54 percent to $2.8 million. Net income totalled $256 thousand vs. a loss of $1.7 million. Revenues reflect increased accident and health premiums due to additional members in the New Mexico group. Earnings also benefitted from lower operating expenses due to staff reductions and out-sourcing of services. 
Life USA Holding, Inc. (Nasdaq : LUSA)LUSA, a financial services holding and marketing company, writes and sells life insurance and annuities through wholly owned subsidiaries. For the three months ended 3/31/99, revenues rose by less than 1 percent to $92.5 million. Net income fell 33 percent to $4 million. Results reflect an increase in net investment income generated by the growth in annuities and net realized gains on investments, offset by an increase in amortization of deferred policy acquisition costs. 
MONY Group, Inc. (NYSE : MNY)The MONY Group, Inc. is primarily engaged in the business of providing a range of life insurance, annuity, and investment products to higher income individuals, particularly family builders, pre-retirees and small business owners. For the three months ended 3/31/99, total revenues fell 48 percent to $259.2 million. Net income before extraordinary item fell 14 percent to $46 million. Results reflect reduced premiums earned, partially offset by reduced policyholder dividends. 
Nationwide Fncl. Svcs. (NYSE : NFS)NFS is a provider of long-term savings and retirement products, including variable annuities, fixed annuities and life insurance, as well as investment management services, pension products and administrative services. For the three months ended 3/31/99, total revenues rose 7 percent to $657.1 million. Net income rose 1 percent to $87.8 million. Results reflect growth in asset fees due to an increase in separate account assets, partially offset by increased policy cost amortization. 
National Security Group (Nasdaq : NSEC)NSEC is an insurance holding company which writes low value dwelling fire and windstorm, homeowners, and personal non-standard automobile lines of insurance. NSEC also offers a basic line of life, and health and accident insurance products. For the fiscal year ended 12/98, revenues fell 4 percent to $37.3 million. Net income fell 69 percent to $930 thousand. Results reflect a decrease in premiums earned and expenses associated with the settlement of a litigation. 
Nat'l Western Life Insur. (Nasdaq : NWLIA)NWLIA is a life insurance company operating in 43 states, the District of Columbia, Central and South America, the Caribbean and the Pacific Rim. For the three months ended 3/31/99, total revenues increased 8 percent to $86.8 million. Net income increased 36 percent to $14.1 million. Revenues reflect increased net investment income related to the use index options. Earnings also reflect lower expenses on life and other policy benefits due to a decreased insurance claims. 
Provident American Corp. (Nasdaq : PAMC)Provident American through its subsidiaries, Provident Indemnity Life Insurance and HealthAxis.com Inc., markets and underwrites life and medical insurance under ordinary and group plans. For the three months ended 3/99, revenues decreased 82 percent to $4.4 million. Net loss applicable to Common totalled $3 million vs an income of $2.6 million. Results reflect higher accident and health reinsurance ceded as a result of transactions with CRLC and RCH. 
Protective Life Corp. (NYSE : PL)PL is an insurance holding co., whose subsidiaries provide financial services through the production, distribution, and administration of insurance and investment products. For the three months ended 3/31/99, revenues rose 18 percent to $379.2 million. Net income rose 22 percent to $36.6 million. Revenues reflect higher investment income due to an increase in the average amount of invested assets. Net income also reflects decreased operating expenses as a  percentage of revenues. 
Presidential Life Corp (Nasdaq : PLFE)Presidential Life Corp. is an insurance holding company engaged primarily in the life insurance and annuities business through its wholly-owned subsidiary, Presidential Life Insurance Company. For the three months ended 3/31/99, total revenue decreased 1 percent to $63.9 million. Net income before extraordinary item decreased 19 percent to $11.1 million. Revenues suffered from lower net investment income. Earnings also suffered from higher provisions for future benefits. 
Penn Treaty American Corp (NYSE : PTA)PTA provides long-term nursing home and home health care insurance, marketed nationwide to senior citizens via independent insurance agents, and underwritten through four subsidiaries. For the three months ended 3/99, total revenues rose 18 percent to $74.3 million. Net income fell 41 percent to $4.9 million. Results reflect higher accident and health premiums earned and the recent acquisition of UIG, offset by a greater loss ratio, acquisition costs, and increases in personnel and IT expenses. 
Reliastar Financial (NYSE : RLR)RLR is a holding company whose subsidiaries specialize in life insurance and related financial services. For the three months ended 3/31/99, revenues increased 5 percent to $727.1 million. Net income from continuing operations remained flat at $64.4 million. Revenues reflect an increase in interest spreads and growth in assets under management. Net income was partially offset by increased benefits to policyholders due to a less favorable mortality experience. 
StanCorp Financial Group (NYSE : SFG)SFG, through its subsidiary, is a mutual life insurance company that underwrites group and individual disability, life and annuity products and dental insurance for groups. For the three months ended 3/31/99, total revenues rose 7 percent to $320.9 million. Net income before extraordinary item rose 45 percent to $21.2 million. Results reflect increased premiums earned due to growth in the group insurance business, lower interest paid on policyholder funds and lower commissions paid. 
Standard Management Corp. (Nasdaq : SMAN)SMAN is an international financial holding company, which directly and through its subsidiaries acquires and manages in force life insurance and annuity business and issues and distributes life insurance and annuity products. For the three months ended 3/31/99, revenues rose 45 percent to $16.9 million. Net income applicable to Common rose 56 percent to $1.2 million. Revenues reflect a rise in health premiums. Earnings also reflect a decrease in life benefit claims as a  percentage of revenues. 
Security Natl. Financial (Nasdaq : SNFCA)Security National Financial operates in three main business segments: life insurance, cemetery and mortuary, and mortgage loans. For the fiscal year ended 12/31/98, total revenues rose 15 percent to $32.8 million. Net income fell 41 percent to $772 thousand. Revenues reflect increased number of loan originations and higher long-term rates in mortgage loans. Earnings were offset by increased commissions, payroll expenses and additional interest credited to annuities. 
Southern Security Life (Nasdaq : SSLI)Southern Security Life is engaged in the issuance of universal life insurance contracts with various companion riders in the states of AL, FL, GA, HI, IN, IL, KY, LA, MI, MO, OK, SC, TN and TX. SSLI also writes accident and health insurance policies. For the nine months ended 9/30/98, revenues decreased 1 percent to $9 million. Net income increased from $12 thousand to $167 thousand. Results benefitted from an increase in net investment income and policy and benefits reserves. 
Transamerica Corporation (NYSE : TA)Transamerica Corporation is a financial services organization which is engaged, primarily through its subsidiaries, in life insurance, commercial lending, leasing and real estate services. For the three months ended 3/31/99, total revenues rose 2 percent to $1.59 billion. Net earnings rose 10 percent to $169.4 million. Revenues reflect increased real estate operations. Net income reflects higher net margins and lower provisions for income taxes. 
UICI (NYSE : UCI)UICI and subsidiaries are a diversified financial services company which offers insurance and financial services. UICI also provides technology and outsourcing solutions to the insurance and health services community. For the three months ended 3/31/99, total revenues increased 13 percent to $313.1 million. Net income totalled $20.9 million, up from $8.2 million. Results benefitted from the due to the growth of the ACE credit service program and decreased underwriting/acquisition cost. 
Universal American Finan. (Nasdaq : UHCO)Universal American Financial is a life and accident and health insurance holding company that provides life insurance, accident and health insurance and annuity products, and provides services to non-affiliated insurance companies. For the nine months ended 9/30/98, revenues rose 5 percent to $42.2 million. Net income applicable to Common rose 12 percent to $1.7 million. Results reflect increased premiums earned due to acquisitions and an increase in commission allowances on reinsurance ceded. 
United Trust, Inc. (Nasdaq : UTIN)United Trust, Inc. is an insurance holding company whose subsidiaries sell individual life insurance products principally in the Midwestern United States. For the three months ended 3/31/99, total revenues fell 12 percent to $9.8 million. Net income rose 16 percent to $132 thousand. Revenues reflect reduced premiums earned due to the Company writing little new traditional business. Earnings benefitted from reduced dividends paid to policyholders.%}
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Accel International Corp (Nasdaq : ACLE)Accel International Corp., an insurance holding company, sells and underwrites property/casualty insurance products to commercial lines of businesses. For the three months ended 3/31/99, total revenues increased 13 percent to $6.3 million. Net loss totalled $1.3 million, up from $508 thousand. Revenues reflect the effect of ceding less premium to the reinsurers. Higher loss reflects higher general and adiministrative expenses due to increased guaranty association expenses. 
Aetna Inc. (NYSE : AET)Aetna Incorporated provides insurance and financial services centered around three core businesses: healthcare, retirement services, and international. For the three months ended 3/99, revenues rose 23 percent to $5.70 billion. Net income applicable to Common rose 8 percent to $165.6 million. Revenues reflect favorable Commercial HMO results and the acquisition of NYLCare. Earnings were partially offset by acquisition related costs and costs associated with HMO membership increases. 
AFLAC Inc. (NYSE : AFL)AFLAC, Inc. operates in the insurance industry and primarily sells supplemental health insurance in Japan and the U.S. For the three months ended 3/31/99, net revenues increased 17 percent to $2.05 billion. Net income increased 23 percent to $196 million. Revenues benefitted from an increase in premiums, principally supplemental health insurance. Earnings also benefitted from the absence of a $111 million provision for the policy protection fund. 
American Medical Security (NYSE : AMZ)American Medical Security Group is a provider of medical and specialty health and life insurance products and administrative services for small groups. AMZ serves customers in 33 states and the District of Columbia. For the three months ended 3/31/99, revenues rose 11 percent to $274.1 million. Net income from continuing operations rose 93 percent to $3 million. Revenues benefited from the acquisition of Continental Assurance Co. Net income reflects the assumption of $70 million in debt by Newco/UWS. 
Arista Investors Corp. (Nasdaq : ARINA)Arista Investors Corp. is engaged in the sale and underwriting of statutory, super statutory and voluntary disability benefits insurance in NY. For the three months ended 3/99, revenues totalled $964 thousand, up from $235 thousand. Net income from continuing operations fell 7 percent to $94 thousand. Revenues reflect fees earned by the Company under the Guardian's Assumption Reinsurance Agreement. Earnings reflect higher S/G/A costs as a  percentage of revenues. 
Avesis Incorporated (OTC BB : AVSS)Avesis Inc. markets and administers vision, hearing, dental and chiropractic programs which are designed to enable participants to realize savings on purchases of products and services through Company-organized networks of providers. For the nine months ended 2/28/99, revenues rose 30 percent to $7.6 million. Net income applicable to Common totalled $608 thousand vs. a loss of $84 thousand. Results reflect increased administration fee revenue and higher margins due to efficiencies of scale. 
Citizens Financial Corp. (Nasdaq : CNFL)Citizens Financial Corporation is a holding company that engages in the business of life insurance and annuities and accident and health insurance through Citizens Security. For the nine months ended 9/30/98, total revenues rose 15 percent to $19.8 million. Net income applicable to Common rose 84 percent to $1.8 million. Revenues benefitted from an increase in net realized gains on equity securities. Earnings also reflect decreased interest and amortization expenses. 
Chartwell Re Corporation (NYSE : CWL)CWL, an insurance holding company with global underwriting and service operations, operates through its subsidiaries: Chartwell Reinsurance Co., The Insurance Corp. of NY, Chartwell Managing Agents Limited and Dakota Specialty Insurance Co. For the three months ended 3/99, revenues rose 24 percent to $85.3 million. Earnings fell 93 percent to $528 thousand. Results reflect growth of underwriting participation on syndicates, offset by an increase in the loss ratio. 
Coastal Physician Group (OTC BB : ERDR)Coastal Physician Group is a provider of physician management services to physicians, hospitals, government agencies, managed care organizations, employers and other health care organizations nationwide. For the fiscal year ended 12/31/98, revenues fell 31 percent to $294.2 million. Net loss fell 75 percent to $20.1 million. Revenues reflect divestitures and contract terminations at ongoing businesses. Lower loss reflects lower S/G/A expenses due to a reduced number of contracts. 
First Commonwealth, Inc. (Nasdaq : FCWI)FCWI is a provider of managed dental benefits in the upper Midwest. As of 12/98, FCWI provided managed care and indemnity/PPO products to approximately 644,900 employees and dependents through more than 4,000 employer groups. For the three months ended 3/99, revenues rose 7 percent to $16.7 million. Net income rose 33 percent to $1.2 million. Revenues reflect enrollment in the Company's managed care plans and increased prices. Earnings also reflects a lower effective tax rate. 
Foundation Health Systems (NYSE : FHS)Foundation Health Systems, Inc. is a managed health care organization which administers the delivery of managed health care services. For the three months ended 3/99, total revenues rose 5 percent to $2.28 billion. Net income before accounting change rose 80 percent to $47.3 million. Revenues benefitted from an increase in premium rates and a $53.6 million gain on the sale of pharmacy benefits management operations. Earnings reflect lower S/G/A expenses due to cost control efforts. 
First Medical Group (OTC BB : FMDG)First Medical Group owns and operates medical clinic centers which provide healthcare services to expatriates and other local nationals in Eastern Europe. For the three months ended 3/31/99, revenues rose 2 percent to $2.8 million. Net income from continuing operations and before accounting change fell totalled $62 thousand vs a loss of $201 thousand. Revenues reflect increased average patient per diem charges for services. Earnings reflect staff and overhead reductions. 
Healthplex, Inc. (OTC BB : HPLX)HPLX renders marketing, claims processing, electronic data processing, printing, consulting and related services to Dentcare Delivery Systems Inc. and International Health-care Services Inc. For the nine months ended 9/30/98, revenues increased 17 percent to $12.1 million. Net income increased 98 percent to $456 thousand. Results reflect increased revenues from the administrative service business. Net income also reflects increased gross margins from service fee income, and lower interest expense. 
Humana, Inc. (NYSE : HUM)HUM provides managed health care and products and services through the operation of health maintenance organizations (HMO's) and preferred provider organizations. For the three months ended 3/99, total revenues rose 3 percent to $2.48 billion. Net loss totalled $16 million vs. an income of $50 million. Revenues reflect increased commercial and Medicare HMO premium yields. Net loss reflects higher medical expense ratio due to higher hospital outpatient and pharmacy costs. 
MedicalControl, Inc. (Nasdaq : MDCL)MedicalControl, Inc. is a healthcare cost management company serving the managed care industry and providing health care benefit plan administration primarily through its preferred provider networks. For the three months ended 3/99, revenues rose 12 percent to $3.8 million. Net loss totalled $204 thousand, up from $95 thousand. Revenues reflect contributions from recently acquired Business Health Companies. Higher loss suffered from decreased investment income. 
Mid Atlantic Medical Svcs (NYSE : MME)MME is a holding company for subsidiaries active in managed health care and other life and health insurance related activities. For the three months ended 3/31/99, revenues rose 8 percent to $313.2 million. Net income fell 12 percent to $5.9 million. Revenue reflects an increase in net average HMO and indemnity enrollment. Earnings were offset by increased compensation costs for the expansion of the work force and a decrease in investment earnings. 
Oxford Health Plans, Inc. (Nasdaq : OXHP)OXHP provides health benefit plans in NY, NJ, CT, NH, FL, IL and PA. OXHP products include point-of-service Freedom and Liberty Plans, traditional health maintenance organizations, dental plans and third party employer funded benefit plans. For the three months ended 3/99, revenues fell 14 percent to $1.06 billion. Net income totalled $14.3 million vs. a loss of $45.3 million. Revenues reflect a decrease in membership. Net income reflects the absence of a $25 million restructuring charge. 
PennCorp Financial Group (NYSE : PFG)PennCorp Financial Group is a holding company whose subsidiaries underwrite and market fixed benefit accident and sickness insurance and life insurance to lower and moderate income households. Total revenues for the fiscal year ended 12/31/98 increased 33 percent to $880 million. Net loss before extraordinary item and applicable to Common Stock totalled $439.5 million vs. income of $30.6 million. Revenues reflect increased premiums written. Loss reflects a $343 million asset impairment charge. 
PacifiCare Health Systems (Nasdaq : PHSY)PacifiCare owns and operates federally qualified HMOs that arrange health care services principally for a predetermined, prepaid periodic fee to enrolled subscriber groups through independent health care organizations under contract. Revenues for the three months ended 3/31/99 rose 3 percent to $2.45 billion. Net income applicable to Common rose 91 percent to $74 million. Results reflect premium rate increases and lower selling, general and administrative expenses. 
Provident Companies, Inc. (NYSE : PVT)Provident Companies, Inc. provides life and accident insurance, health insurance and disability insurance. The Company also provides employee benefits services. For the three months ended 3/31/99, revenues decreased 1 percent to $988.4 million. Net income applicable to Com. increased 7 percent to $73.8 million. Revenues reflect decreased investment income. Earnings benefitted from decreased commissions expenses and lower taxes paid. 
Reinsurance Group of Am. (NYSE : RGA)RGA is an insurance holding company, primarily engaged in ordinary life reinsurance, and international life and disability on a direct and reinsurance basis. For the three months ended 3/31/99, total revenues rose 41 percent to $443.1 million. Net income from continuing operations increased 38 percent to $22 million. Revenues benefitted from increased renewal and new business premiums. Net income was partially offset by higher claims benefits and interest credited. 
RightChoice Managed Care (NYSE : RIT)RIT is a provider of managed health care benefits in MO. RIT provides a comprehensive array of managed health care products and services. For the three months ended 3/31/99, revenues rose 4 percent to $200 million. Net income totalled $4.7 million, up from $968 thousand. Revenues reflect higher PPO and HMO premiums due to increased member months and an increase in premium rates. Net income also reflects decreased health care services and commission expenses as a  percentage of revenues. 
Safeguard Health Entrprs. (Nasdaq : SFGD)SFGD, a holding Company provides managed care and indemnity dental benefits for approx. 1,165,000 members, through a panel of independent primary care dental offices and specialists. For the fiscal year ended 12/98, revenues rose 2 percent to $97.4 million. Net loss from continuing operations totaled $12.6 million vs. income of $1.8 million. Revenues reflect the acquisition of Advantage Dental HealthPlans. Net loss suffered from an $11.1 million loss on the impairment of assets. 
Sierra Health Services (NYSE : SIE)SIE and its subsidiaries is a managed health care organization that provides and administers the delivery of comprehensive health care and workers compensation programs. For the three months ended 3/99, revenues rose 51 percent to $318.1 million. Net loss totaled $706 thousand vs. income of $12.2 million. Revenues reflect the acquisition of Kaiser and Sierra Military Services implementing the TRICARE contract. Net loss reflects a $8.1 million premium deficiency charge and a $5.1 million impairment charge. 
SunStar Healthcare, Inc. (Nasdaq : SUNS)SunStar Healthcare, Inc. engages in managed health care services in the state of Florida by operating a health maintenance organization through its SHP subsidiary. For the three months ended 10/31/98, total revenues rose from $530 thousand, to $10.6 million. Net loss from continuing ops increased 25 percent to $1.2 million. Results benefitted from revenues generated by the Company's HMO. Higher loss suffered from an increase in HMO medical costs and personnel and marketing expenses. 
Trigon Healthcare, Inc. (NYSE : TGH)TGH, a managed healthcare company, which serves members through statewide and regional provider networks. The Co.'s network systems include; point of service, preferred provider organization, and participating provider networks. For the three months ended 3/31/99, revenues rose 1 percent to $556.5 million. Net income fell 65 percent to $12.1 million. Revenues reflect rate increases and enrollment growth. Earnings were offset by increased medical and other benefits costs. 
Torchmark Corp. (NYSE : TMK)Torchmark, an insurance and diversified financial services holding company, provides individual life and supplemental health insurance, annuities and related products. For the three months ended 3/31/99, revenues rose 4 percent to $572.1 million. Net income applicable to Common from continuing operations rose 7 percent to $83.4 million. Results reflect increases in life and health insurance underwritings, decreases in commissions and other miscellaneous operating expenses, and lower debt levels. 
Transatlantic Holdings (NYSE : TRH)Transatlantic Holdings offers reinsurance capacity for a full range of property and casualty products on a treaty and facultative basis to insurance and reinsurance companies. For the three months ended 3/31/99, revenues rose 5 percent to $387.4 million. Net income rose 55 percent to $74.2 million. Revenues reflect increased net premium written due to increases in international and domestic treaty business. Net income reflects higher realized net capital gains. 
United HealthCare Corp. (NYSE : UNH)United Healthcare Corp. provides both comprehensive managed care services, such as HMO and carrier replacement products, and unbundled health care management and cost containment products and services. For the three months ended 3/31/99, total revenues increased 17 percent to $4.81 billion. Net income applicable to Common increased 6 percent to $132 million. Revenues reflect an increase in commercial health plan enrollments. Earnings were offset by $15 million in realignment and $11 million in interest cost. 
UNUM Corporation (NYSE : UNM)UNUM Corporation is a disability and special risk insuranceholding company which provides long term disability insurance in North America and the U.K. as well as group life, short term disability and long term care insurance. For the three months ended 3/31/99, total revenues rose 16 percent to $1.30 billion. Net income fell 83 percent to $15.5 million. Results reflect higher disability and special risk insurance revenues, offset by $101 million in special charges due to the estimated losses. 
United Wisconsin Services (NYSE : UWZ)United Wisconsin Services is a managed care company, serving 1.7 million people in 39 states. UWZ is the largest Health Maintenance Organization in Wisconsin and also has Specialty Managed Care Insurance Products and Services operations. For the fiscal year ended 12/31/98, total revenues rose 8 percent to $657.6 million. Net income rose 15 percent to $18.1 million. Revenues reflect an increase in the number of HMO members and higher rates. Earnings also reflect reduced profit sharing. 
WellCare Management Group (OTC BB : WELL)WellCare Management Group, is a managed health care holding company, who owns, operates and provides management services to health maintenance organizations. For the nine months ended 9/30/98, total revenues increased 3 percent to $110.2 million. Net loss fell 62 percent to $6.6 million. Revenues reflect higher premium income due to a rise in average member rates and member months. Lower loss reflects decreased medical expenses as a  percentage of premiums earned. 
WellPoint Health Networks (NYSE : WLP)WLP offers a spectrum of network-based managed care products, including preferred provider organizations, HMOs, and point of service and other hybrid and indemnity plans to large and small employers, individual and senior markets. For the three months ended 3/31/99, revenues rose 12 percent to $1.77 billion. Net income from continuing operations before accounting change rose 6 percent to $71.1 million. Results reflect the implementation of price increases, partially offset by rising medical costs.%}
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Avatex Corporation (OTC BB : AVAX)Avatex Corporation, along with its subsidiaries, owns interest in hotels and office buildings and in other corporations and partnerships. For the nine months ended 12/31/98, revenues fell 23 percent to $7.5 million. Net loss applicable to Common fell 77 percent to $26.9 million. Revenues reflect the disposal of a property in fiscal 1998. Lower loss also reflects the absence of a $59 million loss on the National Steel Corporation settlement. 
BridgeStreet Accomm. (AMEX : BDS)Bridgestreet Accommodations, Inc. provides fully furnished apartments, townhouses and condominiums to business travelers and relocated company executives. For the three months ended 3/31/99, revenues rose 19 percent to $23.2 million. Net income rose 20 percent to $83 thousand. Revenues benefitted from increased accommodations rented due to acquisitions and growth in existing markets. Earnings also reflect an improved gross profit margin due to higher occupancy rates. 
Bristol Hotels & Resorts (NYSE : BH)Bristol Hotels and Resorts is an independent hotel operating company with 120 hotels and approximately 32,100 rooms in 27 states and Canada (as of 12/98). BH's hotels operate primarily in the mid-priced to upscale segments of the industry. For the three months ended 3/31/99, revenues totalled $176.2 million. Net income totalled $1.1 million. Results are not comparable due to the 7/98 spin-off from Bristol Hotel Company. 
Blue Ridge Real Estate Co (OTC BB : BLRGZ)Blue Ridge Real Estate Co. is principally engaged in the ownership of investment property in Northeastern Pennsylvania. BLRGZ also owns and operates campgrounds and ski areas. For the nine months ended 12/31/98, revenues fell 3 percent to $7.3 million. Net loss before extraordinary item decreased 22 percent to $222 thousand. Revenues reflect lower revenues from ski operations due to the late opening date of 12/19/98. Lower loss reflects lower operating costs due to the delayed opening. 
Buckhead America Corp. (Nasdaq : BUCK)BUCK operates in the hospitality industry and its principal holdings include hotels, loans and other investments secured by hotels, franchising rights and other related assets. For the three months ended 3/99, total revenues rose 22 percent to $6.5 million. Net loss applicable to Common fell 9 percent to $420 thousand. Revenues reflect eight new leases and two additional hotel acquisitions. Loss was partially offset by higher payroll expenses and debt levels due to acquisitions. 
Castle Group, Inc. (OTC BB : CAGU)The Castle Group, Inc. is engaged in the business of hotel and resort management, reservations, and sales and marketing. The Company operates under the names Hawaiian Pacific Resorts and Castle Resorts and Hotels. For the six months ended 1/31/99, total revenues decreased 26 percent to $2.2 million. Net loss totalled $208 thousand up from $94 thousand. Results reflect the termination of a lease of 167 units operated as a hotel and higher payroll and interest expenses. 
Choice Hotels Intn'l. (NYSE : CHH)CHH is engaged in the business of franchising hotels under the Clarion, Quality, Comfort, Sleep Inn, Rodeway, Econo Lodge and Mainstay brands in all 50 states and 36 additional countries. For the comparable three months ended 3/99, revenues decreased 7 percent to $30.8 million. Net income increased 26 percent to $10.3 million. Revenues reflect the absence of European Hotel operations revenues. Net income reflects increased interest and dividend income. 
Candlewood Hotel Co. Inc. (Nasdaq : CNDL)Candlewood Hotel Company, Inc. is in the business of operating, managing, developing and franchising Candlewood business hotels. As of 12/31/98, the Company operated 53 Candlewood hotels and franchisees operated 9. For the three months ended 3/31/99, total revenues fell 20 percent to $44.9 million. Net loss applicable to Common totalled $4 million, up from $733 thousand. Revenues reflect reduced gains on the sale of hotels. Loss also reflects increased hotel and rent costs. 
Crescent Operating, Inc. (Nasdaq : COPI)Crescent Operating, Inc. is a lessor and operator of various assets, including equipment, real property and hotels owned by Crescent Real Estate Equities Company and others. For the three months ended 3/99, total revenues increased 40 percent to $136.7 million. Net income totalled $3.4 million vs. a loss of $1.2 million. Revenues reflect the acquisitions of several companies. Earnings reflect a gain of $10 million from investments vs. a loss of $2 million in 1998. 
Cavanaughs Hospitality (NYSE : CVH)Cavanaughs Hospital Corp. owns and operates, acquires and develops hotel properties, retail leases, office spaces, and manages commercial and residential properties. The Company also provides ticketing for entertainment events. For the three months ended 3/99, revenues rose 51 percent to $22.1 million. Net income before extraordinary item and accounting change totalled $495 thousand vs. loss of $87 thousand. Results reflect increased total rooms occupied and the addition of eight hotels. 
Extended Stay America (NYSE : ESA)Extended Stay America develops, owns, and operates extended-stay lodging facilities which provide an affordable and attractive lodging alternative at a variety of price points for value-conscious guests. For the three months ended 3/99, revenues totalled rose 65 percent to $89.4 million. Net income before accounting change rose 59 percent to $7.7 million. Revenues reflect higher average weekly room rates. Earnings were partially offset by higher levels of borrowing. 
Fairfield Communities (NYSE : FFD)FFD sells vacation ownership interests (VOIs), commonly known as timeshares, through its points-based vacation system, Fairshare Plus. FFD also offers financing for VOI purchasers. For the three months ended 3/99, revenues rose 15 percent to $99.1 million. Net income rose 18 percent to $9.9 million. Revenues reflect increased sales of vacation ownership interests. Earnings also reflect decreased VOI costs as a  percentage of sales. 
Hilton Hotels Corp. (NYSE : HLT)Hilton Hotels Corp. is engaged in the ownership, management and franchising of hotels, resorts, and vacation ownership properties. For the three months ended 3/31/99, total revenues rose 35 percent to $494 million. Net income from continuing operations applicable to Common before accounting change rose 20 percent to $42 million. Revenues reflect higher occupancy, higher average room rate and revenues from hotels acquired. Earnings were partially offset by the negative impact of the Asian economic crisis. 
Host Marriott Corporation (NYSE : HMT)Host Marriott Corp. is a self-managed and self-administered real estate investment trust which, through its subsidiaries, owns 125 brand name hotels throughout the U.S. and Canada. For the three months ended 3/26/99, total revenues decreased 62 percent to $307 million. Net income from continuing operations increased 61 percent to 45 million. Results reflect the absence of hotel revenues as a result of the REIT Conversion and the absence of income tax provision. 
Amerihost Properties Inc. (Nasdaq : HOST)Amerihost Properties Inc. is engaged in the develop-ment, construction, operation and management of AmeriHost Inn and other hotels. As of 12/98, the Company owned, operated or managed 91 hotels located in 18 states. For the three months ended 3/99, revenues rose 5 percent to $14.7 million. Net loss roes 56 percent to $1.8 million. Revenues reflect the addition of 33 Consolidated AmeriHost Inn(R) hotels. Higher loss suffered from increased leasehold rent expenses. 
Homestead Village, Inc. (NYSE : HSD)Homestead Village, Inc. develops, owns and operates moderately priced, extended-stay lodging properties throughout the United States designed to appeal to the corporate business traveler. For the three months ended 3/31/99, revenues rose 78 percent to $49 million. Net loss before accounting change totalled $4.7 million vs. an income of $1.7 million. Results reflect the opening of additional properties, offset by increased interest expense due to increased debt. 
Hudson Hotels Corporation (Nasdaq : HUDS)HUDS is a limited-service hotel development and management company. As of 5/99 the Co. owns 25 hotels and has contracts to manage a total of 44 hotels. For the three months ended 3/31/99, total revenues fell 1 percent to $11.9 million. Net loss applicable to Common rose 50 percent to $866 thousand. Revenues reflect the sale of the Cricket Inn Virginia Beach and the sale of leasehold interest in the Canandaigua Inn on the Lake. Higher loss reflects higher payroll expenses. 
International Leisure (OTC BB : ILHL)ILHL owns and operates Flagg Ranch Village, a full-service resort motel and trailer park in Wyoming. The ``Flagg'' is located within four miles of both Grand Teton and Yellowstone. For the nine months ended 12/31/98, revenues decreased 10 percent to $3.3 million. Net income increased 61 percent to $236 thousand. Revenues reflect a decrease in motel and cabin rentals due to the conversion of a motel from rental units to employee dormitories. Net income reflects a decrease in labor costs. 
ILX Resorts, Inc. (AMEX : ILX)ILX Resorts is principally engaged in acquiring, developing and operating timeshare resorts, and the marketing and selling of vacation ownership interests in the timeshare resorts. For the three months ended 3/31/99, revenues rose 3 percent to $8.8 million. Net loss applicable to Common totalled $7 thousand vs. an income of $213 thousand. Revenues reflect the opening of VCA -Tucson. Loss reflects increased S/G/A expenses due to the absence of property tax reductions. 
Janus American Group, Inc (Nasdaq : JAGI)Janus American Group, Inc. is engaged in the business of management and ownership of hospitality properties. The Company owns seven hotels and manages fifteen hotels. For the fiscal year ended 12/98, revenues totalled $29.1 million, up from $10.3 million. Net income applicable to Common from continuing operations totalled $969 thousand vs. a loss of $114 thousand. Results benefitted from the acquisitions of the BY Hotel Group, the Cornerstone Hotel Group and Pre-Tek. 
John Q. Hammons Hotels (NYSE : JQH)John Q. Hammons Hotels owns, manages and develops affordable upscale hotels in capital city, secondary and airport market areas. JQH owns and manages 42 hotels in 20 states. For the three months ended 4/2/99, revenues rose 6 percent to $83.6 million. Net loss before extraordinary items and accounting change fell 41 percent to $388 thousand. Revenues reflect an increase in the average room rates. Lower loss benefitted from lower depreciation expenses. 
Lodgian, Inc. (NYSE : LOD)Lodgian, Inc. is an owner and operator of 144 hotels in the U.S., Canada and Europe. The Company's hotels are full service properties offering lodging, food, beverage and meeting facilities. For the three months ended 3/31/99, total revenues increased 64 percent to $135.8 million. Net loss totalled $2.4 million vs. an income of $3 million. Results reflect the acquisition of AMI Operating Partners, offset by increased interest expense and minority interests. 
ShoLodge, Inc. (Nasdaq : LODG)Sholodge, Inc. develops, owns and operates all-suites hotels under the Summer Suites brand name, and is an operator and the exclusive franchisor of Shoney's Inns. For the 16 weeks ended 4/18/99, total revenues decreased 18 percent to $19.5 million. Net income totalled $376 thousand, up from $131 thousand. Revenues reflect reduced hotel revenues due to afewer number of hotels in operation. Earnings benefitted from increased gains on the sale of hotels. 
Marriott Int'l Inc. (NEW) (NYSE : MAR)Marriott International is a worldwide operator and franchisor of hotels and senior living communities. As of 1/99, the lodging business included 1,686 operated or franchised properties under 12 distinct brands. For the 12 weeks ended 3/26/99, sales rose 10 percent to $1.9 billion. Net income rose 12 percent to $100 million. Revenues reflect an increased number of lodging properties and increased occupancy. Earnings also benefitted from higher room rates. 
Marcus Corporation (NYSE : MCS)The Marcus Corporation is engaged in four business segments: limited-service lodging, movie theatres, hotels, resorts, and restaurants. For the 39 weeks ended 2/25/99 (vs. 36 weeks ended 2/05/98), total revenues rose 19 percent to $277.6 million. Net income fell 10 percent to $20.6 million. Revenues reflect increases in the hotels and resorts division and theatre division. Earnings were offset by higher theatre, administrative, rooms and telephone and interest expenses. 
MGM Grand, Inc. (NYSE : MGG)MGG owns and operates hotel/casino entertainment complexes offering a full range of destination resort amenities and MGM Grand Hotel Finance Corp. For the three months ended 3/99, total revenues rose 40 percent to $251.4 million. Net income before extraordinary item and accounting change rose 14 percent to $18.5 million. Revenues reflect higher casino revenue due to a record table games volume and earnings from the 50 percent ownership in NYNY, partially offset by higher gaming taxes and debt levels. 
Sunterra Corporation (NYSE : OWN)Sunterra Corporation, through its subsidiaries, is engaged in the sale and financing of vacation ownership interests in its resorts. For the three months ended 3/31/99, revenues increased 27 percent to $114.3 million. Net income increased 38 percent to $10 million. Revenues benefitted from higher sales activities at certain Company resorts and increased gross mortgages receivable. Earnings also benefitted from a shift in product mix to lower cost resorts. 
Prime Hospitality Corp. (NYSE : PDQ)PDQ is a hotel owner/operator, which as of 2/98, owned or leased 153 hotels, including 28 hotels under sale/leaseback agreements, and managed 10 hotels for third parties in 29 states and the Virgin Islands. For the three months ended 3/99, revenues rose 29 percent to $133.3 million. Net income before accounting change increased 12 percent to $11.5 million. Results reflect higher comparable Owned Hotel sales and the addition of new hotels, partially offset by a $2.5 million impairment charge. 
Prime Motor Inns L.P. (OTC BB : PMPI)Prime Motor Inns Limited Partnership operates and maintains 14 full-service hotels, which are presently franchised as part of the Holiday Inn system. For the nine months ended 9/98, total revenues decreased 51 percent to $19.2 million. Net income applicable to Limited Partners totalled $31.3 million, up from $1.8 million. Revenues suffered from the sale of Inn's and interest in AMI. Earnings benefitted from $36.4 million in gains from the sale of Inn's and interest in AMI. 
Promus Hotel Corporation (NYSE : PRH)PRH franchises 998 hotels and operates 339 hotels under the names ``Doubletree Hotels'', ``Embassy Suites'', ``Hampton Inn'', ``Homewood Suites'' and ``Hampton Inn and Suites''. For the three months ended 3/31/99, revenues increased 2 percent to $260.1 million. Net income decreased 5 percent to $34 million. Revenues reflect growth in the number of franchised and managed properties, and revenues from acquired hotels. Earnings were offset by a $7.6 million charge for retention and employment related expenses. 
PSH Master L.P.I. (OTC BB : PSHPZ)PSH Master L.P.I. manages and operates three hotels. The hotels are located in Tampa, FL, Walt Disney World village, FL, and Raleigh/Durham, NC. For the nine months ended 9/30/98, total revenues fell from $16.6 million to $34 thousand. Net loss applicable to Limited Partners totalled $22 thousand vs. an income of $24.7 million. Revenues reflect the absence of hotel revenue due to the sale of all three hotels. Loss also reflects partnership administrative expenses. 
Red Roof Inns, Inc. (NYSE : RRI)Red Roof Inns is an owner/operator and franchisor of economy inns throughout the U.S. Properties are located primarily in the Midwest, East, South and Gulf Coast regions. For the 13 weeks ended 4/3/99, revenues rose 1 percent to $85.7 million. Net income totalled $1.3 million, up from $540 thousand. Results reflect higher average occupancy rates, a reduction in the cost of media advertising costs, billboard expenses and interest expense. 
ResortQuest International (NYSE : RZT)ResortQuest International, Inc. provides vacation condominium and home rentals in premier destination resorts throughout the United States. For the three months ended 3/31/99, total revenues rose from $8.7 million to $31.7 million. Net income from continuing operations rose 34 percent to $3 million. Revenues reflect combinations and acquisitions. Earnings were partially offset by higher selling, general and administrative expenses as a  percentage of sales. 
Scandinavia Company, Inc. (AMEX : SCF)Scandinavia Company, Inc., through its wholly owned subsidiary, Daminvest, owns a hotel in the Canary Islands, Spain. For the six months ended 7/31/98, total revenues increased 18 percent to $5.1 million. Net income totalled $3.9 million, up from $978 thousand. Revenues reflect higher room rates and increased occupancy rates. Net income benefitted from capital gains on the Company's investment portfolio and improved results from hotel operations. 
Suburban Lodges of Amer. (Nasdaq : SLAM)SLAM develops, owns, manages and franchises Suburban Lodge facilities, which are economy extended stay lodging facilities. As of 12/98, there were 53 Company-owned and 30 franchised facilities in operation. For the three months ended 3/31/99, revenues increased 54 percent to $13.9 million. Net income fell 7 percent to $2.1 million. Results reflect the opening of seventeen hotels and higher mature hotel revenues. Earnings were offset by increased hotel opearating expenses and higher debt levels. 
Sunburst Hospitality Corp (NYSE : SNB)SNB owns and operates extended stay, traditional all-suites, full and limited service hotels. The company's hotels operate under the names Comfort, Clarion, Sleep, Quality, MainStay Suites, Roadway and Econo Lodge. For the three months ended 3/31/99, revenues rose 9 percent to $50.3 million. Net income before extraordinary item and effect of acctg. change totaled $1.5 million, up from $708 thousand. Results reflect an increase in new rooms and suites and cost reduction efforts. 
Sonesta Int'l Hotels Corp (Nasdaq : SNSTA)Sonesta International Hotels Corporation operates and manages hotels worldwide, and also manages two Nile River cruise ships. For the three months ended 3/31/99, revenues increased 48 percent to $26.6 million. Net income applicable to Common totaled $1.7 million, up from $133 thousand. Revenues reflect the acquisition of Soneta Beach Key Biscayne resort and higher average room rates. Net income also benefited from the absence of $335 thousand in fee payments. 
Supertel Hospitality, Inc (Nasdaq : SPPR)SPPR owns, operates and constructs limited service lodging facilities under the Super 8, Comfort Inn and Wingate Inn brand names. The company has 63 properties throughout the Midwest and Texas. For the three months ended 3/31/99, revenues rose 3 percent to $11.3 million. Net income rose 7 percent to $621 thousand. Revenues reflect an increase in the number of rooms rented and higher room rates. Earnings reflect lower general and administrative costs due to reduced bonus. 
Silverleaf Resorts, Inc. (NYSE : SVR)Silverleaf Resorts is a developer, marketer, and operator of timeshare resorts. SVR also markets, sells and finances vacation intervals. The Company currently owns 23 resorts. For the three months ended 3/99, total revenues rose 60 percent to $49.6 million. Net income rose 36 percent to $4.8 million. Results reflect increased sales of Vacation Intervals and an increase in notes receivable. Earnings were partially offset by new marketing program costs and new sales offices opened. 
Trendwest Resorts, Inc. (Nasdaq : TWRI)TWRI sells and finances Vacation Credits in WorldMark, The Club, which entitles the owner to use a fully furnished vacation unit based on the number of credits purchased. TWRI also manages WorldMark resort properties. For the three months ended 3/31/99, revenues rose 40 percent to $59.9 million. Net income rose 39 percent to $8.1 million. Results reflect an increase in the number of vacation credits sold due to an increased number of sales offices and increased upgrade sales. 
U.S. Franchise Systems (Nasdaq : USFS)USFS was formed to acquire, market and service well-positioned brands with potential for rapid unit growth primarily through franchising. The Company's three brands are Microtel Inn and Suites, Hawthorn Suites and Best Inns and Suites. For the fiscal year ended 12/31/98, revenues totalled $10.6 million, up from $1.9 million. Net loss fell 68 percent to $2.9 million. Results reflect an increase in the number of royalty paying hotels, partially offset by increased management costs. 
Vistana, Inc. (Nasdaq : VSTN)Vistana, Inc. is a developer and operator of timeshare resorts in the U.S. As of 12/98, VSTN operated ten vacation ownership resorts. For the three months ended 3/31/99, total revenues rose 44 percent to $67.7 million. Net income before accounting change rose 35 percent to $4.7 million. Revenues benefitted from increases in sales of Vacation Ownership Interests. Earnings were partially offset by higher cost of VOI, depreciation and debt levels. 
Winter Sports, Inc. (OTC BB : WSKI)Winter Sports is engaged in the operation of The Big Mountain Ski and Summer Resort, a ski resort located near Whitefish, Montana with 35 miles of ski slopes and trails. WSKI also sells real estate. For the 41 weeks ended 2/28/99, total revenues rose 14 percent to $8.2 million. Net loss totalled $487 thousand, up from $11 thousand. Results reflect increased revenues from the sale of real estate, offset by lower real estate margins and increased marketing expenses.%}
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Applied Analytical Ind. (Nasdaq : AAII)AAII is engaged in the busines of performing contract development and support services for large and small pharmaceutical companies around the world and the development of new technologies to improve drug performance. For the three months ended 3/31/99, revenues rose 25 percent to $26.1 million. Net loss totaled $3.8 million, vs. income of $1.2 million. Results reflect increased revenue from Internal Product Development, offset by one time charges related to the merger with MTRA. 
Accredo Health, Inc. (Nasdaq : ACDO)Accredo Health, Inc. provides specialized contract pharmacy and related services pursuant to agreements with biotechnology drug manufacturers relating to the treatment of patients with certain costly, chronic diseases. For the nine months ended 3/31/99, total revenues rose 43 percent to $186.9 million. Net income applicable to Common totalled $1.4 million vs. a loss of $725 thousand. Results reflect the increased sales volume of Avonex and a lower effective tax rate. 
American Dental Partners (Nasdaq : ADPI)ADPI is a provider of dental practice management services to multi-disciplinary dental group practices in selected markets in the U.S. For the three months ended 3/99, revenues increased 44 percent to $26.2 million. Net income applicable to Common totalled $1.4 million, up from $145 thousand. Revenues reflect the service agreements entered into in connection with the 1998 for the entire period and 1999 transactions. Earnings also reflect a decrease in SGA as a  percentage of sales. 
Advance Paradigm, Inc. (Nasdaq : ADVP)ADVP is a provider of pharmacy benefit management services to health benefit plan sponsors. ADVP focuses on the delivery of cost-effective, high quality, integrated PBM services. For the nine months ended 12/98, revenues rose 68 percent to $545.6 million. Net income applicable to Common rose 63 percent to $9.1 million. Revenues reflect new contracts signed with new clients as well as internal growth. Earnings were partially offset by lower margins. 
Apria Healthcare Group (NYSE : AHG)AHG provides and manages comprehensive homecare services including home respiratory therapy, home delivered respiratory medications, home infusion therapy, home medical equipment and related clinical services. For the three months ended 3/99, net revenues fell 9 percent to $228.3 million. Net income totalled $15.6 million vs. a loss of $6.6 million. Revenues reflect lower Medicare reimbursement rates. Net income reflects higher margins and lower personnel and depreciation expense. 
American HealthChoice Inc (OTC BB : AHIC)AHIC, a medical management organization, acquires, organizes and manages primary care medical clinics and other physician groups. AHIC owns and provides services to 16 clinics located in TX, LA and GA. For the six months ended 3/31/99, revenues fell 29 percent to $2.7 million. Net loss fell 61 percent to $567 thousand. Revenues reflect the closure of five clinics in fiscal 1998. Lower loss reflects personnel reductions and the closure of certain unprofitable clinics. 
American HomePatient Inc. (Nasdaq : AHOM)AHOM is engaged in the provision of home health care services comprised of rental and sale of home medical equipment and home health care supplies, and the provision of infusion and respiratory therapies. For the three months ended 3/99, revenues fell 11 percent to $91.2 million. Net loss totalled $5.6 million vs. an income of $3 million. Results reflect lower sales of non-core low margin products. Loss reflects lower vendor rebates and higher interest rates on borrowings. 
Assisted Living Concepts (AMEX : ALF)ALF operates, owns, leases and develops free standing assisted living residences. ALF provides personal care, support services and makes available nursing services. For the nine months ended 9/30/98, revenues rose 98 percent to $64.5 million. Net income before accounting change fell 84 percent to $409 thousand. Revenues benefitted from the opening of additional residences and increases in average occupancy and yearly rent. Earnings reflect $8.5 million in non-recurring charges. 
Alterra Healthcare Corp. (AMEX : ALI)ALI is a national assisted living company operating 350 assisted living residences with a capacity of 15,000 residents as of 12/31/98. For the three months ended 3/31/98, revenues rose 78 percent to $82.9 million. Net income before accounting change rose 47 percent to $5.3 million. Revenues reflect the addition of newly constructed residences and other residences acquired. Net income was partially offset by a lower gross margin due to the increase in residences operated. 
AMEDISYS, Inc. (OTC BB : AMED)AMEDISYS, Inc. is a multi-regional provider of fully integrated alternate site health care services. AMED offers a portfolio of services including infusion therapy, ambulatory infusion centers and home care nursing. For the three months ended 3/31/99, sales rose from $8.1 million to $29 million. Net loss from continuing operations fell 14 percent to $2.5 million. Results reflect the acquisition of certain Columbia/HCA home health care agencies, partially offset by the absence of a tax benefit. 
American Healthcorp, Inc. (Nasdaq : AMHC)AMHC, through its subsidiary, Diabetes Treatment Centers of America, provides diabetes patient services to hospitals and managed care payors designed to enhance the quality and lower the cost of treatment of individuals with diabetes. For the six months ended 2/99, revenues rose 49 percent to $24.1 million. Net income from continuing operations totalled $1.3 million, vs. a loss of $3.9 million. Results reflect new managed care payor contracts and the absence of a $5.8 million stock option adjustment. 
American Shared Hospital (AMEX : AMS)American Shared Hospital Services provides steriotactic radiosurgery services to five medical centers in California, Texas, and Connecticut. For the three months ended 3/31/99, revenues fell 83 percent to $1.6 million. Net income totalled $488 thousand, up from $205 thousand. Revenues suffered from the sale of the diagnostic imaging services product line. Earnings benefitted from lower operating costs due to the product line sale and lower interest expense. 
AmSurg Corp. (Nasdaq : AMSGA)AmSurg Corp. develops, acquires and operates practice-based ambulatory surgery centers, in partnership with physician practice groups, throughout the U.S. For the three months ended 3/99, revenues rose 31 percent to $23.4 million. Net income before accounting change totalled $1.6 million, up from $700 thousand. Revenues reflect additional centers in operation and additional procedure volume. Earnings also reflects the absence of losses on sales of assets. 
Apple Orthodontix, Inc. (AMEX : AOI)AOI provides practice management services (which exclude the management and delivery of orthodontic services) to orthodontic practices in the United States and Canada. For the three months ended 3/99, sales increased 9 percent to $12.2 million. Net income decreased 62 percent to $501 thousand. Sales reflect higher cash collections by the Affiliated Pracrices. Lower income reflects suspension of the business development program, and a higher number of employees. 
America Service Group (Nasdaq : ASGR)ASGR provides managed health care services to correctional facilities. ASGR also provides medical supplies to contract sites and private sector customer. For the three months ended 3/31/99, revenues totalled $57.3 million, up from $27.8 million. Net income applicable to Common fell 70 percent to $435 thousand. Revenues reflect the acquisition of EMSA and an increase in inmate population. Net income reflects the absence of $1.6 million gain from a settlement with MedPartners. 
Advocat Inc. (NYSE : AVC)Advocat, Inc. provides long-term care services to nursing home patients and residents of assisted living facilities. As of 12/98, the Company operated 63 nursing homes and 52 assisted living facilities in 11 states and two Canadian provinces. For the three months ended 3/31/99, net revenues fell 9 percent to $46.7 million. Net income before accounting change fell 55 percent to $159 thousand. Results reflect changes in Medicare reimbursement rates and higher lease expenses. 
Balanced Care Corporation (AMEX : BAL)Balanced Care Corporation develops and acquiries assisted living facilities and other operations such as medical rehabilitation, home health care and skilled nursing. For the six months ended 12/31/98, revenues increased 5 percent to $42.6 million. Net loss totalled $3.2 million vs. income of $192 thousand. Revenues reflect the acquisitions and the openings of new facilities. Losses reflect a $2.4 million loss on termination of projects, and a $2.4 million losses under agreements. 
Beverly Enterprises (NEW) (NYSE : BEV)BEV provides healthcare services, including the operation of nursing facilities, rehabilitation therapy services, assisted living centers, home care centers and outpatient clinics. For the three months ended 3/31/99, revenues fell 9 percent to $635 million. Net income before account. change fell 67 percent to $5.9 million. Revenues reflect dispositions and lease terminations of nursing facilities. Net income reflects increased operating expenses as a  percentage of revenues. 
Bio-Imaging Technologies (OTC BB : BITI)BITI is a pharmaceutical contract service organization providing services that support the product development process of the pharmaceutical, biotechnology and medical device industries. For the six months ended 3/99, revenues rose 4 percent to $2.2 million. Net loss applicable to Common fell 65 percent to $296 thousand. Revenues reflect increased projects due to an increased number of clients. Net loss reflects the absence of $588 thousand in litigation and restructuring charges. 
BMJ Medical Management (OTC BB : BONSQ)BMJ Medical Management is a physician management company that provides management services to physician practices that focus on musculoskeletal care. For the comparable six months ended 9/30/98, total revenues increased from $16 million to $38.1 million. Net loss before extraordinary item decreased 74 percent to $2 million. Results benefitted from increased practice revenues due to 35 practice Affiliations transactions for the period and decreased depreciation cost. 
Bio-Reference Labs, Inc. (Nasdaq : BRLI)BRLI operates a clinical lab located in NJ offering chemical diagnostic tests such as blood, urine and radioimmuno analysis, blood chemistry, hematology services, serology and other tissue analysis. For the three months ended 1/31/99, revenues rose 41 percent to $12.6 million. Net loss totalled $108 thousand vs. an income of $38 thousand. Revenues reflect the acquisition of Medilabs. Loss reflects lower gross margin due to lower net revenues per patient and direct costs from Medilabs. 
Care Group Inc. (CAREECAREE provides a full range of home health care serv-ices, such as nursing and related patient services, home infu-sion therapy, and durable medical equipment, including equip-ment for respiratory therapies. For the nine months ended 9/97, revenues fell 24 percent to $20.8 million. Net loss fell 28 percent to $4.3 million. Results reflect lower revenues in the Dallas and New York offices. Losses reflect the absence of a $3 million write-off of intangibles and the gain on the sale of the Atlanta office. 
Castle Dental Centers (Nasdaq : CASL)Castle Dental Centers develops, manages and operates integrated dental networks through contractual affiliations with general, orthodontic and multi-specialty dental practices in the U.S. For the three months ended 3/31/99, revenues rose 73 percent to $25.2 million. Net income rose 52 percent to $1 million. Revenues benefitted from acquisitions. Earnings were partially offset by increased dentist salaries and other professional costs and higher average borrowings. 
Concentra Managed Care (Nasdaq : CCMC)Concentra Managed Care is a provider of healthcare management and cost containment services to the workers' compensation, auto insurance and disability insurance markets. CCMC also provides medical claims review and non-injury healthcare services. For the three months ended 3/31/99, total revenues rose 8 percent to $156.9 million. Net income totalled $6.8 million, up from $847 thousand. Results reflect practice acquisitions and the absence of $12.6 million in special charges. 
Community Care Services (OTC BB : CCSE)Community Care Services and its subsidiary provides home health care services and products and sells home health care supplies primarily in New York City, Westchester, Rockland and Nassau Counties in NY State, as well as northern New Jersey. For the nine months ended 12/31/98, net revenues fell 7 percent to $13.3 million. Net income totalled $95 thousand vs. a loss of $4.8 million. Results reflect the reductions in oxygen reimbursements, offset by the absence of impairment charges. 
Consolidated Health Care (CHCAECHCAE is a provider of therapeutic rehabilitation services, including physical, occupational, and speech therapy, through a network of outpatient clinics. For the nine months ended 9/97, revenue fell 15 percent to $5.9 million. Net loss fell 90 percent to $44 thousand. Revenues reflect a decline in PTS outpatient net revenues due to fewer clinics in operation. Lower loss reflects the inclusion of a $803 thousand gain on the sale of clinics and lower depreciation costs. 
Comprehensive Care Corp. (OTC BB : CHCR)CHCR engages in the ownership, operation and management of psychiatric and substance abuse programs in company owned, leased, or unaffiliated hospitals. For the nine months ended 2/28/99, revenues increased 3 percent to $30.6 million. Net loss applicable to Com. before extraordinary item from continuing operations totalled $550 thousand vs. income of $598 thousand. Sales reflect increased managed care revenues due to new contracts. Net loss reflects an increased provision for doubtful accounts. 
Carematrix Corporation (Nasdaq : CMDC)Carematrix Corp. is a provider of assisted living andother long-term health care facilities. For the three months ended 3/31/99, revenues increased 71 percent to $50.7 million. Net income applicable to Common Stock increased 75 percent to $5.9 million. Results reflect the acquisition of SeniorCare Group and increased number of facilities under construction and in operation. Earnings also reflect decreased S/G/A expenses as a  percentage of revenues. 
Complete Wellness Centers (Nasdaq : CMWL)CMWL develops and operates integrated medical delivery systems. CMWL also operates a medical billing company, a smoking cessation program and is developing an integrated delivery network in FL. For the nine months ended 9/98, total revenues totalled $20.8 million, up from $5.3 million. Net loss rose 68 percent to $3.3 million. Revenues reflect the addition of 57 Integrated Medical Centers. Higher loss was reflects management fees associated with additional Medical Centers. 
Continucare Corporation (AMEX : CNU)CNU provides integrated outpatient health care services through its network of physician practices, outpatient clinics, rehabilitation centers, home healthcare services, diagnostic imaging services and laboratory services. For the nine months ended 3/99, revenues rose from $25.8 million to $149.8 million. Net loss before extraordinary items rose from $5.4 million to $31.3 million. Results reflect acquisitions of various physician practices, offset by higher service expenses. 
Columbia/HCA Healthcare (NYSE : COL)COL, together with its subsidiaries, operates hospitals and related health care entities. As of 3/99, COL operated 273 hospitals and 95 outpatient surgery centers. For the three months ended 3/31/99, revenues fell 5 percent to $4.66 billion. Net income from continuing operations rose 63 percent to $322 million. Revenues reflect the sale of hospitals and surgery centers. Earnings reflect a $249 million gain on the sale of facilities and lower salaries and benefits expenses. 
Coram Healthcare Corp. (NYSE : CRH)CRH provides alternate site infusion therapy and related services, ancillary network management services, and pharmacy benefit management and specialty mail-order pharmacy services. For the fiscal year ended 12/98, revenues rose 11 percent to $526.5 million. Net loss totalled $21.7 million vs. an income of $125.3 million. Results reflect a 4 percent increase in patient census and the addition of the capitated contract with Aetna USHC, offset by the absence of a litigation settlement gain. 
Corvel Corporation (Nasdaq : CRVL)CRVL is an independent provider of medical cost containment and managed care services designed to address the escalating medical cost of workers compensation and other healthcare benefits. For the nine months ended 12/98, revenues rose 17 percent to $122.1 million. Net income rose 9 percent to $7.7 million. Revenues reflect higher patient management revenue and higher provider revenue. Earnings were partially offset by higher growth rates in the lower margin patient management services. 
CryoLife, Inc. (NYSE : CRY)CryoLife, Inc. develops and commercializes technology for cryopreservation of viable human tissues for vascular, cardiovascular and orthopaedic transplant applications. For the three months ended 3/99, net revenues rose 12 percent to $16.3 million. Net income rose 18 percent to $1.4 million. Results reflect the growing acceptance of cryopreserved tissues, the acquisition of IFM, interest income due to the investment of proceeds from the offering and repayment of debt. 
Capital Senior Living (NYSE : CSU)Capital Senior Living Corp. is a developers and operators of senior living services in the U.S. The Company owns or manages 34 senior communities in 17 states. For the three months ended 3/99, total revenues rose 85 percent to $15.5 million. Net income totalled $3.9 million, up from $1.9 million. Revenues reflect the addition and acquisition of 29 development contracts and construction of new senior living connunities. Earnings also benefitted from improved operating efficiencies. 
Centennial HealthCare (Nasdaq : CTEN)Centennial HealthCare is principally engaged in the provision of basic and specialty healthcare services to patients in a long-term care setting. As of 12/98, the Company operated 101 long-term care facilities in 20 states. For the three months ended 3/31/99, revenues rose 13 percent to $98 million. Net income fell 84 percent to $612 thousand. Results reflect increased patient service revenues due to facility acquisitions, offset by increased training and lease expenses. 
Caretenders Health Corp. (Nasdaq : CTND)Caretenders Health Corp. provides home and community based health care services through its home health care and adult day care services as alternatives to institutional care. For the six months ended 9/30/98, net revenues rose 9 percent to $48.2 million. Net loss before accounting changes totalled $5.5 million vs. income of $707 thousand. Revenues benefitted from increased volumes from acquired health care operations. Net loss reflects a $7 million goodwill write-down charge. 
Curative Health Services (Nasdaq : CURE)Curative Health Services, a disease management company in the chronic wound care business, operates a network of Wound Care Centers offering comprehensive wound treatment programs. For the three months ended 3/99, revenues increased 3 percent to $25.2 million. Net income fell 2 percent to $3.8 million. Revenues reflect the operation of additional wound care facilities. Earnings were offset by additional staffing and operating expenses related to 25 new wound care centers. 
Coventry Health Care, Inc (Nasdaq : CVTY)CVTY is a managed health care company that provides comprehensive health benefits and services to employer groups government-funded groups in the Midwest, Mid-Atlantic and Southeastern U.S. Sales for the three months ended 3/99, rose 60 percent to $527.8 million. Net income rose 76 percent to $8.3 million. Revenues reflect PHC operations, growth in Medicare risk membership and higher premium rates. Earnings also reflect increased invested assets and lower interest expense. 
Counsel Corporation (Nasdaq : CXSN)Counsel Corporation is a health care management company engaged primarily in the provision of health care services and products in the United States. For the nine months ended 9/30/98, revenues increased 7 percent to $469.9 million. Net income applicable to Common before US GAAP totalled $7 million, up from $2.2 million. Revenues reflect an increase in specialty retail pharmacy sales. Earnings also reflect a $960 thousand credit for home health care restructuring (vs. a $18 million charge). 
Dialysis Corp. of America (Nasdaq : DCAI)Dialysis Corp. of America develops and operates outpatient kidney centers that provide quality dialysis and ancillary services to patients suffering from chronic kidney failure. For the fiscal year ended 12/31/98, revenues decreased 57 percent to $4 million. Net loss totalled $204 thousand vs. income of $2 million. Revenues reflect the sale of the Company's Florida dialysis operations. Losses reflect commencement of operations at the new dialysis center in PA. 
InterDent, Inc. (Nasdaq : DENT)InterDent, Inc. provides dental management services, including consulting, licensing, financial, accounting, training, recruiting, marketing, advertising, purchasing and collection services, to locations throughout the U.S. For the three months ended 3/31/99, net revenues totalled $51.4 million, up from $23.3 million. Net loss applicable to Common totalled $703 thousand vs. an income of $519 thousand. Results reflect an aggressive expansion strategy, offset by special charges. 
Diagnostic Health Service (Nasdaq : DHSM)DHSM is a provider of medical services including, diagnostic ultrasound, computerized tomography, nuclear medicine, MRI, and cardiac catherization services, within hospitals and clinical radiology departments. For the fiscal year ended 12/31/98, revenues fell 15 percent to $44.8 million. Net loss from continuing operations before extraordinary items totalled $30.5 million vs. an income of $5.8 million. Results reflect declines in the ultrasound business and $31.3 million in restructuring and impairment charges. 
Dianon Systems, Inc. (Nasdaq : DIAN)Dianon Systems, Inc. provides a full line of anatomic pathology testing services and a number of genetic and clinical chemistry testing services. For the three months ended 3/99, revenues increased 5 percent to $15.9 million. Net income rose 18 percent to $872 thousand. Revenues reflect three months of sales from PRL vs. two months of related sales in the first quarter of 1998. Earnings also reflect lower marketing and administrative expenses and absence of severance costs. 
Diversified Sr. Services (Nasdaq : DISS)Diversified Senior Services is engaged in the development, acquisition and management of apartments, independent living apartments with services and assisted living residences for low and moderate-income seniors. For the fiscal year ended 12/31/98, revenues rose 45 percent to $3.6 million. Net loss fell 98 percent to $18 thousand. Revenues reflect development fees recognized in 1998. Lower loss reflects fewer emploees on site and the sale of management rights on 361 units. 
Daxor Corporation (AMEX : DXR)Daxor Corporation is engaged in the development and marketing of cryopreservation (freezing) technology for human semen and blood. For the three months ended 3/31/99, revenues rose 20 percent to $990 thousand. Net income totaled $313 thousand vs. a loss of $236 thousand. Revenues benefited from gains on the sale of securities. Net income reflects a decrease in selling, general and administrative expenses as a  percentage of revenues. 
Dynacq International Inc. (Nasdaq : DYII)DYII provides home infusion health care services and supplies to patients in their homes, operates an outpatient surgery facility, operates a medical office complex, and manages group physician practices, all in the Houston area. For the six months ended 2/99, revenues rose 23 percent to $5.7 million. Net income rose 73 percent to $807 thousand. Revenues reflect increased patient referrals due to marketing efforts. Earnings also reflect decreased salary expenses. 
EquiMed, Inc. (EQMDEquiMed, Inc. provides physician practice management services, information technology and outsourcing services to the health care industry. Company owns, operates or manages 35 radiation oncology centers. For the nine months ended 9/97, revenues fell 24 percent to $59.8 million. Net income before extraordinary item totalled $8.6 million vs. a loss of $18.5 million. Revenues reflect the sale of the Ophthalmology Division. Earnings benefitted from the absence of a $24.2 million goodwill write-down charge. 
Emeritus Corporation (AMEX : ESC)ESC operates residential-style assisted living communities for seniors. ESC currently owns and operates 117 communities in 29 states. For the three months ended 3/31/99, revenues fell 2 percent to $34.2 million. Net loss applicable to Common before accounting change fell 61 percent to $3.5 million. Revenues suffered from the repositioning of 28 communities. Lower loss reflects decreased community operations expenses due to the effect of cost control measures. 
Express Scripts, Inc. (Nasdaq : ESRX)ESRX, an independent pharmacy benefit manager and managed care company, provides a broad range of pharmacy benefit and medical information management services, as well as managed vision care programs. For the three months ended 3/99, revenues totalled $899.1 million, up from $371.4 million. Net income rose 37 percent to $13.5 million. Results reflect increased membership due to an expanded customer base, partially offset by lower margins and higher debt levels. 
Extendicare Inc. (NYSE : EXEa)Extendicare operates long-term care facilities (nursing, assisted living and retirement centers) in the U.S., Canada, and the U.K. In addition, the Company manages two hospitals in Canada and owns and operates one in the U.K. For the three months ended 3/99, revenues fell 9 percent to C$471 million. Net loss applicable to Common totalled C$7.3 million vs. an income of C$8.5 million. Results reflect lower sale of medical supplies and higher depreciation expense. 
Fresenius Medical Care AG (NYSE : FMS)FMS is a fully integrated provider of products and services for individuals with chronic kidney failure. FMS also manufactures and provides dialysis products, such as hemodialysis machines and dialyzers, in more than 100 companies worldwide. For the nine months ended 9/98, total revenues rose 19 percent to $2.17 billion. Net income from continuing operations rose 22 percent to $96.9 million. Results reflect higher sales from Dialysis Care and improved gross margins. 
FPA Medical Management (FPAMQFPAMQ is a national physician practice management company which acquires, organizes and manages primary care physician practice networks and provides contract management services to hospital-based emergency departments. For the three months ended 3/98, revenues rose 33 percent to $392.2 million. Net loss fell 63 percent to $9.1 million. Revenues reflect increased enrollment and fee income as a result of the acquisitions. Lower loss also reflects increased operating efficiencies. 
Greenbriar Corporation (AMEX : GBR)GBR is engaged in the development and operation of assisted living facilities located in the U.S. which provide housing, hospitality and personal and healthcare service to elderly individuals. For the fiscal year ended 12/31/98, sales rose 37 percent to $53.5 million. Net loss applicable to Common from continuing operations totalled $13.3 million, up from $6.5 million. Sales benefitted from acquisitions of Winsdor and Villa. Higher loss reflects increased operating expenses due to the acquisitions. 
Grand Court Lifestyles (Nasdaq : GCLI)Grand Court Lifestyles is a fully integrated provider of senior living accomodations and services which acquires, develops and manages senior living communities which offer independent and assisted living services. For the three months ended 4/30/99, total revenues rose 41 percent to $26.9 million. Net income totalled $1.6 million vs. a loss of $1.8 million. Results reflect increased sales from development communities and lower selling expenses. 
Genesis Health Ventures (NYSE : GHV)GHV provides specialty medical services, institutional pharmacy and medical services, community-based pharmacies and subacute care services, and management services for the elderly. For the six months ended 3/31/99, revenues rose 46 percent to $943.8 million. Net loss applicable to Common before extraordinary item totaled $3.8 million, vs. income of $27.4 million. Results reflect an increase in pharmacy and medical supply services, offset by a $9.7 million charge for a facility closing. 
Help at Home, Inc. (Nasdaq : HAHI)Help at Home, Inc. and its subsidiaries provide homemaker, custodial and personal home health care services to elderly and disabled persons within their homes. For the six months ended 12/31/98, revenues rose 22 percent to $13.7 million. Net income from continuing operations totalled $237 thousand vs. a loss of $452 thousand. Revenues reflect services provided to clients of the Illinois Department On Aging (``IDOA''). Earnings also also benefitted from higher gross margins on services. 
HealthCor Holdings, Inc. (OTC BB : HCOR)HealthCor Holdings, Inc. is a provider of home healthcare services to patients including nursing, respiratory therapy, infusion therapy, and medical equipment, with operations in AZ, CO, KS, MO, OK TX, NM and AR. For the three months ended 3/31/99, revenues decreased 30 percent to $22.8 million. Net loss totalled $11.5 million, up from $5.5 million. Results reflect a reduction in Medicare nursing revenues and an increase in the provision for doubtful accounts. 
HCR Manor Care, Inc. (NYSE : HCR)HCR is a provider of a range of health care services, including long-term health care, subacute medical care, home health care, rehabilitation therapy, and Alzheimer's care. For the three months ended 3/31/99, revenues decreased 4 percent to $531.8 million. Net income from continuing operations before accounting change decreased 3 percent to $41 million. Revenues reflect a decrease in rates and occupancy. Net loss was partially offset by increased dividend income. 
Health Fitness Corp. (OTC BB : HFIT)HFIT develops, markets and manages corporate and hospital-beased fitness centers, operates a natioanl network of independent physical therapy clinics, maintains fitness clubs and offers a line of ocupational health and work injury prevention services. For the fiscal year ended 12/31/98, revenues rose 19 percent to $25.6 million. Net loss from continuing operations fell less than 1 percent to $941 thousand. Results reflect 20 new fitness center contracts offset by recognition of bad debt. 
Hooper Holmes, Inc. (AMEX : HH)Hooper Holmes, Inc. provides medical and paramedical examinations and related services to life and health insurance companies through a network of over 200 branch offices in all 50 states. For the three months ended 3/31/99, revenues rose 15 percent to $52.9 million. Net income rose 49 percent to $4.8 million. Revenues reflect an increase in the number of examinations performed and increases in services per exam. Earnings also benefitted from higher margins due to cost controls. 
Home Health Corp of Amer. (HHCAHome Health Corp. of America provides home health care services and products, delivering nursing and related patient services, respiratory therapy, infusion therapy and durable medical equipment through 44 locations in nine states. For the six months ended 12/98, revenues fell 33 percent to $62.6 million. Net loss totalled $67 million, up from $21.8 million. Results reflect lower same-branch Medicare cost-reimbursed nursing revenues and a $14.4 million nonrecurring provision for doubtful accounts. 
Healthcare Imaging Svcs. (Nasdaq : HISS)HealthCare Imaging Services, Inc, and its subsidiaries principally engages in the business of establishing and operating fixed-site magnetic resonance imaging (``MRI'') centers. For the three months ended 3/99, revenues rose 88 percent to $6 million. Net income applicable to Com. rose 46 percent to $446 thousand. Revenues reflect diagnostic imaging facilities acquired. Earnings were partially offset by increased salary expenses relating to new personnel. 
Health Management Assoc. (NYSE : HMA)Health Management Association provides general acute health services in nonurban locations through the operation of 28 general hospitals and four psychiatric hospitals. For the six months ended 3/31/99, revenues rose 20 percent to $645.2 million. Net income rose 20 percent to $78.7 million. Revenues benefited from inpatient and outpatient volume increases and the acquisition of hospitals. Net income reflects the increase in revenue and lower interest expense. 
Health Power Inc. (OTC BB : HPWR)Health Power is a holding company that provides full service workers' and unemployment compensation consulting services through its CompManagement, Inc. subsidiary to employers in the State of Ohio. For the fiscal year ended 12/98, revenues rose 12 percent to $24.9 million. Net income from continuing operations fell 36 percent to $2.5 million. Revenues reflect the results of the company's MCO subsidiary. Earnings were offset by increased general and administrative expenses. 
HEALTHSOUTH Corp. (NYSE : HRC)HEALTHSOUTH provides comprehensive rehabilitative, clinical, diagnostic and surgical healthcare services on an inpatient and outpatient basis. For the three months ended 3/99, revenues increased 10 percent to $1.03 billion. Net income fell 3 percent to $109.9 million. Revenues reflect increased patient volume and addition of new deiagnostic and surgery centers. Earnings were offset by the investment in additional assets by the Company and increased interest expense. 
Hospital Staffing Service (HSSIQHospital Staffing Service provides medical personnel to client health care facilities as temporary staff. The Company also provides in-home care and permanent staffing services. For the nine months ended 8/31/97, revenues decreased 2 percent to $45.3 million. Net loss before extraordinary item totalled $5.1 million vs. income of $417 thousand. Revenues benefitted from the addition of new clients. Loss reflects costs associated with additional personnel. 
ICON plc (Nasdaq : ICLR)ICON plc is a contract research organization (CRO) which provides clinical research and development services on a global basis to the pharmaceutical and biotechnology industries. For the six months ended 11/98, revenues rose 46 percent to $43.9 million. Net income rose from $1.6 million to $3.8 million. Revenues reflect increases in revenues from existing clients and an expanded customer base. Net income reflects improved staff utilization. 
IGENE Biotechnology, Inc. (OTC BB : IGNE)IGENE develops, manufactures and markets biochemical products, derived from renewable agricultural residues and wastes. For the fiscal year ended 12/31/98, revenues totalled $204 thousand, up from $14 thousand. Net loss increased 32 percent to $2.5 million. Revenues reflect the sales of AstaXin(R). Higher loss reflects increased S/G/A expenses due to the hiring of a CEO, and increased cost of sales expenses as a result of the production of AstaXin(R). 
Integra, Inc. (AMEX : IGR)IGR provides managed behavioral healthcare services through full and shared risk arrangements with managed care organizations, health plans and employers. For the three months ended 3/31/99, revenues decreased 59 percent to $6.4 million. Net income totalled $695 thousand, vs. a loss of $481 thousand. Revenues reflect the sale of the outpatient behavioral health group practice operations. Earnings reflect lower selling and administrative expenses and lower interest expense. 
In Home Health, Inc. (Nasdaq : IHHI)In Home Health, Inc. provides home health care services to clients of all ages. Services include nursing, infusion therapy, rehabilitation, homemaking and personal care. For the six months ended 3/31/99, revenues decreased 27 percent to $39.7 million. Net income applicable to Common increased 96 percent to $600 thousand. Revenues reflect decreased Medicare payments. Net income reflects decreased direct costs as a  percentage of revenues due to the Company's cost reduction program. 
Integrated Health Service (NYSE : IHS)IHS provides of post-acute healthcare services, including inpatient services, home respiratory care, lithotripsy services and diagnositic services. For the three months ended 3/31/99, revenues fell 19 percent to $620.2 million. Net loss from continuing operations totalled $6.6 million, vs. an income of $37.6 million. Revenues reflect the sale of 37 facilities and a decrease in rates for inpatient services. Loss also reflects increased interest and depreciation expenses. 
Insight Health Services (Nasdaq : IHSC)Insight Health Services Corp. provides diagnostic imaging and related management services in 29 states throughout the Unites States. For the six months ended 12/31/98, revenues increased 35 percent to $76.8 million. Net income totalled $3.7 million vs. a loss of $3.4 million. Revenues reflect an increase due to the acquisitions, and higher revenues at existing facilities. Earnings also reflect the absence of a $6.3 million provision for supplemental service fee termination. 
Impath Inc. (Nasdaq : IMPH)Impath is a provider of critical information essential for making medically optimal and cost-effective cancer management decisions for individual cancer patients. For the three months ended 3/31/99, revenues rose 45 percent to $17 million. Net income rose 66 percent to $1.8 million. Revenues reflect an increase in case volume due to increased sales and marketing activities. Earnings also benefitted from the streamlining of operational and administrative duties. 
Integrated Medical Res. (OTC BB : IMRIQ)Integrated Medical Resources and subsidiaries is a provider of management services to clinics providing disease management services for men suffering from sexual dysfunction. For the nine months ended 9/30/98, net revenues fell 29 percent to $11 million. Net loss totalled $10.3 million, up from $4.1 million. Revenues reflect a decline in the number of new patients seen due to a smaller number of clinics in operation. Loss also reflects a $2.7 million increase in bad debt expense. 
Infu-tech, Inc. (Nasdaq : INFU)INFU provides clinical services and product to patients at home and in long term facilities. Products include infusion, antibiotic and nutritional therapy. For the six months ended 12/31/98, revenues decreased 10 percent to $12.3 million. Net income decreased 86 percent to $45 thousand. Revenues reflect a loss of patients on Immunoglobukin products. Earnings also reflect an increase in medical and nutritional products expenses as a  percentage of revenues. 
Integrated Orthopaedics (AMEX : IOI)IOI is a physician practice management company specializing in orthopaedic medicine, musculoskeletal and related patient services. For the three months ended 3/99, revenues rose 8 percent to $2.9 million. Net loss applicable to Common rose 25 percent to $1.3 million. Results reflect strength at the affiliated orthopaedic practices, offset by lower gross margins due to increased personnel for ancillary services, and higher debt servicing associated with a $65 million revolver granted in 7/98. 
Interwest Home Medical (Nasdaq : IWHM)Interwest Home Medical provides a diversified range of home health care services and products, such as home oxygen and respiratory care services, rehabilitation services and home medical equipment and supplies, through 28 locations in seven states. For the six months ended 3/31/99, total revenues rose 17 percent to $15.5 million. Net income rose 19 percent to $818 thousand. Results reflect increased rental revenues due to acquisitions and higher margins due to higher rental revenues. 
InterWest Medical Corp. (OTC BB : IWMC)InterWest Medical Corporation develops, operates andowns nursing homes itself and in association with others. For the fiscal year ended 12/31/98, total revenues increased 12 percent to $11.3 million. Net income totalled $1.3 million, up from $609 thousand. Revenues benefitted from increased net patient service revenues. Net income also benefitted from lower general and administrative expenses as a  percentage of revenues, and the inclusion of a $604 thousand gain on the sale of assets. 
Just Like Home, Inc. (OTC BB : JLHC)JLHC is principally engaged in the business of developing, operating and managing assisted-living facilities located in Florida. JLHC also provides demographic analysis and related consulting services. For the nine months ended 9/30/98, total revenue fell 2 percent to $2 million. Net loss rose 9 percent to $1.8 million. Revenues suffered from lower resident fee income due to decreased occupancy. Higher loss also reflects the costs of newly opened facilities. 
drkoop.com, Inc. (Nasdaq : KOOP)KOOP operates an Internet-based consumer healthcare network consisting of a consumer-focused interactive website and affiliate relationships with Internet portals, certain other websites, healthcare organizations and traditional media outlets. For the three months ended 3/31/99, revenues totalled $404 thousand, up from $0. Net loss applicable to Common totalled $24.4 million, up from $709 thousand. Results reflect the launch of operations, offset by the inclusion of prfd. dividends. 
Lab Holdings, Inc. (Nasdaq : LABH)LABH is a holding company whose subsidiaries provide risk-appraisal laboratory testing services to the insurance industry, clinical testing services to the healthcare industry, and comprehensive cancer treatment management. For the fiscal year ended 12/98, total revenues rose 30 percent to $102.2 million. Net income from continuing operations totalled $5.1 million vs. a loss of $7.9 million. Results reflect increased testing volumes and the absence of a $6.6 million write-down for the sale of buildings. 
LabOne Inc. (Nasdaq : LABS)LabOne Inc. provides laboratory and investigative services for the insurance industry, clinical testing services for the healthcare industry and substance abuse testing for employers. For the three months ended 3/31/99, sales rose 17 percent to $27.3 million. Net income fell 3 percent to $1.9 million. Revenues reflect increased clinical diagnostic testing revenue due to increased volumes. Earnings were offset by increased bad debt, depreciation and moving expenses. 
LCA Vision, Inc. (Nasdaq : LCAV)LCA Vision develops and operates free-standing laser refractive surgery centers. The Company also manages laser and minimally invasive surgery programs for hospitals and medical centers. For the three months ended 3/31/1999, revenues rose 92 percent to $13.9 million. Net income applicable to Common totalled $1.6 million, up from a loss of $1.6 million. Revenues benefitted from an increase in procedure volumes. Earnings reflect the write off of goodwill and the write down of idled lasers in 1998. 
Lexington Healthcare (Nasdaq : LEXI)LEXI is a long-term care provider, which operates six nursing home facilities in CT providing healthcare services including nursing care, subacute care, rehabilitation therapy and other services. For the six months ended 12/98, revenues rose 24 percent to $35 million. Net income fell 63 percent to $183 thousand. Revenues reflect the start of two joint ventures. Net income reflects the absence of a $280 thousand gain on the sale of bed licenses and a higher minority interest charge. 
Laboratory Corp. of Amer. (NYSE : LH)LH, an independent clinical laboratory company, offers a broad range of testing services used by the medical profession in the diagnosis, monitoring and treatment of diseases and other clinical states. For the three months ended 3/99, revenues rose 8 percent to $417.9 million. Net income applicable to Common totalled $2.9 million vs. a loss of $1.9 million. Revenues reflect an increase in price and testing volume. Net income also reflects lower cost of sales as a  percentage of revenues. 
Lincare Holdings Inc. (Nasdaq : LNCR)Lincare Holdings, Inc. provides oxygen and other respiratory therapy services to patients in the home. LNCR also provides a variety of infusion therapies in certain geographic markets. For the three months ended 3/31/99, revenues rose 22 percent to $136.1 million. Net income rose 29 percent to $23.5 million. Revenues benefitted from internal growth and acquisitions. Earnings also benefitted from lower cost of goods and operating expenses as a  percentage of sales. 
Lifepoint Hospitals, Inc. (Nasdaq : LPNT)LifePoint Hospitals, Inc. is comprised of 23 general, acute care hospitals and related health care entities. For the fiscal year ended 12/31/98, revenues increased 2 percent to $498.4 million. Net loss from continuing operations totalled $17.7 million vs. an income of $17.1 million. Revenues reflect an increase in inpatient admissions. Loss reflects a $26.1 million impairment of long-lived assets, increases in pharmaceutical costs and new product development, and higher debt levels. 
TLC The Laser Center Inc. (Nasdaq : LZRC)TLC The Laser Center Inc. develops and manages refractive clinics in North America that use excimer lasers to correct common refractive disorders. For the nine months ended 2/28/99, revenues totalled $100.3 million, up from $38.6 million. Net income totalled $4.7 million vs. a loss of $6.7 million. Revenues benefitted from continuing growth in the number of procedures performed at existing sites. Net income reflects higher margins and lower expenses as a  percentage of sales. 
Medical Alliance, Inc. (Nasdaq : MAII)Medical Alliance provides office based surgical services which allow certain minimally invasive operative and diagnostic procedures to be performed in the physician's office. For the three months ended 3/31/99, net revenue fell 1 percent to $4.1 million. Net income totalled $43 thousand vs. a loss of $649 thousand. Results reflect a shift to lower revenue per case procedures, offset by a reduced number of employees and lower vehicle expenses. 
Medical Asset Management (OTC BB : MAMT)Medical Asset Management, Inc. is a physician prac-tice management co. that develops contractual affiliations with physician practices. The Co. also offers a full array of management services to physicians and other independent healthcare entities. For the nine months ended 9/97, net revenue increased 67 percent to $10.7 million. Net loss increased 33 percent to $3.7 million. Revenues reflect the addition of new management services agreements. Loss reflects $1.6 million in clinic terminations. 
Matria Healthcare, Inc. (Nasdaq : MATR)MATR is engaged principally in the business of providing women's health services, cardiovascular and respiratory disease management services, infertility practice management, and diabetes supplies and services. For the three months ended 3/31/99, revenues rose 81 percent to $59.4 million. Net income totalled $935 thousand vs. a loss of $5.6 million. Results reflect the acquisitions of Gainor Medical and DMS and lower S/G/A expenses as a  percentage of revenues. 
Maxicare Health Plans (Nasdaq : MAXI)Maxicare Health Plans is a holding company for health maintenance organizations in CA, IN, IL, LA, NC, SC and WI. MAXI also provides insurance and pharmacy services. For the fiscal year ended 12/31/98, revenues increased 10 percent to $735.2 million. Net loss increased 10 percent to $27.5 million. Revenues benefitted from increased membership in the Commercial and Medicaid lines of business in CA and IN. Higher losses reflect a rise inlitigation expenses. 
MedCare Technologies (Nasdaq : MCAR)MedCare Technologies is a development stage company that has developed the MedCare Program, a non-surgical, non-drug, non-invasive treatment program for urinary incontinence, pelvic pain and other disorders. For the three months ended 3/31/99, revenues rose 74 percent to $394 thousand. Net loss rose 96 percent to $974 thousand. Revenues reflect an increased number of established MedCare Program sites. Higher loss reflects increased advertising and marketing expenses. 
Med-Emerg International (Nasdaq : MDER)MDER specializes in the coordination and delivery of emergency and primary healthcare services in Canada. Services include physician and nurse staffing, clinical management services, the development of urgent care centers and physician practice management program. For the three months ended 3/99, revenues rose 17 percent to $4.2 million. Net loss applicable to Com. totalled $146 thousand, up from $10 thousand. Results reflect clinic acquisitions, offset by product development costs. 
MedPartners, Inc. (NYSE : MDM)Medpartners, Inc. provides prescription benefit management therapeutic pharmaceutical services, and associated disease management programs. For the three months ended 3/31/99, net revenues rose 27 percent to $785.1 million. Net income from continuing operations rose 69 percent to $10.8 million. Results reflect the addition of new customer, additional services provided to existing customers, pharmaceutical price increases, sale of new products, and lower income tax expense. 
Metropolitan Health Ntwks (OTC BB : MDPA)Metropolitan Health Networks, Inc. provides primary and subspecialty physician care as well as diagnostic and therapeutic services. For the six months ended 12/31/98, revenues increased 47 percent to $8.4 million. Net loss increased 83 percent to $2.7 million. Revenuese benefitted from the acquisition of a small primary care facility. Higher losses reflect an increase in payroll due to an increase in corporate staff, and higher SGA expenses. 
Magellan Health Services (NYSE : MGL)MGL is an international behavioral healthcare company, which operates a managed care business, a human services business, a specialty managed healthcare business, a healthcare franchising business and a provider business. For the six months ended 3/99, revenues rose 65 percent to $960.5 million. Net income before extraordinary item rose 53 percent to $8.1 million. Results reflect the acquisitions of HAI and Merit, partially offset by additional personnel expenses related to the mergers. 
MHM Services, Inc. (OTC BB : MHMM)MHM Services, with operations primarily in four states, provides subacute medical and behavioral health services to residents of long-term care facilities as well as inmates of state correctional facilities. For the three months ended 12/31/98, revenues fell 31 percent to $5.9 million. Net loss rose 12 percent to $673 thousand. Revenues reflect divestiture of the Company's last remaining freestanding hospital. Higher loss reflect higher bad debt provision as a  percentage of sales. 
MIM Corporation (Nasdaq : MIMS)MIM Corp. is a pharmacy management organization that provides services to the pharmaceutical health care industry and employers and that promotes the cost-effective delivery of pharmacy benefits to plan members and the public. For the fiscal year ended 12/31/98, revenues rose 86 percent to $451.1 million. Net income totalled $4.3 million vs. a loss of $13.5 million. Revenues reflect revenues from TennCare(R) contracts. Earnings also reflect contract renewals on more favorable terms. 
Medical Industries of Am. (Nasdaq : MIOA)MIOA provides mobile cardiac catheterization services to hospitals on a shared-user basis and medical group practices. For the three months ended 3/99, revenues totalled $7.9 million, up from $2.3 million. Net income from continuing operations totalled $131 thousand, up from $50 thousand. Revenues reflect the acquisitions. Net income was partially offset by the inclusion of a $53 thousand beneficial conversion interest charge and increased cost of revenues as a result of the acquisitions. 
Mariner Post-Acute Ntwk. (NYSE : MPN)MPN provides post-acute care services emcompassing skilled nursing, subacute and medically complex care, pharmaceutical and rehabilitative services, and hospital program management. Net revenues for the six months ended 3/31/99 increased 42 percent to $1.29 billion. Net loss before extraordinary item rose from $34 million to $117.8 million. Revenues reflect acquisitions. Higher loss reflects lower margins and higher interest expense due to higher level of borrowing. 
Medical Resources, Inc. (OTC BB : MRII)MRII operates and manages fixed-site, free-standing outpatient diagnostic imaging centers and provides diagnostic imaging network management services to manage care providers. For the three months ended 3/99, revenues fell 11 percent to $41.9 million. Net loss from continuing operations applicable to Com. fell 72 percent to $1.6 million. Revenues reflect a decrease in personal injury claims business. Lower loss benefitted from cost reduction initiatives. 
Medical Science Systems (Nasdaq : MSSI)MSSI provides genetic susceptibility testing services for common and treatable diseases. MSSI focuses on four diseases; periodontitis, osteoporosis, coronary artery and diabetic retinopathy. For the fiscal year ended 12/98, revenues totalled $413 thousand, up from 196 thousand. Net loss totalled $9.5 million, up from $4.5 million. Revenues reflect the introduction of the Company's first genetic test. Higher loss suffered from the building of infrastructure to support commercial operations. 
Medical Sterilization (OTC BB : MSTI)MSTI provides off-site reprocessing and sterilization services to health care providers and manufacturers of medical disposable product. Medical also processes various types of plastic products. For the fiscal year ended 12/31/98, revenues fell 25 percent to $7.6 million. Net loss applicable to Common totalled $1.5 million vs. income of $504 thousand. Revenues reflect lower contract sterilization and radiation services. Net loss reflects increased distribution expenses. 
National Dentex Corp. (Nasdaq : NADX)NADX owns and operates 28 full service dental laboratories and five branch laboratories in 22 states. NADX designs and fabricates custom dental prosthetic appliances such as dentures, crowns, and bridges. For the fiscal year ended 12/31/98, sales rose 8 percent to $63.8 million. Net income rose 8 percent to $4.7 million. Revenues reflect acquisitions and same laboratory sales growth. Earnings reflect decreased operating costs as a  percent of sales and increased investment principal. 
New American Healthcare (NYSE : NAH)New American Healthcare acquires and operates acute care hospitals throughout the United States. NAH operates eight acute care hospitals in six states. For the nine months ended 12/31/98, revenues totalled $122 million, up from $45.5 million. Net income applicable to Common totalled $1.7 million, up from $426 thousand. Revenues reflect the acquisition of seven hospitals. Earnings reflect costs written off due to abandoned acquisitions and lower levels of accrued bonuses. 
National Diagnostics, Inc (OTC BB : NATD)National Diagnostics, Inc. provides diagnostic imaging services through several outpatient centers located in Florida. For the fiscal year ended 12/31/98, revenues fell 12 percent to $8.8 million. Net loss applicable to Common totalled $28.2 million, up from $1.9 million. Revenues reflect weakness at two facilties and the effects of doubtful receivables. Higher loss also reflects $25.6 million in Preferred dividends for the intrinsic value of the beneficial conversion features. 
NextHealth, Inc. (Nasdaq : NEXT)NextHealth, Inc. is a provider of addiction treatment and therapeutic services, as well as programs and activities for a life changing vacation alternative in a luxury resort setting. For the three months ended 3/31/99, revenues rose 19 percent to $8.1 million. Net income totalled $976 thousand, up from $273 thousand. Revenues reflect increased revenues at Sierra Tuscon and Miraval. Earnings also reflect lower salaries and general and administrative expenses as a  percentage of sales. 
National Healthcare Corp. (AMEX : NHC)National Healthcare Corporation operates long term health care centers and home health care programs in the southeastern U.S. For the three months ended 3/31/99, net revenues decreased 5 percent to $107.9 million. Net income applicable to Limited Partners fell 12 percent to $2.2 million. Revenues suffered from decreased levels of service and changes in payment systems for rehabilitative service. Earnings also suffered from higher rent expense. 
National Home Health Care (Nasdaq : NHHC)NHHC and subsidiaries provides home health care services, including nursing care, personal care and other specialized therapies in New York and New England. For the six months ended 1/31/99, revenues rose 7 percent to $19.2 million. Net income fell 51 percent to $271 thousand. Revenues reflect higher home health care services from Health Acquisition Corporation. Earnings suffered from an increase in S/G/A expenses due to the acquisitions of Bryan Home Care and Accredited Care. 
NovaCare, Inc. (NYSE : NOV)NOV provides outpatient, orthotic and prosthetic and occupational health rehabilitation services, rehabilitation and healthcare consulting services on a contract basis, and comprehensive, fully integrated outsourcing solutions to human resource issues. For the nine months ended 3/99, revenues rose 16 percent to $1.4 billion. Net loss totalled $124.9 million vs. income of $43.4 million. Results reflect growth in outpatient services, offset by increased restructuring charges. 
Northstar Health Services (OTC BB : NSTR)NSTR provides rehabilitation therapy, mobile diagnostics and related services at outpatient rehabilitation clinics and patient care facilities in Western PA, WV, OH, and IL. For the three months ended 3/31/99, revenues decreased 14 percent to $7 million. Net income totalled $76 thousand vs. a loss of $182 thousand. Revenues reflect the closure or termination of certain clinics and contracts. Net income reflects the absence of a $115 thousand restructuring and other non-recurring expense. 
Nu-Tech Bio-Med, Inc. (NTBMNu-Tech Bio-Med, Inc. through its subsidiary, Analytical Biosystems, provides prognostic information that aids oncologists in selecting chemotherapeutic drugs for specific tumors. For the nine months ended 9/30/97, total revenues increased from $74 thousand to $2.3 million. Net loss decreased 6 percent to $2.4 million. Results reflect the inclusion of operations from Medical Sciences Institute which was acquired in November of 1996 and decreased laboratory personnel. 
NuMed Home Health Care (OTC BB : NUMD)NUMD is a holding company that offers home health care services and temporary nursing staffing. NUMD also provides contract staffing of physical and occupational therapists, and speech pathologists. For the nine months ended 12/31/98, revenues fell 20 percent to $13.7 million. Net loss rose from $279 thousand to $1.3 million. Revenues reflect lower revenues in the NuMED rehabilitation division. Higher loss also reflects increased occupancy, interest and other expenses. 
NewCare Health Corp. (Nasdaq : NWCAQ)NewCare Health Corporation provides senior residential care services including long-term care, assisted living and independent living services. For the three months ended 3/31/99, revenues rose 45 percent to $19.4 million. Net loss totalled $5.5 million, up from $1.9 million. Revenues reflect higher number of facilities in operation. Net loss reflects cost for additional personnel and higher costs due to the increase in the number of facilities. 
New York Health Care (Nasdaq : NYHC)New York Health Care is a licensed home health care agency engaged primarily in supplying the services of paraprofessionals who provide a range of health care support services to patients in their homes in New York and New Jersey. For the three months ended 3/31/99, net revenues rose 11 percent to $5.1 million. Net loss applicable to Common totalled $128 thousand vs. an income of $113 thousand. Results reflect the opening of new offices, offset by costs related to new offices. 
Orthodontic Centers of Am (NYSE : OCA)OCA is a provider of business operation, financial, marketing and administrative services to 491 orthodontic centers nationwide and in Puerto Rico, Mexico and Japan. For the three months ended 3/99, net revenues rose 30 percent to $49 million. Net income before accounting change rose 35 percent to $10.2 million. Results reflect increases in patient contracts due to the net additions of 141 centers since the prior period, higher margins, and decreased S/G/A as a  percentage of revenues. 
Occupational Hlth & Rehab (OTC BB : OHRI)OHRI develops and operates multidisciplinary, outpatient healthcare centers and provides on-site services to employers for the prevention, treatment and management of work-related injuries and illnesses. For the three months ended 3/99, revenues rose 33 percent to $7 million. Net loss applicable to Com. before acct. chg. fell 27 percent to $146 thousand. Revenues reflect centers acquired and additional volume. Lower loss was partially offset by higher general and administrative costs. 
Omega Health Systems, Inc (Nasdaq : OHSI)Omega Health Systems is an eye care company that provides facilities and services to ophthalmologists and optometrists to assist in the integration of primary, medical and surgical eye care. For the three months ended 3/31/99, total revenues rose 12 percent to $25.9 million. Net income from continuing operations rose 4 percent to $594 thousand. Results reflect increased center revenues due to acquisitions, offset by an increase in the provision for doubtful accounts. 
OptimumCare Corporation (OTC BB : OPMC)OptimumCare develops and markets health care facility-based programs for the treatment of depression and certain other mental health disorders, as well as programs for alcohol and drug abuse. For the three months ended 3/31/99, total revenues fell 22 percent to $2.5 million. Net income rose 18 percent to $67 thousand. Revenues reflect a decrease in the number of operational programs. Earnings reflect the absence of $302 thousand in provision for doubtful accounts. 
Option Care, Inc. (Nasdaq : OPTN)Option Care, Inc. provides infusion therapy and other ancillary home healthcare services through its owned locations and through its supporting franchise network. For the fiscal year ended 12/31/98, total revenues increased 14 percent to $114.4 million. Net loss fell 67 percent to $691 thousand. Revenues benefitted from acquisitions and internal growth. Lower loss reflects higher margins in the patient care segment and the absence of $3.9 million in asset write-offs. 
Ortec International Inc. (Nasdaq : ORTC)ORTC is a development stage company developing a proprietary technology which consists of a biologically active dressing to stimulate the repair and regeneration of human skin. For the three months ended 3/31/99, revenues decreased 33 percent to $112 thousand. Net loss increased 33 percent to $2.2 million. Revenues reflect lower interest income. Lower loss reflects decreased personnel expenses due to decreased non-cash compensation charges. 
Osteotech, Inc. (Nasdaq : OSTE)Osteotech, Inc. provides services and develops and markets products to the orthopaedic, neurological, oral/ maxillofacial, dental and general surgical markets in the U.S. and Europe. Revenues for the three months ended 3/31/99 rose 39 percent to $18.7 million. Net income rose 50 percent to $3.2 million. Results reflect higher demand for the Grafton DBM and price increases. Earnings also reflect lower marketing, general and administrative expenses as a  percentage of sales. 
AmeriPath, Inc. (Nasdaq : PATH)AmeriPath, Inc. is an integrated physician group practice providing anatomic pathology services in outpatient laboratories owned by the Company, in hospitals and in outpatient ambulatory surgery centers. For the three months ended 3/31/99, net revenue rose 38 percent to $52.3 million. Net income rose 39 percent to $5.3 million. Revenues reflect the acquisitions completed during 1997 and 1998. Earnings also reflect a lower tax  percentage due to goodwill recognition. 
PharmChem Laboratories (Nasdaq : PCHM)PharmChem Laboratories is an independent laboratory providing integrated drug testing services to corporate and governmental clients. For the three months ended 3/31/99, net sales increased 7 percent to $10.2 million. Net income totalled $583 thousand vs. a loss of $192 thousand. Revenues reflect increased domestic criminal justic revenues due to higher specimen volume. Net income also benefitted from increased profit margins due to decreased labor and material costs. 
Princeton Dental Mngmt. (OTC BB : PDMC)Princeton Dental Management owns and manages dental practices and labs in Florida and Michigan. As of 3/98, the Company managed and/or operated nine dental practices and one dental laboratory. For the three months ended 3/31/99, total revenue remained flat at $3.2 million. Net loss totalled $285 thousand, up from $95 thousand. Revenues reflect lower practice revenue, offset by higher laboratory revenue. Higher loss reflects increased professional staff compensation. 
Pediatrix Medical Group (NYSE : PDX)Pediatrix Medical Group provides physician management services to hospital-based neonatal units in 24 states and Puerto Rico. The Company also provides services to pediatric intensive care units. For the three months ended 3/99, revenues rose 42 percent to $53.8 million. Net income rose 18 percent to $7.3 million. Revenues reflect new units as a results of acquisitions. Earnings were partially offset by increased salaries and benefits attributable to additional physicians. 
Pentegra Dental Group Inc (AMEX : PEN)Pentegra Dental Group, Inc. seeks affiliations with dental practices, negotiates to acquire the tangible assets of those practices and negotiates agreements to provide management services to those practices. For the comparable nine months ended 12/31/98, revenues totalled $26 million, up from $0. Net income totalled $1.7 million vs. a loss of $1.3 million. Results reflect the dental practice affiliations completed subsequent to the initial public offering. 
Phoenix Healthcare Corp. (OTC BB : PHHC)PHHC is involved in the operation of long-term care and assited living facilities, and provides contract therapy services and operates a medical supply business and a private duty staffing company. For the three months ended 3/31/99, revenues fell 27 percent to $6 million. Net loss applicable to Common totalled $2.4 million, up from $336 thousand. Revenues reflect lower ancillary service revenues. Higher loss reflects higher nursing home operation services expense. 
PHP Healthcare Corp. (OTC BB : PHPC)PPH Healthcare Corp. develops, consolidates and manages integrated health care delivery networks. The Co. is comprised of two divisions: the Commerical Managed Care Division and the Government Managed Care Division. For the three months ended 7/98, revenues totalled $131.5 million, up from $55.7 million. Net loss applicable to Com. totalled $24.2 million vs. income of $1 million. Results reflect the Company's new global capitation agreement, offset by increased personnel costs. 
Perennial Health Systems (OTC BB : PHSS)PHSS is engaged in providing, on a contract basis, physical, speech, occupational, respiratory therapy and behavioral health services and management services to primarily long-term care providers. For the nine months ended 2/28/99, revenues fell 27 percent to $10.5 million. Net loss totalled $921 thousand vs. income of $821 thousand. Results suffered from the cancellation of related party contracts and higher SGA costs due to the Co's. enterance into the nursing home industry. 
PhyCor, Inc. (Nasdaq : PHYC)PhyCor acquires and operates multi-specialty medical clinics. The Company acquires certain assets of established clinics, and operates each clinic under a long-term service agreement with an affiliated multi-specialty physician group. For the three months ended 3/31/99, revenues rose 29 percent to $416.5 million. Net income totalled $2.8 million vs. loss of $7.5 million. Result reflects the acquisition of PrimeCare International and the absence of $14.2 million in merger related costs. 
PHC, Inc. (Nasdaq : PIHC)PHC, Inc. is a national health care company specializing in the treatment of behavioral health care including alcohol and drug dependency and related disorders, psychiatric care and long-term care. For the six months ended 12/98, total revenues fell 9 percent to $9.7 million. Net loss from continuing operations before extraordinary item. fell 12 percent to $873 thousand. Revenues reflect the closure of Good Hope Center in Rhode Island. Lower loss reflects decreased S/G/A and patient care expenses. 
Paracelsus Healthcare (NYSE : PLS)Paracelsus Healthcare owns and operates acute care and related healthcare businesses in selected markets. As of 12/98, the Company owned or operated 16 hospitals and four skilled nursing facilities. For the three months ended 3/31/99, net revenue fell 19 percent to $150.9 million. Net loss before extraordinary item totalled $1.6 million vs. an income of $1.6 million. Results reflect the sale of 10 hospitals, the closure of home health offices and a higher provision for bad debts. 
Primedex Health Systems (OTC BB : PMDX)Primedex Health Systems arranges for the non-medical aspects of medical imaging offering MRI, CT, ultrasound, mammography, nuclear medicine and general diagnostic radiology to the public. For the three months ended 1/31/99, net revenues rose 12 percent to $16 million. Net loss before accounting change and extraordinary item rose 53 percent to $3.4 million. Revenues reflect the addition of new centers. Higher loss reflects a $479 thousand impairment loss on long-lived assets. 
PMR Corporation (Nasdaq : PMRP)PMR Corp. develops, manages and markets outpatient psychiatric programs, case management programs and substance abuse treatment programs, and now also provides related pharmaceuticals. For the nine months ended 1/31/99, revenues rose 24 percent to $62.3 million. Net income before accounting change fell 61 percent to $1.3 million. Revenues reflect the 7/98 commencement of pharmaceutical sales. Earnings were offset by higher bad debt expense, lower margins and $1.8 million in acquisition charges. 
Prime Medical Services (Nasdaq : PMSI)PMSI, through its subsidiaries, provides non-medical management services to lithotripsy, prostatherapy, and cardiac rehabilitation centers. For the three months ended 3/31/99, total revenues rose 11 percent to $25.4 million. Net income totalled $3.2 million vs. a loss of $1.2 million. Revenues reflect the sale of trailers for MRI equipment. Net income also reflects the absence of $5 million in financing costs and $1.6 million in nonrecurring development costs. 
Province Healthcare (Nasdaq : PRHC)Province Healthcare acquires and operates hospitals in non-urban markets in the US. PRHC operates 11 general acute care hospitals in seven states with a total of 808 beds, and manages 51 hospitals in 17 states with a total of 3,505 licensed beds. For the three months ended 3/99, revenues rose 53 percent to $73.2 million. Net income applicable to Com. totalled $4.1 million, up from $1.6 million. Results reflect acquisitions and increases in inpatient and outpatient volume and prices. 
Pediatric Services of Am. (Nasdaq : PSAI)Pediatric Services of America, Inc. is engaged in providing home pediatric nursing, home pediatric and adult respiratory therapy and other home health care services and equipment. For the three months ended 12/31/98, net revenues increased 29 percent to $79.4 million. Net income fell 95 percent to $108 thousand. Revenues reflect the inclusion of operations from acquisitions and internal growth. Net income reflects costs associated with the acquisitions. 
Physicians Resource Group (PYRGPhysicians Resource Group provides physician management services to ophthalmic and optometric practices. PRG also develops integrated eye care delivery systems through affiliates. For the six months ended 6/31/98, revenues decreased 4 percent to $197.4 million. Net loss totalled $34.5 million vs. income of $7.9 million. Revenues suffered from the cessation of operations of affiliated practices. Losses also reflect a $51.2 million asset valuation charge. 
Quorum Health Group Inc. (Nasdaq : QHGI)Quorum Health Group Inc. is a hospital management company which owns or manages under contract or provides consulting services to acute care hospitals in 44 states. For the nine months ended 3/31/99, revenues rose 2 percent to $1.22 billion. Net income fell 58 percent to $25.1 million. Revenues reflect six hospital acquisitions and a joint venture contribution. Net income was offset by approximately $33.6 million in write-down, investigation and litigation related costs. 
Renal Care Group, Inc. (Nasdaq : RCGI)Renal Care Group, Inc. is a specialized provider of nephrology services to patients with kidney disease. RCGI provides dialysis and ancillary services to over 13,400 patients. For the three months ended 3/99, revenues rose 32 percent to $120.9 million. Earnings rose 22 percent to $8.1 million. Results reflect the acquisition and development of various dialysis facilities, increased same center treatments, higher revenue per treatment partially offset by $4.3 million in merger related costs. 
Renex Corp. (Nasdaq : RENX)Renex Corp. and its subsidiaries provide kidney dialysis services to patients suffering from end-stage renal disease. RENX operates twenty dialysis facilities and a home dialysis programs in eight states. For the three months ended 3/99, revenues rose 38 percent to $10.7 million. Net income rose 42 percent to $455 thousand. Revenues reflect the acquisitions of dialysis clinics. Earnings also reflect decreased provision for doubtful accounts. 
Regent Assisted Living (Nasdaq : RGNT)Regent Assisted Living is an owner, operator and developer of private-pay assisted living communities. As of 12/31/98, the Company owned or operated 2,762 beds in 25 assisted living communities. For the three months ended 3/31/99, total revenues totalled $11.9 million, up from $4.3 million. Net loss applicable to Common fell 16 percent to $2.2 million. Results reflect the operation of additional communities, partially offset by increased start-up operating expenses. 
RehabCare Group, Inc. (NYSE : RHB)RehabCare Group, Inc. develops, markets and manages programs for the delivery of comprehensive medical rehabilitation and therapy services in acute-care hospitals, skilled nursing units and outpatient facilities. For the three months ended 3/99, revenues rose 59 percent to $69.2 million. Net income before accounting change rose 23 percent to $3.4 million. Revenues reflect increase in admissions per units and acquisitions. Earnings were partially offset by lower margins. 
Response Oncology, Inc. (Nasdaq : ROIX)ROIX is a comprehensive cancer management company that provides advanced cancer treatment services, manages the practices of oncologists, and conducts cancer research on behalf of pharmaceutical companies. For the three months ended 3/31/99, revenues rose 23 percent to $36.3 million. Net income fell 11 percent to $1.2 million. Revenues reflect an increase in revenue from the practice management division. Net income was offset by higher compensation and supplies and pharmaceuticals costs. 
Res-Care, Inc. (Nasdaq : RSCR)RSCR provides residential, training, educational and support services to populations with special needs, including persons with developmental and other disabilities and at-risk and troubled youths. For the three months ended 3/31/99, revenues increased 42 percent to $150.5 million. Net income before accounting change increased 50 percent to $5.7 million. Revenues reflect the addition of two new contracts. Net income also reflects lower S/G/A expenses as a  percentage of revenues. 
Raytel Medical Corp. (Nasdaq : RTEL)Raytel Medical Corporation is a provider of healthcare services, utilizing transtelephonic remote cardiac monitoring to patients with cardiovascular disease. For the three months ended 12/31/98, revenues fell less than 1 percent to $25.8 million. Net income increased 2 percent to $1.4 million. Revenues suffered from lower volumes at the cardiovascular diagnostic facilities and at RHCGH. Earnings reflect a decrease in debt, and an increase in other income. 
Ramsay Youth Services Inc (Nasdaq : RYOU)Ramsay Youth Services is an operator and manager of diversified treatment and education programs for at-risk and troubled youth in residential and non-residential settings nationwide. For the comparable three months ended 3/31/99, revenues fell 49 percent to $18.9 million. Net income applicable to Common totalled $1.7 million vs. a loss of $41.5 million. Revenues reflect a decrease in total census between periods. Income reflects the absence of $20.4 million in non-recurring costs. 
Staff Builders, Inc. (OTC BB : SBLI)Staff Builders is a national provider of home health care personnel and supplemental staffing to health care institutions. As of 2/98, SBLI operated 244 offices in 36 states and the District of Columbia. For the nine months ended 11/98, revenues fell 22 percent to $307.4 million. Net loss totalled $45.3 million vs. an income of $2.8 million. Revenues reflect the impact of the Medicare Interim Payment System and lower health care revenues. Loss reflects a $33.5 million non-recurring charge. 
Alliance Imaging, Inc. (OTC BB : SCAN)SCAN provides outsourced radiology services and high technology diagnostic imaging systems and related technical support services, as well as management and information services to hospitals and health care providers. For the three months ended 3/31/99, revenues rose from $31.2 million to $64.4 million. Net income before extraordinary item applicable to Common totalled $1.4 million vs. a loss of $843 thousand. Results reflect the MTI and MDI acquisitions and lower transaction related costs. 
Seal Holdings Corporation (OTC BB : SEAH)SEAH was an offshore service boat company that ceased all operations in 1996 and now, through recent acquisitions, has re-emerged as a physician practice management concern. For the nine months ended 9/30/98, revenues rose from $83 thousand to $332 thousand. Net loss increased 34 percent to $684 thousand. Revenues reflect a $315 thousand payment from Monsanto under a joint development agreement. Higher loss reflects increased salaries, administrative and professional expenses. 
Sun Healthcare Group (NYSE : SHG)SHG provides health care services, including nursing care, subacute care, rehabilitation therapy and other specialized services. For the three months ended 3/99, revenues decreased 9 percent to $673 million. Net loss before accounting change totalled $99.4 million vs. income of $18.4 million. Revenues reflect decreased inpatient services and rehabilitation and respiratory therapy services revenues. Net loss reflects the inclusion of a $12.1 million loss on the sale of assets. 
Star Multi Care Services (Nasdaq : SMCS)Star Multi Care Services is principally engaged in providing temporary health care personnel to hospitals, nursing homes, extended care facilities and in-home patients in OH, NJ, PA and NY. For the nine months ended 2/28/99, revenues rose 3 percent to $36.8 million. Net income from continuing operations totalled $251 thousand vs. a loss of $2.2 million. Revenues reflect increased sales volume. Lower loss reflects higher margins and the absence of $1.9 million in regulatory costs. 
Sunrise Assisted Living (Nasdaq : SNRZ)SNRZ is a provider of assisted living services to the elderly. The Company operates 79 assisted living facilities in 14 states. For the three months ended 3/31/99, revenues rose 47 percent to $51.4 million. Net income increased 99 percent to $7.2 million. Revenues reflect an increase in the average daily resident rate and the average resident occupancy. Net income also reflects decreased operating expenses as a  percentage of revenues, and increased interest income. 
ARV Assisted Living, Inc. (AMEX : SRS)SRS is a fully integrated provider of assisted living accommodations and services which operates, acquires and develops assisted living communities (ALCs). At 12/98, the Company operates 63 assisted living communities. For the three months ended 3/99, revenues rose 31 percent to $35.8 million. Net loss before accounting change fell 8 percent to $2.8 million. Revenues reflect increased number of management contracts. Lower loss reflects reduced staff costs. 
Sonus Corporation (AMEX : SSN)Sonus Corporation owns and operates a network of 89 hearing care clinics in the U.S. and Western Canada, which provides its hearing impaired patients with a full range of audiological products and services. For the six months ended 1/31/99, net revenues rose 72 percent to $16.2 million. Net loss increased 84 percent to $2.2 million. Revenues benefited from 36 additional clinics and increased product revenues. Higher loss reflects an increase in clinical expenses. 
SteriGenics International (Nasdaq : STER)STER is a provider of high quality contract sterilization services, including the operation, design and development of Gamma irradiation facilities. For the nine months ended 12/98, revenues rose 20 percent to $40.8 million. Net income rose 57 percent to $5.8 million. Revenues reflect newly operational facilities and increased quantities of products processed. Earnings also reflect greater utilization of existing facilities and higher interest income. 
TelMed, Inc. (OTC BB : TEMD)TelMed, Inc. engages in the business of providing specialized home health care services, in conjuction with physicians, for pregnant women with high risk pregnancy. For the nine months ended 7/97, revenues fell 23 percent to $2.5 million. Net loss fell 83 percent to $150 thousand. Revenues suffered from lower income from in-home nursing care services provided. Lower loss reflects $500 thousand from the sale of CORF, a decrease in payroll and related costs, and the absence of clinical testing costs. 
Tenet Healthcare Corp. (NYSE : THC)Tenet Healthcare Corp. is a healthcare services company that owns or operates general hospitals and related healthcare facilities serving urban and rural communities in 18 states. As of 5/98, the Company operated 122 hospitals. For the nine months ended 2/28/99, revenues rose 8 percent to $7.94 billion. Earnings fell 4 percent to $386 million. Revenues reflect an increase in its physician practices. Earnings were partially offset by increases in medical and other professional fees. 
Transcend Services, Inc. (Nasdaq : TRCR)TRCR is engaged in contract outsourcing of the health information management/medical records and patient access functions of hospitals, as well as consulting, transcription, and reimbursement coding services. For the fiscal year ended 12/98, revenues rose 23 percent to $53.3 million. Net loss from continuing operations applicable to Common fell 97 percent to $97 thousand. Results reflect new contracts and the acquisition of Cascade, partially offset by R&D expenses and increased debt levels. 
Triad Hospitals, Inc. (Nasdaq : TRIH)TRIH operates 39 hospitals, 19 free-standing ambulatory surgery centers and related health care entities located in AL, AZ, AR, CA, KS, LA, MO, NM, OK, OR and TX. For the three months ended 3/99, revenues decreased 11 percent to $367.6 million. Net loss from continuing operations totalled $35.9 million, up from $4.1 million. Revenues reflect a decline in revenue per equivalent admission. Higher loss also reflects the inclusion of a $33.9 million impairment of long-lived assets charge. 
Total Renal Care Holdings (NYSE : TRL)Total Renal Care Holdings, Inc. is a provider of integrated dialysis services for patients suffering from chronic kidney failure, also known as end-stage renal disease. For the three months ended 3/31/99, revenues increased 36 percent to $352.2 million. Net income before extraordinary item and accounting change totalled $27.9 million vs. a loss of $46.1 million. Revenues reflect increased treatments from acquisitions. Earnings reflect tha absence of a $79.4 million merger cost. 
Transworld Healthcare (AMEX : TWH)TWH provides a broad range of home health care services and products in the U.S. and U.K., offering specialty mail-order pharmaceuticals, medical supplies, respiratory therapy and home medical equipment, nursing, infusion therapy and various other patient services. For the three months ended 12/98, revenues rose 6 percent to $40.1 million. Net income fell 99 percent to $4 thousand. Results reflect strength in the U.K. and in domestic specialty mail-order sales, offset by increased overhead. 
UCI Medical Affiliates (OTC BB : UCIA)UCI Medical Affiliates provides nonmedical administrative and management services for 41 freestanding medical centers in South Carolina. For the three months ended 12/31/98, revenues increased 20 percent to $9.7 million. Net income totalled $477 thousand vs. a loss of $877 thousand. Results benefitted from the opening of new medical centers and increased patient encounters. Earnings also reflect improved margins due to reductions in corporate overhead and personal expenses. 
Urocor, Inc. (Nasdaq : UCOR)UCOR provides diagnostic services for the clinical management of certain urological cancers and diseases, and provides information services and therapeutic products to urologists and HMOs. For the three months ended 3/99, revenues rose 16 percent to $12.3 million. Net income rose 85 percent to $945 thousand. Revenues reflect continued expansion of the urologist client base. Earnings also benefitted from higher margins due to the indentification of process improvments, and decreased R&D. 
Universal Std. Healthcare (OTC BB : UHCI)Universal Standard Healthcare provides clinical laboratory testing service, home medical services, and diagnostic imaging in employer, employer group-, union-, and government-sponsored health care benefit plans. For the three months ended 3/31/99, revenues fell 28 percent to $5 million. Net income from continuing operations totalled $528 thousand, up from $172 thousand. Results reflect the termination of the General Motors contract, offset by increased gains on the sale of assets. 
Uniholding Corporation (Nasdaq : UHLD)Uniholding Corporation's principal business and operations are in European clinical laboratory testing services through its Diagnostic Laboratory Division. For the nine months ended 2/28/99, revenues rose 23 percent to $72 million. Net income from continuing operations fell 89 percent to $1 million. Revenues reflect acquisitions made in 1998 and improved sales from existing laboratories. Earnings were offset by higher expenses from Swiss operations and higher interest expense. 
Universal Health Services (NYSE : UHS)Universal Health Services is engaged principally in owning and operating acute care hospitals, behavioral health centers, ambulatory surgery centers and radiation oncology centers. For the three months ended 3/99, revenues rose 12 percent to $520.1 million. Net income rose 17 percent to $30 million. Revenues reflect four new facilities and growth at acute care and behavioral care facilities. Net income reflects higher margins at acute care and behavioral care facilities. 
UNILAB Corporation (AMEX : ULB)UNILAB Corporation provides clinical laboratory testing services to physicians, managed-care organizations, hospitals and other health care providers primarily in California. For the three months ended 3/31/99, revenue rose 17 percent to $63.6 million. Net income applicable to Common totalled $6.1 million, up from $3 million. Revenues reflect the acquisition of Meris and increases in reimbursement levels. Earnings also benefitted from economies of scale due to higher volumes. 
RainTree Healthcare Corp. (UNHCRaintree is a provider of long-term and specialty healthcare services, including independent/assisted living facilities. UNHC also operates a pharmacy and a Medicare Part B billing and supply company. For the fiscal year ended 12/98, sales fell 18 percent to $184 million. Net loss before extraordinary item fell 7 percent to $44 million. Sales reflect a decrease in patient services due to the disposition of facilities. Loss was partially offset by lower expenses due to disposition of facilities. 
U.S. Diagnostic, Inc. (Nasdaq : USDL)U.S. Diagnostic, Inc. is a medical services provider specializing in the operation and management of multi-modality diagnostic imaging centers and related medical facilities. As of 12/98, the Company operated 84 centers throughout the U.S. For the fiscal year ended 12/31/98, revenues fell 9 percent to $195.7 million. Net loss before extraordinary items fell 99 percent to $512 thousand. Results reflect the sale of non-core MDI assets, offset by the absence of $99.7 million in settlement and impairment charges. 
U.S. Homecare Corporation (OTC BB : USHO)U.S. Homecare Corporation is a regional provider of paraprofessional and professional home health care services, including nursing care, personal care, and other specialized therapies, with operations in NY, CT an PA. and PA. For the three months ended 3/31/99, net revenues fell 10 percent to $11.7 million. Net loss applicable to Common totalled $480 thousand vs. an income of $178 thousand. Results reflect continued downward pressure on rates and lower margins due to lower rates. 
U.S. Physical Therapy (Nasdaq : USPH)U.S. Physical Therapy,Inc. operates outpatient physical and occupational therapy clinics which provide post-operative care and treatment for a variety of orthopedic related disorders. For the fiscal year ended 12/31/98, total revenues rose 13 percent to $44 million. Net income fell 34 percent to $1.6 million. Results reflect increased patient revenues from new clinics and increased patient visits to existing clinics, offset by the use of all net operating loss carryforwards in 1997. 
Vencor, Inc. (NEW) (OTC BB : VCRI)Vencor provides healthcare services primarily for the elderly, operating long term acute care hospitals and nursing centers, and providing rehabilitation therapies and medical and pharmacy management services. For the fiscal year ended 12/98, revenues fell 4 percent to $3 billion. Net loss applicable to Common before extraordinary item totalled $573.6 million, vs. income of $135.1 million. Results reflect lower same-store patient days, reduced Medicare reimbursements and a $307.8 million asset impairment charge. 
Sight Resource Corp. (Nasdaq : VISN)Sight Resource Corp. manufactures, distributes and sells eyewear and related products and services. For the three months ended 3/27/99, net revenues increased 16 percent to $15.8 million. Net income totalled $173 thousand, up from $13 thousand. Revenues reflect the addition of 18 eye care centers. Net income also reflects decreased cost of revenue as a  percentage of revenues due to the realization of purchase economies and retail price increases. 
Wendt-Bristol Health Serv (AMEX : WMD)WMD, an outpatient health care provider, owns and operates a nursing home, two multi-disciplinary diagnostic/ radiology centers and two radiation therapy centers. For the three months ended 3/31/99, revenues increased 27 percent to $1.9 million. Net loss before accounting changes rose from $108 thousand to $654 thousand. Revenues refelct increased service revenue due to higher diagnostic volumes from the opening of two centers. Higher loss reflects increased cost of sales.%}
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Barrick Gold Corp. (NYSE : ABX)Barrick Gold Corporation is engaged in gold mining and related activities including exploration, development, mining and processing in the United States, Canada, Chile, and Peru. For the nine months ended 9/30/98, total revenues decreased 1 percent to $928 million. Net income totalled $218 million vs. a loss of $198 million. Revenues suffered from lower gold sales. Net income benefitted from a $42 million gain on sale of mining property, and decreased exploration expenses. 
Adrian Resources Ltd. (OTC BB : ADLRF)Adrian Resources Ltd. is engaged in the acquisition, exploration, management, development and sale of mineral properties and has not yet determined whether its properties contain ore reserves that are economically recoverable. For the three months ended 4/30/98, total revenues fell 15 percent to C$67 thousand. Net loss increased 72 percent to C$260 thousand. Revenues reflect lower property revenues. Loss also reflects C$46 thousand in foreign exchange losses vs. C$151 thousand in exchange gains. 
Agnico-Eagle Mines Ltd. (NYSE : AEM)Agnico-Eagle Mines, Ltd. is involved in the exploration, development and mining of gold and other precious metals in Canada. For the three months ended 3/31/99, revenues fell 3 percent to C$10.8 million. Net loss before U.S. GAAP fell 18 percent to C$1.7 million. Revenues suffered from lower realized gold prices. Lower loss reflects a decrease in exploration costs, lower depreciation and amortization expenses and a foreign currency gain vs. a loss. 
Americana Gold & Diamond (AGDMAmericana Gold and Diamond is engaged in the exploitation, exploration and development of gold mining concessions in Venezuela's Guayana Shield. The Company currently has rights to four concessions. For the six months ended 6/30/98, total income totalled $2 thousand vs. a loss of $1 thousand. Net loss totalled $3.8 million, up from $279 thousand. Revenues reflect increased currency exchange gains. Higher loss reflects a $3.4 million charge for the cancellation of a purchase agreement. 
Alta Gold Co. (ALTAQAlta Gold Co. is engaged in the exploration, development, mining and production of gold on properties located in Nevada. Alta also owns three base metal properties. For the three months ended 3/31/99, revenues rose 84 percent to $6.7 million. Net income fell 92 percent to $30 thousand. Revenues reflect full gold production at Griffon and the initiation of gold production at Olinghouse. Earnings suffered from higher production and debt costs related to Griffon and Olinghouse. 
Ashanti Goldfields Co. (NYSE : ASL)Ashanti Goldfields Co. engages in the acquisition, exploration, development and mining of gold properties in Africa. For the nine months ended 9/30/98, turnover increased 12 percent to $438.1 million. Net income fell 45 percent to $20.8 million. Revenues reflect increased gold production due to steady improvements in underground tonnage and grade, and improved throughput. Earnings were offset by a $30 million charge related to the Iduapriem mine which is scheduled to close in 1999. 
Atlas Corp. (OTC BB : ATSP)Atlas Corporation is a mining company primarily engaged in the exploration, development and exploitation of precious metal and industrial mineral resource properties. For the fiscal year ended 12/31/98, revenues increased 30 percent to $5.1 million. Net loss from continuing operations before extraordinary item decreased 80 percent to $2.7 million. Revenues reflect increased production due to the completion of a mill expansion. Lower loss reflects the absence of a $6.6 million loss on the repurchase of debentures. 
Anglogold Limited (NYSE : AU)Anglogold Limited is a South African-based producer of gold with 13 mines located in the Vaal River, West Wits and Free States areas of the Witwatersrand Basin. For the nine months ended 9/30/98, turnover rose 7 percent to RAN8.97 billion. Net income rose 53 percent to RAN1.25 billion. Revenues benefitted from increased gold production volumes and higher realized gold prices. Earnings also benefitted from reduced gold production costs as a result of rand depreciation. 
Azco Mining Inc. (AMEX : AZC)Azco Mining Inc. is a mining company with a general business strategy to acquire mineral properties with a prime focus on gold. For the nine months ended 3/31/99, revenues decreased 8 percent to $731 thousand. Net loss increased 61 percent to $2.6 million. Revenues reflect lower cash balances available to earn interest. Higher loss reflects the absence of a $1.9 million federal income tax refund, and $310 thousand in compensation expense recognized on stock options granted to non-employee. 
Benguet Corporation (NYSE : BE)Benquet Corporation is a Phillipine company engaged in the mining of gold, copper and chromite. BE is also engaged in non-mining activities, including interests in water supply and eco-tourism projects. For the fiscal year ended 12/31/97, revenues fell 46 percent to PP1.39 billion. Net loss totalled PP1.99 billion, up from PP165M. Revenues reflect an economic slowdown and lower gold and copper prices. Loss also reflects PP858M in property and mine development costs. 
Bema Gold Corporation (AMEX : BGO)BGO is a mining company engaged in the acquisition, exploration and development of precious metal and gold properties in Latin America and the western United States. For the nine months ended 9/30/98, revenues increased 7 percent to $22.5 million. Net loss rose 55 percent to $10.5 million. Revenues reflect higher production from Refugio Mine and higher spot gold prices. Higher loss also reflects higher operating costs and a $3.6 million inventory write-down. 
Battle Mountain Gold Co. (NYSE : BMG)Battle Mountain Gold and its subsidiaries are engaged in the mining and processing of gold, silver and copper ore, and in the exploration and evaluation of precious metals properties worldwide. For the three months ended 3/31/99, sales fell 32 percent to $53.8 million. Net loss applicable to Common totaled $13.8 million, up from $3.5 million. Revenues reflect lower gold and silver prices. Higher loss reflects $10.4 million in asset write-downs. 
Buenaventura S.A. (NYSE : BVN)BVN is a precious metals mining company, focusing on exploration and production through its wholly-owned operations and its participation in joint venture projects. For the nine months ended 9/98, net sales fell 8 percent to PEN125.7 million. Net income fell 42 percent to PEN65.2 million. Revenues fell due to delayed shipping schedules and limitation in the smelting capacity. Earnings also reflect the absence of PEN71.5 million in extraordinary income and lower gross margins. 
Breakwater Resources Ltd. (OTC BB : BWLRF)Breakwater Resources Ltd. is a natural resources company engaged in the acquisition, exploration, development and mining of base and precious metals deposits, primarily zinc, lead and silver, in North and Central America and Tunisia. For the three months ended 3/31/99, net revenues rose 24 percent to C$30.8 million. Net income rose 3 percent to C$1.6 million. Results reflect an increase in the volume of ore milled, partially offset by increased depreciation and interest expense. 
Caledonia Mining Corp. (OTC BB : CALVF)Caledonia Mining operates mineral properties for the purpose of producing metals and is engaged in the acquisition, exploration, and development of other mineral properties for base and precious metals. For the three months ended 3/31/99, revenues increased 74 percent to C$4.3 million. Net income totalled C$5.2 million vs. a loss of C$819 thousand. Results benefitted fromimproved production at Filon Sur Gold mine due to good weather and a C$5.3 million gain from the retirement of debt. 
Canyon Resources Corp. (AMEX : CAU)Canyon Resources Corp. is a Colorado based company egaged in the exploration, acquisition, development and mining of precious metals and other mineral properties. For the three months ended 3/31/99, revenues decreased 1 percent to $7.3 million. Net loss before accounting change totalled $381 thousand, up from $170 thousand. Revenues reflect a decrease in gold and silver ounces sold. Higher loss reflects a lower gross profit margin and higher depreciation expenses. 
Cambior, Inc. (AMEX : CBJ)CBJ is a Canadian mining company engaged in the mining, exploration and development of mining properties, principally gold, located in North and South America. For the nine months ended 9/30/98, total revenues increased 11 percent to $266.7 million. Net income rose 75 percent to $12.1 million. Revenues benefitted from higher gold production and the acquisition of Doyon mine. Earnings also benefitted from a $4.2 million gain from the sale of El Coco exploration property. 
Campbell Resources, Inc. (NYSE : CCH)CCH is a gold and natural resources company with two wholly owned producing mines: the Joe Mann Mine in Canada and the Santa Gertrudis Mine in Mexico. For the three months ended 3/99, revenues fell 36 percent to C$6.6 million. Net loss according to U.S. GAAP increased 32 percent to C$3 million. Results reflect lower gold production and lower realized gold prices marginally offset by a weaker Canadian dollar. Gold production fell by 34 percent to 15,900 ounces from 24,200 ounces a year earlier. 
Coeur d'Alene Mines Corp. (NYSE : CDE)Coeur d'Alene Mines Corp., through its subsidiaries, explores, develops, operates, and owns silver and gold mining properties and companies located in the U.S., Australasia and South America. For the three months ended 3/31/99, revenues fell 16 percent to $18.3 million. Net loss applicable to Common fell 84 percent to $9.9 million. Revenues reflect lower average gold and silver prices. Lower loss reflects the absence of a $54.5 million expense for the writedown of mining properties. 
Commerce Group Corp. (OTC BB : CGCO)Commerce Group is engaged in developing gold mining and related activities, including, but not limited to, exploration, exploitation, development, extraction and processing of precious metals in El Salvador. Revenues for the nine months ended 12/31/98 fell 38 percent to $556 thousand. Net loss totalled $187 thousand vs. income of $96 thousand. Revenues reflect lower market prices for gold and decreased production. Net loss suffered from increases in depreciation and S/G/A expenses. 
LS Capital Corporation (OTC BB : CHIP)LS Capital Corporation is engaged in the development of precious metal mining prospects through three partially-owned subsidiaries: Griffin Gold Group, Escopeta Minerals, Desert Minerals, SWM Ventures, etc. For the six months ended 12/98, the Company reported no revenues. Net loss fell 73 percent to $361 thousand. Results reflect decreases in mining exploration costs, S/G/A costs and interest expenses due to the foreclosure on assets of Papone's Palace LLC. 
Silver Assets, Inc. (OTC BB : CILV)Silver Assets, Inc. is principally engaged in the ownership and acqusition of mineral properties. The Company's principal assets are non-operating silver and copper mineral properties located in Presidio County, Texas. For the six months ended 4/30/99, revenues fell 40 percent to $902. Net loss rose 23 percent to $736 thousand. Results reflect reduced royalties, partially offset by lower legal and accounting and auditing expenses. 
Coral Gold Corp. (OTC BB : CLHVF)Coral Gold Corporation is involved in acquiring and exploring precious mineral properties and developing and mining such properties. For the nine months ended 10/31/98, revenues remained flat at C$0. Net loss decreased 22 percent to C$395 thousand. Results reflect decreased salaries and benefits and travel expenses and decreased licenses, taxes and insurance expenses and a decreased shareholder and investor relations expense (C$35 thousand vs. C$105 thousand). 
Cornucopia Resources Ltd. (OTC BB : CNPGF)Cornucopia Resources engages in the acquisition, exploration and development of precious mineral resource properties primarily in Nevada and southeast Alaska. For the three months ended 3/31/99, revenues remained flat at $0. Net loss fell 68 percent to $146 thousand. Results reflect higher interest income (from the final settlement of an account receivable originating from a property sale in 1992) and lower employment costs in the Vancouver, British Columbia office. 
Crown Resource Corp. (Nasdaq : CRRS)Crown Resource Corporation engages in the acquisition, exploration, and development of mineral properties, which exist in the western U.S. and South America. For the fiscal year ended 12/31/98, revenues decreased 11 percent to $610 thousand. Net loss decreased 61 percent to $1.9 million. Revenues suffered from lower royalty income. Lower loss reflects lower S/G/A expenses due to cost containment efforts as well as reduced operations in Argentina and Nevada. 
Cusac Gold Mines Ltd. (OTC BB : CUSIF)Cusac Gold Mines Ltd. is in the business of exploring for, developing and producing precious metals in Canada. For the three months ended 3/31/99, the Company reported no revenues. Net loss decreased 68 percent to C$168 thousand. Lower loss reflects lower Table Mountain mine operating costs, lower administration costs, reduced amortization charges on capital assets and the absence of amortization charges on resource properties. 
Dakota Mining Corporation (DAKMFDakota Mining Corp. is engaged in the business of investing in and operating precious metals mining projects, producing gold and silver and exploring for, acquiring and deve-loping precious metals properties worldwide. For the nine months ended 9/30/97, sales fell 1 percent to $15.8 million. Net loss decreased 63 percent-$5 million. Sales reflect the absence of production from the Golden Reward Mine and lower realized gold prices. Lower loss reflects a $5.3 million reduction in property impairment charges. 
Dayton Mining Corporation (AMEX : DAY)Dayton Mining, a Canadian based international mining company, engages in the worldwide exploration, development and operation of precious metals properties. For the fiscal year ended 12/98, sales fell 7 percent to C$45.8 million. Net loss according to U.S. GAAP rose 9 percent to C$71.3 million. Results reflect a fall in gold production and lower realized gold prices, higher cost of sales as a  percentage of sales, and a $27 million increase in write-down of property, plant and equipment. 
Echo Bay Mines Ltd. (AMEX : ECO)Echo Bay Mines Ltd. mines, processes and explores for gold and silver in Canada and the United States. For the three months ended 3/31/99, revenues decreased 8 percent to $48.8 million. Net loss according to U.S. GAAP decreased 54 percent to $6.1 million. Revenues reflect decreased gold production due to lower heap leach tons placed at Round Mountain and decreased mill grades at McCoy/Cove. Lower loss reflects lower interest expenses. 
Empire Gold, Inc. (OTC BB : EGIT)Empire Gold, Inc. is engaged in the mineral/gold exploration and development business. The Company has liquidated its remaining assets in the real estate development business. For the nine months ended 9/98, revenues decreased 96 percent to $162. Net loss decreased 15 percent to $176 thousand. Revenues reflect lower interest income. Lower loss reflects lower legal fees due to the completion of the update of regultory filings. 
First Dynasty Mines, Ltd (OTC BB : FDYMF)First Dynasty Mines explores, acquires, and develops natural resource properties. The mineral resource properties of the Company are located in the Yukon Territory of Canada, Armenia, Myanmar and Indonesia. For the fiscal year ended 12/97, the Company reports no revenues. Net loss from continuing operations before U.S. GAAP rose 92 percent to $14.7 million. Results reflect a $2 million write down of value of drill rig and a $2.8 million impairment of deferred mineral exploration expenditure. 
Great Basin Gold Ltd. (OTC BB : GBGLF)Great Basin Gold Ltd. is engaged in the business of exploration and development of mineral property interests in Nevada, U.S., and southwest Yukon, Canada. For the fiscal year ended 12/31/98, revenues increased 55 percent to C$80 thousand. Net loss before accounting change increased 11 percent to C$2.4 million. Revenues reflect an increase in interest revenues. Higher loss reflects higher amortization expenses, shareholder communications expenses, and salaries and benefits expenses. 
Golden Cycle Gold Corp. (GCGCGolden Cycle Gold Corporation acquires and develops mining properties, with its principal investment consisting of a joint venture in the Cripple Creek and Victor Gold Mining Company. For the fiscal year ended 12/31/98, revenues remained flat at $250 thousand. Net loss increased 40 percent to $409 thousand. Revenues reflect distributions from a mining joint venture in excess of carrying value. Higher loss reflects a $109 thousand write down of the GCPI capitalized exploration program. 
Goldcorp, Inc. (NYSE : GGa)Goldcorp, Inc. operates two gold mines: an underground mine and an open pit mine. GG.A also operates two industrial mineral divisions the produce sodium sulphate, limestone and processed lime. For the three months ended 3/31/99, revenues decreased 14 percent to $11.6 million. Net income totalled $88 thousand. vs. a loss of $896 thousand. Revenues suffered from lower average realized gold prices used to calculate reserves. Earnings reflect the absence of a $1.4 million loss on marketable securities. 
Gold Reserve Inc. (Nasdaq : GLDR)Gold Reserve, Inc. is engaged in acquiring, exploring and developing mining properties and placing these properties into production. For the nine months ended 9/30/98, revenues decreased 39 percent to $852 thousand. Net loss increased 23 percent to $1.4 million. Revenues reflect decreased interest income due to lower average levels of invested cash. Higher loss reflects an increase in general and administrative expenses as a  percentage of sales. 
Glamis Gold Ltd. (NYSE : GLG)Glamis Gold Ltd. is engaged in the mining and extraction of precious metals by open-pit mining and heap leaching method and has an active program of exploration and development of precious metal properties. For the three months ended 3/31/99, revenues decreased 11 percent to $8 million. Net loss totalled $3.3 million vs. income of $334 thousand. Revenues reflect decreased average revenue realized per ounce of gold. Net loss also reflects increased S/G/A expenses. 
Consolidated Golden Quail (GQRFConsolidated Golden Quail Resources Ltd. is a development stage company engaged in the exploration, and if warranted, development, mining and processing of gold, silver and the base metals. The Company owns 100 percent interest in Benson Minerals, Inc. For the fiscal year ended 5/30/97, the Company reported no operating revenues. Net loss increased less than 1 percent to $338 thousand. Results reflect decreased interest and foreign exchange, and gains from marketable securities. 
Greenstone Resources Ltd. (Nasdaq : GRERF)GRERF is engaged in the mining and extraction of precious metals and the exploration for and acquisition and development of precious metals properties in Central America. For the fiscal year ended 12/98, revenues increased 72 percent to $35.4 million. Net loss according to U.S. GAAP totalled $126.6 million, up from $3.7 million. Revenues reflect increased average realized prices. Net loss reflects the inclusion of a $111.4 million write-down of mining interest charge. 
Grand Central Silver Mns. (Nasdaq : GSLM)Grand Central Silver Mines, Inc. is a U.S. mineral resource company engaged in the acquisition, exploration and development of mineral properties containing gold, silver, copper and other mineralization. For the three months ended 12/31/98, revenues remained at $0. Net loss increased 28 percent to $430 thousand. The Company does not have sufficient capital to explore and develop its properties. Higher loss reflects greater legal expenditures and more mineral lease expenses. 
Golden Star Resources Ltd (AMEX : GSR)Golden Star Resources Limited is engaged in the business of exploration, acquisition, and development of precious mineral deposits in South America and Africa. For the three months ended 3/31/99, total revenues decreased 36 percent to $166 thousand. Net loss according to U.S. GAAP fell decreased 18 percent to $1.3 million. Revenues reflect the shutdown of operations at SOTRAPMAG and lower interest income. Lower loss reflects a decreased exploration and general and administrative expenses. 
Gold Standard, Inc. (Nasdaq : GSTD)Gold Standard is engaged in acquiring, leasing, and selling hard mineral properties and, if warranted, developing those properties which have the most economic potential. For the three months ended 1/31/99, the Company reports no revenues. Net loss decreased 48 percent to $227 thousand. Results reflect decreased leasehold exploration and carrying costs, decreased depreciation expenses and lower SGA expenses. 
Hecla Mining Company (NYSE : HL)HL is engaged in the exploration, development and mining of precious and nonferrous metals, including gold, silver, lead and zinc, and certain industrial minerals. For the three months ended 3/31/99, revenues rose 4 percent to $41.7 million. Net loss applicable to Common before acctg. change totaled $2.1 million vs. income of $835 thousand. Results reflect increases in the company's silver and industrial materials segments, offset by the absence of a $1.8 million gain on the sale of land. 
Homestake Mining Co. (NYSE : HM)HM is engaged in the exploration and development of gold and other precious resources. HM operates gold mines in the United States, Australia, Chile and Canada. For the three months ended 3/31/99, total revenues decreased 17 percent to $178.5 million. Net income totalled $2.2 million vs. a loss of $6.6 million. Revenues suffered from lower average gold prices and production. Net income reflects the absence of unusual charges and business combination expenses. 
Hanover Gold Company, Inc (OTC BB : HVGO)Hanover Gold Company is a gold exploration and development company, principally engaged in acquiring and maintaining gold mining properties is Southwestern Montana. For the three months ended 3/31/99, revenues remained flat at $0. Net loss decreased 69 percent to $141 thousand. Revenues reflect the lack of royalty and other income. Lower loss reflects reduced SGA costs, the absence of a $243 thousand amortization of guarantee feeand lower depreciation expenses. 
Int'l Precious Metals (IPMCFInternational Precious Metals Corporation is engaged in the acquisition and exploration of precious metal and industrial mineral resource properties in North America. As of 12/31/96, the Company had explored nine properties. For the fiscal year ended 12/31/96, the Company has not yet recognized any revenues. Net loss decreased 37 percent to C$1.9 million. Net loss reflects the absence of a C$1.8 million mineral exploration expenditures written off expense. 
J.A.B. International, Inc (OTC BB : JABI)J.A.B. International, Inc., engages in the exploration and development of gold and diamond mining properties. For the six months ended 12/31/98, revenues rose 60 percent to $9 thousand. Net loss decreased 80 percent to $573 thousand. Revenues reflect the inclusion of other income. Lower loss reflects the absence of a $574 thousand litigation settlement expense, and a reduction in general mining and exploration costs, and a decrease in general and administrative expenses. 
Kinross Gold Corporation (NYSE : KGC)Kinross Gold Corporation is an international gold and silver mining company with operations in the United States, Canada and Zimbabwe. For the fiscal year ended 12/31/98, revenues rose 56 percent to $286.6 million. Net loss applicable to Common totalled $251.3 million, up from $89.1 million. Revenues reflect increased mining revenues due to increased gold production volumes. Higher loss reflects a $135.6 million increase in writedowns of mineral properties. 
Crystallex International (AMEX : KRY)Crystallex International engages in the acquisition, exploration and development of mineral properties located principally in British Columbia, Canada and Venezuela. For the three months ended 3/31/99, revenues totalled C$9 million, up from C$665 thousand. Net income according to U.S. GAAP totalled C$1.1 million vs. a loss of C$5.4 million. Results reflect increased operating revenues from operations in Uruguay due to acquisitions. 
KWG Resources Inc. (KWGDFKWG Resources Inc. is principally engaged in the exploration and development of gold, silver and copper deposits in the Caribbean, Canada and Russia, and diamond deposits in Canada and Brazil. For the nine months ended 9/30/98, the Company reported no revenues, down from C$516 thousand. Net loss totalled C$40.5 million, up from C$11.7 million. Revenues reflect the absence of interest income. Higher loss reflects a C$38.8 million write-down of mining assets. 
Lihir Gold Limited (Nasdaq : LIHRY)Lihir Gold Limited owns and operates a gold mining project on Lihir Island in Papua New Guinea. The Lihir operation is based on open pit mining of two adjacent overlapping pits. For the fiscal year ended 12/31/98, sales revenue totalled $184.7 million, up from $57 million. Net income after U.S. GAAP adjustment before extraordinary item fell 13 percent to $4 million. Revenues reflect higher gold production. Earnings were offset by higher overhead costs due to production increases. 
Leadville Mining & Mill. (OTC BB : LMMI)Leadville Mining and Milling owns rights to property located in the CA Mining District, Lake County, CO and plans to engage in the business of mining and milling gold and other minerals from its properties. For the six months ended 1/31/99, revenues totalled $1 million, up from $442. Net loss decreased 2 percent to $420 thousand. Revenues reflect increased miscellaneous income. Lower losses reflect a decrease in mine expenses due to lower cost of work in progress. 
Miramar Mining Corp. (OTC BB : MAENF)Mirmar Mining is a mid-sized Canadian gold mining companyactively pursuing growth through the creation of an international portfolio of advanced to producing properties. For the fiscal year ended 12/31/98, revenues decreased 44 percent to $35.6 million. Net loss decreased 84 percent to $10.1 million. Revenues suffered from decreased gold production. Lower loss reflects the inclusion of a decreased write-down of mineral properties expense ($16.2 million vs. $58.7 million). 
Meridian Gold Inc. (NYSE : MDG)Meridian Gold Inc. is engaged in the exploration for and production of gold. MDG has two producing properties located in ID and NV. For the three months ended 3/31/99, revenues decreased 15 percent to $12.2 million. Net loss decreased 39 percent to $3.1 million. Revenues reflect lower production and a lower realized gold price of $287 per ounce. Lower loss reflects lower exploration spending at El Penon and a decrease in operating expenses as a  percentage of sales. 
Metallica Resources Inc. (OTC BB : METLF)Metallica Resources Inc. is a Canadian precious metals exploration and development company focused on Latin America, primarily Mexico, Chile and Brazil. For the six months ended 6/30/98, interest income increased 51 percent to $154 thousand. Net loss decreased 55 percent to $492 thousand. Revenues reflect higher average balances of cash and short-term investments. Loss also reflects reduced general and administrative expenses. 
MK Gold Company (OTC BB : MKAU)MK Gold Company is engaged in the business of mining gold and exploring for and acquiring gold and other metal properties. MKAU owns a 53 percent undivided interest in the American Girl Mining Joint Venture and a 25 percent undivided interest in the Castle Mountain Venture. For the fiscal year ended 12/31/98, revenues decreased 28 percent to $20.1 million. Net loss increased 28 percent to $1.3 million. Results suffered from lower gold prices, production problems and increased exploration costs. 
Newmont Mining Corp. (NYSE : NEM)Newmont Mining Corp. is engaged in the production of gold, the development of gold properties, the exploration for gold and the acquisition of gold properties worldwide. For the three months ended 3/31/99, total revenues fell 15 percent to $330.2 million. Net income before accounting change fell 67 percent to $9.9 million. Revenues reflect lower gold production worldwide. Net income reflects start-up costs at Batu Hijau and a higher effective tax rate. 
Northgate Exploration Ltd (NYSE : NGX)NGX, a resource and investment company, engages in gold mining operations and mineral exploration primarily in Canada. Revenues for the nine months ended 9/98 totalled C$2.5 million, up from C$1.1 million. Net income totalled C$1.1 million, up from C$304 thousand. Revenues benefitted from increased investment and sundry income. Earnings also benefitted from lower administrative expenses as a result of the reduction of certain contractual commitments and cost efficiencies. 
North Lily Mining Company (OTC BB : NLMC)North Lily Mining Company engages in mineral activities, including exploration, extraction, processing, and reclamation on its properties located in Chile, Bolivia and the U.S. For the nine months ended 9/30/97, the Company reported no revenues. Net loss increased 86 percent to $325 thousand. Results reflect the absence of a $119 thousand realized gain on the sale of marketable securities, and the absence of a $207 thousand gain from the disposition of mineral properties. 
Nevada Manhattan Group (OTC BB : NVMH)Nevada Manhattan Group is involved in global natural resource exploration, and development of precious metals, energy and timber, as well as high technology. For the nine months ended 2/28/99, revenues totalled $24.6 million, up from $526 thousand. Net loss applicable to Com. fell 66 percent to $1.5 million. Results reflect sales/marketing activities of products manufactured in the Commonwealth of Independent States, partially offset by write-off of mineral properties and higher debt levels. 
Pan American Silver Corp. (Nasdaq : PAAS)Pan American Silver Corp. is a Canadian-based silver mining, development and exploration company with active projects worldwide. For the three months ended 3/31/99, revenues decreased 5 percent to $5.8 million. Net loss totalled $2 million vs. an income of $91 thousand. Revenues reflect lower silver revenues due to significantly lower realized metal prices. Loss also reflects higher mine operating, depreciation, reclamation, exploration and general and administrative costs. 
Placer Dome Inc. (NYSE : PDG)PDG is engaged in the exploration, acquisition, development and operation of mineral properties. Principal products include gold, silver, copper and molybdenum. For the fiscal year ended 12/31/98, revenues rose 4 percent to $1.31 billion. Net income applicable to Common before US GAAP adjustment totalled $91Mvs. a loss of $262 million. Revenues reflect an increase in gold production. Earnings reflect a decrease in cost of sales and SGA expenses due to cost reduction initiatives. 
Piedmont Mining Co. (OTC BB : PIED)Piedmont Mining Company is engaged in the exploration for gold and other precious metals. The Company has not reported revenues since fiscal year 1992. For the six months ended 6/30/98, net sales totalled $28 thousand, up from $0 thousand. Net loss decreased 25 percent to $362 thousand. Revenues reflect initial sales of gold bullion. Lower loss reflects lower professional fees, reduced general and administrative costs and a $78 thousand gain on the sale of assets. 
Pegasus Gold Inc. (PSGQEPegasus Gold Inc. explores for, mines and processes gold and silver ore and other metals, such as zinc and lead, in the western U.S., South America and Australia. For the nine months ended 9/30/98, sales decreased 56 percent to $77.8 million. Net loss decreased 93 percent to $28.7 million. Revenues suffered from decreased gold production and lower realized gold prices. Lower loss reflects the absences of $396.8 million in property write-downs and a $9.5 million provision for closure expenses. 
QSR Ltd. (OTC BB : QSRTF)QSR Limited, its subsidiary and its associated companies are engaged in the exploration, development and production of resource properties. For the fiscal year end 12/98, revenues decreased 93 percent to C$12 thousand. Net loss according to U.S. GAAP totalled C$107 thousand vs. income of C$77 thousand. Revenues reflect decrease in gains from the sale of assets and other income. Net loss suffered from increased depreciation and administrative expenses. 
Real del Monte Mining (OTC BB : RDMMF)RDMMF is in the business of exploring for, acquiring, developing, mining and processing gold, precious metals and other mineral products in the United States and Mexico. For the nine months ended 9/30/98, revenues decreased 2 percent to $24.9 million. Net loss before U.S. GAAP decreased 49 percent to $7.8 million. Revenues reflect lower production levels due to record rainfalls. Lower loss also reflects a decreased depreciation expense and decreased interest expense. 
Royal Gold, Inc. (Nasdaq : RGLD)Royal Gold, Inc. acquires, explores, develops, and sells gold properties, and acquires and develops gold royalty interests. The Company also provides financial, operational and consulting services to the mining industry. For the nine months ended 3/31/99, revenues fell 37 percent to $789 thousand. Net loss increased 72 percent to $3.2 million. Revenues reflect lower royalty income due to lower production. Loss also reflects increased exploration expenses. 
Richmont Mines Inc. (AMEX : RIC)Richmont Mines is a Canadian gold producer with four mining operations in Quebec and Newfoundland. The mines are the Francoeur Mine, Camflo Mill and Beaufor Mine in Quebec and the Nugget Pond Mine in Newfoundland. For the nine months ended 9/30/98, revenues rose 39 percent to C$36.9 million. Net income totalled C$3.8 million, up from C$1.5 million. Results reflect the commencement of production at the Nugget Pond Mine, the consolidation of Louvem Mines and cost reduction efforts. 
Royal Oak Mines Inc. (ROAKFROAKF is a North American gold mining company which owns and operates four producing gold mines in Canada and the United States. For the fiscal year ended 12/31/98, revenues fell 44 percent to C$107.7 million. Net loss according to U.S. GAAP totalled C$509.7 million, up from C$153.1 million. Revenues suffered from decreased production and gold prices. Higher loss reflects an increase in long-term debt interest and the inclusion of the write-off of financing costs. 
Apex Silver Mines Limited (AMEX : SIL)Apex Silver Mines Limited is engaged in the exploration and development of silver properties in South America, Central America and Central Asia. For the three months ended 3/31/99, revenues decreased 41 percent to $435 thousand. Net loss totalled $2.4 million. Revenues suffered from reduced cash balances available. Higher losses reflect an increase in exploration activity at the San Cristobal Project and on the Platosa property, and additional staffing. 
Silverado Gold Mines Ltd. (OTC BB : SILMF)Silverado Gold Mines Ltd. is engaged in the acquisition, exploration and development of mineral properties. Silverado Gold Mines also holds interests in mineral properties in AK and British Columbia. For the three months ended 2/28/99, revenues rose 15 percent to $16 thousand. Net loss fell 22 percent to $407 thousand. Revenues reflect higher gold sales. Lower loss also reflects decreased administrative expenses as a result of a reduced level of activity within the Company. 
Siskon Gold Corporation (OTC BB : SISK)Siskon Gold Corporation is engaged in the business of exploring, developing and mining precious mineral properties, principally gold, located primarily in the Western United States. For the fiscal year ended 12/31/97, total revenues fell 44 percent to $1.3 million. Net loss rose 22 percent to $17.6 million. Results reflect lower gold sales due to the cessation of mining operations, partially offset by lower production costs due to the cessation of operations. 
Consolidated Trillion Res (OTC BB : TLNOF)Consolidated Trillion Resources Ltd. is engaged in the exploration and development of mineral properties, the provision of drilling services to mining companies, investment in mining companies, and the management of a gold mine joint venture, all carried out in Africa. For the nine months ended 3/31/99, total revenues fell 2 percent to C$6.8 million. Net loss fell 90 percent to C$2 million. Results reflect reduced interest income, offset by the absence of write-downs. 
TVX Gold Inc (NYSE : TVX)TVX Gold acquires, finances, explores, develops, and operates precious metal properties. As of 12/97, TVX had interests in five operating mines in North and South America, and several advanced stage projects in the Americas and Europe. For the nine months ended 9/30/98, revenues fell 5 percent to $117.8 million. Net income totalled $3.1 million vs. a loss of $2.1 million. Results reflect lower gold production, offset by lower debt levels, exploration and corporate administration expenses. 
U.S. Energy Corp. (Nasdaq : USEG)USEG primarily acquires, develops, explores and/or sells or leases mineral properties, and mines and markets minerals (uranium and gold). For the nine months ended 2/28/99, revenues rose 85 percent to $9.8 million. Net income totalled $45 thousand, vs. a loss of $1.8 million. Revenues reflect revenues from the settlement of the monetary portion of the SMP arbitration Award. Earnings reflect lower operating expenses as a  percentage of sales. 
U.S. Gold Corp. (OTC BB : USGL)U.S. Gold Corporation is engaged in the exploration for, development of, and the production and sale of gold and silver. USGL also conducts business through joint venture operations and partnerships. For the three months ended 3/31/99, revenues totalled $228 thousand. Net income totalled $8 thousand vs. a loss of $238 thousand. Revenues benefitted from a $235 thousand minimum payments to TSVLP were received. Earnings also benefitted from lower salary expenses. 
Vanderbilt Gold (OTC BB : VAGO)Vanderbilt Gold is a gold exploration and development company based in Las Vegas, Nevada, with properties in California and Mexico. For the six months ended 6/30/98, total revenue from sales totalled $11 thousand vs. $0. Net loss decreased 31 percent to $179 thousand. Results reflect revenues of $11 thousand vs. $O for the six months ended 6/97. Lower loss reflects a reduction in general and administrative expenses. 
Vengold Inc. (OTC BB : VENGF)Vengold Inc. is a gold mining, exploration and development company whose primary asset is 10 percent of the Lihir gold mine located in Papua New Guinea. The Company is also conducting exploration programs in North and South America. For the three months ended 3/31/99, revenues rose 81 percent to $8 million. Net loss totalled $16.8 million, up from $1.9 million. Results reflect an increase in the Company's interest in Lihir Gold, offset by $7.2 million loss on sale of the Niugini Mining investment. 
Vista Gold Corporation (AMEX : VGZ)Vista Gold Corporation is engaged in the exploration for and acquistion, development and operation of mineral properties in North and South America. For the three months ended 3/31/99, revenues fell 55 percent to $6.4 million. Net loss according to U.S. GAAP totalled $2.9 million, vs. an income of $3.4 million. Revenues reflect a decrease in gold production and lower other revenues. Loss also reflects higher exploration expenses and higher interest expense. 
WCM Capital, Inc. (Nasdaq : WCMC)WCM Capital, Inc. is engaged in the exploration, development and mining of precious and nonferrous metals, including gold, silver, lead, copper and zinc in Clear Creek County, Colorado. For the three months ended 3/31/99, the Co. reported no revenues. Net loss fell 52 percent to $81 thousand. Net loss reflects a reduction in general and administrative expenses due to a decrease in legal and professional fees, as well as settlements with venders.%}
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Advanced Lighting Techn. (Nasdaq : ADLT)Advanced Lighting Technologies, Inc. designs, manufactures, and markets metal halide lighting products, including materials, system components, systems, and production equipment. For the nine months ended 3/31/99, revenues rose 25 percent to $138.3 million. Net loss from continuing operations rose 86 percent to $41.3 million. Revenues reflect growth in U.S metal halide operations. Higher loss reflects a $15 million special charge and higher average debt outstanding. 
Select Comfort (Nasdaq : AIRB)Select Comfort is a vertically integrated manufacturer, specialty retailer and direct marketer of air beds and sleep-related products. For the three months ended 4/3/99, revenues rose 22 percent to $71.6 million. Net income applicable to Common totalled $1.2 million vs. a loss of $643 thousand. Revenues reflect the maturation of stores and opening of new retail stores. Earnings also reflect lower costs due to volume discounts and leveraging of fixed costs. 
Astro Communications Inc. (OTC BB : ASTO)Astro Communications, Inc. is engaged in the manufacture and sale of high intensity strobe lighting used to create special effects for the production of television commercials and for industrial inspection of high speed flat rolled products. For the fiscal year ended 10/31/97, sales rose 25 percent to $5.9 million. Net income rose 71 percent to $2.1 million. Results benefitted from increased investment income due to the 10/97 realization of $1.3 million in short-term capital gains. 
BE Aerospace, Inc. (Nasdaq : BEAV)BEAV designs, develops, manufactures, sells and services a broad line of passenger cabin interior products for both commercial and general aviation aircraft. For the fiscal year ended 2/27/99, sales rose 44 percent to $701.3 million. Net loss before extraordinary item totalled $83.4 million vs. income of $30.5 million. Results reflect acquisitions, offset by the inclusion of a $79.2 million acquisition related and in-process R&D charges. 
Business Resource Group (Nasdaq : BRGP)Business Resource Group provides workspace services and products tobusinesses in the Western U.S. such as office furniture, computerized space planning and design, project management, and computer-aided facilities management. For the six months ended 4/30/99, revenues rose 38 percent to $55.4 million. Net income totalled $924 thousand, up from $450 thousand. Revenues reflect increased revenues from Cisco Systems. Earnings also reflect an improved gross profit margin. 
Bassett Furniture Ind. (Nasdaq : BSET)BSET manufactures and sells a full line of home furniture, distributed through retailers nationwide. For the three months ended 2/27/99, revenues rose 2 percent to $99.8 million. Net income rose 29 percent to $4.4 million. Revenues reflect strength at the Bassett Furniture Direct stores and the Wood Division. Earnings also reflect higher gross margins, primarily in the Upholstery Division, the absence of $1.5 million in nonrecurring charges and increased miscellaneous income. 
Bush Industries, Inc. (NYSE : BSH)BSH is engaged primarily in the design, manufacture and sale of ready-to-assemble furniture products for both business and consumer use. For the three months ended 4/3/99, sales rose 3 percent to $111.6 million. Net loss totalled $5.4 million, vs. an income of $5.5 million. Revenues reflect new product placements at several key major retail customers. Loss reflects a $9.7 million restructuring charge, higher selling, general and adminstrative expenses and higher interest expense. 
Conso International Corp. (Nasdaq : CNSO)Conso Intl., through its subsidiaries manufactures products for the home furnishings industry, including decorative trimmings and related accessories, and products for the sewing industry. For the nine months ended 3/27/99, net sales rose 66 percent to $88.6 million. Net income rose 31 percent to $4.5 million. Results reflect higher sales to retailers due to the 6/98 acquisition of Simplicity, partially offset by greater debt levels, higher distribution costs and acquisition expenses. 
Chromcraft Revington (NYSE : CRC)Chromcast Revington, Inc. designs, manufactures and sells residential and commercial furniture in the U.S. and Canada through Chromcraft Corp., Peters-Revington Corp., Silver Furniture Co., and Cochrane Furniture Co. For the three months ended 4/3/99, sales rose 2 percent to $61.9 million. Net income rose 5 percent to $4.4 million. Revenues reflect higher shipments of occasional, dining and bedroom furniture. Earnings reflect lower payroll related costs and lower average bank borrowing. 
CSL Lighting Manufac. Inc (OTC BB : CSLX)CSL Lighting Manufacturing designs, manufactures and markets mid to high-end lighting fixtures for both commercial and residential applications worldwide. For the three months ended 3/31/99, net sales fell 27 percent to $2.6 million. Net loss totalled $329 thousand vs. income of $13 thousand. Revenues reflect the absence of sales from high profile jobs in Las Vegas. Net loss reflects increased indirect labor, material, freight and commissions expenses. 
Dorel Industries, Inc. (Nasdaq : DIIBF)Dorel Industries, Inc. is a consumer products manufacturer, specializing in ready-to-assemble (RTA) furniture, juvenile products and home furnishings. For the three months ended 3/31/99, revenues rose 53 percent to C$246 million. Net income fell 66 percent to C$12.3 million. Revenues benefitted from an increase in unit sales in all three business segments. Net income also reflects improved efficiencies from centralized operations. 
DMI Furniture, Inc. (Nasdaq : DMIF)DMI Furniture manufactures, imports, and sells low and medium priced bedroom furniture, accent furniture, home and office desk furniture, conference tables, and chairs. For the six months ended 2/99, net sales rose 43 percent to $43.3 million. Net income applicable to Common rose 63 percent to $1.3 million. Results benefitted from increased sales of home office furniture and sales by the Company's Wywood division. Results also reflect lower S/G/A expenses as a  percentage of revenues. 
ErgoBilt, Inc. (Nasdaq : ERGBEERGB develops, manufactures, and markets customized, high-end ergonomic products that re-engineer the workplace and home-office by scientifically minimizing the physical stress imposed upon the human body. The Co.'s product line consists primarily of four series of premium-priced, ergonomic office chairs. For the nine months ended 9/97, sales totalled $17.8 million, up from $302 thousand. Net income totalled $2.5 million vs. a loss of $274 thousand. Results reflect the 2/97 acquisition of BodyBilt. 
Ethan Allen Interiors Inc (NYSE : ETH)Ethan Allen Interiors is a manufacturer and retailer of home furnishings, offering a full range of furniture products and accessories. For the nine months ended 3/31/99, net sales increased 12 percent to $554.5 million. Net income before extraordinary item increased 13 percent to $58.6 million. Revenues reflect higher sales from relocated and new stores and new product offerings. Net income also reflects decreased interest expense due to lower debt balances. 
Furniture Brands Int'l (NYSE : FBN)FBN is a manufacturer of residential furniture. FBN operates through three primary subsidiaries: Broyhill Furniture Industries, Inc., Lane Furniture Industries, Inc. and Thomasville Furniture Industries, Inc. For the three months ended 3/31/99, revenues rose 6 percent to $533.9 million. Net income rose 28 percent to $27.7 million. Revenues reflect increased sales across all product lines. Net income reflects improved capacity utilization and ongoing cost reduction efforts. 
Falcon Products, Inc. (NYSE : FCP)FCP designs, manufactures and markets a line of furniture and related products for the hospitality, office, food service, healthcare and retail markets, including table bases, table tops, chairs, booths and interior decor systems. For the three months ended 1/30/99, net sales rose 23 percent to $34.6 million. Net income rose 5 percent to $1.9 million. Results reflect higher sales due to the Howe acquisition, partially offset by the inclusion of interest paid on a credit line. 
Flexsteel Industries, Inc (Nasdaq : FLXS)Flexsteel Industries, Inc. manufactures upholstered furniture and offers a diversified line of products such as convertible bedding, reclining chairs, exposed wood chairs, and seating for recreational vehicles and buses. For the nine months ended 3/31/99, net sales rose 10 percent to $191.2 million. Net income rose 30 percent to $6.8 million. Revenues benefitted from higher residential and vehicle seating sales. Earnings also benefitted from the absorption of fixed costs. 
Hillenbrand Industries (NYSE : HB)HB operates in two segments: Health Care (manufactures patient care products and provides rental therapy products); and Funeral Services (casket manufacturing and funeral planning insurance). For the three months ended 2/27/99, total revenues rose 8 percent to $516 million. Net income rose 5 percent to $45 million. Revenues benefitted from acquisitions and increased shipments of the TotalCare(R) bed. Earnings were partially offset by higher commissions. 
Holophane Corp. (NYSE : HLP)HLP is a vertically integrated international manufacturer and marketer of highly engineered lighting fixtures and systems for a wide range of industrial, commercial and outdoor applications. For the three months ended 3/31/99, sales rose 12 percent to $52.8 million. Net income rose 16 percent to $3.8 million. Results reflect growth of sales in the United States, Canada, and Europe and the results of operations for Holophane, SA de C.V., acquired in June 1998. 
HON Industries, Inc. (NYSE : HNI)HON Industries is a manufacturer and marketer of office furniture and hearth products, that are marketed predominately in the United States and Canada. For the 13 weeks ended 4/3/99, sales rose 1 percent to $424.5 million. Net income fell 48 percent to $11.6 million. Revenues reflect higher sales of hearth products and a higher than normal order backlog from 1998. Earnings reflect a one-time pre-tax charge of $19.7 million related to the closing of three office furniture facilities. 
Koala Corporation (Nasdaq : KARE)Koala Corp. designs, produces and markets products, systems and custom solutions that create attractive family-friendly environments. Products include baby changing stations and high chairs, children's activity products and modular play equipment. For the three months ended 3/31/99, sales rose 82 percent to $7.3 million. Net income rose 49 percent to $949 thousand. Results reflect the Park Structures acquisition, partially offset by a shift of sales to lower margin products. 
Kimball International (Nasdaq : KBALB)Kimball International operates in three business segments: furniture and cabinets, processed wood products, and electronic contract assemblies. For the nine months ended 3/31/99, net sales rose 7 percent to $832.8 million. Net income rose 1 percent to $42.7 million. Revenues reflect increased sales in the Furniture and Cabinet segment and the Processed Wood Products and Other segment. Earnings were partially offset by the absence of $1 million from real estate sales in 1998. 
Krause's Furniture, Inc. (AMEX : KFI)Krause's Furniture, Inc. is a vertically integrated manufaturer and retailer of made-to-order upholstered furniture and accessories. KFI operates 90 furniture showrooms under the Krause's and Castro Convertibles brand names in 12 states. For the fiscal year ended 1/31/99, net sales increased 13 percent to $130.4 million. Net loss decreased 31 percent to $5.1 million. Results reflect an increase in same-store sales and higher gross profits. 
Knoll, Inc. (NYSE : KNL)Knoll, Inc. is engaged in the design, manufacture, and distribution of office furniture products and accessories. For the three months ended 3/31/99, total sales decreased 5 percent to $209.2 million. Net income decreased 7 percent to $18.4 million. Revenues suffered from a general slowdown in the industry sales level. Earnings also suffered from a lower gross profit which was partially offset by the Company's focus on cost controls and decreased interest expense. 
LADD Furniture, Inc. (Nasdaq : LADF)LADF is a residential furniture manufacturer which sells its products through diverse retail distribution channels and to the hospitality and health care industries. For the 13 weeks ended 4/3/99, net sales increased 7 percent to $157.1 million. Net income increased 52 percent to $3.6 million. Revenues reflect increased residental product introductions and contract sales due to hotel expansions. Earnings also reflect higher margins due to improved efficiencies and lower debt levels. 
Leggett & Platt, Inc. (NYSE : LEG)Leggett and Platt is a manufaturer of a wide range of engineered products which include residential and commercial furnishings, aluminium products, industrial materials and specialized products. For the three months ended 3/99, net sales rose 12 percent to $887.6 million. Net income rose 14 percent to $66.1 million. Revenues reflect benefits from internal improvements. Earnings reflect higher gross margins due to operating efficiencies and reduced costs for some raw materials. 
Vari-Lite International (Nasdaq : LITE)LITE is a designer and manufacturer of automated lighting systems, products and related services to the entertainment industry. For the six months ended 3/99, total revenues rose 16 percent to $48.4 million. Net loss before accounting change and extraordinary item totalled $167 thousand vs. income of $837 thousand. Revenues reflect increased rental revenues due to the acq. of several European distributors. Net loss reflects higher cost of revenues as a  percentage of revenues. 
Catalina Lighting, Inc. (NYSE : LTG)Catalina Lighting, Inc. is a United States-based wholesaler, distributor and manufacturer of lamps, lighting fixtures and other lighting related products. For the three months ended 12/31/98, net sales rose 16 percent to $42.8 million. Net income totalled $503 thousand vs. a loss of $381 thousand. Revenues reflect increased lamp and lighting fixture sales to US customers. Earnings also reflect decreased S/G/A expenses as a  percentage of revenues and lower debt levels. 
Moonlight Int'l Corp. (OTC BB : LYTE)Moonlight International Corp., a development stage company, is engaged in the development of production, marketing, and distribution of its helium-filled balloons designed to provide high luminosity without requiring high energy consumption. For the nine months ended 9/30/97, the Company reported no revenues. Net loss rose 34 percent to $1.5 million. Higher loss reflects increased R&D and costs associated with the establishment of an assembly facility and offices. 
LSI Industries (Nasdaq : LYTS)LSI Industries manufactures and sells exterior and interior visual image elements for the petroleum/convenience store market and for multi-site retail operations, and manufactures and sells outdoor, indoor and landscape lighting. For the nine months ended 3/31/99, net sales rose 21 percent to $162.9 million. Net income rose 36 percent to $11.7 million. Revenues reflect growth in all operations in substantially all markets. Earnings reflect increased short-term cash investments. 
La-Z-Boy Incorporated (NYSE : LZB)La-Z-Boy Inc. manufactures a wide variety of furniture including residential, business and hospitality furniture. For the 39 weeks ended 1/23/99, revenues rose 17 percent to $921.8 million. Net income rose 44 percent to $43.4 million. Revenues reflect an increase in sales units and the absence of hardwood and plywood chain disruptions. Earnings also benefited from higher overall profit margins resulting from more efficient plant operations. 
Masco Corporation (NYSE : MAS)Masco Corporation is engaged in the manufacture, installation and sale of home improvement and building products (faucets, cabinets, plumbing supplies and other products). Net sales for the three months ended 3/99 rose 10 percent to $1.15 billion. Net income rose 12 percent to $124.3 million. Revenues reflect increases in unit sales volumes of faucets, cabinets and other kitchen and bath products. Earnings also reflect lower S/G/A expenses as a  percentage of sales due to cost-control initiatives. 
M.G. Products, Inc. (OTC BB : MGPR)M.G. Products, Inc. is engaged in the manufacture and wholesale distribution of decorative, fluorescent and recessed lighting products. The Company is also engaged in the importation and distribution of track lighting and ceiling fans. For the nine months ended 9/30/97, revenues decreased 42 percent to $9.2 million. Net loss increased 42 percent to $7 million. Revenues reflect the liquidation of remaining inventory. Loss also reflects increased restructuring costs. 
Mity-Lite, Inc. (Nasdaq : MITY)Mity-Lite, Inc. designs, manufactures, and markets lightweight, durable folding tables, stacking chairs and other related products for multi-purpose rooms. For the nine months ended 12/31/98, net sales rose 13 percent to $21.8 million. Net income rose 20 percent to $2.9 million. Revenues reflect increased sales in the government, recreation and hospitality market segments. Earnings also benefitted from higher margins due to higher sales prices and lower material costs. 
Herman Miller, Inc. (Nasdaq : MLHR)Herman Miller, Inc. is engaged primarily in the design, manufacture, and sale of office systems, products, and services principally for offices and, to a lesser extent, for healthcare facilities and other uses. For the nine months ended 2/27/99, revenues increased 6 percent to $1.33 billion. Net income increased 13 percent to $102.8 million. Revenues reflect unit volume increase in domestic and European operations. Earnings also reflect favorable product mix and improved productivity. 
Neutral Posture Ergonom. (Nasdaq : NTRL)Neutral Posture Ergonomics designs, manufactures markets and distributes the Neutral Posture ergonomic chair line to wholesale and retail customers worldwide. For the nine months ended 3/31/99, net sales rose 49 percent to $12.9 million. Net income rose 36 percent to $811 thousand. Revenues reflect the addition of the Harvard chair line and the addition of several large orders. Earnings were partially offset by increased compensation expense due to personnel additions. 
Industrie Natuzzi, S.p.A (NYSE : NTZ)Industrie Natuzzi, S.p.A is engaged in the design, manufacture and marketing of contemporary and traditional residential upholstered furniture. For the six months ended 6/30/98, net sales increased 7 percent to LIR550.49 billion. Net income before U.S GAAP increased 41 percent to LIR70.63 billion. Revenues benefitted from higher leather and fabric-upholstered furniture sales. Earnings also benefitted from lower costs of raw materials, transportation and advertising. 
River Oaks Furniture, Inc (OAKSERiver Oaks Furniture, Inc. designs and manufactures varying styles of upholstered and leather stationary and motion furniture consisting of sofas, loveseats, matching chairs and recliners. For the nine months ended 9/28/97, revenues fell 1 percent to $88 million. Net loss totalled $3.9 million, up from $1.7 million. Revenues reflect a weak national retail furniture environment. Higher loss reflects increased legal and auditing expenses due to the Ansin Litigation. 
O'Sullivan Inds. Holdings (NYSE : OSU)OSU designs, manufactures and sells ready-to-assemble furniture. Products include desks, computer tables, cabinets, entertainment centers and other furniture. Net sales for the nine months ended 3/31/99 rose 15 percent to $294 million. Net income rose 49 percent to $16.2 million. Revenues reflect increased sales in the sub-$1,000 computer market and higher consumer electronics market share. Earnings also reflect productivity improvements at all three facilities. 
Open Plan Systems, Inc. (Nasdaq : PLAN)Open Plan Systems, Inc. is engaged in the restoration, remanufacturing, manufacturing and marketing of modular office Work Stations. For the three months ended 3/31/99, net sales fell 5 percent to $7.5 million. Net income totalled $26 thousand vs. a loss of $1.2 million. Revenues reflect the absence of several large jobs shipped in early 1998. Earnings reflect higher margins due to an operational restructuring and lower selling and marketing expenses. 
Pulaski Furniture Corp. (Nasdaq : PLFC)Pulaski Furniture manufactures and sells medium priced wooden bedroom, dining room and occasional furniture, and grandfather, mantel and wall clocks. PLFC also imports specialized furniture and furniture parts. For the 24 weeks ended 4/18/99, net sales rose 12 percent to $84.6 million. Net income rose 30 percent to $2.8 million. Revenues reflect the robust retail furniture environment. Earnings also reflect $474 thousand from marketing services rendered to Dawson Heritage Furniture. 
Reconditioned Systems (Nasdaq : RESY)RESY reconditions and markets modular office workstations consisting of panels, work surfaces, file drawers, book and binder storage and integrated electrical components. For the nine months ended 12/98, sales increased 13 percent to $8.3 million. Net income increased 22 percent to $766 thousand. Revenues reflect improved wholesale sale revenues. Net income reflects an overall lower  percentage of fixed expenses to increased sales revenues. 
Rowe Companies (NYSE : ROW)ROW designs and manufactures upholstered and leather furniture primarily in the middle to upper-middle price range. For the 13 weeks ended 2/28/99, net shipments rose 32 percent to $60 million. Net income rose 19 percent to $3.1 million. Revenues reflect additions of new dealers. Earnings were partially offset by higher selling and administrative expenses, expansion of the Home Elements program and interest on borrowed funds. 
Scientific NRG, Inc. (OTC BB : SCCG)Scientific NRG, Inc. designs, manufactures and markets energy efficient lighting products utilizing compact fluorescent lamp technology used in the downlight canister retrofit market. For the nine months ended 3/31/99, net sales rose 1 percent to $344 thousand. Net income totalled $7 thousand vs. a loss of $91 thousand. Revenues benefitted from an increase in custom fixture sales. Earnings also benefitted from reduced overhead expenses. 
Steelcase Inc. (NYSE : SCS)Steelcase is a designer and manufacturer of products used to create high-performance work environment. The Co.'s portfolio includes office furniture, office furniture systems, technology products and related products and services. For the fiscal year ended 2/26/98, revenues fell 1 percent to $2.74 billion. Net income rose 2 percent to $221.4 million. Results reflect a slowdown in the industry growth, offset by resource redeployment efforts and the absence of restructuring charges. 
SMED International Inc. (Nasdaq : SMEDF)SMEDF designs, manufactures and markets a wide range of modular office furniture systems, relocatable office wall systems and related products. For the nine months ended 3/31/99, revenues rose less than 1 percent to C$137.2 million. Net loss according to U.S. GAAP totalled C$6.6 million, vs. an income of C$6.2 million. Revenues reflect increased architectural product and office furniture sales. Loss reflects increased interest expense and a C$875 thousand workforce reduction expense. 
Simula, Inc. (NYSE : SMU)SMU designs and manufactures occupant safety systems and devices for air, ground, and sea transportation vehicles. SMU operates in the commercial transportation seating, gov't and defense contracting, and automobile safety system segments. For the fiscal year ended 12/98, revenues increased 49 percent to $100.6 million. Net loss from continuing operations increased 89 percent to $6.8 million. Results reflects increased sales of 16g Seats and ITS products, offset by higher debt levels and the lack of $1.3 million in other income. 
Stanley Furniture Co. (Nasdaq : STLY)Stanley Furniture Company, Inc. designs and manufactures residential wood furniture exclusively targeted at the upper-medium price range. For the three months ended 3/27/99, net sales increased 10 percent to $63.7 million. Net income increased 28 percent to $4.2 million. Revenues benefitted from higher unit volume and higher sales prices. Net income reflects improved operating efficiencies and lower selling, general, and administrative expenses as a  percentage of revenues. 
Tab Products Co. (AMEX : TBP)Tab Products Co. manufactures and markets records management solutions and sells its offerings to government agencies and the insurance, finance and health care industries. For the nine months ended 2/28/99, revenues fell 3 percent to $118 million. Net income fell 90 percent to $364 thousand. Revenues suffered from decreases associated with products withdrawn from its sales channels. Earnings also suffered from increased manufacturing costs due to inefficiencies. 
Tivoli Industries, Inc. (Nasdaq : TVLI)Tivoli designs, develops, manufactures, markets and distributes specialty lighting and related products worldwide, and also customizes products for larger customers. For the six months ended 3/31/99, net sales rose 8 percent to $5.5 million. Net income rose from $152 thousand to $340 thousand. Revenues reflect the successful introduction of new products and increased market penetration. Earnings also reflect higher margins due to increased efficiency and favorable changes in sales the mix. 
Virco Manufacturing Corp. (AMEX : VIR)Virco is engaged in the design, production, and distribution of furniture for the commercial and education markets. Products include student desks, computer stations, activity tables, folding tables and chairs, and upholstered stacking chairs. For the three months ended 4/30/99, sales fell 17 percent to $37.5 million. Net loss totalled $2 million vs. an income of $790 thousand. Revenues reflect reduced sales to mass merchandisers. Earnings reflect increased borrowings. 
WinsLoew Furniture, Inc. (Nasdaq : WLFI)WinsLoew Furniture, Inc. designs, manufactures and distributes casual furniture and contract seating and ready to assemble furniture. For the three months ended 3/26/99, revenues rose 19 percent to $32.9 million. Net income rose 46 percent to $4.2 million. Revenues benefitted from casual product line sales increases and increased RTA product sales. Earnings also reflect an improved gross profit margin due to increased demand and operating efficiencies. 
York Group, Inc. (Nasdaq : YRKG)The York Group manufactures and distributes metal, hardwood and other types of caskets and casket components. YRKG also manufactures metal burial vaults. For the three months ended 3/31/99, revenues fell 1 percent to $54.6 million. Net income fell 43 percent to $2.5 million. Revenues reflect the end of a casket supply agreement with Service Corporation International. Earnings also suffered from increased expenses related to the Commemorative Products segment.%}
%back{%instance: 
Burke-Parsons-Bowlby (OTC BB : BPAB)Burke-Parsons-Bowlby Corporation is a producer of pressure-treated wood products intended for use by the industrial, construction, railroad, mining, highway and farming industries. For the fiscal year ended 3/31/99, revenues increased 7 percent to $62.7 million. Net income increased 49 percent to $1.2 million. Revenues benefitted from strong market conditions resulting in higher prices and additional specialty products. Earnings also reflect lower cost of sales as a  percent of revenues. 
Crown Pacific Partners LP (NYSE : CRO)Crown Pacific Partners LP, a Delaware limited partnership, acquires, owns and operates timberlands and wood product manufacturing facilities located in the northwest United States. For the three months ended 3/31/99, revenues rose 12 percent to $172.3 million. Net income applicable to Limited Partners rose 12 percent to $7.6 million. Results reflect increases in revenues from the Partnership's wholesale and manufacturing operations. 
Deltic Timber Corp. (NYSE : DEL)DEL is a natural resources company engaged primarily in the growing and harvesting of timber and the manufacturing and marketing of lumber. DEL is also involved in real estate development and owns 37,000 acres of farmland. For the three months ended 3/99, net sales rose 16 percent to $31.3 million. Earnings applicable to Common rose 3 percent to $3.3 million. Results reflect higher pinesaw harvested, higher finished lumber prices, partially offset by higher losses at Del-Tin Fibre. 
Imperial Ginseng Products (OTC BB : IGPFF)Imperial Ginseng Products Ltd. cultivates, processes and markets North American Ginseng products throughout North America and Asia. For the three months ended 9/30/98, revenues decreased 78 percent to C$207 thousand. Net loss before U.S. GAAP increased 42 percent to C$964 thousand. Revenues suffered from decreased Ginseng root and seed sales. Higher loss reflects increased cost of sales as a  percentage of revenues and increased marketing expenses. 
Kafus Environmental Inds. (AMEX : KS)Kafus Environmental Industries is principally engaged in the development and commercialization of technology for the production of composite wood products using solid waste materials such as wood, waste paper and other recycled wood fibers. For the three months ended 12/31/98, revenue totalled $376 thousand. Net loss according to U.S. GAAP totalled $11.8 million. Results are not comparable due to the fiscal year end change from September to December. 
Louisiana-Pacific Corp. (NYSE : LPX)Louisiana-Pacific Corp. is a major building products firm. LPX's products include plywood, lumber, engineered wood products, exterior siding, industrial panel products, specialty products and pulp. For the three months ended 3/99, sales increased 10 percent to $603.1 million. Net income totalled $27.2 million vs. a loss of $25.1 million. Revenues reflect higher sales volume. Net income reflects higher margins, higher interest income and lower selling expenses as a  percentage of sales. 
MacMillan Bloedel Limited (Nasdaq : MMBL)MacMillan Bloedel Limited is an integrated forest products company operating in engineered lumber, solid wood, distribution and packaging. For the three months ended 3/31/99, sales increased 2 percent to C$1.01 billion. Net income from continuing operations applicable to Common totalled C$31 million, up from C$8 million. Revenues reflect strong demands for building materials in the U.S. Net income also reflects productivity increases and lower operating costs as a  percentage of revenues. 
Plum Creek Timber Co., LP (NYSE : PCL)PCL owns 3.3 million acres of timberland and 11 wood products conversion plants in the NW, NE and SE U.S. PCL's resource unit harvests and exports timber. The manufacturing unit produces lumber, plywood and fiberboard. For the three months ended 3/99, revenues rose 8 percent to $178.2 million. Net income applicable to Unitholders fell 29 percent to $9.3 million. Results reflect recent timberland acquisitions and higher sales volumes, offset by lower margins, increased debt levels and a $2.7 million charge. 
Pope Resources L.P. (Nasdaq : POPEZ)POPEZ is a limited partnership that is involved in in tree farming operations and real estate development. POPEZ sells logs and standing timber, and single family homes, finished lots and undeveloped acreage. For the three months ended 3/31/99, revenues rose 26 percent to $12.6 million. Net income applicable to Limited Partners rose 10 percent to $2.5 million. Revenues reflect an increase om timber harvested. Earnings were partially offset by $116 thousand in income tax provision. 
Rayonier Inc. (NYSE : RYN)Rayonier Inc., is a forest products company primarily engaged in the trading, merchandising and manufacturing of logs, timber and wood products, and in the production and sale of high-value-added specialty pulps. For the three months ended 3/99, sales rose less than 1 percent to $226.4 million. Net income fell 17 percent to $15.1 million. Revenues reflect higher sales volume. Net income was offset by lower margins and higher personnel costs. 
Sappi Limited (NYSE : SPP)Sappi Limited is a South African-based international forest products company which produces fine paper, commodity products, and pulp. For the fiscal year ended 9/30/98, revenues rose 40 percent to RAN22.71 billion. Net income according to U.S. GAAP totalled RAN421.3 million, up from RAN65.1 million. Revenues reflect the acquisition of KNP Leykam and the effect of translation of the depreciation of the Rand against the dollar and the pound sterling. Net income reflects improved gross margins. 
Georgia-Pacific (Timber) (NYSE : TGP)Georgia-Pacific (Timber) is engaged in the business of growing and selling timber and wood fiber on approximately 5.8 million acres of timberlands that the Corporation owns or leases. For the three months ended 4/3/99, total net sales fell 4 percent to $139 million. Net income before extraordinary item fell 12 percent to $46 million. Revenues reflect reduced timber sales due to declining timber prices. Earnings also suffered from lower margins and reduced gains on the sale of assets. 
U.S. Timberlands Co., LP (Nasdaq : TIMBZ)TIMBZ sells logs and standing timber to third-party wood processors which are then processed for sale as lumber, plywood and other wood products for use in home construction and general industrial applications. For the three months ended 3/99, revenues rose 43 percent to $11.1 million. Net loss applicable to Limited Partners fell 74 percent to $1.7 million. Revenues reflect an increase in timber deed sales. Lower loss reflects an improved gross profit margin and lower S/G/A expenses. 
TreeSource Industries (OTC BB : TRES)TreeSource Industries, Inc. is a forest products company engaged in the manufacture and sale of softwood and hardwood lumber and by-products. For the nine months ended 1/31/99, net sales fell 26 percent to $143.2 million. Net loss applicable to Common rose 47 percent to $5.3 million. Revenues reflect lower lumber shipments and chip deliveries, and a decrease in lumber prices. Loss reflects a $117 thousand income tax benefit compared to a $1.2 million benefit in 1998. 
Universal Forest Products (Nasdaq : UFPI)Universal Forest Products manufactures, treats, and distributes lumber products for the do-it-yourself (DIY), manufactured housing, industrial and site-built construction markets. For the 13 weeks ended 3/27/99, net sales rose 26 percent to $300.2 million. Net income rose 50 percent to $5.4 million. Revenues reflect an increase in units shipped, primarily due to acquisitions. Earnings also benefitted from higher margins due to higher margins at the acquired operations. 
Madera International Inc. (OTC BB : WOOD)Madera International specializes in the harvesting and exportation of timber products from South America to lumber distributors throughout the U.S.. The company owns timber property in Brazil. For the fiscal year ended 3/31/98, revenues totalled $4.5 million, up from $1.9 million. Net income totalled $1.1 million vs. a loss of $118 thousand. Revenues reflect increased sales orders for hardwoods. Net income also reflects decreased operating expenses as a  percentage of revenues. 
Weyerhaeuser Company (NYSE : WY)Weyerhaeuser is engaged in the growing and harvesting of timber and the manufacture, distribution and sale of forest products, real estate development and construction, and other real estate related activities. For the 13 weeks ended 3/28/99, revenues increased 2 percent to $2.67 billion. Net income before accounting change decreased 51 percent to $42 million. Revenues reflect increased sales of wood products. Earnings were offset by a $91 million charge for the impairment of assets.%}
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BCAM International, Inc. (OTC BB : BCAM)BCAM is engaged in the field of Intelligent Surface Technology, blending biomechanics and ergonomics with innovative electronic systems and software. For the fiscal year ended 12/31/98, revenues decreased 93 percent to $2 thousand. Net loss from continuing operations before extraordinary item increased 24 percent to $3.1 million. Revenues reflect decreased license revenues. Higher loss reflects the inclusion of a $858 thousand charge for compensatory element of 1997 options. 
LaCrosse Footwear, Inc. (Nasdaq : BOOT)Lacrosse Footwear, Inc. designs, develops, markets and manufactures protective footwear and rainwear for the sporting, occupational and recreational markets. For the fiscal year ended 12/31/98, net sales decreased 8 percent to $133.4 million. Net income decreased 67 percent to $2.3 million. Revenues reflect a decline for fill-in and advance orders for Lacrosse and Red Ball cold weather products. Earnings also suffered from increased unabsorbed factory overhead and marketing and advertising costs. 
Brown Shoe Company, Inc. (NYSE : BWS)Brown Shoe Co. provides a broad offering of branded and private label casual, athletic and dress footwear products to men, women, and children. For the thirteen weeks ended 4/30/99, revenues fell 1 percent to $396.8 million. Net income increased 63 percent to $6.3 million. Revenues suffered from decreased sales from the Pagoda International marketing division. Earnings reflect an increase in gross profit due to higher mix of retail sales, and decreased interest expense. 
Candie's, Inc. (Nasdaq : CANDE)Candie's is primarily engaged in the design, marketing and importation of women's and girls' casual and fashion footwear and handbags under the CANDIES and BONGO trademarks for distribution to retailers. For the nine months ended 10/98, net revenues rose 39 percent to $97.5 million. Net income rose 37 percent to $5.2 million. Sales reflect increased brand awareness, the introduction of new products and price increases. Earnings lagged primarily from a sharply higher tax rate. 
Converse, Inc. (NYSE : CVE)CVE designs, manufactures and markets a broad line of athletic and leisure footwear; licenses sports apparel, equipment, accessories and footwear; and operates 31 retail stores. For the fiscal year ended 1/2/99, revenues fell 32 percent to $308.4 million. Net loss before extraordinary item totalled $23.5 million, up from $4.3 million. Revenues reflect lower basketball, children and cross training sales. Higher loss reflects the absence of a $12.5 million credit on investment in unconsolidated subsidiary. 
Daniel Green Company (Nasdaq : DAGR)The Daniel Green Company manufactures and sells leisure footwear for men and women. The Company's products are sold under the trademarks ``Comfy'' and ``Dee Gee''. Net sales for the three months ended 3/31/99 increased 16 percent to $2.9 million. Net loss decreased 44 percent to $396 thousand. Revenues benefited from higher average selling prices. Lower loss also reflects a decrease in cost of goods sold as a  percentage of sales, cost control efforts, and lower debt levels. 
Deckers Outdoor Corp. (Nasdaq : DECK)DECK designs and markets footwear and apparel that have been developed for outdoor, sports and casual use. The Company's four primary product lines are Teva, Simple, Ugg and Picante. For fiscal year ended 12/31/98, net sales fell 4 percent to $102.2 million. Net loss totalled $2.9 million vs. an income of $4.5 million. Revenues reflect lower sales of Simple products and the company's sale of its interest in the Trukke line of winter boots. Loss reflects increased overhead expenses. 
Fila Holding S.p.A. (NYSE : FLH)FLH is a designer and marketer of athletic and casual footwear, and of activewear, casualwear and sportswear, for men, women and children. For the nine months ended 9/30/98, revenues decreased 23 percent to LIR1.554T. Net loss before U.S. GAAP totalled LIR134.42 billion vs. income of LIR108.96 billion. Revenues reflect decreased footwear sales and backlog. Net loss reflects increased S/G/A expenses as a  percentage of revenues due to higher legal and consulting expenses. 
Florsheim Group, Inc. (Nasdaq : FLSC)Florsheim Group designs, manufactures, and sources a diverse range of products in the middle to upper price range of the men's quality footwear market operating 354 shoe stores. For the fiscal year ended 1/2/99, revenues decreased 3 percent to $244.9 million. Net loss before extraordinary item totalled $559 thousand vs. income of 3.6 million. Revenues reflect reduced sales in Southeast Asia caused by currency devaluations. Losses reflect a decrease in gross profit. 
Global Sports, Inc. (Nasdaq : GSPT)Global Sports, Inc. designs, markets and distributes footwear under the Ryka and Yukon brands, and purchases manufacturers' closeout merchandise, overstocks and canceled orders for resale to retailers. For the three months ended 3/31/99, net sales rose 20 percent to $33.7 million. Net income fell 72 percent to $425 thousand. Revenues reflect increased sales of both the Ryka and Yukon brands. Earnings were offset by lower margins and increased e-commerce related costs. 
Justin Industries, Inc. (Nasdaq : JSTN)Justin Industries, Inc. operates in two divisions: the manufacture and sale of building materials and the manufacture, purchase and sale of footwear products. For the three months ended 3/31/99, net sales rose 9 percent to $113 million. Net income rose 27 percent to $5.7 million. Revenues benefitted from increased sales of building materials due to a strong regional economy and mild weather that led to very strong housing starts. Net income reflects margin improvements on building materials. 
Kenneth Cole Productions (NYSE : KCP)Kenneth Cole Productions, Inc. designs, sources and markets a broad range of footwear, handbags and accessories under its Kenneth Cole New York, Kenneth Cole Reaction and Unlisted brand names. For the three months ended 3/99, revenues rose 23 percent to $66 million. Net income increased 16 percent to $4.7 million. Revenues reflect increased sales of mens footwear and Kenneth Cole Reaction women's footwear. Earnings were partially offset by marketing expenditures. 
K-Swiss Inc. (Nasdaq : KSWS)K-Swiss designs, develops and markets high performance and casual athletic footwear. The Co. also markets a line of K-Swiss apparel and accessories manufactured by third parties. For the three months ended 3/31/99, revenues totalled $88.6 million, up from $42.3 million. Net income totalled $13.3 million, up from $3.5 million. Results reflect higher average wholesale prices per pair. Earnings also reflect a rise in gross profit margins due to new styles introduced at higher margins. 
Maxwell Shoe Company Inc. (Nasdaq : MAXS)MAXS designs, develops and markets casual and dress footwear for women and children under multiple name brands, including Mootsies Tootsies and Sam and Libby, each of which is targeted to a distinct segment of the footwear market. For the six months ended 4/99, revenues fell 5 percent to $72.2 million. Net income fell 16 percent to $4.5 million. Revenues reflect decreased private label unit sales. Earnings suffered from an increase in income tax rate. 
Nike, Inc. (NYSE : NKE)Nike designs, developments and markets high quality footwear, apparel, equipment, and accessory products. For the nine months ended 2/28/99, revenues decreased 9 percent to $6.59 billion. Net income decreased 24 percent to $357 million. Revenues suffered from a decrease in footwear sold and NIKE brand equipment. Earnings also suffered from a decrease in gross profit, higher research and development costs on a reduced level of sales and $18.7 million in restructuring charges. 
Penobscot Shoe Company (AMEX : PSO)Penobscot Shoe Company manufactures, imports and sells branded footwear to retailers. The principal products are women's casual and tailored footwear, including boots and sandals, selling in the moderate price range. For the three months ended 2/26/99, revenues rose 19 percent to $5.7 million. Net income rose 14 percent to $396 thousand. Revenues reflect improved distribution and higher average selling prices. Earnings were partially offset by a decrease in other income. 
Reebok International Ltd. (NYSE : RBK)Reebok International Ltd. designs and markets sports and fitness products which include footwear and apparel. For the three months ended 3/31/99, net sales decreased 11 percent to $787 million. Net income totalled $17.9 million vs. a loss of $3.4 million. Revenues reflect decreased footwear sales due to the Company's strategic initiative to segment distribution. Net income reflects the absence of a $35 million special charge and decreased interest expense. 
Rocky Shoes & Boots, Inc. (Nasdaq : RCKY)Rocky Shoes and Boots, Inc. develops, manufactures, and markets men's and women's footwear. RCKY markets its foot wear through several distribution channels, primarily under the trademark, ROCKY. For the fiscal year ended 12/31/98, net sales fell 7 percent to $88.7 million. Net income fell 52 percent to $2.3 million. Revenues reflect lower sales of insulated rugged outdoor footwear due to retail carryover and mild seasonal weather. Earnings also reflect manufacturing inefficiencies and S/G/A expenses. 
R.G. Barry Corp. (NYSE : RGB)R.G. Barry Corporation is engaged in the design, manufacture and marketing of specialized comfort footwear for men, women and children. For the thirteen weeks ended 4/3/99, net sales decreased 5 percent to $14.8 million. Net loss increased from $751 thousand to $2.9 million. Revenues suffered from a strategic change made by several national chain department stores. Loss also reflects lower gross profit due to an orderly reduction in inventory levels and higher SGA costs. 
Saucony, Inc. (Nasdaq : SCNYA)Saucony, Inc. is an importer and manufacturer of high-performance athletic footwear, athletic apparel and high-quality bicycles and bicycle frames. For the fiscal year ended 1/1/99, total revenues increased 13 percent to $105.8 million. Net income from continuing operations totalled $3.6 million vs a loss of $4 million. Revenues benefitted from increased footwear unit volumes. Earnings also benefitted from higher margin footwear sales and the absence of an $2.3 million asset writedown. 
Steven Madden, Ltd. (Nasdaq : SHOO)Steven Madden, Ltd. is engaged primarily in the business of designing, wholesaling and retailing women's shoes. For the three months ended 3/31/99, revenues rose 62 percent to $26.7 million. Net income increased 83 percent to $1.4 million. Revenues reflect additional wholesale accounts, increased reorders, and the opening of 12 additional retail stores. Earnings also reflect an increased gross profit, lower operating expenses as a  percentage of sales and lower interest costs. 
Skechers U.S.A., Inc. (NYSE : SKX)Skechers U.S.A., Inc. designs and markets branded contemporary casual, active, rugged and lifestyle footwear for men, women and children, sold worldwide through 2,200 retail accounts representing over 10,000 storefronts. For the three months ended 3/99, net sales rose 60 percent to $95.7 million. Net income totalled $2.1 million, up from $651 thousand. Results reflect increased brand awareness, expansion of the product line, higher sales per existing account, and higher gross margins. 
Stride Rite Corp. (NYSE : SRR)The Stride Rite Corporation is a marketer and manufacturer of athletic and casual footwear for children and adults. For the three months ended 2/26/99, net sales rose 15 percent to $148.2 million. Net income rose 40 percent to $6.1 million. Revenues reflect increases in the Company's wholesale divisions due to an improved product mix and increased Keds division sales. Earnings also benefitted from increased margins due to a reduction in inventory obsolecence charges. 
Timberland Company (NYSE : TBL)The Timberland Company designs, develops, engineers, markets and distributes premium-quality footwear, apparel and accessories for men, women and children. For the three months ended 3/26/99, revenues rose 8 percent to $176.9 million. Net income rose 6 percent to $7.8 million. Revenues reflect increased apparel and accessories unit sales and increased sales of boots and kid's footwear. Earnings were partially offset by increased selling expenses. 
Vans, Inc. (Nasdaq : VANS)Vans, Inc. designs, manufactures and distributes casual and active-casual footwear, apparel and performance footwear for skateboarding, BMX and mountain biking and snowboard boots and snowboarding outerwear. For the 39 weeks ended 2/27/99, net sales rose 11 percent to $156.6 million. Net income fell 14 percent to $7.9 million. Revenues reflect increased domestic wholesale sales. Net income was offset by increased rent expenses, higher personnel and advertising costs. 
Weyco Group, Inc. (Nasdaq : WEYS)Weyco Group, Inc. is engaged in the manufacture, purchase, and distribution of men's footwear under the brand names Nunn Bush, Brass Boot and Stacey Adams. For the three months ended 3/31/99, net sales fell 3 percent to $35 million. Net income rose 1 percent to $2.7 million. Revenues reflect the closing of two retail units during 1998 and changes in the mix of wholesale products sold. Earnings benefitted from slightly higher gross margins. 
Wellco Enterprises, Inc. (AMEX : WLC)WLC manufactures and sells military combat boots under firm fixed-price contracts with the U.S. government, and provides long-term licensing agreements, technology, assistance and related services for manufacturing military and commercial footwear. For the 39 weeks ended 4/3/99, sales fell 30 percent to $13.2 million. Net loss totalled $803 thousand vs. an income of $216 thousand. Results reflect a reduced number of DMS combat boots sold and the absence of $980 thousand in claims gains. 
B.B. Walker Company (WLKBB.B. Walker Company designs, manufactures and markets complete lines of moderately-priced, value-oriented western and work/outdoor boots and shoes for men and women. WLKB also operates retail shoe outlets. For the thirteen weeks ended 1/30/99, total revenues decreased 21 percent to $6.2 million. Net loss applicable to Common rose 26 percent to $230 thousand. Results reflect a weak western retail sector and a slight decrease in price per pair. 
Wolverine World Wide (NYSE : WWW)Wolverine World Wide is engaged in the design, manufacture and marketing of a range of casual shoes, rugged outdoor and work footwear, and constructed slippers and moccasins. For the 12 weeks ended 3/27/99, net sales fell 8 percent to $136.2 million. Net income fell 44 percent to $3.6 million. Revenues reflect disappointing U.S. retail sales of men's and women's moderate priced casual shoes. Earnings also suffered from increased depreciation expense.%}
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Atlantic Premium Brands (AMEX : ABR)Atlantic Premium Brands is engaged in the wholesale distribution of branded and unbranded meats including: ready to entrees, smoked sausages, bacon and packaged, sliced luncheon meats, and Cajun-style pork products. For the fiscal year ended 12/31/98, net sales rose 20 percent to $180.8 million. Net income before extraordinary item and continuing operations totaled $1.8 million, up from $434 thousand. Results reflect the acquisition of Potters and higher margins due to lower raw materials prices. 
Archer-Daniels-Midland Co (NYSE : ADM)Archer-Daniels-Midland is engaged in procuring, transporting, storing, processing and merchandising agricultural commodities and products such as oilseeds, corn, wheat, cocoa beans, milo, oats, barley and peanuts. For the nine months ended 3/31/99, revenues fell 8 percent to $11.09 billion. Net income before extraordinary item fell 30 percent to $239 million. Revenues reflect lower average selling prices. Net income reflects higher S/G/A expenses and higher debt levels. 
Agribrands International (NYSE : AGX)Agribrands International produces and markets a broad line of animal feeds and other agricultural and nutrition products. The Company operates 74 manufacturing plants in 16 countries on four continents. For the six months ended 2/99, revenues fell 9 percent to $643.1 million. Net income totalled $18.9 million, up from $6 million. Revenues reflect lower dollar translated prices and the financial crisis in Asia. Earnings reflect improved margins and lower production costs. 
Aurora Foods, Inc. (NYSE : AOR)AOR produce and market premium food products including Duncan Hines baking mixes, Log Cabin and Mrs. Butterworth's syrup, Van De Kamp's and Mrs. Paul's frozen seafood, Aunt Jemina frozen breakfast products and Celeste frozen pizza. For the three months ended 3/99, revenues totalled $261.1 million, up from $89.4 million. Net income before extraordinary item totalled $7.8 million vs. a loss of $63 million. Results reflect the acquisitions of Log Cabin and Duncan Hines, and the absence of a $60 million incentive plan cost. 
Armanino Foods of Dist. (Nasdaq : ARMF)Armanino is engaged in the production and marketing of upscale and innovative food products, including primarily frozen pesto and other Italian-style sauces, frozen stuffed pasta products, frozen focaccia and frozen meatballs. For the three months ended 3/99, net sales fell 32 percent to $2.5 million. Net loss fell 65 percent to $25 thousand. Revenues reflect lower sales of the Company's meatball product line. Lower loss reflects higher margins and lower personnel costs. 
Balance Bar Company (Nasdaq : BBAR)Balance Bar Company develops and markets natural food and beverage products to a broad consumer base in the health food and beverage market. For the three months ended 3/99, revenues rose 19 percent to $20.8 million. Net income fell 25 percent to $960 thousand. Results benefitted from increased sales at mass merchandise, club, grocery and natural foods strores. Earnings were offset by costs related to discontinuance of three Balance Bar flavors and higher broker commissions. 
Brothers Gourmet Coffees (OTC BB : BEANQ)Brothers Gourmet Coffees is a integrated sourcer, roaster, and distributor of high quality gourmet coffee products. BEAN produces over 75 different blends and flavors of coffee. For the 26 weeks ended 6/26/98, sales fell 10 percent to $29.3 million. Net loss from continuing operations totalled $64.7 million, up from $3.5 million. Revenues reflect a decline in pound volume due to the loss of certain customers. Net loss reflects $51.8 million writedowns of fixed assets and goodwill. 
Bestfoods (NYSE : BFO)Bestfoods and its consolidated subsidiaries is a worldwide business, principally engaged in one industry segment, consumer foods. For the three months ended 3/31/99, net sales increased 3 percent to $2.19 billion. Net income applicable to Common increased 8 percent to $141.4 million. Revenues benefitted from improved European and Asian sales. Earnings also benefitted from increased margins as a result of improved prices in all divisions and the Company's cost improvement efforts. 
Ben & Jerry's Homemade (Nasdaq : BJICA)BJICA manufactures super premium ice cream, frozen yogurt, sorbet and ice cream novelty products in unique and regular flavors. BJICA currently markets 39 flavors. For the 13 weeks ended 3/27/99, net sales increased 20 percent to $50.1 million. Net income totalled $1.2 million, up from $380 thousand. Revenues benefitted from higher domestic and international pint products sales and new product introductions. Earnings also benefitted from better plant utilization. 
Bridgford Foods Corp. (Nasdaq : BRID)BRID operates in one business segment -the manufacture and distribution of frozen, refrigerated and snack food products. For the 13 weeks ended 1/29/99, net sales increased 3 percent to $36.6 million. Net income increased 55 percent to $2.6 million. Revenues reflect increased unit sales volume and a change in product mix. Net income also reflects decreased cost of products sold as a  percentage of revenues due to decreased pork prices. 
ConAgra, Inc. (NYSE : CAG)ConAgra, Inc., a diversified food company, operates across the food chain, from agricultural inputs to the production and sale of branded consumer products. For the 39 weeks ended 2/28/98, sales rose 2 percent to $18.58 billion. Net income before accounting change rose 7 percent to $499.7 million. Revenues reflect acquisitions and increased refrigerated segment and frozen food sales. Earnings also reflect an improved gross profit margin. 
Creative Bakeries, Inc. (OTC BB : CBAK)Creative Bakeries, Inc. offers a broad line of premium quality pastries, cakes, pies, cookies, batter and frozen-finished cakes, brownies, muffins and other assorted desserts in the New York metropolitan area. For the fiscal year ended 12/31/98, net sales decreased 23 percent to $3.8 million. Net loss from continuing operations decreased 61 percent to $577 thousand. Revenues reflect decreased retail sales. Lower loss reflects a reduction in operating expenses due to a reduction in personnel. 
Cagle's, Inc. (AMEX : CGLa)Cagle's Inc. and its wholly owned subsidiary produce, market and distribute a variety of fresh and frozen poultry products. For the fiscal year ended 4/3/99, revenues rose 2 percent to $352 million. Net income increased from $2.6 million to $21.5 million. Revenues benefitted from increased tonnage. Earnings benefitted from an improved gross profit margin due to lower overall feed costs, lower outside storage expenses, and reduced borrowing levels. 
Suprema Specialties (Nasdaq : CHEZ)Suprema Specialties and its subsidiaries manufacture, process and market a variety of premium and gourmet natural cheese products. For the nine months ended 3/31/99, net sales rose 64 percent to $127.4 million. Net income before extraordinary item rose 69 percent to $2.9 million. Revenues reflect an increase in sales volume for food service products and higher average selling price for cheese. Earnings also benefitted from increased gross margin due to a higher average selling price. 
Chock Full O'Nuts Corp. (NYSE : CHF)Chock Full O'Nuts roasts, packages and markets coffees for food-service and retail grocery industries. CHF also markets food-service and private label coffees, and operates real estate. For the six months ended 1/31/99, revenues fell 12 percent to $185.3 million. Net income fell 39 percent to $2.6 million. Revenues suffered from a lower average selling price for coffee. Earnings also suffered due to lower profits from beverage products and the absence of the gain on sale of real estate. 
China Peregrine Food Corp (OTC BB : CHPF)China Peregrine Food Corp., through its 70 percent owned subsidiary, Green Food Peregrine, processes and distributes dairy and non dairy food products in the People's Republic of China and operates a dairy processing plant in Shanghai. For the six months ended 6/30/98, revenues rose 29 percent to $403 thousand. Net loss applicable to Common rose 62 percent to $1.2 million. Revenues reflect continued marketing efforts to penetrate the Shanghai market. Higher loss reflects legal and other costs. 
Pilgrim's Pride Corp. (NYSE : CHX)Pilgrim's Pride Corp. is a vertically integrated producer of chicken products, controlling the breeding and growing of chickens and the processing, preparation and packaging of its products. For the 27 weeks ended 4/3/99, sales rose 1 percent to $666 million. Net income rose 71 percent to $30.5 million. Revenues reflect an increase in U.S. chicken sales. Earnings benefitted from lower feed ingredient costs per pound and higher production volumes, and lower debt levels. 
Crown Laboratories Inc. (OTC BB : CLWB)Crown Laboratories Inc. develops, manufactures and markets a proprietary line of pharmaceutically-balanced nutritional products designed for the special needs of residents in nursing homes and patients in hospitals. For the six months ended 6/98, revenues fell 70 percent to $25 thousand. Net loss rose 9 percent to $2.1 million. Revenues reflect lower sales of liquid nutritional and dry mix products. Higher loss was partially offset by significantly reduced overhead expenses. 
Campbell Soup Company (NYSE : CPB)Campbell Soup Company is a global manufacturer and marketer of branded convenience food products operating in three business segments: Soup and Sauces, Biscuits and Confectionery, and Foodservice. For the 39 weeks ended 5/2/99, net sales fell 5 percent to $5.13 billion. Net income from continuing operations before accounting change rose 27 percent to $645 million. Results reflect lower sales due to divestitures, offset by the absence of $262 million in restructuring charges. 
Corn Products Intl., Inc. (NYSE : CPO)Corn Products International, Inc. produces a large variety of food ingredients and industrial products derived from the wet milling of corn and other starch-based materials (such as tapioca and yucca). For the three months ended 3/31/99, net sales rose 17 percent to $396.6 million. Net income rose 98 percent to $15.8 million. Revenues reflect the full consolidation of the Mexican business and acquisitions in Korea. Earnings also reflect higher margins due to lower gross corn costs. 
Chiquita Brands Int'l (NYSE : CQB)Chiquita Brands International is an international marketer, producer and distributor of bananas and other fresh and processed food products. For the three months ended 3/31/99, net sales decreased 3 percent to $693 million. Net income applicable to Common increased 21 percent to $44.4 million. Revenues suffered from the merger of the Company's Chilean fresh produce operations into a joint venture. Net income reflects improved gross margins due to higher banana pricing. 
Celestial Seasonings Inc. (Nasdaq : CTEA)Celestial Seasonings Inc. manufactures and markets herb teas in the U.S.CTEA offers over 50 tea varieties sold in supermarkets, grocery stores and natural foods markets in the U.S. For the six months ended 3/31/99, revenues increased 16 percent to $69.2 million. Net income decreased 6 percent to $5.2 million. Revenues reflect higher sales of wellness and green tea products. Net income suffered from higher advertising and promotional expenses. 
Cattleman's, Inc. (OTC BB : CTLOCattleman's, Inc., through its wholly-owned subsidiary, Cattleman's Meat Company, conducts wholesale beef processing and fresh food outlet sales operations. For the 13 weeks ended 7/27/97, sales fell less than 1 percent to $32.3 million. Net loss totalled $230 thousand vs. an income of $95 thousand. Revenues reflect a decrease in gross tonnage sold. Loss also reflects an increase in cost of goods sold and lower margins in both the processing and retail operations. 
Cuisine Solutions, Inc. (OTC BB : CUIS)Cuisine Solutions develops, produces, and markets chef-created, fully cooked, fully prepared entrees and sauces for the banquet, transportation, restaurant and home meal replacement industries. For the 24 weeks ended 12/12/98, net sales rose 53 percent to $9.5 million. Net loss fell 96 percent to $39 thousand. Revenues reflect increased sales to transportation customers and higher lodging sales. Lower loss reflects the impact of higher volume on manufacturing fixed costs. 
Darling International Inc (AMEX : DAR)Darling International collects and processes animal by-products and used restaurant cooking oil to produce finished products of tallow, meat and bone meal and yellow grease. For the 13 weeks ended 4/3/99, sales decreased 26 percent to $69.8 million. Net loss from continuing operations totaled $4.2 million, up from $1.4 million. Results reflect decreases in overall finished goods prices and higher interest expenses due to higher rates. 
Delicious Brands, Inc. (Nasdaq : DBSI)Delicious Brands, Inc. develops, markets and sells cookies, crackers and related food products under the Mama's, Delicious, Salerno, and Frookie labels. For the fiscal year ended 12/31/98, net sales rose 73 percent to $53 million. Net loss rose 56 percent to $5.3 million. Revenues benefitted from the inclusion of $26.8 million in revenues from the acquisition of Salerno. Higher loss reflects non-recurring charges related to the acquisition, including higher interest expense and financing fees. 
Developed Technology Res. (OTC BB : DEVT)Developed Technology Resource manufactures and sells dairy products in the former Soviet Union (FoodMaster), sells and distributes manufactured equipment, and provides technology access. For the comparable nine months ended 9/98, revenues fell 44 percent to $1.3 million. Net income from continuing operations fell 14 percent to $444 thousand. Revenues reflect decreased equipment sales. Earnings also suffered from higher SGA as a  percentage of revenues due to additional employees and consultants. 
Dean Foods Co. (NYSE : DF)Dean Foods Co. is engaged in the processing, distribution and sale of dairy, pickle and other specialty food products. For the nine months ended 2/28/99, net sales rose 44 percent to $2.75 billion. Net income from continuing operations fell 22 percent to $49.5 million. Revenues benefitted from acquisitions in the Dairy and Specialty segments. Net income was offset by increased interest expense as a result of higher average borrowings, and decreased interest income. 
Del Monte Foods Company (NYSE : DLM)Del Monte Foods Company is engaged in the manufacturing and marketing of processed foods, primarily canned vegetables, fruit and tomato products, sold under the Del Monte brand to a variety of food retailers, supermarkets and mass merchandising stores. For the nine months ended 3/31/99, net sales rose 17 percent to $1.14 billion. Net income before extraordinary item applicable to Common totalled $7 million vs. a loss of $4 million. Results reflect higher fruit and vegetables volumes. 
Doughtie's Foods (Nasdaq : DOBQ)Doughtie's Foods engages in the sale and distribution of a wide variety of meat and seafood products and other food items. For the three months ended 3/27/99, net sales decreased 1 percent to $19.1 million. Net income decreased 55 percent to $82 thousand. Revenues reflect reduced sales to the U.S. military under the Department of Defense Contract. Earnings reflect higher selling, general and administrative expenses associated with the proposed merger with SYSCO. 
Dole Food Company, Inc. (NYSE : DOL)DOL are engaged in the worldwide distributing, growing, processing, sourcing and marketing of high quality, fresh fruits, vegetables, almonds, and flowers. For the 12 weeks ended 3/27/99, revenues rose 17 percent to $1.19 billion. Net income rose 66 percent to $37.7 million. Results reflect the inclusion of the newly acquired flower business and the SABA Trading AB Scandinavian distribution business. Net income also reflects net insurance proceeds of $11.7 million for Hurricane Mitch losses. 
Dry Dairy International (OTC BB : DRYD)Dry Dairy International is engaged in the specialty food manufacturing and distribution business. For the nine months ended 9/30/97, sales rose from $263 thousand to $939 thousand. Net loss totalled $481 thousand, up from $168 thousand. Revenues benefitted from the expansion of the Company's business into the pita bread and sweet bread bakery business. Higher loss reflects an increase in sales and marketing expense as the Company attempts to attract new buyers for its products. 
Dreyer's Grand Ice Cream (Nasdaq : DRYR)DRYR manufactures and distributes ice cream and other frozen dairy products, under the brand names Dreyer's and Edy's. DRYR also distributes ice cream and frozen dessert products of other companies. For the 13 weeks ended 3/27/99, revenues rose 6 percent to $228.5 million. Net loss applicable to Common before accounting fell 39 percent to $3.6 million. Revenues reflect higher sales and wholesale prices. Lower loss reflects lower personnel costs. 
Earthgrains Company (NYSE : EGR)EGR produces and distributes packaged bakery products for sale to retail grocers and food service co's in the U.S. and Europe. The Co's products include fresh, refrigerated and frozen baked goods, refrigerated and frozen dough products and shelf-stable toaster pastries. For the 40 weeks ended 01/05/99, revenues rose 16 percent to $1.48 billion. Net income before accounting change rose 25 percent to $37.9 million. Results reflect favorable product mix, price improvements and acquisitions. 
Eskimo Pie Corporation (Nasdaq : EPIE)Eskimo Pie Corp. markets and produces frozen novelties, ice cream and sorbet products under the Eskimo Pie, Welch's, RealFruit, SnackWell's, Weight Watchers and OREO brand names. For the three months ended 3/99, revenues rose 1 percent to $16.1 million. Net income rose 15 percent to $232 thousand. Revenues reflect increased sales of Eskimo Pie brand products in the licensing and foodservice businesses. Earnings reflect higher margins and the Company's cost control initiatives. 
ERLY Industries, Inc. (ERLYERLY Industries is an international rice co. engaged in the processing, packaging and marketing of rice. The Co. markets white rice, instant rice, parboiled rice, brown rice and rice mixes and also has a forest fire retardant and an agricultural consulting business. For the nine months ended 12/97, net sales fell 20 percent to $362.6 million. Net loss totalled $14.5 million vs. income of $6.1 million. Results reflect decreased export rice sales and higher advertising expenses. 
Farmer Brothers Co. (Nasdaq : FARM)Farmer Brothers Co. roasts, packages, and distributes coffee and allied products to restaurants, hotels, hospitals, convenience stores and fast food outlets. For the nine months ended 3/31/99, net sales fell 8 percent to $167.7 million. Net income rose 2 percent to $24.6 million. Revenues reflect a decrease in the cost of green coffeee, with a corresponding decline in the selling price of roast coffee. Net income reflects lower cost of sales and greater interest income. 
Fletcher's Fine Foods Ltd (Nasdaq : FLCHF)Fletcher's Fine Foods Ltd., and its subsidiaries, is an integrated food processing company which manufactures a full line of fresh and prepared pork products in addition to specialty meat and delicatessan items. For the 12 weeks ended 3/20/99, revenues fell 7 percent to C$86.8 million. Net income before U.S. GAAP rose 23 percent to C$1.6 million. Results reflect a decrease in Fresh Pork Division sales, offset by an improved gross profit margin. 
Flowers Industries, Inc. (NYSE : FLO)FLO produces a full line of breads, rolls, snack cakes, sweet goods, doughnuts, cakes, pies, frozen fruit and vegetables and batter-dipped and breaded vegetables. For the 16 weeks ended 4/24/99, revenues increased 21 percent to $1.30 billion. Net income before accounting changes increased 65 percent to $24.8 million. Revenues reflect higher sales at Keebler and Flowers Bakeries. Earnings also reflect improved gross margins, and decreased S/G/A expenses as a pecentage of sales. 
Fisher Companies, Inc. (OTC BB : FSCI)Fisher Companies, Inc. is engaged in television and radio broadcasting, the operations of satellite teleports and exploitation of other emerging technologies; flour milling and bakery products distribution and real estate investment and property management. For the three months ended 3/31/99, total revenues rose 2 percent to $59.4 million. Net income fell 41 percent to $2 million. Results reflect higher broadcasting revenues, offset by an increase in the cost to acquire broadcast programming. 
Galaxy Foods Company (Nasdaq : GALX)Galaxy is engaged in the development, manufacturing and marketing of a variety of healthy cheese and dairy related products, as well as other cheese alternatives. For the nine months ended 12/31/98, net sales rose 38 percent to $21.4 million. Net income totalled $1.2 million, up from $347 thousand. Revenues benefitted from increased marketing activities to promote the Co's. Veggie brand of products. Earnings benefitted from higher margins due to a focus on higher margin retail business. 
Gardenburger, Inc. (Nasdaq : GBUR)GBUR develops, produces and markets branded meat replacement alternatives sold to food service and retail outlets. GBUR's products include frozen, meatless items that are low in cholesterol and fat. For the three months ended 3/31/99, revenues rose 4 percent to $13.6 million. Net loss rose 26 percent to $5.5 million. Revenues benefited from higher sales in the company's club store and grocery channel. Higher loss reflects incremental costs related to Y2K compliance. 
General Mills, Inc. (NYSE : GIS)General Mills, Inc. is engaged in the manufacture and marketing of a variety of consumer foods products, including ready-to-eat cereals, desserts, flour and baking mixes, dinner and side dish products, snack products, beverages and yogurt products. For the 39 weeks ended 2/28/99, sales rose 4 percent to $4.65 billion. Net income rose 30 percent to $429.7 million. Results reflect unit volume increases across the Company's major businesses and a reduction in unusual items. 
Golden Enterprises, Inc. (Nasdaq : GLDC)GLDC manufactures and distributes a full line of salted snack items, such as potato and tortilla chips, corn chips, pretzels, fried pork skins, baked and fried cheese curls, crackers, onion rings and buttered and cheese popcorn. For the nine months ended 2/99, revenues rose 1 percent to $96.7 million. Net income decreased 66 percent to $876 thousand. Revenues reflect an increase in net sales. Earnings suffered from increased SG&A expenses as a  percentage of sales. 
Green Mountain Coffee (Nasdaq : GMCR)GMCR roasts over 25 arabica coffees to produce over 60 varieties of coffee which it sells through a coordinated dual-channel distribution network consisting of wholesale and direct mail operations. For the 16 weeks ended 1/16/99, revenues rose 18 percent to $20.1 million. Net income from continuing operations totalled $541 thousand, up from $180 thousand. Revenues reflect an increase in coffee pound sold. Earnings also reflect lower cost of sales as a  percentage of revenues. 
Gruma, S.A. de C.V. (NYSE : GMK)GMK is a holding company for subsidiaries who are engaged in the production and distribution of corn flour for tortillas and related products in Mexico, Central America and the U.S. For the six months ended 6/30/98, revenues rose 3 percent to PS6.13 billion. Net income before U.S. GAAP fell 47 percent to PS94.2 million. Revenues benefitted from higher sales from Grum Corp. and Molinera. Earnings suffered from higher promotion and advertising and technology modernization program costs. 
Gum Tech International (Nasdaq : GUMM)GUMM develops, markets and distributes specialty chewing gum products for branded and private label customers in the oral care, smoking cessation, dietary supplement and over-the-counter drug segments. For the three months ended 3/31/99, revenues totaled $2.4 million, up from $1.1 million. Net loss fell 82 percent to $568 thousand. Results reflect an increase in energy and diet gums and retail sales of Cigarest, partially offset by a lower level of cash balances for investment. 
Hain Food Group, Inc. (Nasdaq : HAIN)HAIN sells, markets, and distributes a full line of natural foods, cooking oils, medically directed snacks, low sodium food products, kosher foods and snack and dry milk products. For the nine months ended 3/99, net sales increased 98 percent to $144.9 million. Net income totalled $7.5 million, up from $2.9 million. Revenues benefitted from the acquisitions. Net income also reflects lower S/G/A expenses as a  percentage of revenues and lower amortization of deferred financing costs. 
Smithfield Companies (Nasdaq : HAMS)The Smithfield Companies, Inc. produces and markets a wide range of branded food products to the retail grocery and food service industries. For the nine months ended 12/98, net sales rose 4 percent to $17.9 million. Net income increased 40 percent to $1.4 million. Revenues reflect increased unit sales of most of the Company's product lines. Net income benefitted from higher margins and lower S/G/A expenses due to the sale of The New Orleans School of Cooking and a lower tax rate. 
Horizon Organic Holdings (Nasdaq : HCOW)Horizon Organic Holding produces, processes and markets certified organic fluid milk and a full line of refrigerated certified organic dairy products. For the three months ended 3/31/99, net sales rose 63 percent to $16.4 million. Net income totalled $502 thousand, vs a loss of $115 thousand. Revenues reflect increased distribution, new products and continued development of grocery food channels. Earnings also reflect improved gross profit. 
Hanover Foods Corporation (OTC BB : HNFSA)Hanover Foods Corporation is vertically-integrated company involved in the growing, processing, canning, freezing, freeze-drying, packaging, marketing and distribution of vegetable products under its own trademarks as well as private labels. For the 39 weeks ended 2/28/99, net sales rose 11 percent to $212.2 million. Net income applicable to Common rose 9 percent to $6.7 million. Results reflect increased sales at the acquired companies, partially offset by higher consulting costs. 
H.J. Heinz Company (NYSE : HNZ)HNZ and its subsidiaries manufacture and market an extensive line of processed food products throughout the world, including ketchup and sauces/condiments, pet food, baby food, frozen potato products and low calorie products. For the 39 weeks ended 1/27/99, revenues rose 1 percent to $6.83 billion. Net income applicable to Common decreased 9 percent to $565.7 million. Results reflect volume gains and favorable pricing, offset by costs related to the start-up of Project Millennia. 
Hormel Foods Corporation (NYSE : HRL)Hormel Foods Corporation is primarily engaged in the production of a variety of meat and food products and the marketing of those products throughout the U.S. For the six months ended 5/1/99, net sales fell less than 1 percent to $1.59 billion. Net income rose 1 percent to $74.2 million. Revenues reflect increased sales volumes, offset by lower pork prices and aggressive promotional programs. Earnings benefitted from increased other income and a lower effective tax rate. 
Hershey Foods Corp. (NYSE : HSY)Hershey Foods manufactures, distributes, and sells a broad line of chocolate and non-chocolate confectionery, pasta and grocery products. For the three months ended 4/4/99, net sales fell 14 percent to $945.2 million. Net income totalled $224.7 million, up from $75.4 million. Revenues reflect decreased sales of core confectionary brands and the divestiture of the Corporations pasta business. Earnings benefitted from a $243.8 million gain on the sale of business and decreased packaging materials costs. 
Interstate Bakeries Corp. (NYSE : IBC)Interstate Bakeries Corp. bakes and distributes fresh bakery products through its 70 bakeries and 1500 thrift stores nationwide. For the 40 weeks ended 3/6/99, net sales rose 6 percent to $2.63 billion. Net income rose 2 percent to $96.2 million. Revenues benefitted from contributions by companies acquired since the prior period. Earnings lagged from lower margins due to higher production costs at acquired companies, lower selling prices in major markets and greater labor expenses. 
IBP, Incorporated (NYSE : IBP)IBP produces fresh and processed beef and pork products. IBP also produces frozen and refrigerated food products for the food service industry. For the 13 weeks ended 3/27/99, net sales fell 4 percent to $3.1 billion. Net income before extraordinary item totalled $56.9 million, up from $13.6 million. Revenues suffered from lower average prices of beef and pork. Earnings benefitted from lower average prices paid for live hogs and cattle and decreased average borrowings. 
Packaged Ice, Inc. (Nasdaq : ICED)ICED is a manufacturer and distributor of packaged ice serving 26 states. ICED's non-ice segment consists of refrigerated warehousing, bottled water and the manufacture and leasing of ice equipment. For the three months ended 3/31/99, revenues totaled $31.4 million, up from $8.4 million. Net loss applicable to Common before extra item increased 93 percent to $14.3 million. Results reflect revenues contributed by acquired companies, offset by a higher depreciation expense due acquisitions. 
International Home Foods (NYSE : IHF)IHF is a manufacturer and marketer of a diversified, well-established portfolio of shelf-stable food products with brand names of ``Chef Boyardee,'' ``Bumble Bee,'' ``PAM,'' ``Polaner'' and ``Gulden's.'' For the three months ended 3/31/99, revenues rose 32 percent to $514.2 million. Net income rose 68 percent to $32.5 million. Revenues reflect higher Bumble Bee Seafood sales and recent acquisitions. Earnings reflect the inclusion of $15.8 million in gains on sale of business. 
Imperial Sugar Company (AMEX : IHK)Imperial Sugar Company is engaged in the production and marketing of refined sugar and production of cane and beet sugar. For the six months ended 3/31/99, revenues increased 6 percent to $900.8 million. Net loss before extraordinary item decreased 7 percent to $16.2 million. Revenues reflect an increase in the food service division. Lower losses reflect an increase in gross profit due to product mix, and the absence of a $18.3 million asset impairment charge. 
International Multifoods (NYSE : IMC)International Multifoods Corp. operates in two businesses: foodservice distribution in the U.S. and bakery products in the U.S. and Canada. For the fiscal year ended 2/28/99, revenues increased 2 percent to $2.3 billion. Net income from continuing operations decreased 72 percent to $6.8 million. Revenues reflect higher sales to independent vending operators and pizza and Mexican restaurants. Loss reflects costs related to the consolidation of business and write-downs. 
InnoPet Brands Corp. (OTC BB : INBC)InnoPet Brands Corp., a development stage company, is engaged in the production, marketing and sale of premium pet food through supermarkets and grocery stores under the name InnoPet Veterinarian Formula (TM). For the three months ended 3/98, net sales increased 17 percent to $674 thousand. Net loss increased 18 percent to $2.6 million. Revenues reflect market expansion throughout the eastern U.S. Higher loss reflects increased reserve for bad debts against chargebacks to customers. 
John B. Sanfilippo & Son (Nasdaq : JBSS)John B. Sanfilippo and Son, Inc. processes, packages, markets and distributes shelled and inshell nuts and other snack foods in both resale and wholesale markets. For the 39 weeks ended 3/25/99, net sales fell 1 percent to $244.9 million. Net income fell 71 percent to $1.3 million. Revenues suffered from lower unit volume sales to retail customers due to increased competitive activity. Earnings also reflect a lower gross profit margin and higher average borrowing levels. 
J&J Snack Foods Corp. (Nasdaq : JJSF)JJSF manufactures, markets and distributes a variety of nutritional snack foods, beverages, desserts, and baked goods for the food service and retail supermarket industries. For the 26 weeks ended 3/27/99, net sales rose 11 percent to $123.5 million. Net income rose 36 percent to $1.8 million. Revenues reflect increased beverage sales due to the acquisition of National ICEE Corporation. Earnings also reflect increased sales of higher margin frozen carbonated beverages. 
Kellogg Company (NYSE : K)Kellogg Company is engaged in the manufacture and marketing of ready-to-eat cereal and other grain-based convenience food products on a worldwide basis. For the three months ended 3/99, net sales rose 6 percent to $1.75 billion. Net income fell 30 percent to $118.8 million. Revenues reflect strong volume increases in global sales. Earnings were offset by higher costs related to launching new products in Europe and North America and a $36.8 million non-recurring charge. 
Keebler Foods Company (NYSE : KBL)Keebler Foods Company is a cookies and crackers manufacturer. KBL also manufactures retail branded ice cream cones and pie crusts and custom-baked products for other marketers of branded food products. For the 16 weeks ended 4/24/99, net sales rose 34 percent to $852 million. Net income rose from $14 million to $32.7 million. Revenues reflect select price increases and volume growth. Earnings reflect higher margins due to lower production costs. 
Koninklijke Wessanen nv (KNKWYKoninklijke Wessanen nv is a multinational food company based in the Netherlands. KNKWY consists of three major groups of activities: Dairy Products, Natural and Specialty Foods, and Convenience Food and Cereals. For the fiscal year ended 12/98, revenues rose 3 percent to NLG5.77 billion. Net income before extraordinary items fell 24 percent to NLG154.7 million. Results reflect higher sales of Natural and Specialty Foods, offset by the divestment of the Spirits and Wine division and the Asian crisis. 
Lancaster Colony Corp. (Nasdaq : LANC)Lancaster Colony Corporation operates in three business segments; specialty foods, automotive, glassware and candles. For the nine months ended 3/31/99, revenues increased 2 percent to $791.9 million. Net income decreased 3 percent to $70.4 million. Revenues benefitted from growth from the Glassware and Candles segment, and greater sales to the national foodservice accounts. Earnings were offset by a decrease in gross profit due to a less favorable sales mix. 
Lance, Inc. (Nasdaq : LNCE)Lance manufactures, markets and distributes a variety of branded and private label snacks and bakery products. For the three months ended 3/27/99, net sales increased 10 percent to $120.8 million. Net income decreased 10 percent to $5.9 million. Revenues reflect volume increases through grocery accounts from branded and private label products. Earnings were offset by higher infrastructure costs and higher than expectedcosts related to information system implementations. 
Lucille Farms, Inc. (Nasdaq : LUCY)Lucille Farms is engaged in the manufacture and marketing of conventional mozzarella cheese and, to a lesser extent, other Italian variety cheeses. For the nine months ended 12/31/98, revenues increased 31 percent to $35.5 million. Net income totalled $668 thousand vs. a loss of $1.2 million. Revenues benefitted from higher average selling prices and pounds sold of cheese. Earnings also benefitted from lower costs of raw materials and overhead as a  percentage of revenues. 
Lifeway Foods, Inc. (Nasdaq : LWAY)LWAY produces Kefir, a drinkable product similar to yogurt sold under the name Lifeway's Kefir; a plain farmer's cheese sold under the name Lifeway's Farmer's Cheese; and a fruit sugar-flavored product similar to cream cheese sold under the name Sweet Kiss. For the three months ended 3/31/99, sales rose 14 percent to $1.9 million. Net income fell 10 percent to $209 thousand. Results reflect increased sales of existing products, offset by higher milk prices and additional advertising. 
Mavesa, S.A. (NYSE : MAV)Mavesa, S.A. manufactures, markets, and distributes consumer processed food products and cleaning products, such as margarine, mayonnaise, laundry soaps, and soap by-products. For the fiscal year ended 10/31/97, revenues fell 10 percent to Bs.174.06 billion. Net income according to U.S. GAAP fell 28 percent to Bs.11.70 billion. Revenues reflect price increases below the rate of inflation resulting in lower average real price. Earnings reflect an increase in advertising and promotions expense. 
Michael Foods, Inc. (NEW) (Nasdaq : MIKL)Michael Foods, Inc. is a diversified processor and distributor of food products in four areas -egg products, refrigerated distribution, potato products, and specialty dairy products. For the three months ended 3/31/99, revenues increased 3 percent to $253.4 million. Net income increased 2 percent to $8.4 million. Revenues reflect higher sales in the Egg, Potato, Dairy, and Refrigerated products Divisions. Earnings were partially offset by lower gross profit and higher S/G/A costs. 
McCormick & Company, Inc. (NYSE : MKC)McCormick and Company, a diversified specialty food company, isengaged in the manufacture of spices, seasonings, flavors and other specialty food products and sells products to the consumer food market, the foodservice market and to industrial food processors. For the three months ended 2/99, revenues rose 6 percent to $441.5 million. Net income rose 12 percent to $18.2 million. Results reflect increased unit volume, favorable product and price mix and lower interest expenses. 
Maui Land & Pineapple Co. (AMEX : MLP)MLP operates in three primary businesses: the growing and canning of pineapples, the development and sale of resort real estate, and management of commercial and property real estate. For the three months ended 3/99, total revenues rose 18 percent to $33.6 million. Net income totalled $1.6 million vs. a loss of $306 thousand. Revenues reflect higher land sale contributions. Net income reflects higher operating profits from Pineapple and Kapalua resorts. 
Mannatech, Inc. (Nasdaq : MTEX)MTEX develops and sells proprietary nutritional supplements and topical products through a network marketing system, offering its products worldwide through a network consisting of 244,000 active associates. For the three months 3/99, net sales rose 4 percent to $42.6 million. Net income fell 20 percent to $2.9 million. Revenues reflect new product introductions and strength in Canada and Australia. Earnings were offset by lower margins and costs related to expansion into Australia. 
Midwest Grain Products (Nasdaq : MWGP)Midwest Grain Products, Inc. is a fully integrated producer of vital wheat gluten, premium wheat starch and alcohol products. For the nine months ended 3/99, net sales decreased 2 percent to $162.8 million. Net income totalled $2.3 million vs. a loss of $566 thousand. Revenues reflect lower selling prices for food grade and fuel grade alcohol and lower unit sales of alcohol and wheat starch. Net income reflects lower raw material costs and reduced energy and maintenance costs. 
Nabisco Holdings Corp. (NYSE : NA)Nabisco Holdings Corp., through its subsidiaries, is engaged in the packaged food business. NA's products include: cookies, crackers, sauces, condiments, nuts, candy and gum. For the three months ended 3/31/99, net sales fell 5 percent to $1.86 billion. Net income fell 35 percent to $36 million. Revenues suffered from the currency devaluation in Brazil and lower volumes in SnackWell's and breakfast snacks. Earnings also suffered from increased marketing spending for core brands. 
Nature's Sunshine Prod. (Nasdaq : NATR)NATR is engaged in the manufacturing and marketing of herbal and homeopathic products, vitamin and mineral supplements and personal care products. For the three months ended 3/99, revenues fell 4 percent to $72.2 million. Net income rose 3 percent to $5 million. Revenues reflect increased product and price competition and the continued foreign currency devaluation. Net income benefited from lower product costs, decreased volume incentive expenses and higher other income. 
Nabisco Group Holdings (NYSE : NGH)Nabisco Group Holdings is a holding company engaged in the manufacturing and marketing of cookies and crackers through Nabisco. For the three months ended 3/31/99, net sales rose 7 percent to $4.22 billion. Net income applicable to Common totalled $72 million vs. a loss of $31 million. Revenues reflect higher prices at R.J. Reynolds Tobacco. Net income also benefited from the absence of a $312 million tobacco settlement expense. 
Nutrition Mgmt. Services (OTC BB : NMSCA)Nutrition Management Services Company provides food management services to continuing care facilities, hospitals and retirement communities. For the nine months ended 3/31/99, revenues rose 5 percent to $28.8 million. Net loss totalled $71 thousand vs. an income of $140 thousand. Revenues reflect new contracts and revenues from the Company's Collegeville Inn Training and Conference Center. Loss reflects lower margins due to increases in costs of operations. 
Natrol, Inc. (Nasdaq : NTOL)Natrol, Inc. manufactures and markets branded dietary supplements, including vitamins, minerals, hormonal supplements, herbal products, and specialty combination formulas that contribute to an individual's mental or physical well being. For the three months ended 3/31/99, net sales rose 35 percent to $17.8 million. Net income rose 74 percent to $2 million. Results reflect acquisitions, increased sales of branded supplements and higher operating margins due to higher sales. 
Quaker Oats Company (NYSE : OAT)OAT is a participant in the packaged food industry. OAT manufactures hot cereals, pancake mixes, grain-based snacks, value-added rice products, sports beverages, syrups and pasta products. For the three months ended 3/99, net sales fell 2 percent to $1.07 billion. Net income applicable to Common rose 85 percent to $85.6 million. Revenues reflect the absence of divested businesses. Earnings reflect a gain on divestiture and the absence of a $9.1 million restructuring charge. 
Organic Food Products (OTC BB : OFPI)OFPI is engaged in the manufacturing and marketing of pesticide-free and preservative-free pasta sauces, salsas and condiments under the brand names ``Garden Valley Naturals'' and ``Parrot''. For the six months ended 12/31/98, revenues decreased 3 percent to $5.5 million. Net loss totalled $3.1 million, up from $410 thousand. Revenues reflect a decrease club store sales and pasta sauce product sales. Higher losses reflect manufacturing inefficiencies, and a $1.1 million amortization charge. 
Opta Food Ingredients,Inc (Nasdaq : OPTS)OPTS is an innovator, manufacturer and marketer of proprietary texturing products sold to food processors in North America who focus on the dairy, dressings/sauces, meat and baked goods categories. For the three months ended 3/31/99, revenues rose 67 percent to $4.1 million. Net loss decreased 25 percent $622 thousand. Revenues reflect increased demand from two major customers and the addition of a new major customer. Lower loss lagged primarily from a $350 thousand restructuring charge. 
Paradise, Inc. (OTC BB : PARF)Paradise, Inc. is engaged in the production of candied fruit and frozen strawberry products. PARF also produces plastic containers for the Company's products and for sale to unaffiliated customers. Net sales for the three months ended 3/31/99 fell 38 percent to $819 thousand. Net loss totalled $779 thousand, up from $311 thousand. Revenues reflect increased returns and reclamation charges. Higher loss also reflects higher selling, general and administrative expenses. 
Performance Food Group (Nasdaq : PFGC)PFGC markets and distributes a variety of food and food-related products to restaurants, hotels, cafeterias, schools, hospitals and other businesses and institutions. For the 13 weeks ended 4/3/99, net sales increased 24 percent to $466.4 million. Net income decreased 73 percent to $651 thousand. Revenues benefitted from acquisitions and increased sales in existing operations. Net income was offset by $3.8 million in merger related cost with NFC. 
Piemonte Foods, Inc. (OTC BB : PIFI)Piemonte Foods, Inc. develops, produces and markets pizza-related foods, primarily pre-baked pizza crusts and specialty meat toppings, sold to pre-made and frozen pizza makers, distributors and supermarket delicatessens. For the 39 weeks ended 2/27/99, net sales fell 39 percent to $9 million. Net loss totalled $3.4 million, up from $1.6 million. Revenues reflect the loss of additional significant customers. Loss also reflects a $2.2 million asset impairment loss. 
American Italian Pasta (NYSE : PLB)American Italian Pasta produces more than 80 dry pasta shapes from two vertically-integrated milling and pasta production and distribution facilities, generating its revenues from both the Retail and Institutional markets. For the 26 weeks ended 4/2/99, revenues rose 27 percent to $103.7 million. Net income before extraordinary item rose 36 percent to $10.1 million. Results reflect volume growth in the retail market, higher margins and lower plant expansion costs. 
Poore Brothers, Inc. (Nasdaq : POOR)Poore Brothers, Inc. is engaged in the production, marketing and distribution of salty snack food products that are sold primarily throughout the southwestern United States. For the fiscal year ended 12/31/98, net sales fell 16 percent to $13.2 million. Net loss fell 71 percent to $874 thousand. Revenues reflect the sale of the Texas distribution business and the elimination of several unprofitable product lines. Lower loss reflects higher margins due to restructuring actions taken in 1997. 
Monterey Pasta Company (Nasdaq : PSTA)PSTA produces and markets premium quality gourmet pasta and pasta sauces. PSTA markets and sells through grocery, club stores and national distributors. For the three months ended 3/28/99, revenues rose 33 percent to $8 million. Net income applicable to Common totalled $705 thousand, up from $325 thousand. Revenues reflect the Company's additional retail and club store distribution. Net income also reflects decreased S/G/A expenses as a  percentage of revenues. 
Provena Foods, Inc. (AMEX : PZA)Provena Foods is a specialty food processor company that provides primarily Italian-style sausages (Swiss American Sausage Division) and dry pasta (Royal-Angelus Macaroni Division). For the three months ended 3/99, revenues fell 33 percent to $4.9 million. Net income fell 31 percent to $255 thousand. Revenues reflect lower selling prices reflecting lower meat costs. Earnings suffered from a large increase in health benefit costs. 
Ralcorp Holdings, Inc. (NYSE : RAH)Ralcorp Holdings, Inc. engages in the manufacturing, distribution and marketing of private label ready-to-eat cereal products and snacks and operates three ski resorts. For the six months ended 3/31/99, revenues increased 7 percent to $305.2 million. Net income increased 12 percent to $17.2 million. Revenues benefitted from an increase in cereal and cracker and cookie operations. Earnings also benefitted from a decrease in SGA expenses as a  percentage of sales. 
Ralston Purina Company (NYSE : RAL)RAL produces Purina pet food, manufactures Energizer and Eveready dry cell batteries, and also offers a line of pet care supplies. For the six months ended 3/99, net sales were flat at $2.42 billion. Net income from continuing operations and applicable to Common rose 28 percent to $281.4 million. Revenues reflect decreased battery sales in North America and Asia. Earnings benefitted from a $75.6 million unrealized gain upon marking SAILS to market when Interstate Bakeries' stock fell below $31. 
Rica Foods, Inc. (AMEX : RCF)Rica Foods, Inc. is engaged in poultry production through its subsidiaries, Corporation Pipasa, S.A., and As de Oros. For the six months ended 3/31/99, revenues rose 42 percent to $61.6 million. Net income applicable to Common totalled $2.4 million, up from $1.1 million. Revenues benefitted from increased tonnage price increases and increased pet food sales. Earnings also benefitted from lower costs of raw materials and higher capacity utilization. 
Reliv' International, Inc (Nasdaq : RELV)Reliv' International, Inc. produces a line of food products, including nutritional supplements, diet management products, granola bars and sports drink mixes. The Company also distributes a line of skin care products. For the three months ended 3/99, net sales rose 44 percent to $17.7 million. Net income fell 89 percent to $67 thousand. Revenues reflect an increase in contract manufacturing and packaging services. Earnings reflect low margins on manufacturing and packaging services. 
Intercorp Excelle Inc. (Nasdaq : RENE)RENE manufacturers, markets and distributes salad dressings, sauces, dips, marinades and mayonnaise. For the fiscal year ended 1/31/99, net sales increased 5 percent to $11.1 million. Net income decreased 15 percent to $284 thousand. Net sales reflect growth in branded business and food service sales. Net income was offset by increased general and administrative expenses due to a full year of expenses as a public corporation and increased R&D resources. 
Rymer Foods, Inc. (OTC BB : RFDS)RFDS is engaged in the development and production of frozen, pre-seasoned, portion-controlled meat entrees for restaurants and other foodservice customers. For the 13 weeks ended 1/30/99, net sales increased 18 percent to $7.1 million. Net loss decreased 62 percent to $296 thousand. Revenues reflect the Company's expansion of its customer base. Lower loss reflects an increased gross profit due to the efficiencies associated with higher volumes. 
Riviana Foods Inc. (Nasdaq : RVFD)Riviana Foods Inc. processes, markets and distributes rice products in the U.S., cookies, crackers, fruit juices, and processed fruits and vegetables in Central America, and rice and other food products in Europe. For the nine months ended 3/28/99, net sales rose 1 percent to $100.6 million. Net income rose 10 percent to $17.7 million. Revenues reflect increased volumes of rice, cookie and juice products. Earnings also reflect improved margins and a $1.1 million litigation settlement. 
Sanderson Farms, Inc. (Nasdaq : SAFM)Sanderson Farms, Inc. produces, processes, markets and distributes fresh and frozen chicken (under the Sanderson Farms brand name) and processes and markets prepared food items. For the six months ended 4/30/99, sales rose 8 percent to $260.8 million. Net income totaled $5.9 million vs. a loss of $1.7 million. Revenues reflect an increase in the pounds of poultry products sold. Earnings also reflect higher margins due to favorable grain prices. 
Starbucks Corporation (Nasdaq : SBUX)SBUX purchases, roasts and sells high quality whole bean coffees, rich-brewed coffees, Italian-style beverages and a variety of pastries. For the 26 weeks ended 3/28/99, net sales increased 27 percent to $781.5 million. Net income increased 28 percent to $44.7 million. Revenues reflect the opening of new retail stores and higher comparable store sales due to an increased number of transactions. Net income also reflects decreased interest expense due to the conversion of debentures. 
Scope Industries (AMEX : SCP)SCP owns and operates waste material recycling plants, operates depots for the collection and transshipment of waste bakery materials to processing plants, owns and operates vocational beauty schools and owns various oil and gas interests. For the nine months ended 3/31/99, revenue fell 19 percent to $15.5 million. Net loss totaled $342 thousand, vs. income of $9 million. Results reflect lower unit selling prices and a decrease in investment income. 
Seneca Foods Corporation (Nasdaq : SENEB)Seneca Foods Corp. markets branded and private label processed foods to retail customers and institutional food distributors through 32 plants and warehouses in eight states. SENEB also provides air charter service in upstate New York. For the nine months ended 12/26/98, revenues rose 1 percent to $491.5 million. Net loss from continuing operations totalled $1.2 million vs. an income of $592 thousand. Results reflect higher canned vegetable sales, offset by lower margins due to lower selling prices. 
Smithfield Foods, Inc. (Nasdaq : SFDS)Smithfield Foods Inc., a holding company, conducts pork processing operations through its five subsidiaries. SFDS also conducts hog production operations. For the 39 weeks ended 1/99, revenues fell 7 percent to $2.78 billion. Net income totalled $68.1 million, up from $32.7 million. Revenues reflect a drop in unit sales prices reflecting the impact of significantly lower live hog costs . Earnings reflect the absence of a $12.6 million nonrecurring charge, and a rise in gross profit. 
Sherwood Brands, Inc. (AMEX : SHD)SHD manufactures, markets and distributes a diverse line of brand name candies, cookies, chocolates and other food products. For the nine months ended 4/30/99, net sales rose 43 percent to $20.2 million. Net income fell 75 percent to $258 thousand. Revenues reflect volume growth of the gift items, gift baskets, candies and chocolate categories. Earnings were offset by higher salaries and related expenses and higher S/G/A expenses associated with the new operations in Rhode Island. 
J.M. Smucker Company (NYSE : SJMa)The J.M. Smucker Co. manufactures and markets food products such as fruit spreads, dessert toppings, syrup, juice beverages, condiments, and gift packages. For the nine months ended 1/31/99, net sales rose 5 percent to $446.2 million. Net income before accounting change rose 4 percent to $27.7 million. Revenues reflect a favorable product mix and the introduction of Smucker's Snackers. Earnings reflect higher marketing costs associated with the introduction of Smucker's snackers. 
Sara Lee Corp (NYSE : SLE)SLE is a global manufacturer and marketer of high-quality, brand-name products in the Foods, Coffee and Tea, Household and Body Care, Foodservice and Branded Apparel industry segments. For the 39 weeks ended 3/27/99, revenues fell 1 percent to $14.81 billion. Net income applicable to Common totaled $896 million vs. a loss of $838 million. Revenues suffered from the overal strengthening of the dollar. Net income reflects the absence of a $2.04 billion restructuring charge. 
Lincoln Snacks Company (Nasdaq : SNAX)SNAX manufactures and markets caramelized pre-popped popcorn under the Poppycock, Fiddle Faddle and Screaming Yellow Zonkers brand names. SNAX also processes, markets and distributes nuts. For the six months ended 12/31/98, net sales rose 20 percent to $15.4 million. Net loss totalled $1.1 million vs. an income of $2.8 million. Revenues reflect newly secured copack and private label business. Loss reflects $817 thousand in non-recurring charges and the absence of $1.4 million in Planters compensation. 
Sparta Foods, Inc. (Nasdaq : SPFO)SPFO manufactures a broad line of Mexican food products which include corn and flour tortillas, tortilla chips, picante and other salsas and sauces. For the three months ended 12/31/98, revenues decreased 4 percent to $3.7 million. Net loss applicable to Common rose 90 percent to $19 thousand. Revenues reflect the Co.'s loss of its largest private label barbecue sauce customer. Net loss reflects higher S/G/A due to the hiring of additional sales personnel, and preferred dividends paid. 
Superior Supplements, Inc (OTC BB : SPSU)SPSU manufactures, packages and markets dietary supplement products including vitamins, minerals, herbs and specialty nutritional supplements. For the nine months ended 3/99, net sales fell 32 percent to $3.8 million. Net loss totalled $1.1 million vs. an income of $117 thousand. Revenues reflect a decline in sales to customers that outsource a portion of their business to supplement their own capacities. Loss also suffered from negative margins and increased S/G/A as a  percentage of sales. 
Sterling Sugars, Inc. (OTC BB : SSUG)Sterling Sugars, Inc. is a grower and processor of sugarcane from which it produces raw sugar and blackstrap molasses. All sugar produced by the Company is sold to a few major sugar refiners and a candy manufacturer, and all molasses is sold to a major distributor. For the nine months months ended 4/30/99, total revenues fell 3 percent to $39.5 million. Net income fell 41 percent to $1.4 million. Results reflect a decrease in sugar yield and lower margins due to lower prices. 
Stevia Company, Inc. (OTC BB : STEV)Stevia Company, Inc. was organized for the purpose of developing, manufacturing, and marketing natural sweeteners derived from the Stevia rebaudiana plant. Over the past several years STEV was dormant and efforts were directed towards obtaining financing or alternative businesses. For the nine months ended 1/31/99, the Company reported no revenues. Net loss rose 16 percent to $28 thousand. Higher loss reflects increased interest expense. 
Saratoga Brands, Inc. (Nasdaq : STGA)Saratoga Brands, Inc. produces and imports specialty cheeses and Italian foods, and also produces and distributes delicatessen and snack foods for catering and other entities. For the three months ended 3/31/99, net sales fell 5 percent to $2.8 million. Net income fell 41 percent to $79 thousand. Revenues reflect the Q4'98 abandonment of the Direct Store Delivery operations at Mobile Caterers, Inc. Earnings suffered primarily from a $53 thousand loss on an associated provision for abandoned property. 
Silverado Foods, Inc. (OTC BB : SVFO)Silverado Foods manufactures and markets a diversified line of specialty baked goods through multiple distribution channels throughout the U.S. and Canada. For the nine months ended 9/30/98, net sales decreased 12 percent to $15.6 million. Net loss from continuing operations fell 41 percent to $6.5 million. Revenues reflect lower sales due to the sale of the Co's bagel bar brand. Lower loss reflects a decrease in general and administrative costs due to the absence of a $2.1 million employment agreement buyout. 
Sysco Corporation (NYSE : SYY)Sysco Corporation is engaged in the marketing and distribution of a wide range of food and related products to restaurants, hospitals, schools, hotels, industrial caterers and chain restaurants. For the 39 weeks ended 3/27/99, sales rose 11 percent to $12.60 billion. Net income before acct. change rose 8 percent to $245.4 million. Results reflect volume growth, an increase in food cost inflation and recent acquisitions. Net income was partially offset by an increase in interest expense. 
Suiza Foods Corporation (NYSE : SZA)Suiza Foods manufactures and distributes fresh milk and related dairy products, plastic packaging and packaged ice in the U.S. SZA also distributes and markets refrigerated, shelf-stable and frozen food products. For the three months ended 3/31/99, revenues increased 94 percent to $1.15 billion. Net income from continuing operations applicable to Common increased 16 percent to $20.9 million. Results reflect acquisitions, partially offset by higher basic formula prices for milk and finance charges. 
Tate & Lyle PLC (TATYYTale and Lyle PLC is a global sugar, cereal sweetener and starch processing group and has activities in sugar and molasses trading and agribusiness. For the fiscal year ended 9/26/98, net turnover decreased 5 percent to L4.12 billion. Net income applicable to Common rose 24 percent to L123.7 million. Revenues reflect lower revenues in the Americas due to lower corn prices. Earnings benefitted from the absence of L89.8 million in reorganization and asset impairment charges. 
Thorn Apple Valley, Inc. (OTC BB : TAVI)TAVI manufactures and sells bacon, hot dogs, lunch meats, hams, smoked sausage and turkey products. The Co. sells its products to wholesalers, supermarkets and other manufacturers. For the 40 weeks ended 3/5/99, net sales fell 13 percent to $354 million. Net loss from continuing operations rose from $4.4 million to $31.6 million. Results reflect lower average selling prices and unit sales, a $9.3 million international restructuring charge, a $5.1 million product recall charge and a $3.2 million bank financing charge. 
Tasty Baking Company (NYSE : TBC)Tasty Baking Company manufactures and sells a variety of premium single portion cakes, pies, cookies, pretzels, brownies, pastries, donuts, cupcakes and snack bars under the trademarks TASTYKAKE and DUTCH MILL. For the 13 weeks ended 3/27/99, net sales fell 1 percent to $37.9 million. Net income before accounting change fell 68 percent to $526 thousand. Results reflect diminished production capabilities due to a modernization program, and $950 thousand in restructuring costs. 
TCBY Enterprises, Inc. (NYSE : TBY)TBY produces and sells soft serve frozen yogurt, hardpack frozen yogurt and ice cream, and novelty frozen food products through Company-owned and franchised stores. TBY also provides equipment to the food service industry. For the three months ended 2/28/99, revenues rose 9 percent to $21 million. Net income fell 19 percent to $599 thousand. Revenues reflect increased sales of specialty products. Earnings were offset by increased sales of lower margin products. 
Paramark Enterprises, Inc (OTC BB : TJCI)Paramark Enterprises, Inc. and subsidiary is engaged in the wholesale manufacturing and distribution of specialty bakery products in supermarkets and wholesale club stores throughtout the United States. For the three months ended 3/99, revenues fell 44 percent to $717 thousand. Net loss fell 23 percent to $237 thousand. Revenues reflect the absence of sales to Walmart Super Centers. Lower loss reflects gains on the sales of assets. 
Tofutti Brands, Inc. (AMEX : TOF)Tofutti develops, produces and markets nondairy frozen desserts and other foods. The TOF products, all nondairy and soya-based, contain no butterfat, cholesterol or lactose, yet they offer the same textures and tastes as their dairy counterparts. For the 14 weeks ended 4/3/99, sales rose 52 percent to $2.7 million. Net income rose from $96 thousand to $229 thousand. Results reflect higher sales of hard pack Tofutti, frozen desserts, Sour Supreme and Better Than Cream Cheese, and decreased R&D. 
Tootsie Roll Industries (NYSE : TR)TR has been engaged in the manufacture and sale of candy for over 100 years. Products include Tootsie Rolls, Charms, Blow Pops, Junior Mints, Sugar Babies, Charleston Chews, Sugar Daddys and others. For the 13 weeks ended 4/3/99, net sales rose 6 percent to $74.2 million. Net income rose 10 percent to $12.3 million. Results reflect successful promotions, higher sales of all major domestic brands, expansion of the product line, and decreased foreign exchange losses through the Mexican operations 
Universal Foods Corp. (NYSE : UFC)Universal Foods Corp. manufactures and distributes flavors, colors, flavor enhancers, aroma chemicals, dehydrated products and yeast for foods and other applications. For the six months ended 3/31/99, revenues increased 6 percent to $437.4 million. Net income rose 10 percent to $35.9 million. Revenues reflect increased domestic and international sales in the Color division. Earnings reflect lower general and administrative costs as a  percentage of revenue. 
United Foods, Inc. (AMEX : UFDb)United Foods, Inc. is primarily engaged in the growing, processing, marketing and distribution of food products, primarily frozen vegetables and fresh mushrooms. For the nine months ended 11/30/98, revenues increased 7 percent to $151.3 million. Net income totalled $431 thousand vs. a loss of $441 thousand. Result reflect increased sales volume and average selling price per pound due to changes in the sales mix. Earnings also reflect increased margins and decreased interest costs. 
United Heritage Corp. (Nasdaq : UHCP)United Heritage Corporation, through its subsidiary, is engaged in supplying lite beef products to suppliers for retail sale to customers. UHCP also has oil field interests. For the nine months ended 12/98, revenues rose 66 percent to $3.3 million. Net income totalled $134 thousand vs. a loss of $113 thousand. Revenues reflect an increase in processed beef products sales. Net income also reflects reductions in transportation costs and higher interest income. 
Unilever PLC (NYSE : UL)Unilever PLC produces and markets a wide range of foods, detergents, and personal products. The Company also produces specialty chemicals. Total revenues for the fiscal year ended 12/31/97 fell 11 percent to L29.77 billion. Net income according to US GAAP and applicable to PLC rose from L317M to L882M. Revenues reflect lower sales in all geographic areas except Latin America. Earnings benefitted from a L2.54 billion profit on the sale of a specialty chemicals business. 
Unilever N.V. (NYSE : UN)Unilever N.V. produces and markets a wide range of foods, detergent, and personal products. The Company also produces specialty chemicals. For the fiscal year ended 12/31/97, total revenues increased 8 percent to FL.94.60 billion. Net income according to US GAAP and applicable to N.V. totalled FL.7.31 billion, up from FL.2.08 billion. Revenues reflect higher Food and Home and Personal Care product revenues. Earnings also reflect an FL.8.48 billion gain on the sale of a specialty chemicals business. 
Uncle B's Bakery, Inc. (OTC BB : UNCB)Uncle B's Bakery is a commercial baker whose Uncle B's and Millspring brands of bagels are displayed and sold through supermarket refrigerated dairy cases and supermarket bread aisles and deli departments. UNCB's products offer an alternative to frozen bagels. For the nine months ended 4/30/98, net sales fell 38 percent to $10.7 million. Net loss totalled $866 thousand, up from $94 thousand. Results reflect the cancellation of a food service contract and increased interest expense. 
United Natural Foods,Inc. (Nasdaq : UNFI)United Natural Foods is an independent national distributor of natural foods and related products in the United States. The Company serves customers including natural products retailers, super natural chains and conventional supermarkets. For the nine months ended 4/30/99, revenues rose 19 percent to $642.5 million. Proforma net income rose 78 percent to $14.8 million. Results reflect higher sales to existing customers and decreased merger and restructuring costs. 
Unimark Group Inc. (Nasdaq : UNMG)Unimark Group is a vertically integrated citrus and tropical fruit growing, processing, marketing and distribution company with operations in Mexico, the United States, Canada and the United Kingdom. For the three months ended 3/31/99, net sales fell 14 percent to $21 million. Net loss totalled $1.2 million vs. an income of $585 thousand. Results reflect lower juice processing volume, lower margins due to unfavorable raw material costs and increased S/G/A expenses. 
Vacu-Dry Company (Nasdaq : VDRY)Vacu-Dry Company is engaged in the business of the development, production and marketing of fruit-related products, including low-moisture fruits, bulk apple juice, apple juice concentrate, private label drink mixes and low moisture food products. For the nine months ended 3/31/99, total revenues rose 50 percent to $30.5 million. Net income rose 60 percent to $1.4 million. Results reflect record food storage sales, primarily to one customer, and higher margins. 
Vlasic Foods Intl. Inc. (NYSE : VL)Vlasic Foods International is an independent manufacturer and marketer of branded convenience food products in the frozen food, grocery product and agricultural product segments. For the 39 weeks ended 5/2/99, net sales fell 4 percent to $1 billion. Net loss before accounting change totlalled $123.7 million vs. an income of $18.3 million. Revenues reflect sales declines in the U.K. and Argentina businesses. Loss also reflects a $108.5 million increase in special charges. 
Vitafort Int'l Corp. (OTC BB : VRFT)VRFT is engaged in the formulation and marketing of fat free and low fat bakery snacks which are marketed under the company's owned trademarks. For the fiscal year ended 12/31/98, net sales rose 43 percent to $2.9 million. Net loss applicable to Common totalled $4.9 million vs. an income of $167 thousand. Revenues reflect the introduction of ``The Wizard of Oz'' brands products. Loss reflects the absence of $4.9 million in litigation settlement proceeds and losses related to disposal of assets. 
Vita Food Products, Inc. (AMEX : VSF)Vita Food Products, Inc. processes and sells various herring, and cured and smoked salmon products. VSF also sells other complementary specialty food products. For the three months ended 3/31/99, revenues fell 3 percent to $5.4 million. Net loss fell 52 percent to $43 thousand. Revenues reflect a decreased in salmon products sales. Lower loss reflects lower production and distribution expenses, lower interest rate on debt and lower debt levels. 
Worthington Foods, Inc. (Nasdaq : WFDS)Worthington Foods, Inc. develops, produces, and markets zero cholesterol, vegetarian and other healthful food products for consumers seeking healthful food choices. For the three months ended 4/2/99, net sales rose 18 percent to $36.8 million. Net income fell 21 percent to $1.7 million. Revenues reflect increased sales of Morningstar Farms products to supermarkets due to the national roll-out of certain products. Earnings were offset by higher advertising costs. 
G. Willi-Food Intl. Ltd. (Nasdaq : WILCF)G. Willi-Food International, an Israeli company, imports, markets and distributes over 200 food products. The products are sold in Israel, areas within the Palestinian Autonomy and the West Bank, Europe and South America. For the comparable nine months ended 9/30/98, sales rose 24 percent to NIS 102.8 million. Net income rose 38 percent to NIS 8.7 million. Results reflect an agreement to distribute Foodtown products in Israel, expansion of various product lines and higher gross margins. 
WLR Foods, Inc. (Nasdaq : WLRF)WLRF is a fully-integrated poultry production, processing, and marketing business. WLRF products are sold through a variety of retail, foodservice and institutional markets. For the 13 weeks ended 3/27/99, net sales fell 6 percent to $660.1 million. Net income from continuing operations totalled $18.8 million vs. a loss of $25.6 million. Revenues reflect the closing of a distribution business and lower turkey revenues. Net income reflects gains from the sale of a subsidiary. 
Weider Nutrition Intl. (NYSE : WNI)Weider Nutrition International is a manufacturer of branded and private label nutritional supplements, including a range of capsules and tablets, powdered drink mixes, bottled beverages and nutrition bars. For the nine months ended 2/28/99, net sales rose 36 percent to $240.3 million. Net loss totalled $3.3 million vs. an income of $8.2 million. Results reflect the introduction of new products, offset by $9.5 million in plant consolidation, severance and asset impairment charges. 
William Wrigley Jr. Co. (NYSE : WWY)William Wrigley Jr., Co. manufactures and sells chewing gum under the Wrigley's Spearmint, Doublemint, Juicy Fruit, Big Red, Winterfresh, Freedent and Extra brand names. For the three months ended 03/31/99, revenues increased 2 percent to $484.9 million. Net income fell 8 percent to $69.6 million. Revenues reflect selected selling price increases. Earnings were offset by the absence of a $10.4 million gain related to a Santa Cruz factory closure and sale in 1998. 
YOCREAM International Inc (Nasdaq : YOCM)YOCM makes, markets and sells frozen yogurt, sorbet, and ice cream products in a variety of premium, low-fat, and nonfat flavors and whose primary product is YO CREAM frozen yogurt, which is distributed and sold nationwide. For the three months ended 1/31/99, revenues increased 35 percent to $2.2 million. Net income totalled $50 thousand vs. a loss of $54 thousand. Revenues reflect growing success of the Company's products. Net income also reflects lower S/G/A expenses as a  percentage of revenues. 
Zapata Corporation (NYSE : ZAP)Zapata conducts operations in two business segments: marine proteins and food services. The company produces and sells marine products and supplies food packaging products and food service supplies. For the three months ended 3/31/99, revenues decreased 26 percent to $22.2 million. Net loss totalled $612 thousand vs. an income of $6.5 million. Revenues reflect lower sales volumes of fish oil and lower prices for fish meal. Loss also reflects a $3.3 million legal loss contingency.%}
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AquaPro Corporation (OTC BB : AQRO)AquaPro Corporation is engaged in the business of owning and managing catfish aquaculture farms directly and through its two wholly-owned subsidiaries. The Company currently owns 1,843 water acres of aquaculture ponds in Mississippi. For the nine months ended 3/31/99, total revenues rose 17 percent to $4.9 million. Net loss applicable decreased 73 percent to $359 thousand. Results reflect an increase in the volume of fish sold and higher margins due to lower product costs. 
Cal-Maine Foods, Inc. (Nasdaq : CALM)CALM is engaged in the production, cleaning, grading, packing, and sale of fresh eggs and in the manufacture and sale of egg products. For the 39 weeks ended 2/27/99, net sales fell 3 percent to $224.6 million. Net income fell 1 percent to $6.1 million. Revenues reflect an increase in dozens sold offset by a decrease in egg salling prices and a lack of sales from the closed egg products division. Earnings were partially offset by lower cost of sales from the closed egg division. 
Controlled Envir.Aquacltr (OTC BB : CEAT)Controlled Environment Aquaculture Technology is a development stage company engaged in the commercialization of technologies for intensive, sustainable growout production of shrimp. For the fiscal year ended 1/31/99, sales increased from $61 thousand to $373 thousand. Net loss increased 61 percent to $1.3 million. Revenues reflect sales from acquisitions. Higher loss reflects higher professional and consulting fees, increased personnel and higher legal costs. 
Embrex, Inc. (Nasdaq : EMBX)Embrex, Inc. develops and markets biological delivery technology and biological products to increase the productivity and profitability of the global poultry industry. Revenues for the three months ended 3/99 rose 17 percent to $8 million. Net income rose from $527 thousand to $1.1 million. Revenues reflect increased injection activities in North America, and additional INOVOJECT(R) systems operating in Europe and Asia. Earnings also reflect improved gross profit and lower debt levels. 
Red Oak Hereford Farms (OTC BB : HERF)Red Oak Hereford Farms is engaged in the business of selling premium, branded, fresh beef to retail and food service markets, and in buying and selling feeder cattle in the wholesale markets. For the three months ended 3/31/99, net sales rose 16 percent to $18.1 million. Net loss applicable to Common fell 21 percent to $1.2 million. Revenues reflect a significant increase in boxed beef sales. Loss also benefitted from higher margins due to increased boxed beef sales. 
Industrias Bachoco SA (NYSE : IBA)Industrias Bachoco SA de CV is a holding Company whose principal operating subsidiary is Bachoco, SA de CV which is a poultry producer in Mexico, with three principal product lines: chicken, eggs and swine. For the fiscal year ended 12/31/98, net sales rose 2 percent to Ps5.32 billion. Net income before U.S. GAAP fell 14 percent Ps917M. Revenues reflect an increased volume of chicken sold. Net income reflects lower margins due to increased grain prices. 
Omega Protein Corporation (NYSE : OME)OME produces and markets a variety of products produced from menhaden, a fish found in commercial quantities, including specialty fish meals, fish oils and fish solubles. For the comparable three months ended 3/99, revenues fell 26 percent to $22.2 million. Net income fell 53 percent to $3.1 million. Revenues reflect lower sales volume of fish oil and lower fish meal prices. Net income also reflect higher cost of sales as a  percentage of revenues due to increased cost inventories. 
Seaboard Corporation (AMEX : SEB)SEB is an agribusiness and transportation company engaged in domestic poultry and pork production, and processing, commodity merchandising, baking, and flour milling and shipping. SEB also engages in shrimp and produce farming, and electric generation. For the three months ended 3/31/99, net sales fell 18 percent to $367.6 million. Net income fell 64 percent to $1 million. Results reflect lower sales of poultry to Russia, lower soybean sales and higher debt levels. 
Tejon Ranch Corporation (AMEX : TRC)Tejon Ranch is a diversified, growth oriented land development and agribusiness company whose purpose is to increase the value of its real estate and resource holdings and maximize its market value for its shareholders. For the three months ended 3/31/99, revenues rose 46 percent to $12.2 million. Net income totalled $369 thousand vs. a loss of $781 thousand. Revenues reflect the sale of a fiber optic communications easement. Earnings also reflect stronger cattle prices. 
Tyson Foods, Inc. (NYSE : TSN)Tyson Foods, Inc. produces, markets and distributes a variety of food products consisting of value-enhanced poultry; fresh and frozen poultry; value-enhanced seafood products and prepared foods. For the 26 weeks ended 4/3/99, sales rose 8 percent to $3.67 billion. Net income rose 77 percent to $120.4 million. Revenues reflect the acquisition of Hudson Foods and the inclusion of Tyson de Mexico. Net income reflects lower grain and lower S/G/A as a precentage of revenues. 
Veterinary Centers of Am. (Nasdaq : VCAI)VCAI operates a network of freestanding, full service animal hospitals and a network of veterinary-exclusive diagnostic laboratories. It also markets a life-stage and a therapeutic line of premium pet foods through Vet's Choice. For the three months ended 3/31/99, revenues increased 19 percent to $73.8 million. Net income increased 60 percent to $3.7 million. Results reflect growth in the number of facilties owned and managed, decreased interest expenses and a $320 thousand restructuring reserve.%}
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American Biltrite Inc. (AMEX : ABL)American Biltrite manufactures adhesive coated pressure sensitive papers and films, pressure sensitive tapes and adhesive products, sheet vinyl flooring and resilient floor tile products and fashion jewelry and accessories. For the three months ended 4/3/99, revenues rose 1 percent to $107.5 million. Net income increased 10 percent to $1.5 million. Revenues reflect strong sales and higher interest income from Congoleum. Earnings reflect lower raw materials costs and higher productivity. 
AEP Industries (Nasdaq : AEPI)AEP Industries is an international manufacturer of a wide range of specialty and standard plastic packaging products, utilizing both cast and blown film technologies. For the six months ended 4/30/99, net sales fell 6 percent to $317.7 million. Net income from continuing operations rose 27 percent to $3.9 million. Revenues reflect decreased selling prices due to lower raw material costs passed on to consumers. Earnings reflect foreign currency exchange gains and gains on equipment sold. 
Applied Extrusion Tech. (Nasdaq : AETC)AETC and subsidiaries develop and manufacture highly specialized, single and multilayer oriented polypropylene (``OPP'') films used in consumer product labeling and flexible packaging applications. For the six months ended 3/99, revenues decreased 4 percent to $114.4 million. Net loss before accounting change totalled $5.6 million, up from $504 thousand. Revenues reflect lower selling prices. Net loss suffered from costs related to a scheduled shutdown of a manufacturing plant. 
Atlantis Plastics, Inc. (AMEX : AGH)AGH produces polyethylene stretch and custom films used in a variety of industrial and consumer applications. AGH also produces molded plastic products for the appliance, automotive, building supply and recreational vehicle markets. For the three months ended 3/31/99, net sales fell 8 percent to $59 million. Net income rose 25 percent to $2.1 million. Revenues reflect lower average sales prices due to a decline in polyethylene rasin prices. Earnings reflect increased productivity and lower debt levels. 
Asahi/America, Inc. (Nasdaq : ASAM)Asahi/America, Inc. markets and sells thermoplastic valves, piping systems, flow meter devices, filtration systems and components manufactured by the Company and others for use in environmentally sensitive and industrial applications. For the three months ended 3/31/99, net sales rose 32 percent to $10.7 million. Net income before accounting change totalled $324 thousand vs. a loss of $2 thousand. Results reflect sales of fiber optic cable duct pipe and a $400 thousand litigation settlement. 
Congoleum Corporation (NYSE : CGM)Congoleum Corp., manufactures and sells resilient sheet and tile flooring products primarily to wholesale distributors and major retailers in the United States and Canada. For the three months ended 3/31/99, net sales rose 2 percent to $65.4 million. Net income increased 73 percent to $737 thousand. Revenues benefitted from higher shipments to mass market merchandise retailers and the manufactured housing industry. Earnings also reflect lower material costs and improved efficiency. 
CORE Materials Corp. (AMEX : CME)Core Materials Corporation operates principally in onebusiness segment, the production of high quality compression Sheet Molding Composite fiberglass reinforced plastic products. For the three months ended 3/31/99, revenues rose 9 percent to $22.4 million. Net income rose 4 percent to $1.2 million. Revenues benefitted from increased sales to new customers. Earnings were partially offset by a lower gross profit margin due to production inefficiencies. 
Compass Plastics & Tech. (CPTICompass Plastics, through its subsidiary, is a contract manumanufacturer and assembler of custom injection-molded plastic components, including plastic exteriors of computer monitors, televisions and electronic music keyboards. For the 39 weeks ended 7/26/98, sales rose 25 percent to $37.5 million. Net loss before extraordinary item totalled $698 thousand vs. an income of $1.6 million. Revenues reflect the inclusion of sales of MOS, offset by higher overhead and interest costs. 
Carlisle Companies, Inc. (NYSE : CSL)Carlisle Companies, Inc. manufactures and distributes products for the roofing, construction, trucking, automotive, foodservice, industrial equipment, lawn and garden, and aircraft manufacturing industries. For the three months ended 3/31/99, revenues rose 7 percent to $390 million. Net income rose 15 percent to $21.8 million. Results reflect strong sales of automotive components, market gains in the industrial components segment and a $685 thousand gain on divestiture. 
CTI Industries Corp. (Nasdaq : CTIB)CTI Industries manufactures and sells mylar balloons. CTIB also sells latex balloons, novelty and ``message'' items, toy products and produces laminated and speciality films for food packaging and other commercial uses. For the three months ended 1/31/99, net sales fell 15 percent to $5 million. Net income fell 81 percent to $60 thousand. Revenues reflect lower metallized balloon sales and lower printed and laminated film sales. Earnings also suffered from higher administrative costs and debt level. 
Diamond Equities, Inc. (OTC BB : DDEQ)Diamond Equities through its subsidiary Precision Plastics produces plastic products from their customer's designs. For the six months ended 12/31/98, net sales totaled $703 thousand, up from $0. Net loss from continuing operations increased 59 percent to $279 thousand. Net sales reflect the acquisition of Precision Plastics. Net loss reflects higher S/G/A expenses due increased personnel and professional fees related to the acquisition. 
Decora Industries, Inc. (Nasdaq : DECO)DECO develops, manufactures and sells self-adhesive decorative products and specialty industrial and commercial products, utilizing pressure-sensitive adhesive and release systems and its Wearlon(R) coating technologies. For the nine months ended 12/98, revenues totalled $136.7 million, up from $56.4 million. Net income before extraordinary item totalled $3.1 million, up from $335 thousand. Revenues reflect the acquisiton of Hornschuch. Net income also reflects the absence of a $1.5 million non-recurring charge. 
Discas, Inc. (OTC BB : DSCS)Discas, Inc. produces proprietary plastic and rubber compounds using a variety of recycled and prime materials for use in the footwear, aeronautic, military, automotive and consumer product sectors. For the nine months ended 1/31/99, sales fell 28 percent to $3.3 million. Net loss before extraordinary item fell 66 percent to $520 thousand. Revenues reflect the Co.'s decision to reduce its commodity compounding business. Lower loss reflects lower raw materials costs and improved operating efficiencies. 
Deswell Industries, Inc. (Nasdaq : DSWL)Deswell Industries is a manufacturer of injection-molded plastic parts and components, electronic products and subassemblies and metallic molds and accessory parts for original equipment manufacturers and contract manufacturers. For the six months ended 9/98, revenues fell 4 percent to $31.2 million. Net income rose 10 percent to $6.5 million. Revenues reflect fewer orders from subcontracted PCB assembly customers. Earnings reflect a fall in cost of sales as a  percentage of sales. 
Eagle Pacific Industries (Nasdaq : EPII)EPII manufactures and distributes polyvinyl chloride (PVC) pipe and polyethylene (PE) pipe and tubing products. For the three months ended 3/31/99, revenues increased 6 percent to $19.6 million. Net income applicable to Common totalled $129 thousand vs. a loss of $250 thousand. Revenues reflect higher volumes due to increased demand and production capacities. Net income also reflects an improved gross profit due to increased production efficiencies. 
Furon Company (NYSE : FCY)Furon Company designs, develops and manufactures highly engineered products made from specially formulated high performance polymer materials. Revenues for the three months ended 5/1/99 increased 1 percent to $121.4 million. Net income increased 9 percent to $5.9 million. Revenues reflect increased sales of medical device products, more than offsetting lower commercial product sales. Earnings reflect improved gross margins. 
Gundle/SLT Environmental (NYSE : GSE)Gundle/SLT Environmental manufactures and installs synthetic lining systems for landfills, solid and liquid hazardous wastes, mining applications, and general purpose liquid containment. For the three months ended 3/31/99, sales fell 28 percent to $22.4 million. Net loss totalled $2.4 million, up from $869 thousand. Revenues reflect a 31 percent decrease in units shipped. Higher loss reflects costs related to the implementation of the enterprise resource planning system and expanded marketing. 
Harvard Industries, Inc. (Nasdaq : HAVA)Harvard Industries, Inc. is primarily engaged in the business of designing, engineering and manufacturing components for OEMs producing cars and light trucks. The Company's principal customers are General Motors, Ford and Chrysler. For the three months ended 1/3/99, sales fell 34 percent to $129.2 million. Net loss before extraordinary item rose from $5.5 million to $53.6 million. Results reflect lower sales as the divestiture program nears completion and a $50.4 million reorganization charge. 
Industrial Rubber Product (Nasdaq : INRB)INRB is engaged in the business of designing, producing and supplying protective materials, abrasion resistant products and equipment, erosion/corrosion protective linings and proprietary rubber products. For the three months ended 3/31/99, net sales fell 57 percent to $1.6 million. Net loss totalled $226 thousand vs. a pro forma income of $373 thousand. Results reflect the absence of any major contracts in 1999 and lower margins due to the low volume of sales. 
International Smart Sourc (Nasdaq : ISMT)International Smart Sourcing, Inc. and its subsidiary, EHC, design, market and manufacture injection molded plastic components and assemblies, including consumer, industrial and military knobs and custom and mechanical assemblies. For the three months ended 3/27/99, revenues fell 7 percent to $1.3 million. Net loss totalled $92 thousand vs. an income of $54 thousand. Results reflect lower industry bookings and higher office consultants and employees salaries. 
Lexington Precision Corp. (OTC BB : LEXP)LEXP, through its two segments, manufactures, to customer specifications, rubber and metal component parts used by manufacturers of automobiles, automotive replacement parts, industrial equipment, and medical devices. For the fiscal year ended 12/31/98, net sales rose 7 percent to $126.7 million. Net loss applicable to Common rose 73 percent to $2.8 million. Results reflect higher unit sales of automotive wiring systems, offset by lower efficiencies and higher debt levels. 
M.A. Hanna Company (NYSE : MAH)MAH engages in the custom compounding of plastic materials to the specifications of manufacturers of molded plastic products for customers located throughout North America, Europe and Asia. For the three months ended 3/31/99, revenues fell 2 percent to $580.6 million. Net income before accounting change fell 50 percent to $7.7 million. Revenues reflect decreased rubber processing sales. Earnings suffered from acquisition related costs. 
Optical Security Group (Nasdaq : OPSC)Optical Security Group manufactures and markets highly sophisticated holographic and other security technologies such as foils, labels, hang tags, and other security devices. For the nine months ended 12/98, revenues rose 43 percent to $10.7 million. Net income applicable to Common from continuing operations fell 36 percent to $540 thousand. Revenues reflect higher sales of security foils and authenticating label and garment tags. Earnings suffered from increased staffing and related costs. 
O'Sullivan Corporation (AMEX : OSL)O'Sullivan Corporation manufactures calendered plastic products for the automotive and specialty manufacturing industries, primarily in North American markets. For the three months ended 3/31/99, sales rose 2 percent to $42.9 million. Net income rose 3 percent to $3.1 million. Revenues benefitted from improved automotive industry sales and new business programs. Earnings also benefitted from manufacturing efficiency improvements and lower raw material costs. 
Plymouth Rubber Company (AMEX : PLRa)Plymouth Rubber manufactures and supplies rubber and vinyl products to a broad range of markets, including the electrical supply industry, electric utilities, automotive and other Original Equipment Manufacturers and to highway striping contractors. For the three months ended 2/26/99, revenues rose 13 percent to $16.4 million. Net income totalled $359 thousand vs. a loss of $423 thousand. Results reflect sales to the domestic automotive market and lower raw material costs. 
Quadrax Corporation (OTC BB : QDRXQ)Quadrax Corporation designs, develops, fabricates and sells fiber-reinforced thermoplastic polymer composite materials and products, and manufactures and sells electric power cordsets and interconnect cables primarily for OEMs. For the nine months ended 9/98, revenues rose 41 percent to $13.5 million. Net loss fell 69 percent to $2.2 million. Revenues reflect increased shipments from the Victor subsidiary. Lower loss also benefitted from lower S/G/A and the absence of a $1.3 million charge. 
Quixote Corporation (Nasdaq : QUIX)Quixote Corporation develops, manufactures and markets energy-absorbing highway crash cushions and related highway safety products for motorists and highway workers. For the nine months ended 3/99, net sales rose 32 percent to $49.2 million. Net income from continuing operations rose 21 percent to $3.7 million. Revenues reflect internal growth from crash cushion products and the inclusion of three acquisitions. Earnings were partially offset by increased interest costs related to acquisitions. 
R-B Rubber Products, Inc. (Nasdaq : RBBR)RBBR is a vertically integrated rubber recycler and manufacturer that processes scrap tires and rubber to produce durable rubber mats and other protective surfaces for sports and fitness concerns, agribusiness and other users. For the fiscal year ended 12/31/98, net sales rose 15 percent to $8.6 million. Net loss totalled $85 thousand vs. income of $528 thousand. Revenues reflect efforts to increase penetration and distribution. Net loss reflects a $396 thousand loss on impairment of goodwill. 
Reunion Industries Inc. (Nasdaq : RUNI)RUNI manufactures high volume, precision plastic products and provides engineered plastics services. RUNI is also engaged in wine grape agricultural operations in Napa County, CA. For the three months ended 3/31/99, revenues decreased 24 percent to $20 million. Net loss totalled $1.7 million, vs. income of $274 thousand. Revenues reflect certain customers relocating operations to Mexico and Asia. Net loss reflects an $966 thousand provision for Bargo Judgment. 
Safety 1st, Inc. (Nasdaq : SAFT)SAFT develops, markets and distributes child safety, child care, convenience, activity and home security products. Products include outlet plugs, drawer and cabinet locks, safety gates, baby monitors, pacifiers and teethers. For the fiscal year ended 1/2/99, sales increased 16 percent to $121.3 million. Net loss applicable to Common totalled $1 million vs. an income of $3.1 million. Results reflect higher sales of existing and new products, offset by higher selling, payroll, and impairment expenses. 
Spartech Corporation (NYSE : SEH)SEH and its subsidiaries produce engineered polymeric compounds, thermoplastic materials and molded products for a wide spectrum of customers in the plastics industry. For the 26 weeks ended 5/1/99, revenues rose 22 percent to $364.7 million. Net income rose 28 percent to $20.3 million. Revenues reflect increased sheet group sales, and the acquisitions of Plasticolour and Polycom Huntsman, Inc. Earnings also benefitted from lower raw material prices and improved production efficiencies. 
Safeskin Corporation (Nasdaq : SFSK)Safeskin Corp. manufactures disposable latex gloves for the medical, dental, scientific, high technology, and consumer markets. For the three months ended 3/31/99, net sales fell 22 percent to $41.8 million. Net income fell 93 percent to $960 thousand. Revenues reflect a decreased unit volumes sold by the medical division. Net income suffered from lower margins due to lower prices and product mix and higher selling expenses related to expansion into international markets. 
A. Schulman, Inc. (Nasdaq : SHLM)SHLM operates in one industry segment which is the sale of plastic resins to customers who use the products as raw materials in their manufacturing operations. For the six months ended 2/99, revenues fell 2 percent to $495.6 million. Net income applicable to Common before accounting change decreased 9 percent to $21.4 million. Revenues reflect a decrease in tonnage. Earnings reflect an increase in interest expense and including the first quarter expense from a major plastics trade show. 
Synetic, Inc. (Nasdaq : SNTC)Synetic, Inc. designs, manufactures and distributes porous and solid plastic components and products used in life sciences, healthcare, industrial and consumer applications, and is using Internet technology to expand the channels of healthcare communication. For the nine months ended 3/31/99, sales rose 47 percent to $68.7 million. Net income fell 63 percent to $2.3 million. Revenues reflect the inclusion of sales from Point Plastics and KippGroup. Earnings reflect $2.5 million in litigation charges. 
Summa Industries (Nasdaq : SUMX)SUMX designs and manufactures injection-molded plastic optical components for the lighting industry, molded plastic bobbins and components for the industrial plastics and building materials industries, and other components for defense aircraft. For the nine months ended 5/31/99, revenues rose 26 percent to $76.5 million. Net income from continuing operations rose 51 percent to $4.6 million. Results reflect acquisitions and an improved gross margin due to cost reduction initiatives. 
Southwall Technologies (Nasdaq : SWTX)SWTX designs, develops, manufactures and markets sputtered thin-film coatings on wide-web, flexible substrates for energy conservation, and electronics applications. For the fiscal year ended 12/31/98, revenues fell less than 1 percent to $50 million. Net loss totalled $7.9 million vs. income of $2.3 million. Revenues reflect a decrease in sales of Sony anti-reflective film. Loss reflects a rise in cost of sales due to anti-reflective film not meeting specifications. 
Total Containment, Inc. (Nasdaq : TCIX)TCIX manufactures and distributes underground systems and products for the conveyance and containment of petroleum and alcohol based vehicle fuels from underground storage tanks to aboveground dispensers. For the fiscal year ended 12/98, net sales rose 17 percent to $53.6 million. Net income applicable to Common totalled $4.3 million vs. a loss of $12.4 million. Results reflect strength at American Containment, higher sales of flexible underground pipe systems, higher margins and decreased S/G/A. 
Tredegar Corporation (NYSE : TG)TG is engaged in the manufacture of plastic films, aluminum extrusions and vinyl extrusions. TG also has interests in various technology-based businesses. For the three months ended 3/31/99, revenues increased 14 percent to $179.8 million. Net income decreased 12 percent to $15.3 million. Revenues reflect continued volume growth and acquisitions in Aluminum Extrusions. Earnings were offset by a acquisitions and higher spending on new products in Film Products. 
Triple S Plastics, Inc. (Nasdaq : TSSS)Triple S Plastics, Inc. manufactures complex engineered thermoplastic and related molds for the consumer products, information technologies, automotive, medical/pharmaceutical and telecommunication markets. For the nine months ended 12/31/98, sales decreased 1 percent to $48.2 million. Net loss totalled $341 thousand vs. income of $920 thousand. Results reflect to increased compensation in the Co's sales force and the addition of Dynacept expenses. 
Trex Company, Inc. (NYSE : TWP)Trex Co. manufactures non-wood alternative decking, sold under the brand name of Trex. Trex Wood-Polymer lumber is a wood/plastic composite that offers the appearance and workability of wood without wood's maintenance requirements. For the three months ended 3/31/99, net sales rose 44 percent to $22.4 million. Pro forma net income rose 49 percent to $4.5 million. Results reflect increased production capacity, a greater number of dealers selling TREX products, and higher gross margins. 
U.S. Plastic Lumber Corp. (Nasdaq : USPL)USPL is a manufacturer and marketer of recycled plastic lumber products and a provider of environmental recycling services. For the three months ended 3/31/99, revenues totalled $19.8 million, up from $7.7 million. Net loss applicable to Common totalled $5.5 million, up from $123 thousand. Revenues reflect acquisitions in the Plastic Lumber and Environmental divisions. Higher loss reflects a $5.7 million restructuring charge and higher selling, general and administrative expenses. 
Uniroyal Technology Corp. (Nasdaq : UTCI)Uniroyal Technology Corp. manufactures, develops and sells a broad range of products employing plastic, coated fabrics and speciality adhesives. For the six months ended 3/28/99, net sales decreased 7 percent to $98.4 million. Net income decreased 65 percent to $1.1 million. Revenues reflect the sale of the automotive operations of the Coated Fabrics Segment and the gradual phase-out of those operations. Earnings also reflect production inefficiences and start-up loss of Optoelectronics. 
Vulcan International Corp (AMEX : VUL)VUL manufactures rubber sheet stock, heels and soles for military footwear and high density foam materials, miscellaneous rubber products and shoe lasts. VUL also manufactures bowling pins and owns a contract to manage seven floors of the Cincinnati Club Building. For the three months ended 3/99, revenues fell 19 percent to $2.8 million. Net income fell 94 percent to $46 thousand. Results reflect lower sales in the Rubber, Plastic and Bowling Pins segments and reduced gains on timber sales. 
Wilshire Technologies (OTC BB : WILK)Wilshire Technologies develops, manufactures and markets engineered polymer products for industrial clean room use, such as gloves and contamination control products. For the three months ended 2/28/99, net sales fell 40 percent to $631 thousand. Net loss rose 88 percent to $1.1 million. Revenues reflect the loss of the Company's largest consumer of UltraSOLV due to price erosion. Loss also reflects increased executive management headcount and start-up expenses. 
Wynn's International Inc. (NYSE : WN)WN designs, produces and sells O-rings and other seals and molded elastomeric and thermoplastic polymer products for the automotive and industrial components business. WN also formulates, produces and sells specialty chemical products. For the three months ended 3/31/99, total revenues rose 3 percent to $89.1 million. Net income fell 1 percent to $7.5 million. Results reflect higher sales of vehicle service contract programs, offset by increased selling expenses. 
West Pharmaceutical Srvcs (NYSE : WST)WST is a supplier of products and services for packaging and delivery of pharmaceutical, healthcare and consumer products. The Co's. revenues are generated from sales to large, pharmaceutical and medical device companies. For the three months ended 3/99, net sales rose 9 percent to $114.2 million. Net income income totalled $9.5 million vs a loss of $19.7 million. Results reflect improved device product development sales and the absence of a $28.2 million acquired R&D charge.%}
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Aavid Thermal Tech. Inc. (Nasdaq : AATT)Aavid Thermal Technologies is a provider of thermal management solutions for digital and power electronics applications. Aavid also provides computational fluid dynamics software. For the three months ended 4/3/99, net sales fell 10 percent to $49.8 million. Net income rose 65 percent to $3.2 million. Revenues suffered from a reduction in sales volume of a Special Product being manufactured for Intel. Net income benefitted from the absence of a $1.9 million restructuring charge. 
Acme Electric Corp. (NYSE : ACE)Acme Electric Corp. designs and manufactures power conversion equipment for electronic and electrical systems. For the twenty-six weeks ended 12/31/98, revenues decreased 8 percent to $41.2 million. Net income increased 38 percent to $924 thousand. Revenues suffered from the wind down of the Cisco Systems program, and lower sales of transformer products. Earnings reflect continued cost reduction efforts, and additional customer program incentives earned. 
ACT Manufacturing, Inc. (Nasdaq : ACTM)ACT Manufacturing provides value-added electronics manufacturing services for original equipment manufacturers in the computer, telecommunications, industrial and medical equipment markets. For the three months ended 3/99, revenues rose 33 percent to $81.2 million. Net income totalled $1.9 million vs. a loss of $1.1 million. Revenues reflect additional sales volume with new and existing customers. Earnings also reflect a higher absorption of manufacturing overhead. 
ACX Technologies, Inc. (NYSE : ACX)ACX, through its subsidiaries, manufactures advanced technical ceramics products, consumer packaging products and aluminum sheet products for industrial markets. ACX also owns technology-based developmental businesses. For the three months ended 3/31/99, net sales rose 2 percent to $242.6 million. Net income rose 79 percent to $9.7 million. Revenues reflect the acquisition of Universal Packaging. Net income reflects an absence of $7.2 million asset impairment charge. 
Asia Electronics Hldg. Co (AEHCFAEHCF develops and manufactures deflection yokes, which are electronic devices attached to color picture tubes and color display tubes, for sale to manufacturers of color television sets and computer monitors. For the fiscal year ended 12/31/97, revenues rose 6 percent to RMB239.4 million. Net income increased 49 percent to RMB52.4 million. Revenues reflect higher sales volume of 25 deflection yokes. Earnings also reflect the inclusion of a gain from sales of certain fixed assets. 
Aehr Test Systems (Nasdaq : AEHR)Aehr Test Systems develops, manufactures and sells systems which are designed to reduce the cost of testing DRAMs and other memory devices, perform reliability screening and enable IC manufacturers to perform test and burn-in of bare die. For the nine months ended 2/99, sales fell 57 percent to $15 million. Net loss totalled $1.6 million vs. an income of $2.4 million. Results reflect reduced shipments of MTX products, excess production capacity and overhead costs, and higher R&D costs. 
Advanced Energy Inds. (Nasdaq : AEIS)Advanced Energy Industries is a supplier of power conversion and control systems most of which are incorporated in plasma-based thin film production equipment. For the three months ended 3/31/99, revenues fell 25 percent to $32.7 million. Net income fell 40 percent to $534 thousand. Revenues reflect lower unit sales of semiconductor capital equipment. Earnings reflect increased overhead costs as a  percentage of sales and higher non-operating expenses. 
AER Energy Resources, Inc (OTC BB : AERN)AER Energy Resources focuses on the research and product development of zinc-air battery technology and commercialization of primary disposable batteries. For the fiscal year ended 12/31/98, revenues increased from $108.4 thousand to $351.6 thousand. Net loss decrease 24 percent to $6.6 million. Revenues reflect the inclusion of a $350 thousand license fee agreement with Duracell. Net loss was partially offset by an increase in research and development expense. 
ADFlex Solutions, Inc. (Nasdaq : AFLX)ADFlex Solutions, Inc. supplies flexible circuit interconnect solutions to original equipment manufacturers in the electronics industry. For the three months ended 3/28/99, net sales decreased 43 percent to $28.6 million. Net loss totalled $21.2 million vs. an income of $2.6 million. Revenues reflect soft demand and competitive pricing driven by worldwide factory overcapacity. Loss also reflects $6.9 million of restructuring charges. 
Apollo International (OTC BB : AIOD)Apollo International of Delaware, Inc. designs and sells electric power protection and control products utilizing new computer and fiber optics technologies to industry and electric utilities. For the nine months ended 9/30/98, revenues decreased 53 percent to $148 thousand. Net loss increased 48 percent to $2.9 million. Revenues suffered from decreased shipments of relays. Higher loss reflects higher S/G/A costs. 
Ametek, Inc. (NYSE : AME)Ametek, Inc. is a global manufacturer of electric motors and electronic instruments. For the three months ended 3/99, net sales fell 5 percent to $230.9 million. Net income fell 2 percent to $14.6 million. Revenues reflect softness in the Group's European floor-care markets, increased competition from Asia and economic termoil in Russia. Earnings were partially offset by improved operating performance in many of EIG's businesses, and a lower cost structure. 
American Technical Ceram. (AMEX : AMK)American Technical Ceramics Corp. designs, develops, manufactures and markets RF/Microwave/Millimeter-Wave ceramic and porcelain capacitors and thin film products. For the six months ended 12/31/98, net sales decreased 18 percent to $17.1 million. Net income fell 83 percent to $434 thousand. Revenues reflect a decline in demand for the Registrant's core capacitor products. Earnings also suffered from lower selling prices and higher R&D expenses due to higher personnel expenses. 
Amplidyne, Inc. (Nasdaq : AMPD)Amplidyne Inc., designs, manufactures and sells ultra linear power amplifiers and related subsystems to the worldwide wireless, local loop and satellite uplink telecommunications markets. For the fiscal year ended 12/31/98, revenues decreased 27 percent to $1.8 million. Net loss decreased 23 percent to $1.9 million. Revenues reflect the economic crisis in the South East Asian markets. Lower loss reflects decreased research engineering and development costs as a  percentage of sales. 
AMX Corporation (Nasdaq : AMXX)AMX Corporation is a developer, manufacturer and marketer of integrated remote control systems that enable end users to operate as a single system a broad range of electronic and programmable equipment. For the nine months ended 12/31/98, net sales rose 22 percent to $52.7 million. Net income totalled $1.8 million vs. a loss of $322 thousand. Results reflect the continued acceptance of the PHAST product line in the residential market and the absence of $1.7 million in merger costs. 
A.O. Smith Corporation (NYSE : AOS)AOS is a diversified manufacturer whose major product lines include: fractional horsepower, hermetic and subfractional horsepower electric motors, residential and commercial water heaters and fiberglass piping systems. For the three months ended 3/31/99, net sales rose 15 percent to $257.3 million. Net income rose 12 percent to $11.4 million. Results reflect the acquisition of GE's hermetic motor business, partially offset by lower sales volumes in the Co.'s other segments. 
American Power Conversion (Nasdaq : APCC)APCC designs, develops, manufactures and markets a line of uninterruptible power supply products, electrical surge protection devices, power conditioning products and related software/accessories. For the three months ended 3/99, revenues rose 27 percent to $277.2 million. Net income rose 30 percent to $34.8 million. Revenues reflect strong demand for the Company's uninterruptible power supply and surge protection products. Earnings also reflect efforts to manage spending. 
Amphenol Corporation (NYSE : APH)Amphenol Corporation is engaged in the design, manufacture and marketing of electronic and fiber optic connectors, interconnect systems and coaxial and flat-ribbon cable. For the three months ended 3/31/99, net sales rose 4 percent to $237.2 million. Net income fell 15 percent to $8.2 million. Results reflect increased sales of coaxial cable for cable television applications, offset by lower margins due to changes in product mix. 
Arguss Holdings, Inc. (Nasdaq : ARGX)Arguss Holdings, Inc. is engaged in the construction, maintenance, repair and expansion of telecommunications systems, cable television and data systems. ARGX also manufactures and sells computer controlled equipment used in the SMT circuit assembly industry. For the three months ended 3/31/99, net sales rose 97 percent to $37.8 million. Net income from continuing operations totalled $157 thousand, vs. a loss of $789 thousand. Results benefitted from acquisitions. 
Aerovox Inc. (Nasdaq : ARVX)Aerovox, Inc. is a manufacturer of electrostatic (film and paper) and aluminum electrolytic capacitors for use as components in electrical and electronic products. For the fiscal year ended 1/2/99, sales decreased 3 percent to $116.2 million. Net income totalled $1.8 million vs a net loss of $11.5 million. Revenues reflect lower prices and reduced volume in North America. Earnings were offset by the absence of a $13 million provision for environmental costs and plant remediation. 
Arrow Electronics, Inc. (NYSE : ARW)Arrow Electronics, Inc. is a distributor of electronic components and computer products to industrial and commercial customers through a global distribution network spanning North America, Europe and the Asia/Pacific region. For the three months ended 3/31/99, sales rose 9 percent to $2.2 billion. Net income fell 32 percent to $28.3 million. Revenues benefitted from acquisitions. Earnings were offset by lower margins due to competitive pricing pressures. 
ASD Group, Inc. (OTC BB : ASDG)ASD Group is a provider of contract manufacturing and engineering services to original equipment manufacturers. ASDG specializes in the fabrication, assembly and testing of industrial products and non-invasive medical equipment. For the six months ended 12/25/98, sales fell 60 percent to $3.8 million. Net loss rose from $289 thousand to $3.5 million. Revenues reflect lower orders placed from the Asian market. Higher loss also reflects lower sales over significant fixed costs. 
ASM International N.V. (Nasdaq : ASMI)ASM International N.V. is engaged in the research, development, manufacture, marketing and servicing of equipment and materials used to produce semiconductor devices, focusing on wafer processing, assembly and packaging. For the nine months ended 9/30/98, net sales fell 4 percent to NG465.1 million. Net income totalled NLG5.1 million vs. a loss of NLG166.1 million. Results reflect shipment deferrals due to difficult market conditions, offset by the absence of litigation charges. 
ASE Test Limited (Nasdaq : ASTSF)ASE Test Limited is an independent integrated circuit (``IC'') testing company. The Company provides a broad range of IC testing services, including testing logic, mixed-signal (logic and analog) and memory functions of packaged IC's and wafer probing. For the fiscal year ended 12/97, revenues rose 57 percent to $176.5 million. Net income totalled $45.9 million, up from $22.7 million. Results reflect increased testing volumes and higher average selling prices per CPU second. 
Applied Science & Tech. (Nasdaq : ASTX)Applied Science and Technology, Inc. develops and manufactures equipment using plasma and power generation technologies for semiconductor, medical and industrial production applications. For the nine months ended 3/27/99, revenues fell 21 percent to $49.9 million. Net loss totalled $3.1 million vs. income of $4 million. Revenues reflect the severe downturn in the semiconductor capital equipment industry. Loss also reflects $1.5 million in restructuring charges. 
Astrex, Inc. (OTC BB : ASXI)ASXI is a value-added distributor of electronic components used to connect, control, regulate or store electricity in equipment. The Company's products include connectors, relays, switches, and LED's. For the nine months ended 12/31/98, net sales decreased 5 percent to $10.4 million. Net loss totalled $83 thousand vs. an income $276 thousand. Revenues reflect weak market conditions. Loss also reflects increased personnel expenses and an $83 thousand investment write-down charge. 
Alpha Technologies Group (Nasdaq : ATGI)Alpha Technologies Group manufactures thermal management products, electronic connectors, and custom designed subsystems. For the six months ended 5/2/99, sales decreased 24 percent to $32.5 million. Net income increased 51 percent to $1.4 million. Revenues reflect lower thermal management and connector sales. Earnings reflect an improved gross profit margin due to the sale of higher margin products, enhanced productivity, and cost reduction measures. 
Aetrium, Inc. (Nasdaq : ATRM)Aetrium, Inc. designs, develops, manufactures and markets a variety of electromechanical equipment used by the semiconductor industry to handle and test microelectronic components. For the three months ended 3/31/99, net sales fell 61 percent to $8.1 million. Net loss totalled $2.3 million, vs. an income of $2.4 million. Revenues reflect lower test handler sales due to excess capacity at many customer sites. Loss reflects a lower gross profit margin and higher S/G/A expenses. 
Astronics Corporation (Nasdaq : ATRO)Astronics Corporation designs, manufactures and markets specialized lighting systems and ruggedized electro-mechanical assemblies, and is a direct marketing provider of proprietary designs of paperboard folding boxes and paper products. For the three months ended 4/3/99, net sales rose 11 percent to $12.3 million. Net income rose 25 percent to $933 thousand. Results reflect strong sales of cockpit and emergency egress lighting and lower S/G/A costs as a  percentage of sales. 
Artesyn Technologies, Inc (Nasdaq : ATSN)Artesyn Technologies Inc. designs, develops, manufactures and markets power conversion products, single board computers and systems for real time applications; and offers repair services and logistics. For the 13 weeks ended 4/2/99, sales decreased 8 percent to $135.1 million. Net income totalled $7.3 million, up from $3.2 million. Results reflect expected lower sales revenue, offset by the absence of $7.2 million restructuring charge following the merger with Zytec Corporation. 
Ault Incorporated (Nasdaq : AULT)Ault Inc. designs, manufactures, and markets a line of external power conversion products for original equipment manufacturers. For the nine months ended 2/28/99, net sales increased 19 percent to $36.3 million. Net income increased 76 percent to $1.5 million. Revenues reflect continued strong demand for external power conversion products. Net income also reflects an increased gross profit due to a change in the sales mix of products and increased interest income. 
Acorn Holding Corp. (Nasdaq : AVCC)Acorn Holding Corp. is a holding Company with one subsidiary, Recticon Enterprises (which manufactures monocrystalline silicon wafers). The purpose of the Company is to derive earnings from Recticon and possibly other businesses. For the fiscal year ended 12/31/98, revenues fell 12 percent to $7 million. Net income from continuing operations fell 79 percent to $164 thousand. Revenues reflect a decrease in net sales. Net income reflects decreased investment gains and decreased interest income. 
Avnet, Inc. (NYSE : AVT)Avnet, Inc. is a distributor of electronic components and computer products to industrial customers worldwide. AVT also distributes a variety of computer products to both the end user and reseller channels. For the nine months ended 4/2/99, sales rose 8 percent to $4.71 billion. Net income fell 50 percent to $67.9 million. Revenues benefitted from acquisitions. Earnings were offset by lower margins due to the competitive environment in the marketplace. 
AVX Corporation (NYSE : AVX)AVX Corp. manufactures and supplies a broad line of passive electronic components and related products. The Co. also manufactures and sells electronic connectors. For the fiscal year ended 3/31/99, net sales fell 2 percent to $1.25 billion. Net income fell 69 percent to $41.5 million. Results reflect lower average selling prices due to softening demand, a trend towards small, lower-margin components, the Asian economic crisis, decreased throughput and higher palladium costs. 
Asia Pacific Wire & Cable (NYSE : AWC)Asia Pacific Wire and Cable Corp. is engaged in the manufacture and distribution of telecommunications and power cable and enameled wire products in the Asia Pacific region. For the nine months ended 9/30/98, revenues decreased 17 percent to $87.3 million. Net income totalled $4.8 million vs. a loss of $1.2 million. Revenues reflect lower telecommunications cable and product sales and lower selling prices for copper. Net income reflects $4.6 million gains vs. $15.7 million in exchange losses. 
Anixter International Inc (NYSE : AXE)Anixter International, Inc. provides cabling solutions for private network infrastructure requirements. For the three months ended 4/2/99, revenues rose 6 percent to $595.1 million. Net income from continuing operations fell 47 percent to $7.7 million. Revenues reflect growth in the core Structured Wiring and Electrical Wire and Cable product sets, growth in the Integrated Supply Business and higher European sales. Net income reflects the absence of $8.4 million in stock sale gains. 
Axiohm Transaction Solut. (Nasdaq : AXHM)AXHM is a designer, manufacturer and marketer of transaction printers and printer components utilizing thermal, magnetic and impact technologies. For the three months ended 4/3/99, revenues increased 6 percent to $60.5 million. Net loss increased 38 percent to $9.3 million. Revenues benefited from the increased volume in transaction and bar code products. Higher loss also reflects an increase in acquisition related amortization charges. 
Axsys Technologies, Inc. (Nasdaq : AXYS)AXYS designs, manufactures, and sells custom micro positioning and precision optical components, sub-systems and systems for high performance markets, such as defense, space, high-end digital imaging and electronics capital equipment. For the three months ended 3/31/99, net sales fell 21 percent to $25.1 million. Net loss from contin. operations totalled $336 thousand vs. an income of $1.6 million. Results reflect a soft market for electronics capital equipment and a $1 million special charge. 
Batteries Batteries, Inc. (Nasdaq : BATS)Batteries Batteries, Inc. is a distributor of a wide range of batteries, battery related products, cellular products, accessories and components. For the fiscal year ended 12/31/98, net sales fell 5 percent to $51.5 million. Net loss applicable to Common totalled $2.1 million vs. income of $553 thousand. Revenues reflect decreased Battery Network and Specific Energy sales. Net loss also reflects higher S/G/A expenses related to acquisitions and a $558 thousand impairment charge. 
Bel Fuse, Inc. (Nasdaq : BELFA)Bel Fuse, Inc. is engaged in the design, manufacture and sale of products used in networking, telecommunication, automotive and consumer electronic applications. For the three months ended 3/31/99, net sales rose 58 percent to $30.8 million. Net income rose 73 percent to $5.1 million. Revenues reflect sales growth of network magnetic products and sales of the product line acquired from Lucent. Earnings also benefitted from higher margins due to lower material content. 
Baldor Electric Company (NYSE : BEZ)Baldor Electric Co. designs, manufactures and sells electric motors and drives, speed reducers, industrial grinders, buffers, polishing lathes, stampings, castings and repair parts. For the three months ended 4/3/99, revenues fell 8 percent to $142.7 million. Net income fell 7 percent to $10.7 million. Revenues reflect decreased volume. Earnings suffered from increased costs of goods sold as a  percentage of sales and increased interest expenses. 
Benchmark Electronics (NYSE : BHE)BHE provides contract electronics manufacturing and design services to original equipment manufacturers in the medical devices, communications equipment, industrial and business computers, testing instrumentation and industrial controls industries. For the three months 3/31/98, revenues rose 36 percent to $146.5 million. Net income rose 35 percent to $5 million. Revenues reflect the acquisition of LCEC. Net income was partially offset by increased personnel and interest expenses. 
Bell Industries (NYSE : BI)BI's operations include computer systems integration, distribution of aftermarket products for recreational vehicles, motorcycles, snowmobiles and powerboats; and specialty products manufacturing. For the three months ended 3/31/99, sales rose 21 percent to $54.2 million. Net income from continuing operations totalled $530 thousand, vs. a loss of $1.9 million. Results reflect increased systems integration group sales, lower selling and administrative expenses, and lower interest expense. 
Ballard Power Systems (Nasdaq : BLDP)Ballard Power Systems engages in the development and commercialization of proton exchange membrane fuel cells and related power generation systems for stationary and transportation applications. For the nine months ended 9/30/98, total revenues increased 50 percent to C$65 million. Net income decreased 33 percent to C$2.2 million. Results reflect a C$27.1 million gain on issuance of shares by subsidiary and affiliates. Earnings were offset by increased equity in loss and license fee costs. 
Bolder Technologies Corp. (Nasdaq : BOLD)Bolder Technologies is a development stage energy technology company that is developing and commercializing advanced, high power, rechargeable battery systems based on its patented Thin Metal Film (TMF) technology. For the three months ended 3/31/99, revenues fell 86 percent to $81 thousand. Net loss applicable to Common rose 38 percent to $3.8 million. Results reflect the absense of R&D revenues from an arrangement with JCI, partially offset by lower legal and consulting fees. 
Boonton Electronics Corp. (OTC BB : BOON)Boonton Electronics Corporation designs and produces electronic testing and measuring instruments including power meters, voltmeters and modulation meters. For the six months ended 3/31/99, net sales rose 6 percent to $3.4 million. Net loss totalled $107 thousand vs. an income of $18 thousand. Revenues benefitted from major export shipments in the second quarter. Loss reflects increased commissions due to higher export sales, which reflect a higher commission rate. 
Benthos, Inc. (Nasdaq : BTHS)Benthos, Inc. designs, develops, manufactures, sells, and services products used in oceanographic and undersea environments and inspection systems used to inspect the integrity of containers in the food, pharmaceutical and beverage industries. For the 26 weeks ended 3/31/99, sales rose 23 percent to $8.2 million. Net income rose 95 percent to $590 thousand. Revenues reflect higher sales of Geopoint hydrophones. Earnings reflect higher margins and lower S/G/A as a  percent of revenues. 
Battery Technologies Inc. (OTC BB : BTIOF)BTIOF engages in the development and commercialization of its patented rechargeable alkaline manganese battery system. For the nine months ended 9/30/98, total revenues increased 62 percent to C$715 thousand. Net loss before U.S. GAAP adjustment decreased 35 percent to C$2.7 million. Revenues reflect higher royalties from BTI's licenses. Lower loss reflects decreased S/G/A expenses and decreased research and development, amortization and depreciation expenses. 
Britesmile, Inc. (AMEX : BWT)BWT develops, manufactures, sells and leases light activated and laser-based dental and medical devices used for both cosmetic and therapeutic purposes. For the nine months ended 12/98, net sales fell 87 percent to $501 thousand. Net loss totalled $8.5 million, up from $2.4 million. Revenues reflect the absence of arc lamp tooth whitening system sales and lower tooth whitening chemical product sales. Higher loss also reflects $2.7 million in inventory write-downs and termination costs. 
Conductus, Inc. (Nasdaq : CDTS)CDTS develops, manufactures, and markets electronic components and subsystems based on superconductors, which provide electronic products with potential performance advantages over copper products and semiconductors. For the nine months ended 9/98, revenues fell 54 percent to $3.4 million. Net loss rose 18 percent to $6.2 million. Revenues reflect disposal of the Instrument and System division and the NMR product line. Higher loss was partially offset by the absence of a $100 thousand write-down. 
Carbide/Graphite Group (Nasdaq : CGGI)CGGI is a U.S. producer of graphite electrode which are used as conductors of electricity. CGGI also produces calcium carbide products used in speciality chemicals. For the six months ended 1/31/99, net sales decreased 14 percent to $127.5 million. Net income before extraordinary item decreased 96 percent to $493 thousand. Revenues reflect decreased graphite electrode sales due to a reduction in domestic prices. Loss also reflects $8 million in charges due to facility closure activities. 
C&D Technologies, Inc. (NYSE : CHP)CHP produces integrated reserve power systems for telecommunications, electronic information and industrial applications. CHP also produces embedded high frequency switching power supplies. For the fiscal year ended 1/31/99, net sales rose 2 percent to $314 million. Net income increased 22 percent to $24.1 million. Revenues benefitted from higher telecommunications related sales. Earnings also benefitted from lower material costs, debt levels, and R&D expenses. 
Celestica, Inc. (NYSE : CLS)Celestica, Inc. provides a range of electronics manufacturing services, including design, prototyping, assembly, testing, product assurance, supply chain management, distribution and after-sales service, mainly to OEMs. For the three months ended 3/31/99, revenue rose 46 percent to $1.08 billion. Net income totalled $9.5 million vs. a loss of $31.8 million. Results reflect internal growth in North America and Europe, acquisitions and the absence of special charges. 
Canadian Marconi Company (AMEX : CMW)Canadian Marconi Co. designs, manufactures, sells and supports high-technology electronic products for the aerospace and communications markets. For the six months ended 9/30/98, revenues rose 12 percent to C$134.2 million. Net income rose 33 percent to C$9.7 million. Revenues benefitted from the acquisition of NovAtel and the delivery of certain military radios, and growth in space electronics products. Earnings also benefitted from unrealized foreign exchange gains. 
Conolog Corporation (Nasdaq : CNLG)CNLG is engaged in the manufacture, distribution and design of small electronic and electromagnetic components and subassemblies for use in telephone, radio and microwave transmission and reception, and other communications areas. For the six months ended 1/99, revenues rose from $354 thousand to $909 thousand. Net loss applicable to Common rose 18 percent to $232 thousand. Results reflect the purchase of Atlas Design, offset by lower margins. 
Cohu, Inc. (Nasdaq : COHU)Cohu designs, manufacture and sells semiconductor test handling equipment. Cohu also designs, manufactures and sells closed circuit TV cameras and systems, metal detection and microwave equipment. For the three months ended 3/99, sales fell 48 percentto $29.5 million. Net income fell 83 percent to $1.4 million. Results reflect downturn in semiconductor industry, and lower revenues from gravity-feed semiconductor test handler products. Results also reflect reduced business volume. 
C.P. Clare Corporation (Nasdaq : CPCL)CPCL provides high voltage analog semiconductor integrated packages and components, electromagnetic relays and switches, surge protection devices and specialized electronic components. For the 39 weeks ended 12/27/98, net sales fell 6 percent to $107.8 million. Net loss totalled $5.9 million, vs. an income of $6 million. Revenues reflect lower demand and lower average selling prices. Loss reflects a $5 million charge for the write-off of purchased in-process research and development. 
Ceramics Process Systems (OTC BB : CPSX)CPSX develops, manufactures, and markets advanced metal-matrix composite and ceramic components used to house and interconnect microelectronic devices. For the fiscal year ended 12/26/98, total revenues increased 20 percent to $5.5 million. Net income rose 21 percent to $1.7 million. Revenues benefitted from higher license revenues and higher unit shipments of metal matrix composites. Earnings also benefitted from improved gross margins due to manufacturing efficiencies. 
Cerprobe Corporation (Nasdaq : CRPB)Cerprobe Corp. designs, manufactures, markets and services high performance products and equipment for use in the testing of integrated circuits for the semiconductor industry. For the nine months ended 9/30/98, revenues increased 25 percent to $61.2 million. Net income from continued operations decreased 15 percent to $4.8 million. Revenues reflect higher order rates for probe card and interface products. Earnings were offset by a $1.9 million acquisition related expense. 
CRP Holding Corporation (OTC BB : CRPI)CRPI, through its subsidiary, Clean Room Products, Inc., designs and constructs clean rooms and associated products for the semiconductor, pharmaceutical, biotechnology, medical device and other industries. For the nine months ended 9/30/98, net sales fell 6 percent to $8.2 million. Net loss fell 63 percent to $452 thousand. Revenues reflect the phasing out of the jobbing division. Lower loss reflects higher margins in the engineering and manufacturing departments. 
Circuit Systems, Inc. (Nasdaq : CSYI)Circuit Systems, Inc. manufactures and sells single-sided, double-sided and multilayer printed circuit boards that are made to customer specifications. Sales for the nine months ended 1/31/99 increased 31 percent to $68.4 million. Net income totalled $421 thousand vs. a loss of $535 thousand. Revenues benefitted from the inclusion of operations from several acquisitions. Earnings reflect increased gross profits and lower S/G/A expense as a  percentage of sales. 
CTS Corporation (NYSE : CTS)CTS Corp. designs, manufactures and sells electronic components and electronic component assemblies as well as commercial and industrial products. For the three months ended 4/4/99, revenues increased 28 percent to $120.3 million. Net income from continuing operations decreased 71 percent to $2.2 million. Revenues reflect the inclusion of CTS Wireless since February 26,1999. Earnings reflect $12.9 million one time charge related to the purchase of CDP from Motorola. 
Computer Power Inc. (OTC BB : CUWR)Computer Power Inc. designs, manufactures, markets and services products in three distinct market categories: energy efficient lighting, power protection systems and emergency lighting. For the fiscal year ended 12/31/98, net sales decreased 11 percent to $8.4 million. Net loss before extraordinary item fell 77 percent to $159 thousand. Revenues reflect decreased Astralite product sales due to lower retrofit kit sales. Lower loss reflects decreased cost of sales as a  percentage of sales. 
Destron Fearing Corp. (Nasdaq : DFCO)DFCO manufactures electronic and visual identification devices for the companion animal, livestock, laboratory animals, and fish and wildlife markets worldwide. For the three months ended 12/31/98, revenues increased 54 percent to $4.1 million. Net income totalled $239 thousand vs. a loss of $412 thousand. Results reflect higher sales to the United States fisheries market and to the companion animal markets in Europe. Earnings also reflect an increase in gross profit. 
Del Global Technologies (Nasdaq : DGTC)Del Global Tech. designs, manufactures and markets medical imaging systems and critical electronic subsystems for medical imaging and diagnostic products. For the nine months ended 5/1/99, net sales increased 11 percent to $49.4 million. Net income increased 18 percent to $4.8 million. Revenues reflect internal growth from existing operations. Earnings also reflect lower selling, general and administrative expenses as a  percentage of net sales and improved margins. 
Control Chief Holdings (Nasdaq : DIGM)DIGM operates as a holding company for Control Chief Corp. which designs, engineers and produces remote control devices for material handling equipment and other industrial applications. For the six months ended 12/31/98, revenues increased 11 percent to $4.6 million. Net income increased 2 percent to $426 thousand. Revenues reflect an increase in demand for products, and sales of parts and services. Earnings were partially offset by a change in product mix and price competition. 
DII Group, Inc. (Nasdaq : DIIG)The DII Group, Inc. provides electronics design and manufacturing services, including custom semiconductor design, design and manufacture of printed wiring boards, assembly of printed circuit boards, final systems assembly, and distribution. For the 13 weeks ended 4/4/99, net sales rose 5 percent to $247.5 million. Net income totalled $8.9 million vs. a loss of $32 million. Results reflect the acquisition of printed wiring board facilities and the absence of $54 million in special charges. 
Digital Power Corporation (AMEX : DPW)Digital Power Corporation designs, develops, manufactures and sells 50 watt to 75 watt switching power supplies and DC/DC converters to original equipment manufacturers of computers and other electronic equipment. For the three months ended 3/31/99, revenues fell 36 percent to $3.2 million. Net loss totalled $156 thousand vs. an income of $294 thousand. Revenues reflect discontinued purchases from one large customer. Loss also reflects lower margins. 
EA Industries, Inc. (OTC BB : EAIN)EA Industries, Inc. provides contract electronic manufacturing services ranging from the assembly of printed circuit boards to the complete procurement, production, assembly, test, and delivery of entire electronic products and systems. For the six months ended 6/27/98, sales rose 2 percent to $32 million. Net loss fell 32 percent to $6.7 million. Results reflect the inclusion of SAI's sales. Lower loss reflects the absence of a $1.3 million restructuring charge and one time interest charges. 
Edison Control Corp. (Nasdaq : EDCO)EDCO manufactures and distributes systems of pipes, couplings and hoses and other equipment used in concrete pumping. EDCO also manufactures abrasion resistant piping systems and produces a line of concrete and plaster/mortar mixers. For the fiscal year ended 1/31/99, revenues increased 5 percent to $25.1 million. Net income rose 9 percent to $1.2 million. Results reflect strong domestic sales at ConForms and sales from the Company's Malaysian operation and lower interest expense. 
e.Digital Corporation (OTC BB : EDIG)e.Digital Corporation develops, manufactures and markets electronic products. For the nine months ended 12/31/98, revenues decreased 54 percent to $413 thousand. Net loss applicable to Common Stock increased from $678 thousand to $1.4 million. Revenues reflect decreased sales to OEMs and the discontinued arrangement with Sanyo. Higher net loss reflects increased research and development expenses and a $140 thousand imputed non-cash interest. 
Electric Fuel Corp. (Nasdaq : EFCX)EFCX pioneers the use of zinc-air battery technology for electric vehicles, consumer electronic products, and industrial applications. For the fiscal year ended 12/31/98, revenues decreased 11 percent to $4 million. Net loss decreased 7 percent to $8.5 million. Revenues reflect lower revenues from the Electric Vehicle segment. Lower loss benefitted from lower S/G/A expenses due to reduced salaries, professional fees and Electric Vehicle marketing expenses. 
EFI Electronics Corp. (Nasdaq : EFIC)EFIC manufactures and markets transient voltage surge suppression devices which protect electronic equipment from electrical disturbances. For the nine months ended 12/98, net sales fell 6 percent to $11.3 million. Net income rose 22 percent to $203 thousand. Revenues reflect a decline in revenue from Thomson Consumer Electronics. Net income reflects lower sales and marketing expenses due to reduced outside commissions, promotion and headcount due to the Hubbell agreement. 
EFTC Corporation (Nasdaq : EFTC)EFTC is a provider of electronic manufacturing services including quick-turn manufacturing, prototype services, high-mix production, aftermarket repair and warranty services. EFTC also provides build to order services. For the fiscal year ended 12/31/98, net sales rose 86 percent to $226.8 million. Pro forma net loss totalled $4.5 million vs. income of $3.4 million. Results reflect acquisitions, offset by $3.3 million in impairment charges and $1 million in merger costs. 
EIP Microwave, Inc. (OTC BB : EIPM)EIP Microwave, Inc., is engaged in a single industry segment constituting the development, manufature and sale of high frequency microwave and radio frequency(RF) test and measurement instruments. For the fiscal year ended 9/98, revenues fell 22 percent to $3.7 million. Net loss totalled $4.2 million, up from $1.3 million. Revenues reflect a soft market for the Company's products in both domestic and international markets. Higher loss reflects lower margins due to manufaturing inefficiencies. 
Electrosource, Inc. (Nasdaq : ELSI)Electrosource, Inc. is an energy storage solutions company engaged in the manufacture of advanced lead-acid, rechargeable storage batteries and the development of related processes and technologies. For the three months ended 3/31/99, revenues rose 22 percent to $372 thousand. Net loss fell 54 percent to $1.2 million. Revenues reflect higher project revenues. Lower loss also benefitted from labor reductions, lower depreciation and amortization costs, and lower debt levels. 
Energy Conversion Devices (Nasdaq : ENER)ENER is engaged in activities ranging from product development to manufacturing and selling products as well as designing and building production machinery with an emphasis on alternative energy and advanced information technologies. For the nine months ended 3/99, revenues rose 5 percent to $25.4 million. Net loss decreased 26 percent to $8.5 million. Revenues reflect higher fees from licenses and other agreements. Lower loss reflects a $2 million gain from sale of Ovonic Battery Co. stock. 
Energy Research Corp. (AMEX : ERC)Energy Research Corp. is engaged in the development of electrochemical technologies for electric power generation and storage. The Company manufactures fuel cell and battery products, generally on a contract basis. For the six months ended 4/30/99, revenues rose 15 percent to $12.1 million. Net loss totalled $1.1 million vs. an income of $355 thousand. Results reflect revenues from a fuel cell stack components contract, offset by increased severance and personnel costs. 
Electro Scientific Inds. (Nasdaq : ESIO)Electro Scientific Industries designes and produces equipment used by electronic manufacturers in wireless communications, automotive electronics, computers and products such as advanced laser systems, high-speed test, termination equipment, etc. For the nine months ended 2/99, revenues fell 25 percent to $149 million. Net income fell 69 percent to $4.6 million. Results reflect declines in sales volumes and lower margins due to a shift in product mix and lower average selling prices. 
Espey Mfg. & Electronics (AMEX : ESP)Espey is engaged in the development, design, production and sales of specialized electronic power conditioning apparatus, a wide variety of transformers and other types of iron-core components, and electronic systems. For the three months ended 3/99, revenues rose 5 percent to $8.7 million. Net income totalled $350 thousand vs. a loss of $437 thousand. Results reflect increased demand from foreign customers and higher margins due to a favorable sales mix. 
Eaton Corporation (NYSE : ETN)Eaton Corporation is a global manufacturer of highly engineered products which serve the industrial, vehicle, construction, commercial and semiconductor markets. For the three months ended 3/31/99, net sales fell 2 percent to $1.66 billion. Net income fell 20 percent to $84 million. Revenues reflect sale of the Worldwide Axle and Brake business and lower semiconductor equipment sales. Earnings also suffered from the absence of a $43 million gain on the sale of businesses. 
Evercel, Inc. (Nasdaq : EVRC)Evercel, Inc. is engaged in the development and commercialization of patented nickel-zinc rechargeable battery and research and design of other battery technologies. For the three months ended 10/31/99, revenues totalled none vs. $127 thousand. Net loss rose 55 percent to $517 thousand. Revenues reflect the termination of a license agreement with Corning, Inc. Higher loss also reflects cost related to the commercialization of the battery technology. 
Firearms Training Systems (Nasdaq : FATS)FATS is engaged in the development, manufacture, sale and servicing of small and supporting arms training simulated firearms. The Co.'s products include simulators for the military, law enforcement, sport shooting and hunter education. For the nine months ended 12/98, revenues fell 27 percent to $40.7 million. Net loss applicable to Com. totalled $3.1 million vs. income of $5.9 million. Results reflect decreased sales to the U.S. Marine Corp and higher products development costs. 
Fiberstars, Inc. (Nasdaq : FBST)Fiberstars, Inc. develops and assembles lighting products using fiber optic technology for commercial lighting and swimming pool and spa lighting applications. For the fiscal year ended 12/31/98, sales increased 27 percent to $22.7 million. Net income rose 18 percent to $762 thousand. Revenues reflect growth in commercial and pools lighting products. Earnings were partially offset by lower margins and increased personnel and project expenses associated with R&D and marketing. 
Frequency Electronics (AMEX : FEI)FEI designs, develops, manufactures, and markets precision time and frequency control products. It's products are used in guidance and navigation, surveillance, communications, electronic counter measure and timing systems. For the nine months ended 1/99, revenues fell 30 percent to $16.3 million. Net income decreased 56 percent to $2.4 million. Revenues reflect technical problems which caused delays in product releases. Earnings reflect increased R&D expenses. 
Franklin Electric Co. (Nasdaq : FELE)FELE manufactures and distributes electric motors, electronic controls and related equipment to customers in the U.S., Canada, Europe, Australia, South Africa, Mexico and other world markets. For the 13 weeks ended 4/3/99, net sales rose 4 percent to $58 million. Net income fell 5 percent to $3.5 million. Results reflect higher volume in the submersible water systems motors and changes in product mix, offset by higher cost of sales as a  percentage of sales. 
Ferrofluidics Corporation (Nasdaq : FERO)Ferrofluics is engaged in developing, manufacturing, and marketing ferrofluids and rotary sealing devices based on or derived from its proprietary ferrofluid technology. For the 26 weeks ended 12/26/98, revenues fell 9 percent to $12.3 million. Net loss from continuing operations totalled $454 thousand vs. an income of $1.6 million. Revenues reflect decreased sales in the seals product line. Loss also reflects increased engineering and product development expenses. 
Fifth Dimension, Inc. (OTC BB : FIVD)Fifth Dimension Incorporated designs, manufactures and markets a variety of products which include mercury switches, relays, and signal processing and data handling devices called commutators and slip rings. For the six months ended June 30, 1998, revenues increased 7 percent to $811 thousand. Net loss decreased 12 percent to $444 thousand. Revenues reflect an increase in sales. Lower loss reflects the overhead reductions instituted during 1997 and 1998. 
Golden Genesis Company (Nasdaq : GGGO)Golden Genesis develops, manufactures, and markets photovoltaic (solar electric) power systems and related products. For the three months ended 3/31/99, net sales rose 18 percent to $11.6 million. Net loss applicable to Common totalled $492 thousand vs. an income of $67 thousand. Revenues reflect the acquisitions of Remote Power, Golden Genesis do Brazil and Solartec. Loss reflects higher S/G/A expenses as a  percentage of sales due to lower industrial market sales. 
Giga-tronics, Inc. (Nasdaq : GIGA)GIGA designs, manufactures and markets test and measurement equipment used in the development, test and maintenance of wireless communications products and systems, flight navigational equipment, electronic defense systems and automatic testing systems. For the nine months ended 12/26/98, revenues rose 3 percent to $29.1 million. Net loss totalled $983 thousand vs. income of $908 thousand. Results reflect increased sales of switching modules, offset by higher cost of goods sold. 
Golden Systems, Inc. (OTC BB : GLDN)Golden Systems, Inc. designs, manufactures and markets switching power supplies for manufacturers of personal computers and peripheral equipment. For the nine months ended 12/97, net sales rose 36 percent to $3.1 million. Net loss rose 29 percent to $4.5 million. Revenues reflect the receipt of orders from two new customers for power supplies and adapters. Higher loss reflects production start-up costs and unabsorbed overhead resulting from underutilized manufacturing capacity. 
Genlyte Group Inc. (Nasdaq : GLYT)Genlyte Group Inc. designs, manufactures and sells lighting fixtures for applications in commercial, industrial and residential markets. For the three months ended 4/3/99, net sales increased 82 percent to $237.5 million. Net income increased 13 percent to $7 million. Revenues benefitted from a strong commercial construction market. Net income was partially offset by the inclusion of a $5.2 million minority interest charge and increased interest expense due to higher borrowings. 
Geotek Communications Inc (OTC BB : GOTKQ)GOTKQ is a provider of mobile logistics systems operating over the Co.'s proprietary network, a spectrum-efficient, high quality, 900 MHz integrated digital voice and data wireless communication network. For the nine months ended 9/98, revenues fell 71 percent to $16 million. Net loss from continuing operations applicable to Common rose 36 percent to $201.8 million. Revenues reflect decreased income from services. Higher loss suffered from a $134.9 million restructuring charge. 
Hadco Corporation (Nasdaq : HDCO)Hadco Corporation is a manufacturer of complex multilayer rigid printed circuits and backplane assemblies in North America. For the thirteen weeks ended 1/30/99, revenues increased 19 percent to $236 million. Net income decreased 83 percent to $2 million. Revenues benefitted from the acquisition of Continental, and an increase in backplane and system assembly sales. Earnings were offset by a decrease in gross profit due to lower pricing on printed circuits. 
Hartcourt Companies (OTC BB : HRCT)HRCT is a holding company that manufactures and develops environmental control systems and industrial process equipment, and specializes in the manufacture and assembly of printed circuit boards, telephone wire and cabling, and coil winding and plastic injection. For the nine months ended 9/98, revenues totalled $17.6 million, up from $317 thousand. Net loss applicable to Common totalled $354 thousand, up from $157 thousand. Results reflect acquisitions and higher S/G/A expenses. 
Hutchinson Technology (Nasdaq : HTCH)Hutchinson Technology is a supplier of suspension assemblies for hard disk drives. Suspension assemblies hold the recording heads in position above the spinning magnetic disks in the drive. For the 26 weeks ended 3/28/98, sales rose 67 percent to $307.6 million. Net income totalled $25.3 million vs. a loss of $25.9 million. Revenues reflect higher average selling prices and a favorable product mix. Earnings reflect improved manufacturing efficiencies and higher investment balances. 
Heartland Technology, Inc (AMEX : HTI)HTI is an electronics contract manufacturer primarily for the computer and computer printer industries. HTI also holds interests in partnerships which are engaged in real estate sales, leasing and development. For the three months ended 3/31/99, net sales rose 50 percent to $7.9 million. Net loss before extraordinary item totalled $544 thousand, up from $238 thousand. Revenues benefitted from acquisitions. Higher loss reflects higher selling, general and administrative expenses. 
Hubbell Incorporated (NYSE : HUBb)Hubbell engineers, manufactures and sells electrical and electronic products for a broad range of commercial, industrial, telecommunications and utility applications. For the three months ended 3/99, revenues increased 8 percent to $367.5 million. Net income decreased 1 percent to $39.7 million. Revenues reflect higher shipments of high voltage underground cable accessory product assets. Earnings were offset by increased interest expenses. 
Comparator Systems Corp. (IDIDIDID markets and integrates, through licensing and manufacturing rights, technology for a fingerprint comparison/verification system solution. For the six months ended 12/31/97, revenues totalled none vs. $251 thousand. Net loss fell 53 percent to $296 thousand. Mixed results reflect the abandonment of IFS and SFI and the resulting reclassification of their revenues and expenses in 1997 to discontinued operations, and the termination of employees and shut-down of operations. 
IEC Electronics Corp. (Nasdaq : IECE)IEC Electronics Corp., is an independent contract manufacturer of complex printed circuit board assemblies and electronic products and systems. For the six months ended 3/26/99, net sales fell 57 percent to $71.1 million. Net loss totalled $4.1 million vs income of $1.4 million. Revenues reflect the loss of two major customers. Loss also reflects a lower gross profit due to higher labor costs and lower efficiency leading to an under absorption of fixed overhead costs. 
IEH Corporation (OTC BB : IEHC)IEHC engages in the design, development, manufacture and distribution of high performance electronic printed circuit connectors and specialized interconnection devices. For the nine months ended 12/25/98, revenues decreased 10 percent to $3.3 million. Net loss totalled $84 thousand vs. income of $85 thousand. Revenues suffered from the Company's efforts to redirect its sales efforts to the commercial electronic market. Losses reflect a decrease in gross profit. 
IFR Systems, Inc. (Nasdaq : IFRS)IFR Systems, Inc. designs, manufactures, and markets communications, test and measurement, avionics, and fiber optic test instruments. For the six months ended 12/31/98, revenues rose 60 percent to $85 million. Net loss totalled $2 million vs. income of $4.2 million. Revenues benefitted from the acquisition of Marconi Instruments Ltd. Losses reflect an increase in product marketing communications, recurring amortization, and support of the development of new test instruments. 
Infinite Group, Inc. (Nasdaq : IMCI)Infinite Group, Inc.'s primary business areas include laser material processing, high productivity production tooling, advanced manufacturing methods and laser-application technology. For the three months ended 3/31/99, revenues decreased 36 percent to $1.2 million. Net loss from continuing operations totalled $999 thousand, up from $139 thousand. Revenues reflect decreased laser division sales. Higher loss suffered from corporate investor relations expenses. 
INRAD, Inc. (OTC BB : INRD)INRAD, Inc. designs, develops, manufactures and markets crystals and markets crystals and products incorporating crystals which are used primarily for controlling and augmenting laser radiation. For the fiscal year ended 12/31/98, revenues decreased 1 percent to $5.4 million. Net loss increased 10 percent to $632 thousand. Revenues reflect decreased product sales due to a lower opening backlog. Higher loss also reflects increased contract R&D expenses. 
inTEST Corporation (Nasdaq : INTT)inTEST Corporation designs, manufactures and markets docking hardware and test head manipulators used by semiconductor manufacturers during the testing of wafers and packaged devices. INTT also designs and markets related automatic test equipment interface products. For the three months ended 3/99, revenues fell 14 percent to $4.8 million. Net income fell 85 percent to $172 thousand. Results reflect a decrease in demand for ATE and related products, and additional salaries. 
Innovex Inc. (Nasdaq : INVX)Innovex Inc. develops and manufactures lead wire assemblies for computer disk drives. The Co. also designs and manufactures flexible circuits and chemically machined electrical components for the computer, communications and medical industries. For the six months ended 3/99, sales fell 26 percent to $42.7 million. Net income fell 52 percent to $5.5 million. Results reflect softness in the disk drive industry and higher marketing, professional and legal expenses. 
Isomet Corp. (Nasdaq : IOMT)IOMT manufactures laser control devices, systems and equipment for color image reproduction applications. The Company also performs sponsored research and development in the field of laser technology. For the fiscal year ended 12/31/98, revenues rose 9 percent to $9.4 million. Net income decreased 10 percent to $1.2 million. Revenues reflect increased deliveries of laser plotters to Polaroid Corporation. Earnings were offset by a decrease in gross profit. 
Intelligent Controls, Inc (Emerging Company Marketplace : ITCIntelligent Controls develops, manufactures and sells electronic measurement systems for the petroleum and power utility industries and for general level measurement and predictive maintenance applications. For the three months ended 3/27/99, net sales rose 25 percent to $4.4 million. Net income totalled $505 thousand, up from $37 thousand. Results reflect increased sales of fuel management systems due to an increased order backlog, and higher margins due to lower material prices. 
Jaco Electronics, Inc. (Nasdaq : JACO)JACO markets and distributes passive and active electronic components to manufacturers. JACO products include semiconductors, capacitors, resistors, electro-mechanical devices and computers. For the nine months ended 3/99, net sales decreased 9 percent to $104.4 million. Net loss totalled $239 thousand vs. income of $1.1 million. Results reflect continued industry-wide pressures on pricing, softening demand for electronic components and increased interest expense. 
Jabil Circuit, Inc. (NYSE : JBL)Jabil Circuit, Inc. is an independent supplier of custom manufacturing services for circuit board assemblies, subsystems and systems to major original equipment manufacturers. For the six months ended 2/99, revenues rose 45 percent to $941.3 million. Net income rose 4 percent to $40.9 million. Revenues reflect increased production of communication products and the HP acquisition. Earnings were partially offset due to underutilization of assets and acquisition related costs. 
Jetronic Industries, Inc. (AMEX : JET)Jetronic Industries is engaged in the design, manufacture and marketing of energy conversion equipment, specialized computer subsystem enclosures and electrical communication devices. For the fiscal year ended 1/31/99, revenues fell 13 percent to $22.5 million. Net income fell 44 percent to $718 thousand. Revenues suffered from a decline in switchgear business due to decreased orders from major customers. Net income reflects increases in interest and financing costs. 
JPM Company (Nasdaq : JPMX)The JPM Company is an independent manufacturer of cable assemblies and wire harnesses for original equipment manufacturers in the computer, telecommunications and networking sectors of the global electronics industries. For the three months ended 12/98, net sales rose 31 percent to $41.2 million. Net income rose 52 percent to $1.3 million. Revenues reflect acquisitions and increased volumes with existing customers. Earnings reflect the absence of $400 thousand in secondary offering costs. 
Jinpan International LTD (AMEX : JST)Jinpan International LTD designs, manufactures and sells cast resin transformers for voltage distribution in the Peoples Republic of China. For the fiscal year ended 12/97, revenues increased 18 percent to RMB61.9 million. Net income increased 21 percent to RMB16.4 million. Revenues reflect the expansion of the Company's customer base and an increase in orders. Earnings benefitted from an increase of RMB1.8 million in VAT special income. 
Juno Lighting, Inc. (Nasdaq : JUNO)Juno Lighting specializes in the design, manufacture and marketing of a full line of recessed and track lighting fixtures for use in new construction and remodeling of commercial, institutional and residential buildings. For the three months ended 2/99, net sales rose 8 percent to $37.3 million. Net income increased 26 percent to $6 million. Revenues reflect increased demand from improving economic conditions. Earnings reflect increased productivity and stable raw material costs. 
Star Struck, Ltd. (AMEX : KAP)Star Struck Ltd. is a holding company whose operating subsidiaries are primarily engaged in the distribution of watch batteries and related products, and the manufacture and sale of watch straps. For the three months ended 3/31/99, net sales fell 8 percent to $2.9 million. Net loss fell 76 percent to $44 thousand. Revenues reflect lower sales at Star Struck. Lower loss reflects higher margins due to increased sales in the sports apparel line as well as volume discounts. 
Keithley Instruments (NYSE : KEI)Keithley Instruments provides electrical measurement solutions to wireless communications, semiconductor and electronic component manufacturers, other high-growth areas of the electronics industry and research laboratories. For the six months ended 3/31/99, net sales fell 26 percent to $45.3 million. Net income totalled $5.8 million, up from $1.9 million. Revenues reflect weakness in the semiconductor industry and the Asian economic crisis. Earnings reflect a $4.8 million gain on sale of business. 
KEMET Corporation (Nasdaq : KMET)KMET and subsidiaries are engaged in the manufacture and sale of solid tantalum and multilayer ceramic capacitors in the worldwide market under the KEMET brand name. For the nine months ended 12/31/98, net sales fell 15 percent to $422.1 million. Net income fell 89 percent to $3.8 million. Revenues reflect a decline in selling prices due to the imbalance of supply and demand in the industry. Earnings also suffered from lower margins due to lower selling prices and lower unit volume. 
Kent Electronics Corp. (NYSE : KNT)Kent Electronics Corp. distributes electronic products, including wire and cable, connectors, components and interconnect assemblies. KNT also manufactures battery power packs and other electronic components through its subsidiaries. For the fiscal year ended 4/3/99, net sales fell 3 percent to $637.1 million. Net income fell 99 percent to $182 thousand. Revenues reflect a decline in orders. Net income reflects lower margins, higher personnel costs and increased debt levels. 
Kollmorgen Corporation (NYSE : KOL)KOL manufactures high performance electronic motion control products and systems, which operates in the industrial, commercial, aerospace and defense industries. For the three months ended 3/99, sales rose 5 percent to $59.5 million. Net income fell 71 percent to $1.6 million. Revenues reflect improved sales of the company's engineering consulting business and the acquisition of Magnedyne. Earnings reflect an absence of a $21.2 million of intellectual property license income. 
Kopin Corporation (Nasdaq : KOPN)Kopin Corporation develops, manufactures and sells flat panel display devices and products and custom wafer-engineered materials for the commercial and consumer markets. For the three months ended 4/3/99, total revenues rose 23 percent to $6.7 million. Net income totalled $206 thousand vs. a loss of $611 thousand. Revenues reflect an increase in sales of gallium arsenide products. Net income reflects decreased R&D expenses due to reduced subcontractor expenses. 
Katy Industries, Inc. (NYSE : KT)Katy Industries, Inc. is involved in two operating groups: Electrical/Electronic and Maintenance Products. For the three months ended 3/99, net sales increased 84 percent to $126.4 million. Net income applicable to Common decreased 20 percent to $1.5 million. Revenues reflect the acquisitions of the CE Division and Wilen, Disco and Loren Products. Earnings were offset by a $2.6 million interest and other expense as compared to $390 thousand income in the prior comparable quarter. 
LaBarge, Inc. (AMEX : LB)LaBarge, Inc. is engaged in the design, engineering, manufacturing and sale of customized electronic products and systems and complex interconnect assemblies for the defense, geophysical, aerospace, telecommunication and medical markets. For the nine months ended 3/28/99, sales rose 1 percent to $70 million. Net income fell 52 percent to $1.6 million. Revenues reflect the inclusion of LaBarge Clayco Wireless sales. Earnings were offset by lower margins and volumes in the geophysical market. 
LeCroy Corporation, Inc. (Nasdaq : LCRY)LeCroy Corporation develops, manufactures, sells and licenses signal analyzers, principally high-performance digital oscilloscopes and related products. For the nine months ended 3/31/99, revenues fell 2 percent to $96.2 million. Net loss totalled $6.9 million vs. income of $5.3 million. Revenues reflect softness in the Japanese and Pacific Rim markets and softness in the disk drive industry. Net loss reflects a $5 million increase in restructuring and nonrecurring charges. 
Littelfuse, Inc. (Nasdaq : LFUS)Littelfuse, Inc. manufactures and sells fuses and other circuit protection devices for use in the automotive, electronic, and general industrial markets. LFUS also manufactures and supplies relays, switches, circuit breakers, and indicator lights. For the three months ended 4/3/99, revenues fell 1 percent to $69 million. Net income fell 14 percent to $5 million. Revenues reflect a decrease in the electronics and automotive OEM sales. Earnings reflect a decrease in gross profit. 
LogiMetrics, Inc. (OTC BB : LGMTA)LGMTA manufactures and sells high-power amplifiers and electronic test systems for traveling wave tube amplifiers (TWTA). LGMTA also manufactures electromagnetic test systems and telecommunications equipment. Revenues for the nine months ended 3/98, fell 18 percent to $6.9 million. Net loss applicable to Common fell 33 percent to $1.5 million. Revenues reflect lower revenues from TWTAs and related equipment. Lower loss reflects the absence of production inefficiencies. 
Logitek, Inc. (OTC BB : LGTK)Logitek is engaged in the design, development and production of electronic monitors and controls which include electronic time delays, flashers, and voltage, frequency, phase and power monitors and switch mode power supplies. For the six months ended 12/31/98, net sales remained flat at $2.3 million. Net income decreased 25 percent to $124 thousand. Revenues reflect delays of certain jobs. Lower earnings also reflect additional selling and research and development costs. 
Lernout & Hauspie N.V. (Nasdaq : LHSP)Lernout and Hauspie Speech Products N.V. is a developer and licensor of advanced speech technologies. The Co. has four divisions: Speech Technologies, Dictation, Translation and Localization and Language Technologies. For the nine months ended 9/98, total revenues rose from $65.5 million to $134.9 million. Net loss applicable to Common rose 80 percent to $77.8 million. Results reflect increased linguistic services revenues and acquisitions. Higher loss reflects a $99 million write-off for in-process R&D. 
Lithium Technology Corp. (OTC BB : LITH)LITH is a development stage company engaged in the business of developing and seeking to commercialize unique, solid-state, lithium-ion and lithium polymer rechargeable batteries. For the fiscal year ended 12/31/98, revenues totalled $99 thousand, up from $0. Net loss decreased 77 percent to $3.3 million. Results reflect revenues from development contracts. Lower loss reflects decreased interest expense and the inclusion of $650 thousand from a cash settlement payment. 
Lamson & Sessions Co. (NYSE : LMS)The Lamson and Sessions Co. is a manufacturer and distributor of a broad line of thermoplastic electrical, consumer, telecommunications and fluid drainage products. For the three months ended 4/3/99, net sales increased 4 percent to $67.2 million. Net income totalled $2.7 million, vs a loss of $326 thousand. Revenues reflect higher unit shipments from the Lamson Vylon Pipe segment due to backlog orders. Earnings reflect a favorable product mix and higher utilization capacity. 
MagneTek Inc. (NYSE : MAG)MagneTek, Inc. makes electronic and electrical power products used in data processing and telecommunications, building and factory automation, power generation, lighting and other global growth markets. For the 39 weeks ended 3/99, net sales fell 4 percent to $854.2 million. Net income fell 40 percent to $16 million. Revenues reflect reduced sales of magnetic and electronic ballast products. Earnings also suffered from lower margins due to downward changes in production levels. 
Medicore, Inc. (Nasdaq : MDKI)MDKI manufactures and distributes medical products. MDKI also operates three kidney dialysis centers and manufactures electronic, electromechanical and plastic insert and injection molded products. For the fiscal year ended 12/31/98, revenues increased 14 percent to $50.1 million. Net income decreased 96 percent to $98 thousand. Revenues benefitted from the acquisition of Lytton. Net income was offset by increased cost of goods sold as a  percentage of revenues due to a change in product mix. 
Merix Corporation (Nasdaq : MERX)Merix Corp. is a manufacturer of technologically advanced electronic interconnect products. MERX specializes in high density multilayer printed circuit boards. For the nine months ended 2/27/99, revenues decreased 41 percent to $81.1 million. Net loss totalled $21.4 million vs. income of $1.1 million. Revenues reflect lower unit sales and lower average selling prices of the Company's products. Net loss suffered from $21.8 million in restructuring charges. 
Methode Electronics (Nasdaq : METHA)Methode Electronics manufactures electronic components that connect, convey and control electrical energy, signal and pulse, including connectors, automotive components, interconnect devices, printed circuits, and current carrying distribution systems. For the nine months ended 1/99, revenues rose 3 percent to $295.4 million. Net income decreased 7 percent to $24 million. Results reflect increased sales of high frequency gigabit optical transceiver products, offset by service costs. 
Microwave Filter Co., Inc (Nasdaq : MFCO)MFCO designs, develops, manufactures and sells electronic filters, both for radio and microwave frequencies, to help process signal distribution and to prevent unwanted signals from disrupting transmit or receive operations. For the three months ended 12/31/98, net sales fell 11 percent to $1.6 million. Net income fell 70 percent to $14 thousand. Revenues reflect decreased sales of MFC's BTV products. Earnings also suffered from increased S/G/A expenses as a  percentage of sales. 
Marshall Industries (NYSE : MI)MI distributes industrial electronic components and production supplies. MI also provides services, such as inventory management, kitting, programming of programmable logic devices and testing services. For the nine months ended 2/28/99, net sales rose 24 percent to $1.29 billion. Net income before extraordinary item fell 40 percent to $16 million. Revenues reflect the acq. of Sterling. Net income was offset by increased interest expense and higher S/G/A expenses due to salary adjustments. 
MicroENERGY, Inc. (OTC BB : MICR)MicroENERGY, Inc. designs and manufactures high frequency power supplies and DC-to-DC converters for OEM electronics customers. For the nine months ended 3/31/99, sales decreased 37 percent to $6 million. Net loss applicable to Common decreased 37 percent to $1.2 million. Revenues reflect a decline in business from one the Company's major customers and the sale of the Tru-Way subsidiary. Lower loss reflects a cost reduction program and productivity improvements. 
Molex, Inc. (Nasdaq : MOLX)Molex, Inc. manufactures electronic, electrical and fiber optic interconnection products and systems; switches; and application tooling. For the nine months ended 3/31/99, revenues increased 3 percent to $1.27 billion. Net income decreased 6 percent to $128 million. Revenues reflect increased data communications, telecommunications, computer-peripheral and international sales. Earnings were offset by increased S/G/A expenses and foriegn currency transaction losses. 
Microvision, Inc. (Nasdaq : MVIS)Microvision, Inc. is engaged in the development of information display technologies that will allow for electronically generated images and information to be projected directly onto the retina of the viewer's eye. For the three months ended 3/31/99, revenues increased 35 percent to $2.3 million. Net loss applicable to Com. rose from $1.2 million to $3.2 million. Revenues reflect various contracts entered into during 1998 and current period. Higher loss reflects increased employee expenses. 
M-Wave, Inc. (Nasdaq : MWAV)M-Wave, Inc., through its subsidiaries Poly Circuits Inc. and P C Dynamics Corp. manufactures microwave frequency components (MFC) and high frequency circuit boards (HFCB) using Teflon based laminates (TBL). For the three months ended 3/99, net sales rose 36 percent to $3.7 million. Net income totalled $10 thousand vs. a loss of $175 thousand. Revenues reflect a final shipment of a matured product line. Net income reflects increased controls and process improvements and lower interest expense. 
MATEC Corporation (AMEX : MXC)MXC is involved in the design, production, import, and sale of quartz crystals and oscillators. MXC also designs and manufactures ultrasonic transducers and offers a wide variety of piezoelectric and high precision optical components. For the fiscal year ended 12/31/98, sales fell 7 percent to $12.1 million. Net income from continuing operations totalled $205 thousand, up from $66 thousand. Revenues reflect a lower beginning backlog. Earnings reflect a $523 thousand gain on the sale of assets. 
NCT Group, Inc. (OTC BB : NCTI)NCT Group, Inc. designs, develops, licenses, produces and distributes electronic systems that electronically reduce noise and vibration. For the three months ended 3/31/99, total revenues totalled $4.2 million, up from $734 thousand. Net loss applicable to Common rose 28 percent to $7.3 million. Revenues reflect a $2 million license fee for rights to exploit the DBSS technology. Higher loss reflects a $3.6 million increase in preferred dividends. 
MobiNetix Systems, Inc. (OTC BB : NETX)MobiNetix Systems is engaged in the development and marketing of interactive e-transaction terminals and consumer friendly applications, including signature capture devices and interactive point-of-transaction terminals. For the nine months ended 3/31/99, revenues totalled $15.3 million, up from $6.4 million. Net income totalled $566 thousand vs. a loss of $2.1 million. Results reflect continued strong sales of the Company's PenWare 3100 interactive electronic transaction terminals. 
NovaTel Inc. (Nasdaq : NGPS)NovaTel Inc. designs, markets and supports a range of products that determine precise geographic locations using the Global Positioning System (GPS). For the nine months ended 10/3/98, total revenues fell 12 percent to C$17.2 million. Net loss from continuing operations totalled C$1.5 million vs. an income of C$4.2 million. Revenues reflect reduced sales in the OEM business. Loss also reflects increased research and development and sales and marketing expenses. 
Nice Systems Ltd. (Nasdaq : NICE)Nice Systems Ltd. develops, designs, manufactures, markets andservices Computer Telephony Integration products that provide logging, monitoring and management solutions for voice, fax and data. For the fiscal year ended 12/31/98, revenues increased 31 percent to $91 million. Net income totalled $4.5 million vs. a loss of $3.2 million. Revenues reflect increased sales of CTI products and COMINT systems. Net income also reflects a lower in process R&D write-off charge ($6.3 million vs. $14.2 million). 
National Micronetics (OTC BB : NMIC)National Micronetics, Inc. is a manufacturer of magnetic recording heads primarily for computer disc drives. NMIC has also begun the sale of other products such as light fixture ballasts and T-shirts. For the six months ended 12/26/97, net sales totalled $0, down from $73 thousand. Net loss decreased 23 percent to $595 thousand. Revenues reflect the suspension of sales of recording head products. Net loss reflects lower cost of products sold due to the suspended sales. 
Numerex Corp. (Nasdaq : NMRX)Numerex Corp. is a telecommunications holding company comprised of business entities providing an array of information transport products and services. For the comparable six months ended 4/30/99, revenues rose 13 percent to $14.1 million. Net loss totalled $2.7 million, up from $609 thousand. Revenues reflect an increase in the volume of derived channel sales in the U.S. and the U.K. Higher loss reflects increased selling, general and administrative expenses. 
NII Norsat International (Nasdaq : NSATF)NII Norsat International designs, engineers and distributes products for use in the satellite wireless communications and cable television industries. For the fiscal year ended 12/31/98, sales rose 14 percent to C$43.4 million. Net loss from continuing operations totalled C$3.1 million vs. an income of C$888 thousand. Revenues reflect increased revenues from satellite ground station receiver components. Loss reflects increased product development and restructuring costs. 
Nu Horizons Electronics (Nasdaq : NUHC)NUHC and subsidiaries is engaged in the distribution of high technology active and passive electronic components. The Company also assembles circuit boards and related electromechanical devices for various OEMs. For the fiscal year ended 2/99, revenues rose 9 percent to $253.9 million. Net income fell 14 percent to $4.5 million. Revenues reflect increased unit sales in the semiconductor distribution business. Earnings were offset decreased interest income. 
n-VISION, Inc. (OTC BB : NVSN)n-VISION, Inc. designs, develops, manufactures and markets proprietary virtual reality products and systems for a variety of commercial, industrial and military applications. For the three months ended 3/31/99, sales fell 72 percent to $308 thousand. Net loss totalled $194 thousand vs. an income of $16 thousand. Revenues reflect a reduced number of immersive display units sold. Loss also reflects negative operating margins due to the reduced revenues. 
Oak Industries, Inc. (NYSE : OAK)OAK designs, manufactures and sells active and passive components for communications networks including cable connectors, fiber-optic lasers, frequency control devices, and control sensing devices. For the three months ended 3/31/99, revenues rose 32 percent to $104.8 million. Earnings fell 7 percent to $6 million. Results reflect the addition of sales by Tele Quarz GmbH. Earnings were offset by reduced margin in the Frequency Control Products Segment and higher debt levels. 
Orbit International Corp. (Nasdaq : ORBT)Orbit International Corporation is engaged in the design, manufature and sale of customized electronic components and subsystems. For the three months ended 3/31/99, net sales decreased 20 percent to $3.4 million. Net loss totalled $18 thousand vs. an income of $471 thousand. Revenues reflect decreased sales from the Company's power unit segment. Loss reflects lower net gross margins and higher selling, general and administative expenses. 
Oryx Technology Corp. (Nasdaq : ORYX)ORYX designs, licenses and sells proprietary technologies to provide electrostatic discharge (ESD) protection and to coat materials used in the disk drive industry. For the nine months ended 11/98, revenues fell 46 percent to $3.7 million. Net loss from continuing operations applicable to Common fell 81 percent to $479 thousand. Revenues reflect the loss of sales from the Instruments business segment. Lower loss reflects the absence of costs related to Instruments business segment. 
Owosso Corporation (Nasdaq : OWOS)Owosso Corporation is a diversified manufacturer of motors, heat transfer coils, replacement cam shaft bearings, all-aluminum horse trailers and agricultural equipment. For the 13 weeks ended 1/31/99, net sales rose 14 percent to $38.8 million. Net loss applicable to Com. rose 56 percent to $403 thousand. Results reflect higher sales in the Engineered Components segment due to acquisitions and higher sales at the Motor Companies, offset by a decrease in gross profit due to dispositions. 
PCD Inc. (Nasdaq : PCDI)PCD Inc. designs, manufactures and markets electronic connectors for use in integrated circuit package interconnect applications, industrial equipment and avionics. For the three months ended 4/3/99, net sales fell 24 percent to $12.6 million. Net income totalled $365 thousand vs. a loss of $27 thousand. Revenues reflect a lower level of backlog due to the slowdown in the semiconductor industry. Earnings reflect the absence of $2.3 million in debenture related amortization. 
Pacific Aerospace & Elec. (Nasdaq : PCTH)Pacific Aerospace and Electronics develops, manufactures and markets high-performance electronics and metal components and assemblies for the aerospace, defense, electronics and transportation industries. For the nine months ended 2/99, sales totaled $76.9 million, up from $37 million. Net loss totaled $8.3 million vs. income of $2.9 million. Revenues reflect increased orders from Boeing and the Aeromet acquisition. Net loss reflects $8.3 million in write-downs related to acquisitions. 
Premier Farnell PLC. (NYSE : PFP)PFP is a distributor of electronic components. PFP operates in four divisions: Appliance Spares, Catalog Distribution, Industrial Products and Product Manufacturing. For the fiscal year ended 2/1/98, revenues fell 24 percent to L743.6 million. Net income according to U.S. GAAP from continuing operations applicable to Common rose 70 percent to L18.7 million. Revenues reflect lower sales due to the 1/97 disposal of the volume distribution division. Earnings reflect higher margins. 
Praegitzer Industries (Nasdaq : PGTZ)Praegitzer Industries is engaged in the design, quick-turnaround, prototyping and pre-production, and volume production of electronic circuit boards. For the six months ended 12/98, revenues rose 25 percent to $110.7 million. Net income fell 46 percent to $1.8 million. Revenues reflect improved technological capabilities, increased capacity and acquisition of the Malaysia facility. Earnings were offset by increased costs, offshore competition and acquisition related expenses. 
Pioneer-Standard Electr. (Nasdaq : PIOS)Pioneer-Standard Electronics, Inc. is a distributor of electronic components and computer products. The Company also provides sales, modifications and repairs for electronic meters and instruments. For the nine months ended 12/31/98, net sales rose 36 percent to $1.7 billion. Net income applicable to Common fell 8 percent to $21.4 million. Results reflect higher sales volume of computer systems products due to the Dickens acquisition, offset by lower margins due to excess supply. 
PixTech, Inc. (Nasdaq : PIXT)PIXT is a development stage company that designs, develops and manufactures field emission displays (FED's), a type of flat panel display. For the fiscal year ended 12/31/98, revenues decreased 4 percent to $3.7 million. Net loss applicable to Common increased 22 percent to $17.9 million. Revenues reflect the absence of recognized cooperation and license sales under the Field Emission Display Alliance agreement. Higher loss also reflects an increase in research and development expenses. 
Park Electrochemical Corp (NYSE : PKE)Park Electrochemical designs, produces and markets advanced electronic materials used to fabricate multilayer printed circuit boards and other interconnect systems. PKE also manufactures and markets plumbing hardware and industrial components. For the fiscal year ended 2/28/99, sales rose 3 percent to $387.6 million. Net income decreased 39 percent to $15.4 million. Revenues reflect a higher volume of electronic materials shipped. Earnings suffered from operating inefficiencies. 
Planar Systems, Inc. (Nasdaq : PLNR)Planar Systems, Inc. engages in the development, manufacturing, and marketing of high performance electronic display products. For the six months ended 3/26/99, revenues decreased 6 percent to $59.7 million. Net income decreased 60 percent to $1.9 million. Revenues reflect a slowdown in the North American and European markets as a result of weak end-product sales. Earnings also reflect increased research and development and marketing expenses and higher debt levels. 
Plexus Corp. (Nasdaq : PLXS)Plexus Corp. provides product realization services to original equipment manufacturers in the computer, medical, industrial, telecommunications and transportation electronics industries. For the six months ended 3/31/99, net sales increased 6 percent to $205.1 million. Net income increased 47 percent to $11.9 million. Revenues reflect higher unit volume sales, partially offset by pricing pressures. Net income also reflects higher gross margins due to operating efficiencies. 
Powell Industries, Inc. (Nasdaq : POWL)Powell Industries, Inc., through its subsidiaries, sells, designs, develops, manufactures, packages and services systems and equipment for the distribution, control and management of electrical energy and other dynamic processes. For the six months ended 4/30/99, revenues rose 10 percent to $110.5 million. Net income fell 30 percent to $4 million. Results reflect increased Bus Duct and Process Control Systems sales, offset by a lower gross profit margin. 
Parlex Corporation (Nasdaq : PRLX)Parlex Corporation designs and manufactures flexible interconnect products including flexible circuits and laminated cables for the automotive, telecommunications, computer, aerospace and medical industries. For the nine months ended 3/28/99, revenues rose 11 percent to $46.9 million. Net income fell 21 percent to $1.7 million. Revenues reflect greater volumes of units shipped. Earnings reflect a writeoff of contaminated inventories and unabsorbed overhead at the Mexican facility. 
PSC Inc. (Nasdaq : PSCX)PSC Inc. designs, manufactures, and markets handheld and fixed position laser-based bar code scanning systems for the automatic identification and data collection market. For the three months ended 3/31/99, net sales increased 10 percent to $59.1 million. Net income decreased 6 percent to $2.1 million. Revenues reflect increased sales of fixed position retail product lines and the U-scan system. Earnings were offset by the inclusion of a $2.1 million severance cost. 
Performance Technologies (Nasdaq : PTIX)PTIX designs, develops, manufactures and markets fault-tolerant, high performance communications, networking and data storage interface systems products, designed to enhance the performance of customers' computer network systems. For the three months ended 3/31/99, revenues rose 9 percent to $8.1 million. Net income rose 13 percent to $1.6 million. Results reflect increased shipments of LAN interface products and an increase in gross margin due to the product mix. 
Photran Corporation (PTRNPTRN manufactures and sells products incorporating thin film coatings which consist of microscopic layers of metal and metal oxide materials. Materials coated with these thin film coatings are components in liquid crystal displays, enhanced reflection mirrors and anti-reflective glass. For the nine months ended 9/98, revenues rose 8 percent to $2.8 million. Net loss totalled $7.4 million, up from $3.5 million. Results reflect increased selling prices, offset by $2.2 million in asset impairment charges. 
Power-One, Inc. (Nasdaq : PWER)Power-One is a designer and manufacturer of power supplies for electronic equipment manufacturers. PWER manufactures more than 700 products that are sold to both distributors and OEMs. For the three months ended 3/28/99, revenues rose 31 percent to $34.8 million. Net loss totalled $3.5 million vs. income of $3.1 million. Revenues reflect increased sales of DC/DC power products due to acquisitions. Net loss suffered from a $3.3 million charge for in process research and development. 
Power Spectra, Inc. (OTC BB : PWSP)PWSP develops, designs, manufactures and markets a family of products that utilize proprietary Gallium Arsenide high-speed semiconductor devices capable of generating extremely rapid, high-power electromagnetic impulses. For the nine months ended 9/30/98, revenues fell 32 percent to $455 thousand. Net loss applicable to Common decreased 20 percent to $1.5 million. Results reflect reduced revenues from the LandRay Contract, offset by reduced overhead and advertising expenses. 
RADA Electronic Ind. Ltd. (Nasdaq : RADIF)RADIF is engaged in the development, manufacture and marketing of advanced electronic and computerized test equipment for use by airlines, maintenance centers, the defense industry and in the sale of electronic and computer components. For the nine months ended 9/98, revenues fell 49 percent to $7.2 million. Net loss before accounting change totalled $21.3 million, up from $6.9 million. Results reflect the transition of the business focus and $6.3 million inventory write-off. 
Recoton Corporation (Nasdaq : RCOT)Recoton Corp. is a worldwide marketer and producer of consumer electronic products for aftermarket use, including video and computer game accessories, home and mobile audio products, car installation products, antennas, storage cases and others. For the three months ended 3/31/99, net sales fell 1 percent to $143.9 million. Net loss totalled $1.5 million vs. an income of $3.6 million. Results reflect retailers having higher existing inventories and increased market development costs. 
Richardson Electronics (Nasdaq : RELL)RELL is a specialized distributor of electronic components, including electron tubes, microwave generators, radio frequency components, power semiconductors and electronic security systems. For the nine months ended 2/28/99, sales rose 5 percent to $235.3 million. Net income fell 4 percent to $6.5 million. Revenues reflect an increase in Display Product Group revenues. Net income was offset by staff additions, higher information costs and severance costs. 
Reptron Electronics Inc. (Nasdaq : REPT)Reptron Electronics, Inc. is an integrated electronics company operating as a national distributor of electronic components and a contract manufacturer of electronic products. For the three months ended 3/31/99, net sales rose 9 percent to $77.4 million. Net loss totalled $2.9 million, up from $501 thousand. Revenues reflect increased manufacturing sales due to the acquisition of Hibbing Electronics. Higher loss reflects lower margins due to lower average prices. 
RF Industries Ltd. (Nasdaq : RFIL)RF Industries is engaged in the design, manufacture and distribution of coaxial connectors used in radio communication, computers, test instruments, PC LANs and antenna devices. RFIL also manufactures wireless digital transmission products. For the three months ended 1/99, sales fell 8 percent to $1.3 million. Net income fell 1 percent to $134 thousand. Results reflect a decline in sales at the RF Neulink Division, partially offset by an improved product mix. 
RF Monolithics, Inc. (Nasdaq : RFMI)RFMI designs, develops, manufactures and markets a broad range of radio frequency components and modules for low-power components, low-power Virtual Wire(R), short-range radio devices, and frequency control modules and filters. For the six months ended 2/28/99, revenues fell less than 1 percent to $26 million. Net income fell 12 percent to $1.6 million. Results reflect lower gross margins from the Company's low-power component products and lower average prices. 
Robinson Nugent, Inc. (Nasdaq : RNIC)Robinson Nugent, Inc. designs, manufactures and markets electronic connectors, integrated circuit sockets and cable assemblies for use by manufacturers of computers, networks and telecommunications equipment. For the nine months ended 3/31/99, revenues fell 12 percent to $51.1 million. Net loss decreased 79 percent to $770 thousand. Revenues reflect a decline in sales of the Company's more mature products. Lower loss reflects a $1.7 million reduction in special and unusual charges. 
Rockwell Int'l Corp. NEW (NYSE : ROK)Rockwell Int'l is engaged in research, development, manufacture and service of electronic controls and communications products including control logic, sensors, human-machine interface devices, motors, power and mechanical devices and software products. For the six months ended 3/31/99, revenues rose 2 percent to $3.38 billion. Net income from continuing operations before acct. change rose 52 percent to $277 million. Results reflect acquisitions and the absence of $103 million in R&D charges. 
Rayovac Corp. (NYSE : ROV)Rayovac is a manufacturer of general batteries, hearing aid batteries and other specialty batteries. The Company also manufactures lighting products and lantern batteries. For the six months ended 4/4/99, revenues rose 10 percent to $271.5 million. Net income before extraordinary item rose 73 percent to $13.1 million. Revenues reflect higher sales of alkaline, hearing aid, specialty and lighting products. Net income reflects reduced manufacturing costs and lower interest expense. 
Rofin-Sinar Technologies (Nasdaq : RSTI)Rofin-Sinar designs, develops, engineers, manufactures, and markets laser products for cutting, welding, and marking a wide range of industrial materials. For the six months ended 3/99, revenues rose 3 percent to $59.7 million. Earnings fell 69 percent to $1.2 million. Net sales reflect an increase in the sales of cutting and welding laser products in Europe and Asia. Net income suffered from lower margins due to product mix and higher R and D expenses. 
Raychem Corporation (NYSE : RYC)RYC manufactures, develops, and sells a variety of high-performance electronic products for original equipment manufacturers, telecommunications, energy, and industrial applications. For the nine months ended 3/31/99, sales fell 2 percent to $1.34 billion. Net income fell 34 percent to $103.1 million. Revenues reflect price reductions and slower volume growth. Net income also suffered from sales of lower margin product lines and a higher level of borrowing. 
Sanmina Corporation (Nasdaq : SANM)SANM is a provider of customized integrated electronic manufacturing services, including turnkey electronic assembly and manufacturing management services to original equipment manufacturers (OEM). For the six months ended 4/3/99, sales rose 21 percent to $556.7 million. Net income fell 27 percent to $28.2 million. Results reflect increased shipments of EMS assemblies to both new and existing customers, offset by $28.3 million in plant closing and asset write-down charges. 
Sawtek, Inc. (Nasdaq : SAWS)Sawtek, Inc. designs, develops, manufactures and markets a broad range of electric signal processing components based on surface acoustic wave technology. For the six months ended 3/31/99, net sales fell 8 percent to $45.7 million. Net income rose 1 percent to $13.3 million. Results reflect reduced sales to Asian customers due to the financial turmoil in the region. Net income was offset by lower general and administrative expenses and increased interest income. 
SCI Systems, Inc. (NYSE : SCI)SCI Systems, an electronics contract manufacturer, designs, manufactures, markets, distributes and services products for the computer, aerospace, defense, telecomm, medical and entertainment industries and for the Government. For the nine months ended 3/28/99, revenues fell 6 percent to $4.91 billion. Net income fell 12 percent to $95 million. Results reflect industrywide pricing pressures, unfavorable customer market share shifts, and costs associated with new facilities and new projects. 
Superconductor Tech. (Nasdaq : SCON)Superconductor Technologies Inc. develops, manufactures and markets products made from superconductor materials and related cryogenics. For the three months ended 3/31/99, net revenues decreased 22 percent to $1.5 million. Net loss increased 42 percent to $2.6 million. Revenues reflect decreased government contract revenue due to the completion of certain government programs. Loss also reflects increased costs of commercial product revenues. 
SEMX Corporation (Nasdaq : SEMX)SEMX provides specialty materials and services to the microelectronic and semiconductor industries worldwide, and also supplies a proprietary copper/tungsten sole weight to a unit of Adidas for Titanium Bubble two golf irons. For the three months ended 3/99, revenues fell 25 percent to $14.9 million. Net income totalled $4.2 million vs. a loss of $659 thousand. Results reflect the 2/19/99 sale of Retconn and lower sales to cellular and semiconductor customers, offset by the 2/19/99 $8.4 million gain. 
Smartflex Systems, Inc. (Nasdaq : SFLX)Smartflex Systems provides product Application Specific Integrated Circuits software and Radio Frequency design, modeling, package/enclodure management and precision assembly management services for performance electronic products. For the fiscal year ended 1/2/99, revenues fell 19 percent to $107.6 million. Net income totalled $1.5 million vs a loss of $4.1 million. Results reflect reduced order backlogs and pricing pressures, offset by the absence of a $5.2 million restructuring charge. 
SGL CARBON Group (NYSE : SGG)SGL CARBON Group is an international manufacturer of carbon and graphite products, including graphite electrodes, cathodes and semiconductor specialty graphites for use in the electric steel, metallurgy, semiconductor, automotive and other industries. For the nine months ended 9/30/98, sales rose 9 percent to DM1.64 billion. Net loss before extraordinary item rose 40 percent to DM220M. Revenues reflect strong growth in Technical Products. Earnings also reflect a lower effective tax rate. 
SigmaTron International (Nasdaq : SGMA)SigmaTron International Inc. is an independent contract manufacturer of electronic components, printed circuit board assemblies and completely assembled (box-build) electronic products. For the nine months ended 1/31/99, revenues fell 1 percent to $64.6 million. Net income rose 45 percent to $685 thousand. Revenues suffered from the floods in Texas and Mexico. Earnings benefitted from a $437 thousand gain on flood proceeds and higher interest income. 
Sheldahl, Inc. (Nasdaq : SHEL)SHEL create thin flexible laminates and their derivatives and markets these products worldwide. SHEL's laminates are of two types: adhesive based tapes and laminates and vacuum deposited materials. For the 26 weeks ended 2/99, revenues fell less than 1 percent to $56.5 million. Net loss applicable to Common before accounting change rose 4 percent to $9.1 million. Results reflect an unexpected design change from a major engine control customer, causing a six week gap in shipments. 
S3 Incorporated (Nasdaq : SIII)S3 Incorporated is a supplier of high performance multimedia accelerator solutions for the PC market. For the three months ended 3/31/99, net sales fell 46 percent to $44.3 million. Net loss totaled $13.9 million vs. income of $4.1 million. Revenues reflect declining unit average selling prices due to competitive conditions and lower unit volumes sold. Net loss reflects the absence of a $26.6 million gain on the sale of a joint venture to UMC. 
SL Industries, Inc. (NYSE : SL)SL Industries is engaged in the design, production and marketing of advanced power and data quality systems and equipment for industrial, medical, aerospace and consumer applications. For the nine months ended 4/99, revenues increased 3 percent to $89.8 million. Net income increased 3 percent to $3.9 million. Revenues reflect the acquisition of Elecktro-Metall Export GmbH in 7/98. Earnings also reflect staff reductions and other cost cutting measures. 
SLI, Inc. (NYSE : SLI)SLI, Inc. and subsidiaries design, manufacture and sell lighting systems which are comprised of lamps, fixtures and ballasts. The Company also produces fiber optic lighting systems. For the three months ended 4/4/99, net sales increased 13 percent to $218.9 million. Net income increased 40 percent to $12.8 million. Revenues benefitted from increased generic growth generated from 1998 acquisitions. Earnings also reflect decreased S/G/A expenses as a result of a reorganization plan and higher other income. 
Solectron Corporation (NYSE : SLR)SLR is an independent provider of customized manufacturing services to electronics original equipment manufacturers (OEMs). SLR provides pre-manufacturing, manufacturing and post-manufacturing services. For the six months ended 2/99, net sales rose 66 percent to $3.85 billion. Net income rose 38 percent to $129.4 million. Revenues reflect higher sales volume from both existing and new customers. Net income was partially offset by lower margins and $2.9 million in acquisition costs. 
Siemens AG (SMAWYSiemens AG, based in Munich, Germany, is a global solutions company with more than 400 manufacturing sites located in 190 countries and with a focus on electrical engineering and electronics. For the fiscal year ended 9/30/98, net sales rose 10 percent to DM117.7 billion. Net income before extraordinary item rose 2 percent to DM2.66 billion. Results reflect strong demand in the U.S. and Western Europe, partially offset by increased research and development and marketing expenses. 
SMTEK International, Inc. (NYSE : SMK)SMTEK provides electronic manufacturing services to original equipment manufacturers in the computer, telecommunications, instrumentation, medical, industrial and aerospace industries. The Company also fabricates printed circuit boards. For the six months ended 12/31/98, sales rose 13 percent to $29.6 million. Net income fell 37 percent to $439 thousand. Sales reflect several new contracts. Net income was offset by a decreased gross profit due to a change in business mix. 
Spatializer Audio Labs. (OTC BB : SPAZ)SPAZ develops and licenses proprietary advanced audio signal processing technologies and products for use in consumer electronics and professional recording and film production, television broadcast, and PC game development. For the three months ended 3/31/99, revenues fell 32 percent to $358 thousand. Net income totalled $2 thousand, vs. a loss of $920 thousand. Results reflect a license agreement being converted into a flat fee, offset by the impact of the discontinuation of MDT. 
Spectrum Control, Inc. (Nasdaq : SPEC)SPEC and its subsidiaries design, manufacture and market a broad line of control products and systems, including power, microwave and specialty ceramic products, designed to suppress the emission of unwanted electromagnetic waves. For the 13 weeks ended 2/28/99, net sales increased 5 percent to $15.3 million. Net income decreased 10 percent to $863 thousand. Revenues reflect an increase in shipping volumes. Net income was offset by a lower gross margin due to a change in sales mix. 
Surge Components, Inc. (Nasdaq : SRGE)Surge Components, Inc. is a supplier of electronic products and components, including capacitors, semiconductor rectifiers, transistors and diodes. For the three months ended 2/28/99, net revenues decreased 7 percent to $2.2 million. Net loss totalled $99 thousand vs. an income of $28 thousand. Revenues suffered from an over abundance of electronic components in the broker distributor market. Loss also suffered from additional filing cost with the SEC and increased personnel expenses. 
Spectrum Signal Process. (Nasdaq : SSPI)Spectrum Signal designs and manufactures products for digital signal processing systems, including signal processing software and operating systems to custom integrated circuits, plug-in boards and modules based on industry standard computer platforms. For the nine months ended 9/98, sales rose 7 percent to $19.5 million. Net loss from continuing operations totalled $6 million vs. an income of $785 thousand. Results reflect development contract fees, offset by a $6.2 million acquired R&D charge. 
Signal Technology Corp. (AMEX : STZ)STZ develops, designs, manufactures and markets electronic components and subsystems used for defense, space and communication applications. For the three months ended 3/31/99, net sales fell 14 percent to $20.4 million. Net income totalled $639 thousand, up from $203 thousand. Revenues suffered from decreased orders at the Microwave and RF Components and Subsystems businesses. Net income reflects an increased gross profit due to improved performance and increased efficiencies. 
Sypris Solutions, Inc. (Nasdaq : SYPR)Sypris Solutions Inc. is a diversified provider of specialized industrial products and technical services. For the three months ended 3/31/99, revenues decreased 19 percent to $44.9 million. Net income increased 44 percent to $1.5 million. Revenues suffered from reduced volume on manufacturing services contracts and reduced customer demands. Earnings reflect a decrease in selling, incentive, travel expenses, and workforce reductions. 
TAVA Technologies, Inc. (Nasdaq : TAVA)TAVA, a control systems integrator, provides software applications, system design and configuration in the manufacturing process control industry. For the nine months ended 3/31/99, revenues totalled $76.4 million, up from $33.5 million. Net income applicable to Common totalled $12.7 million vs. a loss of $915 thousand. Results reflect increased revenues from the Company's Y2kOne suite of products and services and the absence of start-up costs associated with Y2kOne. 
Techdyne, Inc. (Nasdaq : TCDN)TCDN is a manufacturer of electronic and electro-mechanical products manufactured to customer specifications and designed for the data processing, telecommunication, instrumentation and food preparation equipment industries. For the three months ended 3/31/99, total revenues fell 17 percent to $9.9 million. Net loss totalled $149 thousand vs. an income of $510 thousand. Revenues reflect lower European and domestic sales. Loss reflects higher costs of sales as a  percentage of sales. 
TDK Corporation (NYSE : TDK)TDK Corporation is a multinational manufacturer of ferrite products and a producer of coil, ceramic and other components and recording media. TDK's two business segments are electronic materials and components. For the six months ended 9/30/98, net sales rose 7 percent to Y352.85 billion. Net income rose 11 percent to Y28.58 billion. Revenues reflect higher magneto-resistive (MR) heads and optical disks. Earnings also reflect a weaker yen and growth in interest income. 
Tektronix, Inc. (NYSE : TEK)Tektronix, Inc. is a global high technology company with a portfolio of measurement, color printing and imaging, and video and networking businesses. For the 39 weeks ended 2/27/99, net sales fell 13 percent to $1.32 billion. Net loss totaled $76 million vs. income of $39.7 million. Revenues reflect lower Color Printing and Imaging, Measuring Business, and Video and Networking sales. Net loss reflects $120.5 million in restructuring charges to align worldwide operations. 
Tech Electro Industries (OTC BB : TELE)Tech Electro imports, distributes and sells electronic components used in the manufacture and sale of computers, and other goods, and offers a wide range of IT related services. For the fiscal year ended 12/31/98, net revenues rose from $6.7 million to $24.9 million. Net loss applicable to Common rose from $1.4 million to $5.1 million. Revenues reflect the commencement of sales of IT services upon the 3/98 acquisition of U.S Computer Group. Higher loss reflects lower margins and higher S/G/A. 
Teleflex Inc. (NYSE : TFX)Teleflex, Inc. designs, manufactures and distributes engineered products and services for the automotive, marine, industrial, medical and aerospace markets worldwide. For the three months ended 3/28/99, revenues rose 13 percent to $392.2 million. Net income increased 16 percent to $23.1 million. Revenues reflect growth in the Commercial, Medical and Aerospace segments and recent acquisitions. Earnings reflect a lower effective income tax rate. 
TII Industries, Inc. (Nasdaq : TIII)TIII designs, manufactures, and markets overvoltage surge protectors, network interface devices, fiber optic products, and station electronics. For the nine months ended 3/26/99, net sales fell less than 1 percent to $35.8 million. Net income applicable to Com. totalled $18 thousand vs. a loss of $3.8 million. Results reflect production stoppages and damages to facilities in Puerto Rico and Dominican Republic caused by Hurricane George, offset by higher gross profit and $1.4 million insurance proceeds. 
Telepanel Systems Inc. (OTC BB : TLSXF)Telepanel Systems Inc. develops, manufactures and supplies an electronic shelf pricing and information system for use in the retail industry and, in particular, the supermarket industry. For the nine months ended 10/31/98, product sales fell 13 percent to C$5.5 million. Net loss fell 36 percent to C$3.3 million. Revenues reflect the nearing of the product rollout in CT. Lower loss reflects continued success in lowering per unit costs and the absence of $1.6 million in merger costs. 
Thomas & Betts Corp. (NYSE : TNB)Thomas and Betts Corp. develops, manufactures and sells electrical and electronic connectors and components, as well as other related products and accessories. For the three months ended 4/4/99, sales rose 10 percent to $601.5 million. Net income rose 2 percent to $38 million. Revenues reflect increased sales in the electrical segment due to strong demand in utility markets. Earnings were partially offset by increases in marketing and general and administrative expenses. 
Technitrol, Inc. (NYSE : TNL)Technitrol, Inc. segments its business into two industry areas: Electronic Components and Metallurgical Components. For the three months ended 4/2/99, net sales rose 13 percent to $125.2 million. Net income decreased 7 percent to $8.7 million. Revenues reflect higher ECS sales due to the acquisition of FEE and GTI/Valor. Net income was offset by lower margins due to relocation and consolidation and pricing pressures and higher S/G/A as a  percentage revenues. 
Tanisys Technology, Inc. (Nasdaq : TNSU)TNSU designs and markets products consisting of semiconductor memory modules, designs and builds memory module testers and provides design services in conjunction with the licensing of its Touch sensor products. For the three months ended 12/31/98, revenues rose 34 percent to $12.9 million. Net loss applicable to Common fell 1 percent to $1.6 million. Revenues reflect sales increases from new customers. Lower losses reflect a decrease in depreciation expense. 
Tech/Ops Sevcon, Inc. (AMEX : TO)TO designs, manufactures, sells and services solid-state products which control motor speed and acceleration for battery powered electric vehicles in a number of applications. For the six months ended 4/3/99, sales rose 2 percent to $16 million. Net income rose 23 percent to $1.9 million. Revenues reflect increased demand in the mining, fork lift truck and aerial lift markets. Earnings also benefitted from lower material costs and manufacturing efficiencies. 
Technology Research Corp. (Nasdaq : TRCI)TRCI designs, develops, manufactures and markets electronic control and measurement devices related to the distribution of electricity and also specializes in electrical safety products. For the nine months ended 12/98, revenues fell 8 percent to $12.9 million. Net income fell 6 percent to $254 thousand. Revenues reflect decreased sales to Xerox, and decreased in military sales and royalties. Lower earnings were partially offset by decreased S/G/A expenses and a lower tax rate. 
Trikon Technologies, Inc. (OTC BB : TRKN)Trikon Technologies develops, manufactures, markets and service high density, low pressure plasma sources, process modules and processing systems used for deposition applications for the semiconductor industry. For the three months ended 3/31/99, revenues fell 49 percent to $8.7 million. Net loss applicable to Common totalled $3.2 million vs an income of $4 million. Revenues reflect the absence of $10 million in licenses. Loss also reflects higher cost of sales. 
Transnational Industries (OTC BB : TRSN)TRSN manufactures astronomical simulation systems, projection domes, and other curved projection screens. TRSN supplies visual immersion theaters with systems and subsystems for simulation applications used in entertainment, education and training. For the fiscal year ended 1/31/99, revenues rose 6 percent to $7.5 million. Net income applicable to Common before extraordinary item fell 22 percent to $101 thousand. Results reflect higher planetarium revenues, offset by higher travel and R and D expenses. 
Torotel, Inc. (OTC BB : TTLO)Torotel operates two subsidiaries: Torotel Products (the design and manufacture of precision magnetic components); and OPT Industries (the design and manufacture of high power, switching power supplies and a line of magnetic components). For the nine months ended 1/31/99, revenues decreased 32 percent to $6.2 million. Net loss increased 93 percent to $994 thousand. Results reflect lower sales of power supplies to a major customer and a higher aggregate borrowing level. 
Cabletel Communications (AMEX : TTV)Cabletel is a full service distributor of broadband communications equipment (coaxial and fiber optic cable, electronic signal modulators and amplifiers) and manufactures brass and aluminum coaxial cable connectors through the Stirling subsidiary. For the fiscal year ended 12/31/98, sales fell 21 percent to C$42.6 million. Net loss totalled C$7.8 million, up from C$589 thousand. Revenues reflect weaker capital spending by cable operators. Loss reflects higher expenses as a  percentage of sales. 
UCAR International, Inc. (NYSE : UCR)UCR is engaged in the development, manufacturing and marketing of carbon and graphite products. UCR's products include graphite and carbon electrodes, specialty and flexible graphite, and cathode blocks. For the three months ended 3/31/99, net sales fell 17 percent to $202 million. Net income fell 54 percent to $16 million. Revenues reflect lower volumes and sales revenue per metric tone and changes in currency exchange rates. Earnings reflect fine payments and higher debt levels. 
Ultralife Batteries, Inc. (Nasdaq : ULBI)Ultralife Batteries, Inc. develops, manufactures, and markets primary and rechargeable high-technology lithium batteries for the industrial, military and consumer markets. For the nine months ended 3/31/99, total revenues rose 20 percent to $15 million. Net loss decreased 2 percent to $5 million. Revenues reflect increased shipments of 9-volt lithium batteries. Lower loss lagged from lower margins due to higher production costs in the U.K., primarily related to effects from a 1996 fire. 
Ultrak, Inc. (Nasdaq : ULTK)ULTK designs, manufactures, markets, services and sells electronic products and systems for the security and surveillance, industrial and medical video and professional audio markets. For the three months ended 3/31/99, net sales rose 10 percent to $48.7 million. Net income from continuing operations applicable to Common decreased 53 percent to $309 thousand. Revenues reflect higher new products sales and higher sales of CCTV products. Earnings were offset by the inclusion of a $750 thousand special charge. 
Unique Mobility, Inc. (AMEX : UQM)Unique Mobility, Inc. is engaged in the research, development and commercialization of permanent magnet electric motors and the electric controls for such motors, the grinding of high precision gears and the manufacture of electronic circuit board assemblies. For the fiscal year ended 3/31/99, revenues totalled $15.8 million, up from $4.1 million. Net loss rose 15 percent to $3.8 million. Results reflect the acquisition of Franklin, offset by lower margins due to cost overruns. 
U.S. Technologies, Inc. (OTC BB : USXX)USXX is an outsourcing company soliciting assembly, manufacturing, repair, kitting and customer call center services from Fortune 1000 businesses. The Company utilizes prison labor under the Prison Industry Enhancement program. For the three months ended 3/31/99, revenues rose 24 percent to $1.9 million. Net income fell 45 percent to $62 thousand. Revenues reflect increased sales of TMD. Earnings were offset by $228 thousand in severance expenses payable to two former senior officers of the Company. 
Vari-L Company, Inc. (Nasdaq : VARL)Vari-L Company, Inc. designs, manufactures, and markets a wide range of signal processing components and devices used in communication equipment and systems. For the fiscal year ended 12/31/98, net sales rose 4 percent to $18.1 million. Net income rose 33 percent to $2.7 million. Revenues reflect commercial sales of narrow-band VCO's and PLL's. Net income benefitted from higher margins due to the Company's continuing efforts to streamline its processes and automate production. 
Vertex Computer Cable (OTC BB : VCCP)Vertex Computer Cable and Products, Inc. assembles and distributes electronic wire, cable and related products used primarily for data communication and distribution. For the nine months ended 3/31/98, net sales fell 66 percent to $6.2 million. Net loss applicable to Common before extraordinary item fell 41 percent to $2.5 million. Revenues reflect the absence of distribution sales due to a Chapter 11 filing. Lower loss reflects lower interest expense, decreased S/G/A and lower payroll costs. 
Vicor Corporation (Nasdaq : VICR)Vicor Corp. designs, develops, manufactures and markets modular power components and complete power systems using an innovative, patented, high frequency electric power conversion technology called ``zero current switching''. For the three months ended 3/99, net revenues fell 3 percent to $42 million. Net income fell 32 percent to $3.7 million. Results reflect lower unit shipments of standard and custom products and lower margins due to higher depreciation expense. 
Video Display Corporation (Nasdaq : VIDE)Video Display manufactures and supplies cathode ray tubes (CRT's) and related component parts and assemblies in the worldwide replacement market for use in data display screens, including computer monitors, military applications and television sets. For the nine months ended 11/98, sales fell less than 1 percent to $42.7 million. Net income fell 15 percent to $2.1 million. Revenues reflect lower wholesale parts sales. Net income reflects higher S/G/A as a  percentage of revenues. 
Valence Technology, Inc. (Nasdaq : VLNC)Valence Technology, Inc. is engaged in research and development toproduce advanced rechargeable batteries based upon lithium and polymer technologies. For the 39 weeks ended 12/27/98, the Company reported no revenues. Net loss applicable to Common increased 27 percent to $20.8 million. Results reflect an increase in research and development expenses and $3.6 million in dividends and beneficial conversion feature on preferred stock. 
Audiovox Corporation (AMEX : VOX)Audiovox Corp. markets and supplies a diverse line of portable and vehicle cellular telephones and accessories, automotive sound and security equipment, cruise controls, mobile video, and other automotive aftermarket accessories. For the three months ended 2/28/99, sales rose 74 percent to $210.3 million. Net income increased 82 percent to $3 million. Revenues reflect higher automotive security sales and cellular products. Earnings also reflect lower SGA costs as a  percentage of sales. 
Voice Powered Technology (OTC BB : VPTI)Voice Powered Technology was formed to develop, market, and distribute low-cost voice recognition and voice activated products on a worldwide basis, both directly and through licensing agreements. For the three months ended 3/31/99, net sales rose 61 percent to $489 thousand. Net loss before extraordinary item fell 62 percent to $157 thousand. Revenues benefitted from infomercial advertising. Loss also benefitted from lower marketing, administrative and warehousing expenses. 
Vishay Intertechnology (NYSE : VSH)Vishay Intertechnology develops, manufactures and markets passive electronic components. Products include: resistors, tantalum and film capacitors, inductors, and transistors. For the three months ended 3/31/99, net sales increased 21 percent to $423.1 million. Net income decreased 95 percent to $818 thousand. Revenues benefitted from the acquisition of TEMIC and LPSC. Net income suffered from a $10.1 million loss on disposal of subsidiary, acquisition costs and higher debt levels. 
Wesco International, Inc. (NYSE : WCC)Wesco International, Inc. is a distributor of electrical supplies and equipment, and is a provider of integrated supply procurement services. For the three months ended 3/99, revenues increased 12 percent to $777.4 million. Net income decreased 66 percent to $2.9 million. Revenues reflect sales increases coming from acquisitions, and increased direct shipment sales. Earnings were offset by higher levels of borrowings associated with the recapitalization and acquisitions. 
Woodhead Industries, Inc. (Nasdaq : WDHD)Woodhead Industries is primarily engaged in the manufacture and sale of devices for the control and distribution of electrical power for industry. For the six months ended 4/3/99, net sales increased 18 percent to $83.3 million. Net income fell 14 percent to $5.3 million. Revenues reflect increased sales in the industrial communications and connectivity segment due to acquisitions. Earnings were offset by lower margins and increased interest expense. 
Woodward Governor Company (Nasdaq : WGOV)Woodward Governor Company designs and manufactures hydromechanical and electronic fuel controls and fuel-delivery systems, subsystems and components. For the six months ended 3/31/99, revenues rose 37 percent to $289.3 million. Net income fell 8 percent to $7.3 million. Revenues reflect the acquisitions of Woodward FST and Baker Electrical Products. Earnings reflect an $8.2 million restructuring charge related to reorganization and the consolidation of two Woodward's facilities. 
Watkins-Johnson Company (NYSE : WJ)Watkins Johnson Company is a high-technology company specializing in semiconductor-manufacturing equipment and wireless communications products. For the three months ended 3/26/99, sales decreased 5 percent to $65.2 million. Net income decreased 71 percent to $2.9 million. Revenues reflect lower sales of semiconductor equipment. Net income also suffered from a lower gross profit and the absence of a $14.8 million gain on the sale of real property. 
Westwood Corporation (Nasdaq : WNMP)Westwood Corporation designs, manufactures, and sells marine electrical distribution products, including marine switchboards and panelboards, safety cable sealing and transit systems and related electrical hardware. For the nine months ended 12/31/98, sales rose 7 percent to $23.8 million. Net loss totalled $818 thousand vs. an income of $74 thousand. Results reflect increased sales of mobile power systems, offset by the absence of a $797 thousand gain on the sale of a subsidiary. 
WPI Group, Inc. (Nasdaq : WPIC)WPI Group, Inc. designs, manufactures and markets high value added information and power solutions products, including rugged handheld computers and terminals, heavy duty power supplies, small specialized power supplies and others. For the six months ended 3/28/99, net sales rose 4 percent to $47 million. Net loss totalled $1.6 million vs. an income of $2 million. Results reflect the acquisition of WPI Instruments, offset by increased consolidation and restructuring expenses. 
WSI Industries, Inc. (Nasdaq : WSCI)WSI Industries, Inc. is a contract manufacturer of metal components in medium to high volume tolerances. WSCI sells primarily to the computer and agricultural industries. For the 26 weeks ended 02/28/99, net sales fell 15 percent to $9.4 million. Net loss totalled 144 thousand vs. income of $745 thousand. Revenues suffered from the recessionary forces in the agribusiness market. Loss reflects the decrease in gross profit margin. 
Waters Instruments, Inc. (Nasdaq : WTRS)Waters Instruments, Inc. is a customer-driven, electronics manufacturer and marketer of network connectivity, contract manufacturing, agricultural electric fencing, and medical products. For the nine months ended 3/99, net sales increased 8 percent to $11.8 million. Net income increased 55 percent to $640 thousand. Revenues reflect a rise in sales from Waters Medical, Waters Technical Systems and Waters Network Systems. Net income reflects higher gross profit due to cost reductions. 
Wireless Telecom Group (AMEX : WTT)Wireless Telecom Group develops, manufactures and markets a wide variety of electronic noise sources used primarily to test the performance and capability of cellular/PCS and satellite communications systems. For the three months ended 3/31/99, net sales fell 25 percent to $1.5 million. Net income from continuing operations rose 11 percent to $543 thousand. Revenues reflect the timing of shipments and product mix. Earnings benefitted from higher margins due to product mix changes. 
Wavemat Inc. (WVMTWavemat, Inc. designs, manufactures, and markets proprietary microwave plasma systems and sources for advanced materials processing applications. For the nine months ended 9/30/98, total revenues decreased 17 percent to $195 thousand. Net loss decreased 43 percent to $313 thousand. Revenues reflect a decline in sales of the Company's microwave processing system. Lower loss reflects reduced consulting and salary expenses and the recognition of income from Growth Funding, Ltd. 
Excel Technology, Inc. (Nasdaq : XLTC)Excel Technology, Inc. designs, develops, manufactures and markets laser systems and electro-optical components for science, industry and medicine. For the three months ended 3/31/99, net sales rose 40 percent to $20 million. Net income rose 54 percent to $2.5 million. Revenues reflect an increase in sales primarily as a result of the acquisition of Synrad. Earnings benefitted from an improved product mix and lower selling and marketing costs as a  percentage of sales. 
Xetel Corporation (Nasdaq : XTEL)Xetel Corporation provides advanced design and prototype services, manufactures surface mount assemblies and supplies full-service manufacturing solutions to original equipment manufacturers primarily in the networking, computer and telecommunications industries. For the nine months ended 12/26/98, net sales rose 48 percent to $111.1 million. Net income rose 5 percent to $134 thousand. Results reflect increased product shipments, partially offset by higher interest expenses.%}
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Ameren Corporation (NYSE : AEE)Ameren Corporation is a holding company whose subsidiaries, Union Electric and CIPS, are engaged in the generation, transmission and distribution of electricity and the transmission and distribution of natural gas to customers in MO and IL. For the three months ended 3/31/99, total operating revenues rose 5 percent to $735.9 million. Net income rose 36 percent to $54.4 million. Results reflect increased interchange electric sales and decreased injuries and damages expense. 
American Electric Power (NYSE : AEP)American Electric Power is a public utility holding company engaged in the generation, purchase, transmission and distribution of electric power in the states of IN, KY, MI, TN, VA, WV and OH. For the three months ended 3/31/99, revenues rose 11 percent to $1.69 billion. Net income applicable to Common remained flat at $151 million. Revenues reflect increased domestic and worldwide revenues. Earnings were offset by increased interest expenses. 
AES Corporation (NYSE : AES)The AES Corp. operates and owns a diverse portfolio of electric power plants with a total capacity of 24,076 megawatts. For the three months ended 3/99, revenues rose 11 percent to $638 million. Net loss totaled $13 million vs. income of $65 million. Results reflect the acquisitions of EGE Chiriqui, EGE Banyano, and Telasi. Net loss reflects a loss from affiliates of $91 million vs. income of $57 million due to the devaluation of the Brazilian Real and higher interest expenses. 
Avista Corporation (NYSE : AVA)Avista Corp. is an electric and natural gas utility, providing retail electric and natural gas distribution and transmission services and electric and natural gas commodity trading and wholesale marketing. For the three months ended 3/31/99, revenues totalled $1.21 billion, up from $571.7 million. Net income applicable to Common fell 55 percent to $14 million. Results reflect the addition of operations from Avista Energy, offset by warmer than normal weather and soft national energy markets. 
Allegheny Energy, Inc. (NYSE : AYE)AYE is an electric utility holding company for Monongahela Power Co., The Potomac Edison Co., West Penn Power Co., Allegheny Generating Co. For the three months ended 3/31/99, total revenues rose 7 percent to $690 million. Net income applicable to Common rose 25 percent to $97.8 million. Revenues reflect increased residential and commercial kwh sales and higher nonutility revenues. Earnings reflect lower long term debt and reduced interest rates. 
Arizona Public Service (NYSE : AZD)AZD is a electric utility which provides wholesale or retail electric service to the state of Arizona, except Tucson and about 1/2 of the Phoenix area. For the three months ended 3/31/99, revenues increased 9 percent to $414 million. Net income applicable to Common rose 13 percent to $32.8 million. Revenues reflect customer growth and increased profitability from power marketing activities. Earnings also reflect a decrease in operations and maintenance as a  percentage of revenues. 
Bangor Hydro-Electric Co. (NYSE : BGR)BGR is a public utility engaged in the generation, purchase, transmission, distribution and sale of electric energy, with a service area of approximately 5,275 square miles having a population of approximately 192,000 people. For the three months ended 3/99, revenues rose 2 percent to $50.2 million. Net income applicable to Com. rose 88 percent to $3.9 million. Revenues Reflect rate increases. Earnings also reflect decreased fuel and purchased power expenses. 
Black Hills Corporation (NYSE : BKH)Black Hills is an energy services company engaged in electric, coal mining, oil and gas production and energy marketing, operating through Black Hills Power and Light Co., Wyodak Resources, Western Production and Black Hills Capital Group. For the three months ended 3/99, revenues increased 9 percent to $168.2 million. Net income rose 6 percent to $9 million. Results reflect increased residential, commercial and non-firm sales, offset by increased costs of fuel and purchased power. 
BEC Energy (NYSE : BSE)BEC Energy, a holding co., engages in the generation, purchase, transmission, distribution and sale of electric energy and the development and implementation of electric demand side management programs. For the three months ended 3/31/99, revenues fell 6 percent to $371.9 million. Net income applicable to Common fell 9 percent to $18.1 million. Results reflect a reduction in retail rates and a decrease in ST kWh sales. Earnings also reflect increased spending for DSM programs. 
Constellation Energy Grp. (NYSE : CEG)Constellation Energy, a holding company, generates, purchases, and sells electricity and purchases, transports and sells natural gas to customers in Baltimore and in all or part of 10 counties in Central MD. CEG is also engaged in power marketing and other non-regulated activities. For the three months ended 3/31/99, revenues rose 8 percent to $932.3 million. Net income applicable to Common rose 11 percent to $82.8 million. Results reflect increased electric volumes and reduced depreciation. 
CILCORP Inc. (NYSE : CER)CER is engaged in the generation, transmission, distribution and sale of electric energy and natural gas in IL. CER also provides engineering, architectural, laboratory, environmental and related services. For the three months ended 3/99, revenues rose 9 percent to $168.2 million. Net income from continuing operations increased 11 percent to $12.6 million. Revenues reflect higher residential and commercial sales. Net income also reflects lower cost of fuel as a  percentage of revenues. 
Commonwealth Energy Sys. (NYSE : CES)CES is a holding company for four operating public utility companies engaged in the production, distribution and sale of electricity and the distribution of natural gas to customers in MA. CES is also engaged in real estate and other activities. For the three months ended 3/31/99, revenues fell 3 percent to $269.7 million. Net income applicable to Common fell 16 percent to $21.3 million. Results reflect lower electric revenues due to rate reductions and higher operating and maintenance costs. 
Cogeneration Corp. of Am. (Nasdaq : CGCA)CGCA develops, owns and operates cogeneration projects which produce electricity and thermal energy for sale under long-term contracts with industrial, commercial users and public utilities. The Co. also sells and rents power generation and cogeneration equipment. For the three months ended 3/99, revenues rose 51 percent to $26.7 million. Net income fell 10 percent to $2.4 million. Results reflect acquisitions, offset by increased energy costs. 
Gener S.A. (NYSE : CHR)Gener S.A. is engaged in electric energy generation and distribution in Chile and Argentina, and electric energy generation in Colombia and Peru. CHR is also engaged in power trading, shipping and port services and other activities. For the the nine months ended 9/30/98, operating revenues rose 2 percent to CH$206.41 billion. Net income fell 54 percent to CH$34.39 billion. Results reflect the contribution of Electrica Santiago, offset by greater price-level restatement losses. 
Cinergy Corporation (NYSE : CIN)Cinergy is a holding company whose subsidiaries are engaged in the production, transmission, distribution and sale of electric energy and the distribution of natural gas in Indiana, Kentucky and Ohio. For the three months ended 3/99, total revenues rose 4 percent to $1.40 billion. Net income applicable to Common rose 20 percent to $127.2 million. Revenues reflect increased revenues from ProEnergy and higher activity from CG&E. Earnings reflect a $33 million increase in equity of Avon Energy. 
Conectiv (NYSE : CIV)Conectiv, a holding company for Delmarva Power and Light Company and Atlantic Energy Inc., provides regulated electric and gas utility services in DE, MD and VA. CIV is also engaged in communications and other activities. For the three months ended 3/31/99, total revenues rose 88 percent to $946.6 million. Net income applicable to Common totalled $47.4 million vs. a loss of $4.1 million. Results reflect the acquisition of Atlantic Energy and the absence of $40.6 million in special charges. 
CMS Energy Corporation (NYSE : CMS)CMS Energy Corporation is the holding company for Consumers, a public utility providing electric and gas service in Michigan, and Enterprises, which is engaged in the exploration and production of oil and gas. For the three months ended 3/31/99, total revenues rose 12 percent to $1.54 billion. Net income before acct. change applicable to Common totalled $88 million, up from $36 million. Results reflect increased electric and gas utilities, and the absence of a loss on MCV power purchases. 
Central Hudson Gas/Elect. (NYSE : CNH)CNH generates, purchases and distributes electricity. CNH is also engaged in the purchase and distribution of natural gas. For the three months ended 3/99, total revenues rose 2 percent to $146.5 million. Net income applicable to Common fell less than 1 percent to $18.3 million. Revenues reflect increased residential electric sales and residential, commercial and interruptible gas sales. Earnings suffered from increased gas purchasing costs and higher tree trimming related costs. 
CLECO Corporation (NYSE : CNL)CNL generates, transmits and distributes electric energy and natural gas in LA. For the three months ended 3/99, revenues increased 25 percent to $121.7 million. Net income applicable to Common increased 24 percent to $8 million. Revenues reflect an increase in kilowatt-hour sales to residential customers and the addition of industrial customers. Net income was partially offset by increased maintenance and depreciation expenses as a  percentage of revenues. 
Carolina Power & Light Co (NYSE : CPL)CPL is a public service corporation engaged in the generation, transmission, distribution and sale of electricity in portions of North and South Carolina. For the three months ended 3/31/99, revenues rose less than 1 percent to $762.9 million. Net income applicable to Common rose 7 percent to $91.5 million. Revenues reflect continued growth in the number of customers served, offset by declined industrial sales. Earnings reflect lower costs of operation and maintenance. 
Calpine Corporation (NYSE : CPN)CPN is engaged in the acquisition, development, ownership and operation of power generation facilities and the sale of electricity and steam in the U.S. and selected international markets. For the three months ended 3/31/98, revenues totalled $145.9 million, up from $55.1 million. Net income totalled $3.9 million vs. a loss of $3.1 million. Results reflect higher electricity and steam sales from newly acquired power plants and increased unconsolidated investments income. 
Central & South West Corp (NYSE : CSR)CSR is a holding company engaged in the generation, transmission, and distribution of electric power and energy. For the three months ended 3/31/99, total revenues decreased 3 percent to $1.23 billion. Net income decreased 25 percent to $45 million. Revenues reflect decreased non-fuel related revenues due to less favorable weather. Net income also reflects increased maintenance, depreciation and amortization expenses, and increased purchased power costs. 
CMP Group, Inc. (NYSE : CTP)CMP Group, Inc. is a holding company for Central Maine Power, which is engaged in generating, purchasing, transmitting, distributing and selling of electric energy to the customers in Maine. For the three months ended 3/31/99, revenues increased 11 percent to $276.6 million. Net income applicable to Common totalled $33.3 million, up from $16.4 million. Revenues reflect the absence of an ice storm and new residential customers. Earnings reflect lower purchased power energy and other exp. 
Central Vermont Public (NYSE : CV)Central Vermont Public Service Corp. engages in the purchase, production, transmission, distribution and sale of electricity. For the three months ended 3/99, revenues rose 17 percent to $98.6 million. Net income before extraordinary item, applicable to Common rose 38 percent to $12.3 million. Revenues reflect higher MWH sales and a temporary Vermont retail rate increase. Earnings benefited from settled dispute with Hydro-Quebec and decreased maintenance expense. 
Citizens Utilities Co. (NYSE : CZN)Citizens Utilities Co. provides telecommunications, gas transmission and distribution, electric transmission and distribution, water distribution and wastewater treatment services to customers in 22 states. For the three months ended 3/31/99, revenues increased 8 percent to $437.5 million. Net income before accounting change applicable to Common increased 88 percent to $54.6 million. Results reflect acquisitions and the $69.5 million gain on the sale on the Company's investment in Centennial. 
Dominion Resources (NYSE : D)Dominion Resources is the holding company for Virginia Electric and Power Co. and Dominion Energy Inc. The Co. also offers financial services through Dominion Capital, Inc. For the three months ended 3/31/99, revenues fell 27 percent to $1.29 billion. Net income applicable to Common before extraordinary item decreased less than 1 percent to $138.5 million. Results reflect the absence of East Midlands revenue, partially offset by lower depreciation and incresed non-operating income. 
DPL Incorporated (NYSE : DPL)DPL Incorporated, is a holding company providing electric and natural gas services through its subsidiary: Dayton Power and Light Company. For the three months ended 3/99, total revenues increased 1 percent to $383.5 million. Net income rose 3 percent to $72.5 million. Revenues reflect increased retail gas sales due to colder weather. Net income also reflects decreased fuel and purchased power expenses as a  percentage of revenues and increased investment income. 
DQE, Inc. (NYSE : DQE)DQE is a multi-utility delivery and services company. Its subsidiaries are: Duquesne Light Company, AquaSource, Duquesne Ent., DQE Energy Services, DQEnergy Partners and Montauk. Co.'s operations include generation, distribution and sale of electricity. For the three months ended 3/99, revenues rose 9 percent to $326.1 million. Net income applicable to Common rose 7 percent to $48.1 million. Results reflect higher revenues from AquaSource and Control Solutions, partially offset by operating costs. 
DTE Energy Company (NYSE : DTE)DTE Energy Company is an exempt holding company for The Detroit Edison Company, a public utility engaged in the generation, purchase, transmission, distribution and sale of electric energy in southeastern MI. For the three months ended 3/99, revenues increased 8 percent to $1.02 billion. Net income applicable to Common rose 11 percent to $115 million. Results reflect increased electric system sales due to demand resulting from colder weather and lower income taxes paid. 
Duke Energy Corporation (NYSE : DUK)DUK is an integrated energy and energy services provider with the ability to offer physical delivery and management of both electricity and natural gas throughout the U.S. and abroad. Other operations include water utility service, real estate development and communications. For the three months ended 3/99, revenues rose 1 percent to $4.16 billion. Net income applicable to Com. before extraordinary item fell 6 percent to $302 million. Results reflect higher electric sales, offset by interest expense. 
Consolidated Edison, Inc. (NYSE : ED)Consolidated Edison, Inc. supplies electric service to most of New York City and Westchester County, NY. The Company also supplies gas and steam. For the three months ended 3/31/99, revenues decreased 4 percent to $1.78 billion. Net income applicable to Common increased 3 percent to $176.6 million. Revenues reflect decreased gas sales due to implemented rate reductions. Net income benefitted from lower fuel billings due to decreased unit costs for purchased power. 
Empire District Electric (NYSE : EDE)Empire District Electric, is an operating public utility engaged in the generation, purchase, transmission, distribution, and sale of electricity in parts of MO, KS, OK, and AR. EDE also provides water service to three towns in MO. For the three months ended 3/99, revenues rose 7 percent to $54.7 million. Net income applicable to Common rose 70 percent to $4.6 million. Revenues reflect increased kilo-watt sales and rate increases. Earnings reflect lower expenses as a  percentage of revenue. 
El Paso Electric Company (AMEX : EE)EE is a public utility engaged in the generation, transmission, and distribution of electricity in an area of approx. 10,000 square miles in West Texas and Southern Mexico. For the three months ended 3/31/99, revenues fell 5 percent to $129.9 million. Net loss applicable to Common totalled $2.7 million, vs. an income of $7 million. Revenues reflect loss of sales to CFE and rate reductions in TX and NM. Net income reflects the redemption costs of preferred stock and higher depreciation and taxes. 
Edison International (NYSE : EIX)EIX is a holding co. for Southern CA Edison, Co. (public utility), Edison Mission (operates electric power generation facilities), Edison Capital (capital and financial serv.), Mission Land (manages and sells real estate projects) and Edison Enterprises (integr. energy services). For the three months ended 3/31/99, revenues rose 9 percent to $2.09 billion. Net income applicable to Common fell 1 percent to $143.2 million. Results reflect higher retail sales, offset by investment in Edison Enterprises. 
Endesa S.A. (NYSE : ELE)ELE is a vertically integrated electricity utility and the largest generator of electricity in Spain with a market share of 47.4 percent in 1997. For the fiscal year ended 12/97, revenues fell 1 percent to PB1.28T. Net income applicable to U.S. GAAP fell 35 percent to P209.44 billion. Revenues reflect a cut in the tariff which reduced sales to final customers and wholesale consumers. Earnings also reflect increased electricity purchases from independent generators and depreciation costs. 
Companhia Paran. de Energ (NYSE : ELP)Companhia Paranaense de Energia-COPEL is involved in the construction and operation of electricity generation plants and the transmission and distribution of electric energy in the State of Parana. For the six months ended 6/98, net revenues rose 13 percent to CR$665.5 million. Net income before U.S. GAAP rose 41 percent to CR$180.6 million. Revenues reflect higher electricity sales to final customers. Earnings also reflect a reduction in third party expenses and higher financial income. 
Enersis S.A. (NYSE : ENI)Enersis S.A. is primarily engaged, through its subsidiaries and related companies in the distribution, transmission and generation of electricity in Chile, Argentina, Brazil, Colombia and Peru. For the fiscal year ended 12/97, revenues increased 8 percent to CH$1.335T. Net income according to U.S. GAAP decreased 18 percent to CH$101.26 billion. Revenues reflect the inclusion of Aguas Cordillera. Earnings were offset by increased interest expenses. 
Empresa Nacional de Elec. (NYSE : EOC)Endesa Chile generates and transmits electricity in Chile and surrounding areas. As of 3/98, the Co. owned and operated 39 facilities with an aggregate installed capacity of 10247MW. For the fiscal year ended 12/31/97, revenues rose 25 percent to CH$641.23 billion. Net income according to U.S. GAAP fell 24 percent to CH$103.22 billion. Results reflect the consolidation of Betania, revenues from Cachoeira Dourada, and increased sales in Argentina, offset by lower margins and higher debt levels. 
Entergy Corporation (NYSE : ETR)Entergy Corporation is a holding company which engages principally in the following businesses: domestic utility, power marketing and trading, global power development, and domestic nuclear operations. For the three months ended 3/31/99, total revenues fell 29 percent to $1.64 billion. Net income applicable to Common rose 29 percent to $62.2 million. Results reflect the sale of Entergy London and CitiPower, offset by decreased interest charges. 
Eastern Utilities Assoc. (NYSE : EUA)EUA is a holding company for Blackstone, Eastern Edison, and Newport, which provide retail electric utility services in MA and RI. EUA also operates various service subsidiaries. For the three months ended 3/31/99, revenues fell less than 1 percent to $138.9 million. Net income applicable to Common fell 50 percent to $5.6 million. Results suffered from lower energy related business sales. Earnings also reflect increased fuel and purchased power expenses. 
FirstEnergy Corp. (NYSE : FE)FE is a holding company whose subsidiaries, Ohio Edison, The Illuminating Company, Pennsylvania Power and Toledo Edison, provide electric utility service to 2.2 million customers in OH and PA. FE also provides energy-related products and services. For the three months ended 3/31/99, total revenues rose 4 percent to $1.42 billion. Net income rose 11 percent to $136.7 million. Results reflect increased revenues from facilities services and lower fuel and purchased power costs. 
Florida Progress Corp. (NYSE : FPC)Florida Progess Corp. is a diversified electric holding company for Florida Power Corp. Diversified operations include energy and transportation, development, lending and life insurance. For the three months ended 3/31/99, total revenues rose 4 percent to $820.4 million. Net income rose 33 percent to $67.6 million. Results reflect increased wholesale electric sales, higher usage from commerical customers, and the absence of $5.1 million in charges from the closure of the CR3 plant. 
FPL Group, Inc. (NYSE : FPL)FPL Group, Inc. is engaged in the generation, transmission, distribution and sale of electric energy to 3.7 million customers throughout most of the east and lower west coast of FL. FPL is also involved in independent power projects. For the three months ended 3/31/99, revenues rose 6 percent to $1.41 billion. Net income rose 94 percent to $209 million. Results reflect higher customer usage, growth in customer accounts and a $149 million gain on the sale of Adelphia Communications stock. 
Florida Public Utilities (AMEX : FPU)Florida Public Utilities is an operating public utility engaged principally in the purchase, transmission, distribution and sale of electricity, natural gas and water services. For the three months ended 3/31/99, revenues decreased 6 percent to $19.5 million. Net income applicable to Common increased 3 percent to $1.4 million. Results suffered from decreased electric and natural gas revenues. Earnings benefitted from improved margins and increased other income. 
Green Mountain Power Corp (NYSE : GMP)Green Mountain Power Corporation is a public utility company engaged in supplying electrical power in Vermont. For the three months ended 3/31/99, revenues increased 26 percent to $59 million. Net income applicable to Common totalled $2.6 million vs. a loss of $3.4 million. Revenues benefitted from increased retail rate and sales of electricity to small commercial and industrial customers. Earnings also benefitted from equity in earnings of affiliates and lower debt levels. 
GPU, Inc. (NYSE : GPU)GPU is a holding company for three electric utilities serving customers in NJ and PA: Jersey Central Power and Light Company, Metropolitan Edison Company and Pennsylvania Electric Company. For the three months ended 3/31/99, operating revenues increased 3 percent to $1.07 billion. Net income before extraordinary items increased 43 percent to $190.7 million. Results reflect increased energy related revenues due to changes in unbilled revenues and a $27.8 million gain from the sale of assets. 
Hawaiian Electric Indus. (NYSE : HE)HE is a holding company with subsidiaries engaged in electric utility, banking services, marine transportation, and real estate development. For the three months ended 3/31/99, revenues fell 6 percent to $352.2 million. Net income from continuing operations fell 9 percent to $20.8 million. Revenues reflect decrease in the electric utility and savings bank segments. Earnings also reflect lower operating income and AFUDC and higher preferred securities distributions. 
Huaneng Power Int'l, Inc. (NYSE : HNP)Huaneng Power International, Inc. currently owns and operates eight power plants which are principally engaged in the generation and sale of electric power to customers located in five provinces in China as well as the Shanghai municipality. For the fiscal year ended 12/31/97, operating revenue rose 39 percent to RMB6.74 billion. Net income rose 25 percent to RMB1.66 billion. Results reflect sales from new power plants and higher average rates, partially offset by increased depreciation. 
IdaCorp, Inc. (NYSE : IDA)IdaCorp, Inc., a holding company, is a public utility engaged in the generation, purchase, transmission, distsibution and sale of electricity in ID, OR and NV. For the three months ended 3/99, total revenues rose 4 percent to $174.1 million. Net income applicable to Common rose 5 percent to $29.5 million. Revenues reflect cooler temperatures and increased heating degree days. Earnings also reflect decreased MWh purchased and decreased expenses at the coal-fired generating facilities. 
Illinova Corporation (NYSE : ILN)ILN is engaged in the generation, transmission, distribution and sale of electric energy and the distribution, transportation and sale of natural gas in IL. ILN also invests in energy-related projects throughout the world. For the three months ended 3/31/99, total revenues fell 5 percent to $548.4 million. Net income applicable to Common fell 23 percent to $17.7 million. Revenues reflect lower residential sales. Net income also reflects higher maintenance costs. 
Independent Energy Hldgs. (Nasdaq : INDYY)Independent Energy Holdings plc and its subsidiaries generate and market electricity, primarily to light industrial, commercial and public sector markets in the U.K. For the fiscal year ended 6/30/98, revenues rose from L11.1 million to L58M. Net loss according to U.S. GAAP fell 77 percent to L321K. Revenues reflect a higher volume of electricity sales due to increased marketing activities. Lower loss was partially offset by increased interest expense on higher debt levels. 
IPALCO Enterprises (NYSE : IPL)IPALCO Enterprises is engaged primarily in generating, transmitting, distributing and selling electric energy in the city of Indianapolis and adjacent areas. IPL also produces, distributes and sells steam in the city. For the three months ended 3/31/99, revenues rose 6 percent to $200.8 million. Net income rose 17 percent to $29.6 million. Revenues benefited from an increase in KWH due to colder weather. Net income reflects increased sales of emissions allowances. 
Korea Electric Power Corp (NYSE : KEP)KEP is an integrated electric utility company engaged in the transmission and distribution of electricity in the Republic of Korea. For the fiscal year ended 12/31/97, total revenues rose 14 percent to W13.216T. Net income according to U.S. GAAP increased 70 percent to W1.286T. Revenues reflect increases in kilowatt hours sold to the industrial, commercial and residential sectors. Net income also reflects decreased interest expense and an increased U.S. GAAP adjustment. 
Kansas City Power & Light (NYSE : KLT)Kansas City Power and Light is a medium-sized utility involved in the generation, transmission, distribution, and sale of electricity to over 451,000 customers in western Missouri and eastern Kansas. For the three months ended 3/99, revenues fell 3 percent to $190.7 million. Net income applicable to Com. fell 18 percent to $10.9 million. Revenues reflect MPSC and KCC rate reductions. Earnings suffered from increased purchased power expenses. 
KTI, Inc. (Nasdaq : KTIE)KTI is engaged in the development of an integrated waste handling business, providing waste recycling, processing and disposal capabilities, and waste-to-energy facility operations. For the three months ended 3/99, revenues increased 69 percent to $67.4 million. Net income applicable to Common before accounting change fell 35 percent to $906 thousand. Revenues reflect higher sales of recyclables due to the acquisition. Lower income reflects a $748 thousand restructuring charge. 
Kenetech Corporation (OTC BB : KWND)Kenetech Corporation is engaged in the development, construction, financing, sale and operation and management of independent power projects and manufactured wind turbines. For the 13 weeks ended 3/31/99, total revenues fell 88 percent to $431 thousand. Net income applicable to Common totalled $3.6 million vs. a loss of $6.9 million. Revenues reflect the absence of active construction projects. Earnings reflect a $4.6 million gain on the disposition of subsidiaries and assets. 
LG&E Energy Corp. (NYSE : LGE)LG&E Energy Corp. is a holding company for Louisville Gas and Electric Company, LG&E Capital Corp. Total revenues for the three months ended 3/99 increased 26 percent to $566 million. Net income from continuing operations increased 23 percent to $57.6 million. Revenues benefitted from the inclusion of operations from the 5/98 acquisition of KU Energy Corporation and increased electric volumes. Earnings were partially offset by the expenses related with Western Kentucky Energy. 
Alliant Energy Corp. (NYSE : LNT)LNT is a holding company whose subsidiaries are engaged in the generation, transmission, distribution and sale of electric energy, and the purchase, distribution, transportation and sale of natural gas in Iowa, Wisconsin and Delaware. For the three months ended 3/31/99, revenues fell 2 percent to $546.9 million. Net income applicable to Common rose 45 percent to $41.7 million. Results reflect decreased electric sales to off-system customers, offset by lower maintenance expenses. 
Maine Public Service Co. (AMEX : MAP)MAP produces, transmits and distributes electric energy to retail and wholesale customers in northern Maine. For the three months ended 3/31/99, revenues increased 12 percent to $17.5 million. Net income increased 59 percent to $1.8 million. Revenues reflect an increase in retail rates effective 2/1/98 and increased activity by customers. Net income also reflects decreased operating expenses due to an insurance refund due to the curtailment of operations. 
Madison Gas & Electric Co (Nasdaq : MDSN)Madison Gas and Electric Co. generates, transmits, and distributes electricity in Madison and its environs. MDSN also purchases, transports and distributes natural gas in seven other counties. For the three months ended 3/31/99, total revenues rose 6 percent to $79.5 million. Net income rose 8 percent to $9.1 million. Revenues reflect higher gas deliveries due to a colder weather. Earnings benefitted from higher margins due to an electric rate increase. 
MidAmerican Energy Hldgs. (NYSE : MEC)MEC is a power company which generates, distributes and supplies electricity to utilities, government entities, retail customers and other customers worldwide. For the nine months ended 9/30/98, revenues rose 15 percent to $1.89 billion. Net income before extraordinary item rose 3 percent to $107.4 million. Results reflect higher volumes of gas supplied and higher electricity revenues,partially offset by acquisition costs associated with the opening of the competitive gas supply market. 
Minnesota Power, Inc. (NYSE : MPL)Minnesota Power, Inc. is a broadly diversified services company with operations in four business segments: electric operations, water services, automobile services and investments. For the three months ended 3/31/99, revenues rose 4 percent to $257.5 million. Net income applicable to Common rose 13 percentto $20.4 million. Results reflect increased vehicle sales and vehicles financed increased water sales and lower purchased power costs. 
Montana Power Company (NYSE : MTP)Montana Power Company operates electric and natural gas utility systems in MT. MTP's subsidiaries also mine and market coal, oil, gas, and telecommunications, and develop nonutility electric generation facilities. For the three months ended 3/31/99, revenues rose 9 percent to $321.8 million. Net income applicable to Common fell 6 percent to $32.9 million. Revenues reflect growth from telecommunications operations. Earnings were offset by an increase in operations expenses. 
BayCorp Holdings, Ltd. (AMEX : MWH)BayCorp Holdings, Ltd. is a holding company for Great Bay Power Corp., an electric generating company whose principal asset is a 12.1 percent joint ownership interest in the ``Seabrook Project''. For the three months ended 3/99, revenues rose 36 percent to $10.1 million. Net loss decreased 74 percent to $438 thousand. Revenues reflect increased generation, and resale of purchased power. Lower loss benefitted from the absence of outside marketing fees. 
New Century Energies (NYSE : NCE)New Century Energies, a holding Company for PSCo and SPS, is engaged in the generation, purchase, transmission, distribution and sale of electricity and in the purchase, transmission, distribution, sale and transportation of natural gas. For the three months ended 3/31/99, revenues rose 6 percent to $991.4 million. Net income rose 18 percent to $101.3 million. Revenues reflect higher wholesale electric sales. Earnings also benefitted from increased equity in earnings of Yorkshire Power. 
Energy East Corporation (NYSE : NEG)Energy East Corporation generates, purchases, transmits and distributes electricity and natural gas in central, eastern and western NY. For the three months ended 3/31/99, total revenues decreased 12 percent to $550.7 million. Net income applicable to Common rose 29 percent to $98.3 million. Revenues reflect a decrease in retail electricit prices. Earnings benefitted from lower fuel used in electricity generation and electricity purchased and lower depreciation expenses. 
New England Electric Sys. (NYSE : NES)NES is a public utility holding company, whose subsidiaries are engaged in the transmission, distribution, sale and generation of electricity. For the three months ended 3/31/99, revenues rose 6 percent to $657.5 million. Net income applicable to Common fell 22 percent to $44.2 million. Revenues reflect higher kilowatthour deliveries and investments in unregulated ventures. Earnings were offset by the continuing impact of the divestiture of NEES' nonnuclear generating business. 
NiSource, Inc. (NYSE : NI)NiSource, Inc. is an energy/utility-based holding company providing electric energy, natural gas and water service to the public through seven subsidiaries. For the three months ended 3/99, total revenues rose 14 percent to $891.5 million. Net income rose 26 percent to $76.6 million. Revenues reflect higher gas revenues due to the inclusion of BSG and colder weather. Net income reflects higher gas margins due to increased sales to residential and commercial customers. 
Niagara Mohawk Holdings (NYSE : NMK)Niagara Mohawk Holdings, Inc., a holding company, is engaged in the generation, purchase, transmission, distribution and sale of electricity and gas in New York State. For the three months ended 3/99, revenues fell 4 percent to $1.12 billion. Net income applicable to Com. totalled $50.8 million, up from $11.1 million. Revenues reflect lower regulated electric revenues due to decreased volume. Earnings benefitted from decreased purchased electricity costs. 
Northwestern Corporation (NYSE : NOR)NOR provides electric and natural gas service. NOR also holds interests in Cornerstone, a propane distributor, Communications Systems USA, a provider of communication and data solutions and network services, and Blue Dot, a provider of heating, a/c and plumbing services. For the three months ended 3/99, total revenues rose 70 percent to $509.4 million. Net income applicable to Com. rose 28 percent to $13.2 million. Results reflect higher propane sales due to acquisitions, and higher S/G/A expenses. 
Northern States Power Co. (NYSE : NSP)Northern States Power Company is engaged in the generation, transmission and distribution of electricity, and the distribution of natural gas. For the three months ended 3/31/99, revenues increased 6 percent to $743.2 million. Net income applicable to Common decreased 6 percent to $51.3 million. Revenues benefitted from electric retail sales growth and more favorable weather. Earnings were offset by an increase in purchased and interchanged power. 
Northeast Utilities (NYSE : NU)NU is the parent company of Northeast Utilities System. NU provides electrical service to CT, NH and Western MA through it wholly owned subsidiaries. For the three months ended 3/31/99, revenues rose 9 percent to $1.04 billion. Net income totalled $18.4 million vs. a loss $17.9 million. Revenues reflect higher kilowatt-hour sales. Net income also reflects lower costs at the Millstone units, lower major storm expense and lower pension costs. 
Nevada Power Company (NYSE : NVP)NVP is an operating public utility engaged in the electric utility business in the City of Las Vegas and southern Nevada. For the three months ended 3/31/99, revenues increased 10 percent to $182.4 million. Net income applicable to Common fell 36 percent to $4.4 million. Revenues reflect an increase in the energy rate effective 2/1/98 and 3/1/99. Earnings were offset by an increase in fuel expense due to increased generation and higher average purchased power prices. 
OGE Energy Corp. (NYSE : OGE)OGE is a holding company for Oklahoma Gas and Electric Co. (generates, transmits and distributes electricity), Enogex (involved in natural gas activities), and Origen (newly formed non-regulated business). For the three months ended 3/99, revenues rose 32 percent to $378.2 million. Net income applicable to Common totalled $11.1 million vs. loss of $1.1 million. Results reflect growth in the OG&E electric service area, higher Enogex revenues and favorable prices of electricity for purchase. 
Orange and Rockland Util. (NYSE : ORU)ORU operates through two wholly-owned subsidiaries, Rockland Electric Company (NJ), and Pike County Light and Power Company (PA). ORU also operates two non-utility subsidiaries and supplies electricity to 274 thousand customers. For the three months ended 3/99, revenues rose 11 percent to $183.1 million. Net income applicable to Common Stock fell 12 percent to $11.5 million. Revenues reflect higher gas cost recoveries and sales volumes. Earnings reflect lower margins. 
Otter Tail Power Company (Nasdaq : OTTR)Otter Tail Power Company is engaged in the production, transmission, distribution and sale of electric energy. OTTR also owns subsidiaries in the Manufacturing, Health Services and Other Business Operations segments. For the three months ended 3/99, revenues rose 15 percent to $111.3 million. Net income applicable to Common before accounting change totalled $8.7 million, up from $1.3 million. Results reflect increased power pool sales and the absence of a $9.5 million special charge. 
PG&E Corporation (NYSE : PCG)PCG is a holding company providing energy services nationwide through its regulated subsidiary, Pacific Gas and Electric Company, and other services through unregulated subsidiaries. For the three months ended 3/31/99, revenues rose 21 percent to $5.26 billion. Net income rose 12 percent to $156 million. Revenues reflect strong growth in the unregulated Energy Commodities and Services business operations. Earnings were partially offset by low margins yielded by the unregulated activities. 
PECO Energy Company (NYSE : PE)PE provides retail electric and natural gas service in southeastern Pennsylvania, and engages in wholesale marketing of electricity on a national basis. For the three months ended 3/31/99, revenues increased 6 percent to $1.26 billion. Net income applicable to Com. increased 33 percent to $146.4 million. Revenues reflect increased volume as a result of colder weather conditions and new customers. Earnings benefitted from decreased depreciation expenses. 
Public Service Ent. Group (NYSE : PEG)Public Service Enterprise Group is a public utility holding company, and directs two wholly-owned subsidiaries: Public Service Electric and Gas, and Enterprise Diversified Holdings. For the three months ended 3/99, revenues rose 8 percent to $1.8 billion. Net income decreased 2 percent to $188 million. Revenues reflect higher sales resulting from colder weather. Earnings were offset by higher costs related to wholesale power activities and higher transmission and distribution costs. 
Public Service Co. of NM (NYSE : PNM)PNM, a public utility company, is primarily engaged in the generation, transmission, distribution, and sale of electricity and natural gas within the State of New Mexico. For the three months ended 3/31/99, revenues decreased 3 percent to $272.8 million. Net income applicable to Common from continuing operations decreased 10 percent to $23 million. Revenues reflect decreased retail sales due to warmer weather. Earnings also reflect an increase in fuel and purchased power expenses. 
Pinnacle West Capital (NYSE : PNW)Pinnacle West owns three subsidiaries: APS -an Arizona electric utility company, serving 799,000 customers; SunCor -a residential, commercial and industrial developer; and Eldorado -a venture capital unit. For the three months ended 3/99, total revenues rose 6 percent to $438.7 million. Net income fell 1 percent to $30.7 million. Results reflect higher power marketing revenues and expansion of the APS customer base, offset by increased purchased power costs and the absence of investment gains. 
Potomac Electric Power Co (NYSE : POM)Potomac Electric Power is engaged in the generation, transmission, distribution and sale of electric energy. POM also conducts non-utility investment programs. For the three months ended 3/31/99, total revenue rose 13 percent to $429 million. Net income applicable to Common increased from $3.4 million to $24 million. Revenues primarily reflect a 4.7 percent increase in kilowatt-hour sales. Earnings also reflect reduced unit fuel costs due to lower coal, residual oil and natural gas costs. 
Environmental Power Corp. (OTC BB : POWR)POWR owns a leasehold interest in an approximately 83 Mw waste coal-fired electric generating facility located in Pennsylvania. POWR sells power under long term contracts to specified Utility Companies. For the fiscal year ended 12/98, revenues rose 4 percent to $45.7 million. Net loss applicable to Com. totalled $1.7 million vs. income of $4.6 million. Revenues reflect increases in certain rates billed. Net loss suffered from a $3.5 million write-off of receivables in litigation. 
PP&L Resources Inc. (NYSE : PPL)PP&L Resources Inc. is the parent holding company for PP&L, PP&L Global, PP&L Spectrum, PP&L Capital Funding, Penn Fuel Gas, and H.T. Lyons. For the three months ended 3/31/99, operating revenues increased 21 percent to $1.07 billion. Net income applicable to Common fell 5 percent to $140 million. Revenues reflect an increase in electricity market share and the acquisition of Penn Fuel Gas. Earnings were offset by a $45 million charge for the amortization of recoverable transition costs. 
PacifiCorp (NYSE : PPW)PacifiCorp is an electric utility which provides electricity in the United States and Australia. PPW also has interests in financial services. For the three months ended 3/99, revenues rose 24 percent to $959.8 million. Net income from continuing operations applicable to Common Stock totalled $86.5 million vs. a loss of $19.4 million. Revenues reflect an increase in energy volume and higher customer base. Earnings reflect the absence of $113.1 million in special charges. 
Puget Sound Energy, Inc. (NYSE : PSD)Puget Sound Energy, Inc. is a public utility that provides electricity and gas service in the Puget Sound area in Washington State. For the three months ended 3/31/99, revenues increased 10 percent to $575.3 million. Net income applicable to Common increased 7 percent to $66.9 million. Revenues reflect rate increases and growth in the number of gas customers. Earnings were partially offset by increased purchased electricity costs. 
PowerGen PLC (NYSE : PWG)PowerGen PLC engages in the generation and sale of electricity. PWG also explores and develops oil, coal and gas properties in Europe and Asia. For the fiscal year ended 3/31/98, revenues increased 1 percent to L2.93 billion. Net income according to U.S GAAP decreased 91 percent to L45M. Revenues reflect an increase in gas sales. Net income was offset by increased average fuel costs per unit of generation, and higher staff costs due to an increase in staff numbers. 
Reliant Energy (NYSE : REI)Reliant Energy is a holding company primarily for an electric utility company, a power generation projects company, and a natural gas gathering, transmission, marketing and distribution Company. For the three months ended 3/31/99, revenues remained flat at $2.64 billion. Net loss applicable to Common totalled $209.8 million, up from $30.1 million. Revenues reflect higher wholesale energy. Higher loss reflects higher unrealized loss on ACES. 
Rochester Gas & Electric (NYSE : RGS)Rochester Gas and Electric Corporation supplies electric and gas service to approximately one million customers in the nine-county area around the city of Rochester. For the three months ended 3/99, revenues rose 15 percent to $326.1 million. Net income applicable to Com. fell 2 percent to $36.1 million. Revenues reflect heating oil and propane gas sales. Earnings were offset by higher fuel expenses due to the shutdown of the Ginna Plant requiring higher electricity costs. 
St. Joseph Light & Power (NYSE : SAJ)SAJ is primarily engaged in generating, transmitting and distributing electricity in its ten county service area in northwest MO. SAJ also manufactures paper bags through its Percy Kent unit. For the three months ended 3/31/99, revenues fell 3 percent to $28.7 million. Net income fell 83 percent to $414 thousand. Results reflect lower sales at Percy Kent due to reduced demand and elimination of unprofitable contracts, $1.1 million in charges for the pending merger, and higher power expenses. 
SCANA Corporation (NYSE : SCG)SCG, through 13 wholly-owned subsidiaries generates and sells electricity to wholesale and retail customers in SC. SCG also purchases, sells and transports natural gas in SC. For three months ended 3/99, revenues fell 2 percent to $397 million. Net income applicable to Common fell 42 percent to $37 million. Revenues reflect decreased electricity sales due to implementation of an annual rate reduction in 1/99 by the PSC, and milder weather. Earnings also suffered from lower margins. 
Shandong Huaneng Power (NYSE : SH)Shandong Huaneng Power Development Company wholly or partially owns three coal-fired electric power generating plants in the Shandong Province of The Peoples Republic of China. For the fiscal year ended 12/97, revenues decreased 3 percent to RMB2.59 billion. Net income decreased 8 percent to RMB684.7 million. Revenue reflect a decrease in total on-grid output from the Dezhou power plant. Net income reflects an increase in salary benefits and the implementation of an early retirement program. 
SIGCORP, Inc. (NYSE : SIG)SIGCORP is a holding company for SIGECO, a public utility engaged in the generation, transmission, distribution and sale of electric energy and the purchase and sale of natural gas in a service area covering 10 counties in Indiana. For the three months ended 3/99, revenues rose 6 percent to $150.2 million. Net income applicable to Common fell 23 percent to $12.6 million. Results reflect increased revenues from gas and electric sales, offset by the absence of SIPI sale gain. 
Southern Company (NYSE : SO)SO is a holding company for Alabama, Georgia, Gulf, Mississippi and Savannah public utility companies as well as Southern Energy, Southern LINC, Southern Nuclear, SCS, Energy Solutions and other subsidiaries. For the three months ended 3/99, revenues fell 2 percent to $2.44 billion. Net income applicable to Common fell 7 percent to $224.3 million. Results reflect a retail rate reduction ordered by the Georgia PSC, and the Southern Energy's New England acquisition. 
Scottish Power (NYSE : SPI)Scottish Power plc. is engaged in the generation, transmission and distribution of electricity in England and Wales. The Company is also engaged in water and waste water related services and telecommunications. For the fiscal year ended 3/31/98, revenues rose 6 percent to L3.13 billion. Net income according to U.S. GAAP fell 63 percent to L129.8 million. Results reflect a full year's revenue from Southern Waters and growth in ScottishTelecom, offset by L317M in windfall taxes. 
Sierra Pacific Resources (NYSE : SRP)Sierra Pacific Resources, through its subsidiaries, is engaged in the generation, purchase, transmission, distribution and sale of electric energy, gas and water service, pipeline operations and real estate. For the three months ended 3/99, revenues rose 6 percent to $194.8 million. Net income applicable to Common fell 5 percent to $20.1 million. Results reflect higher electric and gas revenues due to the addition of new customers, offset by higher purchased power costs and interest charges. 
Thermo Ecotek Corporation (AMEX : TCK)Thermo Ecotek is an environmental company providing a range of environmentally responsible technologies and products, including nonutility electric power generation using clean combustion processes, engineered clean fuels and pest control products. For the 26 weeks ended 4/3/99, revenues fell 3 percent to $92.4 million. Net income fell 68 percent to $4.3 million. Results reflect unplanned outages at California facilities and the absence of $6.3 million in gains on subsidiary stock. 
TECO Energy, Inc. (NYSE : TE)Teco Energy, Inc. is a utility holding company whose subsidiaries provide retail electric and gas service to customers in central FL, operate independent power projects in the U.S. and Latin America. TE also engages in diversified activities. For the three months ended 3/31/99, revenues fell 5 percent to $446.4 million. Net income from continuing operations rose 58 percent to $48.6 million. Results reflect the absence of $8.7 million in deferred revenues, offset by the absence of $25.9 million in non-recurring charges. 
Trigen Energy Corporation (NYSE : TGN)Trigen Energy Corp. develops, owns and operates commercial district energy systems, industrial thermal power facilities and cogeneration facilities in the U.S. and Cananda. For the three months ended 3/31/99, revenues rose 14 percent to $85.4 million. Net income before extraordinary item and accounting change rose 13 percent to $6.1 million. Revenues reflect a colder winter and three new industrial accounts. Earnings were partially offset by higher fuel and consumables cost. 
TNP Enterprises, Inc. (NYSE : TNP)TNP is a holding company for Texas-New Mexico Power, a regulated utility engaged in purchasing, generating, distributing and selling electricity to customers in TX and NM. For the three months ended 3/99, revenues fell 6 percent to $118.1 million. Net income from continuing operations and applicable to Common fell 39 percent to $3.1 million. Results reflect rate reductions persuant to the Texas Transition Plan, the loss of a major customer, lower operating margins and higher depreciation. 
Transtech Industries (OTC BB : TRTI)TRTI, directly and through its subsidiaries, generates electricity utilizing methane gas, supervises and performs landfill monitoring and closure procedures, manages methane gas recovery operations and has investments in computer equipment under lease. For the fiscal year ended 12/31/98, revenues rose 34 percent to $748 thousand. Net loss totalled $947 thousand vs. an income of $5.9 million. Results reflect higher environmental services revenues, offset by the absence of remediation. 
Texas Utilities Company (NYSE : TXU)Texas Utilities Co. is a holding company which through its subsidiaries engages in the generation, purchase and distribution of electricity; the processing, transmission, distribution and marketing of natural gas; and power development and telecommunications. For the three months ended 3/99, revenues rose 79 percent to $4.47 billion. Earnings rose 43 percent to $182 million. Results reflect the acquisitions, partially offset by lower electricity rates and higher interest costs. 
Unicom Corporation (NYSE : UCM)Unicom Corp. is engaged in the production, purchase, transmission, distribution and sale of electricity in the Chicagoarea. For the three months ended 3/31/99, revenues decreased 8 percent to $1.54 billion. Net income before extraordinary item increased 81 percent to $97.1 million. Revenues suffered from milder than normal winter weather. Earnings benefitted from a decrease in fuel and purchased power expenses, and lower nuclear insurance and safety costs. 
UtiliCorp United Inc. (NYSE : UCU)UCU runs two lines of business: Regulated: (operates utilities and provides appliance repair and servicing) and Aquila Energy (markets wholesale energy, transports and processes natural gas). For the three months ended 3/31/99, revenues rose 31 percent to $3.8 billion. Net income rose 20 percent to $51.9 million. Revenues reflect increased number of customers, lower purchased power costs and increased market share, partially offset by lower gains from investments. 
United Illuminating Co. (NYSE : UIL)United Illuminating Co. is engaged in the production, purchase, transmission, and distribution of electricity for residential, commercial, and industrial customers in south western CT. For the three months ended 3/31/99, revenues increased 4 percent to $168.7 million. Net income applicable to Common increased 11 percent to $9.9 million. Results benefitted from an increase in retail revenues. Earnings also reflect decrease fuel and energy expenses and lower debt levels. 
Unisource Energy Corp. (NYSE : UNS)UNS is a holding company for Tucson Electric Power Company, a public utility company engaged in the generation, purchase, transmission and sale of electricity. For the fiscal year ended 12/31/98, total revenues rose 5 percent to $768.7 million. Net income fell 66 percent to $28 million. Revenues reflect higher sales to retail customers due to contract amendments. Lower income reflects the absence of a $10.2 million reversal of a loss provision, higher debt levels and fuel purchase power costs. 
U.S. Energy Systems (Nasdaq : USEY)USEY owns, develops, and operates cogeneration and independent power plants. USEY also provides environmental and remedial services which include collecting and recycling used motor oil and industrial oils and water. For the three months ended 4/30/99, revenues rose 1 percent to $902 thousand. Net loss applicable to Common rose 1 percent to $273 thousand. Results reflect new year-round contracts in water treatment and oil recycling, offset by increased equipment repairs expenses. 
UNITIL Corporation (AMEX : UTL)UNITIL Corporation is a public utility holding company engaged in the retail sale and distribution of electricity and related services in NH and both electric and gas services in north central MA. For the three months ended 3/31/99, revenues fell 4 percent to $42.3 million. Net income applicable to Common rose 5 percent to $2.7 million. Results reflect lower electric rates due to lower energy supply prices, offset by higher electric margins and lower interest expense. 
Wisconsin Energy Corp. (NYSE : WEC)WEC, a holding company, is principally engaged in the generation, transmission, distribution and sale of electric energy, gas and steam to customers in east central and northern WI and the upper peninsula of MI. For the three months ended 3/31/99, revenues rose 5 percent to $536.7 million. Net income applicable to Common rose 9 percent to $53.5 million. Results reflect an increase in total electric kilowatt-hour sales, rate increases and a decrease in purchased gas costs. 
WPS Resources Corp (NYSE : WPS)WPS is a holding company for the Wisconsin Public Service Corp., Upper Peninsula Power Company, WPS Energy Services, Inc., and WPS Power Development, Inc. The subsidiaries are engaged in the supply and distribution of electric power and natural gas. For the three months ended 03/99, sales rose 13 percent to $329.8 million. Net income applicable to Common rose 27 percent to $22.8 million. Results reflect the increase in Wisconsin retail gas and electric rates. 
Western Resources Inc. (NYSE : WR)WR provides electric generation, transmission and distribution services in Kansas, and provides natural gas transmission and distribution in Oklahoma and Kansas. WR also provides monitored services to customers worldwide. For the three months ended 3/99, total sales rose 20 percent to $460.6 million. Net income applicable to Common fell 28 percent to $20.5 million. Results reflect higher energy sales and increased security revenues, offset by higher levels of LT debt.%}
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Alico, Inc. (Nasdaq : ALCO)Alico, Inc. engages in citrus fruit production, cattle ranching, sugarcane, sod production, and forestry. ALCO also leases land for farming, cattle grazing, recreation and oil exploration. For the six months ended 2/28/98, total revenues remained flat at $23.1 million. Net income increased 55 percent to $3.7 million. Results reflect a decrease in sales from citrus and sugarcane harvests, offset by higher profits on real estate sales and lower harvesting costs. 
Andersons, Inc. (Nasdaq : ANDE)The Andersons, Inc. engages in grain merchandising, operates grain elevators, manufactures agricultural fertilizer, distributes agricultural inputs to dealers and farmers, processes lawn fertilizer and corncob based products and purchases and repairs railcars. For the three months ended 3/31/99, revenues fell 10 percent to $200.8 million. Net income totalled $44 thousand vs. a loss of $824 thousand. Results reflect a decrease in average grain prices, offset by higher margins. 
Bionova Holding Corp. (Nasdaq : BNVA)BNVA is a holding company for Agricola Batiz (grows fruits and vegetables in Mexico), International Produce (marketing and distribution), DNA Plant Tech. Corp. and VPP (agribusiness biotechnology companies). For the three months ended 3/31/99, revenues fell 17 percent to$58.3 million. Net loss totaled $4.9 million, up from $700 thousand. Revenues reflect low production stemming from unusually cold weather. Higher loss reflects increased product shipments to Mexico with lower prices. 
Northland Cranberries (Nasdaq : CBRYA)Northland Cranberries, Inc. is a vertically integrated grower, processor and marketer of cranberries and value-added consumer cranberry products. The Company owns and operates 25 cranberry producing marshes in WI and MA. Revenues for the six months ended 2/28/99 rose 83 percent to $89.3 million. Net income decreased 13 percent to $188 thousand. Results reflect higher private label sales generated by Minot Food Packers, offset by a lower margin product mix and higher promotion costs. 
Chai-Na-Ta Corp. (OTC BB : CCCFF)Chai-Na-Ta Corp., together with its subsidiaries, is engaged in the growing, processing, and marketing of North American ginseng. For the fiscal year ended 11/30/98, revenues rose 91 percent to C$17.3 million. Net loss according to U.S. GAAP fell 28 percent to C$8.4 million. Revenues reflect higher root sales volumes and increased processed product sales. Lower loss reflects the absence of a C$7.3 million loss on sales contract, partially offset by a C$3.4 million provision for asset impairment. 
Delta and Pine Land Co. (NYSE : DLP)Delta and Pine Land Co. breeds, produces, conditions and markets varieties of cotton planting seed. DLP also breeds, produces and distributes soybean planting seed. For the six months ended 2/28/99, revenues fell 3 percent to $80 million. Net loss applicable to Common totalled $4.1 million vs. an income of $5.1 million. Revenues reflect a higher reserve for estimated seed returns. Net loss reflects higher research and product development costs and merger related expenses. 
Eco Soil Systems, Inc. (Nasdaq : ESSI)Eco Soil Systems, Inc., markets and supports a proprietary line of microbial products, through two patented distribution systems, which control soil, crop and water problems. For the three months ended 3/99, revenues totalled $17.3 million, up from $8.4 million. Net loss totalled $4.8 million, up from $1.7 million. Revenues reflect acquisitions in the Midwest and establishment of Agricultural segment. Higher loss reflects overhead costs related to the acquisitions. 
Fresh Del Monte Produce (NYSE : FDP)FDP, produces, distributes and markets fresh produce. The Company's products are marketed throughout the world in over 40 countries under the DEL MONTE (R) brand name. For the nine months ended 9/25/98, net sales rose 7 percent to $1.23 billion. Net income before extraordinary item applicable to Ordinary Shares rose 59 percent to $108.5 million. Revenues reflect growth in sales of bananas, pineapples, grapes and melons. Earnings also reflect higher margins due to favorable sales pricing. 
Hines Horticulture, Inc. (Nasdaq : HORT)HORT produces and distributes horticulture products through its two operating divisions, Hines Nurseries (a supplier of ornamental, container-grown plants) and Sun Gro Horticulture(marketer and distributor of peat-based products). For the three months ended 3/99, revenues rose 23 percent to $59.4 million. Net income applicable to Com. totalled $1.7 million vs. a loss of $3 million. Results reflect continued expansion of key facilities, and the absence of preferred stock dividends. 
Margo Caribe, Inc. (Nasdaq : MRGO)MRGO is engaged in the business of growing and distributing a wide range of both indoor and outdoor tropical foliage and flowering plans in Puerto Rico. The Co. also sells lawn and garden products and provides landscaping services. For the three months ended 3/31/99, revenues rose 17 percent to $1.5 million. Net income totalled $63 thousand vs a loss of $91 thousand. Results reflect an increase in volume of landscaping services and higher demand for plant material. 
ML Macadamia Orchards, LP (NYSE : NUT)ML Macadamia Orchards, L.P. is a publicly traded partnership engaged in the business of growing macadamia nuts in Hawaii. For the three months ended 3/31/99, sales fell less than 1 percent to $3.4 million. Net loss applicable to Limited Partners fell 19 percent to $536 thousand. Revenues reflect a decreased amount of nuts harvested. Earnings also reflect increased costs per pound, increased depreciation expense and costs associated with the moving of the company's headquarters. 
Orange-Co., Inc. (NYSE : OJ)Orange-Co., Inc. is engaged in growing, processing, packaging and marketing citrus products and other beverages. OJ owns and manages 16,796 acres of productive citrus groves in FL. For the three months ended 12/98, revenues rose 28 percent to $33 million. Net income totalled $1.6 million vs. a loss of $2 million. Revenues reflect increased volumes of bulk citrus juice products sold due to an expanding sales program. Net income reflects higher profit margins. 
Optimax Industries, Inc. (OTC BB : OPMX)OPMX is engaged in the propagation and growing of more than 400 species of terrestrial and aquatic plants and seeds native to FL. OPMX also designs floral and non-floral related giftware, manufactures truck bed-liners and develops real estate. For the nine months ended 9/97, sales totalled $779 thousand, up from $378 thousand. Net loss totalled $2.2 million, up from $146 thousand. Results reflect the start of the new horticultural and giftware business activities, offset by lower margins. 
Pioneer Hi-Bred Int'l (NYSE : PHB)Pioneer Hi-Bred Int'l develops, produces and markets hybrids of corn, sorghum and varieties of soybeans, canola, alfafa and wheat. PHB is also engaged in applied genetics research. For the six months ended 2/28/99, net sales fell 1 percent to $376 million. Net loss applicable to Common rose 29 percent to $72 million. Revenues reflect lower North American wheat sales due to reduced acres and lower commodity prices. Loss also reflects lower investment income and additional personnel. 
Scheid Vineyards Inc. (Nasdaq : SVIN)Scheid Vineyards Inc. is an independent producer of premium varietal wine grapes. SVIN currently operates approximately 5,150 acres of wine grape vineyards. For the fiscal year ended 12/31/98,revenues decreased 12 percent to $17.5 million. Net income (vs. pro-forma) decreased 31 percent to $3.6 million. Revenues suffered from unseasonably cool and cloudy weather causing delayed vine growth and crop development. Earnings also suffered from a decrease in gross profit. 
Sylvan, Inc. (Nasdaq : SYLN)Sylvan, Inc. is a worldwide producer and distributor of mushroom spawn (the equivalent of seed for mushrooms) and is a grower and packer of fresh mushrooms. For the three months ended 4/4/99, net sales increased 1 percent to $22.1 million. Net income fell 34 percent to $1.3 million. Revenues benefitted from an increase in international sales. Earnings were offset by variations in the production yields, higher professional fees, additional bad debt reserves and costs related to acquisitions. 
Willamette Valley Vineyrd (Nasdaq : WVVI)WVVI owns and operates vineyards and a winery located in Oregon, which produces and distributes premium and super premium wines, primarily pinot noir, chardonnay and white riesling. For the fiscal year ended 12/31/98, revenues rose 7 percent to $6.1 million. Net loss totalled $72 thousand vs. income of $68 thousand. Revenues reflect the increase in tasting room sales and festival sales. Loss reflects higher S/G/A expense due to a reserve for the doubtful collection of $81 thousand.%}
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Advanced Materials Group (Nasdaq : ADMG)Advanced Materials Group engages in the conversion of specialty materials, including foams, films and adhesive composits into components and finished products. For the three months ended 2/28/99, net sales fell 8 percent to $7.4 million. Net loss from continuing operations totalled $390 thousand vs. an income of $538 thousand. Revenues reflect lower volumes and negative price variances in key customer accounts. Loss reflects lower margins due to profit sharing agreement and start-up costs. 
Advanced Deposition Tech. (Nasdaq : ADTC)Advanced Deposition Technologies develops, manufactures, markets and sells standard and proprietary metallized films for energy management applications. For the three months ended 3/31/99, revenues rose 5 percent to $6.2 million Net income totalled $37 thousand vs. a loss of $192 thousand. Revenues reflect stronger film sales in the U.S. and initial sales from MICROTECH A/S in Denmark. Net income also reflects lower manufacturing and raw material expenses. 
AG-Bag Int'l, Ltd. (OTC BB : AGBG)AG-Bag International manufactures and sells machines and related bags used in the agriculture industry to store feed for livestock, grain and other products. For the three months ended 3/99, revenues decreased 1 percent to $4.7 million. Net loss applicable to Common totalled $195 thousand vs. an income $9 thousand. Revenues reflect the decline of milk prices. Net loss reflects lower margins, increased sales personnel, higher commissions and professional, travel and meeting expenses. 
Alltrista Corporation (NYSE : ALC)Alltrista Corporation operates in several different segments: consumer products, plastics packaging, zinc products, industrial plastics and industrial equipment. For the three months ended 3/31/99, net sales increased 20 percent to $51.6 million. Net income from contin. operations increased 24 percent to $2 million. Revenues benefitted from the introduction of Golden Harvest housewares product line. Earnings also benefitted from improved margins due to lower raw material prices. 
AptarGroup, Inc. (NYSE : ATR)AptarGroup, Inc. manufactures, designs and sells consumer product dispensing systems for the personal care, pharmaceutical, food and household products markets. For the three months ended 3/31/99, net sales rose 16 percent to $198.2 million. Net income rose 8 percent to $14.3 million. Revenues benefitted from weaker U.S. dollar and acquisitions. Earnings reflect under-utilization of overheads from the softness in the low-to-mid range fragrance/cosmetics market. 
Avery Dennison Corp. (NYSE : AVY)Avery Dennison manufactures pressure-sensitive materials and specialty adhesives for labels, product identification and control systems, as well as office products and accessories. For the three months ended 4/3/99, revenues increased 11 percent to $933.9 million. Net income fell 66 percent to $18.4 million. Revenues benefited from the Zweckform venture and worldwide ticketing business. Net income was offset by a $65 million restructuring charge. 
Ball Corporation (NYSE : BLL)Ball Corporation is a manufacturer of metal and plastic packaging, primarily for beverages and foods, and a supplier of aerospace and other technologies and services to commercial and governmental customers. For the three months ended 4/3/99, net sales rose 49 percent to $820.2 million. Net income before accounting change applicable to Common totalled $15 million, up from $4.8 million. Results reflect acquisitions in the metal beverage segment and the absence of relocation costs. 
Bemis Company, Inc. (NYSE : BMS)Bemis Company, Inc. is a manufacturer of flexible packaging products and pressure sensitive materials. For the three months ended 3/99, net sales decreased less than 1 percent to $450.6 million. Net income decreased 16 percent to $18.5 million. Revenues reflect lower selling prices for many flexible packaging products. Earnings suffered from losses related to Brazilian joint venture, devaluation of the Brazilian currency and accrued relocation and reorganization costs. 
BPI Packaging Tech. Inc. (OTC BB : BPIE)BPIE develops, manufactures, markets and sells proprietary high performance unprinted and printed plastic films to consumer packaged goods and industrial companies. BPIE also sells and markets plastic carryout bags and in-store advertising and promotion products. For the fiscal year ended 12/31/98, revenues totalled $10.4 million. Net loss totalled $3.2 million. Results are not comparable due to FY'97 totalling 10 months as a result of a fiscal year end change. 
BWAY Corporation (NYSE : BY)BWAY Corporation is a holding company whose principal subsidiaries manufacture and distribute metal containers and provide materials center services in the United States and Canada. For the six months ended 4/4/99, revenues rose 17 percent to $226.5 million. Net income before accounting change fell 24 percent to $4.7 million. Revenues reflect the U.S. Can acquisition and improvments in general line sales. Earnings suffered from a lower gross profit margin. 
Crown Cork & Seal Co. Inc (NYSE : CCK)Crown Cork and Seal Co., Inc. manufactures and sells metal and plastic containers, aluminum and plastic closures and crowns as well as manufactures filling, packaging and handling machinery. For the three months ended 3/99, net sales fell 5 percent to $1.79 billion. Net income applicable to Common fell 30 percent to $25.6 million. Results suffered from foreign exchange adjustments, the pass through of certatin lower raw material prices, and decreased European sales of aerosol and specialty cans. 
Cristalerias de Chile S.A (NYSE : CGW)CGW is the largest producer of glass containers in Chile. The Company is also engaged in Chile's wine and media and communications industries. For the fiscal year ended 12/31/97, net sales increased 13 percent to CH$99.40 billion. Net income according to U.S. GAAP rose 2 percent to CH$14.35 billion. Net sales reflect increased sales of glass containers and higher sales to the wine, liquor and pharmaceutical sectors. Net income was partially offset by higher cost of sales as a  percentage of revenues. 
Consolidated Mercantile (Nasdaq : CSLMF)Consolidated Mercantile, Inc. is an investment management holding company with investments in operating companies and subsidiaries in the furniture, specialty covers, packaging and real estate industries. For the six months ended 6/30/98, sales rose 17 percent to C$42.5 million. Net income applicable to Common totalled C$153 thousand, up from C$77 thousand. Results reflect increased sales of packaging products and reduced earnings attributed to non-controlling interest. 
Denali Incorporated (Nasdaq : DNLI)Denali is primarily engaged in the manufacture and sale of fiberglass composite underground storage tanks, steel aboveground storage tanks, and engineered fiberglass reinforced plastic products for corrosion resistant applications. For the 39 weeks ended 3/27/99, net sales rose 61 percent to $110.2 million. Net income before extraordinary item applicable to Common totalled $2.7 million vs. a loss of $1.3 million. Results reflect acquisitions, internal growth and higher margins. 
Disc Graphics, Inc. (Nasdaq : DSGR)DSGR is a diversified manufacturer and printer of packaging for music, home video, entertainment software, publishing, pharmaceutical and cosmetics markets. For the three months ended 3/99, revenues rose 18 percent to $14.9 million. Net income rose from $118 thousand to $301 thousand. Revenues reflect increased net sales of video and entertainment packaging, commercial printing, music and audio and consumer product packaging. Net income reflects higher margins. 
EarthShell Corporation (Nasdaq : ERTH)EarthShell Corporation is engaged in the licensing and commercialization of propreitary composite material for the manufacture of disposable packaging for the foodservice industry, such as hinged-lid containers, cups, plates, trays, and bowls. The Company has not yet commenced revenue-generating operations. For the three months ended 3/99, net loss applicable to Common rose 76 percent to $8.3 million. Higher loss reflects higher R&D expense and higher personnel costs. 
Foamex International Inc. (Nasdaq : FMXI)Foamex, a holding Company, is engaged primarily in the manufacture and distribution of flexible polyurethane foam and foam products. For the 13 weeks ended 3/31/99, net sales rose 3 percent to $322.9 million. Net loss before extraordinary items rose 21 percent to $6 million. Revenues reflect increased automotive lamination products sales. Earnings also reflect lower S/G/A expenses due to the elimination of duplicative costs and a $4.2 million gain from the sale of the corporate airplane. 
Frisby Technologies (Nasdaq : FRIZ)Frisby Technologies is engaged in the development and commercialization of innovative thermal management products for use in a range of consumer and industrial products. For the fiscal year ended 12/31/98, revenues totalled $2.9 million, up from $1.3 million. Net loss totalled $3.9 million, up from $1 million. Revenues reflect initial sales of ComforTemp foams and Thermasorb additives. Higher loss reflects increased advertising and personnel expenses. 
Greif Brothers Corp. (Nasdaq : GBCOA)Greif Brothers Corporation manufactures industrial shipping containers and containerboard and related products. The Company operates 100 locations in 28 U.S. states and three Canadian provinces. For the six months ended 4/30/99, total revenues rose 4 percent to $386.2 million. Net income fell 41 percent to $14.5 million. Revenues reflect the acquisitions of Sunoco containers. Net income suffered from lower margins due to lower paper prices. 
IMTEC, Inc. (Nasdaq : IMTC)IMTEC, Inc. designs, assembles, markets and sells high performance barcode labels, and label systems. For the six months ended 12/31/98, revenues increased 15 percent to $6.2 million. Net income decreased 19 percent to $338 thousand. Revenues benefitted from an increase in bar code labels and printing supplies due to a rise in sales and marketing efforts. Earnings were offset by a decrease in gross profit as a  percentage of sales, and an increase in sales and marketing personnel. 
Intertape Polymer (AMEX : ITP)ITP develops and produces a variety of specialized polyolefin plastic packaging products for industrial use which include various gummed, masking, filament and specialty tapes, shrink wraps, and packaging products. For the three months ended 3/31/99, revenues totaled $121.5 million. Net income totaled $8.2 million. Results are not comparable due to the company's decision to change reporting currency to U.S. dollars. 
Ivex Packaging Corp. (NYSE : IXX)IXX is a vertically integrated specialty packaging company that designs and manufactures value-added plastic and paper-based flexible packaging products for the consumer and industrial packaging markets. For the three months ended 3/31/99, revenues increased 5 percent to $143.2 million. Net income rose 17 percent to $6.2 million. Revenues benefited from increased unit sales volume of extruded sheet and film. Net income reflects increased sales volume and reduced raw material costs. 
JPS Packaging Company (Nasdaq : JPSP)JPS Packaging Company is a manufacturer and converter of flexible packaging and label products for use by customers in the food and beverage industry and other niche markets. For the three months ended 3/31/99, revenues decreasd 4 percent to $20.7 million. Net income from contin. operations totalled $36 thousand vs. a loss of $984 thousand. Results benefitted from increased sales in the San Leandro facility due to the addition of new customers, material cost savings and reduced S/G/A expenses. 
Jotan, Inc. (OTC BB : JTAN)JTAN is engaged in the distribution of packaging and shipping supplies, such as corrugated boxes, bubble and shrink wrap, foam filling, packing peanuts and related equipment, for industrial customers in the southeastern U.S. For the six months ended 6/30/98, revenues rose 29 percent to $33.2 million. Net loss applicable to Common totalled $3.8 million, up from $1.8 million. Results reflect acquisitions, offset by costs associated with the Southland acquisition. 
Carmel Container Systems (AMEX : KML)KML designs and manufactures paper-based packaging and related products, including boxes, corrugated shipping containers, moisture-resistant packaging, and consumer packaging. For the fiscal year ending 12/31/98, net sales rose 8 percent to NIS395.3 million. Net income totalled NIS6.7 million, vs. a loss of NIS10.1 million. Revenues reflect increased sales of shipping containers and Tri-wall corrugated board containers. Earnings also reflect an improved gross profit margin. 
Laminating Technologies (OTC BB : LAMT)Laminating Technologies is a development stage company formed to research, develop, design and market value-added packaging and specialty display products which are manufactured using the Company's proprietary processing method. For the fiscal year ended 3/31/99, net sales totalled $1.9 million, up from $519 thousand. Net loss fell 28 percent to $967 thousand. Results reflect the receipt of a large non-recurring order, partially offset by increased patent and legal costs. 
Liqui-Box Corporation (Nasdaq : LIQB)Liqui-Box Corporation is a manufacturer of bag-in-box flexible packaging, blow-molded containers, filling equipment and bulk liquid dispensing systems for the dairy, beverage, processed foods, wine and other specialty products industries. For the 13 weeks ended 4/3/99, revenues rose 2 percent to $36.7 million. Net income rose 21 percent to $4.4 million. Revenues reflect increased unit sales. Earnings benefitted from improvements in plant operating efficiencies. 
Leisureplanet Hldgs. Ltd. (Nasdaq : LPHL)Leisureplanet Holdings was organized to acquire and operate South African companies. The Group is principally engaged in the manufacture and sale of pastry related and other food products, plastic and metal outdoor leisure products, packaging machines, and washers. For the nine months ended 3/31/99, revenues fell 3 percent to $82.8 million. Net loss totalled $12.2 million vs. an income of $3.5 million. Results reflect the sale of subsidiaries and $10.1 million in special charges. 
Mobile Mini, Inc. (Nasdaq : MINI)MINI designs and manufactures portable steel storage containers and telecommunications shelters and acquires and refurbishes ocean-going shipping containers. MINI also designs and manufactures delivery systems. For the three months ended 3/31/99, revenues increased 23 percent to $13.2 million. Net income increased from $533 thousand to $1.3 million. Results reflect an increase in the average number of portable storage units on lease, higher average rent per unit, and improved profit margin. 
Paul Mueller Company (Nasdaq : MUEL)MUEL manufactures standard and custom-made stainless steel processing equipment. Products include dairy farm equipment; food, dairy, meat and poultry processing equipment; beer, wine, and beverage equipment; and chemical and pharmaceutical equipment. For the fiscal year ended 12/31/98, net sales rose 4 percent to $89.7 million. Net income rose 6 percent to $3.1 million. Results reflect increased shipment of custom-fabricated Processing Equipment and improved labor efficiency. 
Myers Industries, Inc. (AMEX : MYE)MYE designs, manufactures and markets reusable plastic storage systems and other plastic and metal products for distribution, storage and material handling applications. MYE also distributes aftermarket repair products. For the three months ended 3/31/99, net sales rose 44 percent to $126.7 million. Net income rose 18 percent to $8.3 million. Revenues reflect acquisitions and higher unit volumes. Net income was partially offset by increased operating expenses as a  percentage of revenues. 
Owens-Illinois, Inc. (NYSE : OI)Owens-Illinois is a manufacturer of glass and plastic containers, plastic closures, plastic description containers, labels, and multipack plastic beverage containers. For the three months ended 3/31/99, total revenues rose 17 percent to $1.35 billion. Net income applicable to Common decreased 20 percent to $63.7 million. Revenues reflect higher glass and packaging sales due to the acquisition of BTR. Earnings were offset by higher debt levels. 
Gibraltar Packaging Group (OTC BB : PACK)PACK designs, manufactures, and markets folding cartons, specialty laminated containers, pressure sensitive labels, flexible packaging, tubular packaging and contract packaging and filling. For the six months ended 12/98, net sales rose 3 percent to $39.2 million. Net loss decreased 78 percent to $414 thousand. Revenues reflect increased sales of folding cartons. Lower loss also reflects an overall decrease in the size of sales force and marketing programs, and relocation. 
Pallet Management Systems (OTC BB : PALT)Pallet Management Systems is principally engaged in the manufacture and repair of wooden pallets in Florida, Virginia and Alabama. The Company's revenues are derived primarily from the sale of new and used pallets. For the 39 weeks ended 3/27/99, net sales rose 79 percent to $29.5 million. Net income totalled $1.5 million vs. a loss of $45 thousand. Results reflect the opening of the Company's new pallet manufacturing facility and higher margins due to improved utilization. 
PalEx, Inc. (Nasdaq : PALX)PALX provides a variety of pallet products and related services, including the manufacture and distribution of new pallets; the recycling of pallets; the maintenance of depot operations; and the processing and marketing of wood-based by-products. For the three months ended 3/28/99, revenues rose 40 percent to $96.4 million. Net income rose 72 percent to $2 million. Results reflect acquisitions and the absence of $1.7 million in pooling expenses and a $1.1 million compensation differential. 
Peak International Ltd. (Nasdaq : PEAKF)Peak International Ltd. supplies precision engineered packaging products for the storage, transportation and automated handling of semiconductors and other electronic devices. For the nine months ended 12/98, net sales fell 9 percent to $48.6 million. Net income fell 45 percent to $8.1 million. Revenues reflect decreased demand for the Company's products due to the industrywide slowdown. Net income also suffered from lower gross margins and $2 million in special charges. 
Peerless Tube Company (OTC BB : PLSU)Peerless Tube Company and its subsidiary supply collapsable metal tubes and seamless aluminum aerosol containers to national marketers primarily in the cosmetic, pharmaceutical and toiletry industries. For the fiscal year ended 12/31/98, net sales fell 4 percent to $15.6 million. Net loss fell 33 percent to $1.8 million. Revenues suffered from decreased sales to a major customer. Earnings reflect decreased selling, general and administrative expenses. 
Pak Mail Centers of Amer. (PMCXPak Mail Centers of America is engaged in the marketing and franchising of Pak Mail Retail and Service Centers which specialize in the custom packaging of items to be mail or shipped throughout the United States and Mexico. For the three months ended 2/28/99, total revenues rose 16 percent to $1.1 million. Net income applicable to Common rose 33 percent to $105 thousand. Results reflect increased royalties and franchise fees and lower S/G/A expenses as a  percentage of revenues. 
PVC Container Corporation (Nasdaq : PVCC)PVCC manufactures and markets bottles made from polyvinyl chloride compounds and high density polyethylene resins. The bottles are used for packaging cosmetics, toiletries, food and various other items. For the six months ended 12/98, net sales rose 24 percent to $37.3 million. Net loss totalled $440 thousand vs. income of $996 thousand. Revenues reflect recent acquisitions. Net loss reflects increased depreciation, the underabsorption of overhead and greater debt levels. 
Paxar Corporation (NYSE : PXR)Paxar Corporation is a provider of identification and tracking systems to every segment of the retail supply chain from manufaturing through distribution centers to the retail store. For the three months ended 3/99, sales rose 3 percent to $154.2 million. Net income decreased 53 percent to $3.4 million. Revenues reflect increased domestic and foreign based sales. Net income reflects $3.3 million in restructuring and other special charges. 
RADVA Corporation (OTC BB : RDVA)RADVA Corporation and subsidiary produce and sell molded and fabricated expanded polystyrene foam products such as packaging materials and containers. For the three months ended 3/31/99, net revenues fell 26 percent to $2.7 million. Net income fell 73 percent to $88 thousand. Revenues reflect lower manufacturing revenues due to unusually strong shape molding revenues in 1998. Earnings also suffered from lower margins due to reduced manufacturing revenues. 
Rotonics Manufacturing (AMEX : RMI)RMI manufactures and markets plastic products for commercial, residential, pharmaceutical, marine, health care, refuse and agricultural use, as well as custom molded plastic products. For the nine months ended 3/31/99, revenues rose 33 percent to $33.5 million. Net income totalled $654 thousand, up from $254 thousand. Revenues reflect increased sales volumes. Net income also reflects decreased cost of goods sold as a  percentage of revenues due to reduced fixed overhead costs. 
Sealed Air Corp. (NEW) (NYSE : SEE)SEE (NEW) is a global manufacturer of a range of protective and specialty packaging materials and systems, including polyurethane packaging systems and foams, air cellular cushioning materials, food packaging materials and others. For the three months ended 3/31/99, net sales rose 58 percent to $678.9 million. Net income applicable to Common totalled $28.7 million, up from $9 million. Revenues reflect the inclusion of Sealed Air's operations. Net income reflects increased gross margin. 
Spinnaker Industries Inc. (AMEX : SKKa)SKK.A is a manufacturer and marketer of adhesive carton sealing tape and adhesive-backed label stock, primarily for the industrial tape and pressure sensitive label stock markets. For the fiscal year ended 12/98, revenues rose 21 percent to $280.9 million. Net loss totalled $6.6 million, up from $1.8 million. Revenues reflect higher unit sales of prime and variable information adhesive label stock. Higher loss reflects a decrease in gross margin due to a change in revenue mix. 
Silgan Holdings Inc. (Nasdaq : SLGN)Silgan Holdings Inc. is a manufacturer of consumer goods packaging products that currently produces steel and aluminum containers, custom designed plastic containers and specialty packing items. For the three months ended 3/31/99, revenues rose 19 percent to $398.7 million. Net income fell 16 percent to $5.6 million. Revenues reflect incremental sales added from acquisitions and increased sales of metal food containers. Net income reflects lower margins due to product mix. 
Smurfit-Stone Container (Nasdaq : SSCC)SSCC operates in two major business segments: containerboard and corrugated containers; and boxboard and folding cartons. For the three months ended 3/31/99, net sales totalled $1.72 billion, up from $764 million. Net loss from continuing operations before extraordinary item and accounting change totalled $92 million vs. income of $3 million. Revenues reflect improved sales prices and increased sales volume of folding cartons. Net loss reflects increased interest expense. 
Shorewood Packaging Corp. (NYSE : SWD)SWD and its subsidiaries print and manufacture high quality paperboard packaging for the cosmetics, home video, music, software, tobacco and toiletries and general consumer markets in the U.S. and CAN. For the 39 weeks ended 1/30/99, revenues rose 29 percent to $402.1 million. Net income before accounting change and exta. item rose 14 percent to $23.1 million. Revenues reflect higher sales in home entertainment. Earnings were partially offset by a rise in cost of sales due to the learning curve. 
Tag-It Pacific, Inc. (AMEX : TAG)Tag-It Pacific, Inc. designs and produces paper, metal and injection molded boxes, woven and leather labels, paper-hanging and bar-coded tags, metal jean buttons and custom shopping bags. For the three months ended 3/99, revenues rose 62 percent to $5.6 million. Net income totalled $187 thousand vs. a loss of $70 thousand. Revenues reflect increased sales of trim and specialty packaging products. Earnings also reflect decreased SG&A expenses as a  percentage of sales. 
Temple-Inland, Inc. (NYSE : TIN)Temple-Inland, Inc., through its subsidiaries, conducts operations in three groups; Paper, Building Products and Financial Services. For the three months ended 4/3/99, revenues rose 1 percent to $956 million. Net income before accounting change fell 30 percent to $19 million. Revenues reflect increased paper sales volumes and increased interest income due to higher average loan balances. Earnings were offset by a higher loan loss provision and reduced sale gains. 
Treasury International (OTC BB : TREY)Treasury International, through its wholly-owned subsidiaries, Megatran Investments and Mega Blow Moulding Limited, distributes a variety of consumer and industrial products. For the nine months ended 10/31/98, revenue fell 29 percent to $3.4 million. Net loss from continuing operations decreased 79 percent to $213 thousand. Revenues reflect the disposition of certain subsidiaries. Lower loss reflects lower general and administrative expenses. 
Tuscarora Incorporated (Nasdaq : TUSC)TUSC is a multinational designer and manufacturer of interior protective packaging and material handling solutions, made from a variety of materials, for a broad range of manufactured products. For the six months ended 2/28/99, revenues decreased 3 percent to $114.1 million. Net income totalled $5.9 million, up from $2.9 million. Revenues suffered lower sales to the United Kingdom and lower selling prices to customers. Earnings reflect the absence of a$3.5 million restructuring charge. 
UFP Technologies, Inc. (Nasdaq : UFPT)UFP Technologies designs and manufactures a range of high-performance cushion packaging and specialty foam products and 100 percent recycled molded fiber packaging products for a variety of industrial and consumer markets. For the fiscal year ended 12/31/98, revenues rose 4 percent to $47.2 million. Net income rose 26 percent to $1.6 million. Revenues reflect higher plastics and moulded fibre components. Earnings also reflect a shift in product mix and favorable overhead absorption. 
Uniflex, Inc. (AMEX : UFX)Uniflex, Inc. designs, manufactures and sells a variety of plastic bags used in packaging, promotion and retailing, primarily to advertising specialty distributors, hospitals and major retailers. Sales for the three months ended 4/30/99 fell 1 percent to $9.7 million. Earnings rose 11 percent to $547 thousand. Revenues reflect lower sales. Earnings benefitted from lower shipping, general and administrative expenses and lower interest expense. 
U.S. Can Corporation (NYSE : USC)U.S. Can Corporation manufactures steel and plastic containers for the personal care, household, automotive, paint and industrial metal container industry. For the three months ended 4/4/99, net sales decreased 4 percent to $184.9 million. Net income increased 80 percent to $5.6 million. Revenues reflect the liquidation of excess holiday products in the Custom and Specialty segment in 1998 and the sale of OMEC. Net income reflects productivity improvements and lower debt levels. 
Universal Express, Inc. (OTC BB : USXP)Universal Express, Inc. is an integrated business service conglomerate that franchisees and operates courier, logistic and advertising service retail outlets. The Co. also operates a gift shop site on the Internet and a ticket agency. For the six months ended 12/31/98, net income decreased 9 percent to $1.3 million. Net loss decreased 47 percent to $1.2 million. Revenues reflect the absence of delivery services revenues. Lower loss reflects decreased S/G/A expenses and lower interest expense. 
Viskase Companies, Inc. (Nasdaq : VCICE)Viskase manufactures plastic food packaging products including cellulosic casings, heat shrinkable plastic bags, plasticized polyvinyl chloride films and injection molded containers. For the 39 weeks ended 9/24/98, revenues fell 18 percent to $309.2 million. Net loss from continuing operations totalled $167.7 million, up from $11.9 million. Results suffered from declines in volumes in the domestic market and a decrease in gross profit due to continued price competition. 
Vitro, Sociedad Anonima (NYSE : VTO)Vitro SA de CV, a holding company, manufactures and markets glass and plastic containers, aluminum cans, flat glass for automotive and architectural use, kitchen glassware, household appliances, chemical and fiberglass products. For the fiscal year ended 12/98, net sales rose 1 percent to PS24.84 billion. Net loss from continuing operations before extraordinary item totalled PS1.08 billion vs. an income of PS1.34 billion. Results reflect increased sales vloumes of glass containers, offset by higher foreign exchange loss. 
Weldotron Corporation (OTC BB : WDTR)WDTR designs, manufactures and markets a comprehensive line of packaging machinery and systems for a broad range of industrial and consumer applications; and electronic systems for personnel safety and controls for monitoring high speed automatic production machinery. For the fiscal year ended 2/28/98, sales fell 41 percent to $7.9 million. Net loss rose from $2.3 million to $5.6 million. Revenues reflect declines in all business segments. Net loss reflects the inclusion of a $1.5 million relocation expense.%}
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Arcadia Financial Ltd. (NYSE : AAC)Arcadia Financial Ltd. purchases, securitizes, and services consumer automobile loans originated primarily by new car dealers affiliated with major foreign and domestic manufacturers. For the three months ended 3/31/99, revenues fell 2 percent to $65.1 million. Net income increased 59 percent to $7.9 million. Revenues reflect lower gain on sale of loans. Higher income reflects lower operating costs due to lower repossession costs and an absence of $3 million income tax expense. 
ACE Cash Express, Inc. (Nasdaq : AACE)ACE Cash Express, Inc. provides retail financial services. The Company is a franchisor of check cashing stores, and owns and operates 795 stores in 29 states. For the nine months ended 3/31/99, revenues increased 22 percent to $90.7 million. Net income increased 31 percent to $6 million. Revenues reflect increases in comparable store revenues and new stores opened and acquired. Earnings reflect higher margins and lower operating expenses as a  percentage of revenues. 
Aames Financial Corp. (NYSE : AAM)Aames Financial Corp. is a consumer finance company primarily engaged in the business of originating, purchasing, selling and servicing home equity mortgages secured by single family residences. For the nine months ended 3/31/99, negative revenue totalled $59.8 million vs. a revenue of $194.4 million. Net loss totalled $233.9 million vs. an income of $21.1 million. Results reflect $186.5 million in losses on interest-only strips due to a revaluation. 
American Asset Management (OTC BB : AAMC)AAMC conducts its business through its two wholly owned susidiaries, Capital Financial Corp., a mortgage banking company, and American Asset Development Corp., which is engaged in the development of residential real estate for sale in NJ. For the three months ended 3/31/99, revenues fell 10 percent to $350 thousand. Net loss applicable to Common rose 64 percent to $6 thousand. Results reflect a reduction in mortgage applications, and an increase in employee compensation expenses. 
AutoBond Acceptance Corp. (AMEX : ABD)AutoBond Acceptance Corp. is a specialty consumer finance company engaged in underwriting, acquiring, servicing and selling or securitizing retail installment contracts originated by franchised automobile dealers. For the three months ended 3/31/99, total revenues fell 33 percent to $3.8 million. Net loss applicable to Common totalled $2.9 million, up from $121 thousand. Results reflect reduced gains on the sale of finance contracts and increased impairment charges. 
American Business Fin'l (Nasdaq : ABFI)ABFI, a financial services company, originates, sells and services loans to businesses secured by real estate and other business assets, and non-conforming mortgage loans typically to credit impaired borrowers. For the six months ended 12/31/98, total revenues increased 67 percent to $38.2 million. Net income rose 47 percent to $6.9 million. Revenues reflect increased gains on sales of loans and leases through securitization. Earnings were partially offset by higher sales and marketing expenses. 
Aegis Consumer Funding (OTC BB : ACARE)Aegis is engaged in acquiring, securitizing and servicing automobile retail installment contracts originated by factory authorized new car dealers in connection with the sale of cars to consumers with subprime credit. For the nine months ended 3/98, revenues totalled $8.8 million, up from $2.4 million. Net loss applicable to Common rose 1 percent to $29.3 million. Results reflect lower write-downs of retained interest and higher servicing fee income, offset by the absence of an $8.4 million tax benefit. 
Argent Capital Corp. (OTC BB : ACCT)Argent Capital Corp. is engaged in the marketing of financial services and internet advertising, both directly and through its subsidiaries, Argent Financial Services and NetVoucher, Inc. (acquired 4/99). For the three months ended 3/31/99, net revenues totalled $1 thousand, up from $0. Net loss from continued operations totalled $311 thousand, up from $0. Results reflect the start up of continuing operations, and the inclusion of general and administrative costs. 
AmeriCredit Corp. (NYSE : ACF)AmeriCredit Corp. purchases, securitizes and services automobile sale finance contracts. The Company also originates and sells mortgage loans. For the nine months ended 3/99, total revenues increased 57 percent to $233.2 million. Net income increased 48 percent to $52.4 million. Revenues reflect increased gains on average receivables outstanding and higher sales of auto receivables. Net income was partially offset by additions to branch offices and staff and higher debt levels. 
Advanta Corp. (Nasdaq : ADVNA)ADVNA is provider of consumer financial services. Who services and sells credit cards, auto loans, mortgages, small-ticket equipment leases, and credit insurance products. For the three months ended 3/99, total interest income fell 28 percent to $52.8 million. Net interest loss after credit loss provision fell 98 percent to $596 thousand. Net income applicable to Common fell 99 percent to $5.7 million. Results reflect lower interest on loans and the absence of a $541.3 million gain on the Fleet Transaction. 
Federal Agricult. Mortg. (NYSE : AGM)AGM is a federally chartered instrumentality which attracts new capital for the financing of agricultural real estate and rural housing loans and provides liquidity to agricultural and rural housing lenders. For the three months ended 3/31/99, interest income increased 19 percent to $28 million. Net interest income increased 47 percent to $3.6 million. Net income fell 9 percent to $1.6 million. Results reflect higher loan purchase and guarantee volume, offset by higher loan loss provisions. 
Asta Funding, Inc. (Nasdaq : ASFI)ASFI, is a consumer financing company, specializing in purchasing, selling and servicing retail automobile installment sales contracts originated by dealers in the sale of used automobiles. For the three months ended 12/31/98, revenues rose 59 percent to $1.2 million. Net income totalled $55 thousand vs. a loss of $215 thousand. Revenues reflect higher interest income due to an increase in accounts acquired for liquidation. Net income reflects a lower provision for credit losses. 
Allstate Financial Corp. (Nasdaq : ASFN)ASFN is a commercial finance company engaged in providing small to medium sized, high risk growth companies with capital through the discounted purchase of accounts receivable. For the fiscal year ended 12/31/98, total revenues rose 3 percent to $10.3 million. Net loss totalled $6.1 million vs. an income of $1 million. Revenues reflect higher discounts on two of the larger clients and higher average balance of advances. Loss reflects higher S/G/A costs, debt levels and provision for credit losses. 
Amer. 1st Tax Exempt Inv. (Nasdaq : ATAXZ)America 1st Tax Exempt Investors is a limited partnership formed to acquire a portfolio of federally tax-exempt mortgage bonds to provide construction &/or financing of multifamily residential apartments. For the three months ended 3/99, revenues fell 10 percent to $1.5 million. Net income applicable to BUC holders fell 15 percent to $1.2 million. Results reflect reduction in base interest rates on bonds, lower interest income and income generated by the Arama Apartments. 
Altiva Financial Corp. (Nasdaq : ATVA)Altiva Financial is a specialized consumer finance co. that funds, purchases, makes and sells consumer loans secured by deeds of trust on single-family residences. For the six months ended 2/28/99, net negative revenues decreased 98 percent to $169 thousand. Net loss before extraordinary item decreased 83 percent to $5.6 million. Revenues reflect a decrease in net unrealized loss on mortgage related securities. Lower loss was partially offset by legal settlement expenses. 
AutoInfo, Inc. (OTC BB : AUTO)AUTO is a consumer finance company specializing in the business of purchasing, selling and servicing retail automobile installment contracts originated by dealers in the sale of new and used vehicles. For the fiscal year ended 12/98, revenues fell 65 percent to $7 million. Net loss before extraordinary item rose 22 percent to $13.6 million. Results reflect the decline in the Company's automobile receivables portfolio, and a $3.5 million loss on the sale of automobile receivables. 
American Express Company (NYSE : AXP)American Express and its subsidiaries provide travel related services, financial advisory services, and international banking services worldwide. For the three months ended 3/99, revenues increased 10 percent to $4.97 billion. Net income increased 25 percent to $575 million. Revenues reflect growth in worldwide billed business, cardmember loans outstanding, higher travel commissions and fees, and wider interest margins. Earnings also reflect improved loss rates. 
BLC Financial Services (AMEX : BCL)BCL is engaged in the business of originating and servicing loans to small businesses under the Guaranteed Loan Program. For the nine months ended 3/99, revenues rose 47 percent to $15.9 million. Net income rose 29 percent to $2.9 million. Revenues reflect higher gains on the sale of loans and higher interest income due to an increased serviced loan portfolio. Net income was partially offset by increased operating expenses due to an increase in the number of employees. 
Bingham Financial Service (Nasdaq : BFSC)Bingham Financial Services Corp., an affiliate of Sun Communities, Inc., is a specialized financial services company which provides financing for new and previously owned manufactured homes. For the three months ended 12/31/98, revenues totalled $4.1 million, up from $316 thousand. Net income totalled $764 thousand, up from $22 thousand. Results reflect increased origination volume in the manufactured home loan portfolio and the acquisition of Bloomfield Acceptance Company. 
BNC Mortgage, Inc. (Nasdaq : BNCM)BNC Mortgage, Inc. is a specialty finance company that orginates and sells, on a whole loan basis for cash, non-conforming residential mortgage loans secured by one-to-four family residences. For the six months ended 12/31/98, total revenues increased 51 percent to $30.1 million. Net income increased 32 percent to $4.7 million. Results reflect increased cash gains on the sale of mortgage loans, partially offset by an increase in employees salaries and commissions. 
Capital Alliance Income (AMEX : CAA)Capital Alliance Income Trust Ltd. is a specialty mortgage finance company which invests in mortgage loans, provides secured financing to affiliated mortgage bankers and originates and purchases mortgage loans. For the three months ended 3/31/99, total revenues rose 27 percent to $371 thousand. Net income applicable to Common fell 81 percent to $5 thousand. Results reflect increased interest income due to a higher average loan portfolio, offset by a $33 thousand loan loss provision. 
Credit Acceptance Corp. (Nasdaq : CACC)CACC is a specialized financial services company which provides funding, receivables management, collection, sales training and related services to automobile dealers. For the three months ended 3/99, total revenues fell 23 percent to $30.4 million. Net income fell 22 percent to $5.4 million. Revenues reflect a decrease in installment contracts receivable. Net income reflects an increase in the average yield on installment contracts receivable 
Countrywide Credit Ind. (NYSE : CCR)CCR is a holding co. which, through its principal subsidiary, Countrywide Home Loans, Inc., engages primarily in the mortgage banking business, and as such originates, purchases, sells and services mortgage loans. For the fiscal year ended 2/28/99, total revenues rose 31 percent to $1.98 billion. Net income rose 12 percent to $385.4 million. Revenues reflect higher loan production volume. Earnings were partially offset by the absence of a $57.4 million gain on the sale of a subsidiary. 
Concord EFS, Inc. (Nasdaq : CEFT)Concord EFS, Inc. provides electronic transaction authorization, processing, settlement and funds transfer services in selected markets. For the three months ended 3/31/99, revenue rose 26 percent to $170.2 million. Net loss was $2.9 million vs. a profit of $17.3 million. Revenue reflects increased transaction processing volume due to the additions of new merchants and greater market acceptance of debit card payment methods. Net loss was offset by acquisition expenses. 
Celtic Investment, Inc. (OTC BB : CELT)Celtic Investment, Inc. is a financial services holding company formed to seek business acquisitions and combinations in the United States. The Company has three wholly-owned subsidiary operating companies. For the six months ended 12/98, revenues totalled $3.5 million, up from $1.7 million. Net loss from continuing operations applicable to Com. totalled $73 thousand vs. income of $40 thousand. Results reflect increased factoring income, offset by increases in interest expenses and servicing costs. 
Central Fin'l Acceptance (OTC BB : CFAC)CFAC is a specialized consumer finance company primarily serving the low income Hispanic population by providing small, unsecured personal loans, selling airline tickets, and providing insurance products and check cashing and tax preparation services. For the three months ended 3/31/99, total revenues fell 1 percent to $12 million. Net income rose 20 percent to $1.4 million. Results reflect lower average receivables balances, offset by a decrease in employee and related costs. 
CFI Mortgage Inc. (OTC BB : CFIM)CFI Mortgage Inc. is a mortgage banker engaged in originating, purchasing and selling nonconforming subprime and conventional loans on one-to-four unit properties through its retail, wholesale and consumer finance divisions. For the nine months ended 9/98, revenues rose 97 percent to $12.6 million. Net loss (vs. pro forma) applicable to Common totalled $7.8 million, up from $881 thousand. Results reflect increased loan originations, offset by staffing increases. 
ContiFinancial Corp. (NYSE : CFN)ContiFinancial engages in the consumer and commercial finance business by originating home equity loans, commercial real estate loans and non-prime auto loans. CFN also provides asset securitization. For the nine months ended 12/31/98, gross income fell 41 percent to $278.5 million. Net loss totalled $167 million vs. income of $96.9 million. Revenues suffered from a $129 million loan revaluation writedown. Net loss also suffered from a $80.3 million commercial real estate charge. 
Charter Municpal Mortgage (AMEX : CHC)Charter Municipal Mortgage Acceptance is a business trust company that specializes in the financing of tax-exempt multi-family housing. For the three months ended 3/31/99, revenues rose 36 percent to $8.3 million. Net income rose 13 percent to $5.5 million. Revenues benefitted from the acquisition of 18 FMBs and the repayment of one FMBs. Net income was partially offset by $1.1 million loss due to the closure of Private Label Tender Option Program. 
Cash Technologies, Inc. (Nasdaq : CHNG)CHNG purchases loose U.S. coins acquired in bulk at small discounts from face value and then counts, sorts, wraps and either resells the coins at face value plus a small fee or deposits it for credit to the Company's account. For the nine months ended 2/28/99, net revenues rose 9 percent to $696 thousand. Net loss rose 86 percent to $3.7 million. Revenues reflect an increase in service fees. Higher loss reflects increased S/G/A due to company expansion efforts. 
CIT Group, Inc. (NYSE : CIT)The CIT Group is a diversified finance organization offering secured commercial and consumer financing primarily in the U.S. to smaller, middle-market and larger businesses and to individuals through a nation-wide distribution network. For the three months ended 3/99, revenues increased 12 percent to $606.2 million. Net income rose 12 percent to $91.9 million. Results reflect higher finance income due to strong portfolio growth and lower provision for credit losses. 
Consumer Portfolio Serv. (Nasdaq : CPSS)CPSS is a consumer finance company specializing in the business of purchasing, selling, and servicing retail automobile installment contracts originated by dealers in the sale of new and used automobiles, light trucks and passenger vans. For the three months ended 3/31/99, revenues fell 16 percent to $20.8 million. Net loss totalled $2.1 million, vs. an income of $5.6 million. Results reflect lower gains on the sale of Contracts, and higher interest expense. 
Cityscape Financial Corp. (OTC BB : CYYSQ)Cityscape Financial Corp. is a consumer finance company engaged in the business of selling and servicing mortgage loans secured primarily by one-to-four family residences. For the three months ended 3/31/99, revenues totalled $9.3 million, vs. negative revenues of $7.2 million. Net income applicable to Common totalled $3.4 million, vs. a loss of $55.8 million. Results reflect the absence of a $7.1 million loss on the value of residuals and lower operating and interest expenses. 
Delta Financial Corp. (NYSE : DFC)Delta Financial Corp. is engaged in originating, selling, servicing and investing in residential first and second mortgages. For the three months ended 3/99, revenues increased 3 percent to $42.5 million. Net income decreased 30 percent to $5.7 million. Revenues reflect an increase in the aggregate size of the Company's serving portfolio and broker and retail originated loans. Net income was offset by increased staff payroll, legal expenses, loan originating costs and depreciation. 
Drummond Financial Corp. (OTC BB : DFCU)Drummond Financial Corp. is a financial services company engaging in investment and merchant banking activities and asset-based commercial lending. For the six months 12/31/98, revenues rose 41 percent to $1.1 million. Net income before extraordinary item and applicable to Common totalled $356 thousand vs. a loss of $2 million. Revenues benefitted from net gains on securities. Earnings also benefitted from the recovery of credit losses on non-perfor. loans and lower levels of debt. 
Euronet Services, Inc. (Nasdaq : EEFT)Euronet Services operate the only independent, non-bank owned automated teller machine network in Central Europe, as aservice provider to banks and other finacial institutions. For the three months ended 3/99, revenues totalled $8.2 million, up from $2 million. Net loss before extraordinary item totalled $9.8 million, up from $3.6 million. Revenues reflect a growth in transaction fees, offset by a higher number of ATMs installed and higher average debt. 
Eagle Finance Corp. (EFCWEagle Finance Corp. provides consumer finance services under the name ``Eagle Finance''. The Company is focused on the business of purchasing installment contracts originated by franchised and independent car dealers. For the six months ended 6/98, revenues decreased 75 percent to $1.6 million. Net loss fell 9 percent to $4.3 million. Revenues reflect decreased interest and fee income. Lower loss reflects decreased salaries and related expenses. 
Elk Associates Funding (Nasdaq : EKFG)Elk Associates Funding Corp. is a Small Business Investment Company which provides loans and investments to persons who qualify under SBA regulations and nondisadvantaged business financing to small business. For the nine months ended 3/31/99, total investment income increased 24 percent to $4.1 million. Net income increased 54 percent to $927 thousand. Revenues benefitted from an increase in the loan portfolio. Earnings also reflect lower directors' fee and bad debt expenses. 
EMB Corporation (OTC BB : EMBU)EMB originates and processes residential mortgage loans using Video InteractiveMortgage Processing (``VIP''). The Company also originates and processes commercial mortgage loans. For the nine months ended 6/30/98, revenues totalled $8.4 million, up from $2.5 million. Net loss totalled $2.5 million, up from $203 thousand. Revenues reflect the expansion of the Company's marketing activities. Higher losses reflect an increase in employees, and costs of newly acquired offices. 
Equivest Finance, Inc. (Nasdaq : EQUI)Equivest Finance finances timeshare projects throughout the United States and in selected foreign markets, and is a developer and operator of timeshare resorts located in New England. For the three months ended 3/31/99, total revenues totalled $13 million, up from $5.1 million. Net income applicable to Common rose 11 percent to $1.4 million. Results reflect the addition of revenue associated with Eastern Resorts, partially offset by higher sales and marketing costs. 
First Alliance Corp. (Nasdaq : FACO)First Alliance Corp. is a financial services organization principally engaged in mortgage loan organization, purchases, sales and servicing. For the three months ended 3/99, total revenues fell 23 percent to $19.6 million. Net income fell 72 percent to $2 million. Revenues reflect decreased loan originations, write down of residual interest and a reduction of gain on sale related to whole loan sales and securitization. Earnings suffered from expansion costs. 
Finantra Capital, Inc. (OTC BB : FANT)FANT is a specialty finance company engaged in accounts receivable financing, equipment leasing and traditional financing business lines. For the three months ended 3/99, revenues rose 77 percent to $2.2 million. Net loss applicable to Common totalled $495 thousand, up from $34 thousand. Results reflect the Company's acquisitions, and the commencement of the Company's accounts receivable financing and expanded equipment leasing operations, offset by a rise in expenses related to business expansion. 
FirstCity Financial Corp. (Nasdaq : FCFC)FCFC is a financial services company that purchases, originates, sells and services residential and commercial mortgage loans, and acquires, originates, warehouses and securitizes mortgage loans to non-standard borrowers. For the three months ended 3/31/99, total revenues rose 18 percent to $49.6 million. Net loss before acct. change applicable to Common totalled $1.3 million vs. an income of $4.3 million. Results reflect higher loan sale gains, offset by personnel increases. 
Financial Federal Corp. (NYSE : FIF)FIF is an independent financial services company engaged in financing industrial, commercial and professional equipment through installment sales and leasing programs. For the nine months ended 4/30/99, revenues increased 24 percent to $64.9 million. Net income increased 34 percent to $16.5 million. Revenues reflect higher average finance receivables outstanding, partially offset by lower finance rates charged. Earnings reflect higher finance income before loss provisions. 
First Investors Financial (Nasdaq : FIFS)FIFS is a consumer finance company engaged in the purchase and retention of receivables originated by automobile dealers from the sale of vehicles to consumers with substandard credit. For the nine months ended 1/99, interest income rose 52 percent to $22.6 million. Net income fell 6 percent to $1.3 million. Interest income reflect an increase in the average principal balance of receivables held. Net income was offset by higher expenses due to expansion of the Company's operations. 
Franchise Mtg. Acceptance (Nasdaq : FMAX)FMAX is a specialty commercial finance Co. engaged in the business of originating and servicing loans and equipment leases to small businesses, with a focus on established national and regional franchise concepts. For the three months ended 3/99, revenues rose 5 percent to $23.3 million. Net income fell 29 percent to $5.1 million. Revenues reflect trading and insurance service income earned. Earnings were offset by Increased personnel expenses. 
First Mortgage Corp. (OTC BB : FMOR)FMOR originates, purchases, warehouses, sells, and services first mortgage loans for the purchase or refinance of owneroccupied one-to-four family residences in CA and AZ. For the nine months ended 12/31/98, revenues rose 71 percent to $25.8 million. Net income rose from $1.3 million to $4.2 million. Revenues reflect a greater gain on the sale of mortgage loans from a favorable trend in long-term interest rates. Earnings reflect lower compensation as a  percentage of revenues. 
Finet.com, Inc. (Nasdaq : FNCM)Finet.com, Inc., an e-commerce firm, facilitates home ownership through a variety of technology-based products and automated services for consumers and real estate service providers. For the nine months ended 1/31/99, revenues totalled $20.4 million, up from $9.9 million. Net loss $20.1 million, up from $4.6 million. Results reflect increased gains on the sale of mortgage loans and servicing rights, offset by increased interest expense and compensation and related expenses. 
Fannie Mae (NYSE : FNM)Fannie Mae provides financial products and services that increase the availability and affordability of housing for low-, moderate-, and middle-income Americans. For the fiscal year ended 12/31/98, revenues increased 14 percent to $30 billion. Net income before extraordinary item and applicable to Common rose 12 percent to $3.38 billion. Revenues reflect growth in the mortgage portfolio and increased average investment balances. Earnings were partially offset by lower net spread. 
Finova Group Inc. (NYSE : FNV)Finova Group Inc. is a financial services holding company engaged in providing a broad range of financing and capital market products to midsize businesses. For the three months ended 3/31/99, total revenues increased 17 percent to $273.1 million. Net income applicable to Common increased 26 percent to $50.1 million. Revenues reflect growth in managed assets. Earnings also benefitted from $12.4 million gains on disposal of assets and lower operating expenses as a  percentage of sales. 
FIRSTPLUS Financial Group (FPFXFIRSTPLUS Financial Group is a specialized consumer finance company that originates, purchases, services and sells consumer finance receivables. For the comparable nine months ended 9/98, revenues rose 22 percent to $609.3 million. Net loss totalled $34.3 million vs. income of $119.5 million. Revenues reflect higher interest income due to an increase in the average loans held for sale balance. Net loss reflects the inclusion of a $58.1 million fair value adjustment and a $43.1 million impairment charge. 
Freddie Mac (NYSE : FRE)Freddie Mac securitizes mortgages it has purchased and resells them to investors in the form of guaranteed mortgage passthrough securities. FRE is also engaged in the purchase and retention of mortgages and guaranteed mortgage securities. For the nine months ended 9/30/98, revenues rose 21 percent to $12.81 billion. Net income applicable to Common rose 21 percent to $1.15 billion. Results reflect increased interest income due to growth in the balances of guaranteed mortgage securities. 
Heller Financial, Inc. (NYSE : HF)Heller Financial, Inc. is principally engaged in furnishing commerical finance services to businesses in the United States and investing in and operating commercial finance companies throughout the world. For the three months ended 3/31/99, operating revenues increased 20 percent to $223 million. Net income applicable to Common increased 16 percent to $50 million. Results reflect a higher net interest margin, partially offset by a higher provision for losses. 
HomeGold Financial, Inc. (Nasdaq : HGFN)HomeGold Financial is a financial services company, originates, services, sells and securitizes mortgage, small business, and auto loans. The Company also serves as an investment manager for two funds. For the three months ended 3/31/99, revenues fell 61 percent to $7.9 million. Net loss decreased 61 percent to $7.9 million. Revenues reflect a decreased average loan balance. Lower loss reflects decreased employees and lower business development costs. 
Household International (NYSE : HI)HI provides consumer financial services, offering consumer lending products to ``middle market consumers'' in the U.S., U.K., and Canada. For the three months ended 3/99 interest income rose 14 percent to $1.51 billion. Net interest income after credit loss prov. rose 35 percent to $441.8 million. Net income applicable to Common fell 10 percent to $318.5 million. Net interest income reflects higher earning assets. Earnings were offset by the absence of a $189.4 million gain on the sale of Beneficial Canada. 
Helmstar Group, Inc. (AMEX : HLM)Helmstar Group, Inc. is engaged in merchant banking activities primarily concentrating on real estate projects technology and consulting services. For the fiscal year ended 12/98, revenues rose 2 percent to $6.5 million. Net loss from continuing operations totalled $624 thousand, vs. income of $2.7 million. Revenues reflect interest earned during the development period on the proceeds from the bond offering. Net loss reflects interest and letter of credit fees incurred on the bonds issued. 
HPSC, Inc. (Nasdaq : HPSC)HPSC, Inc. is a financial services company engaged in financing healthcare providers. The Company also provides asset-based lending to commercial and industrial businesses. For the three months ended 3/99, net revenues rose 30 percent to $9.7 million. Net income rose 45 percent to $594 thousand. Revenues reflect higher level of leases and notes originations. Earnings also reflect higher earned income on leases and notes and higher gains on asset sales. 
Imperial Credit Ind. (Nasdaq : ICII)ICII is a commercial and consumer finance holding company specializing in non-conforming residential mortgage banking, business and consumer lending and commercial leasing. For the nine months ended 9/98, negative revenues totalled $24.5 million vs. revenues of $159.8 million. Net loss from continuing operations before extraordinary item totalled $65.8 million vs. income of $43.7 million. Results reflect $160.7 million in impairments and mark to market charges on securities and loans. 
InterCept Group, Inc. (Nasdaq : ICPT)The InterCept Group designs, develops, markets, and implements a suite of fully integrated electronic commerce products and services primarily for community financial institutions in the U.S. For the three months ended 3/31/99, total revenues rose 37 percent to $8.7 million. Net income applicable to Common totalled $930 thousand, up from $263 thousand. Revenues reflect an increase in EFT and data processing and data communications services. Earnings reflect improved gross margins. 
PEC Israel Economic Corp. (NYSE : IEC)PEC Israel Economic Corporation organizes, acquires interests in, finances and participates in the management of companies, predominately companies located in the state of Israel or are Israel related. For the three months ended 3/99, revenues rose 9 percent to $20.9 million. Net income increased 12 percent to $12 million. Revenues reflect gains on the issuance of shares by affiliated companies. Earnings benefitted from a decrease in the effective income tax rate. 
IMC Mortgage Company (OTC BB : IMCC)IMC Mortgage Company is a specialized consumer finance company engaged in purchasing, originating, servicing and selling home equity loans secured primarily by first liens on residential properties. For the nine months ended 9/30/98, total revenues rose 64 percent to $265 million. Net income rose 2 percent to $33.6 million. Revenues benefitted from increased loan production and securitizations and servicing fees. Net income were partially offset by a $15 million unrealized hedging loss. 
ORIX Corporation (NYSE : IX)ORIX's principal operations are: Direct Finance Leases, Operating Leases, Installment Loans and Other Operations which includes insurance, investments, banking, management services, real estate and other businesses. For the fiscal year ended 3/31/98, revenues rose 19 percent to Y489.02 billion. Net income rose 25 percent to Y23.73 billion. Revenues reflect growth in financing and operating leases. Net income reflects a decline in the effective corporate tax rate. 
Jayhawk Acceptance Corp. (OTC BB : JACC)JACC, a specialized financial services co., provides indirect financing for elective healthcare procedures. The Co. also serves automobile dealers by providing an indirect financing source to buyers of used vehicles. For the three months ended 3/99, revenues fell 57 percent to $2.3 million. Net loss totalled $686 thousand vs. income of $316 thousand. Revenues reflect decreases in the Company's automobile finance program. Net loss reflects provisions for credit losses. 
Long Beach Financial Corp (Nasdaq : LBFC)Long Beach Financial is engaged in originating, purchasing and selling subprime residential mortgage loans secured by one-to-four unit family residences. LBFC originates the loans primarily through independent brokers. For the three months ended 3/31/99, revenues rose 35 percent to $35.1 million. Net income rose 20 percent to $6.5 million. Revenues reflect increased loan production and loan sales. Earnings were partially offset by increased compensation expense. 
Credit Depot Corporation (OTC BB : LEND)LEND, a mortgage finance company, provides 1st and 2nd mortgage loans secured by single family residences (1 to four family) to credit-impaired individuals. For the three months ended 9/30/98, total revenues rose 19 percent to $2 million. Net loss applicable to Com. fell 46 percent to $606 thousand. Revenues reflect improved performance of the telemarketing subsidiary and higher dollar average of loans held for resale. Lower loss also reflects lower amortization of deferred financing charges. 
General Credit Corp. (OTC BB : LOAN)General Credit Corp., since the acquisition of New York Payroll Factors, Inc. on 5/2/97, has been engaged in providing check factoring services to its customers on a non-recourse basis. For the three months ended 3/99, revenues rose 15 percent to $1.1 million. Net loss decreased 41 percent to $70 thousand. Revenues reflect increased purchase of checks and credit card sales slips. Lower loss benefitted from decreased depreciation expenses. 
Litchfield Financial Corp (Nasdaq : LTCH)LTCH is a specialty consumer finance company which provides financing to creditworthy borrowers for assets not typically financed by banks. For the three months ended 3/99, revenues rose 39 percent to $11.1 million. Net income rose 47 percent to $2.3 million. Revenues reflect a higher average balance of other loans, increased other fee income and prepayment penalties from Hypothecation Loans. Earnings reflect decreased personnel, salaries and benefits costs as a  percentage of sales. 
Transmedia Asia Pacific (Nasdaq : MBTAE)MBTAE provides member benefits programs through a restaurant charge card business and a leisure and travel business. MBTAE also has a broader member benefits service based in Australia. For the fiscal year ended 9/30/98, revenues rose from $2.1 million to $4.7 million. Net loss rose 56 percent to $4.7 million. Revenues reflect the acquisitions of Breakaway and NHS. Higher loss suffered from costs related to the acquisitions, increased losses in affiliated companies and greater debt levels. 
Medplus Corporation (OTC BB : MDPL)Medplus Corporation works on behalf of health care, dental care, and veterinary providers to find non-recourse financing for their patients. For the nine months ended 12/31/97, revenues fell 83 percent to $9 thousand. Net loss from continuing operations increased 20 percent to $520 thousand. Revenues suffered from the nonpayment of the Company's revenue from U.S. Bank of Oregon. Loss also suffered from the absence of $90 thousand in other income. 
META Group, Inc. (Nasdaq : METG)METG, an independent market assessment company, provides research and analysis of developments and trends in the computer hardware, software, communications and related information technology (IT) industries to IT users and vendors. For the three months ended 3/99, total revenues rose 33 percent to $20.1 million. Net income fell 21 percent to $1.3 million. Revenues reflect continued expansion of the domestic sales force. Earnings reflect costs of hiring analysts and consultants. 
MFN Financial Corporation (OTC BB : MFNF)MFNF is a consumer finance company, engaged in lending money to borrowers who generally would not be expected to qualify for traditional financing, such as that provided by commercial banks. For the three months ended 3/31/99, interest income fell 26 percent to $37.6 million. Net loss before extraordinary item totalled $21 million, up from $1.5 million. Results reflect a decrease in net finance receivables outstanding, $19.8 million in interest costs and $9.5 million in reorganization costs. 
MLC Holdings, Inc. (Nasdaq : MLCH)MLCH specializes in leasing and financing information technology assets, providing asset management services and trades computer equipment to middle market customers, select Fortune 1000 firms, federal, state, and local governments and vendors. For the nine months ended 12/31/98, revenues increased 64 percent to $149.5 million. Net income increased 5 percent to $4.8 million. Results reflect increased lease originations. Earnings were partially offset by a decrease in gross profit. 
Municipal Mortg. & Equity (NYSE : MMA)Municipal Mortgage and Equity LLC is in the business of originating, investing in and servicing tax-exempt mortgage revenue bonds issued by state and local government authorities to finance multifamily housing developments. For the three months ended 3/31/99, revenues increased 38 percent to $10.1 million. Net income applicable to Common increased 46 percent to $8.1 million. Results benefitted from increased interest income earned on investments and valuation recovery allowances. 
Monaco Finance, Inc. (OTC BB : MONFA)Monaco Finance, Inc. is a specialty consumer finance company engaged in the business of underwriting, acquiring, servicing and securitizing automobile retail installment contracts. For the fiscal year ended 12/98, revenues rose 65 percent to $20.8 million. Net loss applicable to Com. increased 19 percent to $11.1 million. Revenues reflect an increase in the number and dollar value of loan originations and purchases. Higher loss suffered from income tax expense of $1.5 million vs. none prior. 
Metris Companies, Inc. (NYSE : MXT)Metris is an info-based direct marketer of consumer credit products and fee-based services primarily to moderate income consumers. For the three months ended 3/31/99, total interest income rose 56 percent to $41.9 million. Net interest income Net income applicable to Common rose 52 percent to $17.1 million. Results reflect growth in average managed loans and growth in total credit card accounts, partially offset by an increased provision for loan losses. 
NAB Asset Corp. NEW (Nasdaq : NABC)NABC engages in financial services and residential mortgage lending and owns a majority interest in Mortgage Portfolio Services, a residential mortgage lender. For the fiscal year ended 12/31/98, revenues totalled $42 million, up from $16.9 million. Net income from continuing operations fell 86 percent to $162 thousand. Results reflect recent acquisition activity and increased levels of loan originations, offset by weakness in Q4 due to unfavorable market conditions for sub-prime loan production. 
National Auto Finance Co. (OTC BB : NAFI)NAFI is a consumer finance company specializing in the business of purchasing, financing, securitizing and servicing motor vehicle retail installment sale contracts originated by manufacturer-franchised automobile dealers. For the three months ended 3/31/99, total revenue rose 76 percent to $3.7 million. Net loss applicable to Common fell 65 percent to $1.8 million. Results reflect increased securitization income, partially offset by increased interest expense. 
National Auto Credit Inc. (OTC BB : NAKD)National Auto Credit Inc. provides receivables management, collection services and funding for auto dealers who in turn make funds available to those customers who have limited access to credit. For the nine months ended 10/31/97, revenues rose 19 percent to $55.2 million. Net loss from continuing operations totalled $9.9 million vs. an income of $19.5 million. Revenues reflect growth in the installment notes receivable portfolio. Loss reflects a $50.5 million increase in the credit loss provision. 
New Century Financial (Nasdaq : NCEN)New Century Financial Corporation is engaged in originating, purchasing, selling and servicing subprime mortgage loans secured by first mortgages on single family residences. For the three months ended 3/31/99, total revenues increased 41 percent to to $54.2 million. Net income rose 57 percent to $9.8 million. Revenues reflect increased gains on the sale of loans due to increased originations. Earnings also benefitted from lower personnel costs as a  percentage of revenues. 
Newcourt Credit Group (NYSE : NCT)Newcourt Credit Group is an independent, non-bank financial services company. NCT originates the financing of a range of equipment and capital assets by way of secured loans, conditional sales contracts and financial leases. For the comparable three months ended 3/99, revenues rose 13 percent to $236.7 million. Net income rose 32 percent to $36.1 million. Revenues reflect increased management fees. Eanings benefitted from decreased operating and depreciation expenses. 
Eastern American Natural (NYSE : NGT)Eastern American Natural Gas Trust acquires and holds net profit interests owned by Eastern American Energy Company in 650 producing gas wells and 65 proven development well locations in WV and PA. For the three months ended 3/31/99, royalty income fell 14 percent to $2.4 million. Net distributable income fell 23 percent to $2.1 million. Results reflect normal production declines, required plugging and abandonment of certain wells and higher operating charges. 
Nicholas Financial Inc. (Nasdaq : NICK)Nicholas Financial Inc. is a specialized consumer finance company engaged primarily in acquiring and servicing installment contracts for purchases of used automobiles and light trucks. For the nine months ended 12/31/98, revenues increased 28 percent to $7.4 million. Net income increased 53 percent to $1 million. Revenues benefitted from an increased outstanding loan portfolio. Earnings also benefitted from an increase in gross profit. 
Nova Corporation (GA) (NYSE : NIS)NIS provides transaction processing services, related software application products and value-added services to small-to-medium sized merchants. NIS services include credit card and debit card processing and check verification. For the three months ended 3/99, revenues rose 30 percent to $311.8 million. Net income rose 31 percent to $14 million. Revenues reflect increased merchant sales volume processed. Earnings also reflect the absence of $2.5 million in merger and consolidation expenses. 
NextCard, Inc. (Nasdaq : NXCD)NextCard, Inc. is an Internet-based provider of consumer credit, offering an online credit approval system for a Visa card. For the three months ended 3/31/99, total interest income totalled $660 thousand, up from $33 thousand. Net interest loss after loan loss provision totalled $982 thousand vs. an income of $33 thousand. Net loss totalled $11 million, up from $1.4 million. Results reflect a higher loan loss provision and increased marketing and advertising and credit card servicing costs. 
Onyx Acceptance Corp. (Nasdaq : ONYX)ONYX is a specialized consumer finance company engaged in the purchase, securitization and servicing of motor vehicle retail installment contracts originated by automotive dealerships, and loan origination on a direct basis. For the three months ended 3/31/99, revenues rose 63 percent to $23.8 million. Net income totalled $2.2 million, up from $742 thousand. Revenues reflect higher growth in the servicing portfolio. Net income also reflects higher interest rate spread. 
PacificAmerica Money Ctr. (OTC BB : PAMM)PacificAmerica Money Center is a mortgage banking company engaged in originating, purchasing, selling, holding and servicing home equity mortgage loans secured by single family residences. For the three months ended 3/31/99, total interest income fell 40 percent to $1.9 million. Net interest loss after loan loss provision totalled $778 thousand, up from $307 thousand. Net loss totalled $5.2 million vs. an income of $3.1 million. Results reflect reduced gains on the sale of loans. 
Pioneer Commercial Fund. (Nasdaq : PCFC)Pioneer Commercial Funding Corp. is a mortgage warehouse lender providing short-term financing to small to medium sized mortgage bankers who need to hold the mortgage loans which they originate pending the nonrecourse sale of such loans to institutional investors in the secondary market. For the fiscal year ended 12/31/98, revenues totaled $6.4 million. Net loss totaled $1.2 million. Results are not comparable due to FYE change. 
PMCC Financial Corp. (AMEX : PFC)PMCC Financial Corporation is a specialty consumer financial services company providing a broad array of residential mortgage products. For the three months ended 3/99, revenues rose 12 percent to $13.7 million. Net income (vs. pro-forma net income) rose 6 percent to $473 thousand. Revenues reflect an increase in the number of residential rehabilitation properties sold. Net income was partially offset by higher personnel costs and an increase in debt levels. 
PMC Capital, Inc. (AMEX : PMC)PMC Capital, is a diversified, closed-end management investment company that operates as a business development company. For the three months ended 3/31/99, revenue fell 3 percent to $5.6 million. Net income applicable to Common fell 17 percent to $2.7 million. Revenues reflect lower interest and premium income due to lower interest rates on new loans and decreased government loans held for sale. Net income suffered from losses on the Company's interest only strip receivables. 
Prism Financial Corp. (Nasdaq : PRFN)Prism Financial Corp. is a leading retail mortgage banking company engaged in the business of originating, selling and brokering residential mortgage loans. For the three months ended 3/31/99, total revenues rose from $13.9 million to $39.9 million. Pro forma net income rose from $1 million to $3 million. Results benefitted from the acquisition of Pacific Guarantee and Mortgage Market, new branch expansion, improved market conditions and larger volumes. 
Paymentech, Inc. (NYSE : PTI)Paymentech, Inc. engages in the credit card industry primarily as a payment processor of bankcard transactions. For the nine months ended 3/31/99, total revenues increased 15 percent to $190.5 million. Net income increased 22 percent to $18.5 million. Revenues benefitted from increased Bankcard sales volume processed from the Company's merchant portfolio and the acquisition of Mellon Bank's merchant processing business. Earnings also benefitted from increased operational efficiencies. 
Point West Capital Corp. (Nasdaq : PWCC)Point West Capital Corporation is a specialty financial services Company which, through its subsidiaries, lends funds to funeral homes and cemtery owners. PWCC also invests in small businesses. For the three months ended 3/99, revenues rose 84 percent to $1.6 million. Net loss totalled $500 thousand, up from $80 thousand. Revenues reflect gains on sale of securities. Higher loss reflects the absence of $801 thousand in wholly owned subsidiary charged to reserve for equity interest. 
Reliance Acceptance Group (OTC BB : RACCQ)Reliance Acceptance Group is a financial services co. engaged in the consumer loan acceptance business. For the nine months ended 9/97, total interest income rose 19 percent to $61.6 million. Net interest loss after loan loss provision totalled $56.5 million vs. income of $37.1 million. Net loss from continuing operations totalled $62.9 million vs. income of $10.7 million. Results reflect an increase in net receivables, offset by a $93.1 million provision for credit losses due to losses and employment of a static pool reserve. 
Resource Bancshares Mortg (Nasdaq : RBMG)RBMG is a diversified financial services company engaged primarily in the business of mortgage banking through the origination and purchase, sale and servicing of residential mortgage loans. For the three months ended 3/99, total revenues rose 9 percent to $79.8 million. Net income rose 16 percent to $11.2 million. Results reflect increased correspondent and wholesale loan production and gains on sales of loans and growth of the subprime loan division. 
Rock Financial Corp. (Nasdaq : RCCK)RCCK is a company marketing conventional, government insured and sub-prime debt consolidation and home financing loans, secured by first or second mortgages on one-to-four family, owner occupied residences. For the three months ended 3/31/99, revenues rose 6 percent to $20.1 million. Net income (vs. pro forma) rose 1 percent to $2.7 million. Results reflect increases in the sale of Conventional Loans and government-insured loans, partially offset by higher personnel and occupancy costs. 
RSI Holdings, Inc. (OTC BB : RSIH)RSI Holdings, through its HomeAdd Financial Corp. subsidiary, is engaged in the business of originating and selling consumer finance receivables, all of which are loans secured by mortgages on improved real estate. For the six months ended 2/28/99, total revenues increased 68 percent to $532 thousand. Net loss decreased 11 percent to $367 thousand. Results reflect an increase in loan origination fees, partially offset by higher selling, general and administrative expenses. 
Redwood Trust Inc. (NYSE : RWT)Redwood Trust Inc., with is affiliates is a mortgage finance company providing funding to diverse segments of the U.S. mortgage market. RWT originates, acquires, and processes residential and commercial mortgage loans. For the three months ended 3/31/99, interest income decreased 23 percent to $41.7 million. Net income applicable to Common totalled $5.9 million, up from $2.5 million. Results reflect decreased mortgage securities available for sale, offset by $4.7 million in unrealized and RWT Holdings gains. 
Southern Pacific Funding (OTC BB : SFCFQ)Southern Pacific Funding Corporation is engaged in the business of originating, purchasing and selling high-yielding, sub-prime mortgage loans secured primarily by one-to-four family residences. For the six months ended 6/30/98, total revenues rose 68 percent to $133.9 million. Net income rose 5 percent to $27.3 million. Revenues benefitted from the expansion of loan originations and sale of whole loans. Earnings were partially offset by higher debt levels and personnel expenses. 
Search Financial Services (SFSIQSearch Financial is a financial services company specializing in the purchase and management of used motor vehicle receivables, typically those owned by consumer obligors who do not qualify for traditional financing. For the nine months ended 12/97, interest sales rose 60 percent to $11 million. Net loss applicable to Comm. totalled $16.6 million, up from $3.7 million. Sales reflect higher avg. interest-earning net receivables. Loss reflects the inclusion of class action suit settlement cost. 
SLM Holding Corporation (NYSE : SLM)SLM supports the education credit needs of students by promoting liquidity in the student loan marketplace through secondary market place purchases. For the three months ended 3/31/99, total interest income decreased 14 percent to $615.4 million. Net income decreased 18 percent to $113.8 million. Total interest income reflects lower insured student loans, a decrease in student loan spreads and investments. Earnings also reflect the absence of $60.2 million in gains from student loan sales. 
Source Capital Corpor. (Nasdaq : SOCC)Source Capital Corporation is engaged in lending activities, primarily making direct loans to individuals and corporations. For the three months ended 3/31/99, revenues increased 38 percent to $2.2 million. Net income increased 40 percent to $235 thousand. Revenues reflect increased lease financing income due to growth in the average earning asset portfolio. Earnings also benefitted from lower non-interest expenses as a  percentage of revenues. 
Supermail International (OTC BB : SPML)SPML offers non-banking financial and communication services, including check cashing, money transfer, money orders, food stamps, utility payments, telegrams, telex, courrier and delivery sales, lottery sales and other services. For the fiscal year ended 12/97, sales fell 8 percent to $4.2 million. Net loss rose 63 percent to $2.1 million. Revenues reflect a decrease in check cashing, lobby phone and money transfer revenues. Higher loss reflects higher debt levels and loss on asset disposals. 
Student Loan Corp. (NYSE : STU)The Student Loan Corp. through a trust agreement with Citibank, originates, holds, and services student loans. The loans are primarily made in accordance with the Federally sponsored guaranteed student loan programs. For the three months ended 3/31/99, revenues increased 9 percent to $171.4 million. Net income increased 38 percent to $23.1 million. Results benefitted from increased interest income as a result of the growth in the student loan portfolio. 
TFC Enterprises, Inc (Nasdaq : TFCE)TFCE, through its subsidiaries, The Finance Company and First Community Finance, Inc., purchases and services installment sales contracts originated by automobile and motorcycle dealers. For the three months ended 3/31/99, interest income increased 31 percent to $11.2 million. Net interest income after provision for credit losses increased 51 percent to $8 million. Net income totalled $1.4 million, up from $341 thousand. Results reflect an increase in point-of-sale purchases. 
Transnational Fnc'l. Ntwk (AMEX : TFN)Transnational Financial Network is a wholesale and retail mortgage banker which originates, funds and sells mortgage loans secured by one-to-four family residential properties in the San Francisco Bay area. For the three months ended 3/31/99, total revenues rose 80 percent to $3.4 million. Net income (vs. pro forma) rose 81 percent to $292 thousand. Results benefitted from the growth in mortgage loan productions and lower expenses as a  percentage of revenues. 
Union Acceptance Corp. (Nasdaq : UACA)Union Acceptance Corp. is a finance company engaged in the business of acquiring, securitizing and servicing retail automobile installment sales contracts originated by dealers affiliated with major domestic and foreign manufacturers. For the nine months ended 3/31/99, revenues rose 73 percent to $71.6 million. Net income totalled $9.2 million vs. a loss of $4.7 million. Results reflect increased gains on the sale of receivables and a lower provision for credit losses. 
WFS Financial Inc. (Nasdaq : WFSI)WFS Financial Inc. is a consumer finance company that specializes in the purchase, securitization and service of fixed rate consumer auto loans from its network of new and used car dealers. For the three months ended 3/31/99, total revenues rose 99 percent to $74.7 million. Net income totalled $11.6 million vs. a loss of $13.3 million. Revenues reflect higher gains on the sale of contracts due to increased securitizations. Earnings also reflect the absence of a $10.5 million restructuring. 
Westmark Group Holdings (Nasdaq : WGHI)WGHI is a financial services company whose wholly-owned subsidiary Westmark Mortgage Corporation is engaged in mortgage origination, purchase and re-sale of non-conforming, sub-prime loans secured by residential properties. For the fiscal year ended 12/98, sales totalled $17.3 million vs. $8.3 million. Net income from continuing operations applicable to Common totalled $1.1 million vs. loss of $1.3 million. Results reflect the Company's increased ability to acquire and sell non-conforming mortgages. 
WMF Group, Ltd. (Nasdaq : WMFG)WMFG originates, underwrites, structures, places, sells and services multifamily and commercial loans. The Co. manages commercial mortgage investment funds and provides asset management services. For the three months ended 3/99, revenues fell 1 percent to $13.1 million. Net loss totalled $1.3 million vs. an income of $281 thousand. Results reflect lower servicing fees in mortgage banking sector, decreased interest income and costs related to the addition of a conduit processing group. 
World Acceptance Corp. (Nasdaq : WRLD)World Acceptance Corp. is engaged in the small-loan consumer finance business, offering short-term loans, related credit insurance and ancillary products and services to individuals through 365 offices in nine states. For the nine months ended 12/31/98, total revenues rose 13 percent to $66.3 million. Net income fell 37 percent to $2.5 million. Revenues reflect an increase in interest and fee income due to higher average loan balances. Earnings were offset by higher legal expenses. 
White Mountains Ins. Grp. (NYSE : WTM)White Mountains Insurance Group, Inc. through its subsidiaries, provides property and casualty insurance, reinsurance and financial guaranty insurance, and is engaged in mortgage banking operations. For the three months ended 3/99, revenues totalled $126.9 million, up from $53 million. Net income from continuing operations totalled $10.8 million vs. a loss of $400 thousand. Revenues reflect increased property and casualty insurance premiums earned. Earnings also reflect lower benefits expenses.%}
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Abrams Industries, Inc. (Nasdaq : ABRI)Abrams Industries engages in the construction of retail and commercial properties; manufacturing store fixtures, bank fixtures and display units for retail outlets; and asset management of income producing properties. For the nine months ended 1/99, revenues rose 5 percent to $141 million. Net loss totalled $1.5 million vs. income of $3.1 million. Results reflect increased sales to new and existing customers, offset by expenses incurred in moving to a new facility. 
Able Telcom Holding Corp. (Nasdaq : ABTE)ABTE is a contractor for the construction and maintenance of facilities-based communication. ABTE has three operating groups: Network Services, Transportation Services and Communications Development. For the six months ended 4/99, revenues totalled $216.3 million, up from $56.8 million. Net loss applicable to Common before extraordinary item totalled $14.1 million, up from $243 thousand. Results reflect revenue generated by MFSNT and conduit sales offset by reduced margins and higher debt. 
Aero Systems Engineering (Nasdaq : AERS)Aero Systems Engineering, Inc. designs, manufactures and markets products and services related to the testing of turbine engines and aerodynamic and aeropropulsion component facilities. For the three months ended 3/31/99, revenues fell 9 percent to $6.4 million. Net loss totalled $476 thousand vs. an income of $70 thousand. Revenues suffered from customers delaying the start on several new projects. Loss also suffered higher costs over lower revenues and contract cost-to-complete adjustments. 
Atlantic Gulf Communities (OTC BB : AGLF)AGLF is engaged in the acquisition, development and sale of residential homesites, and the construction and sale of selected vertical residential products. AGLF also disposes of predecessor homesites and tracts. For the fiscal year ended 12/98, revenues rose 9 percent to $83.8 million. Net loss applicable to Common fell 87 percent to $8 million. Revenues reflect a $24.8 million gain on the sale of Dave's Creek. Lower loss reflects a decrease in corporate debt and decreased property taxes. 
AmeriLink Corporation (Nasdaq : ALNK)Amerilink Corp. designs, constructs, installs and maintains fiber optic, coaxial and twisted-pair copper cabling systems for the transmission of video, voice and data. For the fiscal year ended 3/28/99, revenues decreased 24 percent to $65.2 million. Net income fell 73 percent to $1.2 million. Revenues reflect decreased premises wiring for video communications services. Earnings suffered from increased selling, general and administrative expenses as a  percentage of sales. 
Alstom S.A. (NYSE : ALS)ALS specializes in the contracting of infrastructure construction projects for power generation, transmission and distribution, and transport. ALS also manufactures industrial equipment and is involved in specialty shipbuilding. For the fiscal year ended 3/31/98, net sales increased 21 percent to FF73.44 billion. Net income according to U.S. GAAP decreased 29 percent to FF1.41 billion. Net sales reflect higher Transport sales due to growth in sales volume. Earnings reflect a negative U.S. GAAP adjustment. 
Apogee Enterprises (Nasdaq : APOG)APOG, through its subsidiaries, is engaged in the design and development of value-added glass products, services and systems for the non-residential building, automotive and commercial markets. For the fiscal year ended 2/27/99, net sales rose 8 percent to $792.6 million. Net income from continuing operations fell 18 percent to $19.7 million. Revenues reflect increased replacement auto glass business sales. Earnings were offset by a lower gross profit margin and higher interest expense. 
ARCADIS (Nasdaq : ARCAF)Arcadis is an engineering company specializing in consulting and implementation services for environment and infrastructure. For the fiscal year ended 12/97, revenues rose 16 percent to NLG1.27 billion. Net income according to U.S. GAAP rose 58 percent to NLG48M. Revenues reflect growth in existing businesses and inclusion of acquired businesses. Earnings benefitted from decreased S/G/A expenses as a  percentage of sales and a $11.1 after tax gain on the sale of shares in Fugro. 
Asia Resources Holdings (OTC BB : ASIA)Asia Resource Holdings owns Westronix Ltd., which owns China Construction Holdings, Ltd. China Construction Holdings owns 51 percent of Hangzhou Zhongche Huantong Development Co., which develops a construction project called ``Hangzhou Ring Road'', which is designed to direct congested traffic outside Hangzhou City. For the fiscal year ended 12/98, sales rose 20 percent to $6.5 million. Net loss rose from $1.4 million to $5.2 million. Results reflect higher tolls, offset by lower margins. 
Avatar Holdings Inc. (Nasdaq : AVTR)Avatar Holdings is principally engaged in the business of developing and selling single and multifamily residential housing and active adult communities, and the leasing and management of commercial and industrial properties. For the three months ended 3/31/99, total revenues rose 24 percent to $30.4 million. Net loss from continuing operations before extraordinary item fell 63 percent to $1.4 million. Results reflect increased residential homebuilding revenues and lower interest expense. 
AMREP Corporation (NYSE : AXR)AMREP Corp. is a R.E. housing developer and builder, a national distributor of magazines, and a provider of subscription fulfillment services for publishers. For the nine months ended 1/31/99, revenues decreased 3 percent to $123.9 million. Net income decreased 46 percent to $3.9 million. Revenues reflect a decrease in land sales and the absense of a $4.2 million gain on the sale of a country club. Earnings also suffered from higher general and administrative expenses and costs of land sales. 
BF Enterprises, Inc. (Nasdaq : BFEN)BF Enterprises, Inc. is engaged in the real estate business, including the development of a large tract of land, known as Meadow Pointe, in Florida, and as owner and landlord of a building in Arizona and undeveloped land in Tennessee. For the fiscal year ended 12/31/98, total revenues rose 1 percent to $5.6 million. Net income fell 8 percent to $2.8 million. Revenues reflect an increase in the number of residential lots sold at Meadow Pointe. Earnings reflects increased employee compensation. 
BFC Construction Corp. (AMEX : BNC)BNC provides services in civil, pipeline, building, utilities, nuclear and industrial construction; and also engineering, procurement and construction management for the petroleum/petrochemical industries. For the nine months ended 9/98, revenues increased 24 percent to C$480.1 million. Loss from continuing operations before U.S. GAAP totalled C$5.3 million, up from C$1.1 million. Results reflect improved performance from construction and services, offset by increased operating expenses. 
Bresler & Reiner, Inc. (OTC BB : BRER)Bresler and Reiner, Inc. operates in two principal areas: resedential land development and construction and rental ownership and management, primarily in the Washington, DC Metropolitan area. For the three Months ended 3/99, revenues rose 7 percent to $8.2 million. Net income rose 16 percent to $2.3 million. Results reflect the settlement of nine homes vs. seven homes last year. Results also reflect lower interest expense due to the acquisition of two Paradise Sudley loans. 
Bluegreen Corporation (NYSE : BXG)Bluegreen Corporation is a national leisure product company which acquires, develops, and sells residential land and timeshare properties. BXG predominently operates in the Southeastern, Southwestern, and Midwestern U.S. For the three months ended 6/28/98, revenues rose 77 percent to $61.9 million. Net income before extraordinary item rose from $1.7 million to $5.7 million. Results reflect increased land and timeshare sales. Net income also reflects lower provision for loan losses. 
Beazer Homes USA, Inc. (NYSE : BZH)Beazer Homes USA, Inc. designs, constructs, markets and sells single family homes in AZ, CA, FL, GA, NV, NC, SC, TN, TX. For the six months ended 3/31/99, revenues rose 51 percent to $569.5 million. Net income applicable to Common totalled $9.8 million, up from $3.6 million. Revenues reflect an increased number of home closings in the southeast and southwest regions and 370 closings from the Trafalgar House operations. Earnings also reflect lower cost of home construction as a  percent of homes sales. 
California Coastal Commu. (Nasdaq : CALCD)California Coastal Communities is a residential land development and homebuilding company with properties located primarily in Southern CA. For the nine months ended 9/30/98, sales fell 94 percent to $2.1 million. Net loss from continuing operations before extraordinary items fell 97 percent to $2.5 million. Revenues suffered from the sales of the Bolsa Chica lowlands and the build-to-suit project. Lower loss reflects lower related cost of sales, debt levels and the absence of $66.6 million in reorganization cost. 
Canisco Resources, Inc. (Nasdaq : CANRC)Canisco Resources, Inc. provides painting and surface preparation, specialty coatings and linings, specialty cleaning, janitorial, decontamination, and technical support services. For the nine months ended 12/98, revenues rose 30 percent to $54.1 million. Net income rose 18 percent to $837 thousand. Revenues benefitted from the 4/22/98 acquisition of Mansfield Industrial Coatings. Earnings were partially offset by higher S/G/A as a  percentage of revenue. 
Cavalier Homes, Inc. (NYSE : CAV)Cavalier Homes designs, produces, and markets manufactured homes for sale to independent dealers. CAV also operates a manufacturing facility and a financial services unit. For the 13 weeks ended 4/2/99, revenues rose 30 percent to $163.4 million. Net income rose 48 percent to $4.5 million. Revenues reflect increased sales of multisection homes and increased floor shipments. Net income benefited from higher margins due to increased efficiencies. 
Chicago Bridge & Iron Co. (NYSE : CBI)Chicago Bridge and Iron is engaged in the engineering, design, fabrication, field erection and repair of bulk liquid terminals, steel tanks, pressure vessels, low temperature and cryogenic storage facilities and other steel plate structures. For the three months ended 3/99, revenues fell 10 percent to $170.7 million. Net income rose 26 percent to $4.2 million. Revenues reflect lower backlog in North America and AP areas. Earnings benefitted from higher realized margins. 
Colonial Commercial (Nasdaq : CCOM)Colonial Commercial Corp distributes door hardware, doors and frames used in new building construction, buildings being rehabilitated, interior tenant buildouts and building maintenance. For the three months ended 3/31/99, revenues rose 18 percent to $6 million. Net income totalled $151 thousand vs. a loss of $48 thousand. Revenues reflect favorable economic conditions in NY-NJ metropolitan area. Earnings reflect improved gross margins due to changes in product mix and higher interest income. 
Castle & Cooke, Inc. (NYSE : CCS)CCS operates in three businesses: residential real estate, resorts and commercial real estate on the island of Oahu, HI, and in Bakersfield, CA, Sierra Vista, AZ and Orlando, FL. For the three months ended 3/31/99, total revenues rose 11 percent to $63.7 million. Net income applicable to Common totalled $2.8 million, up from $1.4 million. Revenues reflect increased homesite deliveries at the Orlando development. Net income also reflects increased interest income. 
C.E.C. Industries Corp. (OTC BB : CECN)C.E.C Industries Corp. and its subsidiaries are engaged in four main businesses: real estate investment; carbon furnace development; mineral rights development and art investments. For the nine months ended 12/31/97, total revenues decreased from $7.1 million to $4 thousand. Net loss totalled $3.1 million vs. an income of $1.2 million. Revenues reflect lower sales of real estate properties. Higher loss also reflects a $2.9 million decrease in marketable securities held for sale. 
Cerbco, Inc. (Nasdaq : CERB)Cerbco, Inc. is the holding company for Insituform East, a excavationless sewer and pipeline rehabilitation company For the six months ended 12/31/98, revenues decreased 18 percent to $11.9 million. Net income decreased 94 percent to $24 thousand. Revenues reflect a reduction in production activities. Earnings also reflect a decrease in gross profit due to the absorption of semi-fixed costs over a lower sales volume, abd a decrease in other income. 
Chemed Corporation (NYSE : CHE)Chemed Corporation is a diversified corporation with strategic positions in plumbing and drain cleaning, home healthcare services, and residential appliance and air conditioning repair. For the three months ended 3/31/99, revenues rose 18 percent to $104.1 million. Net income fell 14 percent to $5.4 million. Revenues reflect increases in the plumbing services business and drain cleaning business of the Roto-Rooter segment. Earnings reflect lower investment gains recorded in 1999. 
Cadiz, Inc. (Nasdaq : CLCI)CLCI acquires and develops water related land and agricultural assets, including a portfolio of land holdings, water resources and agricultural operations located in central and southern CA. For the three months ended 3/31/99, revenues rose 20 percent to $6.6 million. Net loss rose 3 percent to $7.4 million. Revenues reflect increased yields coupled with strong pricing for southern lemons. Higher loss reflects additional administrative costs and increased borrowings. 
Calprop Corporation (OTC BB : CLPO)Calprop Corp. designs, constructs and sells single-family detached and attached homes and townhomes as part of condominiums or planned unit devolopments in CA. For the three months ended 3/99, revenues totalled $7.8 million, up from $2.8 million. Net income totalled $328 thousand vs a loss of $494 thousand. Revenues reflect sale of 33 homes and higher average sales price of houses. Earnings reflect the company beginning to sell homes in its Antares and Montserrat Estates projects. 
Golf Communities of Amer. (OTC BB : CLUB)CLUB owns and operates daily fee (public) and private golf courses and develops and sells residential lots in Central and Southwest Florida, Southeast Texas and Pinehurst, North Carolina. For the three months ended 3/99, net sales rose 6 percent to $2.2 million. Net loss totalled $5.6 million, up from $1.7 million. Revenues reflect revenue from the Strand Development Corporation of Naples. Higher loss reflects higher administrative and amortization expenses. 
Clayton Homes, Inc. (NYSE : CMH)Clayton Homes, Inc. builds, sells, finances and insures manufactured homes, as well as owns and operates residential manufactured housing communities, operating in 28 states. For the nine months ended 3/31/99, revenues rose 20 percent to $942.1 million. Net income rose 12 percent to $103.1 million. Results reflect an increase in the average home price and an increase in the number of Company-owned sales centers, partially offset by a higher provision for credit losses. 
Comarco, Inc. (Nasdaq : CMRO)Comarco, Inc. develops and manufactures wireless communications products and services, and provides engineering, technical, and airport management services to government and commercial entities. For the 13 weeks ended 4/30/99, revenues fell 3 percent to $21.2 million. Net income rose 14 percent to $959 thousand. Revenues reflect the completion of the contract at Reagan Washington National Airport, offset by reduced sustaining engineering and product support costs. 
Calton, Inc. (AMEX : CN)Calton, Inc., through its subsidiary, Calton Homes, Inc., was previously engaged in the design, construction, and sale of single family detached homes in central New Jersey. On 12/31/98, CN sold Calton Homes to Centex Real Estate Corp. For the three months ended 2/99, revenues totalled $574 thousand, up from $0. Net income from continuing operations totalled $159 thousand, vs. a loss of $301 thousand. Results reflect interest income earned and lower S/G/A expenses. 
Corrpro Companies, Inc. (NYSE : CO)CO provides corrosion control engineering and monitoring services, systems and equipment to the infra-structure, environmental and energy markets. CO specializes in the design, manufacture, and application of cathodic protection systems. For the nine months ended 12/98, revenues rose 12 percent to $147.4 million. Net income from continuing operations rose 28 percent to $7.6 million. Revenues benefitted from the acquisition. Net income also reflects an increased gross margin. 
Capital Pacific Holdings (AMEX : CPH)Capital Pacific Holdings is a single-family homebuilder in southern CA, Las Vegas, NV, Austin, TX, Phoenix, AZ, and Denver, CO, which targets entry level and move-up buyers. For the fiscal year ended 2/28/99, revenues rose 1 percent to $192.4 million. Net income totalled $3.3 million, vs. a loss of $2.2 million. Revenues reflect an increase in home closings and higher average sales prices. Earnings reflect the absence of a $8 million impairment loss on real estate. 
CRH Public Limited Co. (Nasdaq : CRHCY)CRH is an international group of companies engaged in the manufacture and supply of materials for the construction industry. For the comparable fiscal year ended 12/31/98, revenues rose 23 percent to EURO 5.03 billion. Net income applicable to ordinary shares and U.S. GAAP adjustment increased 23 percent to EURO 283 million. Results reflect increased acquisitions in the United States and The Netherlands. Net income also reflects decreased cost of sales as a  percentage of revenues. 
Crossmann Communities (Nasdaq : CROS)CROS is a holding company whose subsidiaries engage in the development, construction, marketing and sale of new single-family detached homes. For the three months ended 3/31/99, net sales increased 61 percent to $90.4 million. Net income increased 58 percent to $4 million. Results reflect an increased number of homes closed attributed in part to acquired operations, and increased gross profits due to higher capitalized field costs incurred to achieve volume in newer markets. 
Consolidated-Tomoka Land (AMEX : CTO)Consolidated-Tomoka Land Co. is engaged through its subsidiaries, the real estate industry, operations include: commerical real estate, property leasing, real estate development, oil and mineral exploration and forest products sales. For the three months ended 3/31/99, revenues fell 16 percent to $1.5 million. Net loss from contin. operations rose from $17 thousand to $394 thousand. Results reflect the lack of harvestable timber due to summer fires and increased cost of sales and G/A expenses. 
Centex Corporation (NYSE : CTX)Centex operates in five business segments: Home Building and Manufactured Housing, Investment Real Estate, Financial Services, Construction Products and Contracting and Construction Services. The Company also has a 55.6 percent equity interest in Centex Construction Products, Inc. For the fiscal year ended 3/99, revenues rose 30 percent to $5.15 billion. Net income rose 60 percent to $232 million. Revenues reflect higher home sales. Net income benefitted from favorable interest rates. 
Dectron Internationale (Nasdaq : DECT)Dectron Internationale, through its subsidiaries, manufactures and supplies an extensive array of products for the dehumidification, refrigeration, air conditioning and indoor air quality markets. For the fiscal year ended 1/99, net sales rose 23 percent to $20.2 million. Net income rose 31 percent to $1.1 million. Revenues reflect increased sales in all divisions and a favorable foreign exchange between US$ and C$. Net income reflects lower personnel costs. 
DeGeorge Financial Corp (OTC BB : DEGE)DeGeorge Financial Corp. provides a combination of financing, support services and materials that enable entry-level and move-up buyers to gain access to quality homes. For the nine months ended 9/30/98, revenues increased 18 percent to $74.3 million. Net loss from continuing operations totalled $19.7 million, up from $9.3 million. Revenues reflect an increase in loan closings. Higher loss reflects increased staffing and other costs related to branch sales offices and higher interest expense. 
Devcon International Corp (Nasdaq : DEVC)DEVC produces and distributes ready-mix concrete and quarry products. DEVC is also a land development contractor in the Caribbean. For the fiscal year ended 12/31/98, revenues increased 3 percent to $66.2 million. Net income totalled $484 thousand vs. a loss of $15.5 million. Revenues benefitted from the start and finish of medium sized contracts. Net income also reflects the absence of a $2.4 million impairment of assets charge and the inclusion of a $461 thousand litigation credit vs. a $4.5 million charge. 
D.R. Horton Inc. (NYSE : DHI)DHI is engaged primarily in the construction and sale of single-family homes in the Mid-Atlantic, Midwest, Southeast, Southwest and West regions of the U.S. DHI also provides title agency and mortgage brokerage services. For the six months ended 3/31/99, total revenues rose 55 percent to $1.36 billion. Net income rose 75 percent to $66.1 million. Results reflect an increase in the number of homes and land/lots sold and higher homebuilding gross profit margins. 
Diamond Home Services (Nasdaq : DHMS)DHMS is a marketer and contractor of installed home improvement products including roofing, gutters, doors and fencing under the ``Sears'' name. For the three months ended 3/31/99, net sales increased 96 percent to $56.6 million. Net loss totalled $2.1 million vs. income of $185 thousand. Revenues reflect the acquisition of Reeves. Net income was offset by the inclusion of a $1.1 million interest expense and a $1.3 million restructuring expense. 
Dominion Homes, Inc. (Nasdaq : DHOM)Dominion Homes, Inc. is a builder of single family homes and condominiums in Central Ohio, Louisville and Kentucky. For the three months ended 3/31/99, revenues fell 3 percent to $52.8 million. Net income fell 64 percent to $723 thousand. Revenues suffered from a fewer number of homes closed as well as a decline in the average price of homes delivered. Earnings reflect higher S/G/A expenses associated with the company's efforts to expand overall building capacity. 
Deltona Corporation (OTC BB : DLTA)The Deltona Corporation develops and sells Florida real estate, primarily through development of communities on acquired land. For the fiscal year ended 12/31/98, total revenues decreased 31 percent to $6.5 million. Net loss increased 95 percent to $2.6 million. Revenues were negatively impacted by decreased sales from the Company's independent dealer network. Higher loss reflects increased marketing efforts for the Company's new housing community in Timberwalk and higher compensations. 
DualStar Technologies (Nasdaq : DSTR)DualStar Technologies, through its subsidiaries, designs and builds infrastructure systems and provides services that control the environment in high-rise buildings (heating, ventilation and air conditioning, electrical, telephony, television, etc.). For the six months ended 12/98, revenues fell 16 percent to $41.1 million. Loss totalled $232 thousand vs. an income of $722 thousand. Results reflect the beginning of contracts and lower margins due to lower contract revenues. 
Dycom Industries, Inc. (NYSE : DY)Dycom Industries, Inc. is a provider of engineering, construction and maintenance services to telecommunications providers and utility line locating and electrical services. For the nine months ended 4/30/99, total revenues increased 22 percent to $329.1 million. Net income totalled $22.9 million vs. a proforma income of $14.6 million. Revenues reflect multi-year master service agreements and increased volume in the telecommunications services group. Earnings also reflect improved productivity. 
Dynamic Homes (Nasdaq : DYHM)DYHM manufactures and markets modular preconstructed single-family, multi-family homes and light commercial buildings in the upper midwest region of the U.S. For the fiscal year ended 12/26/98, net sales increased 8 percent to $13.9 million. Net income before accounting change increased 42 percent to $468 thousand. Revenues reflect higher sales of multi-family/commercial projects. Earnings also reflect an increase in gross profit and gain on sale of equipment. 
Engineering Power Sys Ltd (OTC BB : EGPDF)Engineering Power Systems Ltd. and its subsidiaries are involved in building, owning and operating barge mounted electrical generating units. For the three months ended 9/98, sales rose 9 percent to C$7.4 million. Net loss rose from C$314 thousand to C$1.2 million. Revenues reflect contributions from the new Norwegian subsidiary, Merlin Engineering S.A., which was acquired in 1/98. Higher loss reflects lower margins and a sharp increase in administrative expenditures. 
Eagle Exploration (OTC BB : EGXP)Eagle Exploration Company's primary operations includes the purchase and development of residential real estate and engaging in oil and gas exploration and production activities. For the nine months ended 12/31/98, revenues totalled $2.1 million, up from $56 thousand. Net income totalled $1.9 million vs. a loss of $111 thousand. Results reflect a $2 million income from investment in a limited liability company and increased interest income. 
EMCOR Group, Inc. (Nasdaq : EMCG)EMCOR Group, Inc. is a mechanical and electrical construction and facilities services firm, providing services to a range of commercial, industrial, utility and institutional customers in the U.S., Canada and the United Kingdom. For the three months ended 3/31/99, revenues rose 9 percent to $540 million. Net income before extraordinary item totalled $2.1 million, up from $802 thousand. Revenues reflect acquisitions. Earnings also reflect higher margins due to volume increases. 
Engel General Developers (Nasdaq : ENGEF)ENGEF designs, develops, markets and oversees the construction of a variety of homes, including condominiums, townhouses, duplexes, and single family homes, in Israel. For the nine months ended 9/30/98, revenues decreased 37 percent to NIS77.8 million. Net income decreased 68 percent to $7 million. Revenues reflect the economic turndown in Israel's real estate market, resulting in both lower prices and units sold. Earnings also reflect lower gross profit margins. 
Engle Homes, Incorporated (Nasdaq : ENGL)Engle Homes, Inc. designs, constructs, markets and sells single-family residences, townhomes, patio homes and condominiums to entry-level and move-up buyers. For the six months ended 4/30/99, revenues rose 55 percent to $333.2 million. Net income before extraordinary item rose 74 percent to $11.5 million. Revenues reflect an increased number of homes sold due to a higher backlog. Earnings benefitted from lower selling, general and administrative costs as a  percentage of total revenues. 
Essex Corporation (OTC BB : ESEX)ESEX provides professional engineering and scientific services to support defense, space and energy programs. ESEX is developing proprietary optoelectronic processors for the commercial market. For the fiscal year ended 12/27/98, revenues rose 13 percent to $4.5 million. Net loss from continuing operations fell 93 percent to $118 thousand. Revenues reflect the Company's work for Motorola on its Iridium cellular satellite communication system. Lower loss reflects the Company's effort to reduce expenses. 
Environmental Mon. & Test (OTC BB : EVMT)Environmental Monitoring and Testing is engaged in the business of drilling wells, primarily for the purpose of environmental monitoring and testing, principally in South Carolina and Georgia. For the six months ended 3/31/99, revenue rose 18 percent to $526 thousand. Net income fell 12 percent to $64 thousand. Revenues benefitted from an increase in contract drilling activity. Earnings were offset by increased direct contract and S/G/A expenses. 
Flour City International (Nasdaq : FCIN)Flour City International, Inc. designs, engineers, manufactures and installs custom curtainwall systems for the construction industry. For the six months ended 4/30/99, revenues rose 47 percent to $19.6 million. Net loss totalled $1.1 million, vs. an income of $2.1 million. Revenues reflect an increase in Pacific-Rim projects. Loss reflects a lower gross profit margin and increased selling, general and administrative expenses in support of increased business volumes. 
Comfort Systems USA, Inc. (NYSE : FIX)Comfort Systems is a provider of comprehensive heating, ventilation, and air conditioning installation, maintenance, repair and replacement services. For the three months ended 3/31/99, revenues rose from $132.6 million to $291.9 million. Net income increased 94 percent to $6.6 million. Revenues reflect the acquisition of purchased companies. Earnings were partially offset by a decreased profit margin and an increased interest expense. 
Fletcher Challenge Bldg. (NYSE : FLB)FLB operates in the concrete, housing, steel, building products and related distribution, and construction industries. For the fiscal year ended 6/30/38 revenues fell 10 percent to NZ$3.02 billion. Net income decreased by 8 percent to NZ$134 million. Revenues reflect the decreases from the construction division in the U.S., Australia and Asia. Earnings benefitted from a decrease in operating expenses due to a restructuring program and a decrease in funding costs. 
Fluor Corporation (NYSE : FLR)Fluor Corporation is an international engineering, construction, maintenance and diversified services company, and maintains investments in low-sulfur coal. For the six months ended 4/30/99, total revenues decreased 3 percent to $6.48 billion. Net loss totalled $21.8 million vs. an income of $109.1 million. Revenues reflect a decreased in the volume of work preformed in the core engineering segment. Net loss suffered from a $136.5 million special charge associated with the Company's reorganization. 
Fortress Group, Inc. (Nasdaq : FRTG)FRTG is a national homebuilding company for the acquisition and development of land or improved lots and the construction of residential for-sale housing. For the three months ended 3/31/99, revenues rose 25 percent to $150.7 million. Net loss applicable to Common totalled $3 million vs. an income of $138 thousand. Revenues reflect acquisitions and increases in home closings and prices of home closings. Net loss reflects higher dividend payments and losses on the sale of assets. 
Foster Wheeler Corp. (NYSE : FWC)FWC and its subsidiaries provide a broad range of design, engineering, construction, manufacturing, management, plant operations and environmental services worldwide. For the three months ended 3/26/99, revenues fell 2 percent to $1.02 billion. Net income rose 16 percent to $15.4 million. Revenues suffered from a decrease in bookings in the company's energy equipment group. Net income reflects improved gross margin. 
Bufete Industrial, S.A. (NYSE : GBI)GBI is a provider of integrated engineering, procurement and construction services (EPC) to the public and private sectors in Mexico, Latin America, the U.S., Asia and Europe. For the six months ended 6/30/98, revenues rose 9 percent to PS2.51 billion. Net loss totalled PS385.5 million vs. an income of PS173.1 million. Revenues reflect higher urban projects in the U.S. and Chile. Net loss reflects less active start-up, higher administrative costs and lower margin projects. 
Gibbs Construction, Inc. (Nasdaq : GBSE)Gibbs Construction, Inc. is a full service, national commercial construction company that provides construction services throughout the United States principally to national retail store chains. For the three months ended 3/99, revenues rose 19 percent to $13.6 million. Net income totalled $129 thousand, up from $31 thousand. Revenues reflect seasonal business improvement during the winter months. Earnings also benefitted from higher gross margins and an absence of a bad debt write-off. 
General Devices, Inc. (OTC BB : GDIC). General Devices had been engaged in the business of providing contract technical services and executive recruiting. The Company also had been supplying contract technical services consisting of experienced engineering, scientific and other technical personnel. For the three months ended 3/99, the Company reports no revenues. Net loss increased 39 percent to $6.2 million. Results reflect increased general and administrative expenses. 
Grupo Mexicano Desarrollo (NYSE : GMDb)GMD.B engages in the construction of infrastructure projects, including highways and toll roads, bridges, tunnels, water works, dams, airports and real estate developments. For the fiscal year ended 12/97, revenues rose 11 percent to PS1.17 billion. Net loss according to U.S. GAAP totalled PS3.02 billion, up from PS596.2 million. Results reflect higher revenues due to the Argentine toll road project. Net loss reflects the inclusion of a PS5.3 billion loss on investments in toll road concessions. 
Grupo Tribasa (NYSE : GTR)Grupo Tribasa is a Mexican construction company specializing in large-scale infrastructure projects and in industrial construction, done predominantly under government-sponsored concession programs. For the fiscal year ended 12/31/97, revenues rose 20 percent to Ps3.32 billion. Net loss accord. to U.S. GAAP before extraordinary item totalled Ps3.34 billion vs. an income of Ps614.8 million. Results reflect higher public works revenues, offset by Ps3.22 billion in Toll Road Rescue Program write-offs. 
Goldfield Corporation (AMEX : GV)Goldfield is engaged in the mining of industrial minerals as well as base and precious metals; and the construction and maintenance of electrical facilities for utilities. For the fiscal year ended 12/98, revenues rose 5 percent to $16.8 million. Net loss applicable to Common totalled $634 thousand vs. income of $391 thousand. Revenues reflect a higher level of activity in electrical construction operations. Net loss reflects impairment losses related to the coal royalty and mine note. 
Granite Construction Inc. (NYSE : GVA)Granite Construction Inc. is a civil contractor which constructs dams, highways, airports, tunnels, bridges and other infrastructure-related projects in the west, southwest and southeast. For the three months ended 3/31/99, revenues rose 17 percent to $214.8 million. Net income increased 81 percent to $2.5 million. Revenues reflect an increase in volume in both Branch and Heavy Construction Divisions. Net income also reflects decreased S/G/A expenses as a  percentage of revenues. 
Global Water Technologies (OTC BB : GWTR)Global Water Technologies designs, sells, manufactures and builds industrial cooling towers, and repairs, maintains and retrofits existing industrial cooling towers and cooling tower components for these and similiar facilities. For the three months ended 3/31/99, total revenues totalled $14 million, up from $4.3 million. Net income before accounting change applicable to Common totalled $546 thousand vs. a loss of $99 thousand. Results reflect an increase in the number of projects won. 
HomeFed Corporation (HFDCHomeFed Corporation is a holding company primarily engaged in the investment in and development of residential real estate projects in Northern California, through its wholly-owned subsidiaries HomeFed Communities and HomeFed Resources. For the three months ended 3/31/99, sales totalled $2.3 million, up from $891 thousand. Net loss rose 64 percent to $1.4 million. Results reflect increased sales of residential properties, offset by costs related to the San Elijo and Otay Ranch projects. 
Hawaii Land & Farming Co. (OTC BB : HLCO)Hawaii Land and Farming Co. is a land developer and homebuilder of residential real estate in the state of Hawaii with operations on the islands of Maui, Kauai, and Hawaii. For the six months ended 9/30/98, revenues increased 29 percent to $8.7 million. Net loss totalled $1.2 million, up from $334 thousand. Revenues benefitted from the sale of the Company's Iao II project. Higher loss reflects the inclusion of a $300 thousand merger transaction cost and a $600 thousand asset impairment loss. 
HLM Design, Inc. (Nasdaq : HLMD)HLM Design, Inc. provides architectural, engineering and planning services to a variety of clients in several industries. The Company also provide services for all phases of a construction project. For the nine months ended 1/29/99, revenues rose 21 percent to $26.1 million. Net income before extraordinary items rose 16 percent to $647 thousand. Revenues reflect continued efforts on marketing. Earnings were partially offset by expenses related to being a public company. 
Hovnanian Enterprises (AMEX : HOV)HOV designs, constructs and markets multi-family attached condominium apartments and townhouses, and single family detached homes in planned residential developments. For the six months ended 4/30/99, total revenues fell 3 percent to $412.8 million. Net income rose 24 percent to $13.6 million. Results reflect a decrease in homes delivered in the Northeast Region. Earnings benefitted from an improved gross profit margin and a lower inventory impairment loss. 
Hallwood Realty Partners (AMEX : HRY)Hallwood Realty Partners, a limited partnership, is engaged in the acquisition, ownership and operation of commercial office and industrial real estate. For the fiscal year ended 12/31/98, total revenues increased 5 percent to $56.7 million. Net income before extraordinary item applicable to Limited Partners totalled $6.1 million, up from $2.3 million. Revenues reflect a rise in average occupancy and increased rental rates. Earnings also reflect lower property operating expenses. 
C.H. Heist Corporation (AMEX : HST)HST provides industrial cleaning and maintenance services, as well as staffing services. Services include sandblasting, painting, cleaning and repairing of various structures including bridges and power generation facilities. For the 13 weeks ended 3/28/99, net sales rose 28 percent to $36.1 million. Net loss fell 81 percent to $94 thousand. Results reflect higher revenues from existing customers, greater market penetration, new office openings and acquisitions. 
American Homestar Corp. (Nasdaq : HSTR)HSTR is a vertically integrated manufacturing housing company, with operations in manufacturing, retail distribution, financing, insurance and transportation. For the nine months ended 2/28/99, revenues rose 27 percent to $468 million. Net income before extraordinary item rose 13 percent to $13.4 million. Revenues reflect increases in homes sold and the selling price of new homes. Earnings were partially offset by increased debt levels and selling, general and administrative expenses. 
Hospitality Worldwide Srv (AMEX : HWS)HWS provides interior and exterior renovations and maintenance and engages in a purchasing and reorder business to the hospitality industry, and a real estate advisory business. For the fiscal year ended 12/98, revenues totalled $230 million, up from $85.4 million. Net income applicable to Common from contin. operations totalled $681 thousand vs. a loss of $1.1 million. Results reflect growth in the customer base, project scope, the purchase of Bekins and HWS REAG, and a slower growth rate of expenses. 
Int'l American Homes (OTC BB : IAHM)International American Homes designs, builds, and sells single-family homes and villas and develops finished building lots, primarily in middle income communities in suburban residential areas in Greater Tampa, FL. For the nine months ended 12/31/98, total revenues fell 14 percent to $39.1 million. Net income totalled $2.1 million vs. a loss of $568 thousand. Results reflect the exiting from the Washington, D.C. market, offset by the absence of $1.5 million in restructuring costs. 
Empresas ICA Sociedad (NYSE : ICA)Empresas ICA Sociedad Controladora is engaged in construction and related activities, involving the construction of infrastructure facilities, as well as industrial, urban and housing construction. For the fiscal year ended 12/98, revenues rose 61 percent to NP16.52 billion. Net income according to U.S. GAAP totalled NP531.7 million vs. a loss of NP1.28 billion. Sales reflect higher demand for construction of infrastructure. Earnings reflect the absence of NP1.49 billion restructuring costs. 
Integrated Electrical Svc (NYSE : IEE)Integrated Electrical Services, Inc is a national provider of electrical contracting, including design and installation for both new and renovation projects, and maintenance services to the commercial, industrial and residential markets. For the six months ended 3/31/99, revenues totalled $413.4 million, up from $104.3 million. Net income totalled $18.8 million vs. a loss of $14.5 million. Results reflect the acquisitions. Net income reflects a higher gross profit. 
International Fibercom (Nasdaq : IFCI)IFCI provides installation, construction, consulting, design, engineering and systems integration services to owners of broadband, fiber-optic newtworks. IFCI also sells telecommunications equipment. For the three months ended 3/99, revenues increased 29 percent to $27.9 million. Net income applicable to Common decreased 23 percent to $2.2 million. Revenues benefitted from an increase in contract activity. Net income was offset by an increased interest expense. 
Insignia Financial Group (NYSE : IFS)Insignia Financial Group specializes in commercial real estate services, single-family home brokerage and mortgage origination, condominium and cooperative apartment management, equity co-investment and other services. For the three months ended 3/31/99, total revenues rose 13 percent to $115.8 million. Net loss totalled $5.1 million vs. an income of $2.8 million. Results reflect increased real estate services revenues due to acquisitions, offset by $5.5 million in merger related expenses. 
Interstate General Co. LP (AMEX : IGC)Interstate General Company L.P. is primarily engaged in the business of community development, ownership, development and management of apartment rental properties, and homebuilding. For the fiscal year ended 12/31/98, revenues fell 9 percent to $32.9 million. Net income applicable to limited partner totaled $513 thousand vs. a loss of $3.5 million. Revenues suffered from a decrease in homebuilding operations. Net income reflects a decrease in the cost of land sales. 
Insituform East, Inc. (Nasdaq : INEI)Insituform East is engaged in the rehabilitation of underground sewers and other pipelines using its patented process. For the six months ended 12/31/98, sales decreased 18 percent to $11.9 million. Net income decreased 99 percent to $7 thousand. Revenues reflect the absence of revenues from the Perry Nuclear project recognized in the first quarter of 1998. Net income reflects a decrease in gross profit due to the absorption of semi-fixed costs over lower sales volume. 
InfraCorps, Inc. (OTC BB : INFC)INFC provides environmental and construction products and services, emphasizing the contruction line of business by installing and rehabilitating subsurface pipelines using trenchless technologies. For the comparable nine months ended 12/31/98, revenues rose 3 percent to $14.8 million. Net loss from continuing operations before extraordinary item totalled $211 thousand vs. an income of $277 thousand. Results reflect inclement weather in 1997, offset by higher cost of goods. 
INCO Homes Corporation (INHMEINCO Homes Corp. is a developer and builder of affordably priced single-family detached homes primarily in San Bernardino, Riverside and Los Angeles counties of southern CA. For the nine months ended 9/98, revenues rose 55 percent to $20.3 million. Net loss applicable to Common before extraordinary items fell 81 percent to $2.3 million. Revenues reflect increased number of home sales and higher average price. Lower loss reflects the absence of a $9.2 million charge for write-down of real estate. 
Insituform Technologies (Nasdaq : INSUA)Insituform Technologies provides proprietary trench-less technologies for the rehabilitation and improvement of sewer, water, gas and industrial pipes. For the three months ended 3/31/99, revenues increased 12 percent to $71.2 million. Net income increased 40 percent to $4.3 million. Revenues reflect increased volumes from the Company's rehabilitation operations. Net income also reflects decreased S/G/A expenses as a  percentage of revenues, and decreased interest expense. 
Irex Corporation (OTC BB : IREX)IREX is a distributor of mechanical insulation and architectural products, and engages in specialty contracting for mechanical insulation, abatement, fire protection and interior finish contracting. For the nine months ended 9/98, revenues rose 14 percent to $233.5 million. Net income applicable to Common totalled $2.5 million, up from $781 thousand. Revenues reflect increased distribution revenues due to acquisitions. Earnings also reflect higher margins in certain product categories. 
Jacobs Engineering Group (NYSE : JEC)Jacobs Engineering provides engineering, design and consulting services, construction and construction management services and process plant maintenance services. For the six months ended 3/31/99, revenues rose 29 percent to $1.34 billion. Net income rose 20 percent to $31.3 million. Revenues benefitted from the acquisition of Sverdrup Corporation. Earnings were partially offset by $2.3 million of interest expense incurred on the merger indebtedness. 
Kaneb Services, Inc. (NYSE : KAB)Kaneb provides specialized industrial field services to an international client base that includes refineries, chemical plants, pipelines, drilling and production platforms, and other process industries. For the three months ended 3/99, revenues rose 67 percent to $99.4 million. Net income applicable to Com. rose 30 percent to $2.2 million. Revenues reflect increased computer hardware sales and consulting services provided. Earnings were partially offset by increased cost of sales. 
Kaufman & Broad Home Corp (NYSE : KBH)Kaufman and Broad Home Corporation is a builder of single-family homes with domestic operations in seven western states, and international operations in France and Mexico. For the three months ended 2/99, total revenues increased 63 percent to $694.1 million. Net income rose from $8.1 million to $16.2 million. Revenues reflect increased housing revenues and land sales, and higher revenues from mortgage banking operations. Earnings reflect higher margins and lower borrowing level. 
Killearn Properties, Inc. (AMEX : KPI)Killearn Properties, Inc. develops planned communities in Henry County, Georgia. For the nine months ended 1/31/99, total revenues increased 22 percent to $14.5 million. Net income increased 7 percent to $440 thousand. Revenues benefitted from increased sales of land due to the sale of $4.4 million of land to Proactive Technologies. Earnings were partially offset by lower margins on the sale of land due to the sale of land to Proactive at a price only slightly above book value. 
Layne Christensen Company (Nasdaq : LAYN)Layne Christensen Company is a water well drilling, well and pump repair and maintenance and environmental drilling company in the U.S. LAYN also provides mineral exploration drilling services. For the three months ended 4/30/99, total revenues rose 3 percent to $70 million. Net loss totalled $1.2 million vs. an income of $1 million. Results reflect higher water drilling revenues due to the Hydro Group acquisition, offset by higher S/G/A and depreciation cost and lower equity income. 
Lennar Corporation (NYSE : LEN)Lennar Corporation is engaged in two principal businesses: the building and selling of homes and mortgage financing services. Total revenues for the three months ended 2/28/99 increased 34 percent to $590.6 million. Net income increased 72 percent to $27.9 million. Revenues reflect higher number of new home deliveries and increased average sales price. Earnings reflect higher margins in the homebuilding business and lower interest expense. 
Lincoln Logs Ltd. (OTC BB : LLOG)Lincoln Logs is engaged in the business of designing, manufacturing and marketing a broad line of log and panel homes to be erected by custom builders and do-it-yourself buyers. For the six months ended 7/31/98, net sales rose 9 percent to $4.8 million. Net loss rose 39 percent to $501 thousand. Revenues reflect higher number of housing units shipped and average sales value per unit home. Net loss reflects an unusual charge of $513 thousand to interest expense. 
Lindal Cedar Homes (Nasdaq : LNDL)LNDL is engaged in the manufacture and distribution of custom homes, windows and sunrooms. LNDL also manufactures standard dimension cedar lumber. For the fiscal year ended 12/31/98, revenues decreased 23 percent to $37.7 million. Net loss decreased 62 percent to $936 thousand. Revenues reflect a decrease in the number of home units shipped. Lower loss reflects a higher gross profit margin due to decreased material costs and a change in the mix of homes sold. 
Group Maintenance America (NYSE : MAK)Group Maintenance America is a nationwide provider of mechanical and electrical services, including heating, ventilation and air conditioning, plumbing and electrical services, to residential and commercial customers. For the three months ended 3/31/99, revenues totalled $302.8 million, up from $107.1 million. Net income totalled $5.7 million, up from $2.3 million. Results reflect acquisitions, increased volumes at existing stores and the benefits of an increase in new home starts. 
Miller Building Systems (Nasdaq : MBSI)Miller Building Systems, Inc., through its three wholly owned subsidiaries, designs, manufactures and markets factory-built buildings. For the nine months ended 3/27/99, net sales increased 26 percent to $47.9 million. Net income increased 40 percent to $1.7 million. Revenues reflect the acquisition of United operation and sales at the recently opened Pennsylvania plant. Earnings also reflect decreased selling, general and administrative costs as a  percentage of sales. 
M.D.C. Holdings, Inc. (NYSE : MDC)MDC builds and sells single-family homes in Denver and Colorado Springs, CO; Northern Virginia and suburban MD; Norther and Southern CA; Phoenix and Tucson, AZ; and Las Vegas, NV. The Company also originates mortgage loans primarily for MDC's home buyers. For the three months ended 3/99, revenues rose 22 percent to $297.1 million. Net income rose 73 percent to $13.8 million. Results reflect an increase in home closings and increased mortgage lending profits. 
M/I Schottenstein Homes (NYSE : MHO)MHO is engaged in the construction and sale of single-family residential property. MHO also originates mortgage loans, primarily for purchasers of the Company's homes. For the three months ended 3/31/99, revenues increased 27 percent to $148.8 million. Net income increased 70 percent to $7.7 million. Revenues reflect an increase in the number of Homes Delivered and in the average sales price. Net income also reflects an increase in gross margin. 
Monarch Investment Prop. (OTC BB : MIPR)Monarch Investment Properties is currently engaged in real estate development and rental projects, including a development and sale of family homes on real estate located in New York City. For the three months ended 9/30/98, the Company reported no revenues. Net loss from continuing operations totalled $93 thousand, up from $37 thousand. Higher loss reflects increased costs related to the development of real estate projects. 
Mark Solutions, Inc. (Nasdaq : MISCD)MISCD designs, manufactures and markets modular steel cells for prison cells and isolation units for correctional and health care facilities. The Co. also produces treatment booths for communicable diseases, and diagnostic support and archiving computer systems (Intrascan). For the six months ended 12/98, revenues fell 62 percent to $2.9 million. Net loss fell 37 percent to $464 thousand. Revenues reflect a decrease in sales. Lower losses reflect operating efficiencies implemented. 
Morrison Knudsen Corp NEW (NYSE : MK)Morrison Knudsen is an international provider of a broad range of engineering, construction and construction management services, facilities management, environmental remediation and mining services. For the three months ended 2/26/99, revenues rose 9 percent to $421.3 million. Net income rose 8 percent to $8.9 million. Revenues reflect increased bridge and highway construction. Net income was partially offset by increased compensation and computer systems expenses. 
Modtech Holdings, Inc. (Nasdaq : MODT)Modtech Holdings, Inc. designs, manufactures, markets and installs modular relocatable classrooms and other modular buildings for commercial use, sold primarily to California school districts and third parties. For the three months ended 3/31/99, net sales fell 37 percent to $21 million. Net income applicable to Common fell 74 percent to $1 million. Results reflect a delay in passage of the California state budget and lower margins due to changes in product mix. 
Marina Limited Partnershp (MRNCZMarina Limited Partnership owns 359 acres of investment real estate. The properties consist of partially wooded, gently rolling land adjacent to the lakes, ideal for residential use. For the three months ended 3/31/99, revenues fell 56 percent to $948 thousand. Net income applicable to Limited Partners totalled $1 thousand, vs. $519 thousand. Revenues suffered from lower home and homesite sales. Earnings also suffered from higher costs of marine operations. 
Meritage Corporation (NYSE : MTH)Meritage Corporation develops, constructs, markets and sells new single family homes in the semi-custom luxury, move-up and entry level markets. For the fiscal year ended 12/31/98, revenues rose 71 percent to $256 million. Net income rose 69 percent to $24 million. Revenues reflect an increase in units closed due to the inclusion of the Texas operations. Earnings also reflect increased residual interest and real estate loan interest income due to gains from mortgage securities. 
Metalclad Corporation (Nasdaq : MTLC)MTLC is engaged in insulation services, including asbestos abatement services and material sales. MTLC is also engaged in the collection and storage of hazardous waste and the development of its treatment. For the three months ended 3/31/99, revenues rose 39 percent to $3.6 million. Net loss from continuing operations fell 6 percent to $457 thousand. Results reflect the Co.'s various maintenance agreements, partially offset by the higher cost of material sales. 
Matrix Service Company (Nasdaq : MTRX)MTRX provides specialized on-site maintenance and construction services for petroleum refining and storage facilities, and water storage tanks and systems for the municipal and private sectors. For the nine months ended 2/99, revenues fell 3 percent to $153.1 million. Net income from continuing operations totalled $1.5 million vs. a loss of $2 million. Revenues reflect fewer and smaller capital projects in the Northwest. Earnings reflect the absence of $6 million in merger and other costs. 
MasTec, Inc. (NYSE : MTZ)MasTec, Inc. is a contractor specializing in the design, installation and maintenance of infrastructure for the telecommunications and other utilities industry. For the three months ended 3/31/99, revenues rose 11 percent to $206.8 million Net income totaled $4.4 million vs. a loss of $12.1 million. Revenues reflect internal growth and favorable weather conditions. Earnings reflect higher margins, lower S/G/A as a  percentage of revenue and the absence of $4 million in integration costs. 
Meadow Valley Corp. (Nasdaq : MVCO)MVCO, a heavy construction contractor, specializes in structural concrete construction of highway bridges and overpasses, and the paving of highways and airport runways. For the three months ended 3/99, revenues increased 54 percent to $58.3 million. Net income from continuing operations rose 14 percent to $552 thousand. Revenues reflect higher revenue from construction materials production and manufacturing sold to non-affiliates. Net income was partially offset by a lower gross profit margin. 
MYR Group, Inc. (NYSE : MYR)MYR is involved in infrastructure services (electric and gas utility line construction, telecommunication construction, and traffic signals and street lighting construction) and commercial/industrial services. For the three months ended 3/31/99, revenues fell 3 percent to $107.3 million. Net income rose 63 percent to $1.8 million. Revenues reflect variables such as delays in receipt of construction material. Earnings benefitted from lower contract costs. 
Newmark Homes Corp. (Nasdaq : NHCH)Newmark Homes Corporation designs, builds, and sells single-family homes within the Southwest and Southeast U.S., including Houston, Austin, Dallas/Forth Worth, Miami/Ft. Lauderdale and Nashville. For the three months ended 3/31/99, revenues rose 34 percent to $92.8 million. Net income rose 56 percent to $2 million. Revenues reflect an increased number of homes closed by the Company. Net income reflects higher margins and lower depreciation expense as a percantage of sales. 
Newhall Land & Farming (NYSE : NHL)Newhall Land and Farming Company develops, constructs, and sells residential, commercial, and industrial real estate in California and is also engaged in farming, cattle and feed marketing. For the three months ended 3/99, revenues rose 78 percent to $42.3 million. Net income rose from $257 thousand to $8.3 million. Revenues reflect higher industrial and commercial real estate sales. Net income reflects higher margins in the industrial and commercial real estate segment. 
Nichols Research Corp. (Nasdaq : NRES)Nichols Research Corporation is a professional services company focusing on the application of engineering principles and technology in four market areas: national security, government information technology (IT), commercial IT and healthcare IT. For the six months ended 2/28/99, revenues rose 10 percent to $200 million. Net income fell 36 percent to $4.6 million. Results reflect contract base growth in all Co.'s business units, offset by $4.3 million impairment charge and acquisition expenses. 
NVR, Inc. (AMEX : NVR)NVR is a holding company that currently operates, through its subsidiaries, in two business segments: 1) the construction and marketing of homes 2) mortgage banking. For the three months ended 3/31/99, revenues rose 48 percent to $446.5 million. Net income totalled $26 million, up from $10.9 million. Revenues reflect an increase in the number of homes settled and higher new orders due to a more favorable interest rate environment. Earnings also reflect favorable market conditions. 
Orleans Homebuilders (AMEX : OHB)OHB develops residential communities in PA and NJ. The Company builds and sells condominiums, townhouses and single-family homes and sells land and developed homesites. For the nine months ended 3/31/99, revenues rose 51 percent to $107.7 million. Net income applicable to Common totalled $3.3 million, up from $406 thousand. Revenues reflect an increased number of units sold due to the opening of new communities. Earnings also benefitted from higher margins due to higher sales prices. 
Oriole Homes Corp. (AMEX : OHCb)Oriole Homes Corp. builds and sells condominiums, single family homes, patio homes, townhouses, villas and duplexes in planned communities located in southeast Florida. For the fiscal year ended 12/98, revenues fell 22 percent to $91.1 million. Net income totalled $82 thousand vs. a loss of $20.8 million. Revenues reflect a reduction in the number of homes delivered. Net income reflects the absence of $21.6 million in charges for inventory and asset valuation adjustments. 
Perini Corporation (AMEX : PCR)PCR provides general contracting, including civil and building construction, construction management and related services to private clients and public agencies worldwide. For the fiscal year ended 12/31/98, revenues fell 22 percent to $1.04 billion. Net income applicable to Common rose from $49 thousand to $5.7 million. Revenues reflect lower building and civil construction revenues mainly due to unfavorable timing of new projects. Earnings benefitted from decreases in S/G/A and debt levels. 
Presley Companies (NYSE : PDC)The Presley Companies and subsidiaries are engaged in design, construction and sale of single family detached and attached homes in California, Arizona, New Mexico and Nevada. Fot the three months ended 3/31/99, net sales increased 24 percent to $82.3 million. Net income totalled $5.4 million vs a loss of $3.2 million. Revenues reflect an increase in both the number of homes sold and closed. Earnings also beneffited from sales and marketing expenses. 
Peacock Financial Corp. (OTC BB : PFCK)Peacock Financial Corporation and its wholly owned subsidiary are involved in a real estate development in southern California. For the three months ended 3/31/99, revenues decreased 18 percent to $201 thousand. Net income totalled $64 thousand vs. a loss of $270 thousand. Revenues reflect the absence of home building activities as well as a decrease in administration income. Net income reflects higher margins and a $70 thousand increase in miscellaneous income. 
Palm Harbor Homes, Inc. (Nasdaq : PHHM)Palm Harbor Homes, Inc. is a producer of multi-section manufactured homes. PHHM's operations include manufacturing, marketing, financing and insurance. For the fiscal year ended 3/26/99, revenues increased 19 percent to $761.4 million. Net income rose 26 percent to $40.2 million. Revenues benefitted from an increase in the volume of homes sold through Company owned retail superstores. Earnings also benefitted from production efficiencies at manufacturing facilities. 
Pulte Corporation (NYSE : PHM)Pulte Corporation is a holding company whose subsidiaries are engaged in homebuilding and financial services businesses. For the three months ended 3/31/99, revenues increased 31 percent to $682.5 million. Net income from continuing operations totalled $24 million, up from $10.9 million. Revenues reflect an increase in net new orders and unit settlements from homebuilding operations. Earnings also reflect an improved gross profit margin. 
Quanta Services, Inc. (NYSE : PWR)Quanta Services is a provider of specialty contracting and maintenance services primarily for electric and telecommunications infrastructure in North America. For the three months ended 3/99, revenues increased from $32.2 million to $127.8 million. Net income rose from $817 thousand to $3.4 million. Revenues reflect the acquisitions of the founding companies and purchased companies. Net income reflects higher margins and lower personnel expenses as a  percentage of revenues. 
Randers Killam Group Inc. (AMEX : RGI)Randers Killam Group, Inc. provides engineering and outsourcing services in four business segments: Water and Wastewater Treatment, Process Engineering and Construction, Highway and Bridge Engineering, and Infrastructure Engineering. For the fiscal year ended 4/3/99, revenues rose 13 percent to $80.8 million. Net income fell 6 percent to $3 million. Results reflect new construction and labor management contracts, offset by lower margins due to changes in sales mix. 
Rottlund Company, Inc. (AMEX : RH)RH designs, builds and markets detached single family homes and attached townhomes and villas in the Minneapolis-St. Paul, Des Moines, Southern NJ, Indianapolis, Naples-Ft. Myers and Tampa metropolitan areas. For the nine months ended 12/31/98, net sales rose 49 percent to $173.9 million. Net income totalled $2.7 million vs. a loss of $183 thousand. Revenues reflect a higher number of homes closed. Net income also reflects higher gross margins due to steady material and labor costs. 
Rocky Mountain Power Co. (OTC BB : RMPC)Rocky Mountain Power Co. is principally in the real estate investment business, owning residential rental real estate in CA and AR, and a health/racquetball club in CA. RMPC is also in the business of investing in foreclosure sale real estate certificates of purchase. For the nine months ended 3/31/99, total revenues fell 49 percent to $137 thousand. Net income fell 25 percent to $66 thousand. Results reflect lower asset sale gains, partially offset by reduced rent expense. 
Royal Palm Beach Colony (OTC BB : RPAMZ)Royal Palm Beach Colony L.P. is primarily engaged in the operation, management and orderly disposition of both undeveloped and developed parcels of real estate located in FL. For the three months ended 12/98, revenues rose from $489 thousand to $2.5 million. Net income totalled $114 thousand vs. a loss of $66 thousand. Revenues reflect two sales aggregating 79 lots from phases two and three of the Crestwood Tract development. Earnings also reflect lower cost of sales as a  percentage of revenues. 
Ryland Group, Inc. (NYSE : RYL)The Ryland Group, Inc. and subsidiaries consist of two business segments: homebuilding and financial services. For the three months ended 3/31/99, revenues increased 20 percent to $404 million. Net income applicable to Common totalled $9.9 million, up from $4.4 million. Revenues reflect an increase in the number of closings. Net income also reflects an increased gross profit margin due to a change in product mix and a more cost-effective product. 
Stolt Comex Seaway S.A. (Nasdaq : SCSWF)SCSWF is a subsea services contractor, providing technologically sophisticated subsea engineering, flexible and rigid flowline lay, subsea contruction, inspection, maintenance and repair services to customers in the off-shore oil and gas industry. For the fiscal year ended 11/98, revenues rose 51 percent to $649.8 million. Net income before accounting change rose 39 percent to $54.2 million. Results reflect improved market conditions in the North Sea, partially offset by higher SGA expenses. 
Southern Energy Homes (Nasdaq : SEHI)Southern Energy Homes, Inc. produces manufactured homes sold in the southeast and southcentral United States. For the 13 weeks ended 4/2/99, net sales decreased 2 percent to $73.5 million. Net income decreased 16 percent to $2.1 million. Revenues reflect a decline in the average wholesale price per home shiiped. Lower income also reflects higher S/G/A expenses as a  percentage of revenues due to salary increases and the addition of new employees. 
Stav Electrical Systems (AMEX : SES)Stav Electrical Systems is engaged in the manufacture, installation and maintenance of electrical and lighting systems. For the six months ended 6/30/98, revenues increased from NIS7.4 million to NIS17.8 million. Net income according to U.S. GAAP rose 47 percent to NIS2.2 million. Revenues benefitted from an increased number and dollar volume of projects awarded. Earnings were partially offset by lower gross margins due to increased usage of subcontractors and higher debt levels. 
Schuler Homes, Inc. (Nasdaq : SHLR)Schuler Homes, Inc. is a developer of affordably priced residential housing in Hawaii consisting of single family homes and multi family homes, such as condominiums and townhomes. For the three months ended 3/31/99, revenues rose 73 percent to $95.9 million. Net income totalled $4.8 million, up from $2 million. Revenues reflect an increase in the number and average sales price of units closed. Earnings also reflect lower selling, general and administrative cost as a  percentage of sales. 
Schuff Steel Company (Nasdaq : SHUF)SHUF is a fully integrated fabricator and erector of structural steel and heavy steel plate for commercial and industrial construction projects. For the fiscal year ended 12/31/98, revenues rose 37 percent to $189.9 million. Net income (vs. pro forma) decreased 40 percent to $4.3 million. Revenues reflect the acquisition of Addison Structural Services, Inc. and Six Industries, Inc. Earnings were offset by higher S/G/A costs as a  percentage of revenues and increased debt levels. 
Associated Materials Inc. (Nasdaq : SIDE)Associated Materials consists of two operating divisions: Alside (manufactures and distributes exterior residential building products to contractors), and AmerCable (manufactures and sells electrical cable). For the three months ended 3/99, revenues rose 8 percent to $84.6 million. Net income before extraordinary item totalled $800 thousand vs. loss of $767 thousand. Revenues reflect strong results from Alside division. Earnings also reflect lower interest expenses and nonoperating losses. 
Sierra Rockies Corp. (OTC BB : SIRK)Sierra Rockies Corp. owns and operates a hotel and gaming property in Cripple Creek, CO, and continues to develop the property. SIRK also operates a small construction company which specializes in the installation of manufactured houses. For the nine months ended 9/30/97, total revenues totalled $133 thousand, up from none. Net loss decreased 48 percent to $703 thousand. Results reflect initial construction revenues and the absence of $666 thousand in write-off and buyout costs. 
Standard Pacific Corp. (NYSE : SPF)Standard Pacific is a geographically diversified builder of single-family homes throughout the metropolitan markets of CA, TX and AZ. For the three months ended 3/99, revenues increased from $96.9 million to $214.5 million. Net income from continuing operations rose from $4.8 million to $13.9 million. Revenues reflect increased home deliveries and higher average selling prices. Earnings also benefitted from profits yielded by the Talega joint venture and higher margins due to a favorable sales mix. 
Stimsonite Corporation (Nasdaq : STIM)STIM manufactures and markets reflective highway safety products which are designed to offer enhanced visual guidance to vehicle operators and pedestrians in various driving conditions. For the three months ended 3/31/99, revenues rose 11 percent to $15.4 million. Net loss fell 25 percent to $789 thousand. Revenues benefitted from strong domestic sales of optical film products. Lower loss also reflect lower research and development expenditures and lower interest expense. 
Stratus Properties, Inc. (Nasdaq : STRS)Stratus Properties, Inc. operates and develops domestic oil and gas properties and domestic real estate held for development. For the three months ended 3/31/99, revenues fell 40 percent to $1.6 million. Net loss fell 46 percent to $479 thousand. Revenues reflect a reduction in sales. Lower net loss reflects $51 thousand in equity in unconsolidated affiliates income, reimbursement of certain infrastructure costs and reduced legal costs. 
STV Group, Incorporated (Nasdaq : STVI)STV Group, Incorporated provides engineering and architectural consulting and design services on a variety of projects for the public and private sectors. For the three months ended 12/31/98, revenues increased 42 percent to $34.2 million. Net income increased from $412 thousand to $912 thousand. Revenues reflect increased awarded contracts and increased pass-through costs. Earnings reflect improvement in cash position and interest earned from invested cash. 
Sundance Homes, Inc. (Nasdaq : SUNH)SUNH builds single-family detached and attached homes in the Chicago metropolitan area, which include Cook County and the five surrounding counties (McHenry, Lake, DuPage, Kane and Will Counties). For the3 months ended 12/98, total sales rose 24 percent to $24.1 million. Net loss before accounting change fell 16 percent to $676 thousand. Revenues reflect an increased number of deliveries and $1.3 million in land sales revenue. Net loss reflects lower S/G/A expenses as a  percentage of revenues. 
Saxton Incorporated (Nasdaq : SXTN)Saxton is an integrated real estate development company engaged in the design, development, construction and sale of single-family homes, design-build services for third-party clients and property operations and management. For the three months ended 3/31/99, revenues totalled $29.6 million, up from $12.7 million. Net income rose 56 percent to $1.8 million. Results reflect an increase in the number of homes sold, partially offset by lower margins on home sales. 
Tri-National Development (OTC BB : TNAV)Tri-National Development Corp. develops, sells, and manages real estate projects in the U.S., Canada and Mexico. The Company is divided into three categories: residential and resort development and assisted living/retirement. For the nine months ended 1/31/99, total revenues fell 85 percent to $492 thousand. Net loss totalled $3.9 million vs. income of $1.9 million. Revenues benefitted from a $2.9 million gain on the sale of assets. Net loss reflects higher general and administrative expenses. 
Toll Brothers, Inc. (NYSE : TOL)TOL designs, builds, markets and finances single family detached and attached homes in 135 middle and high income residential communities in 18 states. For the six months ended 4/99, revenues rose 24 percent to $610.7 million. Net income before extraordinary item rose 23 percent to $39.5 million. Revenues benefitted from increased deliveries due to expansion of the community base, and higher average selling prices. Earnings were partially offset by lower margins yielded in newer markets. 
Texas Pacific Land Trust (NYSE : TPL)Texas Pacific Land Trust receives and holds title to extensive tracts of land in TX. It derives its income from land sales, oil and gas royalties, grazing leases, and interest. For the three months ended 3/31/99, revenues fell 58 percent to $1.5 million. Net income fell 67 percent to $716 thousand. Results reflect decreased land sales, decreased rentals, royalties and other income, decreased oil and gas royalty revenues, and an increase in general and administrative expenses. 
Turner Corporation (NYSE : TUR)The Turner Corporation is a holding company engaged in general building construction and construction management in the U.S. and abroad. TUR also has limited real estate operations. For the three months ended 3/31/99, revenues rose 29 percent to $27.8 million. Net income applicable to Common Stock rose 80 percent to $6.4 million. Revenues reflect a strong general building construction market. Earnings also reflect an increase in interest and other income. 
U.S. Home Corporation (NYSE : UH)U.S. Home Corp. builds and sells homes in more than 230 new home communities in 33 market areas in 12 states. UH is engaged in two related industry segments: home building and financial services. For the three months ended 3/99, total revenues rose 20 percent to $400.6 million. Net income before extraordinary item fell 26 percent to $14.5 million. Revenues reflect increased sales of single-family homes and increased mortgage loan originations. Earnings reflect the absence of a favorable IRS tax ruling. 
United Park City Mines (NYSE : UPK)United Park City Mines develops, sells, and leases real estate located in or near Park City, Utah. UPK also operates a mine tour attraction. For the three months ended 3/31/99, total revenues decreased 64 percent to $423 thousand. Net loss totalled $723 thousand, up from $295 thousand. Revenues suffered from the absence of $705 thousand in lot sales. Higher loss also suffered from the allocation of personnel and resources to the tunnel maintenance activities. 
URS Corporation (NYSE : URS)URS Corp. is a professional services firm which provides planning, design, applied science, and program and construction management services. For the six months ended 4/30/99, revenues increased 9 percent to $415.1 million. Net income increased 39 percent to $12.7 million. Results reflect growth in all areas including infrastructure projects involving transportation systems, institutional and commercial facilities and environmental projects and improved margins. 
USABG Corp. (USBGUSABG Corp. is a general contractor for construction projects sponsored by the federal, state and local government authorities. For the three months ended 9/30/98, revenues decreased 76 percent to $2.2 million. Net income decreased 85 percent to $48 thousand. Revenues suffered from the Company's inability to obtain any material new contracts. Lower net income also suffered from an increase in the Company's reserve for uncollectable receivables. 
UTILX Corp. (Nasdaq : UTLX)UTILX installs, replaces and restores underground cables and pipes. UTILX also sells its drilling systems and related products in int'l markets, and repairs electric cables damaged by water. For the nine months ended 12/31/98, revenues fell 7 percent to $58 million. Net loss totalled $5.7 million vs. an income of $167 thousand. Results reflect decreased revenues from North American operations. Loss also reflects lower gross profit and increased spending on corporate projects. 
Del Webb Corporation (NYSE : WBB)WBB designs, develops and markets residential communities ranging from smaller-scale, non-amenitized communities within its conventional homebuilding operations to master-planned communities with extensive amenities. For the nine months ended 3/31/99, revenues rose 21 percent to $947.3 million. Net income rose 38 percent to $34.4 million. Revenues reflect improvements in the California's real estate economy. Earnings reflect improved margins. 
Washington Homes (NYSE : WHI)Washington Homes Inc. designs, builds and markets single-family detached homes, townhomes and condominium homes primarily to first-time and first move-up homebuyers. For the nine months ended 4/30/99, sales rose 60 percent to $232.8 million. Net income totalled $6.2 million, up from $1.4 million. Results reflect an increase in the number of homes delivered and increased average prices of homes delivered and lower general and administrative expenses as a  percentage or revenue. 
Walter Industries, Inc. (NYSE : WLT)WLT, through its direct and indirect subsidiaries, offers a diversified line of products and services for homebuilding, water and waste water transmission, coal mining, residential and non-residential construction and industrial markets. For the nine months ended 2/99, revenues rose 14 percent to $1.19 billion. Net income from continuing operations before extraordinary items totalled $37.5 million, up from $13.8 million. Results reflect the contribution from AIMCOR and improved margin. 
Williams Industries, Inc. (Nasdaq : WMSI)WMSI operates in several facets of the commercial, industrial, institutional, governmental and infrastructure construction markets in the Mid-Atlantic region. For the six months ended 1/99, revenues rose 14 percent to $14.2 million. Net income before extraordinary item totalled $388 thousand vs. a loss of $1.1 million. Revenues reflect strength at Greenway, Williams Bridge Co., Williams Equipment and Piedmont. Earnings also reflect higher margins and the absence of an $800 thousand investment write-off. 
Writer Corporation (OTC BB : WRTC)The Writer Corporation is a developer and builder of planned residential communities in the Denver, Colorado area. Recently, WRTC has expanded into the Northern Colorado area. For the fiscal year ended 12/98, revenues rose 45 percent to $64.1 million. Net income fell 37 percent to $2.2 million. Revenues reflect a 45 percent increase in the total volume of units sold. Earnings were offset by the absence of $1.2 million in various one-time gains, plus the absence of a $901 thousand tax benefit. 
Westower Corporation (AMEX : WTW)WTW owns, designs, builds and maintains wireless communication transmitting and receiving facilities for providers of wireless communication services, including U.S. Cellular, Western Wireless, AT&T and Sprint. For the comparable six months ended 3/99, revenues rose 85 percent to $43.3 million. Net income fell 42 percent to $1.1 million. Results reflect increased building and implementation activities, and acquisitions, partially offset by merger costs and higher operating costs. 
Weitzer Homebuilders Inc. (OTC BB : WTZRA)Weitzer Homebuilders, Inc. is engaged in the design, construction and sale of single-family homes and townhomes in Miami-Dade and Broward Counties in Southeast Florida. For the six months ended 3/99, revenues increased 11 percent to $26.9 million. Net loss totalled $236 thousand vs an income of $156 thousand. Revenues primarily reflect an increase in the number of homes delivered and an increase in the average selling price. Loss reflects increased costs of building materials. 
Xxsys Technologies, Inc. (OTC BB : XSYS)Xxsys Technologies, Inc.'s primary business focus is to use its proprietary retrofit and rehabilitation processes to upgrade aging bridges, buildings and other structures by wrapping the structural elements with composite materials. For the three months ended 12/31/98, revenues fell 91 percent to $27 thousand. Net loss totalled $650 thousand, up from $308 thousand. Revenues reflect project delays and a reduction in government grants. Loss also suffered from the absence of a $375 thousand consulting fee. 
Zaring National Corp. (Nasdaq : ZHOM)Zaring National Corp. is principally engaged in designing, constructing, marketing and selling single-family homes and acquiring and developing land for sale as residential building lots in the midwest and southeast United States. For the three months ended 3/31/99, total revenues fell 7 percent to $49.1 million. Net loss totalled $2.3 million, up from $1.1 million. Results reflect reduced sales of luxury site-built homes and increased corporate expenses.%}
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Amcol International Corp. (NYSE : ACO)Amcol International operates in three segments: absorbent polymers, clay and minerals, and environmental commercial construction. ACO also operates a long-haul trucking and freight brokerage business. For the three months ended 3/99, net sales rose 6 percent to $129 million. Net income rose 66 percent to $5.7 million. Revenues reflect increases in all segments except minerals. Earnings benefitted from higher gross profit and a reduced interest expense. 
Ameron International Corp (NYSE : AMN)AMN operates in four groups: Protective Coatings develops and markets coatings; Fiberglass Pipe develops pipes and fittings; Concrete and Steel Pipe services pipeline facilities; and Construction and Allied Products supplies materials. For the three months ended 2/28/99, net sales rose 20 percent to $122.9 million. Net income totalled $1 million vs a loss of $940 thousand. Results reflect higher concrete and steel pipe sales due to backlogs and higher gross profit. 
Centex Construction Prod. (NYSE : CXP)Centex Construction Products is a producer of a variety of basic construction products used in residential, industrial, commercial and infrastructure applications, including cement, gypsum wallboard, aggregates and readymix concrete. For the fiscal year ended 3/31/99, total revenues rose 13 percent to $336.1 million. Net income rose 37 percent to $77.3 million. Results reflect increased gypsum wallboard sales volume, higher price and higher operating margins and interest income. 
Florida Rock Industries (NYSE : FRK)Florida Rock Industries, Inc. is engaged in the production and sale of ready mixed concrete and the mining, processing and sale of sand, gravel and crushed stone. FRK also sells and produces concrete block and prestressed concrete. For the six months ended 3/31/99, net sales rose 26 percent to $277.2 million. Net income rose 35 percent to $19.8 million. Revenues reflect higher demand for construction products and modest price increases. Earnings also reflect lower maintenance and interest expenses. 
Giant Cement Holding Inc. (Nasdaq : GCHI)Giant Cement Holding Inc. manufactures and sells a complete line of portland and masonry cements used in residential, commercial and infrastructure construction. For the three months ended 3/31/99, revenues increased 49 percent to $35 million. Net income decreased 63 percent to $351 thousand. Revenues benefitted from higher average selling prices of cement and increased aggregate sales. Earnings were offset by lower gross margins due to higher maintenance expenses. 
Lafarge Corporation (NYSE : LAF)Lafarge Corporation is a diversified supplier of construction material which provides the construction industry with a full range of aggregates, concrete and concrete products, cement and cementitious prodcuts, and gypsum wallboard. For the three months ended 3/99, net sales rose 10 percent to $369.8 million. Net loss fell 27 percent to $29.1 million. Revenues reflect increased shipments in all product lines. Lower loss reflects higher margins and lower miscellaneous costs. 
Lone Star Industries, Inc (NYSE : LCE)Lone Star Industries, Inc. is a cement and ready-mixed concrete company with operations in the midwestern and southern United States. For the three months ended 3/99, revenues rose 12 percent to $69.8 million. Net income rose 37 percent to $9.6 million. Revenues reflect strong demand for cement in the Company's major markets as well as mild weather during the quarter. Earnings benefitted from higher average selling prices and increased shipments. 
Monarch Cement Company (OTC BB : MCEM)Monarch Cement Company is engaged in the manufacture and sales of the principal types of portland cement and ready-mixed concrete and sundry building materials. For the fiscal year ended 12/31/98, revenues increased 8 percent to $99.5 million. Net income decreased 4 percent to $9.7 million. Revenues reflect an increase in volume and sale prices of cement and ready-mixed concrete sold. Earnings were offset by a decrease in gross profit, and the absence of gains on the sale of investments. 
Martin Marietta Materials (NYSE : MLM)MLM produces aggregates for the construction industry, including highways, infrastructure, and for commercial and residential industries. The Company also manufactures and markets magnesia-based chemicals and other specialty products. For the three months ended 3/99, revenues rose 29 percent to $241.1 million. Net income totalled $7.9 million, up from $2.6 million. Results reflect acquisitions and gains from the disposition of certain assets. 
Oglebay Norton Company (Nasdaq : OGLE)Oglebay Norton Company mines, processes, transports and markets industrial minerals, primarily lime and industrial sands, serving customers in the steel, electric utility, construction, oil drilling, glass, chemical and other industries. For the three months ended 3/31/99, revenues totalled $45.1 million, up from $14.3 million. Net loss totalled $3 million, up from $220 thousand. Results reflect acquisitions in the lime and limestone segment, offset by increased interest expense. 
Puerto Rican Cement Co. (NYSE : PRN)Puerto Rican Cement Company, Inc. manufactures Portland gray cement, hydrated lime, multiwall paper bags, ready-mixed concrete and engages in real estate operations. For the three months ended 3/31/99, revenues increased 22 percent to $44.7 million. Net income increased 25 percent to $4.1 million. Revenues reflect increases in cement and ready-mixed concrete sales. Earnings benefitted from improved production capacity utilization. 
U.S. Concrete, Inc. (Nasdaq : RMIX)U.S. Concrete Inc. is a value-added provider of ready-mixed concrete and related products and services to the construction industry in major markets in the United States. For the three months ended 3/99, sales increased 31 percent to $13 million. Net income increased 36 percent to $926 thousand. Revenues reflect improved weather conditions and higher demand for commercial building construction. Net income reflects favorable economies of scale and improved inventory management. 
Rock of Ages Corporation (Nasdaq : ROAC)Rock of Ages Corporation is an integrated granite quarrier, manufacturer, distributor and retailer whose principal product is granite memorials used in cemeteries. For the three months ended 3/31/99, total revenues rose 15 percent to $17.5 million. Net loss before accounting change rose from $431 thousand to $1.9 million. Revenues benefitted from the Retail Acquisitions. Loss reflects investment in people and infrastructure to support retailing growth and increased debt levels. 
Southdown, Inc. (NYSE : SDW)Southdown, Inc. operates manufacturing facilities, and quarrying sites and utilizes cement storage and distribution terminals for the production, importation and distribution of portland and masonary cements. For the three months ended 3/31/99 revenues rose 9 percent to $244.9 million. Net income rose 88 percent to $29.5 million. Revenues reflect increased sales in the cement product segment. Net income reflects higher levels of investable cash. 
Smith-Midland Corporation (Nasdaq : SMID)Smith-Midland invents, develops, manufactures, markets, leases, licenses, sells, and installs a broad array of precast concrete products for use in transportation, construction and utilities industries. For the three months ended 3/99, revenues rose 14 percent to $3.5 million. Net income fell 55 percent to $28 thousand. Revenues reflect higher product sales and installation contracts. Net income was offset by lower margins due to sales of shipping and installation services. 
USG Corporation (NYSE : USG)USG Corporation is engaged in the manufacture and distribution of building materials, producing a range of products for use in new residential, new nonresidential and repair and remodel construction, as well as products used in certain industrial processes. For the three months ended 3/31/99, net sales rose 12 percent to $823 million. Net income rose 28 percent to $86 million. Results reflect strong demand for SHEETROCK brand wallboard and higher margins due to higher selling prices. 
U.S. Lime & Minerals Inc. (Nasdaq : USLM)USLM is engaged in the production and sale of pulverised limestone, quicklime, and hydrated lime products supplying the steel, paper, agriculture, water treatment, municipal sanitation and construction industries. For the three months ended 3/99, revenues increased 7 percent to $6.9 million. Net income rose 51 percent to $458 thousand. Results reflect a 5.4 percent increased sales volume and a 1.7 percent price increase. Earnings also reflect a higher gross profit and lower SGA costs. 
Vulcan Materials Company (NYSE : VMC)Vulcan Materials Company produces, distributes, and sells construction material and industrial chemicals. Products include crusted stone, sand, gravel, limestone, etc. For the three months ended 3/31/99, net sales rose 34 percent to $482.2 million. Net income fell 28 percent to $26.4 million. Revenues reflect higher earnings from construction materials due to CalMat and 20 other aggregates operations. Earnings suffered from higher S/G/A and debt levels due to addition of CalMat. 
Zemex Corporation (NYSE : ZMX)Zemex Corporation is a niche producer of specialty materials and products for use in a variety of industrial applications, including feldspar, kaolin, sand, mica, talc, ferrous and non ferrous powders, and aluminum dross derivatives. For the three months ended 3/31/99, net sales rose 6 percent to $27.9 million. Net income rose 13 percent to $1.4 million. Results reflect an increase in the volume of sales of sodium feldspar and higher margins due to operating efficiencies.%}
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American Architectural (OTC BB : AAPC)AAPC, through its wholly owned subsidiaries, is engaged in the business of manufacturing and distributing residential, commercial and architectural windows and doors. For the three months ended 3/99, revenues rose 58 percent to $72.1 million. Net loss rose 58 percent to $4.1 million. Revenues reflect stronger customer relationships, acquisitions and new customer additions. Higher loss reflects acquisition, financing costs and increased interest expense. 
Armstrong World Industr. (NYSE : ACK)Armstrong World Industries designs, manufacturers and sells interior furnishings, most notably floor coverings and ceiling systems, sold for use in residential, commercial and institutional buildings. For the three months ended 3/31/99, net sales rose 53 percent to $829.1 million. Net income rose 4 percent to $48.3 million. Revenues reflect the acquisitions of Triangle Pacific and DLW. Earnings were partially offset by higher goodwill amortization and a higher effective tax rate. 
Advanced Env'l Recycling (Nasdaq : AERTA)AERTA develops and manufactures a line of composite building materials from reclaimed plastic and wood fiber waste for certain specialized applications in the construction industry. For the fiscal year ended 12/31/98, sales rose 55 percent to $12.4 million. Net loss applicable to Common before extraordinary item rose 91 percent to $3.7 million. Revenues reflect increased MoistureShield and ChoiceDek sales. Higher loss reflects higher professional fees, insurance and start-up costs. 
Applied Films Corporation (Nasdaq : AFCO)AFCO designs, develops and supplies thin film coated glass for use in liquid crystal displays and sells thin film coating equipment to manufacturers. For the 26 weeks ended 1/2/99 sales fell 36 percent to $15.5 million. Net loss totalled $529 thousand vs. an income of $1.4 million. Revenues reflect a weakening demand and declining selling prices for thin film coated glass and a decline in equipment sales. Loss also reflects lower gross profit and $148 thousand one-time restructuring charges. 
American Locker Group (Nasdaq : ALGI)American Locker Group is engaged primarily in the sale and rental of lockers, including coin, key and electronically controlled checking lockers and related locks, and plastic centralized mail and parcel distribution lockers. For the three months ended 03/31/99, sales fell 20 percent to $7.9 million. Net income fell 36 percent to 592 thousand. Results suffered from decreased sales of plastic lockers to the US Postal Service and lower gross margins. 
American Woodmark Corp. (Nasdaq : AMWD)American Woodmark Corporation manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets. For the nine months ended 1/31/99, net sales rose 34 percent to $233.3 million. Net income rose 37 percent to $12.6 million. Revenues reflect continued growth with the leading national home center chains and increased shipments to national and regional builders. Earnings also reflect lower interest expense. 
American Precision Indus. (NYSE : APR)American Precision Industries manufactures and sells motion control devices, heat transfer products and electronic components. For the three months ended 3/31/99, revenues rose 7 percent to $58.8 million. Net income applicable to Common fell 9 percent to $1.4 million. Revenues benefitted from the acquisition of Elmo Industrier AB. Earnings were offset by a lower gross profit  percentage, increased research and development expenses and the inclusion of preferred dividends. 
Butler Manufacturing (NYSE : BBR)BBR is primarily engaged in the marketing, design, and production of systems and components for nonresidential structures. For the three months ended 3/31/99, net sales increased 5 percent to $203.4 million. Net income decreased 77 percent to $264 thousand. Revenues reflect higher sales in the Architectural Products, Construction Services and Real Estate segments. Earnings reflect a $1.5 million restructuring charge related to the Brazilian currency devaluation and higher interest expense. 
Berger Holdings, Ltd. (Nasdaq : BGRH)Berger Holdings, Ltd. is principally engaged in the manufacture and distribution of metal roof drainage products, including gutters, downspouts, soffits, fascias, snow guards, trim coil and associated accessories and fittings. For the three months ended 3/31/99, net sales rose 17 percent to $8.2 million. Net loss applicable to Common fell 70 percent to $46 thousand. Results reflect the acquisition of Sheet Metal Manufacturing and a concentration on higher margin products. 
Boral Limited (Nasdaq : BORAY)Boral Limited is an Australian-based manufacturer and supplier of a range of building materials and construction products, and is an integrated national explorer, producer, distributor and retailer of natural gas. For the fiscal year ended 6/30/98, total revenues fell 16 percent to A$4.93 billion. Net income fell 79 percent to A$86 million. Results reflect a A$1.06 billion reduction in proceeds from the sale of controlled entities and reduced gains on the sale of businesses. 
Baltek Corporation (Nasdaq : BTEK)Baltek Corporation is a multinational manufaturing and marketing company which operates in two lines of business: supplying core materials (balsa wood products) and aquaculture (the farming and processing of shrimp. For the three months ended 3/99, net sales increased 14 percent to $18.1 million. Net income rose 17 percent to $581 thousand. Revenues reflect improved core materials and shrimp sales. Earnings reflect improved pricing and better absorption of fixed expenses. 
Cameron Ashley Building (NYSE : CAB)Cameron Ashley Building Products distributes building products to independent dealers (lumberyards and hardware stores), professional builders, contractors and mass merchandisers throughout the United States, Mexico and Canada. For the six months ended 4/30/99, revenue rose 35 percent to $492.1 million. Net income rose 1 percent to $3.4 million. Results reflect acquisitions and a 6 percent increase in same-branch sales, partially offset by new branch operating expenses. 
Cooper Industries, Inc. (NYSE : CBE)Cooper Industries, Inc. is a worldwide diversified manufacturer with two business segments: Electrical Products, and Tools and Hardware. For the three months ended 3/99, revenues increased 3 percent to $924.7. Net income from continuing operations increased 16 percent to $75.6 million. Revenues reflect acquisition activity and improved sales from the Electrical Products segment. Earnings also benefitted from a lower interest expense due to lower debt levels. 
China Container Holdings (OTC BB : CCHL)China Container Holdings is a holding company whose subsidiaries manufacture container components, container chassis and specialized semi-trailers, manufacture plastic injection equipment and are engaged in real estate activities. For the fiscal year ended 12/31/97, net sales rose 27 percent to $123.5 million. Net loss totalled $17.1 million, up from $3.1 million. Results reflect an increased number of units shipped, offset by lower margins and increased inventory charges. 
CPT Holdings, Inc. (OTC BB : CPTD)CPT Holdings, through its subsidiaries, produces high quality lightweight structural steel shapes, primarily I-Beams and manufactures piercer points. For the nine months ended 3/31/99, net sales fell 7 percent to $76 million. Net loss totalled $322 thousand vs. an income of $159 thousand. Revenues reflect a reduced shipping levels and reductions in average selling price. Loss reflect increased selling, general and administrative costs due to nonrecurring consulting fees and legal costs. 
Carbo Ceramics Inc. (Nasdaq : CRBO)Carbo Ceramics Inc. is a producer and supplier of ceramic proppants for use in the hydraulic fracturing of natural gas and oil wells. For the three months ended 3/99, revenues decreased 11 percent to $20.1 million. Net income fell 29 percent to $4.1 million. Revenues reflect decreased average selling prices and 7 percent decreased sales volume of CARBOHSP(TM) and CARBOPROP. Earnings reflect the development of new products and increased start-up costs related to new facilities. 
Ceradyne, Inc. (Nasdaq : CRDN)Ceradyne, Inc. develops, manufactures, and markets advanced technical ceramic products and components for industrial, defense, consumer and microwave applications. For the three months ended 3/31/99, sales fell 14 percent to $6.3 million. Net income fell 90 percent to $48 thousand. Revenues reflect lower wear resistant component sales and lower sales of structural ceramic for the semiconductor industry. Earnings also reflect a lower gross profit margin. 
Consumat Environmental (OTC BB : CSMT)CSMT is engaged in the design and manufacture of incineration and pollution control equipment. For the fiscal year ended 12/31/98, revenues increased 11 percent to $3.2 million. Net loss increased 11 percent to $1.7 million. Revenues benefitted from two large contracts for the expansion and refurbishment of two existing incineration facilities. Higher loss reflects the inclusion of a $1 million impairment of long-lived assets charge, and increased interest expense due to additional debt. 
Conversion Technologies (CVTLCVTL manufactures, recycles and processes industrial abrasives, decorative particles that visually enhance structural materials and structural and textural enhancers. For the fiscal year ended 6/30/98, revenues rose 33 percent to $1.9 million. Net loss before extr. item applicable to Common fell 9 percent to $11.7 million. Sales reflect higher decorative particles sales. Lower loss was partially offset by operating losses due to high overhead and the write down of the Dunkirk plant. 
Donnelly Corporation (NYSE : DON)DON designs, manufactures, and sells glass, prisms, plastic molding, electrochromic, optics and metal diecasting products for the automotive industry, and glass coatings for the transportation, electronics, and computer industries. For the 26 weeks ended 1/2/99, sales rose 19 percent to $428.7 million. Net loss applicable to Common totalled $559 thousand vs. an income of $6.1 million. Results reflect programs launched in 1998, offset by higher expenses on resources to support new info systems. 
Dayton Superior Corp. (NYSE : DSD)Dayton Superior Corporation is a manufacturer and distributor of specialized metal accessories and prefabricated forming systems used in concrete and masonry construction. For the three months ended 4/2/99, revenues rose 15 percent to $68.2 million. Net loss fell 65 percent to $355 thousand. Revenues reflect the addition of Symonds Concrete Forms and Cempro. Lower loss reflects higher margins due to the lower raw materials costs and higher manufacturing efficiencies. 
Dal-Tile International (NYSE : DTL)DTL is a manufacturer, distributor and marketer of ceramic tile in the U.S and worldwide. The Co. produces and distributes a broad line of wall, floor and mosaic tile products for residential and commercial applications. For the three months ended 4/2/99, revenues rose 8 percent to $200.7 million. Net income totalled $11.1 million, up from $828 thousand. Revenues reflect higher volumes through Co.-operated sales centers. Earnings reflect higher gross profit and reduced interest costs. 
Drew Industries, Inc. (AMEX : DW)Drew Industries is a supplier of a variety of products for manufactured homes and recreational vehicles, including aluminum and vinyl windows, aluminum doors, steel chassis and steel chassis parts, galvanized roofing, axles and new and refurbished tires. For the three months ended 3/31/99, net sales rose 14 percent to $85.9 million. Net income rose 30 percent to $3.9 million. Results reflect the Coil Clip acquisition, expansion of the RV chassis product line and higher margins. 
Eagle Supply Group, Inc. (Nasdaq : EEGL)Eagle Supply Group, Inc. specializes in the wholesale distribution of roofing and masonary supplies and related goods to customers engaged in commercial and residential property construction and roofing repair. For the nine months ended 3/99, revenues rose 24 percent to $113.9 million. Net income totalled $2 million, up from $502 thousand. Results reflect the 10/98 acquisition of MSI, revenues from two new distribution centers, improved markets and higher margins. 
Elcor Corporation (NYSE : ELK)Elcor manufactures and sells laminated fiberglass asphalt residential roofing shingles and accessory products. Elcor also plates diesel engine cylinder liners and shields plastic enclosures used in cellular phones. For the nine months ended 3/31/99, sales rose 18 percent to $227.8 million. Net income before accounting change rose 48 percent to $17.3 million. Results reflect greater production of laminated fiberglass asphalt shingles and higher margins due to increased production. 
Etz Lavud Limited (AMEX : ETZ)ETZ and subsidiaries is engaged in three core businesses; wood, laminates and aviation. The Company manufactures high and low pressure decorative and industrial laminate and also structural components for military and commercial aircrafts. For the fiscal year ended 12/97, revenues rose 36 percent to NIS619.6 million. Net loss according to U.S. GAAP rose 8 percent to NIS14.1 million. Results reflect growth in export sales, offset by NIS27.5 million in severance and restructuring expenses. 
Fibercore Inc. (OTC BB : FBCE)FBCE is engaged in the business of developing, manufacturing, and marketing single-mode and multi-mode optical fiber and optical fiber preforms for the telecommunications and data communications industry. For the three months ended 3/31/99, net sales rose 70 percent to $2.7 million. Net loss rose 27 percent to $655 thousand. Revenues reflect an increase in volume due to the addition of new customers. Net loss reflects increased interest expense. 
Friedman Industries (AMEX : FRD)FRD, a steel processing company, operates within two product groups, coil processing (processes steel coils into finished sheets and plates) and tubular products (markets and processes pipes). For the nine months ended 12/31/98, revenues fell 11 percent to $98 million. Net income fell 15 percent to $2.7 million. Revenues reflect decreased market demand for tubular products. Earnings also reflect a significant downturn of the energy sector of the U.S. economy. 
Griffon Corporation (NYSE : GFF)Griffon Corporation is a diversified manufacturer with operations in the following segments: building products, electronic information and communication systems, and specialty plastic films. For the six months ended 3/31/99, revenues increased 15 percent to $494.9 million. Net income decreased 60 percent to $4.7 million. Revenues reflect an increase in garage door units sales, and acquired businesses. Earnings were offset by an increase in SGA expenses and a $3.5 million restructuring charge. 
Gulf Island Fabrication (Nasdaq : GIFI)GIFI is a fabricator of offshore drilling and production platforms and other specialized structures used in the development and production of offshore oil and gas reserves. For the three months ended 3/99, revenues fell 35 percent to $30.3 million. Net income fell 55 percent to $1.9 million. Revenues reflect a lower volume of direct labor hours applied to contracts during the current period. Earnings reflect reduced gross margins due to the fewer number of projects available. 
Global Industrial Tech. (NYSE : GIX)Global Industrial Technologies, Inc. operates in three business segments: Minerals, Refractory Products, Specialty Equipment. For the comparable nine months ended 9/30/98, total revenues increased 15 percent to $415.1 million. Net loss from continuing operations increased 83 percent to $44 million. Revenues benefitted from increased refractory products sales due to the acquisitions of Green and Aken. Higher loss reflects $31.7 million in restructuring and $23.3 million in impairment charges. 
Global Environmental (OTC BB : GLEN)Global Environmental Corp., through its Danzer Industries subsidiary, is engaged in the design, manufacture and installation of fabricated metal products. For the fiscal year ended 10/31/97, net sales increased 7 percent to $8.8 million. Net loss from continued operations applicable to Common decreased 56 percent to $323 thousand. Revenues reflect increased sales of both truck bodies and air movement product lines. Lower losses reflect an increase in gross profit margin. 
Hughes Supply, Inc. (NYSE : HUG)HUG is a diversified wholesale distributor of materials, equipment and supplies for the construction and industrial markets operating primarily in the southeastern, southwestern and midwestern United States. For the 13 weeks ended 4/99, revenues rose 18 percent to $711.3 million. Net income rose 15 percent to $13.4 million. Revenues reflect acquisitions and internal growth. Earnings were partially offset by higher personnel and transportation costs. 
International Aluminum (NYSE : IAL)IAL is an integrated manufacturer and supplier of a broad line of aluminum, wood, vinyl and glass products. For the nine months ended 3/31/99, net sales rose 9 percent to $182.7 million. Net income fell 9 percent to $8 million. Revenues reflect increases in sales by the Commercial Products Group, the Residential Products Group and the Aluminum Extrusion Group. Earnings were offset by organizational changes and the sale of its Dutch subsidiary, Eland-Brandt BV, during the prior year. 
Internacional de Ceramica (NYSE : ICM)Internacional de Ceramica is primarily engaged in the manufacture and marketing of ceramic floor tiles and coverings. ICM is also engaged in extracting the raw material needed to produce ceramic tiles. For the nine months ended 9/30/98, net sales rose 10 percent to PS1.41 billion. Net loss totalled PS153.2 million vs. an income of PS93.4 million. Results reflect increased sales volume due to the addition of new stores, offset by increased foreign exchange losses. 
Insteel Industries Inc. (NYSE : III)Insteel Industries manufactures and markets concrete reinforcing products, industrial wire, nails, tire bead wire and welding wire for a multitude of construction, industrial and home furnishing applications. For the six months ended 4/03/99, net sales rose 4 percent to $128.4 million. Net income before extraordinary items totalled $4 million vs loss of $2.5 million. Sales reflect increases in concrete and wire products. Earnings reflect a widening in spread between sale prices and raw material costs. 
Interiors, Inc. (Nasdaq : INTXA)INTXA is a designer, manufacturer and marketer of a broad range of decorative accessories for the residential, commercial, institutional and contract markets. For the six months ended 12/31/98, net sales totalled $23.3 million, up from $3.8 million. Net loss from continuing operations before extraordinary item totalled $218 thousand vs. income of $24 thousand. Revenues reflect acquisitions. Net loss reflects higher cost of goods sold as a  percentage of sales as a result of acquiring new product lines. 
Jannock Limited (Nasdaq : JANNF)Jannock Limited manufactures and distributes metal building products for North American construction markets. For the three months ended 3/31/99, sales fell 1 percent to C$121.5 million. Net loss from continuing operations rose 22 percent to C$7.9 million. Revenues reflect lower sales in Canada due to weak agricultural demand as a result of low farm incomes. Loss also reflects increased Canadian operating losses and increased losses from property development. 
Johns Manville Corp. (NYSE : JM)Johns Manville Corp. manufactures and markets insulation products for buildings and equipment insulation, commercial and industrial roofing systems, high-efficiency filtration media and fiber fabric and nonwoven mats. Net sales for the three months ended 3/31/99 rose 27 percent to $495.8 million. Net income before accounting change rose 45 percent to $37.7 million. Results reflect acquisitions, an improved gross profit margin, and lower interest expense. 
Knape/Vogt Manufacturing (Nasdaq : KNAP)Knape and Vogt Manufacturing designs, manufactures and markets storage products including decorative shelving systems, drawer slides, closet storage products and cabinet hardware. For the nine months ended 3/31/99, net sales decreased 15 percent to $116.1 million. Net income from contin. operations increased 49 percent to $5.1 million. Revenues suffered from the sale of the Hirsh subsidiary. Earnings reflect the absence of a $4 million charge for the restructuring of the Canadian operation. 
Kevco, Inc. (Nasdaq : KVCO)Kevco, Inc., manufactures and distributes products and materials primarily for use by the manufactured housing and recreational vehicle industries. For the three months ended 3/31/99, revenues increased 5 percent to $222.8 million. Net loss totalled $1.2 million vs. income of $2.1 million. Revenues reflect an increase in manufactured housing shipments. Net loss suffered from increased selling, general and administrative expenses due to the acquisition of Shelter. 
LBP, Inc. (OTC BB : LBPI)LBP, Inc. is not engaged in any operating activities as of 12/98. 6/98, the Company discontinued all the operating activities of its subsidiary, Leslie-Locke, Inc. The Company is currently seeking to acquire an operating company. For the three months ended 3/99, revenues totalled $738 thousand vs. none prior. Net income from continuing operations totalled $328 thousand vs. a loss of 171 thousand. Results reflect $738 thousand in investment income. 
LightPath Technologies (Nasdaq : LPTHA)LightPath Technologies produces GRADIUM (R) glass, utilizes other optical materials to manipulate light and performs research and development for optical solutions in the fiber telecommunications and traditional optics markets. For the six months ended 12/31/98, total revenues increased 20 percent to $445 thousand. Net loss applicable to Common decreased 19 percent $2 million. Revenues benefitted from higher lense sales. Lower loss was partially offset by equity in loss of LightChip. 
Lone Star Technologies (NYSE : LSS)Lone Star Technologies is a management and holding company operating in three business segments: oilfield products, specialty tubing products, and flat rolled steel and other tubular products and services. For the three months ended 3/99, revenues fell 58 percent to $63.7 million. Net loss totaled $6.6 million vs. income of $9.9 million. Revenues reflect reduced shipments volumes and prices for all products. Net loss suffered from lower overhead absorbtion. 
Maverick Tube Corp. (Nasdaq : MAVK)MAVK manufactures electric resistance welded pipe for drilling and production applications and line pipe for surface handling and transportation of oil and natural gas. For the six months ended 3/31/99, net sales decreased 52 percent to $75.5 million. Net loss totalled $6.1 million vs. income of $11.3 million. Revenues suffered from decreases in total product shipments. Loss reflects $1.7 million in start up costs and costs associated with the acquisition of assets. 
Maxco, Inc. (Nasdaq : MAXC)Maxco, Inc. fabricates reinforced steel, distributes concrete construction products and accessories; provides metal heat treating, phosphate coating and bar shearing and sawing services; and manufactures polyethylene bags and packaging materials. For the nine months ended 12/31/98, revenues rose 24 percent to $100.9 million. Net income applicable to Common fell 45 percent to $1.6 million. Results reflect increased sales for the construction supplies segment, offset by additional SG&A expenses. 
Morgan Products Ltd. (NYSE : MGN)Morgan Products Ltd. manufactures and distributes millwork products which are sold to the residential and light commerical building materials industry and are used in construction and improvement, maintenance and repairs. For the fiscal year ended 12/98, revenues fell 7 percent to $383.2 million. Net income totalled $1 million vs. a loss of $20.9 million. Revenues reflect the sale of a manufacturing facility. Lower loss reflects the absence of a $12.4 million loss on the sale of manufacturing operations 
Martin Industries, Inc. (Nasdaq : MTIN)MMTIN manufactures gas space heaters, gas logs and pre-engineered fireplaces. MMTIN also produces premium gas barbecue grills and do-it yourself utility trailer kits. For the 13 weeks ended 4/03/99, revenues rose 22 percent to $23 million. Net income totalled $164 thousand vs. a loss of $468 thousand. Revenues reflect a new barbecue gas grill model introductions, strong brand recognition and growth in the gas grill market. Earnings reflect decreased co-op advertising. 
Masisa S.A. (NYSE : MYS)Masisa S.A. is engaged in the manufacture of medium density fiberboard (MDF) and particle board, accessory products required for board installation, doors, sawn wood, sawn logs and pulp. For the three months ended 3/31/98, total sales fell less than 1 percent to CH$21.12 billion. Net income fell 14 percent to CH$2.75 billion. Revenues suffered from lower sales to the Asian market. Earnings also suffered from a CH$257 million loss in monetary correction vs. a CH$1.63 billion gain. 
NCI Building Systems, Inc (NYSE : NCS)NCI Building Systems manufactures and markets metal building and framing systems, self-storage buildings, over-head doors and other components for the residential, commercial, industrial and agricultural markets. For the six months ended 4/99, revenues totalled $431.7 million, up from $192.7 million. Net income rose 32 percent to $16.4 million. Revenues reflect the acquisition of Metal Buildings Components. Earnings were partially offset by increased interest expenses. 
National Standard Company (NYSE : NSD)National Standard Company produces tire bead wire, welding wire, wire cloth, hose reinforcing wire, stainless spring and specialty wire, plated wire, and nonwoven metal fiber materials. NSD also produces filters and housings for automotive air bag inflators. For the three months ended 1/3/99, net sales fell 8 percent to $52.6 million. Net income rose from $206 thousand to $512 thousand. Results reflect lower sales of weld wire and reinforcement products, offset by lower S/G/A expenses. 
Northwest Pipe Company (Nasdaq : NWPX)Northwest Pipe Company manufactures and markets welded steel pipe in two business segments: water transmission (large diameter, high pressure steel pipe), and tubular products (smaller diameter, electric resistance welded steel pipe). For the three months ended 3/99, revenues rose 50 percent to $57.5 million. Net income rose 53 percent to $2.6 million. Results reflect improved market conditions, acquisitions and improvements in bidding activity. 
Owens Corning (NYSE : OWC)Owens Corning develops, manufactures and markets advanced glass and composite materials for the building products and industrial materials markets. Net sales for the three months ended 3/99 fell 1 percent to $1.13 billion. Net income totalled $44 million, up from $8 million. Revenues reflect the price decrease in the vinyl siding market. Net income reflects higher margins and the absence of $87 million in restructuring charges. 
Patrick Industries, Inc. (Nasdaq : PATK)PATK manufactures and distributes building products and materials used by the manufactured housing and recreational vehicle industries. For the three months ended 3/31/99, net sales rose 2 percent to $107.4 million. Net income rose 22 percent to $2.2 million. Revenues benefitted from higher unit production in the Manufactured Housing and Recreational Vehicle Industries. Earnings also reflect an improved gross profit margin due to improved manufacturing efficiencies. 
Pitt-Des Moines, Inc. (AMEX : PDM)PDM is a diversified engineering and construction company that also processes and distributes a wide range of carbon steel products. For the three months ended 3/31/99, revenues rose 16 percent to $142.8 million. Net income rose 27 percent to $5.3 million. Revenues reflect increases in contracts for steel bridge construction due to greater federal and state infrastructure spending, and in contracts for liquid and cryogenic storage. Earnings benefitted from a $950 thousand gain upon sale of property. 
Premdor Inc. (NYSE : PI)Premdor Inc. is engaged in the manufacture and sale of interior and exterior doors for new residential construction, home repair, rennovation and remodelling and commercial use. For the three months ended 3/31/99, sales increased 16 percent to $265.6 million. Net income increased 49 percent to $9.5 million. Revenues benefitted from increased retail home center and wholesale distribution channels. Earnings also benefitted from increased gross profits. 
PolyVision Corporation (AMEX : PLI)PolyVision designs, manufactures and sells information display goods through three subsidiaries: Greensteel, Alliance, and Posterloid. For the comparable three months ended 3/99, net sales rose from $8.4 million to $22.3 million. Net loss applicable to Common rose from $125 thousand to $985 thousand. Revenues reflect the 11/98 acquisition of Alliance International. Higher loss reflects increased S/G/A associated with the acquisition and greater debt levels, also associated with the acquisition. 
Regency Affiliates, Inc. (OTC BB : RAFF)Regency Affiliates, Inc., through its Rustic Crafts subsidiary, is engaged in the manufacture of decorative wood and cast marble fireplaces, mantels, shelves, fireplace accessories and other home furnishings. For the three months ended 3/31/99, net sales rose 53 percent to $965 thousand. Net income applicable to Common fell 8 percent to $443 thousand. Results reflect increased production capacity at Rustic Crafts, offset by lower margins due to higher freight costs. 
Robertson-Ceco Corp. (NYSE : RHH)Robertson-Ceco Corp. and its subsidiaries operate in four business segments: Metal Building, Building Products, Door Products and Concrete Construction. For the three months ended 3/31/99, net revenues rose 4 percent to $59.9 million. Net income rose 6 percent to $3.7 million. Revenues reflect strong orders in the east and southeast. Earnings also reflect an increased gross margin, lower average borrowings, and higher interest income due to higher average cash balances. 
ROHN Industries, Inc. (Nasdaq : ROHN)ROHN Industries manufactures and installs wireless infrastructure products for the communications industry, including cellular, Personal Communications Systems and other telecommunications businesses. ROHN's principle products are tower structures and equipment enclosures. For the three months ended 3/99, sales fell 27 percent to $30.2 million. Net income fell 88 percent to $489 thousand. Results reflect lower product sales, lower margins and higher selling expenses. 
Striker Industries, Inc. (SKRTStriker Industries Inc., recycles and manufactures pulp products into paper-based felt and asphalt-saturated felt paper for use in the roofing industry. For the nine months ended 9/30/98, revenues fell 82 percent to $268 thousand. Net loss decreased 39 percent to $3 million. Revenues reflect the Stephens Mill being idled all month and the Thorold Mill being idled for four months. Lower loss reflects decreased professional fees and reduced salaries and related expenses. 
Synalloy Corporation (Nasdaq : SYNC)Synalloy is a diversified manufacturer operating in two major segments: Metals and Chemicals. For the three months ended 4/3/99, net sales fell 10 percent to $27.6 million. Net income fell 44 percent to $337 thousand. Revenues reflect decreased unit volumes in the Metals segment due to lower demand, an 11 percent decline in commodity pipe prices, and increased competition from cheap imports. Earnings also reflect an increase in S/G/A related to the 7/98 acquisition of Organic Pigments. 
TJ International, Inc. (Nasdaq : TJCO)TJCO is a manufacturer and marketer of engineered lumber products. TJCO uses advanced technology to manafacture its engineered lumber at 16 facilities in the U.S. and Canada. For the three months ended 4/3/99, sales rose 17 percent to $217 million. Net income applicable to Common rose 7 percent to $7 million. Revenues benefitted from growing acceptance of engineered lumber in construction. Earnings were partially offset by rising costs for veneer and lower investment income. 
Temtex Industries, Inc. (Nasdaq : TMTX)Temtex Industries, Inc. manufactures and distributes fireplace products (wood-burning and gas) and face brick products used in the residential and commercial building markets. For the six months ended 2/28/99, sales decreased 3 percent to $14 million. Net loss from continuing operations rose from $212 thousand to $1.2 million. Revenues reflect a decrease in the average unit selling prices for fireplaces and gas log sets. Higher loss also reflects the lack of capacity utilization. 
Unifab International, Inc (Nasdaq : UFAB)UFAB is engaged in the custom fabrication of decks and modules of drilling and production equipment weighing up to 3,500 tons for offshore oil and gas platforms. For the nine months ended 12/31/98, revenues increased 3 percent to $83.7 million. Pro-forma net income increased 25 percent to $6.1 million. Revenues reflect revenue recognized on time and material fabrication contracts. Net income also reflects decreased cost of revenues due to lower direct costs. 
Urecoats Industries, Inc. (OTC BB : UREC)Urecoats Industries is engaged in the aquisition, formulation, marketing and distribution of sealant and coating products containing recycled materials in their composition, for use in various industries. For the fiscal year ended 12/31/98, there were no revenues. Net loss from continuing operations rose 15 percent to $2.3 million. Results reflect higher selling, general and administrative costs and increase in professional fees. 
Valmont Industries, Inc. (Nasdaq : VALM)Valmont Industries manufactures and distributes engineered metal structures, agricultural irrigation equipment, and fabricated products. For the 13 weeks ended 3/27/99, sales decreased 4 percent to $154.4 million. Net income decreased 40 percent to $5.8 million. Revenues suffered from lower sales in the irrigation segment. Earnings also suffered from lower gross margins due to lower volumes and higher operating costs as a  percentage of revenues.%}
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Allied Products Corp. (NYSE : ADP)ADP manufactures large metal stamping presses and implements and machinery used in agriculture, landscaping and ground maintenance businesses, and supplies thermoplastic compounds and additives. For the fiscal year ended 12/31/98, net sales rose 1 percent to $273.8 million. Net loss totalled $14.1 million vs. income of $15.6 million. Revenues reflect the acquisition of the Great Bend and Universal Turf operations. Higher losses reflect a decrease in gross profit, and staff expansions. 
AGCO Corporation (NYSE : AG)AGCO Corp. is a global manufacturer and distributor of agricultural equipment and related replacement parts. AGCO also provides retail financing in North America, United Kingdom, France and Germany. For the three months ended 3/31/99, revenues fell 20 percent to $561.6 million. Net loss totaled $7.2 million vs. income of $32.7 million. Revenues suffered from decreased demand due to depressed commodity prices. Net loss reflects lower margins due to lower price realization. 
Ag-Chem Equipment Co. (Nasdaq : AGCH)Ag-Chem Equipment manufactures and distributes off-road equipment primarily for agricultural fertilization, the application of crop protection chemicals, and industrial waste treatment applications. For the six months ended 3/99, revenues decreased 11 percent to $164.7 million. Net income rose 5 percent to $7.1 million. Revenues reflect decreased pre-emergence and post-emergence equipment unit shipments. Earnings benefitted from a lower effective state tax rate. 
Alamo Group, Inc. (NYSE : ALG)ALG Inc. manufactures tractor-mounted mowing and other vegetation maintenance equipment and replacement parts for industrial and agricultural end-users. For the three months ended 3/99, revenues fell 13 percent to $42.2 million. Net income fell 16 percent to $1.6 million. Revenues reflect a decrease in the European sales due to continued weakness in farm income in the U.K. and the strength of the British Pound. Net income reflects an increase in personnel costs as a  percentage of sales. 
Altair International Inc. (Nasdaq : ALTIF)ALTIF is a development stage company engaged in acquiring, developing and testing mineral processing equipment for use in the recovery of fine, heavy mineral particles, including gold and environmental contaminants. For the three months ended 3/99, the Company has not yet realized any revenues. Net loss increased 14 percent to $438 thousand. Results reflect increased wages and administration, shareholder relations and general and office expenses. 
Art's-Way Manufacturing (Nasdaq : ARTW)ARTW manufactures specialized farm machinery under its own and private labels. ARTW's products include: animal feed processing equipment; mowers, cutters and stalk shredders; seed bed preparation equipment; and a line of land management equipment. For the three months ended 2/28/99, net sales fell 3 percent to $4.7 million. Net loss rose from $47 thousand to $202 thousand. Results reflect lower sales of Art's-Way brands, swing in product mix and higher employee insurance costs. 
A.S.V., Inc. (Nasdaq : ASVI)A.S.V., Inc. designs, manufactures and sells track-driven all-season vehicles which use a rubber track suspension system that takes advantage of the benefits of both traditional rubber wheels and steel tracks. For the three months ended 3/31/99, net sales fell 6 percent to $8.5 million. Net income fell 18 percent to $649 thousand. Results reflect a reduction in sales of Posi-Track vehicles and accessories, higher marketing costs and a change in the compensation for sales. 
American United Global (OTC BB : AUGI)AUGI, through subsidiaries, operates as a retail distributor for the sale, servicing and leasing of light, medium and heavy construction equipment and related parts. The Co. is also involved in the construction and wireless communication consulting business. For the six months ended 1/99, revenues rose 7 percent to $81.6 million. Net loss from continuing operations applicable to Com. totalled $1.8 million vs. income of $86 thousand. Results reflect additional stores opened and acquired. 
Aztec Manufacturing Co. (NYSE : AZZ)Aztec Manufacturing Co., through its subsidiaries, operates under three segments: Electrical Products, Galvanizing and Oil field Products. For the nine months ended 11/98, net sales increased 10 percent to $60.9 million. Net income fell 9 percent to $4.2 million. Revenues reflect higher sales volumes in all three segments. Earnings were offset by lower margins in the Electrical Products Segment and the Oil Field Segment, increased S/G/A costs and decreased miscellaneous income. 
Bion Environmental Tech. (OTC BB : BION)BION designs, markets and installs waste, wastewater and storm water treatment systems in the agricultural area. BION also markets BionSoil products, such as organic fertilizers, potting soil and soil amendments. For the nine months ended 3/31/99, sales fell 68 percent to $117 thousand. Net loss increased 29 percent to $2 million. Results reflect reduced sales and contract costs due to lower hog prices, partially offset by lower interest expense. 
Caterpillar, Inc. (NYSE : CAT)CAT designs, manufactures and markets earth moving, construction and materials handling machinery and heavy-duty engines. CAT also provides financial alternatives and insurance to purchase equipment. For the three months ended 3/31/99, revenues rose 2 percent to $4.87 billion. Net income decreased 52 percent to $205 million. Revenues reflect higher machine and engine sales volume both inside and outside the U.S. Net income was offset by increased S/G/A expenses. 
CMI Corporation (NYSE : CMI)CMI Corporation is engaged in the design and manufacture of a variety of equipment for the road and heavy construction industry, including concrete pavers, pavement profiling machines, soil stabilizers and paving materials production plants. For the three months ended 3/31/99, net revenues rose 30 percent to $57.2 million. Net income totalled $1.7 million vs. a loss of $667 thousand. Results reflect increased sales of hot mix asphalt production systems and higher gross margins. 
Case Corporation (NYSE : CSE)CSE designs, manufactures, markets and distributes farm and light to medium sized construction equipment such as loader/backhoes, farm tractors and self-propelled combines. CSE also manufactures replacement parts. For the three months ended 3/31/99, revenues decreased 13 percent to $1.2 billion. Net loss applicable to Common totalled $50 million vs. income of $67 million. Revenues reflect lower volumes. Losses reflect product an increase in SGA and interest expenses. 
CTB International Corp. (Nasdaq : CTBC)CTBC manufactures and markets automated feeding, watering and ventilation systems, feed bins, grain storage bins, and integrated commercial egg laying and handling systems for poultry, swine, grain, and egg industries. For the three months ended 3/99, revenues rose 28 percent to $59.9 million. Net income fell 76 percent to $329 thousand. Revenues reflect the Roxell, Sibley and STACO acquisitions and growth in poultry and eggs markets. Earnings were offset by lower margins and exchange losses. 
Deere & Company (NYSE : DE)Deere and Company manufactures and distributes farm equipment, machines used in construction, earthmoving and forestry, and equipment for commercial and residential uses. DE also finances sales and leases by John Deere dealers, offers specialized insurance and provides health management services. For the six months ended 4/99, revenues fell 14 percent to $5.93 billion. Net income fell 65 percent to $199.8 million. Results reflect decreased sales volumes and lower margins. 
Gehl Company (Nasdaq : GEHL)GEHL is engaged in the manufacture and distribution of equipment and machinery for the construction and agriculture markets. For the three months ended 4/3/99, revenues rose 13 percent to $69 million. Net income rose 32 percent to $3.5 million. Revenues benefited from an increase in sales of construction equipment due to higher telescopic handler and service parts shipments. Net income reflects an improved gross margin due to improved efficiencies at manufacturing plants. 
Gencor Industries, Inc. (AMEX : GX)Gencor Industries Inc. designs and manufactures material handling equipment primarily utilized in the asphalt, agricultural and food industries. For the fiscal year ended 9/30/98, revenues increased 28 percent to $249.2 million. Net income totalled $15.1 million, up from $6.9 million. Revenues benefitted from the inclusion of sales from the recent acquisition. Earnings also benefitted from a decrease in R&D expenses as a  percentage of sales, and increased gross profit. 
Harnischfeger Industries (NYSE : HPH)Harnischfeger Industries is a holding company for subsidiaries involved in the worldwide manufacture and distribution of surface mining equipment; underground mining equipment; and pulp and papermaking machinery. For the three months ended 1/99, total revenues fell 18 percent to $464.9 million. Net loss from continuing operations fell 34 percent to $16.4 million. Results reflect weakness in the coal and copper mining and global pulp and paper markets, offset by lower cost of sales. 
InterSystems Inc. (AMEX : II)InterSystems specializes in the custom-compounding of thermoplastic resins for the petrochemical and automobile industries. II also designs, manufactures, and sells specialized materials handling equipment. For the fiscal year ended 12/31/98, net sales rose 23 percent to $33.3 million. Net income from continuing operations rose 6 percent to $443 thousand. Revenues reflect continued demand at Nebraska and large overseas order. Earnings were partially offset by lower margins. 
IIC Industries, Inc. (Nasdaq : IICR)IIC Industries, through its subsidiaries, engages in the sale and service of vehicles, import/export and storage/processing of agricultural products, distribution of tractors and other heavy equipment; the sale of agricultural, communications and electrical equipment. For the three months ended 3/99, revenues fell 30 percent to $39.9 million. Net loss fell 15 percent to $721 thousand. Results reflect the rationalization of Investor's agricultural business, offset by lower interest expenses. 
JLG Industries, Inc. (NYSE : JLG)JLG Industries, Inc. manufactures, distributes and markets aerial work platforms used primarily in industrial, commercial, institutional and construction applications. For the nine months ended 4/99, revenues rose 31 percent to $463.6 million. Net income rose 48 percent to $38.9 million. Revenues reflect increased demand for the Company's products and an expanded customer base. Earnings reflect higher margins, absence of $1.7 million in restruturing charges and higher investment income earned. 
Kennametal Inc. (NYSE : KMT)Kennametal Inc. is a manufacturer, marketer and distributor of a broad range of tools for the metalworking, mining and highway construction industries. For the nine months ended 3/31/99, net sales rose 23 percent to $1.44 billion. Net income decreased 51 percent to $23.6 million. Revenues reflect the increased sales in the Europe Metalworking market and acquisitions. Net income was offset by lower margins and higher borrowings related to the acquisitions. 
Lindsay Manufacturing Co. (NYSE : LNN)LNN designs, manufactures, and markets electrically powered automatic continuous move systems for the irrigation of crops, and produces large diameter tubing, and manufactures sub-assemblies. For the six months ended 2/99, revenues fell 40 percent to $52.7 million. Net income fell 60 percent to $4.8 million. Revenues reflect lower whole unit sales to irrigation equipment dealers and lower diversified product sales. Earnings reflect lower margins due unfavorable overhead rate variances. 
Lufkin Industries, Inc. (Nasdaq : LUFK)Lufkin Industries, Inc. designs, manufactures, sells and services various oilfield pumping units, power transmission products, foundry castings and highway trailers. For the three months ended 3/31/99, net sales decreased 21 percent to $57.9 million. Net loss totalled $2.7 million vs. income of $4.4 million. Revenues reflect a lower price per barrel of oil and pricing pressure from the Far East markets. Loss reflects $1.4 million in non-recurring charges. 
Moore-Handley, Inc. (Nasdaq : MHCO)MHCO is a full-service distributor of plumbing and electrical supplies, power and hand tools, paint, lawn and garden equipment and other hardware and building materials products. For the three months ended 3/31/99, sales rose 10 percent to $44.7 million. Net income fell 57 percent to $21 thousand. Revenues reflect an increase in warehouse shipments and factory direct shipments. Earnings were offset by higher warehouse and delivery expenses. 
Manitowoc Company, Inc. (NYSE : MTW)Manitowoc Company, Inc. designs and manufactures commercial ice machines and refrigeration products, cranes and related products, and ship-repair and construction services for the maritme industry. For the three months ended 3/31/99, net sales increased 19 percent to $184.2 million. Net income increased 33 percent to $12.4 million. Revenues reflect the USTC and MBS acquisitions and higher sales volumes from the foodservice segment. Earnings also reflect improved margins. 
New Holland N.V. (NYSE : NH)NH engineers, manufacturers, markets and distributes agricultural and construction equipment. NH also provides wholesale dealer and retail financing. For the fiscal year ended 12/31/98, total revenues fell 5 percent to $5.72 billion. Net income according to U.S. GAAP decreased 34 percent to $257.6 million. Revenues reflect decreased production volumes due to lower industry demand. Net income also reflects increased S/G/A expenses and cost of goods sold as a  percentage of revenues. 
OmniQuip International (Nasdaq : OMQP)OmniQuip manufactures telescopic material handlers, aerial work platforms, a line of skid steer loaders, and other material handling equipment. For the six months ended 3/31/99, revenues rose 15 percent to $235.2 million. Net income before extraordinary item decreased 12 percent to $10.9 million. Revenues reflect continued strong market demand for telescopic material handlers. Earnings were offset by lower margins due to costs related to the addition of manufacturing facilities. 
Polyphase Corporation (AMEX : PLY)PLY distributes, leases and provides financing for commercial and industrial timber and logging equipment; manufactures and markets electronic transformers; and engages in food processing. For the three months ended 12/98, revenues fell 4 percent to $36.1 million. Net loss applicable to Common before extraordinary item totalled $373 thousand vs. income of $1.5 million. Revenues reflect the elimination of low margined business at Overhill Farms. Losses reflect a decrease in gross profit. 
Pubco Corporation (Nasdaq : PUBO)PUBO manufactures or resells computer ribbons, cartridge ribbons, computer paper, pressure sensitive labels, laser toner, remanufactured toner cartridges, magnetic media and commercial and industrial labal printers and supplies. For the three months ended 3/31/99, revenues fell 9 percent to $18.3 million. Net income applicable to Common fell 24 percent to $1 million. Results reflect a decrease in sales at the company's printer supplies business and lower gross margins. 
RDO Equipment Co. (NYSE : RDO)RDO operates 50 retail stores specializing in the distribution, sale, service, rental and finance of agricultural, construction, material handling and transportation equipment, parts and supplies. For the fiscal year ended 1/31/99, revenues rose 35 percent to $578.6 million. Net income fell 87 percent to $1.7 million. Revenues reflect acquisitions in the construction operations. Earnings were offset by a $2.2 million restructuring charge and a rise in interest expense. 
Richton International (AMEX : RHT)Richton International is a wholesale distributor of sprinkler irrigation systems, outdoor lighting and decorative fountain equipment. RHT is also a systems integrator providing network consulting, design and installation. For the three months ended 3/31/99, revenues rose 73 percent to $29.4 million. Net income rose 22 percent to $1.4 million. Results reflect increased sales, partially offset by higher selling, general and administrative expenses and higher interest expense. 
Rauma Oy (NYSE : RMA)RMA is an international metal and engineering company, operating in four business groups: forest machines, fiber processing technologies and equipment, valves and flow control systems, and rock crushing equipment. For the fiscal year ended 12/31/99, revenues fell 5 percent to FMA10.32 billion. Net income according to U.S. GAAP fell 17 percent to FMA406M. Revenues suffered from a drop in large fiber technology project orders. Earnings also reflect higher S/G/A expenses. 
Shopsmith, Inc. (OTC BB : SHOP)Shopsmith, Inc. is engaged in the production and marketing of power woodworking tools designed primarily for the home workshop. For the six months ended 10/3/98, net sales decreased 15 percent to $6.9 million. Net loss totalled $84 thousand vs. an income of $550 thousand. Revenues suffered from a decrease in demonstration and mail sales. Net loss also reflects a decrease in gross profit due to decreased sales and capacity utilization and increased costs of new marketing efforts. 
Thermadyne Holdings Corp. (OTC BB : TDHC)TDHC is a global manufacturer of cutting and welding products and accessories, manufacturing a broad range of gas and electric arc cutting and welding products for industrial customers. For the three months ended 3/31/99, net sales fell 1 percent to $130.2 million. Net loss applicable to Common totalled $2.1 million vs. income of $5.8 million. Revenues reflect decreased sales to Latin America and Europe. Net loss suffered from lower gross margins and $2.9 million in charges for headcount reductions. 
Top Air Manufacturing (AMEX : TPC)Top Air Manufacturing designs, manufactures and sells agricultural equipment and repairs and replaces parts to dealers, located primarily in the midwestern states, on credit terms. For the nine months ended 2/28/99, net sales fell 35 percent to $7 million. Net loss totalled $459 thousand, vs. an income of $383 thousand. Revenues reflect the overall downturn in the agricultural economy. Loss also reflects higher research and development expenditures and higher interest expense. 
Waxman Industries (OTC BB : WAXX)Waxman Industries is a supplier of specialty plumbing, security hardware and other products to the repair and remodeling market. For the nine months ended 3/31/99, net sales remained unchanged at $79.6 million. Net loss before extraordinary item fell 21 percent to $2.5 million. Revenues reflect an increase in non-retail sales offset by a decrease in sales to retailers. Lower loss benefitted from a $10.2 million gain on the sale of U.S. Lock. 
White Cap Industries, Inc (Nasdaq : WHCP)WHCP is a business to business retailer of specialty tools and materials to professional contractors throughout the Western U.S. For the nine months ended 12/26/98, revenues rose 63 percent to $221.9 million. Net income applicable to Common rose from $1.7 million to $8.5 million. Revenues reflect higher same store sales, recent acquisitions and expanded product lines. Earnings also reflect a favorable change in the product mix and lower selling, general and administrative expenses as a  percentage of sales. 
Western Power & Equipment (Nasdaq : WPEC)Western Power and Equipment is engaged in the sale, rental and servicing of light, medium and heavy construction equipment and related parts in WA, OR, CA, NV, and AK. Case serves as the manufacturer of the majority of the Company's products. For the nine months ended 4/30/99, net sales rose 4 percent to $122 million. Net loss totalled $1 million vs. an income of $1.2 million. Results reflect the contribution of stores opened or acquired, offset by lower margins due to pricing pressure.%}
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United Capital Corp. (AMEX : AFP)United Capital Corp. is engaged in the ownership and management of real estate, and the manufacture and sale of antenna systems and engineered products. For the fiscal year ended 12/31/98, total revenues decreased 3 percent to $58.5 million. Net income from contin. operations increased 41 percent to $10.6 million. Revenues reflect lower sales of engineered products due to continued price competition and declining worldwide automotive sales. Earnings reflect the Company's cost reduction efforts. 
AlliedSignal, Inc. (NYSE : ALD)ALD is an advanced technology and manufacturing company serving customers worldwide with aerospace and automotive products, chemicals, fibers, plastics and advanced materials. For the three months ended 3/99, net sales decreased 1 percent to $3.6 billion. Net income rose 12 percent to $335 million. Revenues reflect $171 million divested businesses and lower selling prices. Net income reflects improved earnings for Turbine Technologies, Transportation Products, and Aerospace Systems. 
Bass Public Limited Co. (NYSE : BAS)BAS is engaged in the production and distribution of beer and soft drinks, the ownership, management, and franchising of pubs, hotels and restaurants, and the operation of entertainment establishments. For the 28 weeks ended 3/31/99, revenues decreased 3 percent to L2.29 billion. Net income before U.S. GAAP decreased 52 percent to L204M. Revenues reflect the sale of over 300 managed pubs. Lower income also reflects margin pressure in the branded drinks business. 
Canadian Pacific Limited (NYSE : CP)CP is a diversified management company, operating businesses in Canada and overseas. CP core businesses include: CP Railway, CP Ships, PanCanadian Petroleum, Fording, and CP Hotels. For the nine months ended 9/30/98, revenues rose 7 percent to C$7.30 billion. Net income from continuing operations fell 19 percent to C$538.3 million. Total revenues reflect increased income from CP Railway. Earnings were offset by a decrease in gross profit as a  percentage of revenues. 
Dover Corporation (NYSE : DOV)Dover Corporation is a diversified manufacturing corporation comprised of over 45 different operating companies which manufacture a broad range of specialized industrial products and sophisticated manufacturing equipment. For the three months ended 3/99, net sales rose 4 percent to $969.8 million. Net income from continuing operations fell 6 percent to $69.2 million. Revenues reflect sales gains and acquisitions. Net income was offset by higher interest expense. 
American International (OTC BB : EDII)EDII, through its five wholly-owned subsidiaries, is engaged in supplying automotive after-market products, real estate development, manufacturing barbeque pits, providing optical title and credit services to the motion picture industry, and owns an oil and gas royalty interest. For the three months ended 3/99, net sales rose from $518 thousand to $4.2 million. Net income totaled $42 thousand vs. a loss of $175 thousand. Results reflect inclusion of NPI, MFE, CRC, Marald, and TRE. 
Federal Signal Corp. (NYSE : FSS)FSS manufactures and supplies safety, signaling and communications equipment, parking control equipment, street sweeping and vacuum loader vehicles, signage, punches, tools, fire rescue products, and related die components. For the three months ended 3/31/99, revenues rose 10 percent to $253.3 million. Net income rose 20 percent to $13 million. Results reflect increased sales and income growth in all groups, and lower selling and general expenses as a  percent of sales. 
General Electric Company (NYSE : GE)GE is an diversified industrial corporation whose products include appliances, lighting products, aircraft engines and plastics. GE also provides television, cable, internet, distribution, engineering and financial services. Total revenues for the three months ended 3/31/99, rose 7 percent to $24.17 billion. Net income rose 14 percent to $2.16 billion. Revenues reflect growth from globalization and product services. Earnings also reflect an improved operating margin. 
Corning Incorporated (NYSE : GLW)Corning Inc. is a global, technology-based corporation which operates in three broadly based business segments: Telecommunications, Advanced Materials and Information Display. For the three months ended 3/31/99, total revenues rose 12 percent to $902.1 million. Net income from continuing operations applicable to Common rose 39 percent to $86.5 million. Results reflect stronger demand for optical fiber, cable and environmental products, inclusion of BICC's results, and cost controls. 
GenCorp Inc. (NYSE : GY)GenCorp Inc. manufactures automotive, polymer, aerospace and defense products. Products include: rubber products, automotive components, propulsion systems, and defense electronics. For the three months ended 2/28/99, net sales rose 20 percent to $439.6 million. Net income rose 34 percent to $17.2 million. Results reflect strong performance in the Strategic and Space Propulsion business, improved synergies from acquisitions and higher volume in the pickup programs. 
Hanson PLC (NYSE : HAN)Hanson PLC is an industrial management company with operating subsidiaries principally located in the UK and the USA. Hanson has business activities in the building materials and equipment group and the energy group. For the comparable fiscal year ended 12/31/98, revenues fell 26 percent to L1.83 billion. Net income according to GAAP before disc. operations totalled L88.9 million, up from L14.3 million. Results reflect the disposal of certain operations, offset by reduced costs and overheads. 
Hallwood Group Inc. (NYSE : HWG)Hallwood Group, Inc. is a holding company engaged in the commercial and industrial real estate, energy, textile products, and hotel businesses. For the three months ended 3/31/99, revenues decreased less than 1 percent to $31.4 million. Net income before extraordinary items decreased 22 percent to $505 thousand. Revenues reflect decreases in real estate fee income and in average gas prices. Eanings suffered from increased gas production taxes and increased hotel costs. 
ITT Industries, Inc. (NYSE : IIN)IIN is engaged in the design and manufacture of a wide range of engineered products focused on the segments of the connectors and switches, defense products and services, pumps and complementary products and specialty products. For the three ended 3/99, net sales fell less than 1 percent to $1.09 billion. Net incomefrom continuing operations totalled $42.5 million, up from $8 million Revenues reflect shipment delpays. Loss reflects cost saving initiatives and lower interest expense. 
Johnson Controls, Inc. (NYSE : JCI)JCI operates two business segments: Control Systems and Automotive Systems. JCI designs, manufactures, installs and services control systems for nonresidential buildings. The Company also manufactures automotive seating and interior systems. For the six months ended 3/99, revenues rose 28 percent to $7.75 billion. Net income applicable to Com. rose 53 percent to $173.3 million. Results reflect improved results from seating and interior systems business and a $54.6 million gain on the sale of business. 
St. Joe Company (NYSE : JOE)JOE is a diversified company engaged in residential and commercial real estate, forestry, resort and leisure development, and transportation operations. For the three months ended 3/31/99, revenues totaled $182 million, up from $70 million. Net income from continuing operations rose 69 percent to 9.5 million. Revenues benefited from income from the acquisition of Advantis. Earnings were partially offset by an increase in depreciation expense due to the acquisition of Advantis. 
Koor Industries Ltd. (NYSE : KOR)KOR, through its subsidiaries, operates in the fields of: telecommunications and electronics, agrochemicals and other chemicals, building and infrastructure materials, energy, food and others. For the fiscal year ended 12/98, revenues fell 1 percent to NIS12.62 billion. Net loss from continuing operations according to U.S. GAAP before extraordinary item totalled NIS27.7 million, vs. an income of NIS456.1 million. Results reflect higher financial costs and other expenses vs. other income. 
Minnesota Mining & Mfg. (NYSE : MMM)MMM manufactures and markets pressure-sensitive adhesive tapes, abrasives, and specialty chemicals. MMM also markets electrical and telecommunication products, medical devices, office supplies and major automotive parts. For the three months ended 3/99, revenues rose 2 percent to $3.78 billion. Net income fell 4 percent to $384 million. Results reflect volume increases and increased prices, partially offset by higher costs of goods sold as a  percentage of sales. 
Montedison S.p.A. (NYSE : MNT)Montedison S.p.A. is an international industrial holding company which operates in the agroindustry, chemical, energy and engineering sectors. For the fiscal year ended 12/31/97, revenues fell 1 percent to LIR 23.678T. Net income applicable to Common according to U.S. GAAP totalled LIR 2.628T, up from LIR 254 billion. Revenues reflect decreased sugar supply due to poor harvests in India, Cuba, Thailand and Ukraine. Earnings benefitted from reduced average debt. 
MAXXAM Inc. (AMEX : MXM)Maxxam Inc. is a holding company and through it's subsidiaries is engaged in aluminum production, forest products and real estate investment and development. For the three months ended 3/31/99, net sales fell 18 percent to $544.8 million. Net income totalled $112.1 million, up from $1.9 million. Revenues reflect potline curtailments at the Valco and Washington smelters. Earnings reflect a $239.8 million gain on the sale of Headwaters Timberlands. 
NFC plc (AMEX : NFC)NFC operates in two business segments: Logistics (management of the flow and storage of materials, parts and finished inventory); and Moving Services (provides household and commercial moving, and relocation services). For the fiscal year ended 9/97, sales fell 2 percent to L2.41 billion. Net income according to U.S. GAAP totalled L94.1 million, up from L45.2 million. Revenues suffered from a stronger sterling exchange rate. Earnings benefitted from a L20.2 million gain on the disposal of operations. 
National Service Industry (NYSE : NSI)NSI produces a variety of fluorescent and non-fluorescent lighting fixtures; produces maintenance, sanitation and water treatment products; provides linens and dust control products; and produces business and specialty envelopes. For the six months ended 2/28/99, total revenues rose 6 percent to $1.03 billion. Net income rose 1 percent to $50.5 million. Revenues reflect acquisitions. Earnings were partially offset by increased expenses to support corporate growth. 
Ogden Corp. (NYSE : OG)OG provides a wide range of services within its four segments: Energy, Entertainment, Aviation and Other. The operations and services performed are through joint ventures, consortiums, partnerships and wholly owned subsidiaries. For the three months ended 3/99, revenues rose 3 percent to $396.5 million. Net income applicable to Common before acctg. change fell 10 percent to $10.5 million. Revenues reflect higher construction revenues. Earnings were offset by delays in start of the NBA season. 
Olin Corporation (NYSE : OLN)OLN manufactures chemicals, metals and ammunitions, including chlor-alkali products, pool chemicals, biocides and sulfuric acid, image forming and related specialty chemicals, copper and copper alloy sheet, strip, rod, fabricated parts and others. For the three months ended 3/31/99, sales fell 15 percent to $304.8 million. Net income from continuing operations fell 91 percent to $2.1 million. Results reflect lower selling prices and metal values, lower ECU prices, and loss from non-consolidated affiliates. 
Pacific Dunlop Limited (Nasdaq : PDLPY)Pacific Dunlop Limited manufactures and markets batteries, clothing, sporting goods, industrial goods, electronics, latex products, medical products, and tires through licenses and its own subsidiaries. For the fiscal year ended 6/98, total revenues increased 14 percent to A$6.99 billion. Net income according to U.S. GAAP fell 87 percent A$23.6 million. Revenues reflect the sale of businesses and investments. Earnings were offset by a A$157.5 million abormal items charge (vs. gain of A$600 thousand). 
Koninklijke Philips Elec. (NYSE : PHG)PHG is a global conglomerate operating in seven areas: consumer products, components, semiconductors, information technology, lighting, professional products, and a segment comprised of ancillary businesses. For the three months ended 3/99, sales fell 3 percent to EUR 6.84 billion. Net income from continuing operations before extraordinary item and before U.S. GAAP adjustment rose 46 percent to EUR 469 million. Revenues reflect decreased demand and price erosion. Earnings reflect EUR 180 million in gains on divestments. 
Pittway Corporation (NYSE : PRYa)Pittway Corporation is engaged in the manufacture of alarms and other security products, and publishing. For the three months ended 3/99, revenues increased 26 percent to $381.9 million. Net income from continuing operations totalled $21.2 million vs. a loss of $10.3 million. Revenues reflect higher revenues at the Company's manufacturing operations due to the winning of additional national account business. Earnings also reflect the absence a $43 million provision for patent litigation. 
Raytheon Company (NYSE : RTNb)RTN.B operates in three businesses: commercial and defense electronics, engineering and construction, and aircraft. For the three months ended 4/4/99, net sales increased 7 percent to $4.9 billion. Net income before accounting change increased 12 percent to $241 million. Revenues benefitted from increased sales to the U.S. Department of Defense. Net income also reflects decreased S/G/A expenses as a  percentage of revenues due to increased efficiencies as a result of restructuring initiatives. 
Sequa Corporation (NYSE : SQAa)SQA.A is a diversified industrial company that produces a broad range of products through operating units in five industry segments: Aerospace, Propulsion, Metal Coatings, Specialty Chemicals and Other Products. For the three months ended 3/99, revenues fell 7 percent to $407.3 million. Net income applicable to Common rose 30 percent to $5.5 million. Results reflect declines in the solid and liquid propellant rocket motor product lines, offset by a lower income tax expense. 
Stone & Webster, Inc. (NYSE : SW)SW provides professional, engineering, construction and consulting services. SW also owns cold storage warehousing facilities and owns and operates the Stone and Websters office buildings. For the three months ended 3/31/99, revenues fell 9 percent to $266.1 million. Net loss totaled $58.7 million, vs. income of $7.6 million. Revenues suffered from decreased revenues in the company's Power division. Net loss reflects unanticipated cost increases for international projects. 
Standex Int'l Corp. (NYSE : SXI)Standex International Corp. is a diversified manufacturing and marketing company with operations in three product segments: Food Service, Industrial and Consumer. For the nine months ended 3/31/99, revenues increased 5 percent to $480.8 million. Net income rose 14 percent to $24 million. Revenues benefited form higher customer demand for ducting from the Air Distribution Products division. Net income reflects improved margins due to the sale of National Metal's. 
Tenneco, Inc. (NEW) (NYSE : TEN)TEN is a global manufacturer of automotive parts, specialty packaging, and folding carton and containerboard packaging. TEN's Walker and Monroe auto parts are sold in over 100 countries. For the three months ended 3/99, net sales rose 2 percent to $1.85 billion. Net loss before extraordinary item and accounting change totalled $150 million vs. income of $75 million. Results reflect strength in the packaging segment, offset by lower margins and a $293 million loss upon sale of packaging assets to a JV. 
Tomkins PLC ADR (NYSE : TKS)TKS heads an international group of manufacturing companies operating in four business sectors: Construction Components; Food Manufacturing; Industrial and Automotive Engineering; and Professional, Garden and Leisure Products. For the six months ended 10/31/98, revenues rose 6 percent to L2.60 billion. Net income applicable to Ordinary before U.S. GAAP fell 23 percent to L108.4 million. Results reflect strength in Industrial Engineering and Food Mfg., offset by L40M in mill disposal charges. 
TRW, Inc. (NYSE : TRW)TRW designs, manufactures, and sells products and systems in two industry segments: Automotive (automotive systems and components); and Space and Defense (spacecraft, software and systems engineering support, and electronic systems). For the three months ended 3/31/99, net sales remained flat at $3.1 billion. Net loss totalled $28 million vs. an income of $129 million. Results reflect sales from LucusVarsity, offset by $85 million in purchased R&D. 
Textron, Inc. (NYSE : TXT)TXT is engaged in the manufacture of helicopters and spare parts, light and mid-size business jets, turboprop and piston aircraft, automotive interior and engine components, and industrial tools, fasteners and components. For the three months ended 4/3/99, revenues rose 22 percent to $2.75 billion. Net income from continuing operations applicable to Common before extraordinary item rose 46 percent to $145 million. Results reflect Industrial segment acquisitions, higher business jet sales and the AFS sale. 
U.S. Industries, Inc. (NYSE : USI)USI manufactures and distributes a broad range of consumer and industrial products through its four divisions: USI Bath and Plumbing, Lighting Corp. of America, USI Hardware and Tools and USI Diversified. For the six months ended 3/99, net sales rose 8 percent to $1.60 billion. Earnings from continuing operations fell 16 percent to $54 million. Revenues reflect the acquisition of Sundance Spas. Net income was offset by lower margins due to product mix changes. 
United Technologies (NYSE : UTX)UTX's principal products are Otis elevators and escalators; Carrier heating, ventilating and air conditioning systems; Pratt and Whitney engines, parts, and space propulsion; Sikorsky helicopters, parts and services. For the three months ended 3/31/99, revenues rose 3 percent to $5.44 billion. Net income from continuing operations applicable to Common rose 22 percent to $270 million. Results reflect higher after-market revenues at Pratt and Whitney and the absence of workforce reduction charges. 
Valhi Inc. (NYSE : VHI)Vahli, Inc. is a holding company with subsidiaries operating in the chemicals, component products, titanium metals and waste management industries. For the three months ended 3/99, revenues fell 60 percent to $272.9 million. Net income before extraordinary item decreased 99 percent to $2.4 million. Revenues reflect the absence of both a $330.2 million gain on the sale of NL's specialty chemical business and CompX's IPO proceeds. Net income reflects higher equity losses in earnings of affiliates. 
Wesco Financial Corp. (AMEX : WSC)WSC, through its subsidaries, engages in two businesses: the insurance business (provides property and casualty and insurance coverage for banks) and steel service center business. Wesco operations also include the ownership and management of commerical real estate. For the three months ended 3/99, revenues increased 5 percent to $32.7 million. Net income increased 20 percent to $10.6 million. Results reflect higher interest bearing investments and lower cost of sales.%}
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Andataco, Inc. (OTC BB : ANDA)Andataco, Inc. designs, manufactures, and distributes storage solutions based on its Application-Specific Architecture for Windows NT and UNIX environments. For the three months ended 1/31/99, revenues decreased 25 percent to $16.4 million. Net loss increased 66 percent to $697 thousand. Revenues suffered from a decrease in sales of older non-GigaRAID mass storage products. Higher losses reflect a decrease in gross profit due to lower margins earned. 
Applied Magnetics Corp. (NYSE : APM)Applied Magnetics Corporation is an independent supplier of magnetic recording heads and of head stack assemblies for disk drives. For the six months ended 4/3/99, net sales decreased 76 percent to $31.5 million. Net loss increased 86 percent to $133.1 million. Revenues suffered from lower sales volumes due to production process problems with new MR products. Higher loss also suffered from $2 million in amortization and $28.7 million in in-process technology charges due to the DAS acquisition. 
Artecon, Inc. (Nasdaq : ARTE)Artecon, Inc. designs, manufactures, markets and supports a broad range of scalable, fully integrated data storage products for the Sun Microsystems, UNIX and the PC-LAN markets. For the 39 weeks ended 12/31/98, revenues rose 47 percent to $77.6 million. Net loss rose from $1.6 million to $6.4 million. Revenues reflect the acquisition of Storage Dimensions. Higher loss reflects a $896 thousand write-off for excess inventory and $2 million in restructuring and impairment charges. 
Access Solutions Int'l (OTC BB : ASIC)ASIC designs, develops, assembles, and markets mainframe information storage and retrieval systems, including both software and hardware, for large companies. For the nine months ended 3/31/98, revenues increased 45 percent to $1.2 million. Net loss decreased 41 percent to $1.5 million. Revenues reflect a sale of medium size optical archiving system, and the renewal of Company's service contracts. Lower loss reflects reduced depreciation for the mainframe, and reduced payroll. 
Box Hill Systems Corp. (NYSE : BXH)BXH designs, manufactures, markets and supports high-performance data storage systems for the Open Systems computing environment. For the three months ended 3/31/99, net revenues decreased 11 percent to $14.3 million. Net income decreased 56 percent to $564 thousand. Revenues reflect a decrease in volume of back-up products and price reductions. Net income also reflects a decreased gross profit due to a different product mix, and increased R&D expenses as a  percentage of revenues. 
Cambex Corporation (OTC BB : CBEX)CBEX engages in the design, development, manufacture, lease and sale of computer direct access storage products used with IBM mainframe and open systems computer platforms. CBEX products include memory, disk, RAID disk arrays and tape storage systems. For the fiscal year ended 12/31/98, revenues decreased 63 percent to $3.7 million. Net loss decreased 58 percent to $2.8 million. Revenues reflect lower sales of mainframe storage products. Net loss reflects decreased selling and S/G/A expenses. 
Ciprico, Inc. (Nasdaq : CPCI)CPCI and its subsidiaries design, manufacture, market and service RAID disk arrays and SCSI controllers which are used in high performance computer systems for the visual computing markets. For the six months ended 3/99, revenues fell 8 percent to $16.4 million. Net income fell 51 percent to $804 thousand. Revenues reflect the impact of one unusually large order in the second quarter of 1998. Earnings reflect additional staff, and costs related to the realignment of marketing and promotional efforts. 
DISC, Inc. (Nasdaq : DCSR)DCSR designs, manufactures, and markets a family of high-end computer mass storage systems which use 5.25 inch rewritable, magneto optical disks and CD-ROM disks. For the fiscal year ended 12/31/98, revenues increased 5 percent to $9.1 million. Net loss fell 12 percent to $2.2 million. Revenues benefitted from an increase in the Company's direct sales personnel. Lower loss reflects decreased expenses related to the Orion project. 
Drexler Technology Corp. (Nasdaq : DRXR)Drexler Technology Corp. develops, manufactures and markets optical data storage products used with personal computers for information recording, storage and retrieval. For the nine months ended 12/31/98, revenues rose 52 percent to $11.6 million. Net income totalled $3 million, up from $978 thousand. Revenues reflect increased shipments of optical memory cards due to orders from the U.S. Government. Earnings also benefitted from higher margins due to higher volumes. 
Dataram Corporation (AMEX : DTM)Dataram Corp. develops, manufactures and markets computer add-in memory products for use with workstations and network servers. For the nine months ended 1/99, revenues decreased 9 percent to $52.9 million. Net income increased 56 percent to $4.1 million. Revenues reflect declining average selling prices. Net income reflects decreased cost of sales as a  percentage of revenues due to a favorable product mix, and higher interest income due to a higher level of short term investments. 
ECCS, Inc. (Nasdaq : ECCS)ECCS designs manufactures and sells fault tolerant data storage solutions to store, protect and access mission critical information for the Open Systems and related markets. For the three months ended 3/31/99, revenues rose 14 percent to $9.4 million. Net income fell 30 percent to $73 thousand. Revenues benefited from increased sales of mass storage enhancement systems to federal customer. Net income was offset by the hiring of additional sales and marketing personnel. 
EMC Corporation (NYSE : EMC)EMC Corp. and its subsidiaries design, manufacture, market and support a range of enterprise systems and software products and related services for the worldwide enterprise storage market. For the three months ended 3/31/99, revenues rose 36 percent to $1.13 billion. Net income rose 51 percent to $220.7 million. Results reflect continued strong demand for the Symmetrix series of products, increased license revenues and higher margins due to increased software licensing. 
Exabyte Corp. (Nasdaq : EXBT)EXBT designs, manufactures and markets a full range of 8mm tape drives and 8mm, DLT(TM) and 4mm tape libraries. EXBT also provides its own brand of recording media, software utilities and worldwide service support. For the three months ended 4/3/99, revenues fell 22 percent to $62.7 million. Net loss totalled $3.5 million vs. income of $2 million. Revenues reflect decreased sales of tape drives. Net loss suffered from increased research and development expenditures. 
M-Systems Inc. (Nasdaq : FLSH)FLSH develops, manufactures and markets innovative data storage solutions based on Flash memory utilizing the Company's patented TrueFFS technology. For the nine months ended 9/98, revenues decreased 13 percent to $11.5 million. Net income totalled $527 thousand vs. a loss of $5.7 million. Revenues suffered from an increase in sales volumes of Flash-based products. Earnings also benefitted from the absence of a $4 million acquired in process research and development charge. 
HMT Technology Corp. (Nasdaq : HMTT)HMTT is an independent supplier of high-performance thin film disks for high-end, high-capacity hard disk drives, which in turn are used in high-end personal computers, network servers, and workstations. For the nine months ended 12/31/98, revenues fell 31 percent to $183.6 million. Net loss totaled $10.8 million vs. income of $54.9 million. Results reflect lower average selling prices due to weak demand as well as a $15.7 million restructuring charge. 
Iomega Corporation (NYSE : IOM)Iomega designs, manufactures and markets innovative data storage solutions, based on removable-media technology for personal computer and electronics device users. For the three months ended 3/99, sales fell 5 percent to $386.2 million. Net income totalled $569 thousand, vs. a loss of $18.6 million. Revenues reflect decreased Jaz unit drive shipments. Earnings reflect lower advertising and marketing expenditures and decreased spending for the development of Click! and Zip 250 products. 
Intevac, Inc. (Nasdaq : IVAC)IVAC is a supplier of static sputtering systems used to manufacture thin-film disks for computer hard drives. Sputtering is a complex vacuum deposition process used to deposit multiple thin-film layers on a disk. For the three months ended 3/31/99, revenues decreased 66 percent to $11.7 million. Net loss from continuing operations totalled $3 million vs. income of $1.7 million. Revenues reflect a reduction in net revenues from disk manufacturing equipment. Loss reflects a rise in R&D costs. 
Komag, Incorporated (Nasdaq : KMAG)Komag, Inc. develops, manufactures and markets thin film media disks, primarily for storage medium for digital data in computer hard disk drives. For the three months ended 4/4/99, net sales increased 18 percent to $90 million. Net loss decreased 63 percent to $21.5 million. Revenues reflect higher unit sales volume. Lower loss also reflects an improved gross margin due to improvements in manufacturing efficiencies, higher unit production volumes and reduced fixed manufacturing costs. 
MTI Technology Corp. (Nasdaq : MTIC)MTIC designs, manufactures, markets and services data storage solutions including solid state disk systems, fault tolerant RAID disk arrays, tape libraries and storage management software. For the nine months ended 1/2/99, revenues remained flat at $145 million. Net income decreased 48 percent to $6.4 million. Results reflect increased service revenues due to higher volume on service contracts, offset by decreased gross margins due to a change in product mix. 
Maxtor Corporation (NEW) (Nasdaq : MXTR)Maxtor Corporation (NEW) develops, manufactures and markets hard disk drive products to customers who sell their products in the personal computer industry. Customers include OEMs, distributors and retailers. For the 13 weeks ended 4/3/99, total revenue rose 24 percent to $681.6 million. Net income totalled $17 million vs. a loss of $10.3 million. Results reflect increased unit shipments due to improved time to market performance and a reduction in stock compensation costs. 
nStor Technologies, Inc. (AMEX : NSO)nStor Technologies, Inc. through its operating sub-sidiary, nStor Corporation, Inc., is engaged in the develop-ment, manufacture and marketing of a full range of computer disk array products (RAID), memory devices, peripheral equipment and storage management solutions. For the three months ended 3/99, revenues fell 61 percent to $1.4 million. Net loss applicable to Common rose 6 percent to $2.7 million. Results reflect delayed customer deliveries, lower margins higher debt levels. 
Overland Data, Inc. (Nasdaq : OVRL)Overland Data designs, develops, manufactures, markets and supports magnetic tape data storage systems used by businesses for high performance network backup, archival solutions and data interchange. For the nine months ended 3/99, net sales rose 40 percent to $70.9 million. Net income rose from $1.5 million to $3.4 million. Revenues reflect strong sales growth in the LibraryXpress amd 36-track product lines. Earnings also reflect decreases in S/G/A and R&D as  percentages of sales. 
Pinnacle Micro, Inc. (OTC BB : PNCL)Pinnacle Micro, Inc. is a designer, manufacturer, supplier and reseller of removable optical storage systems, with products ranging from the 2.6 gigabyte Vertex drive to 4.5 terabyte multiple disk optical library systems. For the 39 weeks ended 9/26/98, net sales fell 71 percent to $8.2 million. Net loss fell 90 percent to $2.5 million. Revenues reflect decreased unit sales due to increased competition. Lower loss reflects the absence of inventory write-offs. 
Procom Technology, Inc. (Nasdaq : PRCM)PRCM designs, manufactures and markets enterprise-wide data storage and information access solutions that are compatible with all major hardware platforms, operations systems and network protocols. For the nine months ended 4/30/99, net sales fell 7 percent to $80.2 million. Net loss totalled $1.5 million vs. income of $5.2 million. Revenues reflect decreased sales of CD servers and arrays. Net loss reflects $1.6 million in impairment and restructuring charges 
Quantum Corporation (Nasdaq : QNTM)Quantum Corporation designs, develops, manufactures, licenses and markets information storage products, including tape drives, tape media cartridges, tape libraries and hard disk drives. For the fiscal year ended 3/31/99, sales fell 16 percent to $4.90 billion. Net loss totalled $29.5 million vs. income $170.8 million. Results reflect lower revenue from sales of desktop and high-end hard disk drives. Net loss reflects purchased in-process R&D charges of $89 million. 
Read-Rite Corp. (Nasdaq : RDRT)Read-Rite Corporation designs, manufactures, and markets magnetic recording heads for rigid disk drives. For the six months ended 3/31/99, net sales decreased 3 percent to $436.4 million. Net loss decreased 88 percent to $18.3 million. Revenues reflect a decreased in the average selling price for HGAs and HSAs, due to competitive price pressures in the disk drive industry. Lower loss reflects a reduction in cost of sales due to the absence of $114.8 million inventory charge. 
Ramtron International (Nasdaq : RMTRC)Ramtron International Corporation develops, manufactures and sells high performance semiconductor memory devices. For the fiscal year ended 12/31/98, total revenues fell 9 percent to $18.6 million. Net loss applicable to Common totalled $19.1 million, up from $8.9 million. Results reflect the absence of license and development fee revenues due in part to the Asian financial crisis and an overall semiconductor industry slowdown. Higher loss also reflects higher cost of sales and interest costs. 
Seagate Technology Inc. (NYSE : SEG)SEG designs, manufactures and markets a broad line of rigid magnetic disk drives for use in computer systems and multimedia applications, such as digital video and video-on-demand. For the nine months ended 4/2/99, sales fell 2 percent to $5.16 billion. Net income totalled $157 million vs. a loss of $552 million. Revenues suffered from price erosion in the data storage industry. Net income reflects cost cutting efforts resulting in lower average costs per unit produced. 
SanDisk Corporation (Nasdaq : SNDK)SNDK designs, manufactures and markets flash memory data storage products for industrial, communications, highly portable computing and consumer electronics. For the three months ended 3/99, revenues rose 29 percent to $44.1 million. Net income fell 8 percent to $4.3 million. Revenues benefitted from an increase in units shipped due to higher sales of CompactFlash Products. Net income suffered from lower margins due to shift in product mix and increased payroll and marketing expenses. 
Storage Computer Corp. (AMEX : SOS)Storage Computer Corp. designs, manufactures and integrates software driven storage solutions which automate the management, tuning and migration of core business applications stored on multiple open systems servers. For the three months ended 3/31/99, revenues fell 62 percent to $2.7 million. Net loss totalled $2 million, vs. an income of $310 thousand. Revenues suffered from lower domestic and international sales. Loss also reflects a lower gross profit margin. 
Stac Software, Inc. (Nasdaq : STAC)Stac Software designs, develops, markets and supports networking technologies, systems management software and applications for the storage and communication of data for personal computers and computer networks. For the three months ended 12/98, revenues fell 61 percent to $3 million. Net loss from continuing operations totalled $1.9 million vs. income of $794 thousand. Revenues reflect the completion of royalty payments from IBM and Microsoft. Losses reflect a decrease in gross margin. 
Storage Technology Corp. (NYSE : STK)Storage Technology Corp. designs, manufactures, markets and maintains information storage and network product solutions for end-user customers, original equipment manufacturers and value-added resellers. For the three months ended 3/26/99, revenues increased 7 percent to $517.5 million. Net income decreased 86 percent to $5.8 million. Results reflect higher sales of client-server tape products and growth in storage consulting and managed services, offset by decreased margins. 
StorMedia Incorporated (STMDQStorMedia Inc. designs, develops, manufactures and markets two 1/2 and three 1/2 inch size thin film disks for hard disk drives used in portable and desktop computers, network servers, and workstations. For the six months ended 6/26/98, net sales fell 5 percent to $63.2 million. Net loss applicable to Common rose 61 percent to $48.8 million. Revenues reflect lower unit volumes and average selling prices. Higher loss reflects liquidation of Micropolis and the under-utilization of facilities. 
Western Digital Corp. (NYSE : WDC)WDC designs, develops, manufactures and markets a broad line of rigid magnetic disk drives for desktop PC and enterprise markets. For the 39 weeks ended 3/27/99, net revenues decreased 29 percent to $2.06 billion. Net loss totalled $391.2 million, up from $127.5 million. Revenues reflect reductions in shipments and average selling prices of hard drive products. Loss also reflects $12 million in-process research and development costs and restructuring charges.%}
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Autobytel.com, Inc. (Nasdaq : ABTL)Autobytel.com, Inc. is a branded Internet site for new and used vehicle information and purchasing services. On the website, consumers can research vehicles and connect with a nationwide network of 2,772 dealers to complete a purchase. For the three months ended 3/99, revenues rose 73 percent to $8 million. Net loss fell 11 percent to $6.1 million. Revenues reflect growth in the dealer count and higher average fees. Lower loss was partially offset by brand-awareness campaign expenditures. 
Affiliated Computer Svcs. (NYSE : ACS)ACS provides a full range of business services including business process outscoring, electronic commerce, technology outscoring and professional and systems integration services. For the nine months ended 3/31/99, revenues rose 39 percent to $1.19 billion. Net income rose 73 percent to $62.1 million. Revenues reflect acquisitions, increased volumes and new contracts. Net income also reflects the absence of $13 million in merger-related costs. 
Acxiom Corporation (Nasdaq : ACXM)Acxiom Corp. is an international provider of comprehensive information management solutions using customer, consumer and business data. For the fiscal year ended 3/31/99 revenues increased 28 percent to $730 million. Net loss totalled $16.4 million vs. income of $46.1 million. Revenues reflect trend towards data warehousing to implement customer relationship management and one-on-one marketing initiatives. Net loss reflects $118.7 million in merger charges. 
AdForce, Inc. (Nasdaq : ADFC)ADFC provides centralized, outsourced advertising management and delivery services on the Internet, offering ad campaign design, inventory management, delivery, targeting, tracking, measuring and reporting. For the three months ended 3/99, net revenues rose from $414 thousand to $3.2 million. Net loss rose 95 percent to $4.8 million. Results reflect greater ad volumes due to client base expansion, offset by increases in R&D and S/G/A, and $1.2 million in stock compensation and acquired R&D charges. 
Atlantic Data Services (Nasdaq : ADSC)Atlantic Data Services, Inc. provides information technology strategy consulting and systems integration services to customers exclusively in the financial services industry, primarily banks. For the nine months ended 12/98, revenues rose 93 percent to $54.4 million. Net income rose from $3.3 million to $7.4 million. Revenues reflect higher volume of services delivered to customers and an increase in billing rates. Net income reflects an increase in the amount of cash available. 
Advanced Health Corp. (Nasdaq : AHTC)AHTC is a provider of enabling technologies, including internet-based applications for electronic commerce and communications among physicians and other healthcare providers and organizations. For the three months ended 3/31/99, revenues fell 92 percent to $240 thousand. Net loss from continuing operations totalled $2.2 million vs. an income of $1.1 million. Results reflect a change in the Company's strategy to market and support only its core products and lower investment income. 
audiohighway.com (Nasdaq : AHWY)AHWY offers a proprietary information and entertainment service that enables users to download and playback selected audio content of over 3,500 titles of news, audio books, music and other entertainment from the Internet. For the three months ended 3/31/99, revenues totalled $165 thousand, up from $42 thousand. Net loss totalled $2.3 million up from $700 thousand. Results reflect higher advertising sales and e-commerce, offset by higher sales and marketing costs and G&A expenses. 
American Management Sys. (Nasdaq : AMSY)AMSY is an international business and information technology consulting firm that provides a full range of services that includes; business re-engineering, change management, systems integration, and systems implementation. For the three months ended 3/99, revenues rose 30 percent to $290.9 million. Net income rose 76 percent to $15.8 million. Revenues reflect wider client base and acquisition of several new contracts. Earnings reflect tightly managed delivery risk. 
Anacomp, Inc. (Nasdaq : ANCO)Anacomp, Inc. offers a broad range of solutions for the conversion, storage and retrieval of computer data and images, utilizing micrographic, magnetic media and electronic technologies. For the six months ended 3/31/99, total revenues increased 23 percent to $226.9 million. Net loss from continuing operations decreased 6 percent to $30.2 million. Results reflect increased revenues from the Outsource Services business, offset by increased S/G/A, amortization and interest expenses. 
America Online Inc. (NYSE : AOL)AOL provides Internet online services such as electronic mail, conferencing, software, computing support, interactive magazines and newspapers, and online classes, as well as access to services of the Internet. For the nine months ended 3/31/99, total revenues rose 58 percent to $3.4 billion. Net income totalled $618 million vs. a net loss of $80 million. Revenues reflect increased advertising on AOL service and higher commerce fees. Earnings reflect gains from the sale of Excite investments. 
ARI Network Services Inc. (Nasdaq : ARIS)ARI Network Services, Inc. provides standards-based Internet-enabled electronic commerce services to companies in selected industry sectors with shared distribution channels. For the six months ended 1/99, revenues increased 47 percent to $5.6 million. Net loss increased 37 percent to $2 million. Revenues reflect the inclusion of sales from Powercom 2000. Higher loss reflects cash expenditure, non-cash amortization of software and goodwill, and acquisition related expenses. 
ARIS Corporation (Nasdaq : ARSC)ARSC provides information technology consulting services including database management, enterprise resource planning and custom and packaged applications development, implementation and training. For the nine months ended 9/98, revenues rose 60 percent to $85.9 million. Net income fell 34 percent to $2.8 million. Revenues reflect acquisitions and an increased level of consulting activity. Earnings were offset by costs of acquisitions and increased amortization of intangibles. 
ACNielsen Corp. (NYSE : ART)ACNielsen Corp. provides market research, information and analysis to the consumer products and services industries. For the three months ended 3/31/99, revenues rose 9 percent to $354 million. Net income before accounting change rose from $1.8 million to $6 million. Revenues benefitted from strong growth in the U.S. Earnings also benefitted from improved operating efficiencies, and increased foreign exchange gains. 
Asymetrix Learning System (Nasdaq : ASYM)Asymetrix Learning Systems, is a provider of online enterprise learning solutions designed to enable organizations to capture, deploy and manage knowledge more effectively for use as a competitive advantage. For the nine months ended 9/30/98, revenues rose 46 percent to $25.7 million. Net loss applicable to Common fell 64 percent to $4.1 million. Revenues reflect expansion of the professional services business. Lower loss reflects the absence of $4.1 million in acquired R and D costs. 
At Home Corporation (Nasdaq : ATHM)At Home Corporation is a provider of internet services over thecable television infrastructure and leased digital telecommunication lines to consumers and businesses. For the three months ended 3/31/99, revenues totalled $25.1 million, up from $5.8 million. Net loss decreased 42 percent to $18.1 million. Revenues benefitted from an increase in subscribers and installed accounts. Lower losses reflect an increase in gross profit and interest income. 
AppliedTheory Corporation (Nasdaq : ATHY)ATHY is a provider of Internet solutions to midsized businesses, midsized departments of larger businesses, and public sector institutions, offering Internet integration and enterprise portal development, Internet connectivity, Web hosting and other services. For the three months ended 3/31/99, net revenues rose 29 percent to $6.9 million. Net loss applicable to Common rose from $789 thousand to $1.7 million. Results reflect expansion of the customer base, offset by lower margins and increased S/G/A. 
Automatic Data Processing (NYSE : AUD)Automatic Data Processing offers employers a range of payroll, human resources, benefits administration, time and attendance and tax filing and reporting services. AUD also provides brokerage, auto dealer, and insurance claim services. For the nine months ended 3/31/99, revenues rose 13 percent to $4.07 billion. Net income rose 14 percent to $505.1 million. Revenues reflect strong new business in Employer Services. Earnings also reflect gains on the sale of Peachtree Software. 
Avert, Inc. (Nasdaq : AVRT)Avert, Inc. is an information service bureau engaged primarily in the business of verifying job applicant background information for employers through the use of databases and a national network of couriers. For the three months ended 3/31/99, total revenues rose 12 percent to $2.5 million. Net income rose 53 percent to $255 thousand. Results reflect overall growth of the customer base and their use of criminal history reports, and a decrease in marketing expenses. 
Autoweb.com, Inc. (Nasdaq : AWEB)Autoweb.com, Inc. is an automotive Internet service which centralizes automotive-related commerce, content and community offerings to assist consumers in researching, evaluating and buying new and pre-owned vehicles. For the three months ended 3/31/99, net revenues totalled $5.7 million, up from $2.2 million. Net loss applicable to Common rose 33 percent to $2.4 million. Results reflect increased member dealer fees, offset by higher online advertising costs, and payroll costs. 
Aztec Technology Partners (Nasdaq : AZTC)AZTC is a provider of a broad range of information technology business solutions including: consulting and engineering, systems and network design and implementation, software development, and support and integration services. For the comparable fiscal year ended 12/31/98 (35 weeks), revenues rose 88 percent to $229.4 million. Net income fell 16 percent to $4.7 million. Revenues reflect acquisitions. Net income was offset by the inclusion of a $4.3 million strategic restructuring charge. 
Brilliant Digital Entert. (AMEX : BDE)Brilliant Digital Entertainment is a production and development studio offering a new method for the production of digital entertainment for distribution over the Internet, on CD-ROM and DVD, as television programming and for home video. For the three months ended 3/31/99, revenues totalled $206 thousand, up from $31 thousand. Net loss rose 49 percent to $1.9 million. Results reflect increased Multipath Movie retail sales, offset by increased research and development expenses. 
Bell & Howell Company (NYSE : BHW)Bell and Howell Company and its subsidiaries are an information solutions and services provider. BHW consists of three segments: Information Access, Mail and Messaging Technologies, and Imaging. For the 13 weeks ended 4/3/99, revenues rose 8 percent to $216.5 million. Net income from continuing operations rose 56 percent to $5.1 million. Revenues reflect strong sales growth in the Mail and Messaging Technologies segement. Earnings also reflect lower research and development expenditures. 
Biospherics Incorporated (Nasdaq : BINC)BINC consists of an Information Services Division, which provides information to the public on health and other socially beneficial subjects, a BioTech Programs Unit, which develops proprietary products and services and a Technical Services Division. For the three months ended 3/31/99, revenues decreased 16 percent to $3 million. Net loss totalled $994 thousand, up from $49 thousand. Results reflect the completion of two contracts, and higher direct contract and operating costs. 
Biznessonline.com (Nasdaq : BIZZ)Biznessonline.com acquires and operates businesses that provides dial-up and private Internet access for individual and small to medium sized businesses, design customized web sites, host customer web sites, and offer related e-commerce services to individual and business subscribers. For the fiscal year ended 12/31/98, Company reported no revenues. Net loss totalled $125 thousand. Results are not comparable due to the inception of operation on 7/98. 
Banyan Systems, Inc. (Nasdaq : BNYN)Banyan Systems, Inc. designs, develops and markets standards-based networking, directory and messaging products and services that help people communicate across enterprise networks, intranets and the Internet. For the three months ended 3/31/99, revenues rose 7 percent to $19 million. Net income rose 21 percent to $457 thousand. Results reflect additional revenues generated from consulting services and end-user support services, and reduced sales and marketing expenses. 
About.com, Inc. (Nasdaq : BOUT)About.com, Inc. is an Internet news, information and entertainment service consisting of a network of over 600 web sites, each of which focuses on a specific topic and is managed by a human guide. For the three months ended 3/31/99, revenues totalled $2.4 million, up from $152 thousand. Net loss applicable to Common totalled $12.6 million, up from $2.4 million. Results reflect an increase in the number of advertisers, offset by increased marketing and non-cash guide compensation costs. 
Bisys Group, Inc. (Nasdaq : BSYS)BSYS provides technology outsourcing, check imaging applications and brokerage services to financial institutions nationwide. BSYS also distributes and administers mutual funds and provides retirement plan record keeping services. For the nine months ended 3/99, revenues rose 19 percent to $335.2 million. Net income decreased 22 percent to $19.4 million. Revenues benefitted from higher sales to new and existing clients. Earnings were offset by a $19 million in-process R and D charge. 
BrightStar Info. Tech. Gp (Nasdaq : BTSR)BTSR is an information technology services company providing enterprise-wide business solutions. Services include rapid implemantations of ERP and Web solutions, on-site application support and hosting services. For the three months ended 3/31/99 revenues totalled $32.5 million, up from $5.1 million. Net loss totalled $590 thousand, vs. an income of $279 thousand. Results reflect the acquisition and new ERP contracts, offset by stock compensation and amortization expenses. 
CACI International, Inc. (Nasdaq : CACI)CACI International is an international information systems and high technology services corporation. CACI provides services to U.S. defense and civilian agencies, and commercial enterprises. For the nine months ended 3/31/99, revenues increased 34 percent to $315.7 million. Net income increased 20 percent to $10.1 million. Revenues reflect acquisitions and growth in DoJ litigation support services. Earnings were partially offset by increased direct labor expenses and higher debt levels. 
CAIS Internet, Inc. (Nasdaq : CAIS)CAIS Internet, Inc. is a provider of broadband Internet access solutions for consumers and businesses using advanced technologies like HyperDSL and patented solutions like OverVoice ®. For the three months ended 3/31/99, revenues rose 30 percent to $1.6 million. Net loss from continuing operations applicable to Common totalled $4.8 million, up from $2.3 million. Results reflect sale of Internet access and Web hosting services, offset by higher Internet services payroll costs. 
Carreker-Antinori, Inc. (Nasdaq : CANI)CANI provides integrated consulting and software solutions, offering yield management, payment systems, payment electronification and enabling technologies solutions to banks. For the fiscal year ended 1/31/99, revenues rose 29 percent to $55 million. Net income rose 72 percent to $5.2 million. Revenues reflect continued growth in software license fees. Earnings also reflect a decrease in cost of software licenses and cost of software implementation. 
CareInsite, Inc. (Nasdaq : CARI)CareInsite, Inc. is developing and intends to provide an Internet-based healthcare electronic commerce network for interactive use by physicians, payers, suppliers and patients. For the nine months ended 3/31/99, revenues totalled $213 thousand, up from $0. Net loss rose 99 percent to $15.5 million. Revenues reflect managment services provided to THINC. Higher loss reflects a $2.4 million write off of capitalized software costs and a $2.5 million litigation charge. 
CCC Information Services (Nasdaq : CCCG)CCCG is a supplier of automobile claims information and processing, claims management software and communications services. For the three months ended 3/31/99, revenues rose 12 percent to $49.9 million. Net loss applicable to Common totalled $1 million vs. income of $3 million. Revenues reflect continued growth in the Consumer Processing Services Division. Net loss reflects the inclusion of a higher equity in net losses of affiliates charge ($4.5 million vs. $1.2 million). 
Caredata.com, Inc. (Nasdaq : CDCM)Caredata is a provider of healthcare intelligence, which enables businesses and consumers to make comparisons of costs and outcomes of physician services, analyze healthcare services supply and demand, assess satisfaction, and verify credentials. For the three months ended 3/31/99, revenues rose 56 percent to $8.1 million. Net income totalled $684 thousand vs. a loss of $4.1 million. Revenues reflect acquisitions. Earnings also reflect the absence of $4.8 million in acquired R&D costs. 
Comps.Com, Inc (Nasdaq : CDOT)CDOT is a national provider of commercial real estate sales information both offline and on the Internet. For the three months ended 3/99, net revenues rose 16 percent to $3.5 million. Net loss totalled $1.7 million, up from $173 thousand. Revenues reflect an increase in subscriptions as a result of geographic expansion. Net loss reflects increased product development expenses due to the hiring of additional software engineers, and higher S/G/A expenses due to increased salaries. 
CDSI Holdings, Inc. (OTC BB : CDSI)CDSI Holdings is a development stage company which provides an on-line service that transmits name, address, telephone number and other related information digitally to users of personal computers. For the fiscal year ended 12/98, revenues fell 14 percent to $123 thousand. Net loss applicable to Common rose 76 percent to $2.4 million. Revenues reflect the cancellation of a bundling agreement with a OEM partner. Higher loss reflects increased costs in the maintenance of PC411 service. 
Ceridian Corporation (NYSE : CEN)CEN provides products and services to customers in the human resources, trucking and electronic media markets. For the three months ended 3/31/99, revenues increased 14 percent to $321.4 million. Net income increased 17 percent to $41.8 million. Revenues reflect increased sales of products and services and growth in the Human Resource Services sector due to acquisitions. Net income also benefitted from the inclusion of the net proceeds from the sale of Comdata. 
Claimsnet.com inc. (Nasdaq : CLAI)Claimsnet.com inc. is an electronic commerce company engaged in healthcare transaction processing for the medical and dental industries by means of the Internet. For the fiscal year ended 12/31/98, revenues rose 89 percent to $155 thousand. Net loss rose 68 percent to $4.7 million. Revenues reflect an increase in the number of customers subscribing to and using the Company's service to file insurance claims. Higher loss reflects increased sales, marketing and information systems costs. 
Columbia Capital Corp. (OTC BB : CLCK)Columbia Capital Corp. through its subsidiary First Independent Computers is a multi-faceted information services organization providing credit and debit card services, banking and financial services and document management and distribution services. For the three months ended 3/99, revenues rose 21 percent to $3 million. Net income fell 73 percent to $108 thousand. Results reflect higher credit card revenues offset by higher personnel expenses due to headcount. 
Compuflight, Inc. (OTC BB : CMFL)Compuflight, Inc. engages in developing, marketing, licensing, and supporting computerized flight planning and aircraft performance engineering services for the aviation industry. For the nine months ended 7/97, revenues fell 16 percent to $2.1 million. Net loss totalled $476 thousand, up from $136 thousand. Revenues reflect the expiration of a development contract with a large airline customer. Higher loss reflects the inclusion of a $91 thousand restructuring cost and $63 thousand relocation expense. 
Compumed, Inc. (Nasdaq : CMPD)Compumed, Inc. is engaged in the processing and interpretation of ECG diagnostic tests and in the rental and sale of ECG equipment and supplies. For the three months ended 12/31/98, revenues rose 25 percent to $517 thousand. Net loss decreased 33 percent to $320 thousand. Revenues reflect higher sales of electrocardiograph units and related supplies. Lower loss also reflects reductions in professional fees, consulting expenses, payroll and contracted research fees. 
Comtex Scientific Corp. (OTC BB : CMTX)CMTX is a value-added real-time distributor of customized newswire information products (called CustomWiresTM) drawn from broad and specialized news sources. CustomWires is marketed to online services and web sites used by financial traders. For the nine months ended 3/31/99, revenues rose 36 percent to $5.3 million. Net income totalled $369 thousand, up from $26 thousand. Results reflect new information services customers, higher gross profits, and lower interest costs. 
Condor Tech. Solutions (Nasdaq : CNDR)CNDR is a provider of a wide range of IT services and solutions, including strategic planning and management consulting and strategic marketing communications to middle market organizations. For the three months ended 3/31/99, revenues totalled $59.7 million, up from $25.7 million. Net income totalled $3 million vs. a loss of $3 million. Revenues reflect the acquisition of five additional operating companies. Net income reflects the absence of a $5 million in-process R&D charge. 
CNET, Inc. (Nasdaq : CNET)CNET, Inc. is a media Co. integrating television programming with a network of channels on the Internet. The Company also operates Snap!, an online service that offers directory and searching capabilities. For the three months ended 3/31/99, revenues rose from $9.8 million to $19.6 million. Net income totalled $23 million vs. a loss of $5.7 million. Results reflect increased pages delivered and advertisements sold on Internet sites, and a $19.9 million gain on investments sales. 
Cornerstone Internet Sol. (Nasdaq : CNRS)CNRS offers products and services to customers for the design, development, operation and maintenance of customer Intranets, sites on the Internet and publishes multimedia titles for home. For the nine months ended 2/28/99, revenues totalled $2.4 million, up from $1.2 million. Net loss applicable to Common fell 66 percent to $4.4 million. Revenues reflect the securing of new contracts. Lower losses reflect the absence of a $428 thousand restructuring charge, and a decrease in preferred dividends. 
Cope, Inc. (OTC BB : COPE)Cope, Inc. is a provider of data storage and security consulting, services and solutions to corporations and institutions located primarily in Western Europe. For the three months ended 3/31/99, total revenues rose 84 percent to $8.5 million. Net income rose 58 percent to $161 thousand. Revenues reflect the acquisition of Forum and increased sales of services due to the Company's emphasis on services. Earnings were partially offset by the hiring of additional personnel. 
Computer Outsourcing Ser. (Nasdaq : COSI)COSI provides information technology solutions which include information processing services to many industries, including publishing, transportation, financial services and apparel. For the six months ended 4/30/99, revenues rose 14 percent to $17.3 million. Net income from continuing operations rose 33 percent to $1.3 million. Revenues benefitted from acquisitions. Earnings also reflect lower general and administrative expenses and lower data processing costs as a  percentage of revenues. 
Computer Research, Inc. (OTC BB : CRIX)Computer Research, Inc. provides data processing, accounting and recordkeeping services for securities brokerages, banks and various other financial institutions nationwide. For the six months ended 2/28/99, revenues rose 7 percent to $3.7 million. Net income fell 39 percent to $135 thousand. Revenues reflect an increase in the number of transactions processed for clients. Earnings were offset by lower gross margins and higher S/G/A expenditures. 
CreditRiskMonitor.com Inc (OTC BB : CRMZ)CreditRiskMonitor.com, Inc., is engaged in the credit information service. Its real-time interactive Internet-base service is targeted at corporate credit managers. For the three months ended 3/31/99, revenues totalled $296 thousand, up from $5 thousand. Net loss totalled $358 thousand vs. income of $3 thousand. Revenues reflect the commencement of operations due to the acquisition of CreditRiskMonitor.com, Inc. Net loss reflects increased expenses related to the acquisition. 
Computer Sciences Corp. (NYSE : CSC)Computer Sciences provides information technology services through: outsourcing (operating a customer's technology infrastructure); systems integration (designing, developing and implementing information systems); and IT and management consulting services. For the fiscal year ended 4/2/99, revenues rose 16 percent to $7.66 billion. Net income rose 31 percent to $341.2 million. Results reflect strong demand for information technology services and the absence of $229.1 million in special charges. 
CSI Computer Specialists (OTC BB : CSIS)CSIS provides computer hardware services, including sales and maintenance of mainframe and mid-range computer equipment and parts, network design and installation, computer upgrades, and installation and de-installation of equipment. For the nine months ended 9/30/98, total revenues increased 30 percent to $22.8 million. Net loss increased from $125 thousand to $425 thousand. Results reflect growth in maintenance services and equipment sales, offset by lower profit margins on equipment sales. 
Coinstar, Inc. (Nasdaq : CSTR)Coinstar develops, owns and operates a network of automated, self-service coin counting and processing machines that provide consumers with a convenient means of converting loose coins into cash. The Coinstar units are located in supermarkets nationwide. For the three months ended 3/99, sales rose 79 percent to $15.8 million. Net loss fell 39 percent to $4.5 million. Revenues reflect increased Coinstar units in service. Lower loss reflects the completion of the new coin counting technology. 
C2I Solutions, Inc. (Nasdaq : CTWO)CTWO provides information technology services and solutions to meet the needs of business and government for information systems transformation and conversion and applications for re-engineering. For the three months ended 3/31/99, revenues totalled $274 thousand, up from $69 thousand. Net loss rose 6 percent to $672 thousand. Revenues reflect increased service revenues due to additional projects undertaken. Higher loss reflects a $49 thousand loss on the sale of investments. 
CustomTracks Corporation (Nasdaq : CUST)CustomTracks disposed of its electronic security products business on 11/25/98. The Co. is currently developing an Internet transaction payment system, a new line of business for CustomTracks, which is expected to be operational by the third quarter of 1999. For the three months ended 3/99, the Company reports no revenues. Net loss from continuing operations totalled $2.4 million, up from $946 thousand. Results reflect the disposition of all operations. 
Cybershop International (Nasdaq : CYSP)Cybershop International, Inc. is an online retailer that offers quality brand name products through its online stores at cybershop.com, egift.com and electronics.net, and from its store located on America Online, Inc. For the fiscal year ended 12/98, revenues rose from $1.5 million to $4.8 million. Net loss rose from $1.8 million to $7.9 million. Revenues reflect increased marketing and an expanded customer base. Higher loss reflects lower margins and higher advertising and promotional expenses. 
Datatec Systems, Inc. (Nasdaq : DATC)Datatec Systems, Inc. and its subsidiaries are in the business of providing software-enabled technical configuration, integration and implementation services to Fortune 2,000 customers and other large systems manufacturers. For the nine months ended 1/31/99, net sales rose 25 percent to $70.1 million. Net loss from continuing operations rose 13 percent to $560 thousand. Results reflect a more focused sales effort, offset by lower margins due to several low margin projects. 
Data Broadcasting Corp. (Nasdaq : DBCC)Data Broadcasting Corp. directly and through its subsidiaries, distributes financial data and business information on a subscription basis to individual and professional investors and businesses. For the nine months ended 3/31/99, revenues increased 4 percent to $70.9 million. Net loss from continuing operations totalled $1.9 million vs. income of $3.4 million. Revenues benefitted from price increases and growth in the subscriber base. Loss reflects a $3.3 million loss from joint ventures. 
Dialog Corp. plc (Nasdaq : DIAL)The Dialog Corp. plc is an online database and research company that provides users with a computer-based tool to search for and retrieve information from over 5,000 diverse content publishers. For the fiscal year ended 12/31/97, revenues totalled L46.1 million, up from L21.4 million. Net loss according to U.S. GAAP totalled L25.3 million, up from L10.9 million. Results reflect acquisitions and increased system usage, offset by L18.6 million in restructuring costs. 
Entertainment Digital Nt. (OTC BB : DNET)Entertainment Digital Network develops and markets integrated systems for the delivery, storage and management of professional-quality digital communications for media-based applications. For the three months ended 12/98, revenues rose 2 percent to $1 million. Net income before extraordinary item totaled $565 thousand up from $258 thousand. Revenues reflect increased sales of equipment. Net income reflects a $664 thousand gain on the sale of the assets of Internet Business Solutions. 
DecisionOne Holdings Corp (Nasdaq : DOCI)DecisionOne Holdings Corp. and its subsidiaries are providers of multivendor computer maintenance and technology support services through a network of 4,000 field personnel and 150 service locations throughout the United States. For the six months ended 12/98, revenues fell 5 percent to $381.1 million. Net loss fell 46 percent to $36.6 million. Revenues reflect lower sales of service contracts, higher contract erosion and minimal growth. Lower loss reflects the absence of $69 million in merger expenses. 
Docucon, Incorporated (OTC BB : DOCU)DOCU provides the automated conversion of source documents into electronic form. The Co. also sells software products to the legal market. For the fiscal year ended 12/31/98, revenues fell 60 percent to $2.7 million. Net loss from continuing operations applicable to Common totalled $5.1 million, up from $324 thousand. Revenues reflect the discontinuation of funding for a project performed under the DOD contract. Net loss also reflects higher S/G/A expenses as a  percentage of revenues. 
Data Processing Resources (Nasdaq : DPRC)DPRC provides information technology (``IT'') staffing services to a diverse group of corporate clients by utilizing full-time salaried and hourly consultants. For the six months ended 1/31/99, revenues rose 61 percent to $181.2 million. Net income rose 47 percent to $7.8 million. Revenues reflect acquisitions and new information technology projects. Net income was partially offset by $3.1 million in merger-related expenses and $932 thousand in compensation charges. 
Data Systems & Software (Nasdaq : DSSI)DSSI, through its subsidiaries, provides consulting and development services for computer software and systems and pre-packaged software solutions, resells computer hardware, and engages in the manufacture of semiconductors. Revenues for the fiscal year ended 12/31/98 fell 6 percent to $37.5 million. Net loss rose 24 percent to $12.9 million. Results reflect the sale of PHD help desk division, a $6.1 million unrealized loss from writedown of investment, and a $3.9 million equity loss in affiliates. 
DST Systems, Inc. (NYSE : DST)DST provides information processing and computer software services and products, primarily to mutual funds, insurance providers, banks and other financial service organizations. For the three months ended 3/31/99, total revenues increased 10 percent to $292.8 million. Net income increased 39 percent to $33.6 million. Revenues benefitted from an increase in mutual fund shareowner accounts processed. Earnings also reflect higher operating margin and lower debt levels. 
Data Transmission Network (Nasdaq : DTLN)DTLN, an electronic information and communication services company, is engaged in the electronic satellite delivery of time-sensitive information. For the three months ended 3/31/99, revenues rose 21 percent to $41.7 million. Net loss before extraordinary item totalled $769 thousand vs. income of $11 thousand. Revenues reflect increases in total subscribers and the ability to move subscribers to higher priced services. Net loss reflects the inclusion of a $736 thousand non-recurring satellite expense. 
Electronic Data Systems (NYSE : EDS)EDS is a professional services firm which offers services within the categories of systems and technology services, business process management, management consulting and electronic business. For the three months ended 3/31/99, total revenues rose 10 percent to $4.33 billion. Net loss totalled $20.6 million vs. income of $184.2 million. Revenues reflect growth in non-GM clients due to new contracts. Net loss reflects an increased restructuring charge ($379.8 million vs. $42.5 million). 
EarthLink Network, Inc. (Nasdaq : ELNK)EarthLink Network is an Internet Service provider, who provides nationwide Internet access and related value-added services to individual and business members. For the three months ended 3/99, revenues totalled $68.2 million, up from $29.8 million. Net loss applicable to Common totalled $25.9 million, up from $6.4 million. Revenues reflect an increase in the Company's member base. Higher loss reflects a $17.7 million charge related to the acquisition of intangible assets from Sprint. 
Equinox Systems Inc. (Nasdaq : EQNX)EQNX designs and markets server-based communications products, which are primarily sold through the company's distribution channel under the Equinox brand name. Distributors resell the products to system integrators and value-added resellers. For the three months ended 3/99, sales increased 7 percent to $8.3 million. Net income rose 5 percent to $1.2 million. Results reflect increased sales to distributors and OEMs, partially offset by lower margins and higher development costs. 
Enhanced Services Company (ESVSESVS provides repair and maintenance, upgrade, fulfillment and related engineering services for users of portable computers and multimedia presentation and processing services for marketing, training, archival storage, video formatting, etc. For the nine months ended 8/98, revenues fell 41 percent to $2.7 million. Net loss applicable to Common totalled $3.2 million, up from $466 thousand. Results reflect decreased unit sales and the absence of a $720 thousand gain on the sale of property. 
EarthWeb Inc. (Nasdaq : EWBX)EarthWeb Inc. is a provider of Internet-based online services to the information technology industry worldwide, addressing the needs of IT professionals for content, community and commerce. For the three months ended 3/31/99, revenues totalled $3.7 million, up from $308 thousand. Net loss rose totalled $6.8 million, up from $1.5 million. Revenues reflect an increase in advertising revenue and acquisitions. Higher loss reflects higher employee salaries and related expenses. 
Exodus Communications (Nasdaq : EXDS)Exodus Communications is a provider of Internet system and network management solutions. EXDS offers serverhosting, Internet connectivity, collaborative systems management and Internet technology services. For the three months ended 3/31/99, revenues rose from $7.1 million to $30.1 million. Net loss applicable to Common increased 45 percent to $22.2 million. Results reflect an increase in the number of new customers from the Internet Data Centers, offset by higher interest expense. 
Frontline Communications (Nasdaq : FCCN)Frontline Communications is an Internet service provider that offers ``dial-up'' Internet access. Services provided include electronic mail, world wide web sites and regional and local information and data services. For the three months ended 3/99, revenues rose from $122 thousand to $657 thousand. Net loss fell 14 percent to $1.7 million. Revenues reflect growth in the customer base. Lower loss was partially offset by higher payroll, advertising, promotion and professional fees. 
First Data Corporation (NYSE : FDC)First Data Corporation provides high-volume information processing and related services, payment instruments, card issuer services, and merchant processing services. For the three months ended 3/99, total revenues rose 5 percent to $1.27 billion. Net income increased 8 percent to $141 million. Revenues reflect higher sales of the Co's payment services business. Net income reflects decreased S/G/A expenses, lower debt balances and the absence of restructuring charges. 
Factual Data Corp. (Nasdaq : FDCC)Factual Data Corp. provides a broad range of information services to mortgage and consumer lenders, employers, landlords and other businesses, through Company operated offices and 25 franchised and 29 licensed offices. For the fiscal year ended 12/31/98, total revenues rose from $3.5 million to $9.9 million. Net income totalled $1.6 million, up from $503 thousand. Results benefitted from the Company's third and fourth quarter acquisitions and lower operating cost as a  percent of sales. 
fine.com International (Nasdaq : FDOT)fine.com International provides strategic consulting, technical development and graphic design services and solutions to allow its clients to utilize Web-based interactive technologies. For the three months ended 4/30/99, gross revenue rose 41 percent to $1.9 million. Net income totalled $16 thousand vs. a loss of $368 thousand. Results reflect the addition of new clients, an increase in billing rates, higher staff utilization levels and lower labor costs. 
FactSet Research Systems (NYSE : FDS)FactSet is a provider of online integrated database services to the global financial community. The Company provides financial information and analytics for investment managers/bankers, and other financial professionals. For the six months ended 2/99, revenues rose 34 percent to $49.1 million. Net income before extraordinary items rose 55 percent to $8.8 million. Results reflect increased commissions and fees received, and declining data costs as a  percentage of revenues. 
Fiserv, Inc. (Nasdaq : FISV)Fiserv is a provider of financial data processing systems and related information management services and products to banks, credit unions, mortgage banks, savings institutions and other financial intermediaries. For the three months ended 3/31/99, revenues rose 23 percent to $337.1 million. Net income increased 23 percent to $33.4 million. Results benefitted from increased prices, the addition of new clients, acquisitions and improved product mix. 
Fujitsu Limited (FJTSYFujitsu Limited, based in Tokyo, Japan, is a worldwide provider of information technology products and solutions, including computers, telecommunications products, semiconductors and electronic components, software and services. For the six months ended 9/30/98, net sales rose 7 percent to Y2.41T. Net income fell 45 percent to Y8.37 billion. Results reflect overseas demand for the Company's computers and processing systems, offset by lower margins due to lower prices. 
FirstQuote Inc. (OTC BB : FSQT)FirstQuote Inc. was organized to develop and market various real-time market data and financial information services, as well as online brokerage capabilities, via a range of Internet based technologies. For the three months ended 3/31/99, income totalled $260 thousand, up from $96 thousand. Net loss rose 69 percent to $1.6 million. Revenues reflect expansion of the FirstQuote user base. Higher loss reflects higher staff costs due to personnel increases. 
FIND/SVP, Inc. (Nasdaq : FSVP)FSVP provides fully integrated research, business intelligence and management advisory services in a broad range of industries and disciplines. For the fiscal year ended 12/31/98, revenues decreased 12 percent to $28.2 million. Net income totalled $756 thousand vs. a loss of $2.9 million. Revenues reflect an increase in the number of rate reductions granted to clients. Net income reflects the absence of a $1 million impairment loss and a $500 thousand loss on the disposal of assets. 
IFX Corporation (Nasdaq : FUTR)IFX Corporation is a pan-regional Internet service provider covering Latin and South America. The Co. also offers institutional brokerage services in the futures markets. For the nine months ended 3/31/99, revenues fell 9 percent to $10.4 million. Net income fell 19 percent to $2 million. Revenues reflect lower trading gains due to volatility in the foreign currency market. Earnings reflect higher compensation and professional costs due to the formation of subsidiaries. 
Internet America, Inc. (Nasdaq : GEEK)Internet America, Inc. is a provider of Internet access, serving both individual and corporate customers in the North Texas area. As of 9/98, the Company had approximately 50,000 customers. For the nine months ended 3/31/99, total revenues rose 26 percent to $13.1 million. Net loss totalled $1.6 million, up from $69 thousand. Results reflect increased access revenues due to an increased number of subscribers, offset by increased marketing expenses. 
Galileo International Inc (NYSE : GLC)GLC is a provider of electronic global distribution services for the travel industry utilizing a computerized reservation system. GLC provides travel agencies and other subscribers the ability to access fares, schedules and reservations. For the three months ended 3/99, revenues rose 7 percent to $404 million. Net income rose 25 percent to $78 million. Revenues reflect increased airline booking volumes. Earnings also reflect decreased voice communication charges. 
Galaxy Enterprises, Inc. (OTC BB : GLXY)Galaxy Enterprises, Inc. engages in the business of selling to its customers electronic home pages on its internet shopping mall, and hosts those storefront sites on its Internet server. For three months ended 3/31/99, sales increased 23 percent to $3.6 million. Net loss totalled $98 thousand vs. income of $207 thousand. Results reflect increased attendance at Internet training workshops. Loss reflects the increase costs of programming customer storefronts. 
Go2Net, Inc. (Nasdaq : GNET)Go2Net offers a network of technology and community driven Web sites focused on: personal finance, search, commerce and games. GNET also develops Web-related software, including Silicon Investor, StockSite, MetaCrawler, WebMarket and PlaySite. For the six months ended 3/99, revenues rose from $2.7 million to $6.9 million. Net loss applicable to Com. rose from $502 thousand to $52.5 million. Results reflect increased advertising sales, offset by the inclusion of preferred dividends. 
GoTo.com, Inc. (Nasdaq : GOTO)GoTo.com, Inc. has created and operates an online marketplace that facilitates introductions between consumers who search the Internet for information, products or services using keyword terms with advertisers. For the three months ended 3/31/99, revenue totalled $1.5 million, up from $38 thousand. Net loss totalled $7.4 million, up from $724 thousand. Results reflect growth of the advertiser base, offset by increased advertising and promotional expenditures. 
GTECH Holdings Corp. (NYSE : GTK)GTK is a world wide supplier of computerized on-line lottery products and services. As of 2/99, the Company has contracts to supply and/or operate lottery systems for 29 U.S. customers and 52 customers outside the U.S. For the fiscal year ended 2/27/99, total revenues fell 2 percent to $972.9 million. Net income rose from $27.2 million to $89.1 million. Revenues reflect lower lottery terminal sales. Earnings reflect lower special charge and legal costs, and positive effects of restructuring. 
Healtheon Corporation (Nasdaq : HLTH)Healtheon Corporation has designed and developed an Internet-based information and transaction platform that facilitates and streamlines interactions among the myriad participants in the healthcare industry. For the three months ended 3/31/99, total revenue rose 80 percent to $17.6 million. Net loss applicable to Common rose 92 percent to $18.6 million. Results reflect increased revenues from existing customers and new contracts, offset by higher personnel and network costs. 
HomeSeekers.com, Inc. (OTC BB : HMSK)HMSK is a provider of online residential real estate information for use by home buyers, real estate agents, mortgage and title insurance companies. For the nine months ended 3/31/99, revenues totalled $2.6 million, up from $1.2 million. Net loss rose 16 percent to $2.3 million. Revenues benefitted from increased sales of Web pages and Web sites and increased advertising revenues. Higher loss reflects increased sales and marketing and software programming expenses due to expansion. 
Health Management Systems (Nasdaq : HMSY)HMSY provides proprietary data processing, information management services, and software to hospitals, government healthcare agencies, and other health care providers. For the six months ended 4/30/99, revenues rose 11 percent to $56.2 million. Net income rose 65 percent to $3.4 million. Revenues benefited from new clients and expanded services to existing clients. Earnings reflect the consolidation of the company's data processing platforms 
High Speed Access Corp. (Nasdaq : HSAC)High Speed Access Corp. is a provider of high speed internet access via cable modem and traditional dial-up services to residential and commercial end users in exurban areas (fewer than 100,000 homes passed). HSAC also rents cable modems to its endusers. For the three months ended 3/31/99, net revenue totaled $299 thousand. Net loss totaled $8 million. Results are not comparable due to the 4/3/98 date of inception. 
Halifax Corporation (AMEX : HX)HX is a Technology Services and Facilities Services Company for commercial and government activities. Services include the integration, maintenance and training of computer and communications systems, and the management and operation of military bases and prisons. For the nine months ended 12/31/98 revenues increased 7 percent to $58.6 million. Net income totalled $660 thousand, up from $160 thousand. Results benefitted from the phase-in of the LTLCS Digital Switch Support contract. 
IAT Resources Corporation (Nasdaq : IATR)IAT Resources Corp., engaged in the entertainment production and distribution until 6/99, changed its business focus to Internet technology development and integration for the healthcare, education and entertainment segments. For the six months ended 12/98, revenues fell 91 percent to $1.1 million. Net loss applicable to Common totalled $2.7 million, vs. an income of $350 thousand. Results reflect reduced production and the termination of the personal management business. 
Interscience Computer (OTC BB : IEIC)Interscience Computer Corporation is a third party provider of maintenance services for computer hardware and related peripheral equipment. For the six months ended 3/99, sales fell 62 percent to $1.1 million. Net income from continuing operations before extraordinary items totalled $267 thousand, vs. loss of $300 thousand. Revenues suffered from the sales of the Xerox and Siemens maintenance business. Earnings reflect an improved gross proift margin and lower selling and administrative expenses. 
InfoCast Corporation (OTC BB : IFCC)Infocast Corporation is engaged in the business of electronic content delivery and information management that functions on multiple communications platforms. IFCC designs applications for Distance Learning, Virtual Call Centers, and Teleworking. For the three months ended 3/31/99, revenues fell 90 percent to $4 thousand. Net loss totalled $3.1 million up from $20 thousand. Results reflect the discontinuance of computer programming services, and a $2.3 million charge for stock option compensation. 
Heuristic Development Gp. (Nasdaq : IFIT)IFIT is a development stage company which was formed to develop and market IntelliFit software, a product which generates personalized exercise prescriptions. For the three months ended 3/31/99, the Company reported no revenues. Net loss increased 7 percent to $155 thousand. Higher loss reflects increased loss on the sale and write down of equipment and lower interest income due to lower interest rates and a reduction in the Company's working capital. 
Intelligent Life Corp. (Nasdaq : ILIF)ILIF provides consumers with independent and objective research comparing various banking and credit products, such as mortgages, home equity loans, and credit cards. For the six months ended 12/98, revenues totalled $3.5 million, up from $1.7 million. Net loss applicable to Common totalled $6.5 million, up from $904 thousand. Results reflect a higher level of advertising sales and higher advertising rates, offset by a $4.4 million charge for the conversion of preferred stock. 
iMall, Inc. (Nasdaq : IMAL)iMall, Inc. and subsidiaries provide electronic commerce services and solutions to small and medium size businesses enabling them to cost effectively and efficiently sell their products through the Internet. For the three months ended 3/99, revenues totalled $779 thousand, up from $222 thousand. Net loss from continuing operations applicable to Com. totalled $3.9 million, up from $1.7 million. Results reflect higher advertising revenues, offset by costs associated with on-line advertising. 
Imation Corp. (NYSE : IMN)IMN is engaged in the data storage and imaging industries, providing products and services for data storage, printing and publishing, and photographic applications worldwide. For the three months ended 3/99, sales fell 23 percent to $402 million. Net income totalled $6.1 million, up from $2 million. Revenues reflect the absence of sales from the medical imaging business. Earnings reflect lower costs due to the impact of restructuring and the sale of medical imaging business. 
Information Mgt. Techs. (OTC BB : IMTKA)IMTKA provides graphic communications to financial institutions such as banks and brokerage firms, as well as, to medium and large service organizations. IMTKA also provides facility management services. For the nine months ended 12/98, revenues rose 84 percent to $13.3 million. Net loss applicable to Common fell 43 percent to $690 thousand. Revenues reflect an increase in the Co's core financial research printing client base. Lower loss reflects the absence of a $444 thousand interest amortization cost. 
Infonautics, Inc. (Nasdaq : INFO)INFO is a subscription based, online library service offering research and reference services to schools, libraries, individuals and businesses. For the three months ended 3/31/99, revenues totaled $5.2 million, up from $2.6 million. Net loss applic to Common fell 38 percent to $2.9 million. Revenues reflect an increase in educational contracts and subscribers. Lower loss was partially offset by an increase in interest expense related to the amortization of the debt discount. 
Innodata Corporation (Nasdaq : INOD)Innodata is a provider of Internet and on-line data conversion and content management services. For the three months ended 3/31/99, revenues rose 22 percent to $5.6 million. Net income fell 30 percent to $291 thousand. Revenues reflect sales to new customers. Net income was partially offset by a stronger Philippine peso and higher selling and administrative expenses due to additional personnel and increased commissions. 
InfoNow Corporation (OTC BB : INOW)InfoNow provides a modular suite of web-based inquiry management services delivered on an outsourced basis via the internet. For the three months ended 3/31/99, revenues totaled $1.1 million, up from $442 thousand. Net loss fell 72 percent to $82 thousand. Revenues benefited from additional contracts sold and implemented. Lower loss was partially offset by increased selling and maketing expenses incurred due to the hiring of additional personnel. 
InfoSpace.com, Inc. (Nasdaq : INSP)InfoSpace.com, Inc. is a provider of private label solutions for content and commerce to Web sites and Internet appliances, focusing on real-world content such as yellow pages, maps, classified ads, real-time stock quotes, sports and other information. For the three months ended 3/31/99, revenues totalled $5.1 million, up from $1 million. Net loss totalled $705 thousand, up from $12 thousand. Results reflect expansion of the affiliate network, offset by higher licensing fees. 
viaLink Company (Nasdaq : IQIQ)The viaLink Co. combines electronic commerce and internet based applications to provide consumer product manufacturers, distributors and retailers the capability of doing business electronically with all their trading partners. For the fiscal year ended 12/31/98, revenues decreased 9 percent to $8.2 million. Net income totalled $650 thousand vs. a loss of $1.9 million. Results reflect the absence of consulting revenues, offset by a $3 million gain from the sale of consulting business. 
Integral Systems, Inc. (Nasdaq : ISYS)Integral Systems, Inc. builds satellite ground systems for command and control, integration and test, data processing and simulation. For the six months ended 3/99, revenues rose 41 percent to $1.8 million. Net income rose 62 percent to $1.3 million. Results reflect increased purchases of EPOCH product line and related services by U.S. Government customers. Earnings also benefitted from a decreased  percentage of lower margin direct equipment and subcontract revenue. 
Gartner Group, Inc. (NYSE : IT)IT provides research and analysis of the computer hardware, software, communications and related information technology industries. For the six months ended 3/31/99, revenues rose 16 percent to $361.7 million. Net income rose 29 percent to $58.9 million. Revenues reflect continuing client acceptance of new products and services and increased sales penetration into new and existing clients. Net income also reflects increased interest income due to higher balances. 
Intelligroup, Inc. (Nasdaq : ITIG)ITIG provides information technology services, including enterprise-wide business process solutions, systems integration and custom software development based on leading technologies. For the fiscal year ended 12/31/98, revenues increased 54 percent to $144.9 million. Net income increased 65 percent to $7.7 million. Revenues reflect increased demand for the Company's SAP-related implementation consulting services. Earnings also reflect a rise in gross profit. 
IT Staffing Ltd. (Nasdaq : ITSTF)IT Staffing Ltd. is a provider of information technology staffing services, primarily in Toronto, Canada, supplying qualified IT professionals to its customers as independent contractors for short and long term assignments and for permanent placement within such enterprises. For the nine months ended 9/98, revenues rose from $3.4 million to $8.8 million. Net income rose from $135 thousand to $326 thousand. Results reflect the acquisition of ICS and favorable economies of scale. 
InfoUSA, Inc. (Nasdaq : IUSAB)IUSAB and its subsidiaries, provides business and consumer marketing information products and data processing services throughout the United States and Canada. For the three months ended 3/99, net sales rose less than 1 percent to $55.5 million. Net income before extraordinary item totalled $6.2 million vs. a loss of $1.1 million. Revenues reflect the acquisition of Walter Karl. Earnings also reflect cost reduction program and the absence of a $8.5 million acquisition-related and restructuring charges. 
iVillage Inc. (Nasdaq : IVIL)iVillage Inc. operates an online network of sites tailored to the interests and needs of women and is engaged in the development of programming material for distribution through online service providers and the Internet. For the three months ended 3/31/99, total revenues totalled $6.5 million, up from $2.2 million. Net loss applicable to Common totalled $41.2 million, up from $8.5 million. Results reflect an increase in the number of impressions sold, offset by increased advertising expenses. 
Juno Online Services, Inc (Nasdaq : JWEB)JWEB is a provider of Internet-related services, ranging from basic dial-up Internet e-mail to full access to the World Wide Web. For the three months ended 3/31/99, revenues totalled $9.7 million, up from $4.3 million. Net loss decreased 36 percent to $6.8 million. Revenues reflect the introduction of billable subscription services and increased advertising revenues. Net loss was partially offset by increased subscriber acquisition costs due to higher ad production costs. 
Launch Media, Inc. (Nasdaq : LAUN)LAUN is a digital media company that focuses on creating premier destination for promoting and discovering new music. LAUN creates music content which is available on the Internet at www.launch.com and on Launch on CD-ROM. For the three months ended 3/99, revenues totalled $1.2 million, up from $611 thousand. Net loss applicable to Common totalled $5.4 million, up from $2.4 million. Revenues reflect an increase in the number of advertisers. Higher losses reflect higher marketing and personnel costs. 
Lycos, Inc. (Nasdaq : LCOS)LCOS develops and provides guides to online content, aggregated third party content, Web search and directory services and community and personalization features. For the nine months ended 4/99, revenues totalled $90.4 million, up from $37 million. Net loss rose 42 percent to $30.7 million. Revenues reflect growth in the number of advertisers and electronic commerce partners. Higher loss reflects increased amortization costs due to acquisitions. 
LGS Group, Inc. (Nasdaq : LGSA)LGS Group, Inc. is a Canadian-based information technology consulting company, specializing in management, systems integration and Year 200 transition. The Company is active in both the private and public sectors. For the nine months ended 12/31/98, revenues rose 76 percent to C$160 million. Net income totalled C$6.3 million, up from C$2.2 million. Results reflect a new contract with the Quebec Department of Justice, strong demand for Year 2000 services and acquisitions. 
Log On America, Inc. (Nasdaq : LOAX)Log On America, Inc. is a Northeast regional Information/Internet service provider and a competitive local exchange carrier, providing on-line services, and related products, to individual and corporate clients. For the three months ended 3/31/99, total revenues rose 40 percent to $239 thousand. Net loss totalled $188 thousand, up from $27 thousand. Results reflect increased sales efforts for dedicated access service, offset by increased personnel and equipment costs. 
Manatron, Inc. (Nasdaq : MANA)Manatron, Inc. designs, develops, markets, and supports Web-based and client/server application software products for country, city and municipal government. MANA also provides mass real estate appraisal. For the nine months ended 1/31/99, revenues rose 47 percent to $26.7 million. Net income totalled $800 thousand, up from $176 thousand. Revenues reflect new revaluation contracts. Earnings also reflect decreased interest expense due to reduced outstanding indebtedness. 
M/A/R/C Inc. (Nasdaq : MARC)M/A/R/C Group is a marketing information services company providing service to over 200 clients nationwide through: M/A/R/C Research and Targetbase Marketing. For the three months ended 3/99, revenues rose 6 percent to $21.6 million. Net income totalled $253 thousand vs. a loss of $729 thousand. Revenues benefitted from increaed revenues from Targetbase Marketing. Earnings also benefitted from a reduction of expenses in the M/A/R/C(R) Research division. 
Market Guide Inc. (Nasdaq : MARG)MARG is engaged in acquiring, condensing, publishing and distributing historical and current financial information and related software to the individual, financial services, corporate and institutional investor marketplace. For the fiscal year ended 2/28/99, revenues rose 34 percent to $8.8 million. Net income from continuing operations rose 67 percent to $1.7 million. Revenues reflect the addition of 35 new Internet vendors. Net income also reflects lower operating costs as a  percentage of revenues. 
Metricom, Inc. (Nasdaq : MCOM)MCOM designs, develops and markets wireless network products and services that provide low-cost, easy-to-use data communications that can be used in personal computer and industrial applications. For the three months ended 3/99, revenues rose 16 percent to $4.2 million. Net loss rose 28 percent to $15 million. Revenues reflect increased Ricochet subscribers and the timing of shipments of UtiliNet products. Higher loss reflects costs incurred to obtain right-of-way and site agreements. 
Medix Resources, Inc. (OTC BB : MDIX)Medix Resources, through its subsidiary Cymedix Lynx, a healthcare Internet technology company, provides connectivity and E-commerce between physicians, service providers and health plan insurers. For the fiscal year ended 12/27/98, revenues fell 30 percent to $17.4 million. Net loss applicable to Common totalled $5.4 million, up from $1.5 million. Revenues reflect the sale of Paxxon Services and the Homecare division. Higher losses reflect a decrease in gross margin. 
Mede America Corporation (Nasdaq : MEDE)MEDE provides electronic data interchange products and services to providers and payors in the healthcare industry, processing over 900 thousand transactions per day for 65 thousand providers nationwide. For the nine months ended 3/99, revenues rose 32 percent to $39.8 million. Net loss applicable to Common before extraordinary item fell 48 percent to $3 million. Revenues reflect the acquisitions of Stockton Group and Healthcare Interchange. Lower loss reflects the consolidation of recent acquisitions. 
MedPlus, Inc. (Nasdaq : MEDP)MedPlus Inc. develops, sells, implements and supports integrated information technology and service solutions to assist health care orgainzations in improving access to pateint information. For the comparable fiscal year ended 1/31/99, total revenues rose 12 percent to $11.4 million. Net loss from continuing operations increased 9 percent to $8.7 million. Revenues reflect increased support and consulting revenues. Net loss reflects higher S/G/A expenses due to sales efforts and increased R&D costs. 
MedQuist, Inc. (Nasdaq : MEDQ)MEDQ provides electronic transcription and document management services to the healthcare industry converting free-form medical dictation into electronically formatted patient records. For the three months ended 3/31/99, revenues rose 18 percent to $75.7 million. Net income rose 76 percent to $7.1 million. Revenues reflect the addition of new and existing clients. Net income also reflects decreased cost of revenues as a  percentage of revenues and the inclusion of interest income. 
Metro Information Service (Nasdaq : MISI)Metro Information Services provides a wide range of information technology consulting and custom software development services through 44 offices in the United States and Puerto Rico. For the three months ended 3/31/99, revenues rose 54 percent to $72.5 million. Net income rose 39 percent to $4 million. Results reflect acquisitions, higher billings to existing clients, the addition of new clients and higher bill rates, partially offset by higher S/G/A expenses and debt levels. 
MarketWatch.com, Inc. (Nasdaq : MKTW)MKTW is a Web-based provider of comprehensive, realtime business news, financial programming and analytical tools. The CBS.MarketWatch.com Website also offers several tiers of paid subscription products, commentary, data and related features. For the three months ended 3/31/99, net revenues rose from $1.2 million to $3.1 million. Net loss rose from $1.8 million to $6.1 million. Results reflect higher sales of sponsership ads and banner ads on the website, offset by increased marketing. 
Multex.com, Inc. (Nasdaq : MLTX)Multex.com is a provider of online investment research services, offering research reports from investment banks, brokerage firms and third party providers. For the three months ended 3/31/99, revenues rose 85 percent to $5 million. Pro forma net loss rose from $1.7 million to $3.6 million. Revenues reflect the 11/98 launch of the Multex Investor Network. Higher loss reflects lower margins, costs related to expansion of the sales force, and costs related to brand awareness campaigns. 
Mpath Interactive, Inc. (Nasdaq : MPTH)Mpath develops, licenses and operates technologies that enable Internet sites to create and manage live Internet communities, allowing real-time interaction among multiple users. Sites include www.HearMe.com and www.Mplayer.com. For the three months ended 3/31/99, revenues rose 47 percent to $2.1 million. Net loss rose 76 percent to $6 million. Revenues reflect an increase in live community revenues and greater ad sales due to growth in site traffic. Higher loss reflects increased marketing and R&D. 
Mapquest.com, Inc. (Nasdaq : MQST)MQST is an online provider of mapping and destination information through its web site, mapquest.com. For the fiscal year ended 12/31/98, total revenues increased 15 percent to $24.7 million. Net loss applicable to Common decreased 72 percent to $3.8 million. Revenues reflect increased advertising sales and the introduction of additional products and services. Lower loss reflects decreased sales and marketing expenses due to lower promotional costs and personnel expenses. 
MindSpring Enterprises (Nasdaq : MSPG)MSPG is a national Internet service provider that focuses on serving individual subscribers and small businesses. MSPG's primary service offerings are dial-up Internet access and business services. For the three months ended 3/31/99, total revenues rose from $21.4 million to $61.6 million. Net loss totalled $3.3 million, vs. income of $860 thousand. Revenues reflect the acquisition of NETCOM subscribers. Loss reflects costs of acquisitions of NETCOM and Spry customer bases. 
Voxcom Holdings, Inc. (OTC BB : MXIP)Voxcom Holdings, Inc. manufactures, markets and distributes the product that accelerates Internet video communications on a desktop computer. It offers 2-way, true motion video conferencing, and sending and receiving full screen, full motion streamed video. Revenues for the nine months ended 3/99 totalled $135 thousand, up from $0. Net loss from continuing operations totalled $3 million, vs. an income of $918 thousand. Results reflect the acquisition of MAXpc, offset by higher S/G/A expenses. 
National Processing, Inc. (NYSE : NAP)National Processing, Inc. is a provider of low-cost, high volume transaction processing services and customized processing solutions. For the three months ended 3/99, revenues increased 10 percent to $124.5 million. Net loss totalled $68.2 million, vs. income of $4.9 million. Revenues benefitted from merchant card service, travel service and outsourcing service revenues. Earnings were offset by a $73.9 million impairment charge and a $2.2 million restructuring charge. 
NCR Corporation (NYSE : NCR)NCR Corporation designs, develops, markets, and services information technology products, services, systems, and solutions worldwide. For the three months ended 3/31/99, total revenues increased 2 percent to $1.33 billion. Net income totalled $3 million, up from $0. Revenues reflect gains in both customer support services and professional services. Earnings reflect favorable product mix and margin rate improvement in most product lines. 
Genisys Reservation Sys. (Nasdaq : NETC)NETC is a development stage company engaged in the design and operation of computerized reservation systems for the travel industry, now focusing on the on-line travel business. For the three months ended 3/31/99, revenues totalled $81 thousand vs. $15 thousand. Net loss increased 82 percent to $950 thousand. Revenues reflect the change of the Co.'s revenue stream into its current internet travel business. Higher loss reflects an increase in legal expenses related to litigations. 
NewsEDGE Corporation (Nasdaq : NEWZ)NEWZ provides customized, real-time news and information to knowledge workers over their organizations' local area network. The NewsEDGE service delivers news and information. For the three months ended 3/31/99, revenues fell 2 percent to $19.4 million. Net loss fell 77 percent to $3.2 million. Revenues reflect the phasing out of certain product lines. Lower loss reflects the absence of $11.1 million in merger, disposition and other nonrecurring charges. 
NHancement Technologies (Nasdaq : NHAN)NHAN, via its Voice Plus Subsidiary, is a systems integrator and distributor of voice processing equipment. NHAN also provides various services including equipment installation, technical support and ongoing maintenance. For the comparable six months ended 3/99, revenues totalled $9 million, up from $3 million. Net loss applicable to Common fell 75 percent to $1.4 million. Results reflect acquisitions and an improved gross profit margin, partially offset by a $189 thousand restructuring charge. 
Nielsen Media Research (NYSE : NMR)Nielsen Media Research conducts television audience measurement and related services. NMR estimates television audience size and demographics and reports this and related information to advertisers, agencies, networks and others. For the three months ended 3/99, revenues rose 14 percent to $109.2 million. Net income fell 10 percent to $12.9 million. Results reflect the launch of the new Pax-TV network and the addition of two new cable networks, offset by the absence of securities gains. 
Network Solutions, Inc. (Nasdaq : NSOL)NSOL is a registrar of Internet domain names within the .com, .org, .net and .edu top-level domains, persuant to an amended cooperative agreement with the Department of Commerce. For the three months ended 3/31/99, net revenues rose from $16.5 million to $38.1 million. Net income rose from $2 million to $4.8 million. Results reflect a 171 percent rise in net new domain name registrations, higher revenues from registration renewals due to the recurring revenue stream, and higher gross margins. 
Netsmart Technologies Inc (Nasdaq : NTST)NTST is engaged in the design, development, marketing and implementation of management information systems for the behavioral health care industry. For the three months ended 3/99, revenues totalled $5.2 million, up from $2.5 million. Net income from continuing operations totalled $327 thousand vs. a loss of $61 thousand. Revenues reflect growth and the Company's ability to provide the staff necessary to generate additional revenue. Net income also reflects an increased gross profit. 
Navidec, Inc. (Nasdaq : NVDC)Navidec, Inc. designs and develops component-based open systems solutions, including Internet World Wide Web sites; interactive kiosks; and automotive information web sites. For the three months ended 3/31/99, net sales totalled $4.5 million, up from $1.7 million. Net loss rose 58 percent to $762 thousand. Revenues reflect increased sales from NetSolutions due to increased project size. Higher loss reflects increased product development and brand recognition expenses. 
OAO Technology Solutions (Nasdaq : OAOT)OAO Technology Solutions provides a wide range of outsourced information technology solutions and professional services, including the operation of large-scale data center complexes and networks, systems management, staffing services and other technology services. For the three months ended 3/99, revenues rose 55 percent to $35.7 million. Net income fell 53 percent to $301 thousand. Results reflect increased health care revenues, offset by lower margins due labor costs and benefits. 
Ontrack Data Int'l (Nasdaq : ONDI)ONDI provides data recovery services, utility software and other computer data related services. For the three months ended 3/31/99, revenues decreased 6 percent to $8.4 million. Net income decreased 42 percent to $900 thousand. Revenues suffered from pricing pressures. Net income also reflects a decreased gross margin due to lower OEM royalty revenues and increased S/G/A expenses due to an increase in salaries and additional marketing and promotion costs in Europe. 
OneMain.com, Inc. (Nasdaq : ONEM)ONEM provides internet access and related services throughout the United States to individuals and businesses located predominantly outside of large metropolitan areas. As of 12/98, the Co. has approximately 331,800 subscribers. For the three months ended 3/99, revenues rose 70 percent to $19.5 million. Net loss rose 19 percent to $21 million. Revenues reflect an increase in the number of subscribers. Net loss reflects the inclusion of a $2.5 million equity compensation charge. 
OneSource Information Srv (Nasdaq : ONES)OneSource Information Services is a provider of Web-based business and financial information to professionals in corporations and other enterprises. For the three months ended 3/31/99, revenues rose 2 percent to $8.1 million. Net loss attributable to Common fell 42 percent to $551 thousand. Results reflect the addition of new customers, an increase in the number of user seats purchased by existing customers and $500 thousand in income related to a software license agreement. 
Objectsoft Corporation (Nasdaq : OSFT)OSFT provides information and transaction-based and advertising supported services over the Internet and through kiosks. The Company also offers computer software training and consulting. For the three months ended 3/31/99, revenues rose 2 percent to $45 thousand. Net loss applicable to Common rose 95 percent to $1.2 million. Revenues reflect the initial shipment of FastTake products. Higher loss reflect the inclusion of Preferred Dividends requirements and marketing of FastTake products. 
Patient Infosystems, Inc. (Nasdaq : PATI)Patient Infosystems, Inc. provides patient-centered health care information system and services to manage, collect and analyze information to improve patient compliance with prescribed treatment protocols, to improve the process of off-site patient management and to enhance patient and provider information. For the fiscal year ended 12/98, revenues rose 14 percent to $2.3 million. Net loss rose 48 percent to $4.8 million. Revenues reflect higher operational fees. Higher loss reflects higher salary costs. 
priceline.com Inc. (Nasdaq : PCLN)priceline.com Inc. has developed a new type of e-commerce where customers enter prices they're willing to pay for products or services and then the Company contacts participating sellers to determine whether they can fulfill the customers' offer. For the three months ended 3/31/99, revenues totalled $49.4 million, up from $0 thousand. Net loss applicable to Common totalled $25.5 million, up from $4.7 million. Results reflect the 4/98 commencement, offset by higher sales and marketing costs. 
Pacific Internet Ltd. (Nasdaq : PCNTF)Pacific Internet Ltd. is a provider of internet access and related internet development of on-line and multimedia products and services. For the six months ended 6/30/98, total revenues rose 61 percent to SP$33.4 million. Net income totalled SP$6.1 million vs. a loss of SP$3.8 million. Revenues reflect increased revenues from dial-up access due to an increased number of subscribers. Earnings also reflect the ceasing of certain advertising and promotional activities. 
Pegasus Systems, Inc. (Nasdaq : PEGS)PEGS provides electronic hotel room reservation services, commission payment processing services and information serivces to the hotel industry worldwide. For the three months ended 3/99, revenues rose 36 percent to $8.4 million. Net income rose 60 percent to $1.5 million. Revenues reflect higher transaction levels for the Electronic Distribution and Commission Processing services. Earnings also reflect lower amortization and interest expenses. 
Perot Systems Corp. (NYSE : PER)Perot Systems Corp. provides information technology services and business solutions on a worldwide basis, focusing on three core disciplines: business integration; systems integration and applications development; and information technology infrastructure services. For the three months ended 3/31/99, revenues increased 28 percent to $274.4 million. Net income rose 79 percent to $16.2 million. Results reflect several new contracts entered into and increased profitability on ST projects. 
Primark Corporation (NYSE : PMK)Primark Corporation is a global information service provider of financial, economic and market research information to investment, legal, accounting, banking, corporate and government customers. For the three months ended 3/31/99, revenues rose 12 percent to $117.3 million. Net income from continuing operations before accounting change fell 26 percent to $2.7 million. Results reflect solid growth within the financial information division, offset by lower financial margins. 
PC Quote, Inc. (AMEX : PQT)PC Quote, Inc. provides real-time and delayed securities quotations and news to professionals and consumer markets worldwide. For the three months ended 3/31/99, revenues increased 49 percent to $7.4 million. Net loss decreased 61 percent to $726 thousand. Revenues reflect increased in PC Quote 6.0 subscriptions and datafeed sales. Lower loss reflects a change in the sales incentive compensation structure, lower sales support costs, and lower depreciation expenses. 
Prodigy Communications (Nasdaq : PRGY)PRGY is a leading nationwide Internet Service Provider (ISP) that provides fast and reliable Internet access and related value-added services. For the three months ended 3/31/99, total revenues increased 8 percent to $35.9 million. Net loss decreased 5 percent to $15.7 million. Revenues reflect an increase in the number of subscribers. Lower loss also reflects the inclusion of a $1.7 million gain on the settlement of a note payable, and interest income vs. interest expense. 
PSW Technologies, Inc. (Nasdaq : PSWT)PSWT is a software services firm that provides distributed computing, object-oriented development, advanced operating systems and systems management technologies to technology vendors and business end-users. For the fiscal year ended 12/31/98, revenues fell 11 percent to $39.1 million. Pro-forma net loss totalled $1.5 million vs. income of $3.5 million. Revenues reflect lower software services fees from IBM. Net loss also reflects higher costs for sales and administrative personnel. 
Quest Net Corp. (OTC BB : QNET)Quest Net Corp., a development stage company, is a regional Internet service provider and also offers dedicated high-speed Internet access and data transport services through its own OC-12 Fiber optic SMARTRing backbone running from Key West to Sebastion, Florida. For the three months ended 9/30/98, revenues totalled $957 thousand. Net income totalled $242 thousand. Results reflect the inception of regular business activities. 
QRS Corp. (Nasdaq : QRSI)QRS Corporation provides electronic commerce and merchandise logistics solutions in the following areas: Catalog Services, Network Services, Inventory Management Services, Logistics Management Services and Professional Services. For the three months ended 3/99, revenues rose 46 percent to $29.3 million. Net income from continuing operations rose 47 percent to $3.6 million. Results reflect increased customer base and improved pricing on purchased network services. 
Razorfish, Inc. (Nasdaq : RAZF)Razorfish is a provider of digital communications solutions, including strategic consulting, design of information architectures and user interfaces and creating and customization of software necessary to implement these solutions. For the three months ended 3/31/99, revenues totalled $12.4 million, up from $2.1 million. Net income totalled $523 thousand, up from $28 thousand. Results reflect an increase in the number, complexity and length of the projects completed. 
Renaissance Worldwide (Nasdaq : REGI)REGI provides information technology (IT) consultants on a contract basis to organizations with complex IT operations. For the three months ended 3/27/99, revenues increased 20 percent to $209.6 million. Net income decreased 69 percent to $1.7 million. Revenues reflect acquisitions and increased professional services revenues due to a greater number of IT consultants. Net income was offset by increased S/G/A expenses as a  percentage of revenues. 
Realty Information Group (Nasdaq : RIGX)Realty Information Group, Inc. is a provider of comprehensive, building-specific information to the U.S. commercial real estate industry. RIGX proprietary database details information on office and industrial space in more than 272,000 properties. For the three months ended 3/31/99, revenues rose from $2.8 million to $6.1 million. Net loss totalled $2.2 million, up from $384 thousand. Results reflect the growth of the client base in established and new regions, offset by higher S/G/A costs. 
Rare Medium Group, Inc. (Nasdaq : RRRR)Rare Medium Group is an Internet business services firm, helpingclients develop Internet strategies, improve business processes and develop interactive content using Internet-based technologies. For the three months ended 3/31/99, total revenues totalled $2.6 million vs. none. Net loss from continuing operations totalled $6.9 million, up from $542 thousand. Results benefitted from acquisitions of DigitalFacades and I/O 360, offset by hiring of personnel and higher depreciation cost. 
IMS Health, Inc. (NYSE : RX)IMS Health, Inc. is a global provider of information solutions to the pharmaceutical and healthcare industries, including market information and decision-support services. For the three months ended 3/31/99, operating revenue rose 30 percent to $313.2 million. Net income from continuing operations rose 47 percent to $57.5 million. Results reflect strong performance by the IMS segment's sales and management products, geographic expansion and higher operating margins due to higher sales. 
Salon.com (Nasdaq : SALN)Salon.com is an Internet media company that produces a network of ten subject-specific, demographically-targeted Web sites and a variety of online communities designed to attract premium Internet advertisers and electronic commerce partners. For the fiscal year ended 3/31/99, net revenues totalled $2.9 million, up from $1.2 million. Net loss applicable to Common rose 70 percent to $6.5 million. Results reflect increased revenues from banner advertisements, offset by higher sales and marketing costs. 
Sandata, Inc. (Nasdaq : SAND)SAND provides computerized data processing services and custom software and programming services using Company-developed, licensed or acquired software, primarily to the health care industry. For the nine months ended 2/28/99, total revenues rose 13 percent to $10.6 million. Net income fell 53 percent to $119 thousand. Revenues reflect increased revenues derived from SanTrax and SandataNET. Earnings suffered from higher consulting and payroll expenses and increased depreciation. 
SCC Communications Corp. (Nasdaq : SCCX)SCCX is a provider of 9-1-1 operations support systems services to local exchange carriers and wireless carriers in the U.S. For the fiscal year ended 12/31/98, total revenues rose 27 percent to $34.4 million. Net income applicable to Common from continuing operations before extraordinary item fell 15 percent to $3.4 million. Revenues benefitted from higher data management non-recurring fees and monthly fees from wireless customers. Earnings reflect higher staffing levels. 
Scient Corp. (Nasdaq : SCNT)Scient Corp. provides eBusiness professional services that enables it's clients to strengthen and improve competitive positions through new technologies and Internet. These services include strategy consulting, systems architecture, and technology infrastructure development. For fiscal year ended 3/31/99, revenues totalled $20.7 million. Net loss totalled $11.7 million. Results are not comparable due to 11/7/97 date of inception. 
Scoot.com plc (Nasdaq : SCOP)Scoot.com plc is a U.K. based provider of value-added classified information by telephone and the Internet through its Classified Business Directory, Branch and Brand Locator and Arts and Entertainment Guide. For the nine months ended 6/30/98, sales rose 25 percent to L13.5 million. Net loss totalled L19.9 million, up from L8.3 million. Revenues benefitted from increased consumer usage. Higher loss reflects increased marketing and product development expenses. 
Scoop Inc. (OTC BB : SCPI)SCPI is engaged in obtaining information content from third party providers and delivering the content to customers in customized hard copy format through its Scoop Media Services and via the Internet. For the six months ended 6/98, net sales rose 21 percent to $1.2 million. Net loss rose 8 percent to $1.8 million. Revenues reflect expanded sales of reprints from the Scoop! Media Services product line. Higher loss reflects employee severance and legal expenses. 
SunGard Data Systems Inc. (NYSE : SDS)SDS is a computer services and software company that specializes in proprietory investment support systems, computer disaster recovery services and proprietary healthcare information systems. For the three months ended 3/31/99, total revenues rose 16 percent to $319.6 million. Pro forma net loss totalled $6.9 million vs. an income of $22.2 million. Results reflect acquired businesses and increased software licenses and professional services revenues. Loss reflects $81.4 million in merger charges. 
Infoseek Corporation (Nasdaq : SEEK)SEEK is a provider of Internet services and software products that combine branded content from media sources, search and navigation with directories of relevant information and community applications for chat, messaging and the facilitation of commerce. For the 26 weeks ended 4/3/99, revenues rose from $27.1 million to $59.8 million. Net loss rose from $6.4 million to $160.9 million. Results reflect higher advertising revenue offset by a $72.6 million R&D charge and amortization charges. 
Shared Medical Systems (NYSE : SMS)SMS provides information service and system solutions to health organizations, such as integrated health networks, multientity health companies, community health information networks, hospitals and physician groups. For the three months ended 3/99, revenues rose 12 percent to $287.1 million. Net income rose 3 percent to $18.3 million. Results reflect increased installation, consulting, and facilities management fees, partially offset by marketing and installation expenses. 
Starnet Comm. Intl., Inc. (OTC BB : SNMM)SNMM, through its subsidiaries, develops, markets and manages interactive media, information systems and gaming technology for the Internet, offering adult entertainment, bookmaking and currency exchange. For the nine months ended 1/99, sales rose from $2.2 million to $6 million. Net income totalled $1.2 million vs. a loss of $897 thousand. Revenues reflect strength in gaming, transaction processing and software licensings. Earnings also reflect higher margins and increased efficiency. 
SoftNet Systems, Inc. (Nasdaq : SOFN)SOFN is a high-speed broadband Internet access and content services company. SOFN provides a complete turnkey Internet service to cable partners and markets a high-speed commercial Internet link. Net sales for the six months ended 3/99 rose from $466 thousand to $1.5 million. Net loss from continuing operations applicable to Common totalled $14.1 million, up from $2.5 million. Results reflect higher sales in ISP Channel and Intellicom segments, offset by additional personnel and compensation expenses. 
Sportsline USA, Inc. (Nasdaq : SPLN)Sportsline USA, Inc. is an internet-based sports media company that provides branded, interactive information and programming as well as merchandise to sports enthusiasts worldwide. For the three months ended 3/31/99, revenues increased 63 percent to $11.1 million. Net loss increased 12 percent to $10.1 million. Revenues reflect higher advertising sales, and higher membership and premium service fees. Higher loss reflects an increase in the number of personnel and related costs. 
SPR Inc. (Nasdaq : SPRI)SPR, Inc. provides information technology services to clients in a variety of industry groups including retail, financial services, healthcare and insurance. SPRI provides three levels of consulting support: strategic planning, project management and implementation. For the three months ended 3/31/99, revenue fell 13 percent to $16.5 million. Net loss totalled $485 thousand vs. an income of $2 million. Results reflect earlier than expected project completions and a decrease in consultant utilization rates. 
Smartserv Online, Inc. (OTC BB : SSOL)Smartserv Online, Inc. provides online information and transactional services through screen-based telephones, the Internet, paging devices and other communications systems to strategic marketing partners and direct subscribers. For the six months ended 12/98, revenues rose 82 percent to $694 thousand. Net loss fell 7 percent to $2.4 million. Revenues reflect increased licensing agreements. Net loss was partially offset by increased interest expense related to higher average borrowings. 
StarMedia Network, Inc. (Nasdaq : STRM)StarMedia Network, Inc. is an online network targeting Latin America, consisting of 17 interest-specific areas, Web-based community features, search capabilities and access to online shopping in Spanish and Portuguese. For the three months ended 3/31/99, revenues totalled $1.5 million, up from $256 thousand. Net loss applicable to Common totalled $18.1 million, up from $3.2 million. Results reflect an increase in the volume of advertising impressions, offset by higher advertising costs. 
Sunquest Inform. Systems (Nasdaq : SUNQ)SUNQ desigs, develops, markets, installs and supports health care information systems for large and mid-sized hospitals and clinics in the U.S., Canada, Europe, Mexico and Saudi Arabia. For the three months ended 3/31/99, revenues rose 14 percent to $32.7 million. Net income totalled $2.9 million up from $927 thousand. Revenues reflect increased installations and fee-for-service activities and growth in support services. Earnings reflect lower cost of sales as a  percentage of sales. 
Stockgroup.com Holdings (OTC BB : SWEB)Stockgroup.com Holdings is a provider of Internet financial news and information services, focusing on the small-and micro-cap markets. SWEB also provides Internet development and marketing services to small-and micro-cap companies. For the three months ended 3/31/99, revenue rose 2 percent to C$271 thousand. Net loss totalled C$221 thousand, up from C$6 thousand. Results reflect increased revenues from the Company's website, offset by increased personnel and computer expenses. 
Syntel, Inc. (Nasdaq : SYNT)Syntel, Inc. is a worldwide provider of professional information technology consulting and applications management services to Fortune 1000 companies and Government entities. For the three months ended 3/31/99, revenues fell 7 percent to $38.8 million. Net income decreased 10 percent to $5.4 million. Revenues reflect lower IntelliSourcing revenues due to anticipated staffing decreases in several outsourcing engagements. Earnings also reflect increased professional staffing. 
National TechTeam, Inc. (Nasdaq : TEAM)National TechTeam is a provider of information technology outsourcing support services to large national and multi-national corporations, government agencies and service organizations. For the three months ended 3/31/99, revenues rose 29 percent to $34.1 million. Net income rose 60 percent to $226 thousand. Revenues reflect increased demand for OEM call center services and increased TechTeam Capital financing activity. Earnings also benefitted from reduced litigation expenses. 
theglobe.com, inc. (Nasdaq : TGLO)theglobe.com, inc. is an online community with approximately 2.5 million members who are able to publish their own content and interact with others having similar interests. The Company's primary revenue source is the sale of advertising. For the three months ended 3/31/99, revenues totalled $3.2 million, up from $394 thousand. Net loss totalled $6.3 million, up from $2 million. Results reflect an increase in the number of advertisers, offset by increased staffing levels. 
Ticketmaster Online-City (Nasdaq : TMCS)Ticketmaster Online-CitySearch is a provider of local city guide, local advertising and live event ticketing on the Internet. TMCS intends to offer online ticketing, merchandise, electronic coupons and other transactions. For the comparable three months ended 3/31/99, total revenues totalled $16 million, up from $3.2 million. Net loss totalled $17.7 million vs. an income of $585 thousand. Results reflect an increased number of tickets sold, offset by increased goodwill amortization. 
Template Software, Inc. (Nasdaq : TMPL)Template Software, Inc., provides software solutions to organizations that require the integration of their operations and systems to better automate their order handling and fulfillment, human resource management, and network monitoring systems. For the comparable three months ended 3/99, revenues increased 46 percent to $12.5 million. Net income totalled $87 thousand vs a loss of $19 thousand. Results reflect increased sales volume of National Imagery, Mapping Agency and Bull. 
Telepartner, A/S (Nasdaq : TPARY)Telepartner A/S is a holding company which operates as an Internet solutions integrator, ISP, and telecommunications company providing host services and products in Denmark, Scandinavia and Europe. For the six months ended 6/98, revenues rose 12 percent to DKR24.4 million. Net loss rose from DKR1.6 million to DKR12.1 million. Revenues reflect an increase in long distance telephone calls. Loss reflects change in product mix and additional staff. 
TownPagesNet.com plc (AMEX : TPN)TownPagesNet.com PLC produces and delivers TownPages, an internet-based interactive service organized to provide comprehensive, locally-focused information about specified towns and cities. For the fiscal year ended 12/31/98, revenues rose from L8K to L1.1 million. Net loss rose from L347K to L872K. Results reflect higher contract revenues and contract revenues from related parties. Higher loss reflects higher sales, marketing and personnel costs. 
Track Data Corporation (Nasdaq : TRAC)Track Data Corporation provides real-time financial market data, fundamental research, charting, and analytical services to institutional and individual investors through telecommunication lines and the Internet. For the three months ended 3/99, sales fell 1 percent to $11.7 million. Loss totalled $35 thousand vs income of $227 thousand. Revenues reflect a shift from traditional direct delivery services to lower priced Internet services. Loss also reflects higher direct operating costs. 
TheStreet.com, Inc. (Nasdaq : TSCM)TheStreet.com, Inc. is a web-based provider of original, timely and comprehensive financial news, commentary and information aimed at helping readers make informed investment decisions. For the three months ended 3/31/99, revenues totalled $2 million, up from $918 thousand. Net loss rose 95 percent to $7.2 million. Results reflect agreements with new advertisers and larger agreements with existing advertisers, offset by increased product development and personnel costs. 
Telescan, Inc. (Nasdaq : TSCN)TSCN provides solutions for on-line technology, data retrieval and Internet services. TSCN develops and operates financial information and analysis on-line networks. For the three months ended 3/31/99, revenues rose 56 percent to $5.3 million. Net income applicable to Common totalled $314 thousand, vs. a loss of $872 thousand. Revenues reflect increased internet revenue and a $1.4 million non-recurring licence fee. Net income reflects lower communication and costs of reveneue from affiliates. 
3Si Holdings, Inc. (OTC BB : TSIH)3Si Holdings, Inc. provides an array of systems integration services, including Internet security and business needs assessment, hardware sales, maintenance and support, and technical consulting, training and education. For the three months ended 9/30/98, revenues increased 15 percent to $8.4 million. Net income decreased 43 percent to $26 thousand. Revenues reflect increased product sales and the USPS sub-contract. Earnings were offset by lower margins and higher debt levels. 
Technisource, Inc. (Nasdaq : TSRC)Technisoure Inc., is a national provider of information technology services through 25 offices in the U.S. and Canada, utilizing over 1100 trained consultants who provide services which are used to design, develop, and implement IT solutions. For the fiscal year ended 12/98, revenues rose 57 percent to $105.7 million. Pro forma net income rose 81 percent to $4.5 million. Results reflect an increased number of client divisions billed and lower S/G/A as a  percentage of sales. 
Total System Services (NYSE : TSS)TSS, through its wholly owned subsidiaries, provides credit, debit commercial and private-label card processing services. For the three months ended 3/31/99, total revenues increased 20 percent to $115.3 million. Net income increased 26 percent to $12.9 million. Revenues benefitted from growth in the card portfolios of existing customers and internal growth of customers. Net income also reflects higher equity in income of joint ventures. 
TeleTech Holdings Inc. (Nasdaq : TTEC)TTEC is a provider of customer management solutions for large and multinational companies. For the three months ended 3/31/99, revenues rose 38 percent to $110.6 million. Net income rose 6 percent to $4.8 million. Revenues reflect increased revenues from new and existing clients. Earnings were partially offset by an increased cost of services as a  percentage of revenues associated with the Latin American operations and unused capacity in several customer interaction centers. 
iTurf Inc. (Nasdaq : TURF)iTurf Inc. is a provider of Internet community and commerce services focused primarily on Generation Y, comprised of 56 million people between the ages of 10 and 24. For the three months ended 5/1/99, total revenues totalled $2.6 million, up from $69 thousand. Net loss totalled $197 thousand, up from $53 thousand. Revenues reflect increased product sales due to the 5/98 launch of two Web sites. Higher loss reflects increased advertising, product development and overhead costs. 
Towne Services, Inc. (Nasdaq : TWNE)TWNE is engaged in the designing, developing and marketing of products and services that convert in-house credit transactions of small businesses into automated accounts which are processed electronically. For the three months ended 3/31/99, revenues totalled $4.6 million, up from $548 thousand. Net loss applicable to Common fell 92 percent to $1.1 million. Revenues reflect a higher number of customers and higher fees. Lower loss reflects lower stock compensation and interest expenses. 
Tyler Technologies, Inc. (NYSE : TYL)TYL provides technology, software, data warehousing, electronic data management outsourcing services, title plant and property records database information and other services for local governments and other enterprises. For the three months ended 3/31/99, revenues totalled $20.4 million, up from $4.8 million. Net income from continuing operations totalled $1.7 million, up from $143 thousand. Results reflect the sale of title plants to a group of title companies. 
Unigraphics Solutions (NYSE : UGS)Unigraphic Solutions, Inc. develops, markets and supports mechanical computer-aided design, manufacturing, and engineering software to customers in more than 20 countries. For the three months ended 3/31/99, total revenues increased 22 percent to $105.8 million. Net income totalled $9.2 million vs. a loss of $12.2 million. Results benefitted from software maintenance growth in all geographic regions, the addition of the Solid Edge/EMS product line and the absence of $39.4 million in-process R&D charge. 
Unisys Corporation (NYSE : UIS)Unisys Corporation designs, manufactures and markets computer-based information systems and related products and services. For the three months ended 3/31/99, revenues increased 10 percent to $1.81 billion. Net income applicable to Common totalled $88.4 million, up from $36 million. Revenues benefitted from growth in systems integration, network services and outsourcing revenues. Earnings also benefitted from the Company's cost reduction program. 
USWeb (Nasdaq : USWB)USWeb is a professional services firm that offers a range of Intranet, Extranet and Web site solutions and services, as well as marketing communications programs using advanced technology and new media. For the three months ended 3/31/99, total revenues totalled $84.1 million, up from $39.3 million. Net loss totalled $51.7 million, up from $15.3 million. Results reflect an increased number and size of client engagements, offset by increased amortization and merger costs. 
Visual Data Corporation (Nasdaq : VDAT)Visual Data Corporation is a multi-media content producer, marketer and distibutor of advertising products and consumer based portfolio libraries for use on the Internet and eventually, Interactive Television. For the six months ended 3/99, revenues totalled $2.1 million, up from $489 thousand. Net loss rose from $1.1 million to $2.8 million. Revenues reflect the acquisition of EDnet. Higher loss reflects increased marketing efforts and web-site development expenses. 
VerticalNet, Inc. (Nasdaq : VERT)VerticalNet, Inc. is an owner and operator of vertical trade communities, targeted business-to-business communities of commerce on the Internet that act as industry-specific sources of information, interaction and electronic commerce. For the three months ended 3/31/99, revenues totalled $1.9 million, up from $377 thousand. Net loss totalled $5.6 million, up from $2.1 million. Results reflect an increased number of advertisers, offset by higher sales and marketing costs. 
Vestcom International (Nasdaq : VESC)VESC is consolidator and operator of companies that assemble, manage and distribute business critical documents, conducting operations at 36 locations throughout North America. For the three months ended 3/31/99, revenues rose 25 percent to $31.9 million. Net income fell 8 percent to $918 thousand. Revenues reflect recent acquisitions and strong internal growth. Earnings were offset by lower gross margins and higher S/G/A related to increases in acquisition and marketing activity. 
Vista Info. Solutions Inc (Nasdaq : VINF)VINF provides environmental risk information and address-based hazard and risk classification information to bankers, engineers, insurance Co.'s and corporations throughout the U.S. For the three months ended 3/99, sales fell less than 1 percent to $6.2 million. Net loss applicable to Common rose from $340 thousand to $1.5 million. Sales reflect lower loan securitization activity. Higher loss reflects costs related to the integration of acquired companies and higher debt levels. 
Whittman-Hart, Inc. (Nasdaq : WHIT)Whittman-Hart, Inc. provides strategic information technology business solutions designed to improve its clients' productivity and competitive position, offering a single source for a range of services required to design, develop and implement integrated solutions. For the three months ended 3/31/99, revenues rose 62 percent to $104.1 million. Net income rose 88 percent to $5.6 million. Results reflect the addition of new clients and higher margins due to changes in sales mix. 
World Internetworks, Inc. (OTC BB : WINW)WINW, through its wholly-owned subsidiary, World Internet Marketplace, Inc., is engaged in marketing and distributing products and services relating to Internet commerce. For the nine months ended 11/98, revenues fell 68 percent to $2 million. Net loss totalled $2.3 million, up from $515 thousand. Results reflect the termination of the relationship with a major independent distributor resulting in a significant reduction in revenue without a commensurate reduction in expenses. 
Xceed inc. (Nasdaq : XCED)Xceed inc. is an integrated marketing and communications company that helps companies improve people and business performance through communication tools, techniques, and technologies. For the six months ended 2/28/99, revenues rose 24 percent to $32.4 million. Net loss totalled $1.3 million vs. an income of $867 thousand. Revenues reflect the newly acquired Technology divisions. Loss reflects increased S/G/A expenses due to the acquisitions. 
Xoom.com, Inc. (Nasdaq : XMCM)Xoom.com, Inc. provides free internet community services such as web site hosting, e-mail, on-line chat networks and free proprietary content such as clip art and greeting cards. For the three months ended 3/31/99, revenues totalled $4.4 million, up from $849 thousand. Net loss totalled $3.3 million, up from $1 million. Revenues reflect the expansion of the Company's membership base. Higher losses reflect increased personnel, and a $862 thousand amortization of intangible assets charge. 
Yahoo! Inc. (Nasdaq : YHOO)Yahoo! Inc. is a global Internet Media company that offers a branded network of comprehensive information, communication and shopping services to millions of users daily. For the three months ended 3/31/99, revenues totalled $86.1 million, up from $30.6 million. Net income totalled $16.4 million, up from $3.3 million. Results reflect an increasing number of advertisers purchasing space on the Company's online media properties and increased investment income. 
ZDNet (NYSE : ZDZ)ZDNet provides technology-related information to Internet users worldwide through a network of over 60 interconnected Internet sites offering news stories, product listings, product reviews and downloadable programs. For the three months ended 3/31/99, revenues rose 92 percent to $18.6 million. Net loss decreased 97 percent to $186 thousand. Results reflect increased advertising revenue due to an increase in volume, and higher margins due to economies of scale. 
Ziplink, Inc. (Nasdaq : ZIPL)Ziplink, Inc. is a national provider of wholesale internet access services to developers and vendors of internet appliances and local, regional and national internet service providers. For the three months ended 3/31/99, total revenues increased 64 percent to $2.7 million. Net loss increased 8 percent to $1.7 million. Results reflect increased WebTV revenues. Higher loss reflects additional capital assets purchased and increased debt from Nortel Networks. 
Zmax Corporation (Nasdaq : ZMAX)Zmax Corporation provides re-engineering and information processing services to users of large-scale computer systems in North America. For the three months ended 3/31/99, revenues totalled $5.1 million, up from $1.5. Net loss fell 63 percent to $251 thousand. Revenues benefitted from increased sales activity of Year 2000 services and the acquisition of Eclipse. Loss was partially offset by increased general and administrative expenses. 
Zomax , Incorporated (Nasdaq : ZOMX)Zomax is an outsource service provider to software publishers, computer manufacturers and other producers of multimedia products. For the three months ended 3/26/99, sales totalled $48.2 million, up from $14.2 million. Net income (vs. pro-forma) totalled $2 million, up from $748 thousand. Revenues reflect increases in CD related sales and diskette sales. Net income was partially offset by an increased cost of sales as a  percentage of revenues.%}
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Accent Color Sciences (OTC BB : ACLR)Accent Color Sciences designs, manufactures and sells innovative, high-speed, spot color printing sytems for integration with digital, high-speed, black-on-white printers and sells related consumables. For the fiscal year ended 12/31/98, revenues totalled $8.2 million, up from $1.6 million. Net loss applicable to Common decreased 43 percent to $10.7 million. Revenues reflect an increase in the number of systems shipped. Lower losses reflect a reduction in payroll. 
Advanced Digital Inform. (Nasdaq : ADIC)Advanced Digital Information designs, manufactures, markets and services automated high performance data storage products used to backup and archive electronic data in client/server network computing environments. For the six months ended 4/30/99, net sales totalled $103.2 million, up from $47.7 million. Net income rose 54 percent to $6.6 million. Results reflect the acquisition of EMASS and strong sales in the OEM business, partially offset by higher R&D expenses. 
Adaptec, Inc. (Nasdaq : ADPT)ADPT is a supplier of bandwidth management solutions that enhance total system performance by increasing the data transfer rates between personal computers, servers, peripherals and networks. For the nine months ended 12/98, revenues fell 37 percent to $508.4 million. Net loss before acct. change totalled $74.9 million vs. income of $158.5 million. Revenues reflect lower sales of SCSI host adapters. Loss reflects $127.9 million in write-offs for acquired R and D and restructuring charges. 
Advanced Media, Inc. (OTC BB : ADVME)ADVME engages in the research, development and sale of proprietary interactive multimedia technologies, the integration and resale of computer hardware and software products and the delivery of technical consulting and design services. For the nine months ended 9/30/98, net revenues fell 83 percent to $503 thousand. Net loss increased 66 percent to $1.4 million. Revenues reflect decreased sales of interactive system solutions. Net loss was partially offset by decreased S/G/A expenses. 
Advanced Electronic (Nasdaq : AESP)AESP designs, manufactures, markets and distributes computer connectivity and networking products, including computer cables, connectors, installation products, data sharing devices and fiber optic cables. For the fiscal year ended 12/98, revenues rose 4 percent to $22 million. Net loss totalled $4.8 million vs. income of $649 thousand. Revenues reflect increased sales outside the U.S. Net loss suffered from increased marketing expenses. 
Allstar Systems, Inc. (Nasdaq : ALLS)Allstar Systems, Inc. and subsidiaries is a regional provider of computer and telecommunications hardware and software products and related services. For the three months ended 3/31/99, revenues rose 47 percent to $47.9 million. Net loss totalled $54 thousand vs. income of $124 thousand. Revenues reflect offices opened in late 1997 and during 1998 and growth in customers. Net loss suffered from lower margins realized in the sale of computer products. 
Astro-Med, Inc. (Nasdaq : ALOT)ALOT develops, designs, manufactures, and sells a line of specialty data printers and related electronic systems, with the ability to acquire information and present it in a more usable form. For the fiscal year ended 1/31/99, revenues fell 5 percent to $41.6 million. Net income fell 52 percent to $496 thousand. Revenues suffered from decreased sales in the company's Test and Management Product Group. Net income reflects incremental spending in selling and marketing strategies. 
AlphaNet Solutions, Inc. (Nasdaq : ALPH)ALPH is a single-source provider of information technology products, services and support. ALPH markets computer products and provides a broad range of information technology services. For the three months ended 3/31/99, total revenues fell 33 percent to $30.1 million. Net loss totalled $352 thousand, vs. an income of $1.3 million. Revenues reflect reduced volumes and lower average selling prices. Loss reflects a lower gross profit margin and higher general and administrative expenses. 
AmeriQuest Technologies (OTC BB : AMQT)AmeriQuest Technologies is primarily a national value-added wholesale distributor of micro, mini and mid-range computers and related products to value-added resellers and system integrators. For the six months ended 3/31/99, net sales fell 16 percent to $24.4 million. Net loss applicable to Common increased 41 percent to $1.2 million. Revenues reflect a delay in replacing sales from discontinued vendors. Loss also lower margins due to unfavorable changes in vendor mix. 
Ancor Communications, Inc (Nasdaq : ANCR)Ancor Communications, Inc. develops, manufactures, and markets FibreChannel switches, interface adapters, and application specific integrated circuits. For the three months ended 3/31/99, net sales increased 46 percent to $1.5 million. Net loss applicable to Com. decreased 26 percent to $2.2 million. Revenues benefitted from increased shipments of the Company's MKII Fibre Channel switches to OEM customers. Lower loss also benefitted from decreased product development and interest expenses. 
APEX PC Solutions, Inc. (Nasdaq : APEX)APEX designs, manufactures and markets stand-alone switching systems and integrated server cabinet solutions for the client/server computing market. Apex's systems enable network administrators to manage multiple servers from a console. For the three months ended 4/2/99, sales rose 32 percent to $20.7 million. Net income rose 19 percent to $4 million. Results reflect increased demand for private-label products, partially offset by increased project spendings and payroll. 
QMS, Incorporated (NYSE : AQM)QMS, Incorporated designs, manufactures, markets and supports intelligent controllers which enhance the graphic capabilities and performance of computer printing and imaging systems. For the comparable three months ended 4/2/99, net sales increased 25 percent to $43.4 million. Net loss totalled $891 thousand vs. an income of $477 thousand. Revenues benefitted from increased sales in Japan and Europe. Loss reflects decreased gross margin  percentages and higher marketing expenses. 
Asante Technologies, Inc. (Nasdaq : ASNT)Asante Technologies, Inc. designs, manufactures and markets high-performance computer networking products that address networking requirements at the departmental and workgroup level within corporations and small businesses. For the three months ended 1/2/99, revenues fell 34 percent to $11.6 million. Net loss totalled $4.4 million vs. income of $170 thousand. Revenues reflect price reductions caused by competitive pressures. Net loss suffered from higher interest expenses. 
Astrocom Corporation (OTC BB : ATCC)ATCC develops, manufactures, markets and services electronic devices which address key areas of wide area data, voice and video communication networks. For the fiscal year ended 12/31/98, net sales fell 21 percent to $2.9 million. Net loss applicable to Common fell 72 percent to $529 thousand. Revenues suffered from the older technology being redeployed by a customer which precludes additional near-term sales. Lower loss reflects the absence of a $329 thousand inventory write-off. 
ATI Technologies, Inc. (Nasdaq : ATYT)ATI Technologies, Inc. is principally enaged in the design and manufacture of video, 2D/3D graphics and multimedia hardware and software products for the desktop, mobile and workstation PC markets. For the comparable six months ended 2/28/99, sales rose 79 percent to $624.6 million. Net income according to U.S. GAAP fell 26 percent to $42 million. Results reflect increasing sales for RAGE LT-PRO based products, offset by a $49.3 million write-off of purchased in-process R&D. 
Avid Technology, Inc. (Nasdaq : AVID)Avid Technology, Inc. develops, markets, sells and supports a range of software and systems for creating and manipulating digital media content, including video, audio and graphics. For the three months ended 3/31/99, net revenues rose 2 percent to $111.3 million. Net loss totalled $11.5 million vs. an income of $7.7 million. Results reflect the acquisition of Softimage and increased sales of digital audio products, offset by $20.5 million in amortization costs to recognize goodwill. 
Barrister Info. Systems (AMEX : BIS)Barrister Information Systems is a national developer and seller of Windows-based client/server software for law firms, accounting firms, consultants and departments of Fortune 1000 companies. BIS also provides equipment maintenance services. For the nine months ended 12/25/98, total revenues fell 13 percent to $11.2 million. Net income totalled $212 thousand, up from $21 thousand. Results reflect lower revenues from hardware maintenance contracts, offset by higher margins. 
B.O.S. Better OnLine Sol. (Nasdaq : BOSCF)B.O.S. Better OnLine Solutions Ltd. is an Israeli company which designs, develops, manufactures, sells and supports connectivity and networking products primarily for use with IBM mid-range computers. For the fiscal year ended 12/31/97, sales fell 4 percent to $7.1 million. Net loss decreased 15 percent to $2.4 million. Revenues reflect a shift of end-of-the-year orders to 1998. Lower loss reflects a $2.1 million reduction in charges for acquired in-process research and development. 
BancTec, Inc. (NYSE : BTC)BTC is a systems integration and services company specializing in image-based financial transaction and document processing systems, workflow and image management software products, applications software and professional services. For the three months ended 3/31/99, revenues rose 5 percent to $148.8 million. Net income fell 52 percent to $4.8 million. Results reflect increased shipments of large systems to international customers, offset by increased operating and interest cost. 
Bull Run Corporation (Nasdaq : BULL)BULL, through its subsidiaries, sells computer printers and provides service to distributors, resellers and users and invests in sports and media companies. For the three months ended 3/31/99, revenues rose 17 percent to $7.7 million. Net loss fell 2 percent to $1.1 million. Results reflect increased Datasouth's printer operations, and higher consulting fee income, partially offset by higher loss in affiliated companies and higher debt used to finance investments. 
Caere Corporation (Nasdaq : CAER)CAER designs, develops, manufactures and markets optical character recognition software and hardware for converting scanned and faxed images into computer usable text, as well as computer desktop information management products. For the three months ended 3/31/99, net revenues rose 13 percent to $17.7 million. Net income rose 18 percent to $2.6 million. Revenues reflect higher OmniPage OCR software sales. Earnings also reflect higher margins due to an improved channel and product mix. 
Carleton Corporation (Nasdaq : CARL)Carleton Corporation develops and markets software products that provide data integration solutions for business critical applications such as data warehousing and application conversions. For the nine months ended 12/27/98, total revenues rose from $1.6 million to $3.7 million. Net loss from continuing operations fell 66 percent to $5.1 million. Revenues reflect higher maintenance and license revenues. Lower loss was partially offset by reflects higher research and development costs. 
Cybex Computer Products (Nasdaq : CBXC)Cybex Computer Products Corporation develops, produces and markets keyboard, video monitor and mouse switch and extension products for use in the computer industry. For the nine months ended 1/1/99, revenues rose 70 percent to $58.7 million. Net income rose from $980 thousand to $9.6 million. Revenues reflect increased sales of the Company's KVM switch and KVM Extension Products. Earnings reflect the absence of $4.7 million in purchased R&D expenses. 
Centennial Technologies (OTC BB : CENL)CENL designs, manufactures and markets PC card-based solutions to OEMs, which focus on applications for the Communications, Transportation, Mobile Computing and Medical industries. For the nine months ended 12/26/98, net sales fell 5 percent to $20 million. Net income totalled $1.9 million vs. a loss of $20.1 million. Results reflect a decrease in the average selling price of the Company's products due to decreasing component costs, offset by reduced losses on investment activities. 
Cherry Corporation (Nasdaq : CHER)Cherry designs, manufactures and sells proprietary and custom electrical, electronic and semiconductor components in the automotive, computer and consumer markets. For the fiscal year ended 2/28/99, net sales increased 5 percent to $475 million. Net income increased 8 percent to $18.9 million. Revenues benefitted from higher sales in the international operations segment. Earnings also benefitted from improved utilization of manufacturing and resources and cost reduction programs. 
Communication Intellig. (Nasdaq : CICI)CICI develops and markets pen-input computer interfaces and handwriting recognition-based security technologies for pen-based computing and electronic commerce. For the three months ended 3/31/99, revenues fell 9 percent to $1.2 million. Net loss applicable to Common fell 38 percent to $484 thousand. Revenues reflect lower liscense and royalty fees due to deferred revenue recognition. Lower loss reflects reductions in personnel associated with joint venture operations. 
CalComp Technology, Inc. (OTC BB : CLCP)CalComp Technology is a supplier of input and output computer graphics peripheral products consisting of printers (including plotters), cutters, digitizers, and large format scanners. CLCP also maintains service, product support and technical assistance programs. For the 52 weeks ended 12/27/98, revenues fell 23 percent to $153.9 million. Net loss rose from $75.2 million to $168.8 million. Results reflect lower product demand for input and output devices and a $112 million impairment charge. 
IVI Checkmate Corp. (Nasdaq : CMIV)IVI Checkmate Corp. designs, develops and markets payment and value-added solutions that optimize transaction management at the point-of-service in the retail, financial, hospitality, healthcare and transportation industries. For the three months ended 3/31/99, revenues fell 40 percent to $15.1 million. Net loss totalled $2.3 million vs. an income of $1 million. Results reflect a temporary halt in eN-Touch 1000 shipments and increased general and administrative expenses. 
CompuCom Systems, Inc. (Nasdaq : CMPC)CompuCom Systems is a provider of distributed desktop computer products and network integration services to large and medium sized businesses. For the three months ended 3/31/99, revenues increased 13 percent to $493.3 million. Net loss applicable to Common Stock totalled $2.5 million vs. income of $3.6 million. Revenues reflect an increase in desktop, laptop, and server units shipped and higher software sales. Net loss reflects higher S/G/A expenses as a  percentage of revenues. 
CopyTele, Inc. (Nasdaq : COPY)CopyTele is a development stage enterprise whose principal activity is developing, producing and marketing of a telephone-based product utilizing COPY's patented E-Paper technology. For the six months ended 4/30/99, CopyTele reported no revenues. Net loss decreased 19 percent to $3 million. Results reflect decreased product development expenses, additional decreases in engineering expenses, marketing and professional fees, and a lower loss at a joint venture. 
Creative Technology Ltd. (Nasdaq : CREAF)Creative Technology Ltd. develops, manufactures, and markets a wide array of advanced multimedia solutions for PC entertainment, education, music and productivity tools marketed under the ``Blaster'' family name. For the three months ended 9/30/98, sales fell 3 percent to $279 million. Net income fell 69 percent to $21.5 million. Revenues reflect lower sales of MMUK, Video, Graphics and Speaker products. Earnings reflect the absence of an $18.5 million gain on the sale of investments. 
Cabletron Systems, Inc. (NYSE : CS)CS provides high-performance networking solutions and delivers dependable network access and communications through its scaleable products designed for enterprise networks and service providers. For the fiscal year ended 2/28/99, revenues rose 2 percent to $1.41 billion. Net loss totalled $245.4 million up from $35 million. Revenues reflect higher sales of switched products, software and professional services. Higher loss reflects lower margins and increased goodwill amortization. 
Computer Devices, Inc. (OTC BB : CTDVB)Computer Devices, Inc. is primarily engaged in the design, manufacture, sale and service of computer peripherals products, including printers and optical storage equipment. For the nine months ended 9/30/98, revenues fell 36 percent to $402 thousand. Net loss decreased 48 percent to $127 thousand. Revenues reflect the failure of the VOICE POWER marketing program. Lower loss reflects lower operating costs due to the Company's commitment to cut overhead. 
C-Cube Microsystems Inc. (Nasdaq : CUBE)CUBE, provides highly integrated, standards-based digital video compression solutions for applications in the consumer electronics, computer and communications market. For the three months ended 3/99, revenues rose 10 percent to $96.5 million. Net income before extraordinary item rose 27 percent to $12.9 million. Revenues reflect increased volume shipments of ZiVA decoder chips. Net income reflects higher margins due to product mix and lower R and D as a  percentage of revenues. 
Data Translation, Inc. (Nasdaq : DATX)Data Translation, Inc. is engaged in the design, development and manufacture of high performance data acquisition and imaging products for use in a range of industrial, scientific and medical applications. For the three months ended 2/28/99, net sales fell 15 percent to $3.9 million. Net income totalled $102 thousand vs. a loss of $274 thousand. Results reflect lower orders for all products within all geographies, offset by lower selling and marketing costs. 
Datametrics Corp. (AMEX : DC)Datametrics Corp. is engaged primarily in the design, development, manufacture and sale of high-speed, non-impact printers; high-resolution, non-impact printer/ plotters; and ruggedized computers and computer workstations. For the three months ended 1/24/99, net sales rose 4 percent to $1.6 million. Net loss rose 35 percent to $1.8 million. Revenues reflect higher other sales. Higher loss reflects a $1.2 million lease settlement expense and higher outstanding borrowings. 
Diamond Multimedia System (Nasdaq : DIMD)DIMD designs, develops, manufactures and markets multimedia and connectivity products for IBM compatible PCs and modems for Apple Macintosh computers. For the three months ended 3/31/99, revenues fell 23 percent to $144 million. Net income decreased 83 percent to $1.3 million. Revenues reflect reduced shipments of the Company's graphic accelerator products. Net income also reflects a decreased gross margin caused by highly competitive pricing pressures. 
eFax.com Inc. (Nasdaq : EFAX)eFax.com develops and provides integrated embedded system technology, branded products and desktop software solutions for the multifunction product market, which consists of office devices that combine print, fax, copy and scan capabilities. For the three months ended 3/99, revenues rose 1 percent to $7.8 million. Net loss rose less than 1 percent to $1.3 million. Revenues reflect an increase in consumable revenues. Higher losses reflect the addition of new personnel. 
Emulex Corporation (Nasdaq : EMLX)Emulex designs and supplies high-performance network connectivity products including fibre channel, printer servers and network access products to improve communication in computer networks and enhance data flow between computers and peripherals. For the 39 weeks ended 3/28/99, revenues rose 6 percent to $48 million. Net income totalled $2.2 million vs. a loss of $11 million. Results reflect increased market acceptance of products and reduced staffing. 
Encore Computer Corp. (OTC BB : ENCC)Encore Computer designs, manufactures, distributes and supports scalable real-time data systems and advanced clustering technologies. For the fiscal year ended 12/31/98, revenues fell 31 percent to $20.4 million. Net income applicable to Common increased from $4.6 million to $16.1 million. Revenues reflect lower equipment sales due to a lack of new product development on real-time products and the lack of storage product sales. Earnings reflect lower preferred dividends. 
ENCAD, Inc. (Nasdaq : ENCD)ENCAD, Inc. designs, develops, manufactures and markets wide-format, color inkjet printer/plotters for computer applications. For the three months ended 3/31/99, revenues rose 23 percent to $29 million. Net income totaled $349 thousand vs. a loss of $726 thousand. Revenues reflect sales of NovaJet Pro 600e. Net income reflects higher margins due to an increase in average selling prices from the cessation of rebate programs and lower marketing and selling costs as a  percentage of sales. 
Enstar, Inc. (Nasdaq : ENSR)ENSR, a holding company for Americable Inc. and Enstar Networking Corporation, distributes premise wiring, connectivity products and low-end networking electronics. The Co. also designs, manages and secures corporate network infrastructures. For the three months ended 3/99, revenues fell 15 percent to $8.3 million. Net loss from continuing operations fell 79 percent to $237 thousand. Results reflect a reduction in bulk cable, offset by lower general and administrative expenses. 
Evans & Sutherland Corp. (Nasdaq : ESCC)ESCC develops and manufactures hardware and software for visual systems that produce vivid and realistic 3D graphics and synthetic environments product for simulation, training, and virtual reality applications. For the three months ended 4/2/99, revenues rose 17 percent to $49.7 million. Net income applicable to Common fell 87 percent to $204 thousand. Revenues reflect a strong demand by U.S. and European government and airline customers. Earnings were offset by R&D costs related to ESGC. 
Extreme Networks, Inc (Nasdaq : EXTR)Extreme Networks, Inc. provides switiching solutions that meet the needs of enterprise local area networks, via utilization of ASIC semiconductors throughout the product line. For the nine months ended 3/31/99, net revenues rose from $13.4 million to $59.9 million. Net loss decreased 57 percent to $4.5 million. Revenues reflect the introductions of the Summit and BlackDiamond product lines. Lower loss was partially offset by costs related to expansion of the sales force. 
Global Intellicom, Inc. (OTC BB : GBIT)GBIT provides system integration and information technology services and assembles and supplies build-to-suit computer equipment for corporate clients, governmental entities, institutions, professional users and resellers. For the nine months ended 9/30/98, net sales fell 13 percent to $30.1 million. Net income from continuing operations applicable to Common totalled $1.9 million vs. a loss of $763 thousand. Results reflect a change in the business, offset by higher margins. 
GENICOM Corporation (Nasdaq : GECM)GENICOM provides maintenance and repair services for computer systems and develops, manufactures and distributes printers and related products. For the three months ended 4/4/99, revenues fell 18 percent to $100.4 million. Net loss totalled $2.8 million vs. an income of $169 thousand. Revenues reflect lower supply sales related to the Texas Instruments and Digital low-end installed printer base. Loss reflects higher consulting expenses, benefit costs, and higher debt levels. 
Global MAINTECH Corp. (OTC BB : GLBM)Global MAINTECH Corp., through its wholly-owned subsidiaries, designs, develops and markets Virtual Command Center systems which monitor and control diverse computers in a data center from a master console. For the three months ended 3/31/99, net sales rose 44 percent to $2.6 million. Net loss before accounting change applicable to Common totalled $318 thousand vs. an income of $237 thousand. Results reflect an increase insoftware sales, offset by personnel increases. 
Gerber Scientific, Inc. (NYSE : GRB)Gerber Scientific, Inc. designs, develops, manufactures, markets and services computer-aided design and manufacturing (CAD/CAM) systems to automate the design and production processes in a broad range of industries. For the nine months ended 1/31/99, total revenues rose 43 percent to $445 million. Net income rose 32 percent to $214.5 million. Results reflect the acquisitions of Spandex and Coburn, partially offset by increased interest expense due to acquisition financing. 
Howtek Incorporated (Nasdaq : HOWT)Howtek designs, engineers, develops and manufactures digital image scanners, film digitizers and related software for applications in the medical imaging, prepress and photographic markets. For the three months ended 3/99, sales rose 64 percent to $1.6 million. Net loss increased from $1.1 million to $2.7 million. Revenues benefitted from increased sales of medical imaging products. Higher loss reflects an increased interest expense due to the conversion on debentures. 
CHS Electronics, Inc. (NYSE : HS)CHS Electronics is an international distributor of microcomputer products, including personal computers, peripherals, networking products and software. The products are sold to resellers in Western and Eastern Europe, Latin America and Asia. For the three months ended 3/31/99, revenues rose 41 percent to $2.47 billion. Net income fell 99 percent to $234 thousand. Revenues reflect acquisitions and internal growth. Earnings were offset by lower gross margin and higher debt levels. 
Hypercom Corporation (NYSE : HYC)Hypercom is a worldwide developer, manufacturer and supplier of high performance, comprehensive point-of-sale payment systems and sophisticated enterprise networking products. For the nine months ended 3/31/99, revenues fell 6 percent to $192.9 million. Net income fell 42 percent to $8.7 million. Revenues reflect lower sales in the Asia/Pacific region. Earnings reflect the Company's continued investment in new product development, and increased corporate overhead. 
Internet Commerce Corp. (Nasdaq : ICCSA)Internet Commerce designs, develops and markets systems forsecuring, controlling, delivering and auditing electronic documents and files primarily over the Internet. For the nine months ended 4/30/99, revenues totalled $46 thousand, up from $11 thousand. Net loss totalled $5.7 million, up from $2 million. Revenues benefitted from sales generated by ICC CommerceSense. Higher loss reflects an increase in infrastrucutre expansion costs, increased payroll and amortization of debt discount. 
Identix Incorporated (AMEX : IDX)IDX develops, manufactures and markets products that identify individuals through their fingerprints, and products that capture forensic quality fingerprint images. IDX also provides information technology, engineering and management consulting services. For the nine months ended 3/31/99, total revenues rose 4 percent to $59.7 million. Net loss totalled $445 thousand vs. an income of $77 thousand. Results reflect higher service revenues, offset by higher joint venture losses and debt levels. 
I.I.S. Intelligent Info. (Nasdaq : IISLF)IISLF designs, develops, markets, manufactures and leases networking, data communication and intelligent peripheral computer equipment. For the fiscal year ended 12/31/97, total revenues fell 29 percent to $44.4 million. Net loss fell 74 percent to $6.6 million. Revenues reflect a continuing decline in the sales of certain traditional peripherals for the mid range market. Lower loss reflects the consolidation of warehousing and administrative operations in the U.S. subsidiary. 
IKON Office Solutions (NYSE : IKN)IKN provides customers with total office solutions including copier and printing systems, computer networking, print-on-demand services, copy center management, hardware and software product interfaces and electronic file conversion. For the six months ended 3/31/99, revenues fell 1 percent to $2.77 billion. Net income applicable to Common fell 10 percent to $51.5 million. Results reflect availability of digital equipment, reduction of sales force and pricing pressures. 
InMedica Development (OTC BB : IMDD)InMedica, through its wholly-owned subsidiary, MicroCor, Inc., engages in research and development of an experimental device to measure hematocrit non-invasively. For the fiscal year ended 12/31/98, revenues fell 41 percent to $247 thousand. Net loss applicable to Common rose 55 percent to $252 thousand. Revenues reflect a decrease in royalty revenues. Net loss reflects higher R&D costs due to payments for the Medical Physics contract and recorded stock and stock options expenses. 
Image Systems Corporation (Nasdaq : IMSG)IMSG designs, develops, manufactures and markets high resolution monitors needed in applications such as medical imaging, scientific analysis, image processing and electronic and mechanical design. For the nine months ended 1/31/99, net sales decreased 24 percent to $5.1 million. Net loss totalled $9 thousand vs. an income of $460 thousand. Revenues reflect lower sales of monitors due to higher market competition. Net loss reflects higher materials costs. 
Interactive, Inc. (OTC BB : INAV)Interactive, Inc. develops, manufactures and markets, nationally and internationally, peripheral hardware products which enable end users to create and send voice messages across local area networks and wide area networks of personal computers. For the fiscal year ended 9/30/98, net sales fell 21 percent to $60 thousand. Net loss fell 94 percent to $52 thousand. Revenues reflect a reduction in sales and marketing activities. Lower loss reflects the absence of $661 thousand in asset write-downs. 
In Focus Systems (Nasdaq : INFS)INFS develops, manufactures and markets multimedia projection products and service to present video, audio, graphics and data from personal computers, workstations, VCRs and laser disc players. INFS also provides presentation services. For the three months ended 3/99, revenues rose 23 percent to $86.5 million. Net income totalled $2.8 million vs. a loss of $3.4 million. Revenues reflect an increase in units sold. Net income also reflects a higher gross profit due to cost savings. 
Interphase Corporation (Nasdaq : INPH)Interphase Corporation and its subsidiaries engage in the design, development, manufacturing, marketing and support of network and mass storage products based on advanced technologies for computer systems. For the three months ended 3/99, revenues decreased 1 percent to $17.3 million. Net income fell 40 percent to $424 thousand. Revenues reflect lower ATM, SCSI, Fast Ethernet, FDDI and Ethernet product revenues. Net income also reflects higher S/G/A expenses as a  percentage of revenues. 
Interface Systems, Inc. (Nasdaq : INTF)INTF develops and sells software-based tools and solutions to integrate legacy systems with open systems and Internet technology, distribute mainframe documents, and provide host connectivity. For the six months ended 3/31/99, revenues fell 6 percent to $10.1 million. Net loss from continuing operations totalled $312 thousand vs. income of $173 thousand. Revenues reflect lower sales of Enterprise Network products. Net loss also reflects increased S/G/A expenses as a  percentage of sales. 
Ion Networks, Inc. (Nasdaq : IONN)Ion Networks designs, develops and markets a broad range of remote network management and remote maintenance and security products for mission critical voice and data communications networks. For the nine months ended 12/98, revenues rose 34 percent to $9.5 million. Net income increased 22 percent to $345 thousand. Revenues reflect continued shipments into the European market and higher software sales. Earnings were partially offset by increased interest expenses. 
Imaging Technologies Corp (Nasdaq : ITEC)Imaging Technologies and its subsidiaries develop and license laser printer controller technologies, develop and market monochrome and color proofing devices and distributes memory cards and other products. For the nine months ended 3/31/99, total revenues fell 47 percent to $15.1 million. Net loss applicable to Common totalled $6.9 million vs. an income of $3 million. Results reflect a decrease in sales of printer products and an increase in administrative personnel. 
Kentek Information System (Nasdaq : KNTK)KNTK supplies mid-range, non-impact laser printers and related consumable supplies and spare parts. KNTK printers are designed for high-volume printing requirements (including dedicated system, computer network and print-on-demand applications). For the nine months ended 3/99, revenues fell 19 percent to $28 million. Net income fell 14 percent to $3.4 million. Revenues reflect higher competition. Lower net income was partially offset by the absence of costs related to the KW60 printer. 
Key Tronic Corporation (Nasdaq : KTCC)Key Tronic Corporation designs, develops and manufactures input devices, primarily keyboards, for computers, terminals and workstations. For the 26 weeks ended 12/26/98, net sales rose 7 percent to $90.3 million. Net income totalled $1.4 million, up from $391 thousand. Revenues reflect increased customer orders and increased shipment to two major OEM customers. Earnings also reflect increased capacity in the Juarez, Mexico facility and material cost reductions. 
Labtec, Inc. (Nasdaq : LABT)Labtec, Inc. manufactures and markets real time 3D interactive motion control input hardware controllers and integration software for the industrial and consumer markets. For the nine months ended 12/98, revenues fell 18 percent to $5.2 million. Net loss rose 1 percent to $2.4 million. Revenues reflect lower orders from the automotive sector due to the GM strike, and lower M-CAD sales to non-core customers due to credit concerns. Lower loss was partially offset by higher margins. 
Plaintree Systems Inc. (OTC BB : LANPF)LANPF designs, develops, manufactures, markets and supports computer networking products that allow customers to improve the performance and increase the manageability of their existing local area networks. For the nine months ended 12/99, revenues rose 11 percent to C$11.2 million. Net loss applicable to Common fell 12 percent to C$15.4 million. Revenues reflect increased WaveSwitch 9200 product line increases. Lower loss also reflects lower research and development expenditures. 
Linkon Corporation (OTC BB : LKON)Linkon Corporation is a technology supplier to the telecommunications, Internet, cable and data networking industries. On 5/10/99, the Company laid off all but one employee due to the Company running out of cash. For the three months ended 4/30/99, revenues fell 54 percent to $396 thousand. Net loss before extraordinary item rose 38 percent to $946 thousand. Results reflect a loss of sales activity from AT&T and Sequel, partially offset by a decrease in the cost of goods sold. 
Logitech International SA (Nasdaq : LOGIY)Logitech International SA is engaged in the design, manufacture and marketing of a variety of computer interface devices, including input and pointing devices such as mice, trackballs and keyboards, as well as joysticks, gamepads and imaging devices. For the nine months ended 12/31/98, net sales rose 1 percent to $308.5 million. Net income fell 80 percent to $2.9 million. Results reflect continued strong sales of controller devices, offset by costs related to the write-off of an investment. 
Lexmark International (NYSE : LXK)Lexmark International Group develops, manufactures and supplies laser and inkjet printers and associated supplies for the office and home markets. The Company also develops, manufatures and markets a broad line of other office imaging products. For the three months ended 3/99, revenues rose 17 percent to $787 million. Net income rose 37 percent to $67.8 million. Results reflect unit volume increases in printers and improved printer margins due to lower costs. 
Meridian Data, Inc. (Nasdaq : MDCD)Meridian Data, Inc. develops and manufactures network storage solutions utilizing optical disk (CD-ROM) technologies. MDCD also provides network attached storage servers for workgroups. For the three months ended 3/99, revenues rose 22 percent to $4.1 million. Net loss rose 28 percent to $2.8 million. Revenues reflect increased sales of the Snap! Server. Higher loss reflects lower margins due to the continued shift to NAS products from enterprise storage systems. 
Media 100 Inc. (Nasdaq : MDEA)MDEA develops, markets, sells, and supports digital video systems that enable a wide range of professional communicators in business, education, and video post production to create complete, television-quality video programs quickly, easily and with flexibility. For the three months ended 2/98, revenues rose 15 percent to $12.1 million. Net loss fell 8 percent to $689 thousand. Results reflect new product introduced, partially offset by incrased R&D expenses. 
Microfield Graphics, Inc. (Nasdaq : MICG)MICG develops, manufactures and markets computer conferencing and telecommunications products. MICG uses projection systems and interactive plasma display systems under the brand name SoftBoard, along with a variety of software packages, supplies and accessories. Revenues for the fiscal year ended 1/2/99 rose 18 percent to $6.6 million. Net loss fell 16 percent to $1.9 million. Results reflect shipments to 3 million, partially offset by higher sales of lower margin OEM channel products. 
Miltope Group, Inc. (Nasdaq : MILT)MILT is engaged in the design, development, testing and manufacture of computers and computer peripheral equipment that must operate under demanding environmental conditions. For the three months ended 3/31/99, sales fell 1 percent to $7.4 million. Net loss totalled $294 thousand up from $45 thousand. Results reflect temporary delays in contract manufacturing shipments due to customer inspection of shipped products and a higher interest expense due to a larger debt load. 
MMC Networks, Inc. (Nasdaq : MMCN)MMC Networks, Inc. is a developer and supplier of Network Processors -high-performance, open-architecture, software-programmable processors optimized for network applications. For the three months ended 3/31/99, revenues rose 67 percent to $16.1 million. Net income totalled $3.3 million, up from $1.3 million. Revenues reflect the shift into volume production of the AF5500 product. Earnings also benefitted from lower R&D expenses as a  percentage of revenues. 
McRae Industries (AMEX : MRIa)McRae Industries sells and manufactures bar code reading and printing devices; manufactures military combat, western and work boots; and sells, services and leases office equipment and commercial printing. For the 26 weeks ended 1/30/99, net revenues fell 22 percent to $23.5 million. Net income decreased 88 percent to $144 thousand. Revenues suffered from decreased military combat and work boots sales. Earnings also suffered from increased payroll and sales training expense. 
Micros-to-Mainframes, Inc (Nasdaq : MTMC)Micros-to-Mainframes sells, installs and services microcomputers, microcomputer software products, supplies, accessories and custom designed microcomputer systems. For the nine months ended 12/31/98, total revenues decreased 3 percent to $49.5 million. Net income rose 68 percent to $557 thousand. Revenues reflect the decrease in the lower margin product sales. Earnings benefitted from competitive market pressure, a $810 thousand contractual payment from BTG, Inc., and lower interest cost. 
Mylex Corporation (Nasdaq : MYLX)Mylex produces high performance disk array contollers, PCI bus based and external, Ultra SCSI host bus adapters and complementary computer products for network servers, mass storage systems and workstations. For the three months ended 3/27/99, revenues rose 28 percent to $36.3 million. Net loss fell 86 percent to $276 thousand. Revenues benefited from the sale of newer products. Lower loss reflects lower expenses for research and development. 
National Instruments Corp (Nasdaq : NATI)National Instruments designs, develops, manufactures and markets instrumentation software and specialty interface cards for general commercial, industrial and scientific applications. For the three months ended 3/99, revenues rose 13 percent to $73.7 million. Net income before accounting change rose 20 percent to $10.6 million. Revenues reflect strong sales in Europe and improved sales in Asia Pacific. Earnings also reflect increased interest income. 
Number Nine Visual Tech. (Nasdaq : NINE)NINE supplies higher-performance visual technology solutions products including video/graphics accelerator subsystems, chips and productivity-enhancing software. For the fiscal year ended 1/2/99, net sales decreased 65 percent to $16.5 million. Net loss decreased 33 percent to $13.9 million. Revenues reflect decreased sales of the Company's 128-bit products to OEM customers. Lower loss reflects decreased S/G/A expenses due to a lower headcount and decreased marketing expenses. 
National Computer Systems (Nasdaq : NLCS)National Computer Systems is a global information services company, which provides services, software and systems for the collection, managment and interpretation of data. NLCS serves two broad markets: Education and Large Scale Data Management. Revenues for the three months ended 5/1/99 increased 28 percent to $125.8 million. Net income increased 31 percent to $6.7 million. Results reflect higher assessment and testing services performed and lower average borrowing levels. 
Network Peripherals, Inc. (Nasdaq : NPIX)NPIX designs, develops, manufactures, markets, and supports high performance client/server workgroup networking solutions. For the three months ended 3/31/99, net sales decreased 53 percent to $3.8 million. Net loss increased 47 percent to $2.6 million. Revenues reflect decreased shipments of products based on the FDDI technology. Higher loss was partially offset by reduction in payroll and overhead costs, a decrease in commission expenses, and lower headcount. 
nVIEW Corporation (OTC BB : NVUE)nVIEW Corporation designs, manufactures and markets products to project high quality images from a variety of computer and video sources. The Company's products facilitate large screen viewing of multimedia information in group settings. For the nine months ended 9/30/98, sales fell 48 percent to $8.3 million. Net loss rose 8 percent to $5.8 million. Results reflect lower quantities and prices for products in the traditional audio visual channels, partially offset by higher margins. 
NewCom, Inc. (NWCMNewCom, Inc. designs, manufactures amd markets high performance computer communication and multimedia products for the personal computer market. For the nine months ended 11/30/98, total revenues decreased 3 percent to $66.1 million. Net loss totalled $13.3 million vs. an income of $6 million. Revenues suffered from pricing pressures from the retail channel and lower sales to a significant customer. Loss also suffered from lower margins and $10 million in inventory writedowns. 
Universal Display Corp. (Nasdaq : PANL)Universal Display Corp. is engaged in the research, development and commercialization of Organic Emitting Diode technoloy for use in flat panel displays and other applications. For the fiscal year ended 12/31/98, revenues totalled $369 thousand, up from $94 thousand. Net loss decreased 53 percent to $2.8 million. Results benefitted from a grant from the NJ Commission on Science and Technology to develop OLED technology and study manufacturing development issues. 
PC Service Source, Inc. (Nasdaq : PCSS)PCSS provides logistic services to the PC hardware repair industry. PCSS's services include sourcing and distributing spare parts, inventory management, warranty claims processing, parts remanufacturing and other functions. For the fiscal year ended 12/98, revenues rose 22 percent to $160.8 million. Net loss totalled $12.2 million, vs income of $106 thousand. Revenues primarily a service agreement with Vanstar. Net loss reflects restructuring charges and higher employee expenses. 
Pen Interconnect Inc. (OTC BB : PENC)PENC develops and produces on a turnkey basis, interconnection and contract manufacturing solutions for OEMs in the computer, telecommunications and medical industries. For the three months ended 12/31/98, net sales increased 22 percent to $4.8 million. Net loss totalled $1.3 million, up from $34 thousand. Revenues reflect higher sales due to one significant customer. Higher loss reflects declining sales in the Cable Division and lower margins with a major customer. 
PerfectData Corporation (Nasdaq : PERF)PerfectData Corporation manufactures computer cleaning supplies to help maintain new electronic office and computer equipment; and office ergonomic products for workstation comfort and user productivity. For nine months ended 12/31/98, net sales decreased 53 percent to $1.3 million. Net loss from continuing operations increased 32 percent to $275 thousand. Results suffered from the Company's loss of business with its major customer PriceCostco, which represented 44 percent of total sales. 
Photonics Corporation (OTC BB : PHOX)Photonics Corporation designs, develops, and markets Integrated Device Electronics (IDE) and Small Computer Systems Interface (SCSI) disk controller cards and Input/Output products for personal computers. For the three months ended 3/31/99, revenues fell 74 percent to $446 thousand. Net loss totalled $201 thousand vs. an income of $76 thousand. Results reflect the loss of customers, lack of product inventory for sales and lower margins due to an inventory adjustment. 
Pacific Magtron Intl. (OTC BB : PMIC)Pacific Magtron International is principally engaged in the importing and wholesale distribution of electronics products, computer components, and computer peripheral equipment to various companies throughout the United States. For the three months ended 3/31/99, sales increased 6 percent to $26.6 million. Net income fell 40 percent to $207 thousand. Results reflect the new FrontLine division and increased market share, offset by increased personnel and public company related expenses. 
Printware, Inc. (Nasdaq : PRTW)Printware, Inc. designs, builds and markets ``Computer-to-Plate'' systems which are used by the printing industry to create printing plates directly from computer data, replacing the traditional process of typesetting, paste-up, camera work and processing film. For the three months ended 4/3/99, revenues decreased 45 percent to $920 thousand. Net loss totalled $97 thousand vs income of $366 thousand. Results reflect a reduction in affiliate supplies sales and higher R&D and S/G/A expenses. 
Printronix, Inc. (Nasdaq : PTNX)PTNX designs, manufactures and markets medium and high speed printers used on a wide range of computer systems and associated networks. For the nine months ended 12/25/98, sales rose 5 percent to $133.3 million. Net income fell 24 percent to $9.1 million. Revenues reflect increased sales to the Co.'s largest customer and sales from RJS. Earnings suffered from higher engineering expenses, as a  percentage of sales and increased depreciation and maintenance expenses. 
Paravant, Inc. (Nasdaq : PVAT)PVAT engages in the design, development, production and sales of computer and communication systems, specializing in rugged, hand-held and laptop computer products with primarily military applications. For the six months ended 3/31/99, revenues totalled $20.8 million, up from $7.6 million. Net income totalled $3 million, up from $528 thousand. Revenues benefitted from the acquisitions. Net income also reflects an increased gross profit as a result of the acquisitions. 
RADCOM Ltd. (Nasdaq : RDCM)RADCOM Ltd. is engaged in the development, marketing, manufacturing and support of internetworking test and analysis equipment for data communications networks. For the six months ended 6/30/98, sales increased 14 percent to $9.5 million. Net income totalled $1.1 million vs. a loss of $449 thousand. Results reflect the expansion of the Company's distribution networks and increased gross margins due to efficiency measures and an improved sales mix. 
Rimage Corporation (Nasdaq : RIMG)Rimage designs, manufactures and markets CD recordable and computer disc duplication and production equipment and provides high-volume data duplication services on disc, CD-R and CD-ROM. For the three months ended 3/99, revenues fell 10 percent to $8.7 million. Net income rose 9 percent to $1.1 million. Revenues reflect the 8/98 divestiture of the Bloomington services operations. Earnings reflect higher gross margins due to the divestiture of low margin-yielding Bloomington, and decreased S/G/A. 
RSI Systems, Inc. (Nasdaq : RSIS)RSIS designs, develops and markets telecommunications products for video conferencing, collaborative computing, and high speed data transfer, through the its ERIS Visual Communications and the Video Flyer systems. For the six months ended 12/98, revenues rose from $2.1 million to $5 million. Net income totalled $8 thousand vs. a loss of $819 thousand. Revenues reflect higher sales to national accounts and expanded distribution. Earnings also reflect higher gross profit and lower interest expense. 
SBE, Inc. (Nasdaq : SBEI)SBE Inc. develops, markets, sells and supports high-speed intelligent computer communications controllers that enable users to exchange data between computer systems. For the six months ended 4/30/99, revenues rose 16 percent to $10.3 million. Net income totaled $1.1 million vs. a loss of $710 thousand. Revenues reflect increased sales of VME communication controller products. Net income reflects higher margins due to lower material costs and improved operational efficiencies. 
SCM Microsystems, Inc. (Nasdaq : SCMM)SCM Microsystems designs, develops and sells hardware used to: control access to computers, networks, and digital television broadcasts; to conduct secure electronic commerce; and to exchange information. For the three months ended 3/99, revenues rose 75 percent to $24.4 million. Net income totaled $2.4 million, up from $993 thousand. Results reflect higher shipments of digital media and connectivity products and lower S/G/A and R and D expenses as a  percentage of revenue. 
ScanSource, Inc. (Nasdaq : SCSC)ScanSource, Inc. is a value-added distributor of automatic identification, point of sale and telephony products. For the nine months ended 3/31/99, net sales increased 61 percent to $203.2 million. Net income increased 60 percent to $5.2 million. Revenues benefitted from additional sales force, competitive pricing and selective expansion of product lines. Earnings were partially offset by an unfavorable change in the mix of sales and higher debt levels. 
SC&T International, Inc. (OTC BB : SCTU)SC&T International, Inc. develops and markets accessory and peripheral products for the multimedia, interactive and communications segments of the PC and video game industries. For the comparable nine months ended 1/31/99, net sales decreased 6 percent to $4 million. Net loss fell 77 percent to $1.5 million. Revenues suffered from delayed shipments. Lower loss reflects higher gross profit margins and reductions in payroll and promotional expenses. 
Sedona Corporation (Nasdaq : SDNA)Sedona Corporation develops Internet enabled business geographics and data visualization software and solutions, imaging software and systems and backfile conversion services. For the three months ended 3/31/99, revenues fell 51 percent to $593 thousand. Net loss applicable to Common fell 41 percent to $1.7 million. Revenues reflect fewer units sold in Tangent Imaging Systems. Lower loss reflects a lack of a retirement agreement and business refocusing costs. 
Safeguard Scientifics,Inc (NYSE : SFE)SFE is engaged in the business of identifying, acquiring interests in and developing partnership companies, which are engaged in the information technology business. Total revenues for the three months ended 3/31/99 increased 23 percent to $555.3 million. Net income totalled $24.1 million, up from $5.1 million. Revenues benefitted from increased unit sales and higher securities gains. Net income also reflects a $6.5 million equity in income of affiliates vs. a $1.5 million loss. 
Sigma Designs, Inc. (Nasdaq : SIGM)Sigma Designs, Inc. designs, manufactures and markets multimedia computer devices and products for use with personal computer. For the three months ended 4/30/99, revenues increased 33 percent to $13.8 million. Net income applicable to Common totalled $512 thousand vs. a loss of $56 thousand. Revenues reflect increased sales of MPEG-Based boards and chipsets, DVD board products, and video networking products. Earnings also reflect lower S/G/A and R&D expenses as a  percent of sales. 
Sand Technology Systems (Nasdaq : SNDCF)Sand Technology Systems develops, markets and supports a unique data storage and manipulation architecture known as the Nucleus product suite. For the three months ended 10/31/98, revenues increased 20 percent to C$647 thousand. Net loss totalled C$1.3 million, up from C$79 thousand. Results reflect the Company's continued concentration on developing, training, and supporting its distribution channels. Higher loss reflects increased R and D costs. 
Scan-Optics, Inc. (Nasdaq : SOCR)SOCR designs, manufactures, markets and services information processing systems used for imaging, data capture, document processing and information management. Revenues for the fiscal year ended 12/31/98 fell 5 percent to $54 million. Net income fell 63 percent to $2.1 million. Revenues reflect lower product sales due to a decrease in international sales. Earnings also suffered from increases in salary, benefit and travel expenses, higher SCS S/G/A expenses, and higher debt levels. 
Splash Technology Holding (Nasdaq : SPLH)Splash Technology Holdings, Inc. develops, produces, and markets color servers that provide an integrated link between desktop computers and digital color laser copiers. The Company's products enable such copiers to provide high quality, high speed, networked color printing and scanning. For the three months ended 3/31/99, revenues fell 9 percent to $16.3 million. Net income fell 17 percent to $1.8 million. Results reflect lower sale prices due to competetive pressures and higher SGA costs. 
ScanSoft, Inc. (Nasdaq : SSFT)ScanSoft is a developer of digital imaging software for the small office/home office markets. SSFT's products capture and convert paper documents and photographs into digital documents and images. For the fiscal year ended 12/98, sales rose 37 percent to $79.1 million. Net loss fell 84 percent to $3.8 million. Sales reflect the growth of the flatbed scanner market. Lower loss reflects the absence of write-offs for obsolete inventory and the cancellation of purchase commitments. 
Stratasys, Inc. (Nasdaq : SSYS)SSYS develops, manufactures and markets prototyping devices which allow engineers and designers to create models and prototypes out of plastic and other materials directly from computer aided design (CAD) workstations. For the three months ended 3/31/99, sales rose 8 percent to $7.6 million. Net loss totalled $193 thousand vs. income of $12 thousand. Revenues reflect increased sales of the FDM(R) Quantum. Net loss reflects increased R&D expenses due to higher payroll related costs. 
SysComm International (Nasdaq : SYCM)SysComm International is a systems integrator and reseller of computer hardware, operating software, and networking applications to Fortune 1000 companies. For the three months ended 12/31/98, net sales fell 3 percent to $27.3 million. Net income rose 61 percent to $511 thousand. Revenues reflect lower sales in the New York and Massachusetts offices. Earnings reflect higher margins due to the Company's new strategic emphasis on serving the information technology marketplace. 
Transact Technologies (Nasdaq : TACT)Transact Technologies, Inc. designs, develops, manufactures and markets transaction based printers and related products under the ITHACA and MAGNETIC brand names. For the three months ended 3/27/99, net sales decreased 31 percent to $9.2 million. Net loss totalled $279 thousand vs. an income $634 thousand. Revenues reflect lower shipments to the point of sale and the gaming and lottery markets. Net loss also reflects increased debt levels and product development cost as a  percent of revenues. 
Tekgraf, Inc. (Nasdaq : TKGFA)Tekgraf, Inc. manufactures, configures, distributes and services computer and computer peripherals, hardware and software. The Company operates through its Graphics Division and its Technology Division. For the fiscal year ended 12/98, net sales rose from $48.7 million to $99 million. Net income totalled 91 thousand vs. a loss of $393 thousand. Revenues reflect acquisitions and internal growth. Earnings also reflect differing product mixes and increased value added services. 
ThrustMaster, Inc. (Nasdaq : TMSR)ThrustMaster designs, develops, manufactures, and markets realistic game controllers and software solutions for the home computer and video console markets. For the three months ended 3/31/99, revenues increased 31 percent to $8.3 million. Net loss decreased 79 percent to $258 thousand. Revenues reflects increased European and OEM sales and the introduction of the Talk n' Play software product. Lower loss also reflects a reduction in personnel, marketing and advertising costs. 
Network Connection (Nasdaq : TNCX)TNCX designs, manufactures, and distributes computer networking products and systems, including complete video and data entertainment systems, high stream count videoservers and workstations. For the fiscal year ended 12/98, revenues fell 36 percent to $5 million. Net loss applicable to Common totalled $10.2 million, up from $2 million. Revenues reflect the absence of deliveries of AirView systems. Higher loss reflects a $6.2 million increase in the provision for doubtful accounts. 
TelePad Corporation (OTC BB : TPADA)TelePad Corp. designs, develops and markets mobile computing and communications systems for mobile field workers in remote locations that connect the workers to their home office. For the nine months ended 9/98, total revenues increased 75 percent to $4.9 million. Net loss decreased 21 percent to $3 million. Results reflect the addition of L&E Mobile Computer Mounts, Inc. (acquired 5/98), partially offset by increased interest expense due to the acquisition of L&E. 
Tricord Systems, Inc. (Nasdaq : TRCD)TRCD is developing storage systems software for Windows NT to facilitate transparent data sharing on network-attached storage devices. TRCD also offers high performance enterprise servers. For the three months ended 3/31/99, revenues fell 55 percent to $591 thousand. Net loss rose from $692 thousand to $1.8 million. Results reflect a strategic business shift resulting in cancellation of the enterprise server project as the focus shifts towards TSMS, and increased marketing. 
Tridex Corporation (Nasdaq : TRDX)Tridex, Inc. designs, develops, manufactures, integrates and sells custom-designed terminal devices, customer displays, and other peripheral devices used at the retail point-of-sale. For the three months ended 3/31/99, net sales rose from $6.2 million to $13.8 million. Net loss totalled $726 thousand vs. an income of $47 thousand. Revenues reflect the Progressive acquisition and a greater volume of shipments of POS component products, offset by increased engineering and S/G/A expenses. 
Voice Control Systems (Nasdaq : VCSI)VCSI supplies speech recognition and speaker verification products and technologies, and vocabulary libraries. VCSI markets its products to systems integrators, desktop computing and consumer electronic markets. For the three months ended 3/31/99, revenues fell 27 percent to $2.8 million. Net loss totalled $1.3 million, up from $456 thousand. Revenues reflect lower royalty, development and license fess. Higher loss also reflects higher payroll and additional personnel hirings. 
VirtualFund.com, Inc. (Nasdaq : VFND)VFND designs, develops, manufactures and markets wide-format, high-resolution color inkjet printers, chemical-free film imagers, and related image processing equipment for professional printing applications. For the six months ended 12/31/98, revenues fell 10 percent to $33.4 million. Net loss totalled $5.7 million, up from $748 thousand. Revenues reflect lower sales of the HiRes 8-color DisplayMaker series of printers. Higher losses reflect a $2.5 million acquired R&D charge. 
Voxware, Inc. (Nasdaq : VOXW)VOXW develops, markets, licenses and supports digital speech and audio technologies, solutions and applications to software and hardware companies for a wide range of applications and services. For the nine months ended 3/31/99, total revenues decreased 62 percent to $1.9 million. Net loss decreased 6 percent to $3 million. Results reflect the deterioration of the multimedia Internet software market for Voxware's speech compression products, offset by lower R&D expenses. 
VideoServer Inc. (Nasdaq : VSVR)VideoServer is a provider of networked conferencing solutions that enable people in multiple locations to collaborate using any combination of audio, video and data, delivered over LANs, WANs, and IP-based networks. For the three months ended 3/31/99, net sales rose 41 percent to $16.6 million. Net income totalled $1.3 million vs. a loss of $1.3 million. Results reflect increased revenue from Multimedia Conference Server products, higher margins and the absence of special charges. 
Wave Systems Corp. (Nasdaq : WAVX)Wave Systems, a development stage company, is engaged in the research and development of a proprietary system for use with a computer, that measures, controls, and records the use of electronic content. For the three months ended 3/99, revenues fell 72 percent to $2 thousand. Net loss applicable to Common rose 76 percent to $3.7 million. Results reflect an increase in personnel, trade shows, equipment and other related costs and higher interest expense. 
Wells-Gardner Electronics (AMEX : WGA)WGA designs, manufactures, assembles and markets color video monitors, video displays, coin doors and coin mechanisms for coin-operated video games, lottery and gaming terminals, and other display applications markets. For the three months ended 3/31/99, sales rose 2 percent to $9.2 million. Net loss totalled $245 thousand vs. an income of $154 thousand. Results reflect increased sales of coin doors due to an acquisition, offset by lower margins due to lower sales in the service business. 
Widecom Group, Inc. (Nasdaq : WIDE)The Widecom Group, Inc. designs, assembles and sells high-speed, high performance document systems which transmit, receive, print, copy and/or archive wide format documents. For the nine months ended 12/31/98, net revenues fell 9 percent to $2.4 million. Net loss fell 55 percent to $907 thousand. Revenues suffered from lower product sales and reduced interest income. Lower loss reflects lower S/G/A expenses, managment fees and salaries. 
Wincroft, Inc. (OTC BB : WINN)Wincroft, Inc. is a technology company focusing on hardware and software solutions for audio and video communications over the Internet. The Company's trading activities commenced on March 31, 1998 through the acquisition of VideoTalk. For the nine months ended 12/31/98, revenues totalled $10 thousand, up from $0 thousand. Net loss totalled $91 thousand, up from $2 thousand. Results reflect initial trading revenues, offset by increased administrative expenses. 
Xircom, Inc. (Nasdaq : XIRC)Xircom, Inc. designs, develops, manufactures, markets and supports products that allow notebook PCs to connect to a network either locally or remotely. For the six months ended 3/31/99, net sales rose 66 percent to $193.7 million. Net income totalled $20.6 million, up from $5.7 million. Revenues reflect growth in market demand for local and wide area network connectivity products. Earnings also benefitted from higher margins due to increased RealPort product sales. 
Extended Systems Inc. (Nasdaq : XTND)Extended Systems Inc. provides distributed and mobile computing solutions for the virtual enterprise. The Company designs, develops, markets and sells distributed connectivity products and mobile systems products. For the six months ended 12/98, revenue fell 2 percent to $22.8 million. Net loss totalled $1.9 million vs. an income of $1.4 million. Revenues reflect decreased sales and lower average selling prices. Loss reflects lower margins and higher sales activity.%}
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AboveNet Communications (Nasdaq : ABOV)AboveNet Communications is a provider of high performance, managed co-location and Internet connectivity solutions for electronic commerce and other mission-critical Internet operations. For the nine months ended 3/31/99, revenues totalled $8.3 million, up from $2.1 million. Net loss totalled $14.4 million, up from $2.8 million. Revenues reflect the addition of new customers and increased bandwidth utilization by existing customers. Higher loss reflects personnel increases. 
Affinity Technology Group (Nasdaq : AFFI)Affinity Technology Group develops and markets technologies that enable financial institutions and other businesses to provide consumer financial services electronically with reduced or no human intervention. For the three months ended 3/31/99, revenues fell 70 percent to $326 thousand. Net loss fell 18 percent to $2.5 million. Revenues reflect the absence of a service contract in 1998. Lower loss reflects a decrease in the number of research and development employees. 
Printrak International (Nasdaq : AFIS)Printrak supplies integrated indentification and information systems used worldwide in criminal justice, public safety and related civil applications. For the nine months ended 12/98, revenues rose 4 percent to $60.4 million. Net income totalled $9.5 million vs. a loss of $5.6 million. Revenues reflect recent acquisition activities. Earnings reflect a $5.3 million tax benefit upon reversal of a deferred tax asset valuation allowance, and the absence of a $5.9 million acquired R&D charge. 
Applied Innovation Inc. (Nasdaq : AINN)Applied Innovation, Inc. designs and manufactures products for network management, protocol conversion, mediation and data communication between network elements and operations support systems for telecommunications service providers. For the three months ended 3/99, net sales fell 6 percent to $10.9 million. Net income totalled $1.3 million vs. a loss of $116 thousand. Results reflect lower number of systems sold, and lower R&D costs due to the termination of the Access Products Group. 
APACHE Medical Systems (Nasdaq : AMSI)AMSI is a provider of clinically-based decision support information systems to the healthcare industry. AMSI offers customers a line of outcomes-based products and services. For the three months ended 3/31/99, revenues fell 5 percent to $3.3 million. Net income totalled $456 thousand, vs. a loss of $5 thousand. Revenues reflect decreased Health Outcomes Research and Clinical Consulting revenues. Earnings reflect an improved gross profit margin and lower research and development expenses. 
ACT Networks, Inc. (Nasdaq : ANET)ACT Networks develops, manufactures, and markets wide-area network access products which support a broad range of voice, data and integrated network applications. For the nine months ended 3/99, revenues decreased 1 percent to $41.1 million. Net loss decreased 98 percent to $129 thousand. Revenues reflect decreased unit volumes primarily to Asia Pacific and Latin America regions. Lower loss reflects the absence of a $6.8 million charge for in-process R&D. 
Applied Microsystems Corp (Nasdaq : APMC)APMC develops, markets and supports a comprehensive suite of software and hardware enhanced development and test tools and engineering services for the development of complex embedded microprocessor based applications. For the three months ended 3/99, revenues rose 3 percent to $8.5 million. Net loss rose 67 percent to $934 thousand. Revenues reflect increased sales of low cost debug solutions. Higher loss suffered from increased promotional costs. 
ASA International Ltd. (Nasdaq : ASAA)ASAA develops, markets and provides sevices for its proprietary enterprise and point-solution software products and distributes computer hardware to its software customers. For the three months ended 3/31/99, net revenues fell 16 percent to $6.4 million. Net income totalled $1.7 million, up from $50 thousand. Revenues reflect the absence of revenue from the Co's catalog direct marketing systems product line. Earnings reflect lower operating expenses and gains from the sale of division. 
Auto-Trol Technology Corp (OTC BB : ATRC)Auto-Trol develops, integrates, markets, sells, and support its software products for product data management, physical network management, mapping, technical illustration and engineering. For the three months ended 12/31/98, revenues decreased 2 percent to $3.7 million. Net loss decreased 28 percent to $1.2 million. Revenues reflect decreased sales volume and unfavorable exchange rates. Lower loss reflects closure of field offices and the Company's cost containment measures. 
Augment Systems, Inc. (OTC BB : AUGS)Augment Systems designs, develops, and sells fibre channel-based network file server systems designed to increase data transfer and file storage on computer networks. The Company products address the increasing demand for rapid transfer and efficient storage. For the nine months ended 9/30/98, sales fell 39 percent to $824 thousand. Net loss decreased 15 percent to $4.8 million. Revenues reflect lower recognized product revenues. Lower loss reflects personnel reductions and lower legal costs. 
Aspen Technology, Inc. (Nasdaq : AZPN)Aspen Technology is a supplier of software and service solutions used by companies in the process industries to design, operate and manage their manufacturing processes. For the nine months ended 3/99, revenues fell 9 percent to $162.6 million. Net loss totalled $11.7 million vs. income of $9.9 million. Revenues reflect decreased software license revenues attributable to global economic conditions. Net loss suffered from higher costs of consulting/training services. 
Black Box Corporation (Nasdaq : BBOX)BBOX is a direct marketer and technical service provider of computer communications and networking equipment and services to businesses of all sizes, operating in 77 countries. For the 39 weeks ended 12/98, revenues rose 9 percent to $238.8 million. Net income rose 15 percent to $26.7 million. Revenues reflect continued strong demand for new products. Earnings also reflect lower S/G/A expenses as a  percentage of sales due to the leveraging of the Company's support structure. 
Cam Data Systems, Inc. (Nasdaq : CADA)Cam Data Systems, Inc.'s principal business is to design, assemble, market, service and support point of sale, order entry, inventory control and accounting systems for small to medium size retailers. For the six months ended 3/31/99, revenues rose 38 percent to $11.9 million. Net income totalled $307 thousand vs. a loss of $230 thousand. Revenues reflect an increase in system sales to existing customers. Earnings also reflect higher services margins due to lower labor costs. 
Creative Computer Applic. (Emerging Company Marketplace : CAPCAP develops, assembles, markets, installs and services computer based Clinical Information Systems (CIS) used by hospitals, clinics, reference laboratories and other healthcare institutions. For the six months ended 2/28/99, net sales rose 33 percent to $4.1 million. Net income totalled $334 thousand vs. a loss of $534 thousand. Revenues reflect increased sales of Clinical Information Systems. Net income also reflects decreased cost of sales as a  percentage of revenues. 
Cambridge Technology Ptnr (Nasdaq : CATP)CATP works with clients to design, develop and deploy client/server and Internet applications. CATP also provides information technology, management consulting, and software implementation services. For the three months ended 3/31/99, revenues increased 6 percent to $151.4 million. Net income fell 40 percent to $7.5 million. Revenues reflect an increase in the volume of services delivered to new clients. Net income was offset by higher project personnel costs as a perentage of revenues. 
Cadema Corp. (OTC BB : CDMA)Cadema finances and operates business enterprises that have the potential to generate profits and positive cash flow. For the fiscal year ended 12/31/98, the Company did not report revenues. Net loss applicable to Common increased 9 percent to $455 thousand. The Company's subsidiary, Global Environmental Offshore Company also generated no revenues. Higher loss reflects realized losses generated on the Company's investment portfolio. 
Cerner Corporation (Nasdaq : CERN)Cerner Corporation designs, develops, markets, installs and supports health information systems for use in healthcare organizations. For the three months ended 4/3/99, total revenues increased 18 percent to $86.7 million. Net income totalled $2.8 million, up from $671 thousand. Revenues benefitted from higher System sales due to increased sale of additional hardware and software. Net income reflects an absence of a $5 million one-time write-off of in-process research and development. 
Computron Software, Inc. (AMEX : CFW)Computron Software, Inc. designs, develops, markets and supports client/server financial, workflow and archival data management software solutions. For the three months ended 3/31/99, revenues rose 5 percent to $15.8 million. Net loss totalled $544 thousand, down from $4.3 million. Revenues reflect higher utilization rates in the U.S. related to demand for version upgrades and services for core products. Earnings were offset by low gross margins and higher interest expenses. 
ChatCom Inc. (OTC BB : CHAT)ChatCom Inc. engages in the business of developing, integrating, manufacturing and marketing highly-efficient centralized server and storage management systems. For the nine months ended 12/31/98, net sales fell 59 percent to $2.5 million. Net loss applicable to Common fell 50 percent to $2.5 million. Revenues reflect a decrease in shipments to the Company's Singapore distributor due to the Asian economic crisis. Lower loss reflects decreased S/G/A and research and development expenses. 
CITATION Computer Systems (Nasdaq : CITA)CITATION Computer Systems designs, develops, markets and supports clinical information systems for hospitals, clinics, physicians' groups and emerging Integrated Delivery Networks. For the nine months ended 12/31/98, revenues fell 11 percent to $11.5 million. Net income totalled $236 thousand vs. a loss of $243 thousand. Revenues reflect the delay in new systems orders of NT products. Earnings benefitted from lower personnel and selling costs and a decrease in debt levels. 
Computer Network Tech. (Nasdaq : CMNT)CMNT designs, manufactures, markets and supports a range of enterprise-wide networking hardware and software products. For the three months ended 3/99, revenues rose 18 percent to $36.9 million. Net income rose from $369 thousand to $2.7 million. Revenues reflect an increase in the sale of Network products and an increase in new professional services revenue. Net income reflects a decrease in operating expenses in the Enterprise Integration Solutions division. 
3Com Corporation (Nasdaq : COMS)3Com Corp. is a broad-based supplier of local area network (LAN) and wide area network (WAN) systems for the large enterprise, small business, home and service provider markets. For the nine months ended 2/26/99, revenues rose 8 percent to $4.36 billion. Net income totalled $316.3 million vs. a loss of $33.4 million. Revenues reflect higher sales of client access products and network systems products. Earnings reflect a $16.9 million credit for the merger with U.S. Robotics (vs. a $258.6 million charge). 
Cisco Systems, Inc. (Nasdaq : CSCO)Cisco Systems provides networking solutions that connect computing devices and computer networks, allowing people to access or transfer information without regard to differences in time, place, or type of computer system. For the 39 weeks ended 5/1/99, net sales rose 41 percent to $8.56 billion. Net income rose 69 percent to $1.45 billion. Revenues benefitted from higher unit sales of LAN switching products. Earnings also benefitted from higher interest and other income. 
Casino Data Systems (Nasdaq : CSDS)CSDS designs and manufactures casino management information systems, gaming machines and meters, signs graphics to the gaming industry. CSDS also sells multi-site link progressive jackpot systems. For the three months ended 3/99, total revenues increased 24 percent to $15.7 million. Net income decreased 40 percent to $192 thousand. Revenues reflect an increased portfolio of games available for sale. Net income was offset by a lower gross margin due to change in sales mix. 
Castelle (Nasdaq : CSTL)Castelle designs, develops, markets and supports network enhancement products, both hardware and software, that improve the productivity, performance and functionality of local area networks and enhance the LAN user's ability to communicate. For the three months ended 4/02/99, net sales fell 32 percent to $4.5 million. Net loss totalled $1.4 million vs income of $183 thousand. Results reflect a decrease in print server product sales and increased R&D expense. 
Convergys Corporation (NYSE : CVG)CVG is a provider of outsourced billing and customer management solutions, which encompass activities such as targeting, acquiring, serving and retaining customers on behalf of its clients. For the three months ended 3/31/99, revenues rose 30 percent to $399.8 million. Net income totalled $32.4 million vs. a loss of $2.3 million. Revenues reflect growth in wireless billing services due to higher subscriber levels. Earnings also reflect the absence of a $42.6 million purchased R&D charge. 
DAOU Systems, Inc. (Nasdaq : DAOU)DAOU Systems provides integrated information technology solutions and services to the U.S. healthcare industry, including up-front strategic consulting to IT system design, implementation and long-term tactical support. For the three months ended 3/31/99, revenues rose 14 percent to $27.3 million. Net loss totalled $1.7 million vs. an income of $1.1 million. Results reflect a greater number of consulting contracts, offset by lower margins due to increased product content. 
Dassault Systems (Nasdaq : DASTY)Dassault Systemes is a developer of computer aided design (``CAD''), computer aided manufacturing (``CAM''), and computer aided engineering (``CAE'') software products. The Company's products offer a full range of design, analysis, manufacturing and post-production support applications. For the six months ended 6/30/98, revenues increased 29 percent to FF1.19 billion. Net income increased 10 percent to FF197M. Results benefitted from the 7/97 acquisition of SolidWorks. 
Dynamic Healthcare Tech. (Nasdaq : DHTI)Dynamic Healthcare Technologies provides and supports mission-critical healthcare information systems for clinical services departments and facilities. For the three months ended 3/99, revenues increased 63 percent to $9.8 million. Net income applicable to Common totalled $399 thousand vs. a loss of $2.9 million. Results reflect significantly increased revenues from the initial sales cycle of the new technology product releases introduced in 1997. 
Digital Link Corporation (Nasdaq : DLNK)DLNK designs, manufactures, markets and supports a broad range of high speed digital access products for wide area networks worldwide. For the three months ended 3/31/99, net sales increased 5 percent to $15.2 million. Net income totalled $912 thousand, up from $49 thousand. Revenues reflect an increase in unit sales of broadband products. Net income also reflects decreased R&D expenses due to lower personnel-related expenses as a result of a reduced headcount. 
Delphi Information System (Nasdaq : DLPH)DLPH develops, markets, and supports software products to automate operations of independent property and casualty insurance agents, brokers, general agents and insurance companies. For the comparable fiscal year ended 12/31/98, total revenues rose 16 percent to $19.2 million. Net income totalled $501 thousand vs. a loss of $3.7 million. Revenues reflect increased software revenues. Net income also reflects the abence of a $2.2 million write-off of purchased software and goodwill charge. 
Data Research Assoc. Inc. (Nasdaq : DRAI)DRAI is a systems integrator for libraries and other information providers, offering information services software; third party software and hardware; networking services; and other related support services. For the six months ended 3/31/99, revenues fell 15 percent to $13.4 million. Net income fell 69 percent to $336 thousand. Revenues reflect lower hardware revenues due to the lack of new contract shipments and lower prices. Earnings reflect higher salary cost due to hiring. 
Dynamics Research Corp. (Nasdaq : DRCO)DRCO provides info. systems development and operation, engineering and management support services to organizations of the US Department of Defense, other agencies of the US and state governments and commercial companies. For the three months ended 3/99, revenues rose 11 percent to $46.5 million. Net income from continuing operations fell 2 percent to $1.2 million. Revenues reflect higher Metrigraphic Division sales. Net income reflects lower margins and higher S/G/A and interest expenses. 
Data Systems Network Corp (OTC BB : DSYS)Data Systems Network provides computer network integration and data management services in the distributed computing marketplace. Services include designing, installing and managing networks. For the three months ended 3/99, revenues fell 23 percent to $14.3 million. Net income from continuing operations totalled $230 thousand, vs. a loss of $1.2 million. Revenues reflect a the termination of a specific product sales contract. Earnings relfect an improved gross profit margin. 
ELITE Information Group (Nasdaq : ELTE)ELITE Information Group is a software product and services company, providing integrated business solutions to the financial and legal and professional services markets. For the three months ended 3/31/99, net revenue rose 56 percent to $13 million. Net income from continuing operations totalled $67 thousand vs. a loss of $683 thousand. Results reflect an increased number of contract signings due to new product introductions, and higher margins due to more efficient resource utilization. 
Eltrax Systems, Inc. (Nasdaq : ELTX)Eltrax, a managed network services company, provides communications products and services for enterprise wide networks. ELTX also provides monitoring, management and maintenance services. For the three months ended 3/99, revenues remained flat at $29.7 million. Net loss totalled $6.1 million vs. income of $273 thousand. Results reflect the inclusion of a $3.6 million reorganization cost and a $2.3 million transaction expense and increased S/G/A expenses. 
F5 Networks Inc. (Nasdaq : FFIV)F5 Networks is a provider of integrated Internet traffic management solutions designed to improve the availability and performance of mission-critical Internet-based servers and applications. For the six months ended 3/31/99 revenues totalled $6.5 million, up from $1.8 million. Net loss totalled $5.2 million, up from $1 million. Revenues reflect an increase in products sold and an increase in the installed base. Net loss reflects higher personnel-related expenses. 
4Front Technologies, Inc. (Nasdaq : FFTI)4Front Technolgies, Inc. is a European provider of information technology and outsourcing solutions, including hardware maintenance, help desk support, training, network services, specialized software solutions and the supply of high-end storage systems. For the fiscal year ended 1/31/99, revenues rose 77 percent to $148.9 million. Net income rose 90 percent to $5.8 million. Results reflect acquisitions, growth of the services division and higher margins due to internal growth. 
FileNET Corporation (Nasdaq : FILE)FILE develops, markets and services a family of integrated document management software products designed to manage information and enhance enterprise productivity. For the three months ended 3/31/99, revenues rose 11 percent to $81.4 million. Net income decreased 19 percent to $2 million. Revenues reflect an increase in service revenues. Net income was offset by increased cost of revenues as a  percentage of revenues due to the addition of professional services personnel. 
General Automation, Inc. (OTC BB : GAUM)General Automation is engaged in the development, design and sale of computer software and hardware and related field support services. For the three months ended 12/31/98, revenues decreased 6 percent to $7.8 million. Net income totalled $157 thousand vs. a loss of $1.1 million. Revenues suffered from an aging service contract portfolio. Earnings reflect an increase in gross profit due to the cancellation of a third party service contract, and a decrease in headcount. 
Globix Corporation (Nasdaq : GBIX)Globix Corp. provides Internet connectivity and sophisticated Internet-based solutions that are designed to enable businesses to take advantage of their corporate networks and the Internet. For the six months ended 3/31/99, revenues increased 43 percent to $13 million. Net loss totalled $17.5 million, up from $871 thousand. Revenues reflect increases in sales from the Internet Division. Higher loss reflects higher interest expense due to an increase in debt levels. 
GHS, Inc. (OTC BB : GHSI)GHS, Inc., through its subsidiary, U.S. Neuro Surgical, Inc., owns and operates stereotactic radiosurgery centers, utilizing the Gamma Knife technology. For the three months ended 3/31/99, revenues increased 60 percent to $940 thousand. Net income totalled $204 thousand, up from $1 thousand. Revenues reflect an increase in the number of Gamma Knife procedures. Earnings alos reflect decreased patient expenses as a  percentage of revenues and decreased interest expenses. 
HCIA Inc. (Nasdaq : HCIA)HCIA Inc. is a health care information content company that develops and markets integrated clinical information systems and products. For the Fy ended 12/31/98, revenue fell 6 percent to $63 million. Net loss from continuing operations totalled $27.3 million vs. income of $411 thousand. Revenues reflect the failure of the Company's Integrated Solutions units to execute agreements with customers. Losses reflects higher impairment loss on intangible assets and restructuring costs. 
Hadron, Inc. (OTC BB : HDRN)HDRN provides a range of information, management and technical services, specializing in the areas of trusted/ secure computer systems and support, and intelligent weapons systems. For the six months ended 12/98, revenues fell 3 percent to $9.8 million. Net income fell 48 percent to $143 thousand. Revenues reflect fewer contract requirements at major goverment and commercial customers. Net income reflects retaining technical personnel on overhead while awaiting for new customer tasking. 
Health Systems Design Co. (Nasdaq : HSDC)HSDC is a provider of managed care information systems software to payors and providers of managed care products and services. For the six months ended 3/31/99, revenues rose 12 percent to $13.2 million. Net loss fell 23 percent to $1.2 million. Revenues benefitted from an increase in support fees from the Co.'s increased consumer base. Lower loss reflects lower general and administrative expenses due to the absence of an allowance for doubtful accounts. 
iXL Enterprises, Inc. (Nasdaq : IIXL)IIXL is an Internet services company which provides Internet strategy consulting and comprehensive Internet-based solutions to companies and other corporate users of information technology. For the three months ended 3/31/99, revenues totalled $33 million, up from $6.9 million. Net loss applicable to Common totalled $23.5 million, up from $6.7 million. Revenues benefitted from the Company's acquisition program. Higher loss reflects an increase in headcount. 
IKOS Systems, Inc. (Nasdaq : IKOS)IKOS Systems, Inc. develops, manufactures, markets and supports hardware and software systems for the verification of integrated circuits. For the six months ended 4/3/99, revenues increased 3 percent to $25 million. Net income fell 64 percent to $310 thousand. Revenues reflect an increase in sales of the Company's emulation products and increased customer base. Earnings were offset by increased commissions, focal increases and other selling costs. 
Intergraph Corporation (Nasdaq : INGR)INGR is a vendor of software, hardware and services for technical, creative, and information technology professionals in a range of industry and government sectors. Revenues for the three months ended 3/31/99 increased 3 percent to $252.1 million. Net loss totalled $17.6 million vs. income of $49.4 million. Revenues reflect growth in the Company's federal government business. Net loss reflects the absence of $102.8 million gain on the sale of assets and the inclusion of a $8.6 million settlement expense. 
IntraNet Solutions, Inc. (Nasdaq : INRS)IntraNet Solutions, Inc. develops and implements proprietary software solutions for the management and distribution of critical business information. For the nine months ended 12/31/98, total revenues fell 25 percent to $11 million. Net loss from continuing operations applicable to Common fell 81 percent to $497 thousand. Revenues reflect sale of the Company's hardware integration business during the period. Lower loss reflects higher margins due to increased software sales. 
INSCI Corp. (Nasdaq : INSI)INSI develops, markets and supports client/server electronic printing and document management software utilizing optical disk and CD storage technology to distribute computer generated documents and scanned images. For the nine months ended 12/31/98, revenues rose 42 percent to $9.2 million. Net loss fell 71 percent to $765 thousand. Revenues benefitted from the Company's new Windows NT and Web based products. Loss also reflects higher margins due to increasing revenues. 
Int'l Network Services (Nasdaq : INSS)INSS provides services for the full life cycle of a network, including planning, design, implementation, operations and optimization, and maintains expertise in the most complex network technologies and multivendor environments. For the nine months ended 3/99, revenues rose 86 percent to $220.9 million. Net income rose 62 percent to $15.5 million. Revenues reflect an increase in the number and size of professional service projects. Net income was partially offset by a $7.2 million acquisition charge. 
IMAGE Software, Inc. (OTC BB : ISOL)Image Software develops and markets 1MAGE software, a Unixbased electronic document image management and retrieval system which allows paper documents to be converted into electronic form. For the three months ended 3/31/99, revenues increased 10 percent to $487 thousand. Net income increased from $3 thousand to $13 thousand. Revenues reflect an increase in resellers in the healthcare and distribution markets. Earnings also reflect a higher gross profit. 
Int'l Sports Wagering (Nasdaq : ISWI)International Sports Wagering Inc., a development stage company, has designed and developed an interactive, proprietary, PC-based computer system that enables users to wager during the course of a sporting event. For the six months ended 3/31/99, revenues fell 70 percent to $8 thousand. Net loss fell 27 percent to $1.1 million. Results reflect the lack of professional basketball due to a labor dispute offset by lower marketing activities, license and R and D expenses. 
Jack Henry & Associates (Nasdaq : JKHY)Jack Henry and Associates provides integrated computer systems for in-house and service bureau data processing to commercial banks and financial institutions. For the nine months ended 3/31/99, total revenues rose 45 percent to $139.6 million. Net income from continuing operations rose 50 percent to $24.2 million. Revenues reflect higher licensing and installation and support and service revenues, as well as strong hardware sales. Earnings reflect increased interest income due to more cash invested. 
Judge Group, Inc. (Nasdaq : JUDG)The Judge Group, Inc. services the information technology and engineering needs of its clients through contract placement, permanent placement, information management services and IT training. For the three months ended 3/99, revenues rose 26 percent to $31.6 million. Net loss totalled $580 thousand vs. income of $363 thousand. Revenues reflect new offices opened. Net loss suffered from increased SG&A costs as a  percentage of sales due to acquisitions. 
Jyra Research, Inc. (OTC BB : JYRA)Jyra Research, Inc., a development stage company, develops new computer network management systems to solve network problems caused by the constant increase in network traffic and growing complexity of networks. For the three months ended 3/99, revenues totalled $115 thousand, up from $31 thousand. Net loss increased 2 percent to $832 thousand. Revenues benefitted from the sale of the initial software. Higher losses reflect additional staffing, and increased currency exchange expense. 
LanVision Systems, Inc. (Nasdaq : LANV)LANV provides healthcare information access systems that enable hospitals and integrated healthcare networks to capture, manage, retrieve, process and store clinical and financial patient information. For the fiscal year ended 1/31/99, revenues rose 38 percent to $12 million. Net loss fell 14 percent to $10.9 million. Revenues benefitted from the inclusion of service bureau operations. Net loss was partially offset by decreased interest income and the inclusion of interest expense. 
Larscom Incorporated (Nasdaq : LARS)Larscom develops, manufactures and markets a broad range of high speed internetworking solutions for network services providers and corporate users. For the three months ended 3/31/99, revenues fell 45 percent to $12.2 million. Net loss totaled $1 million vs. income of $1.7 million. Revenues reflect lower sales of the Orion 4000 product line. Net loss suffered lower from margins due additional inventory reserves, lower production volumes and lower average unit selling prices. 
CompuTrac, Inc. (AMEX : LLB)LLB develops, markets, services and supports integrated computer systems and software applications designed for law firms. For the three months ended 4/30/99, revenues rose 36 percent to $1.5 million. Net income totalled $119 thousand, vs. a loss of $256 thousand. Revenues reflect an increase in the number of new systems sales and related installation services. Earnings reflect an improved gross profit margin due to increased sales of higher margin software products. 
LanOptics, Ltd. (Nasdaq : LNOP)LanOptics Ltd., develops and markets networking and Internet solutions that improve corporate LAN/WAN connectivity and performance. The Company's products include Ethernet and Token Ring switches, and hubs. For the nine months ended 9/30/98, revenues fell 16 percent to $14.5 million. Net loss totalled $9.1 million, up from $3.6 million. Results reflect lower sales, higher research and development expenditures and higher selling, general and admnistrative expenses. 
Madge Networks N.V. (Nasdaq : MADGF)Madge Networks N.V. designs, develops, markets and supports local and wide area networking products for large enterprises with a focus on multiservice networking. For the nine months ended 9/30/98, net sales fell 10 percent to $189 million. Net income from continuing operations totalled $6.2 million vs. a loss of $11.2 million. Revenues suffered from the disposal of Lannet, the Company's former Ethernet division. Net income reflects improved margins and lower R and D expenses. 
Mediware Info. Systems (Nasdaq : MEDW)Mediware Information Systems, Inc. and subsidiaries develops, installs and maintains computerized information systems for hospital blood banks, pharmacies and surgical suites. For six months ended 12/98, revenues increased 39 percent to $13.1 million. Net loss totalled $2.8 million vs. income of $1.4 million. Revenues reflect increased system sales in the Company's Pharmacy and Blood Bank Divisions. Net loss suffered from a $4.6 million purchased R&D expense. 
Micro Integration Corp. (Nasdaq : MINT)MINT designs, develops, markets, sells, and supports computer and networking products, and provides consulting, network integration and design services, and Internet access and web site design and hosting. For the nine months ended 12/98, revenues rose 3 percent to $9.6 million. Net loss totalled $446 thousand vs. an income of $202 thousand. Revenues reflect IT business. Loss reflects higher salaries and benefits costs and the absence of a $194 thousand gain on sale of residential Internet business. 
MicroTouch Systems, Inc. (Nasdaq : MTSI)Microtouch Systems, Inc. develops, manufactures and sells touch and pen input systems, including touch sensitive screens, digitizers for pen computers, ThruGlass products, kiosk systems and electronic P.C. whiteboards. For the three months ended 3/31/99, net sales rose 3 percent to $36.7 million. Net loss totalled $277 thousand vs. an income of $2.3 million. Results reflect increased sales in the North American, Asia Pacific, and Japanese markets, offset by a $3.3 million litigation charge. 
Microtest, Inc. (Nasdaq : MTST)Microtest, Inc. develops, markets and supports network management products and network connectivity products. For the three months ended 3/27/99, revenues fell 7 percent to $9 million. Net loss before accounting change totalled $1.4 million vs. income of $90 thousand. Revenues reflect the Company's decision to withdraw from the low-margin tower business. Net loss reflects a decreased gross profit as a  percentage of revenues due to an increase in warranty reserves. 
Newbridge Networks Corp. (NYSE : NN)NN designs, manufactures, markets and services a comprehensive desktop-to-desktop family of networking products and systems that enable customers to access the power of multimedia communications. For the nine months ended 1/31/99, sales rose 9 percent to C$1.33 billion. Net income totalled C$209 million, vs. a loss of C$21.9 million. Revenues reflect an increase in sales of products based on packet technologies. Earnings reflect the absence of a C$181 million restructuring cost. 
Novell, Inc. (Nasdaq : NOVL)Novell, Inc. provides network software by directory services. Novell also provides Internet solutions through worldwide channel, developer, education and technical support programs. For the six months ended 4/30/99, net sales rose 17 percent to $601.5 million. Net income totalled $67.6 million, up from $33.4 million. Revenues reflect increased server platforms and directory-enabled NetWare revenues. Earnings also reflect a more productive product development organization. 
MAI Systems Corporation (AMEX : NOW)NOW provides information technology solutions, which include applications software, computer hardware, wide and local area network design, implementation, installation and support, to the hospitality, resort and destination industry. For the three months ended 3/99, revenues rose 6 percent to $16.1 million. Net income totalled $1.2 million vs. a loss of $1.1 million. Revenues reflect increased sales of hospitality enterprise solutions. Earnings also reflect cost reduction measures. 
NetSpeak Corporation (Nasdaq : NSPK)NSPK develops, markets and supports a suite of intelligent software products which provide solutions, for real-time concurrent interactive voice, video and data transmission over packetized data networks. For the three months ended 3/31/99, revenues fell 37 percent to $1.5 million. Net loss increased 59 percent to $3.6 million. Revenues suffered from a decrease in sales of integrated gateway systems. Higher loss reflects higher S/G/A and R&D expenses. 
Network Appliance, Inc. (Nasdaq : NTAP)NTAP designs, manufactures, markets and supports high performance network data storage devices which provide fast, reliable and cost effective file service for data-intensive network environments. For the nine months ended 1/29/99, net sales rose 72 percent to $198.6 million. Net income rose 70 percent to $24.9 million. Revenues reflect higher shipments of multiprotocol systems and NetCache appliances. Net income was partially offset by an increase in sales and marketing expenses. 
Netopia, Inc. (Nasdaq : NTPA)NTPA develops, markets, and supports products and services which enable growing organizations to establish their presence on the Internet. For the six months ended 3/31/99, revenues rose 58 percent to $18.5 million. Net loss from continuing operations totalled $7 million, up from $1.6 million. Revenues reflect increased sales of Netopia Internet router products. Higher loss reflects a $4.2 million acquired in-process research and development charge and changes in the product mix. 
Netrix Corporation (Nasdaq : NTRX)NTRX manufactures, develops, markets and supports high-performance networking equipment and network management software for use in data, voice and image networks. For the fiscal year ended 12/31/98, total revenues decreased 5 percent to $31.5 million. Net loss decreased 24 percent to $6.5 million. Revenues suffered from a decrease in product volume due to the mix of products sold. Lower loss reflects the absence of a $875 thousand restructuring reserve and decreased R&D expenses. 
Network Equipment Techs. (NYSE : NWK)Network Equipment Technologies designes, develops, manufactures and supplies multiservice backbone networks and associated services used by enterprises and carriers worldwide. For the nine months ended 12/27/98, revenues fell 7 percent to $212.7 million. Net income before extraordinary item fell 59 percent to $5.6 million. Revenues reflect decreased product sales through the Asia Pacific/Latin American and European channels. Earnings also suffered from higher costs due to personnel increases. 
Network Six, Inc. (Nasdaq : NWSS)NWSS is a provider of systems integration and consulting services primarily to state government human services agencies. For the fiscal year ended 12/98, revenues fell 9 percent to $10.4 million. Net income applicable to Common rose from $182 thousand to $725 thousand. Results reflect the completion of the Idaho Child Enforcement project and the substantial completion of Kidsnet and MACWIS projects. Income benefitted from improved margins on the Maine MACWIS support project. 
ODS Networks, Inc. (Nasdaq : ODSI)ODS Networks, Inc. designs, develops, manufactures, markets and supports computer networking and internetworking products for application in local area networks. For the three months ended 3/31/99, net sales decreased 23 percent to $14.1 million. Net loss increased 14 percent to $2.2 million. Revenues suffered from decreased sales of the prior generation shared bandwidth intelligent hubs. Net loss was partially offset by lower sales and marketing expenses. 
Olicom A/S (Nasdaq : OLCMF)Olicom A/S develops, markets and supports network software and hardware products enabling users to communicate, exchange data and share computing resources over LANs, WANs and the Internet. For the fiscal year ended 12/98, net sales fell 2 percent to $206.8 million. Net lose from continuing operations rose 21 percent to $22.8 million. Results reflect weakness in the Americas, greater competition with respect to network interface cards, lower margins, increased marketing, and $10.8 million in special charges. 
ON Technology Corporation (Nasdaq : ONTC)ONTC develops, markets, supports and distributes software for LANs through an ON Command Comprehensive Client Mgr. unit and a Groupware Continuing Business unit, offering standards-based software for heterogeneous enterprise networks. For the fiscal year ended 12/98, revenue fell 52 percent to $20 million. Net loss fell 99 percent to $215 thousand. Revenues reflect the 1997 strategic reorganization. Lower loss reflects decreased marketing and the absence of $26.8 million in various charges. 
OpenROUTE Networks, Inc. (Nasdaq : OPEN)OpenROUTE Networks, Inc. develops, markets and supports a wide range of networking products that encompass the Local Area Networking and Remote Access components of the networking industry. For the three months ended 3/27/99, net sales fell 15 percent to $3.6 million. Net loss decreased 49 percent to $1.3 million. Revenues reflect reduced product sales due to lower average sales prices. Lower loss reflects lower selling and marketing costs due to lower fixed personnel related costs. 
Osage Systems Group, Inc. (AMEX : OSE)Osage Systems Group, Inc. provides network computer solutions through a broad range of information technology services. Osage transforms discrete hardware and software components into integrated systems. For the three months ended 3/31/99, net sales totalled $27.1 million, up from $5.6 million. Net loss totalled $266 thousand, up from of $87 thousand. Revenues reflect increased product sales to new and existing customers and acquisitions. Higher loss reflects increased S/G/A expenses. 
OSHAP Technologies Ltd. (Nasdaq : OSHSF)OSHSF, is a holding company, that focuses on the software business, including Computer Aided Production Engineering software and intelligent middleware solutions designed for financial institutions. For the nine months ended 9/98, sales rose 71 percent to $22.3 million. Net loss before extraordinary item totalled $1.6 million vs. income of $1.4 million. Revenues reflect an increase in Decalog, Tecnomatix and Mint revenues. Loss reflects the inclusion of a $1.8 million in-process R&D charge. 
Physician Computer Netwk. (PCNIPCNI develops, markets and supports practice manage-ment software products for physician practices designed to link such practices with hospitals, insurance carriers, laboratories, and HMOs. For the nine months ended 9/30/97, revenues rose 11 percent to $76 million. Net income before extraordinary item fell 9 percent to $10.5 million. Revenues reflect acquisitions and higher sales of licenses for the PCN Health Network. Net income was offset by higher employee and facilities costs. 
PowerCerv Corporation (Nasdaq : PCRV)PowerCerv Corporation develops, markets, licenses, implements and supports open, modifiable enterprise application software solutions for mid-size U.S. companies. For the fiscal year ended 12/31/98, total revenues decreased 9 percent to $30 million. Net loss decreased 90 percent to $1.8 million. Revenues suffered from lower services fees due to the closing of certain unprofitable service areas. Lower loss benefitted from decreased personnel and research and development costs. 
ProxyMed, Inc. (Nasdaq : PILL)PILL provides healthcare electronic data interchange (``EDI'') products and services to physicians, independent physician associations, insurance payers, pharmacies, laboratories and nursing homes. For the three months ended 3/99, net sales totalled $11.4 million, up from $4.8 million. Net loss totalled $3.7 million, up from $1.7 million. Revenues reflect sale of software licenses and higher marketing efforts. Higher loss reflects increased operating costs related to acquisitions. 
ProtoSource Corporation (Nasdaq : PSCO)PSCO provides Internet access, Web development, Web hosting and related services to individuals, public agencies and businesses on a national level. For the three months ended 3/99, revenues rose 32 percent to $278 thousand. Net loss fell 82 percent to $70 thousand. Revenues reflect increased marketing efforts resulting in the growth of Internet access subscriber base and Web development projects. Lower loss reflects proceeds from the May secondary stock offering. 
PSINet Inc. (Nasdaq : PSIX)PSIX provides high-speed Internet access and related value-added products and services to businesses worldwide, operating in the U.S., Canada, Europe and Asia. For the three months ended 3/31/99, revenues rose from $44.5 million to $104.8 million. Net loss applicable to Common rose 99 percent to $59.3 million. Results reflect acquisitions, strong internal growth and higher avg. new contract values, offset by interest payments on $950 million in notes issued since the prior period and higher depreciation. 
Prophet 21, Inc. (Nasdaq : PXXI)Prophet 21 is a provider of distribution-centric business management solutions developed exclusively for use by distribution and wholesale oriented businesses. For the nine months ended 3/31/99, total revenues rose 10 percent to $34.8 million. Net income fell 10 percent to $1.9 million. Revenues reflect increased services revenues due to an increase in the number of new users entering into maintenance contracts. Earnings were offset by increased research and development expenses. 
Quality Systems, Inc. (Nasdaq : QSII)Quality Systems, Inc. develops and markets proprietary health care information systems for medical and dental group practices. For the nine months ended 12/31/98, total revenue increased 8 percent to $24 million. Net loss decreased 92 percent to $171 thousand. Revenues reflect increased maintenance and other services performed by QSI. Lower loss also reflects the absence of $4.7 million in purchased in-process research and development. 
Radiant Systems, Inc. (Nasdaq : RADS)RADS offers fully integrated retail automation solutions including point of sale systems, consumer-activated ordering systems, back office management systems and headquarters-based management systems to the retail industry. For the three months ended 3/31/99, revenues rose 13 percent to $24.3 million. Net income fell 26 percent to $124 thousand. Revenues reflect higher sales and license fees from new and existing customers. Net income reflects an increased depreciation expense. 
Reynolds & Reynolds (NYSE : REY)REY provides integrated computer systems products and services; manufactures and distributes printed business forms and systems; and provides financing to automotive dealers. For the six months ended 3/31/99, revenues rose 2 percent to $747.6 million. Net income from continuing operations fell 3 percent to $53.5 million. Revenues reflect higher Automotive and Business Systems divisions growth. Net income was offset by costs related to enterprise resource planning system. 
RadiSys Corporation (Nasdaq : RSYS)RadiSys develops, produces and markets embedded computer applications used by OEMs for products in manufacturing automation, telecommunications, medical devices, transportation, and test and measurement industries. For the three months ended 3/31/99, revenues fell 6 percent to $31.6 million. Net income fell 45 percent to $1.7 million. Revenues reflect lower sales due to the loss of one OEM customer. Net income also reflects increased personnel, facilities and travel costs. 
Sapient Corporation (Nasdaq : SAPE)SAPE, with it's wholly owned subsidiaries, develops client/server and Web-based software applications to help organizations improve process and performance. Services include implementation and integration of software solutions and custom software development. For the three months ended 3/99, revenues rose 83 percent to $57.8 million. Net income fell 2 percent to $4.3 million. Results reflect increased size and number of client projects, offset by higher staffing, acquisition and compensation costs. 
Saztec International Inc. (OTC BB : SAZZ)Saztec International, Inc. provides services that help customers manage the conversion of information (data, text, graphics) from traditional media (paper, microform) to computer usable formats and media. For the nine months ended 3/31/99, revenues rose 4 percent to $6.1 million. Net loss increased 28 percent to $385 thousand. Results reflect growth in scanning services and data entry conversion revenues, offset by lower margins and increased S/G/A expenses. 
Sanchez Computer Associat (Nasdaq : SCAI)Sanchez Computer Associates, Inc. designs, develops, markets, and supports comprehensive banking software for financial service firms worldwide targeting Emerging Banking and Direct Banking markets. For the three months ended 3/31/99, total revenues increased 12 percent to $9.7 million. Net income decreased 40 percent to $493 thousand. Results benefitted from increased activity in the U.S. and Western Europe and the acquisition of ArTech, offset by increased staffing and advertising expenses. 
Scitex Corp. Ltd. (Nasdaq : SCIXF)SCIXF designs, manufactures and markets support digital graphics communication products. SCIXF operates in two businesses: Digital Preprint and Digital Printing. For the nine months ended 9/30/98, revenues rose 2 percent to $463.1 million. Net loss from continuing operations totalled $40.7 million vs. income of $4.9 million. Revenues reflect higher European sales. Net loss suffered from a $44.3 million charge for acquired in-process Research and Development and new product development activities. 
Sonic Solutions (Nasdaq : SNIC)SNIC designs, develops, manufactures and markets digital tools for professionals who manipulate media sound, images, moving pictures and text in computer based settings. For the nine months ended 12/31/98, revenues rose less than 1 percent to $15.4 million. Net loss applicable to Common fell 39 percent to $2 million. Revenues reflect increased sales of Sonic's DVD Creator and DesktopDVD systems. Loss also reflects an improved sales mix and lower marketing and R&D expenses. 
Sento Corporation (Nasdaq : SNTO)SNTO provides integrated information technology solutions for Windows NT, UNIX, Open VMS, Internet/Intranet and networked computing environments. Sento's delivers outsourced training, consulting, technical support services, hardware and software solutions. For the nine months ended 12/98, revenues rose 10 percent to $16 million. Net loss totalled $5.8 million vs. income of $509 thousand. Results reflect acquisitions offset by higher S/G/A expenses from start-up activities. 
SofTech, Inc. (Nasdaq : SOFT)SofTech, Inc. is engaged in the development, marketing, distribution and support of CAD/CAM and Product Data Management computer solutions. For the nine months ended 2/99, revenues rose 78 percent to $25.4 million. Net loss totaled $1.6 million vs. income of $1.1 million. Revenues reflect the acquisitions of AMT and ADRA. Net loss suffered from increased S/G/A expenditures due to increased costs associated with the acquisitions of two technology companies and R and D expenses. 
Smallworld (Nasdaq : SWLDY)Smallworld develops, markets and supports client/server software for the spatial design, engineering and management of complex physical networks. For the three months ended 9/30/98, revenues increased 31 percent to $17 million. Net loss totalled $1.3 million vs. an income of $477 thousand. Results reflect higher software license revenues due to increased sales to existing customers and 34 new customer wins. Loss reflects increased sales and marketing and R and D expenses. 
Sykes Enterprises, Inc. (Nasdaq : SYKE)Sykes Enterprises provides a wide array of information technology outsourcing services, including information technology support services and development services and solutions, and software fulfillment. For the three months ended 3/31/99, revenues rose 39 percent to $136.4 million. Net income totalled $10 million, up from $2.9 million. Revenues reflect acquisitions and higher number of IT call centers. Earnings reflect the absence of a $3.9 million loss from joint ventures. 
TALX Corporation (Nasdaq : TALX)TALX Corporation provides interactive communication solutions using technology such as interactive web and interactive voice response, primarily for Fortune 500 and other large organizations. For the nine months ended 12/31/98, revenues increased 31 percent to $22.2 million. Net loss totalled $19 thousand vs. income of $595 thousand. Revenues reflect expansion of marketing at The Work Number. Losses reflect the continued expansion of the sales and marketing efforts. 
Texas Micro, Inc. (Nasdaq : TEXM)TEXM is a provider of differentiated Intel-based computer systems and single board computers for the communications and industrial automation markets. For the nine months ended 3/28/99, sales rose 23 percent to $63.5 million. Net income totalled $3.1 million vs. a loss of $304 thousand. Sales reflect new design wins and the introduction of new products. Earnings also benefitted from an increase in gross margins due to economies of scale and efficiencies gained in manufacturing. 
TechForce Corporation (Nasdaq : TFRC)TFRC is engaged in the sale, design, on-site installation and maintenance, depot repair and support of computer and data communications networking equipment. For the three months ended 3/99, total revenues rose 28 percent to $21.3 million. Net income totalled $808 thousand, vs. a loss of $115 thousand. Revenues reflect increased hardware sales, network service revenues and custom PC services. Earnings also reflect an improved gross profit margin and lower selling and marketing expenses. 
Tier Technologies, Inc. (Nasdaq : TIER)TIER provides information technology consulting, application development and software engineering services that facilitate the migration of clients' enterprise-wide systems. For the six months ended 3/31/99, revenues increased 91 percent to $41.6 million. Net income totalled $2.6 million, up from $994 thousand. Revenues reflect internal growth, an expanded client base and the acquisition of Midas. Net income also reflects increased gross margins. 
Telxon Corporation (Nasdaq : TLXN)Telxon designs, manufactures, integrates, markets and supports wireless and mobile transaction-based wireless automation systems and solutions. For the nine months ended 12/98, revenues decreased 4 percent to $318.2 million. Net loss before accounting change totalled $50 million, vs an income of $4.7 million. Revenues reflect the absence of a $30 million sale to a major retail customer and increased product returns. Loss also reflects an $8.1 million unconsummated business combination cost. 
Triple P N.V. (Nasdaq : TPPP)Triple P N.V. is a provider of computing and network solutions, computer services and software solutions to customers located primarily in The Netherlands and Belgium. For the fiscal year ended 12/97, net revenues fell 4 percent to NLG292.9 million. Net loss from continuing operations applicable to Common rose 73 percent to NLG27M. Results reflect lower sales of German software solutions and decreased maintenance revenues. Higher loss also reflects higher restructuring charges. 
Technology Solutions Co. (Nasdaq : TSCC)TSCC provides IT consulting, strategic consulting and other professional services worldwide to major corporations in various industries. For the comparable three months ended 3/31/99, total revenues rose 5 percent to $76.9 million. Net loss totalled $6.7 million vs. income of $6.4 million. Results reflect strong demand at the Enterprise Customer Management segment, offset by lower margins, increased bonus accruals for non-vice president personnel, and a $10.5 million restructuring charge. 
Trinitech Systems, Inc. (AMEX : TSI)TSI develops and markets advanced data capture and electronic trading systems to financial services firms in the U.S., Europe and the Far East. For the three months ended 3/31/99, revenues totaled $2.4 million, up from $1 million. Net income totaled $30 thousand vs a loss of $941 thousand. Revenues reflect increased software sales and subscription revenue. Net income reflects higher margins software installation and subscriptions and lower R and D expenses. 
Titan Corporation (NYSE : TTN)The Titan Corporation is a provider of communications and information solutions to U.S. military and allied government agencies and commercial customers. For the three months ended 3/31/99, revenues rose 22 percent to $78.7 million. Net income from continuing operations before accounting change applicable to Common totalled $2.5 million, up from $735 thousand. Revenues reflect the acquisition of Validity. Earnings also reflect the absence of $1.5 million in special charges. 
TVG Technologies Ltd. (Nasdaq : TVGTF)TVGTF, is an Israeli-based technology company involved in the design, manufacture, marketing and support of integrated hardware and software products in the imaging, video graphics, computer graphics, and transporation system areas. For the fiscal year ended 12/97, revenues fell 15 percent to $3.6 million. Net loss fell 30 percent to $1.2 million. Revenues reflect decrease in sales to Elsint and Simtech. Lower loss reflects lower cost of inventory write-off, and lower selling expenses. 
UniComp, Inc. (Nasdaq : UCMP)UCMP provides computer equipment and other information technology products, year 2000 conversion software, platform migration, vertical market application and transaction processing systems. For nine months ended 11/30/98, total revenues increased 4 percent to $22.6 million. Net income from continuing operations fell 99 percent to $14 thousand. Revenues reflect higher information technology services sales. Lower earnings reflect costs related to the acquisition of ICM and new employees. 
Viisage Technology, Inc. (Nasdaq : VISG)Viisage Tech. designs, sells and implements turnkey digital identification systems intended to improve personal convenience and security, deter fraud and reduce customers' identification program costs. For the three months ended 3/28/99, revenues fell 4 percent to $4.4 million. Net loss before accounting change fell 19 percent to $665 thousand. Revenues reflect the slowdown in new business awards. Lower loss reflects higher margins due to product mix. 
VocalTec Communications (Nasdaq : VOCL)VocalTec Communications provides telecommunications software solutions over computer and data networks that enable telephony, voice and video applications. For the fiscal year ended 12/31/98, revenues increased 57 percent to $24.7 million. Net loss totalled $23.2 million, up from $7.7 million. Revenues reflect higher sales of VocalTec Ensemble Architecture products. Higher loss reflects $9.7 million in-process research and development costs. 
V-ONE Corporation (Nasdaq : VONE)VONE develops, markets and licenses a comprehensive suite of network security products that enable organizations to conduct secured electronic transactions and information exchange using public switched networks, such as the Internet. For the three months ended 3/99, revenues rose 31 percent to $1.7 million. Net loss applicable to Common fell 22 percent to $2.2 million. Results reflect increased number of maintenance contracts provided to customers, partially offset by increased staff. 
Vertel Corp. (Nasdaq : VRTL)Vertel Corp. provides advanced telecommunications network management software and solutions, including communications infrastructure products, network management software for telecommunications carrier networks worldwide. For the three months ended 3/99, net revenues fell 8 percent to $4.5 million. Net loss totalled $1.5 million vs. an income of $340 thousand. Revenues reflect an absence of the one-time licensing contract and reduced margins on professional engineering services. 
Online System Services (Nasdaq : WEBB)Online System Services develops, markets and supports products and services that enable individuals and organizations to create and manage their own Internet Web presence and online communities. For the three months ended 3/31/99, revenues fell 60 percent to $288 thousand. Net loss applicable to Common totalled $6.8 million, up from $2 million. Revenues reflect reduced sales of hardware and software. Loss also reflects increased product development expenses. 
Workgroup Technology Corp (Nasdaq : WKGP)Workgroup Technology designs, develops, markets and supports products and services that facilitate the management of product information and work processes performed by product development organizations. For the nine months ended 12/31/98, revenues rose 9 percent to $6.1 million. Net loss rose 26 percent to $6.8 million. Revenues reflect higher maintenance revenue due to an increase in the customer maintenance base. Higher loss reflects higher R&D expenses due to staff increases. 
Xyvision, Inc. (OTC BB : XYVI)Xyvision, Inc. develops, markets and supports software for document management, publishing and prepress applications. For the nine months ended 12/31/98, revenues fell 42 percent to $7.8 million. Net loss applicable to Common increased 72 percent to $7.3 million. Revenues reflect lower system sales within the Publishing business due to the sale of the Contex business. Loss also reflects increased research and development costs due to reduced levels of capitalization.%}
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Apple Computer, Inc. (Nasdaq : AAPL)Apple Computer, Inc. designs, manufactures and markets microprocessor based personal computers and related personal computing and communicating solutions for sale to business, education, home and government customers. For the six months ended 3/27/99, net sales rose 9 percent to $3.24 billion. Net income totalled $287 million, up from $102 million. Revenues reflect an increase in Macintosh CPU unit volumes. Earnings also benefitted from a $87 million gain on the sale of investments. 
Auspex Systems, Inc. (Nasdaq : ASPX)ASPX develops, manufactures, distributes and supports a line of UNIX/Windows NT multi-protocol network file/data servers for the technical workstation market. For the nine months ended 3/99, revenues fell 34 percent to $87.4 million. Net loss totalled $25.5 million, up from $8.1 million. Revenues reflect increased competitive pressures and the timing of new product introduction. Higher loss reflects lower prices and higher R&D expenses related with new product development. 
ATEC Group, Inc. (Nasdaq : ATEC)ATEC Group is a system integrator and provider of computer and information technology products and services, including system design, high speed data transmission, LAN/WAN, video conferencing and internet/intranet technology. For the nine months ended 3/31/99, net sales fell 21 percent to $90.5 million. Net income fell 83 percent to $285 thousand. Results reflect increased price competition in the wholesale market and increased selling and administrative expenses. 
Aura Systems Inc. (Nasdaq : AURAE)Aura Systems develops, commercializes, and sells systems andcomponents using patented and proprietary electromagnetic technology and other products such as sound cards, modems, multimedia kits and computer monitors. For the nine months ended 11/30/98, net revenues fell 3 percent to $105.5 million. Net loss totalled $36.8 million vs. income of $1.4 million. Revenues reflect lower sales from the Company's NewCom subsidiary. Net loss reflects the inclusion of a $7.6 million legal settlement. 
Boundless Corporation (AMEX : BND)BDLS through its subsidiary, Boundless Technologies, designs and manufactures computer terminals for business use. For the three months ended 3/31/99, revenues fell 8 percent to $21.1 million. Net income applic to Common rose 3 percent to $638 thousand. Revenues suffered from a decline of sales to VT and Dorio. Net income reflects a lower interest expense due to capitalized debt financing costs that were fully amortized as non-cash interest expense. 
Bitwise Designs, Inc. (Nasdaq : BTWS)BTWS is engaged in the manufacture and distribution of document imaging systems, computer systems and related peripheral equipment, components and accessories and advanced technology industrial computers. For the six months ended 12/31/98, revenues decreased 43 percent to $10.5 million. Net loss decreased 67 percent to $347 thousand. Revenues reflect the sale of SST in 6/98. Lower losses reflect decreased selling and marketing expenses, and a rise in gross profit as a  percentage of sales. 
Blue Wave Systems, Inc. (Nasdaq : BWSI)BWSI designs, develops and markets multi-processor digital signal processing computing sub-systems used for real-time image and signal processing. For the nine months ended 3/31/99, net sales fell 17 percent to $21.3 million. Net loss from continuing operations applicable to Common rose 9 percent to $1.2 million. Revenues were affected by increased competition from TI's next generation DSPs. Loss was partially offset by lower operating expenses as a  percentage of sales. 
Capital Associates (Nasdaq : CAII)Capital Associates buys, sells, leases and remarkets new and used equipment, manages equipment leases, arranges equipment related financing, and manages publicly registered income funds. For the nine months ended 2/28/99, revenues decreased 9 percent to $179.2 million. Net income decreased 52 percent to $664 thousand. Revenues reflect lower equipment sales to PIF's and private investors. Earnings also suffered from higher costs due to on-going investment in infrastructure and higher debt levels. 
Concurrent Computer Corp. (Nasdaq : CCUR)CCUR supplies high performance computer systems, software and services for the real time and video on demand markets. For the nine months ended 3/31/99, revenues fell 13 percent to $53.7 million. Net income applicable to Common fell 79 percent to $783 thousand. Revenues reflect decreased proprietary systems sales due to weakness in Asia and Europe, and lower maintenance revenues due to a market shift towards open systems. Earnings also suffered from increased marketing expenses. 
Cumetrix Data Systems (Nasdaq : CDSC)Cumetrix Data Systems Corp. distributes computer equipment and related hardware components and software to value added resellers, systems integrators, original equipment manufacturers, independent software vendors and major government and corporate accounts. For the nine months ended 12/98, sales rose 10 percent to $54.1 million. Net income fell 99 percent to $5 thousand. Revenues reflect growth in the Company's sales force. Net income was offset by pricing pressures. 
Cerplex Group, Inc. (OTC BB : CPLX)Cerplex Group provides repair and logistic services, and spare parts sourcing and service management for manufacturers of computer, communication and electronic office equipment. For the six months ended 3/31/99, revenues rose from $17.2 million to $53.5 million. Net loss applicable to Common rose 3 percent to $16 million. Revenues reflect the acquisition of Old Cerplex partially offset by the closing of divisions. Net loss reflects higher interest and amortization expenses. 
Compaq Computer Corp. (NYSE : CPQ)Compaq develops and markets hardware, software, solutions and services, including enterprise computing solutions, fault-tolerant business-critical solutions, desktop and portable products and consumers PCs. For the three months ended 3/99, sales rose 66 percent to $9.42 billion. Net income totalled $281 million, up from $16 million. Results reflect higher service revenues due to the acquisition of Digital and higher gross margins due to the absence of price reductions. 
CSP Inc. (Nasdaq : CSPI)CSPI designs, manufactures and markets multiprocessing systems for real-time applications; sells Internet software solutions, real-time process control systems; and develops and markets hardware and software for scientific imaging and bar-code readers. For the six months ended 2/27/99, revenues fell 26 percent to $27.1 million. Net income rose 51 percent to $911 thousand. Results reflect lower sales on systems integration and services offset by cost reductions related to a higher margin product mix. 
Datatrend Services, Inc. (OTC BB : DATV)DATV is engaged in the wholesale distribution and retail sale of new, refurbished and used computer hardware throughout the U.S., Canada, and Europe. For the nine months ended 9/97, revenues fell 4 percent to $28.3 million. Net loss totalled $4.4 million vs. income of $227 thousand. Revenues reflect reduced sales to one of its clients who accounted for a majority of 1996 sales. Loss reflects lower gross margins due to two programs that the company is managing for manufacturers. 
Dell Computer Corporation (Nasdaq : DELL)DELL designs, develops, manufactures, markets and services and supports a range of computer systems, including desktop, notebooks, and enterprise systems (includes servers and workstations). DELL also markets software, peripherals and service and support programs. For the 13 weeks ended 4/30/99, revenues rose 41 percent to $5.54 billion. Net income rose 42 percent to $434 million. Revenues reflect increased units sold. Earnings reflect higher margins due to component cost declines. 
Digi International (Nasdaq : DGII)Digi International provides data communications hardware and software that delivers seamless connectivity solutions for open systems, server-based remote access, Internet telephony, and local area network markets. For the six months ended 3/31/99, net sales rose 7 percent to $94 million. Net loss totalled $1.1 million, vs. an income of $8.5 million. Revenues reflect the acquisitions of ITK and CDC. Loss reflects restructuring costs and higher operating costs due to acquisitions. 
Data General Corporation (NYSE : DGN)DGN designs, manufactures, markets and supports a family of open computer systems including servers and mass storage products that provide solutions for high performance customer applications. For the six months ended 3/27/99, total revenues fell 1 percent to $720.9 million. Net income totalled $18.2 million, up from a loss of $1 million. Revenues reflect a decrease in European product sales. Earnings benefitted from a $7.5 million IRS tax settlement, and a $6 million gain from sales of an investment. 
Datakey, Inc. (Nasdaq : DKEY)DKEY designs, manufactures and markets products, subsystems and systems solutions to record, store, and transmit electronic information. For the fiscal year ended 12/98, revenues fell 2 percent to $5.9 million. Net loss applicable to Common fell 34 percent to $2.8 million. Revenues reflect a reduction in orders from several of the Company's major electronic products customers. Lower loss reflects decreased R&D expenses due to the completion of product development activities. 
Dunn Computer Corporation (Nasdaq : DNCC)DNCC manufactures custom computer systems and provides information technology services to the Govt. and selected businesses. For the nine months ended 7/98, revenues rose from $12 million to $45.6 million. Net income rose from $775 thousand to $1.8 million. Revenues reflect the 5/98 acquisition of IDP, the 9/97 acquisition of STMS, Inc., and internal growth. Earnings reflect higher margins and lower selling and marketing expense as a  percentage of revenues. 
Dauphin Technology, Inc. (OTC BB : DNTK)Dauphin Technology is a technology holding company specializing in the manufacturing, design and marketing of hand-held computers. sThe Company also provides contract engineering and manufacturing services. For the fiscal year ended 12/31/98, revenues 97 percent to $5.4 million. Net loss rose 54 percent to $6.1 million. Results reflect the 6/97 acquisition of R.M. Schultz and Associates, offset by higher marketing and development expenses related to Orasis. 
Dotronix, Inc. (Nasdaq : DOTX)Dotronix, Inc. designs, manufactures, and markets cathode ray tube displays and closed circuit TV monitors for the medical diagnostic, transportation, and multimedia markets. For the six months ended 12/31/98, revenues fell 30 percent to $3.7 million. Net loss totalled $802 thousand, up from $130 thousand. Revenues suffered from reduced shipments of medical OEM monitors. Higher loss also reflects an unfavorable product mix and increased engineering efforts on new product designs. 
Datapoint Corporation (OTC BB : DTPT)DTPT is engaged in the development, acquisition, marketing, servicing and system integration of computer and communication products for both hardware and software. For the nine months ended 5/1/99, revenues fell 7 percent to $103.5 million. Net loss applicable to Common before extraordinary item was $5 million, up from $1 million. Revenues reflect the absence of unusually strong sales in Europe. Higher loss reflects lower margins due to a declining revenue base. 
ECC International Corp. (NYSE : ECC)ECC International Corp. designs, manufactures, and markets computer controlled simulators used primarily for training personnel to perform maintenance and operator procedures on military weapons systems. For the nine months ended 3/31/99, net sales fell 7 percent to $34.4 million. Net loss from continuing operations fell 30 percent to $3.2 million. Revenues reflect reduced activity in the UK operation. Lower loss reflects improved margins, and lower general and administrative expenses. 
European Micro Holdings (Nasdaq : EMCC)European Micro Holdings, Inc. is an independent distributor of microcomputer products, including personal computers, memory modules, disc drives and networking products. For the nine months ended 3/31/99, total sales rose 14 percent to $96.8 million. Net income fell 78 percent to $768 thousand. Revenues reflect general sales growth and the addition of Sunbelt's trading sales. Earnings were offset by a lower gross profit margin. 
En Pointe Technologies (Nasdaq : ENPT)EN POINTE TECHNOLOGIES is a provider of information technology products and value added services to business and government entities. ENPT's products serve as an electronic clearinghouse of computer products without the risks related to maintaining inventory. For the six months ended 3/31/99, sales rose 19 percent to $315.5 million. Loss totalled $4.6 million vs income of $1.3 million. Results reflect higher sales to new and existing customers, offset by a $7.9 million non-recurring charge. 
Equitrac Corporation (Nasdaq : ETRC)Equitrac Corporation develops, manufactures, markets and supports a fully integrated computer hardware and software communications network designed to automatically track, record and report usage of various office equipment. For the nine months ended 11/30/98, revenues rose 17 percent to $42.7 million. Net income rose 67 percent to $3.8 million. Revenues reflect an increase in sales of cost recovery systems to professional services firms. Earnings also reflect an $830 thousand asset sale gain. 
Franklin Electronic Pbls. (NYSE : FEP)FEP and its wholly-owned subsidiaries design, develop and publish electronic reference products and related software. For the nine months ended 12/31/98, sales increased 12 percent to $87.6 million. Net loss totalled $8.8 million, vs. income of $2.3 million. Revenues reflect increased sales of products in the REX(TM) line, increased sales of Rolodex(R) Electronics products and sales by VPTI. Net loss reflects a $11.2 million inventory writedown and costs of advertising of the REX line. 
FieldWorks Inc. (Nasdaq : FWRX)FWRX designs, manufactures and provides professional services for rugged, portable computer platforms for use in demanding field enviornments. For the 13 weeks ended 4/4/99, revenues rose 19 percent to $6.4 million. Net loss fell 37 percent to $474 thousand. Revenues benefited from a higher sales volume of the 5000 Series Workstation. Lower loss reflects a reduction in promotion and advertising expenses as well as other cost control initiatives. 
GateField Corporation (OTC BB : GATE)GateField Corporation designs, develops and markets logic solutions in high-density, reprogrammable ASIC technology with related development system software. For the fiscal year ended 12/31/98, revenues decreased 50 percent to $7.7 million. Net loss before extraordinary item decreased 46 percent to $8.3 million. Revenues reflect the disposition of several product families in 1997. Lower loss reflects reduced staffing level. 
Gov't Technology Service (Nasdaq : GTSI)Government Technology Services is a reseller of microcomputer and Unix workstation hardware, software and peripherals to agencies of federal, state, and local governments. For the fiscal year ended 12/98, revenues rose 25 percent to $605.9 million. Net income totalled $2.3 million vs. a loss of $5.1 million. Revenues reflect increased sales under indefinite-delivery/ indefinite quantity contracts. Earnings also reflect higher gross margin due to an inventory adjustment. 
Gateway, Inc. (NYSE : GTW)Gateway, Inc. develops, markets, manufactures and supports a broad line of desktop and portable PC's and PC-related products used by business, individuals, government agencies and educational facilities. For the three months ended 3/31/99, sales rose 22 percent to $2.1 billion. Net income rose 31 percent to $99.6 million. Revenues reflect continued strong unit growth. Earnings also reflect higher gross profit due to pricing discipline and higher other income. 
Hertz Technology Group (Nasdaq : HERZ)Hertz Technology Group, Inc., through its wholly owned subsidiaries, designs, assembles and sells PCs and related technology and designs, manufactures and sells ergonomically engineered modular mounting and support structures, technical furniture and workstations. For the six months 2/28/99, net sales fell 13 percent to $3.3 million. Net loss rose 40 percent to $376 thousand. Results reflect a decline in computer sales, and a lower income tax benefit. 
Hirel Holdings, Inc. (OTC BB : HIRL)Hirel Holdings, Inc. distributes microcomputer hardware, peripherals and related communications products, develops and sells products designed to enhance the performance of fuel injection systems, and manufactures and markets marine engines. For the nine months ended 9/30/97, net sales fell 11 percent to $17.2 million. Net loss totalled $3.5 million, up from $340 thousand. Results reflect lower computer hardware sales due to low European demand and increased S/G/A expenses. 
Hewlett-Packard Company (NYSE : HWP)Hewlett-Packard Company designs, manufactures and services products and systems for measurement, computation and communications, and offers systems integration, outsourcing, consulting, education, financing, customer support and other services. For the six months ended 4/30/99, net revenue rose 2 percent to $24.36 billion. Net income rose 16 percent to $1.88 billion. Revenues reflect strong growth in customer support and outsourcing services. Earnings also reflect the absence of charges. 
IBM (NYSE : IBM)IBM provides customer solutions through the use of advanced information technology. These solutions include technologies, systems, products, services, software and financing. For the three months ended 3/99, total revenues rose 15 percent to $20.32 billion. Net income applicable to Common rose 42 percent to $1.47 billion. Revenues reflect middleware growth and increased personal computer sales. Earnings reflect lower amortization cost of previously deferred development spending. 
Inacom Corp. (NYSE : ICO)ICO provides information technology products and technology management services to the end-user business clients. For the 13 weeks ended 3/27/99, revenues fell 18 percent to $1.37 billion. Net loss applicable to Common totalled $148.2 million vs. an income of $16.7 million. Revenues reflect a weak market condition and reduced sales momentum during the pendency of the merger with Vanstar. Loss also reflects $103.9 million in restructuring charges and $113.1 million in unusual charges. 
National Datacomputer Inc (OTC BB : IDCP)IDCP designs, develops, manufactures, markets, and services computerized systems used to automate the collection, processing and communication of information related to product sales, distribution, and inventory control. For the three months ended 3/31/99, total revenues rose 17 percent to $1.1 million. Net loss applicable to Common fell 57 percent to $323 thousand. Revenues reflect higher sales of Datacomputers. Lower loss reflects higher gross profit and lower sales personnel costs. 
Industrial Data Systems (AMEX : IDS)IDS is a provider of microcomputer products that are targeted to be sold to the industrial market. The Company manufactures and sells industrial and portable computers, microcomputers and color CRT monitors. For the three months ended 3/99, revenues increased 10 percent to $2.9 million. Net income fell 39 percent to $124 thousand. Revenues reflect higher sales from the CPM and IDS FAB acqusitions. Earnings were offset by higher S/G/A and depreciation costs and lower security gains. 
Ingram Micro, Inc. (NYSE : IM)Ingram Micro is a wholesale distributor of computer based technology products and services worldwide. IM markets microcomputer hardware, networking equipment, and software products to more than 140 thousand resellers. For the 13 weeks ended 4/3/99, net sales rose 31 percent to $6.73 billion. Net income before extra item fell 32 percent to $38.5 million. Revenues benefitted from the addition of new customers. Earnings were offset by $6.2 million in reorganization charges. 
Javelin Systems, Inc. (Nasdaq : JVLN)Javelin Systems, Inc. designs, manufactures and markets open system touch screen point-of-sale (POS) computers and provides POS systems integration services for the food service and retail industries. For the nine months ended 3/99, revenues totalled $51.9 million, up from $18 million. Net income totalled $2.2 million, up from $467 thousand. Results benefitted from higher Javelin hardware sales, higher service revenues from RGB/Jade, increased gross profit and other income. 
Liuski International Inc. (OTC BB : LSKI)Liuski is a holding company for corporations that assemble and distribute microcomputer peripherals, components and accessories. The Company also manufactures Magitronic brand, IBM-compatible, personal computers. For the fiscal year ended 12/31/98, revenues fell 42 percent to $168.2 million. Net loss rose 65 percent to $17.6 million. Revenues reflect a decrease in sales from the distribution centers in the Southeast and Northeast regions. Higher loss reflects a decrease in gross margin  percentage. 
MicroAge, Inc. (Nasdaq : MICA)MICA is a global provider, which is composed of information technology businesses that deliver technology solutions through ISO 9001-certified, multi-vendor integration services and distributed computing solutions to large organizations and computer resellers. For the three months ended 1/31/99, revenues rose 23 percent to $1.44 billion. Net income totalled $2.1 million vs. loss of $6.1 million. Results reflect sales to resellers and the Co.'s addition of new products. 
Millennium Electronics (OTC BB : MILM)Millennium Electronics, through its subsidiaries, is engaged in the manufacturing and distribution of personal computers and Dynamic Random Access Memory and memory upgrade components for personal computers, laptops and notebook computers. For the nine months ended 9/30/98, net sales fell 18 percent to $30 million. Net loss totalled $4.7 million vs. an income of $493 thousand. Results reflect a strategic shift from memory sales to computer manufacturing and higher S/G/A costs. 
MIPS Technologies, Inc. (Nasdaq : MIPS)MIPS Technologies, Inc. is a designer and developer of RISC-based high performance 32 and 64-bit microprocessor intellectual property for embedded systems applications. For the nine months ended 3/31/99, total revenues rose 18 percent to $53.9 million. Net income totalled $18.1 million vs. a loss of $4.2 million. Revenues reflect higher royalties derived from sales of video game products and engineering service fees. Net income reflects the absence of $2.6 million restructuring charge. 
Computer Marketplace Inc. (OTC BB : MKPL)Computer Marketplace is engaged in the wholesale distribution of new and used computer equipment to dealers, computer maintenance companies, leasing companies, equipment brokers, and end-users. For the six months ended 12/31/98, revenues fell 78 percent to $1.3 million. Net loss before extraordinary item decreased 11 percent to $564 thousand. Revenues reflect lower computer product sales due to the closure of branch offices. Lower loss reflects lower cost of revenues as a  percent of sales. 
Mercury Computer Systems (Nasdaq : MRCY)Mercury Computer Systems designs, manufactures and markets real-time digital signal processing computer systems which transform sensor generated data into information that can be displayed as images for human interpretation or subjected to additional computer analysis. For the nine months ended 3/99, revenues rose 24 percent to $76.9 million. Net income rose 49 percent to $9 million. Results reflect greater unit demand for the Company's products and increased interest income. 
Merisel, Inc. (Nasdaq : MSEL)Merisel Inc. is a distributor of computer hardware, networking equipment and software products and a computer systems reseller. For the three months ended 3/31/99, net sales increased 14 percent to $1.26 billion. Net loss totalled $20.5 million vs. an income of $3.6 million. Revenues reflect increased net sales in the U.S. and Canada. Loss reflects a decrease in margins as a  percentage of sales due to intense pricing pressures, and a $21 million litigation related charge. 
Micron Electronics, Inc. (Nasdaq : MUEI)MUEI develops, markets, manufactures, and supports a range of memory intensive, high performance desktop and notebook PC systems and network servers. For the six months ended 3/4/99, net sales fell 26 percent to $777.1 million. Net income fell 39 percent to $15.8 million. Revenues reflect a decrease in average selling prices for the Company's PC systems. Earnings reflect the absence of a $156.2 million pre-tax gain from the sale of the Co.'s interest in MCMS, Inc. 
Maxwell Technologies Inc. (Nasdaq : MXWL)MXWL develops, manufactures, and markets pulsed power based systems and components for a wide range of commercial applications to commercial customers and the U.S. government. For the six months ended 1/31/99, revenues rose 28 percent to $83 million. Net income rose 25 percent to $4 million. Revenues reflect increased sales of power protection and distribution systems. Earnings were partially offset by $1.6 million in acquisition and related charges. 
Network Computing Devices (Nasdaq : NCDI)NCDI provides hardware and software that delivers simultaneous, high-performance, easy-to-manage access to all of the information on enterprise intranets and the Internet from thin client, UNIX, and PC desktops. For the three months ended 3/99, total revenues fell 14 percent to $26.4 million. Net loss totalled $2 million, up from $489 thousand. Revenues reflect lower WINCENTER revenues. Net loss also reflects increased marketing and selling expenses due to additional personnel. 
Nematron Corporation (OTC BB : NEMA)Nematron Corp. designs, manufactures and markets factory automated products, including computer hardware and software products. For the three months ended 3/31/99, net revenues increased 17 percent to $5.8 million. Net income totalled $213 thousand vs. a loss of $1.1 million. Revenues reflect an increase in sales of Bundled Industrial Control Computers. Earnings also benefitted from lower staff levels and the effects of closing satellite offices during the last six months. 
Nexar Technologies, Inc. (OTC BB : NEXR)NEXR develops, manufactures, and markets high-performance, competitively-priced desktop personal computers based on patent and patent-pending technologies. For the nine months ended 9/30/98, revenues fell 55 percent to $10 million. Net loss applicable to Common rose 44 percent to $14.6 million. Revenues reflect increased competition from larger manufacturers, and concern about the Company's future viability. Higher loss also reflects increased rent and legal expenses. 
Neoware Systems, Inc. (Nasdaq : NWRE)NWRE designs, manufactures and markets a family of network computers that are designed to integrate and deliver information to the desktop in network-centric environments. For the six months ended 12/31/98, revenues fell 57 percent to $5.4 million. Net loss totalled $1.7 million, up from $733 thousand. Revenues reflect the completion of the transition from older X-terminal product line. Higher loss reflects an increase in legal costs and bad debt expenses, and a decrease in gross profit. 
PCC Group, Inc. (Nasdaq : PCCG)PCCG is engaged in the wholesale distribution of microcomputer products and components. The Company resells computer components to computer assemblers and other resellers. For the six months ended 3/31/99, net sales rose 4 percent to $45.2 million. Net income applicable to Common rose 10 percent to $760 thousand. Revenues benefitted from an increase in unit volumes shipped. Net income also benefitted from a $383 thousand gain from the sale of investments vs. a $274 thousand loss. 
Perle Systems, Ltd. (Nasdaq : PERL)PERL is engaged in manufacturing, marketing and servicing data communications connectivity products that facilitate communication between personal computers and host computers. For the nine months ended 2/28/99, sales rose 28 percent to C$38.4 million. Net loss applicable to US GAAP totalled C$2.5 million vs. income of C$945 thousand. Results reflect the market acceptance of products and the acquisition of Specialix, offset by C$571 thousand in amortization of intangibles and C$980 thousand in non-recurring items. 
Pomeroy Computer Resource (Nasdaq : PMRY)Pomeroy Computer Resources sells, installs and services microcomputers and microcomputer equipment for business, professional, educational and government customers. For the three months ended 4/5/99, revenues rose 21 percent to $163.9 million. Net income increased 18 percent to $5.1 million. Revenues benefitted from higher sales to new and existing customers. Net income was partially offset by higher payroll and benefit expenses. 
SED Intn'l Holdings, Inc. (Nasdaq : SECX)SED International Holdings, Inc. is an international wholesale distributor of microcomputers, computer peripheral products and wireless telephone products, serving value added resellers and dealers. For the six months ended 12/98, net sales fell 10 percent to $388.2 million. Net income fell 98 percent to $69 thousand. Results reflect decreased U.S. sales due to lower demand for mass storage products. Earnings also reflect increased S/G/A expenses due to Latin American operations. 
Silicon Graphics, Inc. (NYSE : SGI)SGI produces workstations and graphics servers that deliver advanced 3D graphics and computing capabilities for engineering and creative professionals. For the nine months ended 3/99, total revenues decreased 17 percent to $1.92 billion. Net loss applicable to Common fell 57 percent to $104.4 million. Revenues reflect strong competition and a weakening vector supercomputer market. Lower loss reflects a $54 million gain on sale of a portion of SGI interest in MIPS and restructuring adjustment. 
Sequent Computer Systems (Nasdaq : SQNT)Sequent Computer Systems, Inc. designs, manufactures, and markets high performance symmetric multiprocessing (SMP) and CC-NUMA computer systems and operating environment software. For the three months ended 4/3/99, revenues increased 6 percent to $194 million. Net income decreased 70 percent to $1.2 million. Revenues reflect an increase in the Company's professional service opportunities. Earnings were offset by a rise in cost of products due to competitive pricing pressures. 
Star Technologies, Inc. (OTC BB : STRR)Star Technologies, Inc. provides products and services for government and commercial users involved in data capture, image capture and document imaging. For the three months ended 3/99, revenues rose 9 percent to $1.2 million. Net loss applicable to Common fell 45 percent to $641 thousand. Revenues reflect higher sales of data entry, imaging services, PowerScan and StageWorks software. Lower loss reflects lower selling, general and administrative expense. 
Sun Microsystems, Inc. (Nasdaq : SUNW)SUNW supplies enterprise network computing products including desktop systems, servers, storage subsystems, network switches, software, microprocessors and a full range of services and support. For the nine months ended 3/28/99, revenues rose 19 percent to $8.21 billion. Net income rose 30 percent to $636.2 million. Revenues reflect strong demand for low end desktop products and workgroup servers. Earnings also reflect lower selling, general and administrative expenses as a  percentage of sales. 
Savoir Technology Group (Nasdaq : SVTG)Savoir Technology Group, Inc. is a distributor of commercial mid-range servers, peripheral equipment, full range storage products and software. For the three months ended 3/31/99, net sales increased 68 percent to $168.6 million. Net income applicable to Common totalled $2 million, up from $656 thousand. Revenues benefitted from the acquisitions of MCBA, UDC, REAL and Infinite and the opening of a Canadian office. Earnings also benefitted from the decreased debt levels. 
Telebyte Technology (OTC BB : TBTI)TBTI designs, manufactures and markets electronic data communications products which operates over copper and fiber cables. The Co.'s products are primarily sold to end-users, domestic dealers and distributors and original equipment manufacturers. For the three months ended 3/31/99, sales rose 12 percent to $1.4 million. Net income decreased 55 percent to $68 thousand. Revenues reflect greater acceptance and penetration of products. Net income was offset by an adverse shift in product mix. 
Tech Data Corporation (Nasdaq : TECD)TECD distributes microcomputer-related hardware and software products to value-added and corporate resellers, retailers and direct marketers. For the three months ended 4/99, net sales rose 77 percent to $3.88 billion. Net income rose 21 percent to $28 million. Results reflect higher international sales due to the 7/98 acquisition of Computer 2000 AG, partially offset by lower margins, increased debt servicing and a $4.8 million forex loss related to the Brazilian Real and weaker European currencies. 
TeleVideo, Inc. (OTC BB : TELV)TeleVideo, Inc. designs, manufactures, and markets high-end PC& MAC compatible monitor and terminal display products, graphics boards, sound boards and multilingual multimedia upgrade kits. For the three months ended 1/31/99, net sales decreased 61 percent to $1.8 million. Net loss decreased 17 percent to $636 thousand. Revenues reflect the decrease in sales volume in Europe. Lower loss reflects lower research and development and cost of sales. 
Tera Computer Company (Nasdaq : TERA)Tera Computer Company designs, develops and markets high performance general-purpose parallel computer systems based on a unique multithreaded architecture. For the three months ended 3/99, revenues rose from $21 thousand to $661 thousand. Net loss applicable to Common Stock increased 33 percent to $6.9 million. Revenues reflect the sale of the four-processor MTA system to SDSC. Higher loss reflects the inclusion of a $1.4 million manufacturing expense. 
TransNet Corporation (OTC BB : TRNT)TransNet Corporation sells, supports and services local area networks, personal computer systems and peripheral equipment, software, and supplies. For the nine months ended 3/99, revenues fell 40 percent to $34.3 million. Net income rose 2 percent to $888 thousand. Revenues suffered from the loss of a hardware sales contract from a major customer. Earnings benefitted from higher profit margins, continued implementation of cost control measures, and higher cash investment balances. 
United Information System (OTC BB : UISI)United Informations Systems is a manufacturer and distributor of computers and related peripherals to the Federal Republic of Brazil. The Company's products, marketed under the UIS propietary brand name, include personal computers, multimedia systems and keyboards. For the nine months ended 9/30/97, revenues totalled $84.1 million. Net income totalled $3.6 million. Results reflect growth in the personal computer market in Brazil. 
Vitech America, Inc. (Nasdaq : VTCH)VTCH is engaged in the manufacture and distribution of computer equipment and related products, and the financing of the purchase thereof, in Brazil. For the three months ended 3/31/99, revenues decreased 55 percent to $15.3 million. Net loss totalled $22.7 million vs. an income of $3.1 million. Revenues suffered from lower borrowing capacity of customers due to unfavorable business conditions in Brazil. Loss also suffered from $16.7 million in currency exchange losses. 
XATA Corporation (Nasdaq : XATA)XATA Corporation develops, markets and services fully-integrated, mobile information systems for the fleet trucking segment of the transportation industry in the U.S., utilizing proprietary software, touch-screen computers and related hardware. For the six months ended 3/31/99, net sales fell 5 percent to $5.7 million. Net income totalled $260 thousand vs. a loss of $176 thousand. Results reflect lower unit sales prices, offset by higher margins due to higher service revenues. 
Xybernaut Corporation (Nasdaq : XYBR)XYBR is engaged in the research, development and commercialization of mobile computer systems and related software solutions designed to enhance personal productivity in commercial, industrial and military applications. For the fiscal year ended 12/31/98, revenues rose 8 percent to $876 thousand. Net loss applicable to Common rose 40 percent to $14.1 million. Results reflect the introduction of the MA IV and a higher number of 133P Systems sold, offset by increased gross losses.%}
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Access Power, Inc. (OTC BB : ACCR)Access Power, Inc. was formed to offer Internet-based communications products and services (also known as Internet Telephony) in the U.S. and international markets. For the three months ended 3/31/99, total revenues rose from from $3 thousand to $15 thousand. Net loss rose 2 percent to $484 thousand. Revenues benefitted from software sales and higher sales of services. Higher net loss reflects increases in product development and marketing expenses, and higher payroll expenses. 
Advanced Comm. Systems (Nasdaq : ACSC)ACSC provides communications and information technology services and solutions to U.S. government agencies and commercial and international customers. For the six months ended 3/31/99, revenues totalled $98.8 million, up from $32.6 million. Net income rose 95 percent to $2.9 million. Revenues reflect the acquisition of SEMCOR and higher systems integration and communication services revenues. Net income was partially offset by higher direct costs as a  percentage of revenue due to acquisitions. 
ACT Teleconferencing (Nasdaq : ACTT)ACT Teleconferencing provides a range of audio, video and data teleconferencing services to multinational businesses and other organizations in the U.S., Canada, U.K., Netherlands, France and Australia. For the three months ended 3/31/99, net revenues rose 67 percent to $6.8 million. Net loss fell 21 percent to $126 thousand. Results reflect increased business with established customers and increased revenues from enhanced services, partially offset by relocation expenses. 
All Communications Corp. (OTC BB : ACUC)All Communications Corp. sells, installs and services voice, dataconferencing and videoconferencing communications systems for commercial and industrial customers. For the three months ended 3/31/99, revenues rose 68 percent to $3.9 million. Net loss fell 56 percent to $106 thousand. Revenues reflect higher sales in the voice communications and videoconferencing categories. Lower loss was partially offset by a lower gross profit margin and increased commissions. 
Aerial Communications Inc (Nasdaq : AERL)AERL is a provider of Personal Communication Services in the Minneapolis, Houston, Kansas City, Tampa-St. Petersburg-Orlando, Pittsburgh, and Columbus Major Trading Areas. For the three months ended 3/31/99, revenues rose 64 percent to $50.5 million. Net income totaled $33.4 million, vs. a loss of $86.9 million. Revenues reflects growth in the company's customer base. Net income reflects a decrease in the cost of equipment sold due to lower handset cost per unit. 
Associated Group,Inc. (Nasdaq : AGRPA)AGRPA engages in wireless communication services in the U.S and Mexico, radio broadcasting in OH, and retail art in NY. For the three months ended 3/31/99, revenues increased 48 percent to $10.9 million. Net loss totalled $87.4 million, up from $20.2 million. Revenues benefitted from Teligent, which launched commercial service in 1998. Higher loss reflects increased S/G/A expenses as a result of expenditures relating to the growth of Teligent's operations. 
Ameritech Corporation (NYSE : AIT)Ameritech provides a range of communications services, including local and long-distance telephone, cellular, paging, security, cable TV, Internet access and directory publishing services. For the three months ended 3/31/99, revenues rose 8 percent to $4.46 billion. Net income rose 49 percent to $732 million. Revenues reflect increased revenues from call management services and data services. Earnings also reflect a $44 million restructuring credit vs. a $104 million charge. 
Allegiance Telecom, Inc. (Nasdaq : ALGX)ALGX is a local exchange carrier which provides voice, data, and Internet services to business, government, and other institutional users in major metropolitan areas across the United States. For the three months ended 3/31/99, revenues rose from $203 thousand to $10 million. Net loss applicable to Com. Stock rose from $13.7 million to $49.1 million. Results reflect revenues earned for connecting high capacity lines of an ILEC to the Allegiance network, offset by higher S/G/A and interest costs. 
Aliant Communications Inc (Nasdaq : ALNT)Aliant Communications is a holding company providing local and long distance telephone service in 22 southeastern counties of Nebraska and cellular telecommunications services in the Lincoln, Nebraska metropolitan area. For the three months ended 3/99, revenues rose 20 percent to $89.8 million. Net income applicable to Com. rose 17 percent to $15.3 million. Results reflect an increase in access lines and ownership in Omaha wireless market, partially offset by cellular operating expenses. 
American Millennium Corp. (OTC BB : AMCI)American Millennium is focused on prividing hardware and software solutions to the wireless and wireline telecommunications industries and bringing solution oriented combinations of hardware and software. For the nine months ended 4/30/99, total revenues fell 59 percent to $129 thousand. Net loss from continuing operations decreased 76 percent to $949 thousand. Results reflect lower sales due to the re-focus of the Company's business, offset by a reduction in professional fees. 
American Tower Corp. (NYSE : AMT)American Tower Corp. is an independent owner, operator and developer of wireless communications towers in the United States. As of 12/98, the Company operated over 3,200 towers in 44 states and the District of Columbia. For the three months ended 3/31/99, total revenues totalled $42.4 million, up from $17.9 million. Net loss totalled $9.5 million, up from $1.5 million. Revenues reflect acquisitions and mergers. Higher loss reflects amortization of goodwill related to mergers. 
American Telesource Int'l (OTC BB : AMTI)American Telesource Int'l is a telecommunications provider, focusing on the market for direct dial long distance, call services, and network management services between the United States and Latin America, and within Latin America. For the nine months ended 4/30/99, revenues rose 9 percent to $25.8 million. Net loss applicable to Common fell 18 percent to $3.1 million. Results reflect growth in network management and Internet e-commerce services and reduced overhead costs. 
AMNEX, Inc. (AMXCAMNEX Inc., is an integrated payphone and operator services telecommunications company, serving both United States and international markets which also provides billing services for third-party communications service providers. For the nine months ended 9/98, revenues fell 33 percent to $62.9 million. Net loss before extraordinary items applicable to Com. rose 17 percent to $10.1 million. Results reflect a reduction in operator services revenues and increased interest expenses due to higher debt. 
Atlantic Tele-Network,Inc (AMEX : ANK)Atlantic Tele-Network is a telecommunications holding company for Guyana Telephone and Telegraph. GT&T is the national telephone service provider in the Republic of Guyana for all local, long distance and international service. For the three months ended 3/99, revenues fell 7 percent to $20.7 million. Net income fell 59 percent to $2 million. Results reflect the re-origination of international long-distance traffic by France Telecom via AT&T and the absence of $3.8 million in insurance settlement claims. 
Arch Communications Group (Nasdaq : APGRDArch Communications provides wireless messaging services, primarily paging services. The Company offers four types of paging services: digital display, alphanumeric display, tone-only and tone-plus-voice. For the three months ended 3/99, revenues fell 1 percent to $100.9 million. Net loss applicable to Com. before accounting change rose 1 percent to $46.3 million. Revenues reflect the slowing of the paging industry growth. Higher loss also reflect increased personnel costs. 
Aquis Communications (Nasdaq : AQIS)Aquis Communications markets paging services and equipment to consumers, including alpha-numeric, numeric and two way pagers and value-added services including e-mail notification, voice mail, news updates and fax services. For the fiscal year ended 12/31/98, the Company reported no revenues. Net loss totalled $296 thousand. Results are not comparable due to the formation of the Company in September 1997. 
Amer.Nortel Communication (OTC BB : ARTMARTM is a reseller of 1-Plus and 1-800 long distance telecommunications services. The Company resells to customers long distance telephone time that it purchases or leases from other long distance carriers. For the nine months ended 3/99, revenues totalled $11.9 million, up from $3 million. Net income totalled $2.1 million, up from $351 thousand. Revenues reflect continued growth of 1-Plus and 800 services. Earnings also reflect decreased interest expenses. 
Advanced Radio Telecom (Nasdaq : ARTT)Advanced Radio Telecom Corp. provides wireless broadband telecommunications services using microwave transmissions in the 38GHz band of the radio spectrum throughout the U.S. For the three months ended 3/31/99, revenues fell 4 percent to $226 thousand. Net loss totalled $23.5 million, up from $9.1 million. Revenues suffered from lower service revenues. Higher loss reflects a $6.4 million equipment impairment charge, and increased depreciation expenses. 
Alltel Corporation (NYSE : AT)Alltel Corporation is an information technology company that provides wireline and wireless communications and information services, including local, long distance, network access and Internet services, paging and information processing services. For the three months ended 3/31/99, total revenues rose 16 percent to $1.37 billion. Net income applicable to Common fell 1 percent to $166.5 million. Results reflect growth in the customer base, offset by merger costs and asset write-downs. 
AmTEC, Inc. (AMEX : ATC)AmTEC, Inc. is a telecommunications company with operations in the People's Republic of China. The Company's current operations consist of a series of cellular telephone networks in the northeastern province of Hebei. For the nine months ended 12/31/98, the Company reported no revenues. Net loss applicable to Common increased 35 percent to $5.3 million. Higher loss reflects increased amortization charges related to the Company's GSM investment. 
AirTouch Communications (NYSE : ATI)ATI, together with its subsidiaries, provides wireless telecommunications services in the U.S., Europe and Asia. The principal business units provide cellular and paging services. For the three months ended 3/99, revenues rose 49 percent to $1.43 billion. Net income applicable to Common rose 68 percent to $257 million. Revenues reflect substantial subscriber growth and the consolidation of MediaOne Group. Earnings also reflect higher miscellaneous income. 
AvTel Communications (Nasdaq : AVCO)Avtel Communications, Inc. is a provider of broadband network services integrating voice, data and Internet solutions, targeting mid-size corporations, small-office home-office professionals and select residential markets. For the three months ended 3/31/99, revenues fell 25 percent to $9.3 million. Net loss applicable to Common rose 83 percent to $3.1 million. Results reflect reduced revenues from traditional voice products and personnel additions. 
BCE, Inc. (NYSE : BCE)BCE, Inc. supplies telecommunication and other wireless communication services and equipment and publishes telephone directories. For the three months ended 3/31/99, revenues fell 57 percent to C$3.46 billion. Net loss applicable to Common before U.S. GAAP totalled C$115 million, vs. an income of C$174 million. Revenues reflect the deconsolidation of Nortel Networks revenues. Loss reflects equity in loss of associated companies vs. an income. 
Boston Communications Grp (Nasdaq : BCGI)Boston Communications Group develops, markets and provides specialized roaming services, teleservices and prepaid wireless services to the wireless telephone industry. BCGI also manufactures prepaid and voice system equipment. For the three months ended 3/31/99, revenues rose 19 percent to $24.2 million. Net income totalled $190 thousand vs. a loss of $339 thousand. Results reflect increased prepaid wireless revenues and increased prepaid wireless services margins. 
Bell Canada International (Nasdaq : BCICF)Bell Canada International owns and operates telecommunications systems outside of Canada, primarily in Latin America and the Asia-Pacific region, with a focus on the wireless sector. For the three months ended 3/31/99, revenues rose 22 percent to C$195.3 million. Net loss totalled C$72.5 million, up from C$17.1 million. Revenues reflect significant growth in the subscriber base. Higher loss reflects increased depreciation and amortization and higher interest expense. 
Broadcast.com Inc. (Nasdaq : BCST)Broadcast.com is an aggregator and broadcaster of streaming media programming on the Web. BCST broadcasts programming from over 385 radio stations, 40 TV stations and cable networks and sports for over 420 college and professional teams. For the three months ended 3/99, revenues totalled $10.3 million, up from $4.5 million. Net loss increase 56 percent to $3.8 million. Revenues reflect increased broadcasted events and increased number of customers, offset by merger related costs. 
BCE Mobile Communications (NYSE : BCX)BCE Mobile Communications is a full-service wireless telecommunications company which provides cellular, personal communications services, one-and two-way paging, data, airline passenger and satellite communications services. For the fiscal year ended 12/98, revenues rose 3 percent to $1.29 billion. Net income applicable to U.S. GAAP fell 98 percent to $1.2 million. Results reflect increased Bell Mobility and PCS service revenues, offset by higher operating costs. 
Bell Atlantic Corp. (NYSE : BEL)Bell Atlantic Corp. is an international telecommunications company which operates in four segments: Domestic Telecom, Global Wireless, Directory and Other Businesses. For the three months ended 3/31/99, revenues rose 4 percent to $7.97 billion. Net income applicable to Common before extraordinary item rose 26 percent to $1.14 billion. Results benefitted from higher usage of the network facilities, an increase in access lines in service, and lower employee costs. 
BellSouth Corporation (NYSE : BLS)BellSouth Corporation is a holding Company whose subsidiaries provide telecommunications services, systems and products. For the three months ended 3/31/99, revenues increased 10 percent to $5.97 billion. Net income decreased 31 percent to $615 million. Revenues reflect a growth in access lines in service, and continued growth of the customer base in international and domestic wireless markets. Earnings were partially offset by increased customer acquisition costs. 
Boatracs, Inc. (OTC BB : BTRK)BTRK sells mobile communications terminals and software for use onboard marine vessels and provides 24-hour relay and messaging services. BTRK also provides high performance digital video compression products. For the three months ended 3/99, revenues rose 53 percent to $3.1 million. Net income rose 52 percent to $199 thousand. Results reflect increased number of BOATRACS systems installed on vessels, revenues from Enerdyne and $111 thousand income tax benefit. 
British Telecommunication (NYSE : BTY)British Telecommunications is engaged in providing telecommunication services, including long-distance and international calls. BTY also manages private networks and supplies mobile communication services. For the fiscal year ended 3/31/99, revenues increased 8 percent to L16.95 billion. Net income according to U.S. GAAP rose 79 percent to L2.59 billion. Results reflect growth in mobile communications services and a L1.11 billion net gain on the sale of the Company's investment in MCI. 
Cambio, Inc. (OTC BB : CAMB)Cambio, Inc. through its Cambio subsidiary, provides products and services that provide network documentation, network inventory and equipment provisioning functions for large enterprise and telecommunication enterprise networks. For the six months ended 12/31/98, revenues totalled $387 thousand, up from $0. Net loss from continuing operations totalled $2.4 million, up from $349 thousand. Results reflect the acquisition of Cambio Networks, offset by costs for developing a new product. 
Chorus Communic. Grp. Ltd (OTC BB : CCGL)CCGL is a telecommunications Co. that provides phone, data and other services to customers in Southern WI. CCGL provides internet access, resells long distance services, sells and services business systems. For the three months ended 3/31/99, revenues rose 7 percent to $11.7 million. Net income fell 27 percent to $1 million. Revenues reflect growth in Internet customers and higher system sales and services. Earnings were offset by higher service and labor costs due to the growing subscriber base. 
Champion Communication (OTC BB : CCMS)CCMS is a provider of high-powered community repeater services to approximately 3,900 customers in 22 states. The Company's customers are primarily businesses and government agencies located in both metropolitan and rural geographic areas. For the three months ended 3/31/99, revenues rose 15 percent to $2.1 million. Net loss fell 92 percent to $12 thousand. Results reflect increased revenues from equipment sales and increased gains on the sale of fixed assets. 
Commnet Cellular Inc. (Nasdaq : CELS)CELS operates, manages and finances cellular telephone systems, primarily in the mountain and plains regions of the U.S. The Co. operates in 83 markets spanning 14 states. For the six months ended 3/99, revenues rose 23 percent to $91 million. Net loss before extraordinary charges fell 41 percent to $12 million. Results reflect increased number of subscribers in consolidated markets, higher in-roaming usage and absence of $13.4 million in charges related to stock options. 
Conestoga Enterprises (Nasdaq : CENI)Conestoga Enterprises, through six subsidiaries, provides local, longdistance, access, equipment sales and leasing, wireless, paging and related services in PA. For the three months ended 3/31/99, revenues rose 9 percent to $16.6 million. Net income fell 39 percent to $1.3 million. Revenues reflect continued growth in access lines in service. Net income was offset by start up expenses of the PCS business, Conestoga Wireless Company and CLEC operations and staff additions. 
CFW Communications Co. (Nasdaq : CFWC)CFWC is a diversified telecommunications provider offering a broad range of integrated telecommunications products and services to businesses and residential customers in VA. For the three months ended 3/99, total revenues rose 5 percent to $17 million. Net income fell 45 percent to $1.3 million. Results reflect higher revenues from CLEC and internet businesses. Earnings were offset by increased fiber builds and start-up costs to launch internet in new markets. 
China Telecom (Hong Kong) (NYSE : CHL)China Telecom (Hong Kong) is the dominant provider of cellular telecommunications services in Guangdong and Zhejiang provinces in China. As of 12/97, the Company had approximately 3.4 million subscribers. For the fiscal year ended 12/31/97, total revenues rose 49 percent to RMB15.49 billion. Net income according to U.S. GAAP rose 20 percent to RMB5.29 billion. Results reflect an increased number of cellular subscribers, partially offset by higher leased line and inteconnection costs. 
COMC, Inc. (OTC BB : CINJ)COMC, Inc. is a telecommunications company providing voice and data systems integration services for computer network systems, telecommunications and voice equipment, and premise wiring. For the fiscal year ended 12/31/98, revenues totalled $7.9 million, up from $2.7 million. Net loss totalled $331 thousand, up from $146 thousand. Revenues benefitted from an increase due to the merger with ICF. Higher losses reflect a $185 thousand amortization of goodwill expense. 
US LEC Corp. (Nasdaq : CLEC)US LEC Corp., through its subsidiaries, provides switched local, long distance and enhanced telecommunications services primarily to medium and large organizations in selected southeastern U.S. markets. For the three months ended 3/99, net revenues rose from $13.6 million to $36.2 million. Net income rose from $1.3 million to $5 million. Results reflect expansion into new markets, growth in the customer base, increased traffic, higher margins and decreased S/G/A as a  percentage of sales. 
Clearnet Communications (Nasdaq : CLNTF)CLNTF, through its subsidiaries, provides three separate wireless communication services: Clearnet PCS, enhanced (SMR) serivces on the Mike network and analogue dispatch specialized mobile radio services. For the three months ended 3/99, revenues rose 71 percent to C$68.8 million. Net loss before U.S. GAAP fell 3 percent to C$126.6 million. Results reflect higher average revenue per subscriber unit, partially offset by higher interest expense due to increased borrowings. 
Clariti Telecomm. Intl. (OTC BB : CLRI)Clariti Telecommunications International sells long distance and local telephone services, including prepaid phone cards, in the United Kingdom and France, and operates a digital voice paging division. For the nine months ended 3/31/99, revenue totalled $27.6 million, up from $10.5 million. Net loss totalled $42.4 million, up from $16.8 million. Results reflect Globalfirst's rapid expansion from the PCO business, offset by negative margins and increased intangible amortization. 
Cellular Commun. of P R (Nasdaq : CLRP)Cellular Communications of Puerto Rico, through its subsidiaries, owns, operates and markets cellular and paging systems in the Commonwealth of Puerto Rico and the U.S. Virgin Islands and conducts other telecommunications related operations. For the three months ended 3/31/99, revenues rose 23 percent to $48.3 million. Net income fell 77 percent to $243 thousand. Results reflect an increased number of cellular and paging subscribers, offset by $2.6 million in stock option expenses. 
Concentric Network Corp. (Nasdaq : CNCX)CNCX provides tailored, value-added Internet Protocol based network services for enterprises and consumers. Services include dedicated access facilities, Web hosting, remote access services and virtual private networks. For the three months ended 3/99, revenues rose 82 percent to $30.1 million. Net loss before extraordinary item applicable to Common rose 10 percent to $25.5 million. Revenues reflect growth in broadened product offerings. Higher loss reflects dividends and accretion on pref. stock. 
CellNet Data Systems (Nasdaq : CNDS)Callnet Data Systems designs and develops innovative wireless data communications networks which provide high-volume, low-cost, real-time data collection services to electric, gas, and utility companies. For the three months ended 3/99, total revenues rose from $2.3 million to $4.9 million. Net loss applicable to Common rose 24 percent to $37.5 million. Revenues reflect increased number of installed, revenue-generating meters. Higher loss reflects additions to networks. 
Call-Net Enterprises Inc. (Nasdaq : CNEBF)Call-Net Enterprises Inc. is a Canadian telecommunications holding company. Through its wholly owned subsidiary Sprint Canada, it provides long distance voice, data and network management services. For the nine months ended 9/30/98, revenues increased 31 percent to C$875.4 million. Net loss totalled C$157.6 million vs. an income of C$19 million. Revenues benefitted from increased billed minutes. Loss was offset by an C$81.7 million acquisition cost related to FONOROLA. 
COLT Telecom Group plc (Nasdaq : COLT)COLT provides local telecommunications services in London, England and Frankfurt, Germany, where it owns and operates over 182 thousand route meters of digital fiber optic net-works. For the fiscal year ended 12/98, revenues totalled L215.1 million, up from L81.5 million. Net loss according to U.S. GAAP increased 79 percent to L55.7 million. Results reflect an increase in the number of switched service customers and increased customer usage, offset by higher interconnection charges and personnel costs. 
CoreComm Limited (Nasdaq : COMMF)Corecomm, Ltd., through its subsidiaries, operates or holds licenses to operate in the competitive local exchange carrier business, cellular long distance resale, paging resale and repair, prepaid cellular service resale, etc. For the comparable three months ended 3/31/99, revenues totalled $3.6 million, up from $853 thousand. Net loss rose from $1.5 million to $6.5 million. Results reflect acquisitions, offset by increased selling and marketing activities. 
Covad Communications Grp. (Nasdaq : COVD)Covad is a packet-based Competitive Local Exchange Carrier that provides high-speed digital communications services using Digital Subscriber Line technology to Internet Service Provider and enterprise customers. For the three months ended 3/99, revenues totaled $5.6 million, up from $186 thousand. Net loss applicable to Common totaled $30 million, up from $2.8 million. Results reflect the expanding of the Company's network offset by increased headcount and debt levels. 
Caprock Telecommunication (Nasdaq : CPRK)Caprock is a regional facilities-based integrated communications provider offering local, long distance, Internet, data and private line services to small and medium -sized businessess and carrier customers. For the three months ended 3/99, revenues rose 52 percent to $37 million. Net loss totalled $1.7 million vs. income of $1.4 million. Revenues reflect growth in both domestic and international switched services sold to other carriers. Net loss reflects higher interest expense. 
CTC Communications Corp (Nasdaq : CPTL)CPTL is a provider of integrated communications solutions to small and medium-sized business customers in the Northeastern U.S. For the nine months ended 12/31/98, revenues rose 34 percent to $46.4 million. Net loss applicable to Common totaled $31.8 million vs. an income of $3.1 million. Revenues reflect the addition of new customer relationships and growth in access line equivalents. Loss reflects higher S/G/A due to opening of five branch sales offices and increased debt levels. 
Comsat Corporation (NYSE : CQ)CQ provides satellite capacity for telephone, data, internet, video and audio communications services and network solutions through its four business segments: World Systems, Mobile Communications, International, and Laboratories. For the three months ended 3/31/99, revenues fell less than 1 percent to $144.5 million. Net income totalled $12 million, up from $3.9 million. Results reflect lower revenues in Mobile Communications, offset by International's sale of Viatel stock and income from Inmarsat. 
Cincinnati Bell, Inc. (NYSE : CSN)CSN operates in three industry segments: local communications services, directory services, and other communications services. For the three months ended 3/31/99, revenues rose 12 percent to $242.2 million. Net income from continuing operations rose 10 percent to $24.7 million. Revenues reflect access line growth and increased usage of the Company's suite of custom calling services. Net income was partially offset by increased interest expense due to higher average debt levels. 
Compania de Telecommunic. (NYSE : CTC)CTC, a telecommunications company, provides local and long distance services throughout Chile. CTC is also involved in equipment marketing, provides cable television, internet access, data transmission and provides cellular telephone services. For the six months ended 6/30/98, total revenues rose 9 percent to CH$332.96 billion. Net income fell 58 percent to CH$27.8 billion. Results reflect increased long distance traffic, offset by expenses related to early retirement plans. 
CT Communications, Inc. (Nasdaq : CTCI)CT Communications provides local and toll telephone service, telephone and equipment rental, long distance service, cellular mobile telephone and personal wireless communications services, and participates in the wireless cable television market, all in NC. For the three months ended 3/31/99, total revenues rose 21 percent to $25.3 million. Net income applicable to Common rose 23 percent to $3.9 million. Results reflect increased Internet revenues and higher investment gains. 
Commonwealth Tele. Enterp (Nasdaq : CTCO)CTOC provides telecommunation products and services through four groups: Telephone, Cable TV, Communications Services and Long Distance. For the three months ended 3/31/99, revenues rose 15 percent to $61.3 million. Net income applicable to Common rose 28 percent to $5.1 million. Revenues reflect an increase in switched access lines. Net income also reflects the absence of a $1.1 million preferred dividend and decreased interest expense due to a reduction in outstanding borrowings. 
Centurytel, Inc. (NYSE : CTL)CTL is a regional diversified communications company engaged primarily in providing local exchange telephone services and cellular telephone services. For the three months ended 3/31/99, revenues rose 11 percent to $414.3 million. Net income applicable to Common rose 6 percent to $61 million. Revenues reflect the acquisition of Ameritech and increased number of customer access lines. Net income reflects lower gain on sale of assets. 
Connectivity Technologies (OTC BB : CVTK)Connectivity Technologies Inc. is primarily engaged in the manufacture and assembly of wire and cable products for the security, factory automation, signal and sound markets. For the three months ended 3/31/99, net sales fell 22 percent to $9.3 million. Net loss from continuing operations totaled $874 thousand, up from $328 thousand. Revenues reflect a lower copper prices. Higher loss reflects lower margins due to lower fixed cost absorbtion and higher S/G/A expenses. 
Cable and Wireless plc (NYSE : CWP)CWP is an international telecommuncations operator which provides telephone, fascimile, telex, internet, cable TV, multimedia and data transmission. CWP also provides and manages telecommunication facilities for customers and provides consultancy world-wide. For the fiscal year ended 3/98, revenues rose 16 percent to L7B. Net income according to U.S. GAAP rose 91 percent to L1.29 billion. Revenues reflect growth in all regions of business. Earnings also reflect gains on asset sales. 
Centennial Cellular Corp. (Nasdaq : CYCL)Centennial Cellular Corp. owns and operates wireless telephone systems and is also engaged in other communication businesses, such as voice mail, call waiting, call forwarding, and conference calling. For the nine months ended 2/28/99, revenues rose 55 percent to $262.6 million. Net loss applicable to Common before extraordinary item rose 47 percent to $56.6 million. Results reflect higher subscriptions to wireless telephone service, offset by $58.9 million in merger related costs with WCAS VII. 
Davel Communications (Nasdaq : DAVL)Davel Communications, Inc. owns and operates a network of nearly 85,000 payphones in 42 states and the District of Columbia, generating revenue through both coin calls and non-coin calls. For the three months ended 3/31/99, revenues fell 4 percent to $45.3 million. Net loss applicable to Common rose 84 percent to $10.4 million. Revenues reflect lower call volumes due to growth in wireless services. Loss also reflects increased uncollectible reserves and consolidation costs. 
DBS Industries, Inc. (OTC BB : DBSS)DBS Industries, Inc. is designing and developing an automated meter reading service utilizing low earth orbiting satellites. The AMR business is conducted through the Company's wholly-owned subsidiary Global Energy Metering Service. For the three months ended 3/99, revenues totaled $0, unchanged from 3/98. Net loss totaled $1.1 million up from $406 thousand. Net loss reflects higher S/G/A expenses due to stock options granted to consultants and the expansion of the business. 
D & E Communications, Inc (Nasdaq : DECC)DECC supplies local and long distance telephone services. DECC also provides network access service, directory advertising and billing services. For the three months ended 3/31/99, revenues rose 25 percent to $15.9 million. Net income applicable to Common totalled $4.5 million vs. a loss of $872 thousand. Results reflect additional support services provided in Poland, and a $9 million gain on the exchange of SuperNet stock for an investment in OneMain. 
Destia Communications (Nasdaq : DEST)Destia is a facilities-based provider of domestic and international long distance communications services, offering international and domestic long distance, calling card and prepaid card, and transmission services. For the three months ended 3/99, revenues increased 50 percent to $62.6 million. Net loss rose 95 percent to $24.5 million. Results reflect a strong customer growth in the U.S. and U.K. markets, offset by costs associated with entering new markets and network build-out. 
Digital Data Networks (OTC BB : DIDA)Digital Data Networks develops, designs, installs and operates the Digital Information Network, a network of computerized electronic displays that delivers information, both text and graphics, to riders on-board public transit vehicles. For the fiscal year ended 12/31/98, revenues rose 10 percent to $574 thousand. Net loss from continuing operations fell 82 percent to $409 thousand. Results reflect increased advertising volume and the absence of a $1 million note receivable loss provision. 
Deutsche Telekom AG (NYSE : DT)Deutsche Telekom AG provides public fixed-network voice telephony, mobile communications and cable TV and radio programming in Germany. DT also provides leased lines, text and data services, corporate networks and on-line services. For the fiscal year ended 12/31/98, revenues rose 2 percent to DM71.8 billion. Net according to U.S. GAAP rose 77 percent to DM4.35 billion. Results reflect increased mobile communications and broadband cable revenues and lower personnel and depreciation expenses. 
Electric Lightwave, Inc. (Nasdaq : ELIX)Electric Lightwave, Inc. is a facilities-based Integrated Communications Provider (ICP) providing a broad range of communications services. For the three months ended 3/99, revenues rose 91 percent to $38.2 million. Net loss before accounting change rose from $12 million to $35 million. Revenues reflect the continued expansion of the Company's network and customer base. Higher loss reflects increases in salaries and expansion related cost. 
Embratel Participacoes (NYSE : EMT)EMT provides international and domestic long-distance telecommunications services in Brazil. For the fiscal year ended 12/31/97, total revenues rose 6 percent to CR$2.21 billion. Net income according to U.S. GAAP from continuing operations increased 29 percent to CR$451.6 million. Revenues reflect higher revenues from domestic and international long-distance telephone services. Earnings also reflect a CR$119.4 million gain from impairment adjustment of long lived assets, and higher interest income. 
Equalnet Communications (Nasdaq : ENETC)Equalnet is a national long distance telephone co. contracting with AT&T Corporation and Sprint Communications to provide switching and long-haul transmissions of its traffic. For the six months ended 12/31/98, revenues rose 8 percent to $16 million. Net loss applicable to Common totaled $14.2 million, up from $4.3 million. Revenues reflect sales to customers acquired from SA Telecom. Net loss reflects negative margins due to the write-off of $3.3 million of accounts receivable. 
Enterprise Software, Inc. (Nasdaq : ENSW)ENSW designs, develops, sells and supports traffic, billing, revenue and program management software products for the management of television and radio advertising time and programming. For the nine months ended 12/98, revenues rose 33 percent to $23.8 million. Net loss from continuing operations applicable to Common increased 63 percent to $3.4 million. Revenues reflect increased sales of the Company's software systems to new clients. Higher loss suffered from a $3.7 million charge for in-process R&D. 
EQUANT N.V. (NYSE : ENT)EQUANT N.V. is an internationaal provider of data network services to multinational businesses, including desktop communications, managed data network services, network design and integration, equipment installation, software development and others. For the six months ended 6/30/98, revenues rose 31 percent to $319.5 million. Net loss rose 15 percent to $12 million. Results reflect increased demand for international data communications, offset by increased share plan costs. 
Esat Telecom Group plc (Nasdaq : ESAT)Esat Telecom Group, a telecommunications operator in Ireland, wholly owns Esat Telecommunications, which provides long distance telephone service for businesses, and 45 percent of Esat Digifone, which operates a cellular system. For the nine months ended 9/30/98, revenues totalled IPU20.6 million, up from IPU7.9 million. Net loss remained flat at IPU30.5 million. Revenues reflect higher billable minutes due to acquisitions. Loss reflects increased debt levels and additional personnel. 
e.spire Communications (Nasdaq : ESPI)ESPI is a facilities based Integrated Communications Provider to businesses primarily in major markets in the southern half of the United States. For the three months ended 3/99, revenues totalled $58.1 million, up from $27.5 million. Net loss applicable to Common rose 65 percent to $66.9 million. Revenues reflect the continued greater presence and expansion in the Company's markets. Higher loss reflects increased selling, general and administrative expenses. 
Ethika Corp. (OTC BB : ETKA)Ethika Corporation is currently seeking opportunities in the telecommunications business, after the recent sale of its electronic publishing units. For the three months ended 3/31/99, total revenues remained flat at $0. Net loss from continuing operations decreased 69 percent to $33 thousand. Results reflect decreased general and administrative expenses and the absence of gains on investment securities and disposed assets. 
FirstCom Corporation (Nasdaq : FCLX)FirstCom Corporation is a provider of a wide range of telecommunications services over state-of-the-art fiber optic networks in the South Amercian countries of Chile, Peru and Colombia. For the three months ended 3/31/99, revenues increased from $3.3 million to $9.4 million. Net loss increased 35 percent to $7.1 million. Revenues benefitted from the acquisition of FirstCom Long Distance. Higher loss reflects increased costs of revenues, S/G/A expenses and higher debt levels. 
FlashNet Communications (Nasdaq : FLAS)FlashNet is a nationwide provider of consumer Internet access and business services, offering high speed Internet access and related services that enable customers to outsource Internet and electronic commerce activities. For the three months ended 3/31/99, revenues rose 37 percent to $8.1 million. Net loss applicable to Common before extraordinary item rose from $1.3 million to to $3.5 million. Revenues reflect growth in the subscriber base. Higher loss reflects increased marketing and S/G/A expenses. 
FirstLink Communications (Nasdaq : FLCI)FLCI provides integrated telecommunications and entertainment services to multifamily apartment and condominium complexes. The Company's services include cable television, local and long distance telephone, Internet access and calling cards. For the three months ended 3/31/99, revenues rose 16 percent to $327 thousand. Net loss rose 10 percent to $422 thousand. Results reflect an increase in the number of properties online, offset by increases in payroll and related costs. 
Sprint FON Group (NYSE : FON)Sprint FON Group is comprised of Sprint's wireline telecommunications operations including long distance, local telephone, product distribution and directory publishing. For For the three months ended 3/99, net operating revenues rose 7 percent to $4.17 billion. Net income before extraordinary item and applicable to Common rose 15 percent to $407.8 million. Results reflect greater long distance calling volumes, higher business market revenues, growth in data services and minutes, and higher gross margins. 
Intellicell Corp. (Nasdaq : FONE)Intellicell Corp. is engaged in the wholesale distribution of wireless communications products. FONE offers wireless telephones and accessories from many manufacturers and a proprietary line of accessories under the Intellicell name. For the fiscal year ended 12/98 revenues fell 66 percent to $27.8 million. Net loss fell 55 percent to $2.8 million. Revenues reflect a lack of available digital products. Lower loss reflects the absence of $1.3 million in legal and auditing fees. 
ForSoft Ltd. (Nasdaq : FORS)FORS, through its wholly-owned subsidiary, Formula Software, designs, develops and implements high-quality, innovative information systems and software for organizations, and provides IT services in Israel. For the nine months ended 9/98, revenues rose 91 percent to NIS 144.9 million. Net income from continuing operations rose from NIS 8.6 million to NIS 24.2 million. Revenues reflect an ERP contract and Y2K conversion contracts. Earnings reflect lower cost of services as a  percentage of revenues. 
Frontier Corp. (NYSE : FRO)FRO provides integrated communications services to business, carrier and residential customers nationwide and certain international countries. For the three months ended 3/31/99, revenues rose 7 percent to $674.8 million. Net income applicable to Common rose 18 percent to $39.7 million. Revenues reflect growth in Data, Carrier Service and Competitive Local Exchange Carrier services. Earnings also reflect lower non-income taxes expenses and higher equity earnings from wireless interests. 
France Telecom (NYSE : FTE)France Telecom and its subsidiaries provides a wide range of telecommunications services to residential, professional and large business customers, primarily in France. For the six months ended 6/30/98, revenues rose 3 percent to FF77.95 billion. Net income according to U.S. GAAP fell 11 percent to FF8.29 billion. Revenues reflect higher mobile services revenues due to an increased number of Itineris subscribers. Earnings were offset by higher selling and marketing costs. 
Farmstead Telephone Group (AMEX : FTG)Farmstead Telephone Group sells used, remanufactured, refurbished and new telephone parts and systems manufactured by Lucent. For the fiscal year ended 12/31/98, revenues rose 34 percent to $27.7 million. Net income from continuing operations totalled $780 thousand vs. a loss of $600 thousand. Revenues reflect an expanded sales force and increased sales of new products. Earnings also reflect higher margins and the absence of a $404 thousand write-down of an investment. 
Global Crossing Ltd. (Nasdaq : GBLX)Global Crossing Ltd. is a provider of global internet and long distance telecommunications facilities and services utilizing a network of undersea digital fiber optic cable systems and associated terrestrial backhaul capacity. For the three months ended 3/31/99, revenues totalled $178.2 million vs. none. Net loss applicable to Com. before acct. change fell 97 percent to $242 thousand. Results reflect revenues recognized on the sales of capacity related to AC-1 and maintenance services. 
Global Light Telecom. (AMEX : GBT)Global Light Telecommunications is an international telecommunications Company with interests in companies developing, installing and selling fiber optic network and satellite communications products and services. For the nine months ended 9/98, revenues increased 97 percent to $16 million. Net loss totalled $17.7 million, up from $6.6 million. Revenues reflect the acquisition of a 49 percent interest in Bestel. Net loss suffered from increased salaries and wages. 
Gilat Communications Ltd. (Nasdaq : GICOF)Gilat Communications is a provider of satellite-based communications services in Isreal and is a developer and provider of satellite-based interactive distance learning systems worldwide. For the nine months ended 9/30/98, revenues rose 65 percent to $15.6 million. Net income totaled $3 million, up from $1.1 million. Revenues reflect higher sales of interactive distance learning products. Net income benefitted from financial income of $331 thousand vs. expenses of $295 thousand. 
Group Long Distance (OTC BB : GLDI)GLDI is a long distance telecommunications provider. The Company, through its network, provides one Plus and 800 long distance services, as well as local, internet, e-mail and data services and prepaid calling cards. For the nine months ended 1/99, sales decreased 49 percent to $21.3 million. Earnings totalled $4.4 million, up from $669 thousand. Revenues reflect the curtailment of telemarketing campaign. Earnings reflect a $15.3 million decrease in marketing expense. 
General Communication (Nasdaq : GNCMA)GNCMA is a diversified telecommunications provider with a position in facilities-based long distance service, cable television service and internet service. For the three months ended 3/31/99, revenues rose 5 percent to $61.3 million. Net loss before effect of acctg. change totaled $4.5 million, up from $1.6 million. Revenues benefited from an increase in cable and premium programming subscribers. Higher loss reflects increase S/G/A expenses as a  percentage of revenue. 
Northeast Digital Ntwks. (OTC BB : GSMI)GSMI sells wireless communications services and products through its five subsidiaries, Free Trade and Trade Zone Distributors, Threshold Communications, Personal Communications Network and General Towers of America. For the nine months ended 12/31/98, revenues fell 79 percent to $458 thousand. Net loss before extraordinary item fell less than 1 percent to $6.6 million. Results reflect the decrease in Electronics and Commission revenues, offset by a reduction in personnel level. 
Globalstar Telecommun. (Nasdaq : GSTRF)Globalstar Telecommunications Ltd.'s sole business is acting as a general partner of Globalstar L.P., a development stage limited partnership, which is designing, constructing, and will operate a worldwide, low earth orbit satellite based digital telecommunications system. For the three months ended 3/31/99, the Company reported no revenues. Net loss rose from $7.3 million to $15.7 million. Net loss reflects an increase in equity losses in Globalstar L.P. 
GST Telecommunications (Nasdaq : GSTX)GSTX provides a broad range of integrated telecommunications products and services, primarily to business customers located in the western continental United States and Hawaii. For the three months ended 3/31/99, revenues rose 85 percent to $55.7 million. Net loss totalled $53.2 million vs. income of $19.5 million. Revenues reflect increased local and long distance services, and acquisitions. Losses reflect the absence of a $61.3 million gain on the sale of subsidiary shares. 
GTE Corporation (NYSE : GTE)GTE, a telecommunications company, provides inter-networking services ranging from dial-up Internet access for consumers to Web-based applications for Fortune 500 companies. GTE also provides services to the government and defense markets. For the three months ended 3/99, revenues fell less than 1 percent to $5.88 billion. Net income before extraordinary items totalled $912 million, up from $142 million. Results reflect a pretax gain of $513 million related to the merger of BC Telecom and Telus. 
Global Telemedia Int'l (OTC BB : GTMI)GTMI provides long-distance telecommunications services and products; purchases and resales long-distance time to other carriers; designs, produces and distributes collectible calling cards; and markets internet services. For the nine months ended 9/98, total revenues fell 98 percent to $241 thousand. Net loss fell 86 percent to $2 million. Revenues reflect decreased levels of operations in the wholesale carrier business. Lower loss reflects the decision to scale back operations temporarily. 
Global TeleSystems Group (Nasdaq : GTSG)GTSG is a provider of telecommunications services to businesses, other telecommunications service providers and consumers in Europe, Russia, the Commonwealth of Independent States, India, and China. For the three months ended 3/31/99, total revenues rose from $46.2 million to $170.9 million. Net loss before extraordinary item rose from $37.1 million to $162.2 million. Results reflect increased customer base, offset by a $63.7 million Esprit Telecom business combination costs and higher debt levels. 
Global Telecom. Solutions (OTC BB : GTST)Global Telecommunication Solutions is engaged in the marketing and distribution of prepaid phone cards which provide consumers access to long distance services through its switching facilities and long distance network. For the three months ended 3/31/99, net sales rose 45 percent to $7.4 million. Net loss before extraordinary items fell 58 percent to $1.6 million. Results reflect the increased sales due to the mergers with NATW and CCI, andd decrease telecommunications carrier and S/G/A expenses. 
Hector Communications (AMEX : HCT)HCT, through its wholly owned and partially owned subsidiaries, provides local telephone and cable television services. HCT also invests in partnerships providing telecommunication services. For the fiscal year ended 12/31/98, revenues rose 10 percent to $31.8 million. Net income rose 44 percent to $3.9 million. Revenues reflect increased demand for telephone lines and the acquisition of Felton Telephone Co. Earnings reflect the sale of interest in a cellular telephone partnership. 
HitCom Corporation (OTC BB : HICO)HICO is a telecommunications company providing 800-based services, voice and data messaging and prepaid telecommunication services through its switching platforms. For the three months ended 3/31/99, net revenues rose 84 percent to $1.4 million. Net loss from continuing operations totalled $240 thousand vs. an income of $30 thousand. Revenues reflect the acquisition of Channel. Net loss reflects amortization expenses related to Channel and increased borrowings. 
Hong Kong Telecom. Ltd. (NYSE : HKT)Hong Kong Telecom. Ltd. and its subsidiaries provide telecommunications services, engineering and other services, and sell and rent telecommunications equipment mainly in Hong Kong. For the fiscal year ended 3/98, revenues rose 8 percent to HK$35.04 billion. Net income according to US GAAP rose 53 percent to HK$16.65 billion. Revenues reflect increases from mobile services and leased lines and data services. Earnings reflect $6.7 million for the sale of exclusive international license from the Government. 
Hungarian Telephone/Cable (AMEX : HTC)Hungarian Telephone and Cable Corporation is engaged in the ownership, construction and operation of public telephone exchanges and local loop telecommunications service in five defined regions within the Republic of Hungary. For the fiscal year ended 12/31/98, revenues increased 2 percent to $38.7 million. Net loss increased 40 percent to $50.6 million. Revenues reflect an increase in average access lines in service. Higher loss reflects an $11.1 million cost of termination of management services agreement. 
Hickory Tech Corporation (Nasdaq : HTCO)HTCO is the parent company of eight subsidiaries which operate in the telephone, billing and data services, equipment sales, and telecommunications product development segments. For the three months ended 3/31/99, total revenues increased 7 percent to $22.2 million. Net income fell 8 percent to $2.8 million. Revenues reflect growth in the Local Exchange Telephone sector as well as the cellular acquisition. Earnings were offset by higher operating and depreciation expenses and debt levels. 
HighwayMaster Commun. (Nasdaq : HWYM)HWYM develops and implements mobile communication solutions, including integrated voice, data and position location services for companies in the long-haul trucking market. For the three months ended 3/31/99, revenues rose 9 percent to $17.1 million. Net income totalled $390 thousand vs a loss of $11.6 million. Revenues reflect increased service revenue due to a growing installed base. Net income also reflects a lower cost contract with a major vendor and reduced airtime costs. 
Hyperion Telecommunicat. (Nasdaq : HYPT)Hyperion Telecommunications is a facilities-based provider of local telecommunications services with 22 fiber optic networks (as of 3/98) serving 46 cities located primarily in the eastern half of the United States. For the three months ended 3/31/99, revenues totalled $21.4 million, up from $4.8 million. Net loss applicable to Common rose 69 percent to $43.6 million. Results reflect continued expansion of the Company's customer base, offset by network expansion related costs. 
ICG Communications, Inc. (Nasdaq : ICGX)ICG Communications is an integrated communications provider including, alternative to incumbent local exchange carriers, long distance carriers and other communications service for a full range of communications services. For the three months ended 3/99, revenues rose 64 percent to $129.5 million. Net loss from continuing operations before extraordinary item rose 6 percent to $86.3 million. Results reflect increased local, long distance and special access services, offset by higher depreciation and debt level. 
Intermedia Communications (Nasdaq : ICIX)ICIX is a integrated telecommunication services provider, offering local, long distance and enhanced data services. For the three months ended 3/31/99, revenues rose 50 percent to $204.7 million. Net loss applicable to Common decreased 18 percent to $140.1 million. Revenues reflect the acquisitions of affiliated entities and the introduction of new services. Lower loss reflects the absence of a $63 million business restructuring and integration charge. 
Intellicall, Inc. (NYSE : ICL)Intellicall, Inc. provides automated operator services for the pay telephone industry and designs, manufactures and sells pay telephones and retrofit kits. For the three months ended 3/31/99, total revenues fell 19 percent to $8 million. Net loss totalled $2.2 million vs. an income of $4.5 million. Revenues reflect the discontinuation of call traffic submissions by a major customer. Loss also reflects the absence of $6.4 million in gains on the sale of assets. 
Incomnet, Inc. (Nasdaq : ICNT)Incomnet, Inc., through its subsidiaries, is a reseller of long distance and other communications products to residential and small business customers through its independent sales representatives using a network marketing strategy. For the fiscal year ended 12/98, revenues fell 55 percent to $54.9 million. Net loss from continuing operations rose 25 percent to $17.6 million. Results reflect higher than normal customer attrition and a $1.6 million asset impairment charge. 
ICO Global Communications (Nasdaq : ICOGF)ICO Global Communications, a development stage company, is developing and commercializing a medium earth orbit satellite-based communications service designed to enable local service providers to offer wireless voice telephony and data services virtually anywhere in the world. For the fiscal year ended 12/31/97, the Company reported no revenues. Net loss totalled $188 million, up from $31.3 million. Higher loss reflects a $150 million patent rights settlement with TRW. 
IDT Corporation (Nasdaq : IDTC)IDT Corporation is a telecommunications company which offers a broad range of integrated long-distance telephone and Internet access services. For the six months ended 1/31/99, revenues totalled $294 million, up from $125.7 million. Net income rose 36 percent to $6.9 million. Revenues reflect an increase in revenues from telecommunications and an increase in minutes of use. Net income reflects lower margins of prepaid phone cards and $4.8 million provision for income tax. 
Intek Global Corporation (Nasdaq : IGLC)Intek Global Corporation is a provider of spectrum-efficient wireless communications technology, products and services. For the six months ended 3/31/99, total revenues decreased 26 percent to $12.8 million. Net loss applicable to Common rose 10 percent to $16.4 million. Revenues suffered from the sale of the ESU business. Net loss was partially offset by decreased cost of product sales as a  percentage of revenues due to improved manufacturing cost controls. 
IXC Communications Inc. (Nasdaq : IIXC)IIXC provides data and voice telecommunications transmission services. IIXC owns and operates an advanced coast-to-coast digital communications network. For the three months ended 3/31/99, total revenues rose 2 percent to $161.4 million. Net loss applicable to Common rose 97 percent to $58.3 million. Revenues reflect the sale of an option on usage rights in fibers owned jointly with another carrier. Higher loss reflects costs of the expanded fiber network. 
IJNT.net Inc. (OTC BB : IJNT)IJNT.net Inc. provides wireless Internet access through microwave technology. The Co. also offers dial-up Internet access, web site design and web hosting services. For the nine months ended 12/98, revenues totalled $971 thousand, up from $10 thousand. Net loss vs. pro forma rose 91 percent to $2.8 million. Revenues reflect contributions from companies acquired since the prior period. Higher loss suffered from increased S/G/A due to the development and expansion of operations 
I-Link Incorporated (Nasdaq : ILNK)I-Link provides basic and enhanced telecommunications services to its customers and subscribers nationwide utilizing Internet Protocol (IP) -enabled technology developed by the Company. For the three months ended 3/31/99, revenues rose 14 percent to $7.2 million. Net loss from continuing operations applicable to Common fell 3 percent to $7.4 million. Results reflect growth in the Network Marketing Channel, partially offset by a $1.8 million write-down of capitalized software costs. 
Intercell Corporation (OTC BB : INCE)INCE is engaged in the testing and assembly of memory modules, the manufacture and rebuilding of electron tubes, and the development of the Co's patented particle interconnect technology and trade secret electroplating process. For the nine months ended 6/98, the Co. reported no revenues. Net loss from continuing operations applicable to Common fell 47 percent to $3.8 million. Results reflect the absence of $1.4 million in R&D expenses and lower S/G/A expenses related to particle interconnect technology. 
Inet Technologies (Nasdaq : INTI)Inet Technologies provides solutions that enable telecommunaications carriers to design, deploy, diagnose, monitor and manage communications networks that carry signaling information used to manage telephone calls. For the three months ended 3/31/99, revenues rose 50 percent to $23.2 million. Net income rose 43 percent to $4.4 million. Revenues reflect higher unit sales. Earnings were partially offset by increased costs related to expansion of international sales activities. 
Iridium World Comm. Ltd. (Nasdaq : IRID)IRID sole asset is its investment in Iridium LLC which engages in the establishment and commercialization of a global mobile wireless communications system that will enable subscribers to send and receive telephone calls worldwide. For the fiscal year ended 12/31/98, revenues totalled $186 thousand vs. $0. Net loss applicable to Common rose from $299.3 million to $1.26 billion. Results reflect interest income from cash and investments offset by depreciation of more satellites. 
ITC/\DeltaCom, Inc. (Nasdaq : ITCD)ITCD provides long distance services to mid-sized and major regional businesses in the Southern U.S. and is a regional provider of wholesale long-haul services to other telecommunications companies. For the three months ended 3/99, revenues rose 45 percent to $53 million. Net loss before extraordinary items totalled $13 million, up from $4.6 million. Revenues reflect increased number of business customers. Higher loss suffered from decreased long distance rates. 
Wavetech Int'l, Inc. (OTC BB : ITEL)Wavetech conducts operations through its wholly-owned subsidiary, Interpretel. Interpretel is a facilities-based telecommunication co. using an advanced computer telephony platform to deliver enhanced calling card services. For the six months ended 2/28/99, revenues fell 95 percent to $5 thousand. Net loss applicable to Com. fell 9 percent to $540 thousand. Results reflect the Co's decision to stop reselling int'l. long distance minutes. Lower loss reflects the absence of a $93 thousand conversion cost. 
Intraware, Inc. (Nasdaq : ITRA)ITRA provides Internet-based business to business software services for IT professionals and software vendors. ITRA's online services enable vendors to effectively market products to a targeted customer base. For the fiscal year ended 2/28/99, net revenues rose from $10.4 million to $38.4 million. Net loss rose from $4 million to $12 million. Results reflect higher sales of 3rd party software and online revenues from Netscape, offset by increased marketing and $1.6 million in stock option compensation. 
Kalan Gold Corporation (OTC BB : KNGC)Kalan Gold Corporation, through its subsidiaries, owns interests in multimedia, telecommunications and property development. The Company plans to focus on providing communication services throughout Malaysia. For the three months ended 3/99, the Company reported no revenues. Net loss increased 10 percent to $24 thousand. The Co. has generated no substantial revenues from its operations. Expenses consisted of rent, salaries, accounting fees and depreciation. 
LCC International, Inc. (Nasdaq : LCCI)LCCI is a wireless consulting firm engaged in three areas of business: RF Engineering and Network Deployment services, Tower Ownership and Management and Planning and Optimization Software and Field Measurement products. For the three months ended 3/31/99, revenues fell 22 percent to $17.7 million. Net loss from continuing operations totalled $1.9 million vs. an income of $731 thousand. Results reflect increased competition and higher sales and marketing expenses due to developmental efforts. 
Loral Space/Communication (NYSE : LOR)Loral Space and Communications Ltd. and subsidiaries is a satellite communications company with interests in the design, manufacture and operation of geosynchronous and low-earth-orbit satellite systems. For the three months ended 3/99, revenues rose 4 percent to $305.9 million. Net loss applicable to Com. rose 85 percent to $50.1 million. Revenues reflect growth in fixed satellite services. Higher loss suffered from increases in interest expenses and equity in loss of affiliates. 
Lightbridge, Inc. (Nasdaq : LTBG)LTBG develops, markets and supports a network of integrated products/services that enable telecommunications carriers to improve their customer acquisition and retention processes. For the three months ended 3/99, revenues rose 45 percent to $19.3 million. Net income totalled $1.4 million vs. a loss of $722 thousand. Revenues benefitted from higher volume of qualification and activation transactions. Net income also benefitted from lower transaction costs as a  percentage of revenues. 
Level 3 Communications (Nasdaq : LVLT)LVLT is a telecommunications and information services company that plans to build an advanced, international facilities-based communications network based on Internet Protocol technology. LVLT also has interests in coal mining and public companies. For the three months ended 3/31/99, revenues rose 17 percent to $102 million. Net loss from continuing operations totalled $105 million, up from $6 million. Results reflect XCOM's agreements with Bell Atlantic, offset by personnel increases. 
Leap Wireless Intl. (Nasdaq : LWIN)Leap Wireless International manages, supports, operates and otherwise participates in Code Division Multiple Access (CDMA)-based wireless telecommunications businesses and ventures located in emerging international markets and the United States. For the six months ended 2/28/99, the Company reported no revenues. Net loss totalled $30.9 million, up from $5.1 million. Higher loss reflects increased equity in losses of wireless operating companies. 
MIDCOM Communications Inc (OTC BB : MCCIQ)MIDCOM Communications Inc. provides long distance voice and data telecommunications services primarily to small and medium-sized commercial customers. For the nine months ended 9/30/97, revenues decreased 40 percent to $74.3 million. Net loss decreased 10 percent to $69.5 million. Revenues reflect customer attrition in acquired customer bases and the loss of sales from a customer base in dispute. Lower loss reflects a reduction in non-recurring charges ($4.9 million vs. $23 million). 
McLeodUSA, Inc. (Nasdaq : MCLD)MCLD provides integrated local and long distance telecommunication services, network maintenance services, special access and private line services, local exchange services and telemarketing services. For the three months ended 3/31/99, revenues rose 35 percent to $181.1 million. Net loss rose 57 percent to $47.5 million. Revenues reflect the sale of local and long distance telecommunication services. Higher loss reflects costs associated with recent acquisitions. 
Metrocall, Inc. (Nasdaq : MCLL)Metrocall, Inc. provides local, regional, and nationwide paging and other wireless messaging services. MCLL operates in over 1000 U.S. cities and provides services to more than 4 million subscribers. For the three months ended 3/99, revenues rose 50 percent to $155 million. Net loss applicable to Com. rose 57 percent to $47.9 million. Revenues reflect increased subscriber growth due to internal growth. Higher loss suffered from telecommunications and interconnect costs. 
Medialink Worldwide Inc. (Nasdaq : MDLK)Medialink is a worldwide provider of video and audio production, distribution and public relations services for businesses and organizations seeking to communicate through TV, radio and other media. For the three months ended 3/31/99, revenues fell less than 1 percent to $9.9 million. Net income rose 2 percent to $535 thousand. Results reflect lower production and live broadcast services due to several unusually large projects in the first quarter of 1998, offset by decreased direct costs. 
Metromedia Fiber Network (Nasdaq : MFNX)MFNX is a facilities-based provider of technologically advanced, high-bandwidth, fiber optic communications infrastructure to carrier and corporate/ government customers. For the three months ended 3/31/99, revenues totalled $18.4 million, up from $1.7 million. Net loss rose 37 percent to $5.8 million. Revenues reflect the commencement of service and an increased number of customers. Higher loss reflects higher interest expense due to the issuance of senior notes. 
MGC Communications, Inc. (Nasdaq : MGCX)MGCX provides local and long distance services to small business and residential customers in Las Vegas, Atlanta, Chicago, Southern CA, and Southern FL. For the three months ended 3/31/99, revenues totalled $8.4 million, up from $2.8 million. Net loss applicable to Common totalled $14.2 million, up from $6.7 million. Revenues benefitted from the increase in the number of lines placed in service. Higher loss reflects increased costs associated with the increased number of lines. 
Microcell Telecom. (Nasdaq : MICTF)MICTF provides personal communication services in Canada. These serivces include: secure digital voice transmissions, caller identification, text messaging and fax mail. For the three months ended 3/31/99, revenues totalled C$53.5 million, up from C$18 million. Net loss according to U.S. GAAP rose 11 percent to C$87.8 million. Results reflect the launch of operations in six additional CMA's since 3/98, offset by higher costs of products and services. 
Multi Link Telecom. Inc. (Nasdaq : MLNK)Multi-Link provides integrated voice and fax messaging services for small and medium sized businesses. These services enable businesses to improve the handling of incoming calls and can be used with an automated attendant service. For the three months ended 12/98, revenues increased 24 percent to $513 thousand. Net income totalled $85 thousand, vs. a loss of $144 thousand. Results reflect the steady net growth in base customers, and lower sales and advertising expenses. 
Chadmoore Wireless Group (OTC BB : MOOR)Chadmoore Wireless Group is a holder of frequencies in the 800 megahertz band for commercial specialized mobile radio service, offering voice communications services to companies with moblile workforces. For the three months ended 3/31/99, revenues totalled $1.3 million, up from $516 thousand. Net loss before extraordinary item applicable to Common rose 45 percent to $2.7 million. Results reflect a greater number of subscribers utilizing the Company's SMR systems, offset by personnel additions. 
MATAV, Hungarian Telecom. (NYSE : MTA)MATAV is the principal provider of telecommunication services in HUNGARY. The company provides telephone, data transmission, and mobile telecommunication services. For the nine months ended 9/98, revenues rose 26 percent to HUF232.94 billion. Net income rose 55 percent to HUF43.21 billion. Results reflect increased domestic telecommunications services revenues. Earnings also reflect lower employee related expenses and cost of equipment sales as a  percentage of revenues. 
Metro Networks, Inc (Nasdaq : MTNT)MTNT is a domestic outsource provider of traffic reporting services, local news, sports, weather, video news and other information reporting services to the television and radio broadcast industries, all in exchange for commercial airtime. For the three months ended 3/31/99, revenues rose 22 percent to $42 million. Net income rose 15 percent to $1.7 million. Results reflect higher sales of commercial airtime inventories and recent acquisitions, partially offset by lower gross margins. 
Metro One Telecommunic. (Nasdaq : MTON)MTON is an independent developer and provider of enhanced directory assistance for the wireless telecommunic-ations industry. MTON contracts with wireless communic-ations carriers to provide EDA to a carrier's subscribers. For the three months ended 3/99, revenues rose 57 percent to $14.2 million. Net income totalled $682 thousand, up from $209 thousand. Revenues reflect increased call volumes. Earnings benefitted from improved operating efficiencies. 
Murdock Communications (OTC BB : MURC)Murdock Communications provides long-distance telecommunications services principally to hotels and motels. For the three months ended 3/31/99, total revenues rose 90 percent to $10.8 million. Net income applicable to Common totalled $35 thousand vs. a loss of $463 thousand. Revenues reflect an increase in the number of telephone numbers processed by the Operator Service Center. Earnings also reflect lower S/G/A expenses as a  percentage of revenues. 
Network Access Solutions (Nasdaq : NASC)Network Access Solutions Corp. is a provider of data communications solutions to businesses through product sales, consulting services and network services, including high speed data transmission services using DSL technology. For the three months ended 3/99, revenues rose 87 percent to $4.8 million. Net loss applicable to Com. totalled $2.8 million, up from $13 thousand. Results reflect increased product sales, offset by continued expansion of the network and increased staffing. 
NorthEast Optic Network (Nasdaq : NOPT)NOPT is a facilities based provider of advanced, high-bandwith fiber optic transmission capacity for carriers on local loop, intercity and interstate facilities in the Northeast. For the three months ended 3/99, revenues rose from $151 thousand to $521 thousand. Net loss rose from $293 thousand to $5.3 million. Revenues reflect recurring lease services to customers. Higher loss reflects increases in debt levels snd other expenditures related to expansion of the NEON system. 
NorthPoint Communications (Nasdaq : NPNT)NPNT is a national, facilities based provider of high speed, local data network services. NorthPoint's networks use digital subscriber line, or DSL, technology to transport data at guaranteed speeds up to 25 times faster than common dial-up modems. For the three months ended 3/31/99, revenues totalled $1.3 million, up from $35 thousand. Net loss totalled $23.4 million, up from $1.9 million. Results reflect an expansion of the end user base and higher expenses related to the expansion. 
North Pittsburgh Systems (Nasdaq : NPSI)North Pittsburgh Systems, a holding co., is engaged in providing telecommunications equipment and services to its customers generally located in western PA. For the three months ended 3/31/99, total revenues increased 9 percent to $17.5 million. Net income decreased 20 percent to $3.4 million. Revenues benefitted from customer growth in second lines and the implementation of a toll savings plan. Earnings were offset by an increase in network and other operating expenses. 
Nortel Inversora S.A. (NYSE : NTL)Nortel Inversora S.A. was organized to invest in other companies, and its sole substantial activity is owning 60 percent of the common stock of Telecom Argentina STET-France Telecom S.A, and its sole substantial source of cash income is cash dividends paid on such stock. For the fiscal year ended 9/30/97, net revenues totalled P$2.59 billion. Net income according to U.S. GAAP totalled P$121 million. Results are not comparable due to the fiscal year end change from DEC to SEP. 
NetMoves Corporation (Nasdaq : NTMV)NetMoves Corporation provides enterprise-wide fax solutions which include computer-generated faxing, fax-to-email, email-to-fax, broadcast fax, and fax-enabling E-commerce websites. For the three months ended 3/99, revenues rose 11 percent to $5.5 million. Net loss rose 52 percent to $2.2 million. Revenues reflect expansion of the Co.'s customer base, particularly in the international markets. Higher loss reflects lower margins and the hiring of additional personnel. 
Nippon Telegraph & Telep. (NYSE : NTT)Nippon Telegraph and Telephone Corporation provides telecommunications services in Japan, offering telephone services, telegraph services, leased circuit services, data communication facility services, ISDN services, equipment sale and other services. For the six months ended 9/30/98, total revenues rose 2 percent to Y4.71T. Net income before extraordinary item rose 48 percent to Y289.62 billion. Results reflect strong demand for high-speed digital leased circuit services. 
Nextlink Communications (Nasdaq : NXLK)Nextlink Communications provides local facilities-based telecommunications services with a focus on delivering switched services to commercial customers. For the three months ended 3/31/99, sales increased 83 percent to $48.6 million. Net loss applicable to Common Stock increased 86 percent to $118.9 million. Revenues reflect growth in local and long distance services. Higher loss reflects increased S/G/A expenses due to the hiring of additional employees. 
Nextel Communications (Nasdaq : NXTL)NXTL provides digital and analog wireless communications services utilizing single transmission technology to customers in 50 metropolitan areas. For the three months ended 3/31/99, revenues totalled $663.8 million, up from $327.1 million. Net loss applicable to Common rose 17 percent to $485.5 million. Revenues reflect increased domestic digital subscriber units in service. Higher loss reflects increased domestic dealer commissions and residuals by indirect distributors. 
Telecom Corp. New Zealand (NYSE : NZT)Telecom Corp. of New Zealand provides a range of telecommunication services including local, national and international telephone services, cellular and other mobile services, enhanced network services, equipment sales and services, and directories. For the fiscal year ended 3/31/99, total revenues rose 2 percent to NZ$3.45 billion. Net income from continuing operations according to U.S. GAAP rose 5 percent to NZ$768 million. Results reflect higher cellular revenue and lower maintenance costs. 
Objective Communications (Nasdaq : OCOM)Objective Communications designs, develops and markets video network systems that supports video broadcast, retrieval of stored video and multi-party conferencing to and from desktop personal computers and conference rooms. For the three months ended 3/99, revenues totalled $655 thousand, up from $111 thousand. Net loss fell 44 percent to $2.5 million. Revenues reflect increased VidPhone systems shipped. Lower loss reflects the implementation of cost reduction plan. 
Omnipoint Corporation (Nasdaq : OMPT)OMPT designs, develops, manufactures and markets wireless digital communications products and services. For the three months ended 3/31/99, revenues totalled $69.7 million, up from $34.1 million. Net loss applicable to Common rose 50 percent to $186.7 million. Revenues reflect an increased customer base due to increased penetration in existing markets. Higher loss reflects higher depreciation and amortization expenses and higher interest expense due to increased borrowings. 
Orange plc (Nasdaq : ORNGY)ORNGY is a telecommunications concern that operates the Orange Digital Wirefree Network in the U.K., and markets related products and services. ORNGY also operates several of Hutchison Whampoa's European telecom ventures. For the fiscal year ended 12/98, sales rose 33 percent to L1.21 billion. Net income according to US GAAP totalled L111.4 million vs. a loss of L45.4 million. Revenues reflect growth in the subscriber base. Earnings refelect higher margins and an L256.3 million recognition of deferred taxes. 
Hellenic Telecommunicat. (NYSE : OTE)Hellenic Telecommunications Organization S.A. is currently the exclusive provider of standard local, long-distance and international telecommunications services through public network to all areas of the Hellenic Republic (Greece). For the six months ended 6/30/98, total revenues rose 15 percent to GDR438.63 billion. Net income rose 14 percent to GDR104.65 billion. Results reflect growth in domestic call and rental charges, partially offset by the absence of a GDR11B investment gain. 
Paging Network, Inc. (Nasdaq : PAGE)Paging Network, Inc. is a provider of paging and wireless messaging services. The Company has approximately 10.1 million pagers in service. Total revenues for the three months ended 3/99 rose 3 percent to $263.6 million. Net loss before accounting change decreased 44 percent to $51.8 million. Revenues reflect the growth in the number of units in service and the changing mix of the subscriber base towards higher revenue product. Lower loss reflects the absence of $74 million in restructuring costs. 
Pointe Communications (OTC BB : PCOM)Pointe Communications provides enhanced telecommunications products and services, including local, long distance, internet access, international private line, carrier services, prepaid calling card and telecommuting services. For the three months ended 3/31/99, total revenues totalled $11.6 million, up from $4.1 million. Net loss rose 58 percent to $3.7 million. Revenues reflect increased prepaid calling card sales. Higher loss reflects lower margins. 
Sprint PCS Group (NYSE : PCS)Sprint PCS Group is engaged in the wireless mobile telephone operations conducted by Sprint Corp., including Sprint Spectrum, SprintCom, PhillieCo, and an interest in Cox PCS. For the three months ended 3/99, revenue rose from $203.3 million to $604.2 million. Net loss before extraordinary item and applicable to Common rose from $145.2 million to $608.5 million. Revenues reflect expansion of the customer base and higher sales of handsets and other accessories. Higher loss reflects increased marketing. 
Pacific Gateway Exchange (Nasdaq : PGEX)PGEX is an international telecommunications carrier which provides service to its customer base of long distance service providers. For the three months ended 3/31/99, revenues increased 34 percent to $140.5 million. Net income fell 3 percent to $4.2 million. Revenues reflect an increase in the number of operating agreements and in the number of wholesale-carrier customers. Net income was offset by a decreased gross margin due to lower prices as a result of increased competition. 
Philippine Long Distance (NYSE : PHI)Philippine Long Distance Telephone Company provides local and long distance telephone service in the Philippines. For the fiscal year ended 12/97, revenues increased 24 percent to PP35.71 billion. Net loss applicable to Common according to U.S. GAAP totalled PP16.33 billion vs. income of PP5.44 billion. Revenues reflect an increase in the number of telephone lines in service and increased calling volume. Loss reflects foreign exchange differentials capitalized to property accounts. 
Phone-Tel Technologies (OTC BB : PHNT)Phone-Tel Tech. is a telecommunications co. engaged in the installation of public pay telephones on a revenue sharing basis. The Co. also provides operator assisted long distance and account management. For the nine months ended 9/30/98, total revenues decreased 9 percent to $75.4 million. Net loss applicable to Common Stock increased 73 percent to $28.7 million. Results reflect a decline in call volume, increases in line and transmission charges and higher depreciation expenses. 
Choicetel Communications (Nasdaq : PHON)PHON is the largest independent payphone service provider in Minnesota. The Company has an installed phone base of approximately 3,000 payphones in 10 states. For the nine months ended 9/30/98, total revenues increased 37 percent to $6.9 million. Net income totalled $99 thousand vs. a loss of $275 thousand. Revenues benefitted from an increase in the average number of pay phones in service. Earnings also benefitted from increased gross margins and decreased debt levels. 
PLD Telekom Inc. (Nasdaq : PLDI)PLDI through its subsidiaries, provides local, long distance and international telecommunications services in the Russian Federation and Kazakstan. For the three months ended 3/31/99, revenues decreased 17 percent to $29.4 million. Net loss totalled $12.8 million, up from $4.5 million. Revenues reflect economic crisis in Russia and Kazakhstan. Higher loss also reflects costs relating to a number of new projects aimed at developing new revenue streams. 
PageMart Wireless (Nasdaq : PMWI)PMWI offers local, multi-city, regional and nationwide paging and other one-way wireless services in the U.S., Puerto Rico, U.S. Virgin Islands, the Bahamas, and Canada. For the three months ended 3/31/99, total revenues fell 5 percent to $73.5 million. Net loss before extraordinary item totalled $25.2 million, up from $10 million. Revenues reflect a decrease in the number of units in service. Higher loss reflects increased technical and depreciation expenses. 
Price Communications Corp (AMEX : PR)Price Communications is currently engaged through Price Communications Wireless (PCW) in the construction, development, management and operation of cellular telephone systems in the southeastern United States. For the three months ended 3/99, revenues rose 31 percent to $56.6 million. Net loss fell 52 percent to $3.3 million. Revenues reflect an increase in the average number of subscribers. Lower loss also reflects decreased depreciation expenses. 
Primus Telecommunications (Nasdaq : PRTL)Primus Telecommunications is a telecommunications company that provides international and domestic long distance services. For the three months ended 3/99, net revenue rose 64 percent to $131.2 million. Net loss rose from $12.3 million to $25.2 million. Net revenue reflects increased traffic volumes in business and ethnic residential retail operations and in carrier operations. Higher loss reflects the addition of expense from acquired operations and increased marketing expenses. 
Portugal Telecom, S.A. (NYSE : PT)PT is a telecommunications operator, offering local, domestic long distance and international telephone services as well as leased lines, cable television and a wide range of complementary telecommunications services. Revenues for the six months ended 6/30/98 rose 6 percent to PTE273B. Net income before US GAAP rose 23 percent to PTE40.79 billion. Revenues reflect increased revenues from mobile services and cable television. Earnings also reflect lower postretirement benefits. 
Premiere Technologies Inc (Nasdaq : PTEK)Premiere Technologies, Inc. provides Web-based and telephone communications services, including unified messaging, e-mail by phone, enhanced calling card services, voice and data messaging, conferencing and fax distribution. For the three months ended 3/31/99, revenues rose 33 percent to $112.8 million. Net loss increased 96 percent to $25 million. Revenues benefitted from the Xpedite and ATS acquisitions. Higher loss reflects increased personnel, facilities and depreciation expenses. 
Powertel, Inc. (Nasdaq : PTEL)PTEL owns and operates a wireless cellular telephone system in AL and GA. PTEL also owns and operates GSM PCS systems in parts of AL, GA, TN, MS and FL. For the three months ended 3/31/99, revenues increased 69 percent to $62 million. Net loss applicable to Common increased 11 percent to $63.8 million. Revenues reflect the addition of PCS subscribers, and the launch of several new markets. Higher loss reflects an increase in PCS advertising and marketing costs. 
Qwest Communications Int. (Nasdaq : QWST)Qwest Communications, a facilities based multimedia communications services provider, is engaged in two core business segments: Communications Services and Construction Services. For the three months ended 3/31/99, revenues totalled $878.4 million, up from $177.1 million. Net income totalled $4.8 million, vs. a loss of $6.6 million. Results benefitted from the acquisitions of Phoenix Network, Inc., EUnet International Limited, and LCI International, Inc. 
Rural Cellular Corp. (Nasdaq : RCCC)RCCC is engaged in the ownership, operation and management of it's subsidiaries and sales of cellular, paging and Personal Communications Services (``Wireless Systems''). For the three months ended 3/31/99, total revenues rose from $14.8 million to $32.2 million. Net loss applicable to Common rose from $2.1 million to $5.4 million. Revenues reflect increased customers and cell sites. Higher loss reflects additional costs related to RCC Atlantic, higher debt and preferred stock dividend. 
Rogers Cantel Mobile Com. (NYSE : RCN)Rogers Cantel Mobile Communications Inc. is a Canadian wireless telephone company. The Company provides cellular, paging, wireless data and personal communications services. For the nine months ended 9/30/98, revenues rose 3 percent to C$918.8 million. Net loss according to US GAAP totalled C$131.4 million, up from C$11.6 million. Revenues reflect an increase in the number subscribers. Higher loss suffered from increased depreciation/amortization and interest expenses. 
RCN Corporation (Nasdaq : RCNC)RCNC is developing advanced fiber optic networks to provide a wide range of telecommunications services including local and long distant telephone, video programming and data services. For the three months ended 3/31/99, revenues increased 68 percent to $67.4 million. Net loss increased 62 percent to $67.8 million. Revenues reflect additional monthly subscribers, rate increases, and acquisitions. Higher losses reflect a decrease in gross profit. 
Ardis Telecom & Technolg. (OTC BB : RDST)Ardis Telecom and Technologies, provides a number of telecommunication services, including prepaid calling cards, public internet access kiosks, pay telephones, and pallet exchange services. For the six months ended 4/99, sales totalled $2.4 million. Net loss from continuing operations totalled $1.2 million. Results are not comparable due to the Company's discontinuation of the software business and enterance into the telecommunication business. 
Rogers Communications (NYSE : RG)Rogers Communications, Inc. through its subsidiaries is engaged in cellular and other wireless communications, cable television and other cable distribution services, publishing, and radio and television broadcasting. For the three months ended 3/31/99, total revenues rose 5 percent to C$709.3 million. Net income totalled C$46.9 million vs. a loss of C$18.9 million. Results reflect higher media and cablesystems revenues and C$89.2 million in gains on the sale of assets and other investments. 
Rocky Mountain Internet (Nasdaq : RMII)RMII, a national full-service Internet based communications provider offers a wide range of services, including Internet access, Web Solutions, e-commerce, phone services and other related services. For the three months ended 3/99, revenues totalled $5.3 million, up from $1.8 million. Net loss applicable to Common totalled $3.3 million, up from $1.3 million. Revenues reflect increased demand. Higher loss reflects increased S/G/A expenses due to an increased headcount. 
OAO Rostelecom (NYSE : ROS)ROS is a telecommunications operator in Russia providing telephone, telegraph, telex, customer telegraph services, TV and broadcasting, switched and non-switched transit, leasing of circuits and network trunks. For the fiscal year ended 1/1/98, revenues decreased 20 percent to RUR9.31 billion. Net income applicable to Common and according to U.S. GAAP totalled RUR273.9 million, up from RUR134.2 million. Results reflect lower national usage, offset by lower bad debt expense. 
RSL Communications, Ltd. (Nasdaq : RSLC)RSL Communications, Ltd. is a multinational telecommunications company which provides an array of international and domestic telephone services to small and medium-sized business in key markets. For the three months year ended 3/31/99, revenues rose from $131.6 million to $340.3 million. Net loss rose 61 percent to $57 million. Results reflect acquisitions in the Company's North American and European operations, offset by increased personnel, depreciation, and interest expenses. 
Rhythms NetConnections (Nasdaq : RTHM)Rhythms NetConnections provides high-speed data communications services on an end-to-end basis to business customers and end users utilizing digital subscriber line (DSL) technology. For the three months ended 3/31/99, revenues totalled $660 thousand, up from $10 thousand. Net loss totalled $23.9 million, up from $2.4 million. Revenues reflect increased DSL service and installation charges. Higher loss reflects increased staffing levels and increased marketing efforts. 
Roseville Communications (OTC BB : RVCL)Roseville Communications provides local and toll telephone services and network access services to certain areas in Placer and Sacramento Counties, CA. RVCL also maintains ownership interests in certain wireless partnerships. For the three months ended 3/31/99, revenues rose 13 percent to $35 million. Net income rose 24 percent to $8.3 million. Results reflect access line growth, improved penetration in custom calling services and reduced depreciation expense. 
Asia Satellite Telecomm. (NYSE : SAT)SAT provides satellite transponder capacity in Asia primarily to the broadcasting and telecommunications markets, including the private communications network market. For the fiscal year ended 12/31/97, revenues rose 21 percent to HK$996.9 million. Net income according to U.S. GAAP increased 54 percent to HK$556.5 million. Revenues reflect increased utilization of AsiaSat2 and a transponder agreement with STAR TV. Earnings also reflect a $41.5 million gain on the sale of the Co.'s limited partnership. 
SBC Communications Inc. (NYSE : SBC)SBC is a holding company whose subsidiaries and affiliates provide wireline and wireless telecommunications services and equipment, directory advertising, publishing and cable television services. For the three months ended 3/99, total revenues rose 7 percent to $7.32 billion. Net income before accounting change rose 15 percent to $1.12 billion. Results reflect higher demand for local service, increased sales of wireless and telephone equipment and lower interest expense. 
Swisscom AG (NYSE : SCM)Swisscom AG is a provider of telecommunications services in Switzerland, offering a comprehensive range of services to residential and business customers. SCM provides fixed line telephone access, ISDN channels, and mobile telecommunications services. For the six months ended 6/98, revenues rose 4 percent to SF5.20 billion. Net income before extraordinary item, applicable to U.S. GAAP. fell 28 percent to SF821M. Results reflect increased mobile revenues, offset by a U.S. GAAP adjustment. 
Shenandoah Telecommunic. (OTC BB : SHET)SHET is a diversified telecommunications holding company providing both regulated and unregulated services in the Northern Shenandoah Valley, including telephone, cable, Internet access, paging, mobile and other services. For the three months ended 3/31/99, total revenues rose 12 percent to $9.1 million. Net income rose 11 percent to $1.3 million. Results reflect increased cellular revenues due to network expansion, partially offset by increased depreciation. 
SIMS Communications, Inc. (Nasdaq : SIMS)SIMS was formed to design and market a computerized system which provides unattended rental of cellular telephones through a stand-alone dispensing station. For the six months ended 12/31/98, revenues increased 77 percent to $772 thousand. Net loss from continuing operations decreased 4 percent to $3 million. Revenues reflect a $461 thousand in automated movie rentals and sales. Lower losses reflect the absence of a $933 thousand provision for contract termination charge. 
SIRCO International Corp. (Nasdaq : SIRC)SIRCO International invests in, develops and incubates Internet and telecommunications-related businesses, also including E-commerce retailing and on-line marketing of insurance and financial products. For the three months ended 2/99, net sales fell 35 percent to $2.5 million. Net loss rose from $673 thousand to $1.5 million. Results reflect decreased luggage division sales due a change in the ordering programs of two of the largest customers and a $425 thousand in equity in loss of investee charges. 
SK Telecom Co., Ltd. (NYSE : SKM)SKM is a wireless telecommunications service provider that provides cellular telecommunications and paging services in Korea. For the fiscal year ended 12/97, revenues increased 31 percent to W3.513T. Net income according to U.S. GAAP decreased 68 percent to W88.68 billion. Revenues benefitted from increased number of cellular and paging subscribers and sale of digital handsets. Net income suffered from increased foreign exchange and translation losses. 
American Mobile Satellite (Nasdaq : SKYC)American Mobile Satellite, through its subsidiaries, provides nationwide wireless communications services, including data, dispatch, and voice services, primarily to business customers in the United States. For the three months ended 3/99, revenues totalled $20.2 million, up from $10 million. Net loss rose 57 percent to $39.6 million. Results reflect the inclusion of revenues from ARDIS. Higher loss suffered from increased expenses associated with the ARDIS acquisition. 
SkyLynx Communications (OTC BB : SKYK)SkyLynx Communications is a wireless communications company that provides end-to-end Internet services to subscribers in a number of secondary cities using high-speed wireless technology. For the three months ended 3/31/99, total revenues totalled $68 thousand, up from $0 thousand. Net loss applicable to Common totalled $1.7 million, up from $323 thousand. Results reflect initial revenues from Internet access services, offset by higher S/G/A expenses. 
SkyTel Communications (Nasdaq : SKYT)SKYT provides one-way wireless messaging services by means of SkyTel's ground-based transmitter system, leased satellite facilities and proprietary messaging technology and software. For the three months ended 3/99, revenues rose 15 percent to $139.9 million. Net income applicable to Common before acctg. change totalled $6.1 million vs. a loss of $13.2 million. Revenues reflect higher advanced messaging services. Net income also reflects lower costs as a  percentage of revenues. 
SmarTalk TeleServices (SMTKQSmarTalk provides prepaid telecommunications services to customers throughout the U.S. and parts of Europe through its proprietary switching platform. For the nine months ended 9/98, revenues rose from $37.4 million to $139.1 million. Net loss from continuing operations totalled $64.1 million, up from $4 million. Revenues reflect increased usage of the SmarTalk card and acquisitions. Higher loss reflects higher personnel costs due to acquisitions and the expansion of marketing activities. 
SPEEDUS.COM, Inc. (Nasdaq : SPDE)SPEEDUS.COM, Inc. owns and operates an Internet broadcast system in New York City capable of delivering data to customers at high speeds. For the fiscal year ended 12/31/98, revenues fell 26 percent to $3.6 million. Net income applicable to Common totalled $9.8 million vs. a loss of $15.3 million. Revenues reflect the termination of subscription television services and increased service cancellations. Earnings benefitted from a $28.1 million gain on assignment of spectrum and lower personnel expenses. 
PanAmSat Corporation (Nasdaq : SPOT)SPOT is a provider of global satellite-based communications services. Satellite services are provided to the broadcasting and business communications markets, and also to the long-distance telephony market. For the three months ended 3/31/99, revenues remained flat at $193.5 million. Net income fell 14 percent to $30.5 million. Revenues reflect growth in data and Internet-related service agreements. Net income reflects higher depreciation due to a growth in satellite fleet. 
Source Media, Inc. (Nasdaq : SRCM)SRCM is a provider of on-demand information, services and programming through cable television and telephone lines by using the Company's proprietary digital operating systems to mass market consumers. For the three months ended 3/31/99, revenues fell 9 percent to $5.4 million. Net loss applicable to Common fell 5 percent to $9 million. Revenues reflect increased industry competition and customers migrating to their own systems. Lower loss reflects the absence of a write-off of intangible assets. 
Shared Tech. Cellular Inc (Nasdaq : STCL)STCL is a provider of short term cellular telephone services, activation services and debit phone services. For the fiscal year ended 12/98, revenues rose 17 percent to $28.2 million. Net loss totalled $11.6 million, up from $3.7 million. Revenues reflect increased debit operations revenues due to a new end user program being marketed under the CellEase brand name. Higher loss reflects the inclusion of a $6.5 million loss on a distributor contract and increased interest expense. 
SA Telecommunications (OTC BB : STEL)STEL is a full-service regional interexchange carrier providing domestic telecommunications services through its network of owned and leased transmission and switching facilities. For the fiscal year ended 12/31/97, revenues rose 12 percent to $39.8 million. Net loss before extraordinary item applicable to Common rose 40 percent to $7.9 million. Revenues benefitted from the Addtel acquisition. Higher loss suffered from a $26.6 million impairment charge and increased debt levels. 
Startec Global Communic. (Nasdaq : STGC)STGC provides international long-distance telephone services through a network of owned and leased transmission facilities, resale and foreign termination arrangements. For the three months ended 3/31/99, revenues rose 93 percent to $57.7 million. Net loss totalled $13.8 million vs. an income of $899 thousand. Revenues reflect an increase in the number of residential and carrier customers. Net loss reflects higher administrative, selling and marketing expenses. 
STAR Telecommunications (Nasdaq : STRX)STAR Telecommunicatons, Inc. is a multinational telecommunications services company focused on the international long distance market, offering switched voice services on a wholesale basis primarily to U.S. based long distance carriers. For the three months ended 3/31/99, revenues rose 67 percent to $228.2 million. Net loss totalled $7.6 million vs. an income of $1.3 million. Results reflect continued growth in the European operations, offset by personnel increases. 
AT&T Corporation (NYSE : T)AT&T provides voice, data and video telecommunications services, including cellular telephone and internet services, to businesses, consumers and government agencies. T also provides cable TV services to approx. 11 million customers throughout the U.S. For the three months ended 3/31/99, revenues rose 10 percent to $14.1 billion. Net income from continuing operations fell 21 percent to $1.02 billion. Results reflect growth in data and local voice services, offset by lower business sale gains. 
Talk.com, Inc. (Nasdaq : TALK)Talk.com, Inc. is a provider of long distance telecommunication services to small and medium-sized businesses and residential customers in the United States, primarily through its e-commerce platform. For the three months ended 3/31/99, sales rose 21 percent to $110.6 million. Net income before extraordinary item totalled $12.3 million vs. a loss of $41.8 million. Results reflect the marketing campaign under the AOL Agreement and a $1.2 million gain on the sale of a division of TSFL Holdings. 
Telefonica de Argentina (NYSE : TAR)Telefonica de Argentina is licensed for an unlimited period of time to provide Basis Telephone Services to the Southern Region of Argentina on an exlcusive basis. For the fiscal year ended 9/30/98, net revenues rose 15 percent to P$3.43 billion. Net income according to US GAAP rose 11 percent to P$506.6 million. Revenues reflect increased monthly basic charges and Cellular telephone services. Earnings were partially offset by a P$340 charge for doubtful accounts and increased depreciation expenses. 
Telecom. Brasileiras S.A. (NYSE : TBR)TBR, through its 54 operating subsidiaries, is a supplier of public telecommunications services in Brazil, providing all inter-state, international and intra-state services. For the fiscal year ended 12/31/97, revenues rose 18 percent to CR$16.20 billion. Net income applicable to U.S. GAAP rose 60 percent to CR$3.74 billion. Revenues reflect increased local services due to improved real rates. Earnings also reflect a reduction in work force and higher interest income. 
Telecomm Industries Corp. (OTC BB : TCMM)Telecomm Industries Corp. is a Regional Bell Operating Company distributor. The Company sells voice, data, cellular, video and telephone information network solutions to business customers throughout its five-state region. For the three months ended 3/31/99, revenues decreased 28 percent to $3.9 million. Net loss totalled $127 thousand vs an income of $219 thousand. Results reflect lower equipment sales and network services performed and increased interest expense. 
Telefonica del Peru (NYSE : TDP)Telefonica del Peru is a full service telecommunications provider offering fixed local and domestic and international long distance services throughout Peru. The Company also provides cellular and paging services, public telephone, directories, cable television and related services. For the nine months ended 9/98, revenues fell 4 percent to PEN3B. Net income decreased 23 percent to PEN644.2 million. Results reflect lower installation fees and higher G&A expenses. 
TRICOM S.A. (NYSE : TDR)TDR provides international and national long distance, basic local service, cellular, paging, internet access, and value-added services. For the three months ended 3/31/99, total operating revenues rose 29 percent to $34.8 million. Net income rose 92 percent to $4.6 million. Revenues reflect increased local service, cellular and installation revenues associated with local network expansion. Earnings also reflect an improved gross profit margin and lower other operating expenses. 
Telephone & Data Systems (AMEX : TDS)TDS is a diversified telecommunications services company with cellular telephone, local telephone, long distance, Internet, data and PCS operations. For the three months ended 3/99, revenues rose 30 percent to $505.5 billion. Net income applic to Common fell 86 percent to $10.1 million. Revenues reflect higher sales at TDS Telecom due to a greater number of CLEC access lines in use, and growth at U.S. Cellular. Earnings reflect the absence of a $221.4 million gain upon sale of assets and investments. 
Telefonica S.A. (NYSE : TEF)Telefonica S.A., is a telecommunications group which provides domestic and international fixed-link telephone services, mobile telephone services, and cable television services. For the fiscal year ended 12/31/97, total revenues rose 16 percent to P2.525T. Net income according to U.S. GAAP fell 30 percent to P197.89 billion. Results reflect increases in the average number of fixed lines in service and growth in the Company's TISA unit, offset by an increased U.S. GAAP adjustment. 
Guinness Telli*Phone (OTC BB : TELI)Guinness Telli*Phone, a development stage company, is engaged in developing an interactive networking sytem, the Telli*Phone, which will allow access to electronic information. For the nine months ended 9/30/98, the Company reported no revenues. Net loss increased 20 percent to $381 thousand. Higher loss reflects increased research and development expenses due to higher engineering costs, and increased other administrative expenses. 
Total-Tel USA Comm., Inc. (Nasdaq : TELU)TELU is a regional facilities-based long distance telecommunications provider servicing both the commercial and wholesale marketplace, and offering a broad range of voice, data and Internet services. For the six months ended 4/30/99, net sales rose 5 percent to $33.5 million. Net income rose 12 percent to $296 thousand. Results reflect increased revenues from wholesale minutes of billable traffic. Results also reflect decreased S/G/A expenditures as a  percentage of total revenues. 
Telecom Argentina STET (NYSE : TEO)Telecom Argentina STET-France Telecom S.A. is engaged in the provision of telecommunication services in the northern region of the Argentine Republic. For the nine months ended 9/30/98, net sales increased 26 percent to P$2.35 billion. Net income increased 28 percent to P$282 million. Revenues reflect the incorporation of new customers, increased traffic volume and growth in supplementary services. Earnings also benefitted from increased margins. 
Teligent, Inc. (Nasdaq : TGNT)TGNT is a full-service, integrated communications company that offers small and medium-sized business customers local, long-distance, high-speed data and dedicated Internet services over its Digital SmartWave(TM) local network. For the three months ended 3/99, revenues rose from $98 thousand to $1.5 million. Net loss rose from $38.6 million to $108.1 million. Results reflect the Co.'s first quarter of commercial communication services operations, offset by higher costs of network operations. 
Teleglobe, Inc. (NYSE : TGO)Teleglobe is an international telecommunications company whose network of submarine cable and satellite facilities serves the connectivity needs of established carriers as well as consumers, corporations, ISP's and broadcasters. For the three months ended 3/31/99, revenues fell 13 percent to C$747.3 million. Net income applicable to Common fell 67 percent to C$25.4 million. Results reflect lower Excel Communications revenues, higher S/G/A costs, and a $15 million investment loss. 
Telegroup, Inc. (TGRPQTelegroup, Inc. is an alternative provider of domestic and international telecommunications services. For the nine months ended 9/30/98, total revenues rose 23 percent to $293.7 million. Net loss before extraordinary item totalled $46.7 million, up from $2.8 million. Results benefitted from growth in international and domestic wholesale revenues. Higher loss suffered from lower margin wholesale revenues, retail price declines in certain deregulating markets and a $1.9 million impairment charge. 
Telecom Italia (NYSE : TI)TI is an Italian fixed telecommunications operator with 25.7 million subscriber fixed lines installed. TI also offers mobile telecommunications, analog mobile telecommunications and other services in Italy. For the six months ended 6/98, revenues rose 7 percent to LIR21.875T. Net income before U.S. GAAP rose 65 percent to LIR2.514T. Revenues reflect growth in wireless telephony and increased minutes of traffic. Earnings also reflect higher non-operating income and a lower tax rate. 
Telesystem Int'l Wireless (Nasdaq : TIWI)Telesystem Int'l Wireless owns telecommunications licenses and operates wireless telecommunications networks in Europe, Asia and Latin America. The Co. also owns paging and mobile radios. For the nine months ended 9/30/98, total revenues totalled $231.8 million, up from $34.7 million. Net loss totalled $97.4 million, up from $40.7 million. Revenues reflect higher cellular services from the Romanian cellular operations. Higher loss reflects higher operating costs and debt levels. 
Tele Danmark (NYSE : TLD)Tele Danmark is a provider of telecommunications services, including telephone services, cellular services, data communication, and communications equipment in Denmark. For the fiscal year ended 12/31/98, total revenues rose 15 percent to DKR 35.68 billion. Net income according to U.S. GAAP totalled DKR 4.4 billion, up from DKR 1.37 billion. Revenues benefitted from the acquisition of Talkline and growth in the customer base. Income reflects the absence of DKR 1.82 billion in one-time charge. 
Teletouch Communications (AMEX : TLL)Teletouch Communications provides paging, two-way mobile communications services and telemessaging services in AR, LA, MS, MO, AL, OK, TX, TN and FL. For the nine months ended 2/98, revenues rose 14 percent to $37.6 million. Net loss applicable to Com. totalled $7.6 million, up from $3.7 million. Revenues reflect increased pagers in service. Higher loss reflects higher operating expenses due to internal growth and tower lease expenses incurred due to the sale of previously owned towers. 
Telstra Corporation Ltd. (NYSE : TLS)TLS offers a broad range of telecommunications and information services throughout Australia, which provides telephone exchange lines, services local, long distance and international telephone calls and supplies mobile telecomm-unications services. For the fiscal year ended 6/98, revenues rose 8 percent to A$17.30 billion. Net income applicable to U.S. GAAP totalled A$2.67 billion, up from A$1.14 billion. Revenues reflect growth in mobile services. Earnings reflect the absence of restructuring. 
Telefonos de Mexico, S.A. (NYSE : TMX)TMX is a provider of telecommunication services to users of domestic and international telephone services in Mexico. For the fiscal year ended 12/31/97, revenues fell 1 percent to Ps60.72 billion. Net income according to U.S. GAAP fell 16 percent to Ps12.24 billion. Revenues suffered from rate reductions, discounts offered to customers, and loss of market shares. Earnings also reflect higher cost of spare parts, and increased salary and fringe benefits. 
Transaction Network Serv. (NYSE : TNI)TNI operates a nationwide communications network focused on the network services needs of the Point-of-Sale/ Service transaction processing. Services include point-of-sale transaction processing, call-billing validation, and fraud control services. For the three months ended 3/31/99, revenues rose from $18.1 million to $38.2 million. Net income fell 32 percent to $1 million. Results reflect higher transaction volume from point-of-sale customers, offset by higher S/G/A expenses. 
Touch Tone America, Inc. (OTC BB : TONE)TONE provides long distance, Internet services, local dedicated access and other telecommunication products in the Western and Southwestern markets of the U.S. For the six months ended 11/97, revenues fell 25 percent to $727 thousand. Net loss fell 18 percent to $1.8 million. Revenues reflect lower long distance resell sales due to the transfer of the AT&T customer base to AT&T. Lower loss reflects the absences of $285 thousand in severance agreements and $431 thousand excess circuit commitments. 
Telscape International (Nasdaq : TSCP)TSCP supplies international voice, video and data services, via switched and dedicated networks, principally to and from Latin America. TSCP also provides a range of systems integration and value-added services in Mexico. For the three months ended 3/31/99, revenues fell 19 percent to $27 million. Net loss totalled $2.9 million vs. an income of $1.1 million. Results reflect reduced sales to distributors of low margin equipment in Mexico and increased overhead and staffing costs. 
Telesoft Corp. (Nasdaq : TSFT)TSFT designs, distributes, installs, maintains and manages telecommunications systems of integrated hardware and proprietary software for the automated provision of billing and other telecommunications services. For the three months ended 02/28/99, sales rose 11 percent to $7.8 million. Net income from continuing operations rose 97 percent to $629 thousand. Sales benefitted from the increased revenues from STS and Customized Billing Services. Earnings also reflect the increase in investment interest. 
TCI Music, Inc. (Nasdaq : TUNE)TCI Music is engaged in the programming, distribution and marketing of continuous, commercial-free music and interactive music video television to homes and businesses, and the distribution of music programming over the Internet. For the three months ended 3/31/99, total revenues rose 23 percent to $22.6 million. Net loss from continuing operations applicable to Common rose 57 percent to $6.8 million. Results reflect increased subscriber revenue, offset by personnel increases. 
Talk Visual Corp. (OTC BB : TVCP)Talk Visual Corporation is a provider of telecommunications retail centers in major cities around the world, offering pagers, cell phones, digital document transmission and videocalling to individuals and business customers. For the three months ended 3/31/99, real estate income totalled $207 thousand. Net loss totalled $610 thousand. Results are not comparable due to the 2/2/98 inception of operations. 
Crown Castle Intl. Corp. (Nasdaq : TWRS)Crown Castle International owns, operates and manages wireless communications sites and broadcast transmission networks. TWRS also provides network design, radio frequency engineering, site development and other services. For the three months ended 3/31/99, revenues totalled $55.1 million, up from $11.8 million. Net loss before acct. change applicable to Common totalled $19.9 million, up from $8.7 million. Results reflect acquisitions, offset by higher depreciation. 
Time Warner Telecom Inc. (Nasdaq : TWTC)TWTC offers dedicated transport, data, and local switched services to medium and large business customers in 19 U.S. metropoliatn areas, and high-speed Internet access in several of these areas. For the three months ended 3/31/99, revenues totalled $47.6 million, up from $22 million. Net loss rose 13 percent to $24.6 million. Results reflect growth of services and products in existing markets, offset by a $13.5 million interest expense charge from newly issued debt. 
United Int'l Holdings (Nasdaq : UCOMA)United International Holdings develops, acquires and manages foreign multi-channel television services, programming and telephone operations in 24 countries. For the comparable three months ended 3/31/99, revenues increased 60 percent to $107.9 million. Net income before extraordinary items totalled $688.4 million vs. a loss of $110.4 million. Results benefitted from the consolidation of UTH and Telekabel Hungary and a $825 million gain on the initial public offering of UPC. 
USCI, Inc. (OTC BB : USCM)USCM develops proprietary software applications to support centralized computer-based information and activation processing for wireless communication services, including cellular telephone, paging and personal communications service. For the nine months ended 9/30/98, revenues totalled $33.3 million, up from $4.9 million. Net loss applicable to Common totalled $30.6 million, up from $12.4 million. Results reflect higher cellular and paging services, offset by higher subscriber acquis. costs. 
U.S. Digital Communicat. (OTC BB : USDI)U.S. Digital Communications is a provider of satellite and wireless digital communications equipment and services to corporate and other consumers. For the three months ended 3/31/99, total sales rose 73 percent to $518 thousand. Net loss applicable to Common totalled $4 million, up from $894 thousand. Results reflect Insat's sales of equipment and services related to the Iridium system, offset by an increase in professional fees and Insat operating costs. 
United States Cellular (AMEX : USM)United States Cellular Corp. provides cellular telephone service through 138 majority-owned and managed consolidated cellular systems. For the three months ended 3/31/99, revenues rose 33 percent to $326 million. Net income fell 79 percent to $27.8 million. Revenues reflect a higher number of local retail customers and higher long distance and equipment sales revenue. Earnings reflects the absence of $180 million in gains related to the sale of cellular interests and other investments. 
USN Communications, Inc. (USNCUSN Communications, Inc. is a local exchange carrier that offers a bundled package of telecommunications pro-ducts, including local and long distance telephony, voice-mail, paging, teleconferencing, Internet access and other services. For the nine months ended 9/30/98, revenue rose from $27 million to $133.9 million. Net loss applicable to Common Stock rose 98 percent to $147.5 million. Revenues reflect growth in access lines. Loss reflects costs associated with additional personnel. 
UStel Inc. (OTC BB : USTL)UStel Inc. provides long distance telecommunications services, consisting primarily of direct dial long distance telephone transmissions, to commercial customers throughout the U.S. For the nine months ended 9/30/98, revenues rose 35 percent to $24.5 million. Net loss applicable to Common rose from $4.2 million to $8.9 million. Results reflect increased customer base from 18,000 to 35,000, offset by higher general and administrative costs due to the addition of Consortium 2000 and Pacific Cellular. 
U.S. West, Inc. (NYSE : USW)U.S. West, Inc. provides a full range of telecommunications services to more than 25 million customers in 14 western and midwestern states. For the three months ended 3/31/99, revenues increased 6 percent to $3.18 billion. Net income fell 9 percent to $397 million. Revenues reflect higher local services revenues due to access line growth, increased sales of calling services and increased wireless revenues. Earnings were offset by increased employee levels and wage increases. 
U.S. Wireless Corporation (Nasdaq : USWC)U.S. Wireless Corporation designs, develops and markets wireless network infrastructure products for the emerging wireless location services marketplace. For the nine months ended 12/31/98, revenues totalled $40 thousand vs. none. Net loss increased 46 percent to $3.4 million. Revenues benefitted from sales generated from the Company's internet subsidiary, Mantra technologies, Inc. Higher loss suffered from increased operating expenses due to expansion and increased R&D cost. 
US Wats, Inc. (Nasdaq : USWI)US Wats, Inc. is a switch-based interexchange carrier providing long distance telephone communications services primarily to small and medium-sized business customers. For the three months ended 3/31/99, revenues fell 23 percent to $9.2 million. Net loss applicable to Common increased 66 percent to $671 thousand. Revenues reflect a reduction in the average selling price per minute. Loss also reflects increased S/G/A expenses as a  percentage of revenues. 
Ursus Telecom Corporation (Nasdaq : UTCC)Ursus Telecom Corp. is a provider of international telecommunications services primarily to small and medium sized businesses, travelers, and to wholesale customers. For the nine months ended 12/31/98, total revenues rose 16 percent to $24.3 million. Net income fell 81 percent to $168 thousand. Revenues benefitted from increased wholesale revenues due to the acquisition of Access. Earnings were offset by increased S/G/A expenses due to personnel increases and infrastructure expansion. 
VDC Communications, Inc. (AMEX : VDC)VDC is a facilities-based international telecommunications company, focused on international telecommunications gateways and long distance carrier services. The Co. carries international telecommunications traffic. For the nine months ended 3/31/99, revenues totalled $1.4 million, up from $63 thousand. Net loss totalled $43.1 million, up from $1.2 million. Results reflect increased sites under management, offset by increased noncash compensation and SGA expenses. 
Virtualsellers.com, Inc. (OTC BB : VDOT)Virtualsellers, Inc. provides call center support, billing, inbound/outbound telecommunications and fullfillment services to cable, healthcare, consumer and business product companies. The Compnay is also engaged in teleconstruction. For the nine months ended 11/30/98, revenues fell 69 percent to C$335 thousand. Net loss totalled C$1.7 million vs. an income of C$565 thousand. Results reflect the Company's reorganization and the abence of a C$4.4 million gain on the disposal of subsidiaries. 
Vimpel-Communications (NYSE : VIP)Vimpel-Communications is a provider of cellular telecommunications services in Russia including the City of Moscow and the Moscow region. The Group also has licenses to operate networks in eight other regions of Russia. For the nine months ended 9/30/98, net revenues rose 39 percent to $288.9 million. Net loss totalled $13.7 million vs. an income of $46.9 million. Results reflect growth in the number of subscribers, offset by $66.2 million in investment and foreign exchange losses. 
Vialog Corporation (Nasdaq : VLOG)Vialog Corporation is a independent provider of teleconferencing and other group communications services, consisting primarily of operator attended and operator on demand audio teleconferencing, as well as video and data conferencing services. For the fiscal year ended 12/31/98, net revenues totalled $46.8 million, up from $4.8 million. Net loss fell 25 percent to $11.9 million. Results reflect the lack of any operations prior to the Company's 11/97 inception and recent acquisitions. 
Compania Anonima Nacional (NYSE : VNT)VTN is a full service telecommunications provider, offering switched, fixed local, domestic and international long distance service throughout Venezuela. For the fiscal year ended 12/97, revenues rose 14 percent to Bs.1.084T. Net income according to U.S. GAAP fell 23 percent to Bs.119.83 billion. Revenues reflect continued growth of the wireline and wireless customer base. Earnings were offset by the reversal of discounting of employee severance benefits of $122.19 billion. 
Vodafone Group PLC (NYSE : VOD)VOD provides international mobile telecommunications services which include selling/renting cellular telephone equipment, and provides messaging, third-party charging and data transmission facilities and access to information services. For the six months ended 9/30/98, revenues rose 34 percent to L1.56 billion. Net income rose 74 percent to L333.2 million. Results reflect accelerated customer growth in markets around the world and increased gains on the sale of fixed assets. 
Verio, Inc. (Nasdaq : VRIO)Verio, Inc. is a national provider of Internet services to small and medium sized businesses. Verio provides its customers with the telecommunications circuits that permit Internet access and also hosts their web sites. For the three months ended 3/31/99, revenues totalled $55.1 million, up from $21.2 million. Net loss before extraordinary item and applicable to Common totalled $45.1 million, up from $18.3 million. Results reflect acquisitions, offset by increased personnel expenses. 
VoiceStream Wireless Corp (Nasdaq : VSTR)VoiceStream Wireless Corp. is a provider of personal communications services in the western U. S. and has 417,300 PCS subscribers as of 3/31/99. For the three months ended 3/31/99 revenues totaled $66.8 million, up from $29.9 million. Net loss rose 20 percent to $77.2 million. Revenues reflect an increase in the number of subscribers. Net loss reflects higher sales and marketing costs and higher interest expenses due to higher debt levels. 
View Tech, Inc. (Nasdaq : VUTK)VTUK markets, integrates, and installs video communications systems and provides services related to installed systems. VTUK also designs, sells, manages and supports telecommunication systems. For the fiscal year ended 12/98, total revenues rose 16 percent to $58 million. Net loss totalled $2.8 million vs. an income of $139 thousand. Results reflect the expansion of the video conferencing business and higher agency commissions sales, offset by $4.2 million in restructuring costs. 
Viatel, Inc. (Nasdaq : VYTL)VYTL provides international and national long distance telecommunications services to small and medium sized businesses, carriers and other resellers. For the three months ended 3/31/99, revenues totalled $61.6 million, up from $21.2 million. Net loss applicable to Common totalled $38.3 million, up from $13 million. Revenues reflect an increase in billable minutes and the inclusion of capacity sales. Net loss reflects increased interest expense due to higher levels of debt. 
Winstar Communications (Nasdaq : WCII)WinStar Communications, Inc. provides a full range of telecommunications services, including local, long distance and internet access services, as a local exchange carrier. For the three months ended 3/31/99, total revenues increased 92 percent to $88.1 million. Net loss from continuing operations applicable to Com. rose 83 percent to $165.1 million. Results reflect growth in core telecommunications services and expansion of broadband data services, offset by increased personnel and interest costs. 
MCI WorldCom, Inc. (Nasdaq : WCOM)MCI WorldCom is a provider of local, long distance and Internet telecommunications services to business, government and consumer customers through a network of fiber optic cables, digital microwave and satellite stations. For the three months ended 3/99, revenues rose from $2.32 billion to $9 billion. Net income before extraordinary item applicable to Common totalled $709 million vs. a loss of $287 million. Results reflect the acquisition of MCI and the absence of $498 million in unusual charge. 
Wiltek, Inc. (OTC BB : WLTK)Wiltek designs and manages data communications networks and services, and also offers consulting and system integration services related to Microsoft products. For the fiscal year ended 10/31/98, revenues rose 26 percent to $7.6 million. Net income rose from $39 thousand to $307 thousand. Revenues reflect strong growth in consulting services due to the completion of several large-scale consulting engagements. Earnings also reflect decreases in S/G/A and R&D as  percentages of revenues. 
WorldPort Communications (Nasdaq : WRDP)WorldPort Communications is a facilities-based global telecommunications carrier offering voice, data and other services to carriers, Internet service providers, medium and large corporations, and distributors and resellers. For the three months ended 3/31/99, revenues totalled $18.3 million, up from $948 thousand. Net loss totalled $27 million, up from $3 million. Results reflect the acquisitions of EnerTel and others, offset by higher personnel and interest expenses. 
Western Wireless Corp. (Nasdaq : WWCA)WWCA provides wireless communications services in the western United States. For the three months ended 3/31/99, total revenues increased 28 percent to $115.9 million. Net loss from continuing operations decreased 7 percent to $5.2 million. Revenues reflect growth in the number of subscribers and higher roamer revenues due to an increase in roaming traffic. Net loss reflects increased cost of services due to costs related to the maintenance of the Company's wireless network. 
Warwick Valley Telephone (Nasdaq : WWVY)Warwick Valley Telephone Co. is an independent telephone company which provides telephone service to customers in the towns of Warwick and Goshen, NY and the townships of West Melford and Vernon, NJ. For the nine months ended 9/30/98, revenues rose 3 percent to $12.3 million. Net income applicable to Common rose 11 percent to $3.1 million. Revenues reflect increased local network service. Earnings reflect decreased costs for legal fees and directory reprints.%}
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ACE*COMM Corporation (Nasdaq : ACEC)ACEC develops, markets and services Operations Support System hardware and software products for networks deployed by telecommunications service providers using intranets and the Internet. For the nine months ended 3/99, revenues increased 14 percent to $21.5 million. Net income totalled $160 thousand vs. a loss of $6.3 million. Revenues reflect new and emerging carrier customers. Net income also reflects higher gross margins associated with software-based sales. 
Acrodyne Communications (Nasdaq : ACRO)ACRO designs, manufactures and markets digital and analog television broadcast transmitters and translators for domestic and international television stations, broadcasters, government agencies and educational institutions. For the three months ended 3/31/99, net sales fell 4 percent to $3 million. Net income applicable to Common fell 79 percent to $4 thousand. Results reflect the issuance of final channel allocations relative to Digital Television by the FCC and additional key personnel hiring. 
Applied Cellular Tech. (Nasdaq : ACTC)ACTC and subsidiaries (the Company) is a full service communications company that provides a wide range of products and services to the wireless, telecommunications and digital data industry. For the three months ended 3/31/99, revenues increased 33 percent to $51.6 million. Net loss applicable to Com. totalled $1.6 million. vs. income of $597 thousand. Revenues reflect acquisitions. Net loss suffered from $2.6 million in restructuring and other unusual costs. 
Active Voice Corporation (Nasdaq : ACVC)Active Voice Corp. is a manufacturer of voice processing systems and computer-telephony integration solutions with more than 53,000 installations in over 60 nations. For the nine months ended 12/31/98, revenues rose 10 percent to $44.3 million. Net loss totalled $3.8 million vs. income of $1.5 million. Revenues reflect higher unit sales of Repartee, Lingo and In-switch systems. Net loss reflects higher compensation related costs associated with additional personnel. 
Adaptive Broadband Corp. (Nasdaq : ADAP)Adaptive Broadband Corp. designs, manufactures and markets systems, products and services used worldwide in satellite and wireless communications for the transmission of data, including Internet protocol data, video and voice. For the nine months ended 3/31/99, net sales fell 10 percent to $116.5 million. Net loss from continuing operations totalled $23 million vs. an income of $3.5 million. Results reflect lower international satellite revenues and $11.8 million in purchased R&D charges. 
Applied Digital Access (Nasdaq : ADAX)Applied Digital Access, Inc. designs, engineers and manufactures network test and performance monitoring systems and software and provides services for the management and testing of telecommunications circuits. For the three months ended 3/99, revenues rose 37 percent to $7.2 million. Net loss fell 55 percent to $2.3 million. Revenues reflect increased sales of network systems products. Lower loss benefitted from a $1.4 million engineering reimbursement. 
ADC Telecommunications (Nasdaq : ADCT)ADCT is a provider of hardware and software systems and integrated solutions that enable customers to build and upgrade communications networks for voice, video and Internet/ data services. For the six months ended 4/30/99, net sales rose 27 percent to $787.3 million. Net income decreased 47 percent to $31.7 million. Revenues benefitted from higher sales of connectivity systems and acquisitions. Net income reflects $60.3 million in write-offs of purchased R&D and restructuring charges. 
Ariel Corporation (Nasdaq : ADSP)Ariel Corp. is a technology company providing the server-based network communications systems market with solutions to OEM and distribution channel partners. The Co. deliver networking products operating on Windows platform. For the three months ended 3/99, revenues fell 51 percent to $3.1 million. Net loss rose 67 percent to $3 million. Revenues reflect decreased T1-Modem+ sales. Higher loss suffered from amortization of goodwill and other intangibles. 
ADTRAN, Inc. (Nasdaq : ADTN)ADTN designs, develops, manufactures, markets and services a broad range of high-speed digital transmission products utilized by telephone companies and corporate end-users to implement advanced digital data services over existing telephone networks. For the three months ended 3/31/99, sales rose 18 percent to $77.2 million. Net income fell 8 percent to $9.1 million. Revenues reflect increased market penetration and higher sales. Earnings reflect additional sales support expenses. 
Advanced Fibre Communic. (Nasdaq : AFCI)Advanced Fibre Communications designs, develops, manufactures, markets and supports the Universal Modular Carrier 1000, a cost effective digital loop carrier system developed to serve small line-sized markets. For the three months ended 3/31/99, revenues fell 24 percent to $65 million. Net income fell 75 percent to $3 million. Revenues reflect lower international sales. Earnings also reflect additional employees in engineering and cost associated with material and test equipment development. 
Alcatel Alsthom S.A. (NYSE : ALA)Alcatel Alsthom S.A. is engaged in the design, development and supply of telecommunications and multimedia equipment, systems and services. ALA is also engaged in the Cables, Defense, Energy and Transportation fields. For the fiscal year ended 12/31/97, net sales rose 15 percent to FF185.87 billion. Net income rose 71 percent to FF4.67 billion. Revenues reflect higher Telecom revenues due to an emphasis on more promising sectors. Earnings also reflect better control of operating costs. 
Allen Telecom, Inc. (NYSE : ALN)Allen Telecom Inc. is a supplier of site management products, system expansion and optimization products, mobile and base station antennas, and engineering services to the worldwide wireless communications market. For the three months ended 3/31/99, revenues fell 33 percent to $75.9 million. Net loss from continuing operations totalled $1.4 million, vs. an income of $6.3 million. Results reflect a decline in sales in all geographic regions, lower gross profit, and a higher interest expense. 
AM Communications, Inc. (OTC BB : AMCM)AMCM designs, manufactures and markets network monitoring systems, which include hardware and software to the broadband communications market for cable TV systems. For the nine months ended 12/26/98, total revenues fell 43 percent to $7 million. Net loss totalled $1.9 million vs. an income of $832 thousand. Revenues reflect a lack of re-orders from two major customers. Loss reflect lower margins due to manufacturing variances incurred with lower sales and higher R&D expenses. 
AML Communications, Inc. (Nasdaq : AMLJ)AMLJ designs and manufactures multi-carrier amplifiers, masthead amplifiers and related products for the cellular, personal communications, paging and other communication markets. For the nine months ended 12/31/98, revenues fell 25 percent to $6.7 million. Net loss totalled $955 thousand, vs. an income of $497 thousand. Revenues reflect a decrease in sales of cellular products. Loss also reflects a lower gross profit margin, higher commission rates and additional technical staff. 
Andrea Electronics Corp. (AMEX : AND)Andrea designs, develops and produces electronic audio systems, intercommunication systems, Anti-Noise products for voice-activated computing and telecommunications and related electronic equipment. For the three months ended 3/99, sales rose 4 percent to $4.7 million. Net loss totalled $1.7 million vs. an income of $436 thousand. Revenues reflect increased sales of Andrea Anti-Noise products. Loss reflects the absence of a $2.1 million gain from the sale of the Company's headquarters. 
Andrew Corp. (Nasdaq : ANDW)Andrew Corporation is a multinational supplier of communication products and systems to worldwide commercial, industrial, governmental, and military customers. For the six months ended 3/31/99, sales fell 9 percent to $390.6 million. Net income fell 96 percent to $2.3 million. Revenues reflect lower coaxial cable sales due to declines in domestic and Asian operations. Earnings also suffered from lower margins and a $29.8 million restructuring charge. 
Anaren Microwave, Inc. (Nasdaq : ANEN)Anaren designs, develops, manufactures and markets Radio Frequency (RF), microwave components and subsystems for the wireless communications, satellite communications and electronic warfare markets. For the nine months ended 3/31/99, net sales rose 23 percent to $33.4 million. Net income rose 50 percent to $4.3 million. Revenues reflect higher wireless product sales due to increasing demand from the major basestation OEM's. Earnings also reflect higher margins due to higher volumes. 
Antennas America, Inc. (OTC BB : ANTM)Antennas America, Inc. is engaged in the design, development, manufacturing, marketing and sale of a diversified line of antennas and related wireless communications systems, including conformal and phased array antennas. For the three months ended 3/31/99, net sales fell 44 percent to $475 thousand. Net loss totalled $91 thousand vs. an income of $6 thousand. Results reflect a decrease in sales of local TV antennas and lower margins due to higher labor costs. 
Antenna Products, Inc. (Nasdaq : ANTP)ANTP is a holding company for Antenna Products Corp. (designs, manufactures and markets antenna systems, towers and communications accessories), Metal Finishing Corp. (performs metal finishes and surface enhancements), and Thirco, Inc. (provides equipment leasing). For the nine months ended 2/28/99, revenues fell 9 percent to $5.9 million. Net income from continuing operations fell 14 percent to $340 thousand. Results reflect slower military and commercial sales and higher discretionary spending. 
Applied Signal Technology (Nasdaq : APSG)APSG designs, develops, manufactures, and markets signal processing equipment to collect and process a wide range of telecommunications signals. For the three months ended 1/29/99, revenues fell 6 percent to $22.9 million. Net income decreased 36 percent to $1.4 million. Revenues reflect decreased sale of off-the-shelf products primarily due to a delay in off-the-shelf awards. Earnings also suffered from higher indirect expenses and increased R&D activities. 
Aspect Telecommunications (Nasdaq : ASPT)ASPT provides automatic call distributer systems and software, computer-telephony integration application software, interactive voice response systems, web response systems, management info. and reporting tools, and planning and forecasting packages. For the three months ended 3/99, revenues fell 12 percent to $100.1 million. Net loss totalled $13.3 million vs. an income of $13.9 million. Results reflect lower product sales, lower margins and higher personnel costs. 
American Technology Corp. (OTC BB : ATCO)American Technology Corporation is engaged in the design, development and commercialization of sound, acoustics and other electronic technologies and the sales and marketing of consumer electronic products. For the six months ended 3/31/99, revenues totalled $281 thousand, up from $85 thousand. Net loss applicable to Common rose 41 percent to $2.2 million. Results reflect the introduction of a new line of sourced products, partially offset by a stock options related expense. 
APT Satellite Holdings (NYSE : ATS)APT Satellite Holdings, through its subsidiaries, provides satellite services to international and Asia-Pacific broadcasting and telecommunication customers. The Company currently operates three satellites. For the fiscal year ended 12/31/97, revenues rose 42 percent to HK$522.5 million. Net income according to U.S. GAAP rose 48 percent to HK$131.9 million. Results reflect the leasing of additional APSTAR IA transponders, lower interest expense and a lower effective tax rate. 
ARC International Corp. (AMEX : ATV)ARC International Corp., through its subsidiaries, is a developer and operator of, and full-service equipment supplier to, ice skating facilities in North America. ATV also supplies broadband cable equipment. For the nine months ended 9/98, net sales fell 45 percent to $43.1 million. Net loss according to U.S. GAAP totalled $2.3 million vs. income of $12.7 million. Revenues reflect the deconsolidation of Ballantyne. Loss reflects the absence of a $27.7 million gain on the sale of Ballantyne stock. 
Aware, Inc. (Nasdaq : AWRE)AWRE designs, develops, licenses and markets DSL technology that enables high-speed Internet access over existing telephone networks. AWRE licenses its intellectual property and software to semiconductor and equipment manufacturers. For the three months ended 3/31/99, revenues rose from $2 million to $4.3 million. Net income totalled $677 thousand, vs. a loss of $1.5 million. Results reflect an increase in contract revenues and lower research and developement expenditures. 
Ampex Corporation (AMEX : AXC)Ampex Corporation is engaged in the design and manufacture of high performance scanning recording devices and digital image processors used for the acquisition of data at high speeds under difficult conditions and for the storage of mass computer data. For the 13 weeks ended 3/31/99, net sales fell 11 percent to $15 million. Net loss totalled $1.9 million vs. an income of $4.1 million. Results reflect lower sales of instrumentation products and lower margins. 
BroadBand Technologies (OTC BB : BBTK)BroadBand Technologies is engaged in the design and engineering of electronics and software platforms for operators of local exchange telephone networks in North America. For the three months ended 3/31/99, revenues rose 67 percent to $4.2 million. Net loss fell 51 percent to $5.4 million. Revenues reflect contract revenue from the 1998 Manufacturing Agreement with Lucent. Lower loss was partially offset by decreased interest income due to lower cash and investment balances. 
Blonder Tongue Labs, Inc. (AMEX : BDR)Blonder Tongue Laboratories, Inc. is a designer, manufacturer and supplier of electronics and system equipment for the non-franchised (private) and franchised cable television industries. For the three months ended 3/31/99, net sales fell 9 percent to $13.8 million. Net income fell 56 percent to $443 thousand. Revenues reflect a decrease in demand for products in the multiple dwelling market. Earnings also reflect lower margins and increased amortization charges. 
Pinnacle Holdings, Inc. (Nasdaq : BIGT)Pinnacle Holdings, Inc. is a provider of wireless communication tower space, primarily in the Southeastern United States. As of 12/98, the Company operated 854 tower sites in 25 states. For the three months ended 3/31/99, revenues totalled $12 million, up from $5.4 million. Net loss applicable to Common totalled $14.2 million, up from $3.9 million. Results reflect the acquisition and construction of towers, offset by increased depreciation and amortization costs. 
Boca Research, Inc. (Nasdaq : BOCI)Boca Research, Inc. provides communications solutions that enable data transmission, connectivity of devices, and access to applications and information via the Internet, personal computers and/or server-based environments. For the fiscal year ended 12/31/98, net sales fell less than 1 percent to $70 million. Net loss decreased 2 percent to $14.6 million. Results reflect a decrease in sales of data communications products, offset by higher gross margins. 
Brooktrout Tech., Inc. (Nasdaq : BRKT)Brooktrout, Inc. designs, manufactures and markets computer hardware and software for use in electronic messaging applications in the telecommunication and networking industries. For the three months ended 3/31/99, revenues rose 33 percent to $32.2 million. Net income fell 8 percent to $1.6 million. Revenues reflect the acquisition of CTP. Net income was offset by higher S/G/A expenses due to increased staffing, promotional activities and depreciation expense. 
Brite Voice Systems, Inc. (Nasdaq : BVSI)BVSI designs, integrates, assembles, markets, and supports voice and call processing systems and services which incorporate voice response, recognition, facsimile messaging and audiotex and interactive computer applications. For the three months ended 3/31/99, revenues rose 44 percent to $36.6 million. Net income from continuing operations totaled $1.4 million, up from $381 thousand. Results reflect improved call volumes by customers offering prepaid calling services and a higher gross margin. 
Carrier Access Corp. (Nasdaq : CACS)Carrier Access Corp. is a provider of Multi-service Digital Access equipment to competitive telecommunications carriers, including competitive local exchange carriers, wireless carriers, Internet service providers and others. For the three months ended 3/31/99, net revenue totalled $21.7 million, up from $7.2 million. Net income applicable to Common totalled $4.9 million, up from $82 thousand. Results reflect the introduction of new products and increased sales of existing products. 
Corsair Communications (Nasdaq : CAIR)CAIR provides software and system solutions for the wireless industry. Company works in two areas: prevention of cloning fraud and design of prepaid system for wireless carriers. For the three months ended 3/99, revenues fell 19 percent to $15.3 million. Net loss totalled $2.1 million vs. an income of $307 thousand. Revenues reflect a decrease in hardware revenues from the saturation of domestic market. Loss suffered from reorganization expenses. 
California Amplifier (Nasdaq : CAMP)California Amplifier designs, manufactures, and markets microwave products used in the reception of video transmitted from satellites or wirless terrestrial sites and antennas used in global positioning systems. For the nine months ended 11/28/98, revenues decreased 30 percent to $27.1 million. Net loss increased from $560 thousand to $1.5 million. Revenues reflect decreased Wireless Cable and Satellite products sales. Loss also reflects increased personnel expenses. 
Catapult Communications (Nasdaq : CATT)Catapult Communications designs, develops, manufactures, markets and supports an advanced software-based test system offering an integrated suite of testing applications for the global telecommunications industry. For the six months ended 3/31/99, total revenues rose 77 percent to $15 million. Net income rose 92 percent to $4.8 million. Results reflect increased system sales to customers in Japan and lower R&D expenses as a  percentage of revenues. 
Cable Link, Inc. (OTC BB : CBLK)Cable Link, Inc. sells new and refurbished cable TV equipment in addition to repairing equipment for cable companies within the United States and various international markets. For the fiscal year months ended 12/31/98, net sales totalled $20.6 million, up from $10.1 million. Net income decreased 76 percent to $207 thousand. Revenues benefitted from the acquisition of PC and Parts, Inc. Net income was offset by higher costs of goods sold and higher sales of lower margin products. 
C-COR Electronics, Inc. (Nasdaq : CCBL)C-COR Electronics designs and manufactures high-quality electronic equipment used in a variety of communication networks worldwide. For the 39 weeks ended 3/26/99, net sales fell less than 1 percent to $114.2 million. Net income from continuing operations increased 14 percent to $6.1 million. Revenues reflect reduced demand from a customer in Canada, and reduced sales to Europe, Asia and Latin America. Earnings reflect improved manufacturing efficiency and prodcutivity. 
Concord Communications (Nasdaq : CCRD)Concord Communications, Inc. develops, markets and supports a family of turnkey, automated, scaleable, Web-based performance analysis and reporting solutions for the management of computer networks. For the three months ended 3/99, revenues increased 92 percent to $13.5 million. Net income totalled $2.5 million, up from $1.1 million. Revenues reflect increased sales to new and existing customers. Earnings reflect lower royalty unit costs and higher interest income. 
CIDCO Incorporated (Nasdaq : CDCO)CIDCO designs, develops and markets subscriber telephone equipment, including Caller ID systems, for use with intelligent network services offered by telephone companies. For the three months ended 3/31/99, sales fell 32 percent to $47.2 million. Net income totalled $1.5 million vs. a loss of $5.4 million. Revenues reflect decreased unit sales of the Company's adjunct products and lower prices. Earnings reflect higher margins and the absence of $2.7 million in restructuring costs. 
Cable Design Technologies (NYSE : CDT)Cable Design Technologies designs and manufactures specialty electronic data transmission cables and network structured wiring systems. CDT products include high performance copper, fiber optic and composit cable constructions. For the nine months ended 4/99, net sales rose 3 percent to $500.1 million. Net income fell 19 percent to $26.1 million. Results reflect recently acquired businesses, offset by a $5.2 million non-recurring charge related to the purchase of stock. 
Brightpoint, Inc. (Nasdaq : CELL)Brightpoint, Inc. is a provider of services, including distribution and integrated logistics services, to customers within the supply chain of the global wireless telecommunications industry. For the three months ended 3/31/99, revenue rose 9 percent to $372.7 million. Net loss before accounting change totalled $1.2 million vs. an income of $8.8 million. Results reflect increased sales of wireless accessories, offset by lower margins and increased personnel expenses. 
C-Phone Corporation (Nasdaq : CFON)C-Phone Corporation is primarily engaged in the engineering, manufacturing and marketing video conferencing systems designed to operate over either a regular, analog phone line or ISDN, a type of digital phone line. For the fiscal year ended 2/28/99, total revenues fell 14 percent to $1.6 million. Net loss applicable to Common fell 41 percent to $4.6 million. Revenues reflect the discontinuance of the PC-based products. Lower loss reflects a decrease in advertising and display expenses. 
Cognitronics Corporation (AMEX : CGN)CGN designs, manufactures and markets voice processing systems (passive announcers: informs callers about network procedures; intelligent announcers: provides custom calling features; and call processing systems: provides menu-selected information). For the three months ended 3/31/99, revenues rose 4 percent to $7.8 million. Net income rose 7 percent to $1.3 million. Results reflect higher sales to original equipment manufacturers and increased interest earned. 
Centigram Communications (Nasdaq : CGRM)Centigram Communications designs, manufactures and markets wireless and wireline messaging communications systems that integrate voice and facsimile on the Company's communications server, and provide access to this multimedia information through a telephone or PC. For the 13 weeks ended 1/30/99, net revenue rose 11 percent to $20.2 million. Net loss fell 89 percent to $679 thousand. Results reflect increased sales of large system and expansion products and improved margins. 
Channell Commercial Corp. (Nasdaq : CHNL)Channell Commercial Corp. designs and manufactures telecommunications equipment supplied to telephone, cable television and power utility network providers. For the fiscal year ended 12/31/98, revenues rose 55 percent to $92.7 million. Net income fell 4 percent to $8.1 million. Revenues benefited from increased sales of telecommunications enclosure and component products. Net income was offset by increased payroll and related expenses associated with increased staffing requirements. 
CIENA Corporation (Nasdaq : CIEN)CIENA Corporation designs, manufactures and sells open architecture, dense wavelength division multiplexing systems for fiberoptic communications networks. For the six months ended 4/30/99, revenues fell 26 percent to $211.9 million. Net income fell 97 percent to $1.9 million. Revenues reflect lower sales to Sprint and MCIWorldCom. Net income suffered from lower margins due to aggressive price competition and increased staffing levels. 
CellStar Corporation (Nasdaq : CLST)CellStar is a global company focused on providing distribution and value-added services to wireless carriers and manufacturers in direct relationships. CLST has operations in the North American, Asia-Pacific, Latin American and European regions. For the three months ended 2/28/99, revenues rose 27 percent to $515.3 million. Net income rose 9 percent to $15.6 million. Results reflect continued strong demand in China, partially offset by lower margins in China. 
Celeritek, Inc. (Nasdaq : CLTK)Celeritek, Inc. designs, develops, manufactures, and markets high frequency radio products that provide core transmit and receive functions for wireless communications systems. For the fiscal year ended 3/31/99, net revenues decreased 27 percent to $41.1 million. Net loss totalled $7.5 million vs. an income of $4 million. Revenues reflect a reduction in the installation of new radio networks due to a weak commercial subsystems market. Net loss also reflects unfavorable product cost capacity. 
CMC Industries, Inc. (Nasdaq : CMCI)CMC Industries, Inc. provides contract manufacturing services primarily to original equipment manufacturers in the computer and telecommunications industries. For the nine months ended 4/30/99, net sales fell 13 percent to $207 million. Net loss totalled $2.5 million vs. an income of $3.1 million. Revenues reflect the discontinuance of business with Micron Electronics. Loss also reflects lower margins due to increases in manufacturing overhead costs. 
Comdial Corporation (Nasdaq : CMDL)Comdial Corp. develops, manufactures, distributes and sells advanced telecommunications products and system solutions. For the three months ended 4/4/99, net sales rose 9 percent to $31.9 million. Net income fell 79 percent to $388 thousand. Revenues benefitted from an increase in sales growth of Solutions and Software products. Earnings were offset by personnel additions in sales and engineering, and expenses associated with the Array acquisition. 
Comtech Telecomm. Corp. (Nasdaq : CMTL)Comtech Telecommunications Corp. is enaged in the design, development, manufacture and installation, for commercial and government applications, of high technology communications and radio frequency amplifier equipment. For the six months ended 1/99, net sales rose 30 percent to $17.8 million. Net income totalled $2.2 million, up from $421 thousand. Revenues reflect higher sales volume at CSI, CASI and CCC. Earnings reflect decreased S/G/A costs as a  percentage of sales. 
Copper Mountain Networks (Nasdaq : CMTN)CMTN supplies high speed digital subscriber line communications products, enabling telecommunications service providers to offer high speed, cost effective connectivity over existing copper wire phone lines. For the three months ended 3/31/99, net revenues rose from $317 thousand to $13.2 million. Net loss decreased 68 percent to $1 million. Revenues reflect higher sales of CE200 DSL access concentrators and related DSL CPE. Lower loss was partially offset primarily by increased marketing. 
Com21, Inc. (Nasdaq : CMTO)Com21, Inc. designs, develops, markets and sells value-added, high-speed communications solutions for the broadband access market. For the three months ended 3/31/99, revenues rose from $7 million to $19.2 million. Net loss fell 62 percent to $1.6 million. Revenues reflect increased sales of cable modems and headend products. Lower loss was partially offset by higher research and development and sales and marketing personnel costs. 
Comverse Technology, Inc. (Nasdaq : CMVT)CMVT designs, develops, manufactures, markets and supports computer and telecommunications systems and software for multimedia communications and information processing applications. For the three months ended 4/30/99, revenues increased 25 percent to $200.5 million. Net income increased 49 percent to $35.6 million. Revenues reflect higher volume of sales of systems and parts of enhanced service platform products. Earnings reflect an increase in gross margin. 
Cobra Electronics Corp. (Nasdaq : COBR)Cobra Electronics Corporation is a designer and wholesale marketer of consumer electronic products, primarily communications products. COBR markets products under the COBRA brand name. For the three months ended 3/31/99, revenues fell 6 percent to $19.9 million. Net income fell 84 percent to $37 thousand. Results reflect lower sales due to a shift in product lines and a higher S/G/A expense due to the company's continuing marketing efforts. 
Coded Communications (OTC BB : CODD)Coded Communications develops, manufactures and markets wireless digital receiving and processing equipment, and mobile network software and systems for use in the mobile data communications and aerospace telemetry markets. For the nine months ended 10/3/98, net sales fell 62 percent to $4 million. Net loss before extraordinary item totalled $4.7 million vs. an income of $492 thousand. Results reflect lower sales to customers in Mexico due to the completion of initial contracts. 
Circuit Research Labs (OTC BB : CRLI)Circuit Research Labs develops, manufactures and markets audio processing and transmission encoding equipment for the radio, television and professional audio markets. For the fiscal year ended 12/31/98, net sales decreased 22 percent to $1.5 million. Net income totalled $9 thousand vs. a loss of $262 thousand. Revenues reflect lower domestic and international product sales. Earnings also reflect a $1 million insurance policy payable due to the death of Ronald Jones. 
Communications Systems (Nasdaq : CSII)Communications Systems manufactures and markets connectors and wiring devices for voice, data and video communications under the ``Suttle'' brand name. For the three months ended 3/31/99, revenues rose 52 percent to $26.6 million. Net income rose 13 percent to $2.5 million. Revenues benefited from Suttle's increased sales of CorroShield and data products. Net income was partially offset by decreased levels of funds available for investment. 
Commscope, Inc. (NYSE : CTV)CTV is a manufacturer and supplier of coaxial cable for cable and satellite television and other broadband video distribution applications. CTV also manufactures and markets electrical and optical cable. For the three months ended 3/99, net sales increased 11 percent to $148.1 million. Net income increased 70 percent to $10.8 million. Revenues reflect higher coaxial cable sales. Net income also reflects decreased R&D expenses and decreased amortization of goodwill expenses. 
Communications World Intl (OTC BB : CWII)CWII is engaged in the distribution of franchise licenses within the telephone interconnect industry, which sells and services private telephone systems and peripheral products for business users. For the six months ended 10/31/98, revenues fell 14 percent to $6 million. Net loss from continuing operations totalled $620 thousand vs. income of $764 thousand. Revenues reflect lower revenue being generated in the area of direct equipment sales. Loss reflects severance compensation. 
Cyber Digital, Inc. (OTC BB : CYBD)Cyber Digital, Inc. designs, develops, manufactures and markets digital switching and networking systems that enable simultaneous communication of voice and data to a large number of users. For the nine months ended 12/31/98, net sales totalled $280 thousand, up from $28 thousand. Net loss rose 51 percent to $1.7 million. Revenues reflect volume increases in services provided. Higher loss reflects increased sales and service and research and development expenses. 
Cycomm International Inc. (OTC BB : CYII)Cycomm International, with its subsidiaries, develops, manufactures and markets value added secure computing and telecommunications products and rugged computer products. For the fiscal year ended 12/31/98, sales rose 21 percent to $19 million. Net loss rose 56 percent to $8.4 million. Revenues reflect increased sales of the Company's PCMobile rugged laptop computers. Higher loss reflects a $616 thousand write-off of obsolete inventory in the secure computing division. 
Coyote Network Systems (Nasdaq : CYOE)CYOE is engaged, through Coyote Technologies, LLC, in the provision of scalable telecommunications switches and Internet Protocol (IP) based gateway systems to telecommunications providers. For the 39 weeks ended 12/98, sales rose from $2.7 million to $35.3 million. Net loss from continuing operations fell 64 percent to $5.8 million. Results reflect shipments under a major contract, lower S/G/A expense as a  percentage of sales and the absence of a $5.5 million non-interest charge. 
Davox Corporation (Nasdaq : DAVX)DAVX is a software and systems integration company that develops, markets, supports and services management systems for call center operations. It provides its systems to banks, retailers, and consumer finance and entertainment companies. For the three months ended 3/99, revenues fell 17 percent to $20.2 million. Net income fell 48 percent to $1.7 million. Revenues reflect decreased sales of Unison(R) systems. Earnings reflect increased S/G/A expenses as a  percentage of revenues. 
Digital Lightwave Inc. (Nasdaq : DIGL)DIGL develops, manufactures and sells advanced computer systems that provide information concerning the performance of fiberoptic (lightwave) telecommunications networks and transmission equipment. For the three months ended 3/31/99, revenues rose 49 percent to $8.1 million. Net loss fell 64 percent to $1.6 million. Results reflect an increase in units sold to existing cusotmer and new customers as well as the company's efforts to reduce overhead costs. 
Ditech Communications (Nasdaq : DITC)Ditech Communications designs, develops and markets echo cancellation equipment and equipment that enables and facilitates communications over fiber optic networks. For the fiscal year ended 4/30/99, revenues totalled $25.4 million, up from $12.3 million. Net loss applicable to Common fell 33 percent to $922 thousand. Results reflect an increase in unit sales of the Co.'s echo cancellation products, partially offset by an increase in royalties to Telinnovation and the hiring of new personnel. 
Datamarine International (OTC BB : DMAR)Datamarine International and its subsidiaries manufacture radio communications and navigation instrumentation products. For the six months ended 4/3/99, net sales rose 7 percent to $6.5 million. Net loss fell 42 percent to $709 thousand. Revenues reflect higher marine communications sales. Lower loss reflects an increased gross profit margin due to a more favorable product mix, lower legal and settlement costs and lower research and development expenditures. 
Digital Microwave Corp. (Nasdaq : DMIC)DMIC designs, manufactures, and markets advanced wireless solutions for worldwide telephone network interconnection and access. DMIC's microwave systems carry voice, data, and digitized video signals. For the nine months ended 12/31/98, net sales fell 30 percent to $176.8 million. Net loss totalled $94.1 million vs. income of $23.2 million. Revenues reflect lower sales for Company products in Asia. Loss also reflects $29.9 million in merger and restructuring charges. 
DSP Communications, Inc. (NYSE : DSP)DSP designs and develops highly integrated, low power and cost effective chip sets for wireless personal communications applications. For the three months ended 3/99, revenues increased 56 percent to $35.9 million. Net income increased 18 percent to $7.9 million. Revenues reflect increased sales of baseband chipsets for digital cellular telephones. Net income was partially offset by increased cost of products sold as a  percentage of revenues due to changes in product mix. 
DSP Group, Inc. (Nasdaq : DSPG)DSP Group, Inc. develops and markets products and technologies that perform digital signal processing, the electronic manipulation of digitized speech and other digital signals, for use in a variety of telephony and other communications devices. For the three months ended 3/31/99, revenues fell 33 percent to $10.5 million. Net income fell 63 percent to $1.2 million. Results reflect the phasing out of the D64xx line of products and increased research and development costs. 
Datron Systems, Inc. (Nasdaq : DTSI)Datron Systems, Inc. provides specialized satellite communication products and systems and radio communication products and services to worldwide markets and to the U.S. Government, including the Department of Defense. For the nine months ended 12/31/98, net sales rose 5 percent to $44.3 million. Net income totalled $1.1 million vs. a loss of $52 thousand. Revenues reflect increased sales of remote sensing systems. Earnings also reflect increased margins due to production efficiencies. 
Digital Transmission Sys. (OTC BB : DTSX)DTSX designs, manufactures, markets and services a range of products for the telecommunications industry, including proprietary software and hardware modules which facilitate the control and monitoring of high speed digital information. For the nine months ended 3/31/99, net sales fell 62 percent to $4.8 million. Net loss before extraordinary item fell 66 percent to $1 million. Results reflect reduced shipments of the FlexT1/E1 product line, offset by lower personnel and advertising costs. 
Digital Video Systems Inc (Nasdaq : DVIDC)Digital Video Systems, Inc. develops, manufactures and markets digital video compression and decompression hardware and software for entertainment, business and educational uses. For the nine months ended 12/31/98, revenues decreased 24 percent to $11 million. Net loss increased 16 percent to $12.8 million. Revenues suffered from decreased component revenue. Net loss reflects increased R&D expenses due to product development programs. 
Dynatec International (Nasdaq : DYNX)Dynatec International is engaged in the manufacture, assembly, and distribution of consumer products consisting primarily of telephone accessories, hardware/housewares, mass market products, flashlights, and telecommunication headsets. For the three months ended 3/99, revenues fell less than 1 percent to $3.6 million. Net loss totalled $526 thousand vs. an income of $104 thousand. Results reflect lower telephone accessories sales, higher general and administrative costs, and higher debt levels. 
ECI Telecom Ltd. (Nasdaq : ECILF)ECILF designs, develops, manufactures and markets digital telecommunications and data transmission systems. For the nine months ended 9/30/98, revenues rose 20 percent to $591.4 million. Net income rose 18 percent to $109.4 million. Revenues reflect increased sales of DCME, Access Solutions and ECTEL strategic business units. Net income was partially offset by $14.4 million in purchased research and development expenses related to the acquisition of NKO. 
EMCEE Broadcast Products (Nasdaq : ECIN)ECIN is engaged in the manufacture and sale of Multichannel Multipoint Distribution Service microwave transmitters, Low Power TV transmitters, and related equipment for the wireless cable and television broadcast industry. For the nine months ended 12/31/98, sales fell 25 percent to $5.2 million. Net loss totalled $320 thousand, vs income of $459 thousand. Results reflect lower foreign and domestic demands. Loss reflects the absence of a $277 thousand gain on investment security sales. 
Elcotel, Inc. (Nasdaq : ECTL)Elcotel designs, develops, manufactures and markets microprocessor based public communication products and software which provide services over both domestic and international wireline and wireless telephone networks. Revenues for the nine months ended 12/31/98 rose 83 percent to $51.3 million. Net income rose 25 percent to $1.9 million. Revenues reflect higher sales to telephone companies due to acquisitions. Earnings were partially offset by sales of lower margin products. 
Eagle Wireless Internat. (OTC BB : EGLW)Eagle Wireless International is a worldwide supplier of telecommunications equipment and related software used by service providers in the paging and other wireless personal communications markets. For the six months ended 2/28/99, net sales rose 2 percent to $1.7 million. Net income rose 23 percent to $149 thousand. Revenues reflect increased shipments for a two-way messaging system the Company is installing for Link-Two. Earnings also reflect lower advertising expenses. 
EIS International, Inc. (Nasdaq : EISI)EISI designs, manufactures, markets, sells, leases and maintains computerized ``outbound'' telephone call processing systems, principally to the consumer direct marketing industry. For the fiscal year ended 12/31/98, revenues fell 31 percent to $58.7 million. Net loss before disc. operations totalled $3.1 million vs. a loss of $1.2 million. Revenues reflect continued slow demand from outbound telemarketing service bureaus. Loss also reflects lower gross margins due to staffing and other direct costs. 
EMS Technologies, Inc. (Nasdaq : ELMG)EMS designs, manufactures and markets products for use in a range of wireless communications applications, including space and satellite communications, radar, surveillance and military countermeasures, logistics and PCS/cellular communications. For the three months ended 4/2/99, net sales rose 29 percent to $55.2 million. Net income rose 13 percent to $2 million. Results reflect acquisitions in the space and electronics segment, partially offset by higher R&D costs. 
EXECUTONE Info. Systems (Nasdaq : ELOT)EXECUTONE develops, markets, and supports voice and data communications systems. The Co.'s products and services include telephone systems, voice mail systems, in-bound and out-bound call center systems and specialized healthcare communications systems. For the three months ended 3/31/99, revenues fell 6 percent to $31.7 million. Net loss rose 22 percent to $3 million. Results reflect lower sales to Claircom and the absence of a $1.7 million income tax benefit. 
Electronic Systems Tech. (OTC BB : ELST)ELST specializes in the manufacturing and development of the ESTeem Wireless Modem (which allows computers to communicate via radio frequency waves). For the three months ended 3/31/99, revenues fell 56 percent to $180 thousand. Net loss totalled $45 thousand vs. an income of $59 thousand. Revenues reflect lower domestic, foreign and U.S. Government sales revenues. Loss reflects increased salaries, travel expenses and higher cost of sales as a  percentage of revenues. 
LM Ericsson Telephone Co. (Nasdaq : ERICY)LM Ericsson Telephone Company is an international manufacturer of advanced systems and products for wired and mobile communications in public and private networks. The Company also produces electronic defense systems. Net sales for the fiscal year ended 12/98 rose 10 percent to SEK185.58 billion. Net income according to U.S. GAAP rose 21 percent to SEK15.54 billion. Revenues reflect higher sales from the European Union. Earnings also reflect product rationalization and a favorable product mix. 
Electronic Tele-Commun. (Nasdaq : ETCIA)Electronic Tele-Communications, Inc. designs, manufactures, markets and leases digital voice and call processing systems, and related software. Net sales for the three months ended 3/31/99 increased 24 percent to $3.3 million. Net income totalled $178 thousand vs. a loss of $244 thousand. Revenues reflect increased sales of interactive voice information systems and revenues from new installment sales contracts. Earnings also reflect higher gross profit, and lower staffing and debt. 
Franklin Telecommuns Corp (AMEX : FCM)Franklin Telecommunications Corp. designs, markets and manufactures communications products and subsystems, including wide area networks, Local Area Networks and telecommunications equipment. The Company also provides Internet access and services. For the nine months ended 3/31/99, total revenues rose from $853 thousand to $6.4 million. Net loss decreased 36 percent to $2.1 million. Revenues reflect higher sales of DVG products. Lower loss was partially offset by higher product development costs. 
Osicom Technologies, Inc. (Nasdaq : FIBR)Osicom Technologies, Inc., designs, manufactures and markets optical networking products for use in intra-city or metropolitan networks. For the three months ended 4/30/99, revenues rose 29 percent to $19.1 million. Net loss applicable to Common from continuing operations fell 42 percent to $1.4 million. Revenues reflect higher sales from the Optical Networking and NETsilicon business units. Lower loss reflects higher gross margins on the Gigamux product line. 
Fonix Corporation (Nasdaq : FONX)FONX is a development stage company engaged in research and development of automatic speech recognition technologies. For the fiscal year ended 12/31/98, revenues totalled $2.9 million, up from $0. Net loss applicable to Common increased 97 percent to $47.9 million. Revenues reflect the payment of a non-refundable license fee from Siemens. Net loss reflects the inclusion of a $13.1 million purchased in-process R&D charge and a $6.1 million cancellation of common stock expense. 
FastComm Communications (OTC BB : FSCX)FSCX designs, manufactures, markets and sells telecommunications access devices that allow computer, terminal and telephone users to connect to public and private transmission networks. For the nine months ended 1/30/99, revenues fell 28 percent to $4 million. Net loss decreased 31 percent to $4.8 million. Revenues reflect lower voice and data based frame relay product sales. Lower loss reflects reduced headcount and the absence of a $550 thousand imputed discount. 
Globecomm Systems, Inc. (Nasdaq : GCOM)Globecomm Systems, Inc. designs, assembles and installs satellite ground segment systems and networks which support a range of satellite communications applications, including fixed, mobile and direct broadcast services and military applications. For the nine months ended 3/31/99, revenues fell 33 percent to $31.7 million. Net loss totalled $5.2 million vs. an income of $629 thousand. Results reflect a decrease in shipments and the inclusion of $972 thousand in terminated acquisition charges. 
General DataComm Indus. (NYSE : GDC)GDC designs, assembles, markets, installs and maintains products and services that enable telecommunications facilities to build, upgrade and better manage their global networks. For the three months ended 12/31/98, total revenues fell 12 percent to $42.4 million. Net loss applicable to Common fell 75 percent to $3.5 million. Revenues reflect lower Broadband Division sales due to a downturn in the international marketplace. Lower loss reflects a $9 million gain from the sale of a division. 
Glenayre Technologies (Nasdaq : GEMS)GEMS is a worldwide provider of telecommunications equipment and related software used in the wireless personal communications service markets including wireless messaging, voice processing and other products. For the three months ended 3/31/99, revenues fell 26 percent to $70 million. Net loss totalled $1.6 million vs. income of $121 thousand. Revenues reflect decreased deliveries of paging infrastructure. Earnings benefitted from lower R&D expenditures. 
General Instrument Corp. (NYSE : GIC)GIC is a worldwide provider of integrated and interactive broadband access solutions and, is advancing the convergence of the Internet, telecommunications and video entertainment industries. For the three months ended 3/99, net sales rose 24 percent to $519.1 million. Net income totalled $28.5 million vs. a loss of $59.9 million. Revenues reflect higher sales of digital cable systems. Net income reflects lower R&D expenses due to the absence of a $75 million partnership note reserve charge. 
Gilat Satellite Networks (Nasdaq : GILTF)Gilat Satellite Networks designs, develops, manufactures, markets and supports very small aperture terminal (VSAT) satellite earth stations, hub equipment and related software products. For The nine months ended 9/98, revenues increased 43 percent to $105.7 million. Net income rose 39 percent to $15.6 million. Revenues reflect increased sales of Skystar Advantage VSAT and One Way VSAT products. Earnings were partially offset by higher interest expenses. 
Hughes Electronics Corp. (NYSE : GMH)Hughes Electronics is manufacturer of communications satellites and a provider of satellite-based services, owning and operating a fleet of geostationary satellites and providing direct broadcast services through DIRECTV. For the three months ended 3/31/99, total revenues rose 12 percent to $1.45 billion. Net income before accounting change rose 51 percent to $73 million. Results reflect continued growth in the DIRECTV businesses and a $154.6 million gain on the Williams settlement. 
Gentner Communications (Nasdaq : GTNR)Gentner Communications designs and manufactures high-technology electronic equipment for the Teleconferencing, Telephone Interface and Remote Facilities Management markets. For the nine months ended 3/31/99, net sales rose 39 percent to $16.6 million. Net income rose 91 percent to $1.6 million. Revenues reflect increased teleconferencing sales due to the introduction of new products. Earnings also benefitted from higher margins due to increased efficiencies. 
GrandeTel Technologies (OTC BB : GTTIF)GTTIF is a Canadian telecommunication and distribution company engaging in the sale of cellular telephones and investing in a local company offering store and forward fax discount service in China. For the fiscal year ended 1/98, revenues increased 9 percent to C$15 million. Net loss according to U.S. GAAP totalled C$13.3 million vs. income of C$706 thousand. Results reflect the launch of long distance fax and call-back voice services, offset by C$14.9 million in class action settlements. 
Hello Direct, Inc. (Nasdaq : HELO)HELO, a direct marketer and developer of desktop telephony products and equipment interface solutions to business end users, offers headset, telecom, call processing and mobile communication products. For the three months ended 3/31/99, sales increased 9 percent to $19.5 million. Net income increased 48 percent to $891 thousand. Revenues reflect an increase in the average order size. Net income also reflects an increased gross margin due to a shift in product mix. 
Harmonic, Inc. (Nasdaq : HLIT)Harmonic, Inc. designs, manufactures and markets digital and fiber optic systems for delivering video, audio and data services over cable, satellite and wireless networks. For the three months ended 4/02/99, net sales increased 87 percent to $30.3 million. Net income totalled $1.3 million vs. a loss of $18.4 million. Revenues reflect the introduction of new TRANsend, METROLink DWDM and PWRBlazer products. Earnings reflect the absence of a $14 million in-process technology charge. 
Harmon Industries, Inc. (Nasdaq : HRMN)HRMN designs, manufactures, markets and services signal, inspection, train control and communications products to freight and transit railroads. For the three months ended 3/31/99, revenues fell 3 percent to $59 million. Net income fell 57 percent to $1.2 million. Revenues suffered from a decrease in sales to a major customer in the U.K. Net income reflects lower gross margin due to lower international sales and lower profit margins domestically. 
Hybrid Networks, Inc. (HYBRHybrid Networks, Inc. is a broadband access equipment company that designs, develops, manufactures and markets cable and wireless systems that provide access to the Internet. For the three months ended 3/31/98, net sales decreased 51 percent to $915 thousand. Net loss increased 22 percent to $5.2 million. Revenues suffered from a $2.4 million sales return reserve. Higher loss was partially offset by lower sales and marketing expenses and higher interest income. 
IAS Communications (OTC BB : IASCA)IAS Communications, a development stage company, is engaged in the commercialization of advanced antenna technology for wireless communications markets including cellular, meter reading and global positioning services. For the nine months ended 1/99, the Company reported no revenues. Net loss fell 5 percent to $1 million. Results reflect the use of hired consultants to perform the majority of the development work instead of expensive large contractors. 
ACTV, Inc. (Nasdaq : IATV)ACTV, Inc. uses proprietary technologies to create state-of-the-art programming for the rapidly emerging digital cable television and internet platforms. For the three months ended 3/99, revenues increased 11 percent to $401 thousand. Net loss applicable to Common totalled $7.4 million, up from $2.8 million. Revenues reflect a rise in sales of internet/TV convergence products HyperTV, and online learning markets. Higher losses reflect a $3.4 million stock appreciation rights loss, up from $64 thousand. 
Intelect Communications (Nasdaq : ICOM)ICOM is engaged in the business of designing, developing, manufacturing, marketing and selling products and services for managing digital signals and converging voice, data and video networks. For the three months ended 3/31/99, revenues fell 43 percent to $3.1 million. Net loss from continuing operations applicable to Common rose 20 percent to $8.4 million. Revenues reflect the loss of shipments to Korea. Higher loss reflects a lower gross profit as a result of the lower volume of shipments. 
Interdigital Commun. (AMEX : IDC)Interdigital develops and markets wireless telecommunications systems using proprietary technologies for voice and data communications. For the three months ended 3/31/99, revenues rose from $10.1 million to $35.1 million. Net income applicable to Common totalled $21.2 million, vs. a loss of $1.7 million. Revenues reflect increased licensing and strategic partner revenues. Net income also reflects lower sales and marketing costs due to lower staff and activity levels. 
Internet Communications (Nasdaq : INCC)Internet Communications is a multi-faceted telecommunications and networking company specializing in the design, implementation, maintenance and management of communications systems and networks. For the fiscal year ended 12/31/98, revenues totalled $32.1 million. Net loss from continuing operations totalled $6.4 million. Results are not comparable due to the Company changing its fiscal year end from January to December. 
Inter-Tel, Inc. (Nasdaq : INTL)INTL is a full service provider of digital communications platforms, computer telephone integration, unified message software, long distance and network services, network and data products and leasing services. For the three months ended 3/99, revenues rose 3 percent to $65.5 million. Net income fell 5 percent to $5.1 million. Revenues reflect higher sales from direct sales offices and long distance sales. Earnings were offset by a continued development of software and systems. 
InterVoice, Inc. (Nasdaq : INTV)INTV develops, sells and services call automation systems allowing individuals to interact with computer data bases using telephones, PC's, credit card terminals or their voices. For the fiscal year ended 2/28/99, sales increased 34 percent to $136.9 million. Net income totalled $20.2 million vs. a loss of $5.1 million. Revenues reflect higher domestic customer premise equipment sales. Net income also reflects the absence of a $6.8 million non-recurring expense. 
IPC Communications, Inc. (AMEX : IPI)IPC Communications, a holding company, provides globally integrated telecommunications equipment and services that facilitate the execution of transaction by the financial trading community. For the six months ended 3/99, revenues rose 16 percent to $148.7 million. Net loss totalled $7 million vs. an income of $5.7 million. Sales reflect the Company's expanding customer base. Loss reflects increased interest expense due to the issuance of Senior Notes and debt issuance costs. 
Information Resource Eng. (Nasdaq : IREG)IREG designs, manufactures and markets network security technology and systems that enable the deployment of secure Virtual Private Network solutions over the Internet and other shared public networks. For the three months ended 3/99, revenues rose 23 percent to $6 million. Net income totalled $188 thousand vs. a loss of $509 thousand. Revenues reflect deliveries of products to financial institutions in Europe. Earnings benefitted from improved product mix. 
Juniper Networks, Inc. (Nasdaq : JNPR)Juniper Networks, Inc. is a provider of Internet infrastructure solutions for Internet service providers and other telecommunications service providers, delivering next generation Internet backbone routers that are specifically designed for service provider networks. For the three months ended 3/31/99, revenues totalled $10 million, up from $0 thousand. Net loss rose 71 percent to $6.7 million. Results reflect initial sales of the M40 router, offset by personnel increases. 
Lifeline Systems, Inc. (Nasdaq : LIFE)LIFE provides 24-hour personal response monitoring services to its subscribers, primarily elderly individuals with medical or age-related conditions as well as physically challenged individuals. For the three months ended 3/31/99, total revenues rose 9 percent to $16.2 million. Net income rose 28 percent to $1.5 million. Revenues reflect a strategy of packaging of products and services into a single service offering. Net income also reflects a $500 thousand gain in a lease buy-out. 
L-3 Communications Hldgs. (NYSE : LLL)LLL is a supplier of secure communication systems and communication products including secure, high data rate communication systems, avionics and ocean systems, telemetry, instrumentation and space products. For the three months ended 3/99, sales rose 48 percent to $275.6 million. Net income rose from $2.6 million to $7.2 million. Revenues reflect acquisitions and volume increases in aviation recorders and satellite control products. Earnings also reflect improved margins. 
Lucent Technologies Inc. (NYSE : LU)LU designs, develops, manufactures and services systems and software which enable network operators and other service providers to provide wireline and wireless access, local, long distance and international voice, data and video services and cable service. For the six months ended 3/99, revenues rose 17 percent to $17.48 billion. Net income before accounting change totalled $1.87 billion, up from $854 million. Results reflect higher sales of Systems for Network Operators. 
Microtel International (OTC BB : MCTL)Microtel International, through its subsidiaries, designs, manufactures and distributes a wide range of electronics hardware products and data telecommunications equipment, and provides related services primarily to the telecommunication industry. For the fiscal year ended 12/31/98, net sales fell 14 percent to $37.3 million. Net loss applicable to Common fell 87 percent to $1.2 million. Revenues suffered from the sale of XCEL. Lower loss reflects the absence of $5.7 million in write-down charges. 
Melita International (Nasdaq : MELI)Melita International provides automated customer relationship systems that enable businesses to integrate their telephony-based customer contact strategies with their front office and back office operations. For the three months ended 3/31/99, revenues rose 35 percent to $27.5 million. Net income rose 39 percent to $3.5 million. Revenues reflect strong demand for the PhoneFrame Explorer product line. Earnings also reflect higher margins due to design improvements. 
Mackie Designs Inc. (Nasdaq : MKIE)Mackie Designs Inc. develops, manufactures, sells and supports high quality, reasonably priced professional audio equipment. For the three months ended 3/31/99, net sales increased 78 percent to $31 million. Net loss totalled $1.4 million vs. an income of $1.2 million. Revenues reflect inclusion of RCF sales and higher international sales. Loss reflects manufacturing inefficiencies and the inclusion of marketing and selling expenses from RCF. 
Microlog Corporation (Nasdaq : MLOG)Microlog designs, assembles, markets, and services a variety of microprocessor-based voice processing systems which allow users to store, retrieve, and transmit digitized voice messages and to access information on computer data-bases. For the three months ended 1/99, sales fell 25 percent to $4.9 million. Net loss totalled $13.1 million, up from $4.4 million. Revenues reflect lower voice processing sales. Higher losses reflect an increase in research and development expenses. 
Mitel Corporation (NYSE : MLT)MLT designs, manufactures and markets semiconductors, subsystems and systems to world markets in the communications industries. MLT also provides services for the products sold. For the nine months ended 12/25/98, revenues rose 71 percent to C$1.03 billion. Net loss applicable to Common according to US GAAP totalled C$17 million, vs. income of C$51.8 million. Revenues reflect acquisitions. Net loss reflects increased R&D costs from Plessy and C$20.8 million in currency translation losses. 
Mosaix, Inc. (Nasdaq : MOSX)Mosaix, Inc. is a global provider of call center software, predictive dialers and workflow applications that enable companies to acquire, retain and develop customer relationships. For the three months ended 3/31/99, revenues fell 11 percent to $27.2 million. Net income fell 18 percent to $1.7 million. Revenues reflect reduced sales of the Company's Customer Relationship Management software solution. Earnings also suffered from lower software licenses margins. 
Motorola, Inc. (NYSE : MOT)Motorola, Inc. manufactures and sells a diverse line of electronic equipment and components. Products include communications systems, semiconductors, electronic engine controls and computer systems. For the three months ended 3/31/99, net sales rose 5 percent to $7.23 billion. Net income decreased 5 percent to $171 million. Revenues reflect an increase in sales of digital wireless telephones. Earnings were offset by a rise in SGA expenses due to additional financing reserve. 
Microwave Power Devices (Nasdaq : MPDI)MPDI designs, manufactures and sells highly linear power amplifiers and related subsystems to the worldwide wireless telecommunications market. For the three months ended 3/31/99, net sales rose 51 percent to $17.2 million. Net income rose from $183 thousand to $832 thousand. Revenues reflect an increase in the shipments on a U.S. Government military program, a domestic military OEM and a foreign military OEM. Earnings also reflect lower operating expenses as a  percent of sales. 
Merge Technologies Inc. (Nasdaq : MRGE)Merge Technologies Inc. provides software, hardware and systems integration products and services that enable health care organizations to network otherwise incompatible medical image-producing and image-using devices. For the three months ended 3/99, net sales rose 29 percent to $3.4 million. Net income totalled $116 thousand vs. a loss of $57 thousand. Revenues reflect higher sales of Component Technologies. Net income reflects the absence of interest expense and lower R&D expense. 
Merrimac Industries (AMEX : MRM)Merrimac Industries, Inc. manufactures and sells components and subsystems used in signal processing systems in the frequency spectrum of D.C. to 65 GHz. For the 13 weeks ended 4/3/99, net sales fell 18 percent to $4.7 million. Net income fell 50 percent to $213 thousand. Revenues reflect the delivery of shipments against a smaller firm order backlog. Earnings suffered from higher cost and expenses as a  percentage of sales because of lower revenues. 
Metro-Tel Corp. (OTC BB : MTRO)Metro-Tel Corp. is engaged in the manufacture and sale of telephone test and customer premise equipment utilized by telephone and telephone interconnect companies. MTRO is also a supplier of dry cleaning equipment, industrial laundry equipment and steam boilers. For the six months ended 12/98, total revenues totalled $8.9 million. Proforma net income totalled $483 thousand. Results are not comparable due to 11/98 reverse acquisition of Steiner-Atlantic Corp. 
MER Telemanagement Sol. (Nasdaq : MTSLF)MER Telemanagement Solutions designs, develops, markets and supports a line of telecommunications management solutions that enable business organizations and other enterprises to more effectively manage their communication resources. For the nine months ended 9/30/98, revenues rose 10 percent to $7.9 million. Net loss totalled $486 thousand vs. an income of $927 thousand. Results reflect further penetration of the OEM market, offset by increased research and development costs. 
Nera AS (Nasdaq : NERAY)Nera AS is a Norwegian joint-stock Company specializing in the design, development, manufacture and marketing of wireless telecommunications equipment and systems and the provision of related services. For the nine months ended 9/98, total revenues rose 6 percent to NOK2.16 billion. Net loss totalled NOK421.4 million vs. an income of NOK83.1 million. Results reflect good market conditions for low-capacity radio products, offset by $404.9 million writedowns/restructuring costs. 
Datalink Systems Corp. (OTC BB : NETD)Datalink Systems Corp. is in the business of developing and marketing Web to Wireless information products for consumer users and business-level services utilizing the Company's wireless information technology. For the fiscal year ended 3/31/99, revenue totalled $2.1 million, up from $962 thousand. Net loss applicable to Common decreased 70 percent to $4.4 million. Results reflect the development of new products and services, partially offset by increased marketing expenses. 
Natural Microsystems Corp (Nasdaq : NMSS)NMSS designs, manufactures and markets integrated hardware and software products which enable others to develop and implement Open Telecommunications applications and systems. For the three months ended 3/99, revenues fell 17 percent to $16.6 million. Net loss totalled $3.5 million vs. an income of $504 thousand. Revenues reflect lower revenue in North America, Asia, and latin America. Loss also reflects expenses incurred for investment, higher selling activities and personnel costs. 
Micronetics Wireless Inc. (Nasdaq : NOIZ)Micronetics Wireless Inc., is a manufacturer of specialized radio frequency components and test equipment used in cellular, microwave, satellite, radar and communications systems around the world. For the nine months ended 12/31/98, revenues fell 5 percent to $3.3 million. Net income increased 8 percent to $343 thousand. Revenues suffered from decreased equipment sales. Earnings benefitted from decreased selling, general, and administrative costs as a  percent of sales. 
Nokia Corporation (NYSE : NOK)Nokia is a supplier of telecommunications systems and equipment. Its core businesses include the development, manufacture and delivery of operator-driven infrastructure solutions and end-user-driven mobile phones. For the fiscal year ended 12/31/98, sales rose 51 percent to EUR13.3 billion. Net income from continuing operations and according to U. S. GAAP rose 64 percent to EUR1.76 billion. Results reflect increased telecommunications and mobile phone sales and higher margins. 
Norstan, Inc. (Nasdaq : NRRD)Norstan, Inc. is a provider of integrated voice, video and data solutions for customers in the United States, Canada and England. For the nine months ended 1/99, revenues increased 11 percent to $352.4 million. Net income decreased 66 percent to $6.4 million. Revenues reflect an increase in Global Services, internal growth and the inclusion of operations from acquisitions and mergers. Net income reflects $1.5 million in restructuring charges and increased interest expense. 
Nortel Networks Corp. (NYSE : NT)Nortel Networks designs, develops, manufactures, markets, sells, finances, installs and services fully digital telecommunications systems. For the three months ended 3/31/99, revenues increased 26 percent to $4.42 billion. Net loss applicable to Common before US GAAP totalled $470 million, up from $32 million. Revenues benefitted from increased sales for the wireless and broadband networks. Earnings reflect a $171 million charge for acquired technology. 
Notify Technology Corp. (Nasdaq : NTFY)Notify Technology Corp. is engaged in the development, manufacture, marketing and sale of computer telephony products for the business, Small Office Home Office (SOHO) and residential marketplaces. For the six months ended 3/31/99, revenues fell 60 percent to $507 thousand. Net loss rose 23 percent to $1.2 million. Results reflect the lack of telephone company voice mail promotions utilizing the MessageAlert product, partially offset by lower R&D costs. 
Optibase Ltd. (Nasdaq : OBAS)Optibase Ltd., provides high-quality, cost-effective solutions that enable the preparation and delivery of MPEG-based digital video over ATM and IP-based networks. For the fiscal year ended 12/31/98, revenues increased 41 percent to $20.4 million. Net income increased from $58 thousand to $1.6 million. Revenues reflect strong sales to Gilat Satellites and initial sales of MPEG 8000 and VideoPlex Pro products. Net income also benefitted from economies of scale and greater efficiency. 
Odetics, Inc. (Nasdaq : ODETA)Odetics, Inc. develops, manufactures, and markets electromechanical products used to record digital, video and audio information for the nuclear, space, defense and commercial industries. For the nine months ended 12/31/98, total revenues decreased 9 percent to $62.1 million. Net loss from continuing operations totalled $13.3 million, up from $1.5 million. Results reflect delays in the delivery of new Broadcast systems and increased sales and marketing expenses. 
OneLink Communications (OTC BB : ONEL)OneLink Communications, Inc. transforms raw telecommunication data intoreports, containing information pertaining to caller location, frequency of calls, unanswered calls and busy calls. For the fiscal year ended 12/98, revenues rose 45 percent to $1.4 million. Net loss from continuing operations fell 17 percent to $1.1 million. Revenues reflect additional charges for development and product enhancement for customers. Lower loss reflects higher margins on consulting revenues. 
Optelecom, Inc. (Nasdaq : OPTC)Optelecom, Inc. is primarily engaged in the development, manufacture and sale of fiber optic communications products and laser systems for commercial and military customers, and multi-media products for sending data over copper wire. For the three months ended 3/31/99, revenues fell 19 percent to $3.5 million. Net income totalled $39 thousand vs. a loss of $44 thousand. Results reflect management changes at Paragon, offset by lower general and administrative costs. 
Ora Electronics, Inc. (OTC BB : ORAE)ORAE develops and supplies interface, connectivity solutions and accessories for wireless communication devices, including cellular telephones, personal communications systems and pagers, and computing devices. For the nine months ended 12/31/98, revenues fell 9 percent to $10.6 million. Net income totalled $732 thousand, vs. a loss of $914 thousand. Results reflect the loss of a major retail customer, offset by $1.7 million in royalty income and lower general and admnistrative expenses. 
Orckit Communications Ltd (Nasdaq : ORCT)Orckit is engaged in the design, development, manufacture and marketing of high-speed data access systems utilizing DSL technology, which allows high-speed digital transmission of data, voice, and video over twisted copper wireline. For the nine months ended 9/30/98, revenues rose 55 percent to $31.1 million. Net loss increased from $680 thousand to $9.8 million. Revenues reflect increased HDSL product sales. Higher loss reflects lower gross profit and increased R&D costs. 
Ortel Corporation (Nasdaq : ORTL)ORTL designs, manufactures, markets, sells and supports a broad range of linear fiberoptic products that enable the transmission of digital, digitally compressed or analog information via radio frequency signals on fiberoptic cables. For the nine months ended 1/31/99, revenues fell 8 percent to $55.1 million. Net loss from continuing operations totaled $185 thousand vs. income of $4.6 million. Results reflect additional hiring, relocation costs and lower pricing. 
OneWorld Systems, Inc. (OTC BB : OWLD)OneWorld Systems develops and manufactures products that enhance and simplify wide area data communications for the small and medium size office market. For the nine months ended 12/31/98, revenues decreased 74 percent to $12.8 million. Net loss from continuing operations fell 28 percent to $2.6 million. Revenues suffered from the absence of the Company's modem operations. Lower loss reflects a $6.1 million gain on the sale of the modem operations to Boca Research. 
PairGain Technologies (Nasdaq : PAIR)PAIR provides telecommunications products based on high-speed Digital Subscriber Line technology, which allow high-speed digital service over copper wires. For the three months ended 3/99, total revenues decreased 16 percent to $60.9 million. Net income fell 66 percent to $4.2 million. Revenues reflect decreased HiGain and Megabit Access products revenues due to lower average selling prices. Net income also reflects increased R&D and S/G/A expenses due to the addition of personnel. 
P-COM, Inc. (Nasdaq : PCMS)P-COM develops, manufactures and markets millimeter wave radio systems for the wireless telecommunications market. The Company also markets diagnostic, maintenance and system configuration software tools. For the three months ended 3/99, sales fell 35 percent to $38 million. Net loss applicable to Common before extraordinary item totalled $13.1 million, vs. income of $5.1 million. Revenues reflect the Pacific Rim currency crisis. Higher loss reflects amortization of acquired assets. 
PictureTel Corporation (Nasdaq : PCTL)PictureTel develops, manufactures, markets and services visual communications and collaboration software that enables users to hold face-to-face meetings through a telephone. For the three months ended 3/31/99, total revenues fell 25 percent to $76.2 million. Net loss applicable to Common totalled $27.4 million, up from $2.2 million. Revenues reflect lower unit volumes and average selling prices of videoconferencing systems. Loss also reflects lower margin due to higher per unit cost. 
Periphonics Corporation (Nasdaq : PERI)Periphonics develops, markets, and supports high performance interactive voice response systems, based on industry standard, open architecture computer hardware and operating system software. For the nine months ended 2/28/99, revenues increased 16 percent to $98.1 million. Net income increased 20 percent to $4 million. Revenues reflect the addition of more units to the service base. Earnings also reflect an increase in gross profit due to the product mix. 
Preferred Networks, Inc. (OTC BB : PFNT)PFNT provides outsourcing services to the wireless industry, offering one-way wireless networks, and product repair, sales, inventory management and related services. For the three months ended 3/31/99, total revenues rose 4 percent to $9.6 million. Net loss applicable to Common from continuing operations and before accounting change rose 2 percent to $3.9 million. Revenues reflect increased cellular repair and refurbishment volumes. Higher loss primarily reflects lower gross margins at EPS Wireless. 
Polycom, Inc. (Nasdaq : PLCM)Polycom, Inc. develops, manufactures and markets teleconferencing products that facilitate meetings at a distance. The SoundStation products are designed to operate with local telephone systems, and are approved for use in 32 countries. For the 13 weeks ended 3/31/99, revenues totalled $40 million, up from $18 million. Net income totalled $7.8 million, up from $294 thousand. Results reflect sales of videoconferencing products and the absence $185 thousand in acquisition costs. 
Plantronics, Inc. (NYSE : PLT)Plantronics, Inc. designs, manufactures, and markets lightweight communications headsets and headset accessories and services. PLT also manufactures specialty telephone products. For the fiscal year ended 3/27/99, net sales rose 21 percent to $286.3 million. Net income before extraordinary item rose 41 percent to $55.3 million. Revenues benefitted from increased sales in the retail and Original Equipment Manufacturer channels. Earnings also reflect higher margins due to lower product costs. 
Pico Products, Inc. (OTC BB : PPIPPico Products designs, manufactures, and markets products andsystems for the pay TV and cable TV industry, broadband communications and other signal distribution markets. For the six months ended 1/99, revenues fell 24 percent to $11.1 million. Net loss applicable to Common before extraordinary item rose from $284 thousand to $640 thousand. Results reflect continued shortages of select inventory items in the U.S. distribution market, lower sales in South America, and an unfavorable product mix. 
Premisys Communications (Nasdaq : PRMS)Premisys Communications designs, manufactures and markets integrated digital access products for telecommunications service providers which assist public carriers in building, expanding and managing their networks. For the nine months ended 3/26/98, revenues rose 9 percent to $77.1 million. Net income rose 5 percent to $8.9 million. Results reflect unit growth due to an increase in shipments to Teleport and Motorola, partially offset by a $4.4 million technology charge. 
Proxim, Inc. (Nasdaq : PROX)Proxim designs, manufactures and markets wireless local area networking ('LAN') products based on radio frequency technology that enable mobile computer users to access host-based and local area networks. For the three months ended 3/31/99, total revenues increased 44 percent to $14.8 million. Net income decreased 15 percent to $736 thousand. Revenues reflect increased shipments of RangeLAN2 and 2.4 GHz products. Earnings were offset by higher R&D costs due an increase in personnel. 
Porta Systems Corp. (AMEX : PSI)Porta Systems designs, develops, manufactures and markets standard and proprietary telecommunications equipment, integrated software applications and signal processing equipment. For the three months ended 3/31/99, revenues fell 42 percent to $9.5 million. Net loss before extraordinary item totalled $1.7 million vs an income of $704 thousand. Revenues reflect shortfalls from the Co's OSS and Signal divisions. Loss reflects lower gross profit due to unabsorbed fixed costs. 
Precision Systems, Inc. (OTC BB : PSYS)Precision Systems, Inc. delivers solutions to telecommunications service providers and major corporations. The Company's software and hardware products support calling cards, prepaid cards, enhanced toll-free services, call center solutions and service bureau services. For the three months ended 3/99, total revenues rose 1 percent to $6.7 million. Net loss applicable to Common Stock fell 93 percent to $316 thousand. Results reflect higher contract revenue and lower SGA and R&D costs. 
Patriot Scientific Corp. (OTC BB : PTSC)Patriot Scientific is engaged in the development and marketing of patented microprocessor technology and high-performance high-speed data communication products. PTSC also owns and is developing radar and antenna technology. For the nine months ended 2/28/99, net sales fell 3 percent to $1.1 million. Net loss fell 20 percent to $3.3 million. Revenues reflect the rescheduling of a product delivery. Lower loss reflects a reduction in non-cash interest expense. 
Powerwave Technologies (Nasdaq : PWAV)PWAV designs, manufactures and markets ultra-linear radio frequency power amplifiers for use in the wireless communications market. The Co's. amplifiers increase the signal strength of wireless transmissions while reducing interference. For the three months ended 4/4/99, revenues rose from $22.7 million to $56 million. Net income fell 7 percent to $2.1 million. Revenues reflect higher sales of RF power amplifiers. Net income was offset by higher labor, overhead and R&D costs. 
Pacific Research & Engin. (AMEX : PXE)PXE manufactures and sells professional radio studio broadcasting equipment and provides technical furniture and studio integration and design services to radio stations and network facilities. For the fiscal year ended 12/98, net sales rose 14 percent to $14.1 million. Net loss totalled $4 million, up from $276 thousand. Revenues reflect growth in the domestic and international broadcasting markets. Higher loss reflects lower gross margins and increases in S/G/A and marketing expenses. 
QUALCOMM, Inc. (Nasdaq : QCOM)QUALCOMM, Inc. designs, develops, manufactures, markets, licenses, and operates digital wireless communications, infrastructure and subscriber products, designs and services. For the six months ended 3/28/99 total revenues rose 21 percent to $1.87 billion. Net income fell 91 percent to $5.9 million. Revenues reflect increased sales of CDMA subscriber and ASIC's products. Earnings were offset by a $52.5 million charge related to the Ericsson transaction and TOU asset write-off. 
Data Race, Inc. (Nasdaq : RACE)RACE designs, manufactures, and markets a line of communication products, which enable users to transmit and receive data and faxes from their notebook computers, as well as speakerphone and answering machine functions. For the nine months ended 3/99, revenues fell 31 percent to $2.4 million. Net loss applicable to Common increased 30 percent to $10 million. Revenues reflect the completion of all shipments of existing contracts. Higher losses reflect costs related to consulting agreement. 
Radyne Comstream, Inc. (OTC BB : RADN)Radyne Comstream designs, manufactures and sells products, systems and software used for the transmission and reception of data over satellite and cable communications networks. For the three months ended 3/99, revenues totalled $12.3 million, up from $3.9 million. Net loss fell 35 percent to $317 thousand. Results reflect the acquisition and integration of Comstream Holdings into the operations of the Company, and increased new-orders-booked. 
RELM Wireless Corporation (Nasdaq : RELM)RELM Wireless Corp. designs and manufactures wireless communication products sold to the land mobile radio markets, which consist of public safety, government, business and industrial users. For the three months ended 3/99, revenues fell 16 percent to $6.5 million. Net income totaled $55 thousand vs. a loss of $201 thousand. Revenues reflect lower LMR product sales. Net income reflects a higher margins due to a $798 thousand gain on real estate sales and reduced manufacturing costs. 
REMEC, Inc. (Nasdaq : REMC)REMEC, Inc. is engaged in the design and manufacture of microwave multi-function modules for microwave transmission systems for defense applications and commercial wireless telecommunications. For the three months ended 4/30/99, revenues fell 15 percent to $43.2 million. Net loss totaled $3.4 million vs. income of $2.3 million. Revenues reflect the economic difficulties in certain international markets. Net loss reflects $3.1 million in transaction costs. 
RIT Technologies Ltd. (Nasdaq : RITT)RIT Technologies Ltd. is an Israeli company engaged in the development, manufacture and sale of premise wiring products and premise and local loop connectivity management systems. For the six months ended 6/30/98, sales rose 85 percent to $15.6 million. Net income totalled $1.1 million vs. a loss of $792 thousand. Revenues reflect strong demand for the Company's PairView and PatchView products. Earnings also benefitted from higher margins and increased net financial income. 
Socket Communications (OTC BB : SCKT)Socket Communications, Inc. develops and markets connection solutions for handheld computers that use the Windows CE operating system from MicroSoft and for mobile computers that use Microsoft's Windows 9x. and NT operating systems. For the three months ended 3/31/99, revenues rose 24 percent to $1.5 million. Net loss applicable to Common fell 33 percent to $457 thousand. Results reflect increased sales of standard serial PC cards, a favorable product mix and a reduction in debt levels. 
Scientific-Atlanta, Inc. (NYSE : SFA)Scientific-Atlanta provides satellite-based and terrestrial-based networks to a range of customers in a variety of applications and provides network management and systems integration. For the nine months ended 4/2/99, sales rose 1 percent to $888.2 million. Net income rose 14 percent to $55 million. Revenue benefited from strong sales of Transmission Network Systems' and Subscriber Systems' products. Net income reflects a $39.7 million gain on an investment in Broadcom. 
Science Dynamics Corp. (OTC BB : SIDY)Science Dynamics Corp. is engaged in the design, development, integration and marketing of a variety of Telecommunications Systems, including intelligent call processing platforms which provide service capabilities to the public switched telephone network. For the three months ended 3/31/99, net sales fell 51 percent to $763 thousand. Net loss totalled $363 thousand vs. an income of $75 thousand. Results reflect a lack of awareness of Commander and higher R&D expenses. 
Spectrum Information Tech (OTC BB : SITI)SITI develops software designed to make Internet/ Intranet access faster. SITI also owns a portfolio of patents relating to commercially practicable methods of data transmission over circuit-switched cellular networks. For the nine months ended 12/98, revenues increased 57 percent to $2.3 million. Net loss decreased 38 percent to $1.3 million. Revenues reflect higher licensing revenues. Lower loss also reflects decreased S/G/A expenses as a  percentage of revenues. 
Skysat Communications (OTC BB : SKATA)Skysat Communications Network Corp. is a development stage company engaged in the research and development of unmanned aircraft systems for commercial applications in the telecommunications industry. The Co's Skysat System consists of a remotely powered unmanned aircraft and a ground control station. For the nine months ended 9/97, the Company reported no revenue. Net loss fell 50 percent to $1.1 million. Lower loss reflects decreased research and development expenses. 
SpectraLink Corp. (Nasdaq : SLNK)SLNK designs, manufactures and sells on-premises wire-less telephone systems which complement existing telephone systems by providing mobile communications in a building or campus environment. For the three months ended 3/99, revenues rose 28 percent to $9.1 million. Net income totalled $733 thousand, up from $125 thousand. Revenues reflect increased penetration of the healthcare and commercial markets. Earnings reflect material cost reductions from volume buying and design improvements. 
Solopoint, Inc. (Nasdaq : SLPT)Solopoint, Inc. designs, develops and markets personal communications management solutions for communications dependent individuals. For the fiscal year ended 12/31/98, net revenues increased 16 percent to $572 thousand. Net loss decreased 42 percent to $2.7 million. Revenues benefitted from the introduction of the Message Waiting Light S-25 and sales of the SmartScreen S-100 products. Lower loss also reflects decreased R&D and S/G/A costs due to reductions in personnel. 
Sunair Electronics, Inc. (AMEX : SNR)Sunair Electronics, Inc. designs, manufactures and sells high frequency single sideband communications equipment used for long range voice and data communications in fixed station, airborne, mobile and marine applications. For the three months ended 12/31/98, sales decreased 47 percent to $607 thousand. Net loss totalled $55 thousand vs. income of $66 thousand. Revenues reflect decreased domestic shipments. Net loss reflects increased S/G/A expense as a  percentage of sales. 
Wireless Data Solutions (OTC BB : SOLU)Wireless Data Solutions, through its Dinet subsidiary, designs and markets fleet management control systems for the two-way mobile radio and cellular (CDPD) markets. For the six months ended 3/31/99, total revenues decreased 37 percent to $654 thousand. Net loss totalled $331 thousand vs. an income of $28 thousand. Revenues suffered from reduced sales at Dinet. Loss also reflects lower margins and increased operating expenses. 
Spectrian Corp. (Nasdaq : SPCT)Spectrian Corp. designs, manufactures and markets highly linear radio frequency power amplifiers that address the needs of wireless infrastructure equipment suppliers and their service provider customers. For the nine months ended 12/27/98, revenues fell 44 percent to $78.4 million. Net loss totalled $18.7 million vs. an income of $19.1 million. Revenues reflect decreased demand for GSM, TDMA and Korean CDMA PCS products. Loss reflects higher investment in semiconductor R&D activities. 
Spanlink Communications (Nasdaq : SPLK)Spanlink Communications, Inc. designs, develops and markets interactive computer telecommunications software and services that link business computer systems, telephone systems and the Internet. For the three months ended 3/99, revenues fell 2 percent to $2.3 million. Net loss totalled $552 thousand vs. an income of $66 thousand. Revenues reflect decreased hardware sales and lower royalty revenue. Loss refelcts lower margins and an increase in personnel costs. 
SpecTran Corporation (Nasdaq : SPTR)SpecTran develops, manufactures and markets high quailty optical fiber, optical fiber cable and value-added optical fiber components and assemblies. For the fiscal year ended 12/31/98, net sales rose 14 percent to $70.9 million. Net income fell 89 percent to $523 thousand. Revenues reflect higher sales volume of multimode fiber. Net suffered from lower margins due to industry pricing presures and inventory issues at SpecTran Speciality and higher R and D expenses. 
SSE Telecom, Inc. (Nasdaq : SSET)SSE Telecom, Inc. designs, manufactures and markets satellite communications products and systems for the transmission of voice, data, fax and video. For the three months ended 12/26/98, revenues decreased 38 percent to $7.7 million. Net income decreased 71 percent to $513 thousand. Revenues reflect decreased demand in the market for satellite transceivers and modems. Net income also reflects a lower gross margin due to a reduction in volume and a lower average selling price. 
Salient 3 Communications (Nasdaq : STCIA)Salient three Communications manufactures and provides telecommunications equipment and services to the industrial, wireline and wireless communication markets. For the fiscal year ended 1/1/99, sales increased 8 percent to $119.3 million. Net loss from continuing operations increased from $7.8 million to $17.5 million. Revenues reflect sales from the wireless segment and the acquisitions. Higher loss reflects a $18.2 million goodwill impairment and restructuring charge. 
Stanford Telecommunicat. (Nasdaq : STII)STII designs, manufactures and markets advanced digital telecommunication products and systems to establish or enhance communications via satellites, terrestrial wireless and cable. For the nine months ended 12/98, revenues rose 8 percent to $122.8 million. Net income fell 77 percent to $902 thousand. Revenues reflect an increase in government business. Net income was offset by lower margins due to increased low margin commercial manufacturing and higher product development costs. 
STM Wireless, Inc. (Nasdaq : STMI)STMI is a developer, manufacturer and provider of wireless-based satellite communications infrastructure and user terminal products utilized in public and private telecommunications networks. For the three months ended 3/31/99, revenues fell 56 percent to $3.1 million. Net loss totalled $8.5 million, up from $4.1 million. Results suffered from weakness in the developing regions of Asia and Latin America, a lower gross profit margin and a $617 thousand restructuring charge. 
Syntellect Inc. (Nasdaq : SYNL)Syntellect develops, markets and integrates voice, internet, and call processing software and services and provides an interactive transaction-based service bureau for customers who prefer to outsource their applications. For the three months ended 3/31/99, revenues rose 2 percent to $11.2 million. Net loss rose 12 percent to $1.6 million. Revenues reflect sales of the Company's new Vista IVR product. Higher loss reflects lower margins due to the absence of patent revenues. 
Sync Research, Inc. (Nasdaq : SYNXDSync Research develops, manufactures, markets and supports wide-area network access, internetworking and management solutions that enable customers to more reliably deploy business-critical applications. For the three months ended 3/99, revenues fell 9 percent to $5.1 million. Net loss fell 46 percent to $1.7 million. Revenues reflect decreased sales through channel partners to IBM. Loss was offset by the sale of higher margin products and lower manufacturing and overhead costs. 
Digital Recorders, Inc. (Nasdaq : TBUS)TBUS designs, manufactures, and sells information technology products to the mass transit market and the law enforcement and surveillance market. For the three months ended 3/31/99, revenues rose 83 percent to $4 million. Net loss from continuing operations before accounting change applicable to Common fell 72 percent to $170 thousand. Revenues reflect higher TwinVision Sales and market acceptance of the LEDOT sign systems. Lower loss reflects increased gross profit margins due to improved sales in DAC. 
Technical Communications (Nasdaq : TCCO)Technical Communications Corp. designs, manufactures, distributes and markets communications security devices and systems that enable users to transmit information confidentially. For the three months ended 1/2/99, net sales fell 63 percent to $1.1 million. Net loss totalled $988 thousand, up from $129 thousand. Revenues reflect variability in timing of shipments and receipt of anticipated orders. Higher loss reflects costs ofnew product development and litigation settlement costs. 
TCI International, Inc. (Nasdaq : TCII)TCI International manufactures specialized radio transmission, receiving, and test equipment and offers these items for sale as separate products or as part of larger systems comprised of various components. For the three months ended 12/98, revenues fell 31 percent to $4.8 million. Net loss totalled $858 thousand vs. income of $73 thousand. Revenues reflect lower backlog. Net loss reflects the execution of lower margin contracts and increased research and development projects. 
TELS Corporation (OTC BB : TELS)TELS Corp. designs, manufactures, and sells telecommunications/call accounting products to hotels, motels, and small businesses. TELS also provides contract production and assembly services for computer and electronic companies. For the three months ended 3/31/99, revenues fell 22 percent to $1.1 million. Net income increased from $20 thousand to $103 thousand. Results reflect lower sales activity in the contract manufacturing division, offset by lower R&D and SGA costs. 
Teltronics, Inc. (Nasdaq : TELT)TELT designs, develops, manufactures and markets electric hardware and application software products, and engages in contract manufacturing for the telecommunication industry. For the three months ended 3/99, revenues rose 3 percent to $6.8 million. Net loss applicable to Common totalled $62 thousand vs. an income of $514 thousand. Revenues reflect improved Remote Maintanance and Vision sales. Net loss was offset by change of product mix, sale of AT Supply and higher R&D exp. 
Terayon Communication Sys (Nasdaq : TERN)Terayon Communication Systems develops, markets and sells cable modem systems that enable cable operators to deploy two-way broadband access services. For the three months ended 3/99, total revenues increased from $2.4 million to $15.9 million. Net loss increased 3 percent to $5.9 million. Revenues reflect increased sales of cable modems and headend equipment to new and existing customers. Higher loss reflects the inclusion of a $1.6 million cost of product development assistance agreement. 
TESSCO Technologies, Inc. (Nasdaq : TESS)TESS, a distributor of products to the wireless communications industry, serves customers in the cellular telephone, personal communication system (PCS), paging and mobile radio-dispatched markets. For the nine months ended 12/27/98, revenues increased 20 percent to $120.3 million. Net income decreased 40 percent to $1.5 million. Results reflect increased unit volume sales of subscriber accessory products and services, offset by higher personnel and marketing expenses. 
TEKELEC (Nasdaq : TKLC)TKLC designs, manufactures and markets innovative switching solutions and diagnostic systems for the global communications marketplace. For the three months ended 3/31/99, revenues fell 6 percent to $32.7 million. Net income fell 93 percent to $492 thousand. Revenues reflect lower average STP system prices due to increased sales of smaller systems, and lower sales of Chameleon products. Earnings also reflect lower margins, increases in R&D and S/G/A, and a $1.8 million restructuring charge. 
Tellabs, Inc. (Nasdaq : TLAB)Tellabs designs, manufactures, markets, and services voice, data and video transport and network access systems used worldwide by public telephone companies, long-distance carriers, and wireless service products. For the three months ended 4/2/99, revenues rose 43 percent to $469.7 million. Net income rose 52 percent to $103.7 million. Revenues reflect strong sales of the SONET-based Titan 5500 systems. Earnings also reflect increased gross margin due to manufacturing efficiencies. 
Telident, Inc. (Nasdaq : TLDT)TLDT designs, manufactures and markets proprietary hardware and software systems which provide the exact location of a 911 telephone call to the emergency dispatcher at the public safety answering point who receives the call. For the six months ended 12/98, net sales rose 28 percent to $1.4 million. Net loss applicable to Common fell 77 percent to $167 thousand. Revenues reflect increased sales of PBX 911 products. Lower loss reflects the closing of under-producing sales offices. 
Tollgrade Communications (Nasdaq : TLGD)TLGD designs, engineers, markets and supports proprietary products which enable telephone companies to remotely diagnose problems in lines containing both copper and fiber optics. For the three months ended 3/27/99, revenues rose 3 percent to $11.1 million. Net income rose 3 percent to $1.5 million. Results reflect higher unit volume sales due to new product introductions and increased interest income due to an increase in funds available for investment. 
Telesciences, Inc. (Nasdaq : TLSI)Telesciences, Inc. develops, markets and supports integrated hardware and software systems that collect and process a rising volume of transaction information from a wide variety of wireline switches and transmit the information to the customer. For the three months ended 12/31/98, revenues increased 4 percent to $7.2 million. Net loss decreased 3 percent to $938 thousand. Revenues reflect an increase in domestic and international sales. Lower losses reflect a reduction in work force. 
Teltrend, Inc. (Nasdaq : TLTN)TLTN designs, manufactures and markets transmission products, such as channel units, repeaters and termination units used by telephone companies to provide voice and data services over the telephone network. For the nine months ended 5/1/99, net sales rose 16 percent to $81 million. Net income totalled $4.6 million, up from $88 thousand. Results reflect increased unit volume sales and absence of a $4 million charge for in-process R and D due to the 3net acquisition. 
Transcrypt International (OTC BB : TRII)Transcrypt International is a manufacturer of information security products which prevent unauthorized interception of sensitive voice and data communications. The Co. also manufactures wireless communication products and systems. For the three months ended 3/31/99, sales fell 56 percent to $9.7 million. Net loss totalled $4 million vs an income of $1.3 million. Results reflect lower sales of LMR systems to government agencies, lower gross profit and higher interest expense. 
Teltone Corporation (OTC BB : TTNC)Teltone Corporation designs, manufactures and sells specialty electronic telecommunications equipment, software and components to a variety of business end users, and original equipment manufacturers internationally. For the nine months ended 3/31/99, net sales rose 13 percent to $7.6 million. Net income totalled $279 thousand vs. a loss of $195 thousand. Results reflect growing acceptance of OfficeLink2000, higher margins and reduced engineering and development costs. 
Tut Systems, Inc. (Nasdaq : TUTS)Tut Systems, Inc. designs, develops and markets advanced communications products which enable high-speed data access over the copper infrastructure of telephone companies, as well as the copper telephone wires in homes, businesses and other buildings. For the three months ended 3/31/99, revenues totalled $3.9 million, up from $1.9 million. Net loss rose 10 percent to $3.3 million. Results reflect increased sales of XL and Expresso products, offset by personnel increases. 
United Industrial Corp. (NYSE : UIC)United Industrial Corporation operates in three principal industry segments: defense contractors, transporation systems and energy systems. For the three months ended 3/31/99, sales fell less than 1 percent to $47.1 million. Net income fell less than 1 percent to $2.3 million. Revenues reflect decreased sales in the Energy segment, partially offset by a contract to upgrade C-17 Aircraft for the U.S. Air Force. Earnings also reflect a $1 million loss from the Electric Transit venture. 
USA Talks.com, Inc. (USATUSA Talks.com, Inc. is the parent company for two subsidiaries who own and have developed proprietary technologies for use in providing Internet long distance service. For the three months ended 3/31/99, revenues totalled $57 thousand, up from $0 thousand. Net loss totalled $3.9 million, up from $304 thousand. Results reflect initial revenues, offset by costs for establishment of the Company's telemarketing operations and increased Web site development expenses. 
V Band Corporation (OTC BB : VBAN)V Band Corp. designs, manufactures, sells, installs and services instant access voice communications systems to telephone network facilities. For the three months ended 1/31/99, net sales fell 20 percent to $3.8 million. Net loss decreased 76 percent to $568 thousand. Revenues reflect decreased demand for the Company's products. Lower loss reflects lower operating expenses due to the absence of a $1 million charge related to the restructuring of operations and lower debt levels. 
ViewCast.com, Inc. (Nasdaq : VCST)ViewCast.com, Inc. designs, develops, manufactures and markets standards-based video communications products that integrate video capabilities into existing desktop computers, applications and networks. For the three months ended 3/99, net sales rose 10 percent to $2 million. Net loss applicable to Common rose 29 percent to $2.3 million. Revenues reflect growth in sales of both video streaming and video peripheral products. Higher loss reflects new contract pricing from a supplier. 
Videonics, Inc. (Nasdaq : VDNXC)Videonics, Inc. designs, develops, manufactures, and sells real time, digital video post-production equipment. VDNX products color, edit and mix raw video footage, as well as enhance video production. For the three months ended 3/99, net revenues decreased 22 percent to $3.7 million. Net loss fell 52 percent to $823 thousand. Revenues reflect the sale of Nova and lower sales of older Videographer products. Lower loss reflects decreased personnel level and a better product mix. 
Verilink Corporation (Nasdaq : VRLK)Verilink Corp. develops, manufactures and markets integrated access products for telecommunications network service providers and corporate end users on wide area networks. For the nine months ended 3/28/99, net sales rose 37 percent to $46.2 million. Net loss totaled $11.2 million, up from $2 million. Sales reflect higher demand for the AS 2000 product line and sales from TxPort. Higher loss reflects a $3.3 million in-process R and D charges and $3.2 million in restructuring charges. 
ViaSat, Inc. (Nasdaq : VSAT)ViaSat, Inc. designs, produces and markets advanced digital satellite telecommunications and wireless signal processing equipment. VSAT is a provider of Demand Assigned Multiple Access (DAMA) technology. For the nine months ended 12/98, revenues rose 15 percent to $53.3 million. Net income rose 19 percent to $4.4 million. Results reflect increased revenues generated by the JCS, MIDS, and UHF DAMA modem product lines. Results also reflect lower S/G/A expenses as a  percentage of revenues. 
VSI Enterprises, Inc. (Nasdaq : VSIN)VSI Enterprises is principally engaged in the design, manufacture, marketing and servicing of interactive group videoconferencing and control systems. VSIN is also engaged in the marketing and sale of telecommunications services. For the three months ended 3/31/99, revenues rose 21 percent to $3 million. Net loss from continuing operations decreased 60 percent to $1.1 million. Results reflect improved sales in network reselling and lower costs due to the consolidation of operations. 
Vodavi Technology, Inc. (Nasdaq : VTEK)Vodavi Technology, Inc. designs, develops, markets and supports a range of business telecommunications solutions, including digital telephone systems, voice processing systems, and computer-telephony products. For the three months ended 3/31/99, net revenues fell 6 percent to $11.3 million. Net income rose 93 percent to $239 thousand. Results reflect efforts to reduce inventory in the wholesale distributor channel, offset by higher margins and lower engineering expenses. 
VTEL Corporation (Nasdaq : VTEL)VTEL Corp. designs, manufactures, markets, services, and supports integrated, multi-media digital visual communication systems which operate over private and switched digital communication networks. For the six months ended 1/31/99, revenues fell 14 percent to $74.6 million. Net loss totalled $14.6 million vs. an income of $388 thousand. Results reflect lowerunit sales of large group digital visual communication systems and costs for a marketing and branding campaign. 
Vertex Communications (NYSE : VTX)Vertex Communications Corp. designs, develops, manufactures, markets and supports a line of precision products for deep space and satellite communications and systems to manage and monitor communications network systems. For the six months ended 4/2/99, revenues rose 1 percent to $62.9 million. Net income fell 25 percent to $3.6 million. Revenues benefitted from the acquisition of TIW. Earnings reflect lower margins due to price reductions. 
WaveRider Communications (OTC BB : WAVC)WaveRider Communications designs, develops, sells and supports customer driven wireless information technology products designed to facilitate Personal Computer and Local Area Network to Internet communications. For the three months ended 3/31/99, total revenues rose 99 percent to $75 thousand. Net loss totalled $1.3 million, up from $629 thousand. Results reflect sales of the NCL 135 wireless data communications product, offset by higher sales and marketing expenses. 
Nuwave Technologies, Inc. (Nasdaq : WAVE)WAVE is a development stage company engaged in the development, manufacturing and marketing of products which improve picture quality in set-top boxes, televisions, VCRs, camcorders and other video devices. For the three months ended 3/99, the company reported no revenues. Net loss fell 12 percent to $788 thousand. The Co. does not anticipate deriving significant revenue from the sale of its products in 1999. Net loss reflects lower R&D cost and higher interest income. 
WAVO Corporation (Nasdaq : WAVO)WAVO Corporation is a developer of technologies and services which aggregate, filter, customize and distribute digital content (text, music, graphics and video) using a range of broadcast, satellite and Internet-based delivery systems. For the three months ended 3/31/99, revenues rose 5 percent to $5.7 million. Net loss applicable to Common rose 3 percent to $5.6 million. Results reflect increased revenues from subscription services, offset by increased research and development costs. 
World Access, Inc. (Nasdaq : WAXS)WAXS provides wholesale international long distance services and designs wireline and wireless telecommunications solutions for service providers worldwide, from single products to comprehensive network solutions. For the three months ended 3/31/99, revenues totalled $143.5 million, up from $23.4 million. Net income from continuing operations totalled $2.1 million vs. a loss of $32.5 million. Results reflect higher equipment and service revenue from acquisitions and improved margins. 
Wegener Corporation (Nasdaq : WGNR)WGNR manufactures electronics for the distance learning, television (broadcast and cable), radio, business music, private network and data communications industries. For the six months ended 02/26/99, revenues fell 20 percent to $13.5 million. Net income fell 57 percent to $627 thousand. Revenues suffered from the decreased shipments of digital video products, cue and control equipment. Earnings also suffered from lower gross profit margin dollars and an increase in S/G/A expense. 
Telular Corporation (Nasdaq : WRLS)Telular Corp. designs, engineers and manufactures component elements and complete telecommunications equipment assemblies and related products worldwide. For the six months ended 3/99, total revenues fell 30 percent to $16.6 million. Net loss applicable to Common rose 17 percent to $5.1 million. Revenues reflect decreased sales to Africa and the Philippines, and economic turmoil in Asia and certain areas in South America. Higher loss was partially offset by decreased engineering and R&D. 
Westell Technologies Inc. (Nasdaq : WSTL)Westell Technologies designs, manufactures, markets and services a range of digital and analog products used by telcos to deliver services primarily over existing copper telephone wires that connect end users to a telco's central office. For the nine months ended 12/31/98, revenues rose 10 percent to $69.1 million. Net loss totalled $26.5 million, up from $7.6 million. Results reflect an increase in teleconference call minutes, offset by the absence of a $12 million merger break-up fee. 
mPhase Technologies, Inc. (OTC BB : XDSL)mPhase Technologies, Inc. is primarily engaged in the design, manufacture and marketing of enabling technologies and telecommunications products to increase the speed of communications over existing conventional (twisted pair) copper telephone lines. For the nine months ended 3/31/98, revenues totalled $49 thousand. Net loss totalled $2.6 million. Results are not comparable due to the 10/2/96 inception of current operations. 
Xeta Corporation (Nasdaq : XETA)XETA develops, manufactures and markets call accounting systems and is a nation-wide distributor of third party manufactured PBX systems. XETA also provides long distance telephone services to the lodging industry. For the six months ended 4/30/99, sales rose 40 percent to $16.3 million. Net income rose 32 percent to $2 million. Results reflect increased installation and service revenue and higher systems sales, partially offset by higher amortization expense. 
Excel Switching Corp. (Nasdaq : XLSW)EXCEL develops, markets and supports a family of open, programmable, carrier-class switches for complex enhanced services and wireless and wireline infrastructure needs. For the three months ended 3/99, revenues rose 43 percent to $36.6 million. Net income increased 39 percent to $7.4 million. Revenues reflect expanded customers base and increased sales to end-users. Earnings were partially offset by the acquisition of related long-term obligations issued in 1998. 
ZOOM Telephonics, Inc. (Nasdaq : ZOOM)ZOOM Telephonics, Inc. is a designer, producer and marketer of modems and other personal computer communications products for the home and office. For the three months ended 3/31/99, net sales fell 39 percent to $11.4 million. Net loss totalled $690 thousand vs. an income of $200 thousand. Revenues reflect a dramatic drop in sales of 33.6 thousand modem units and lower average faxmodem selling prices. Loss also reflects higher research and development costs due to personnel additions.%}
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Arch Coal, Inc. (NYSE : ACI)ACI is engaged in the mining, processing, marketing and transportation of bituminous coal in the domestic steam market. For the three months ended 3/31/99, total revenues rose 35 percent to $421.1 million. Net loss before accounting change totalled $2.4 million, vs. an income of $15.8 million. Revenues reflect the inclusion of results from Arch Western. Earnings were offset by higher S/G/A costs due to the Arch Western transaction and legal and media costs related to mountantop removal in WV. 
Applied Carbon Technology (ACTYFApplied Carbon Technology's principal business is the integrated mining, manufacturing, processing and sales of natural graphite and carbon based products. For the nine months ended 9/30/98, total revenues increased 46 percent to C$3.1 million. Net loss from continuing operations increased 21 percent to C$1.4 million. Revenues reflect the Company's continuing efforts to increase sales. Higher loss reflects increased S/G/A expenses and increased operating costs. 
Beard Company (AMEX : BOC)Beard Company is engaged the Coal reclamation in the US and China, production of Carbon Dioxide, environmental services and resource recovery activities and well testing. For the three months ended 3/31/99, revenues totalled $812 thousand, up from $168 thousand. Net loss from continuing operations totalled $551 thousand, up from $100 thousand. Results reflect increased revenues from coal reclamation operations, offset by increased coal reclamation, interest and S/G/A expenses. 
China Energy Resources (AMEX : CHG)China Energy Resources is a coal refining company operating in the People's Republic of China. The Company owns two modern coal production plants which produce steam coal and metallurgical coke. For the nine months ended 9/30/98, total revenues fell 32 percent to $4.4 million. Net loss totalled $1.1 million up from $140 thousand. Revenues reflect lower sales volume due to ceased production in 3/98 as a result of a working capital shortage. Loss also reflects increased S/G/A expenses. 
CONSOL Energy Inc. (NYSE : CNX)CONSOL Energy Inc. is a holding company whose subsidiaries are engaged in the production of bituminous coal for the electric utility industry. For the three months ended 3/31/99, total revenue fell 4 percent to $578.4 million. Net income fell 61 percent to $25.6 million. Revenues reflect dampened demand for coal by electricity generators due to mild winter weather in the Eastern United States. Earnings also reflect costs associated with added capacity. 
Covol Technologies, Inc. (Nasdaq : CVOL)CVOL engages in the commercialization of Briquetting Technology used to recycle waste by-products from the coal and steel industries into a marketable source of fuel and revert materials. For the six months ended 3/31/99, revenues decreased 69 percent to $2.1 million. Net loss applicable to Common totalled $9.6 million, up from $270 thousand. Revenues reflect decreased license fees. Net loss reflects increased operating expenses as a  percentage of revenues. 
Pittston Minerals Group (NYSE : PZM)PZM produces and markets low sulphur steam coal, mines and markets high quality metallurgical coal, and also engages in gold production and exploration. For the three months ended 3/31/99, revenues fell 27 percent to $108.8 million. Net income applicable to Common totalled $13.8 million vs. a loss of $2.1 million. Results reflect lower steam sales volume due to reduced production by and subsequent sale of certain Elkay Assets, offset by the excess value of preferred stock. 
Rochester & Pitts. Coal (OTC BB : RPTC)Rochester and Pittsburgh Coal Company and its subsidiaries are principally engaged in the deep mining of bituminous steam coal for sale to electric generating plants in the eastern and midwestern United States. For the six months ended 6/30/98, total revenues rose 48 percent to $169.4 million. Net loss decreased 97 percent to $150 thousand. Results reflect increased sales and production volumes due to the completion of Mine 84 development and the absence of a $17 million property write-down. 
SGI International (OTC BB : SGII)SGII International develops, commercializes and licenses new energy technologies, and patented the Liquids from Coal Process. SGII also fabricates and sells automated assembly equipment. For the three months ended 3/99, revenues fell 36 percent to $701 thousand. Net loss applicable to Common fell 45 percent to $1.5 million. Revenues reflect a general slowdown in demand for automated assembly equipment. Lower loss reflects the absence of an investment loss in LFC and lower preferred stock dividends. 
Westmoreland Coal Company (AMEX : WLB)Westmoreland Coal Company engages in the production and sale of coal, owns interests in power plants, and leases a coal storage and vessel loading facility. For the three months ended 3/31/99, revenues rose 82 percent to $30.8 million. Net income applicable to Common totalled $11.3 million, up from $840 thousand. Revenues reflect the recognition of a $17 million gain from the sale of the Rensselaer project. Earnings also benefitted from increased interest income. 
Yanzhou Coal Mining Co. (NYSE : YZC)Yanzhou Coal Mining Company is engaged in the underground mining of prime quality, low-sulphur coal from its mines in Shandong Province for sale to electric power plants, metallurgical producers and other customers located in China and East Asia. For the fiscal year ended 12/31/97, net sales rose 1 percent to RMB3.3 billion. Net income according to U.S. GAAP rose 12 percent to RMB867M. Results reflect an increased average coal price and higher margins due to lower material expenses.%}
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Albemarle Corporation (NYSE : ALB)Albemarle Corp. is a major producer of specialty polymers and fine chemicals including polymer intermediates, cleaning product intermediates and additives, agrichemical intermediates, pharmachemical intermediates and bulk actives, catalysts, brominated flame retardants, bromine chemicals, and potassium and chlorine chemicals. For the fiscal year ended 3/99, revenues fell 3 percent to 208.3 million. Net income rose 2 percent to $23.2 million. Result reflect lower shipments and higher margins. 
Advanced Polymer Systems (Nasdaq : APOS)APOS develops, manufactures and sells patented delivery systems that allow for the controlled release of active ingredients having benefits in ethical dermatology, cosmetic and personal care areas. For the three months ended 3/99, revenues rose 1 percent to $4.6 million. Net income totalled $330 thousand, up from $27 thousand. Results reflect higher royalties. Earnings reflect higher margins and lower S/G/A expense as a  percentage of sales. 
AT Plastics, Inc. (AMEX : ATJ)AT Plastics, Inc. develops and manufactures specialty plastics raw materials and fabricated products for international niche markets. For the three months ended 3/31/99, sales increased 11 percent to C$55.2 million. Net income decreased 95 percent to $137 thousand. Revenues benefitted from increased sales volumes in the Company's Polymers and Films and Packaging businesses. Earnings suffered from decreased margins and increased depreciation and other expenses. 
Borden Chemicals/Plast.LP (NYSE : BCU)Borden Chemicals and Plastics owns and operates chemical plants in LA and IL producing PVC polymer products, methanol and other chemicals. For the three months ended 3/31/99, total revenues fell 25 percent to $115.4 million. Net loss applicable to Limited Partners fell 32 percent to $5.6 million. Results reflect lower sales prices and volumes of PVC Polymer products, Methanol and Derivatives. Earnings were offset by an improved gross profit margin. 
Beijing Yanhua Petrochem. (NYSE : BYH)Beijing Yanhua Petrochemical Company Limited engages in the manufacturing and trading of petrochemical products in China. For the fiscal year ended 12/31/97, revenues rose 5 percent to RMB6.29 billion. Net income applicable to U.S. GAAP rose 46 percent to RMB743.8 million. Revenues reflect an increase in production due to the absence of a maintenance shutdown in the present period. Earnings also reflect improved gross margins due to increased use of lower priced cracking feedstock. 
Bairnco Corporation (NYSE : BZ)Bairnco Corporation is a diversifed multinational company operating two distinct businesses: Arlon's Engineered Materials and Components, and Kasco's Replacement Products and Services. For the three months ended 4/3/99, net sales rose 1 percent to $42.7 million. Net income rose 3 percent to $2.3 million. Results reflect improved sales at Kasco's in the United States and higher margins due to improved manufacturing efficiencies. 
Dexter Corporation (NYSE : DEX)DEX is a specialty materials company serving the worldwide aerospace, electronics, food packaging, and medical markets with products based on proprietary technologies. For the three months ended 3/31/99, net sales decreased 3 percent to $282.1 million. Net income totalled $68.8 million, up from $14.2 million. Revenues suffered from divestitures and price decreases. Net income reflects the inclusion of a $91.4 million gain on the divestiture of product lines. 
Eastman Chemical Company (NYSE : EMN)EMN manufactures and sells polyester plastics such as polyethylene terephthalate (PET); coatings and paint raw materials; industrial and fine chemicals, and acetate tow. For the three months ended 3/99, sales fell 11 percent to $1.02 billion. Net income fell 66 percent to $25 million. Revenues reflect lower selling prices caused by global economic conditions. Net income also suffered from charges related to a discontinued capital project and phase-out of operations, and higher debt levels. 
Glassmaster Company (Nasdaq : GLMA)Glassmaster Company is a manufacturer of extruded (thermoplastic) synthetic monofilament, pultruded(thermoset) fiberglass composites, and flexible steel wire controls and molded plastic control panels. For the six months ended 2/28/99, revenues decreased 8 percent to $10.7 million. Net loss totalled $381 thousand vs. income of $10 thousand. Revenues reflect lower sales by the Monofilament and Composits divisions. Net loss suffered from increased interest expenses. 
Geon Company (NYSE : GON)GON produces and markets polyvinyl chloride resins and compounds. GON also produces and markets vinyl chloride monomer (VCM), an intermediate precursor to PVC. For the three months ended 3/31/99, sales rose by less than 1 percent to $325.8 million. Net income before acctg. change rose 91 percent to $11.1 million. Revenues benefited from acquired businesses. Net income reflects a lower cost of sales due to decreased raw matrerial costs. 
GP Strategies Corp. (NYSE : GPX)GP Strategies Corp. is primarily a holding co. with operations in two business segments: Performance Improvement and Optical Plastics. For the three months ended 3/31/99, sales rose 5 percent to $65.9 million. Net income rose 46 percent to $2.6 million. Results benefitted from increased sales within all segments of GPX's business. Earnings also reflect lower selling, general and administrative expenses due to the sale of Five Star and higher investment income. 
B.F. Goodrich Company (NYSE : GR)B.F. Goodrich Co. manufactures and supplies systems and component parts for the aerospace industry, and provides maintenance, repair and overhaul services on commercial, business and general aviation aircraft and specialty plastics. For the three months ended 3/31/99, sales rose 10 percent to $1.04 billion. Net income from continuing operations before extraordinary items. applicable to Comm. fell 9 percent to $49.3 million. Results reflect higher Aerospace group sales, offset by $26.2 million in consolidation costs. 
Millennium Chemicals Inc. (NYSE : MCH)Millenium Chemicals is an international chemicals company, with leading market positions in a range of commodity, industrial, performance and specialty chemicals. For the three months ended 3/31/99, revenues fell 4 percent to $383 million. Net income from continuing operations fell 80 percent to $9 million. Revenues reflect planned and unplanned production slowdowns in the titanium dioxide segment. Earnings also suffered from $4 million in Equistar equity losses vs. $45 million in earnings. 
Martin Color-Fi Inc. (MRCFQMRCFQ recycles reclaimed plastics and produces polyester and other synthetic fibers and pellets for a wide range of markets. The Co. also manufactures synthetic yarn and tufted carpet. For the six months ended 6/28/98, revenues fell 6 percent to $56.1 million. Net loss totalled $6.1 million vs. an income of $2.5 million. Revenues reflect a decrease in net sales of the Fibers Divisions. Loss reflects lower gross margins due to the inventory reserve to change raw material strategy. 
McWhorter Technologies (NYSE : MWT)McWhorter Technologies, Inc. is a specialty chemical company which develops, manufactures, and markets a broad range of resin products and colorants used in coatings and composite polymer industries. For the three months ended 1/31/99, net sales fell 2 percent to $96.2 million. Net income remained flat at $1.2 million. Revenues reflect lower sales volumes in the liquid coating resins business. Earnings reflect lower raw materials costs, product mix and process improvements. 
Ontro, Inc. (Nasdaq : ONTR)Ontro Inc., a developmental stage company, is engaged in the research and development of integrated thermal containers. The Company owns proprietary technology which it has incorporated into a proposed product line of fully contained self heating beverage containers. For the three months ended 3/99, the Company reported no revenues. Net loss rose 71 percent to $727 thousand. Results reflect increased salaries, staff, higher R and D costs and increased equipment rental. 
Planet Polymer Tech. (Nasdaq : POLY)Planet Polymer Technologies, Inc. is a specialty chemical company that designs, develops, manufactures and markets degradable and recycled polymer materials. For the three months ended 3/31/99, sales decreased 8 percent to $541 thousand. Net loss decreased 5 percent to $298 thousand. Revenues reflect declines in sales price of Deltco's recycled polypropylene due to competitive pressures and subdued oil prices. Loss was offset by lower marketing and R&D expenses. 
Rogers Corporation (AMEX : ROG)Rogers Corporation manufactures and sells polymer materials (such as high performance elastomer materials and moldable composite materials) and electronic materials (such as circuit board laminates, industrial laminates and bus bars). For the 13 weeks ended 4/4/99, sales rose 11 percent to $64.9 million. Net income rose 5 percent to $4.7 million. Results reflect increased sales to HTI, partially offset by lower operating margins due to higher payroll costs and IS development. 
Rohm and Haas Company (NYSE : ROH)Rohm and Haas Company is a manufacturer of specialty chemicals, including specialty polymers, plastics additives, building products, monomers, formulation chemicals, products for electronic materials, agricultural chemicals and others. For the three months ended 3/31/99, sales rose less than 1 percent to $940 million. Net income applicable to Common rose 2 percent to $109 million. Results reflect higher production volume, lower raw materials cost and a favorable settlement gain of $13 million. 
Royal Group Technologies (NYSE : RYG)Royal Group Technologies is principally engaged in the extrusion of PVC (polyvinylchloride or vinyl) building products for the custom profile (predominately windows), vertical window blind, siding, pipe and door markets. For the three months ended 12/31/98, net sales rose 23 percent to C$260.7 million. Net income rose 26 percent to C$24.5 million. Results reflect the success of newly introduced products, market share gains and increased minority interest earnings. 
Wellman Incorporated (NYSE : WLM)WLM manufactures and sells polyester products, including Fortrel brand polyester textile fibers, polyester fibers made from recycled raw materials and Perma-Clear PET packaging resins. For the three months ended 3/31/99, revenues fell 17 percent to $218.9 million. Net income before acctng. change fell 86 percent to $1.8 million. Revenues suffered from reductions in worlwide ployester fiber selling prices. Net income reflects a higher cost of sales as a  percentage of revenue. 
Zoltek Companies, Inc. (Nasdaq : ZOLT)ZOLT develops, manufactures and markets carbon fibers for use in aircraft brakes and other composite materials. ZOLT also manufactures acrylic and nylon fibers, yarns, and other industrial materials. For the six months ended 3/31/99, net sales decreased 22 percent to $34.9 million. Net loss totalled $981 thousand, vs. an income of $6.7 million. Revenues reflect product mix changes and sales price reductions. Loss reflects a $1.9 million charge for available unused capacity costs.%}
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AgriBioTech, Inc. (Nasdaq : ABTX)AgriBioTech is a vertically integrated agricultural seed company specializing in developing, breeding, processing, packaging and distributing varieties of forage and cool season turfgrass seeds. For the nine months ended 3/31/99, net sales rose 95 percent to $272 million. Net loss applicable to Common totalled $12.2 million, vs. an income of $4.2 million. Revenues reflect acquisitions. Loss reflects higher operating expenses, higher interest expense and a $2 million special charge. 
Aceto Corporation (Nasdaq : ACET)ACET is engaged in the marketing of fine and industrial chemicals used principally in the agricultural, color producing, pharmaceutical and surface coating industries. For the nine months ended 3/99, revenues fell 5 percent to $127.9 million. Net income applicable to Common fell 18 percent to $4.6 million. Revenues reflect lower intermediates sales to the color producing industries and the discontinuation of two high volume items. Earnings reflect higher administrative costs. 
ADM Tronics Unlimited (OTC BB : ADMT)ADM Tronics Unlimited is a manufacturer and engineering concern whose principal lines of business are the production and sale of chemical products and the manufacturing and sale of medical devices. For the nine months ended 12/98, revenues rose 76 percent to $1.6 million. Net loss rose 22 percent to $340 thousand. Revenues reflect higher rentals and sales of medical equipment. Loss was offset by a change in the product mix and higher administrative costs. 
Angstrom Technologies Inc (OTC BB : AGTT)Angstrom Technologies is engaged in the development, manufacture and sale of Electro-Optical Control Systems, consisting of an ultraviolet optical scanner and invisible flourescent chemical compounds. For the three months ended 1/99, revenues totalled $415 thousand, up from $197 thousand. Net income applicable to Com. totalled $81 thousand vs. a loss of $125 thousand. Results reflect sales of compounds made for US government security applications and lower costs of sale as a  percentage of sales. 
Agrium Inc. (NYSE : AGU)AGU owns and operates nitrogen production facilities in Alberta, Texas and Nebraska, phosphate production facilities in Alberta and Idaho, phosphate rock mine in Idaho, potash mine and mill in Saskatchewan and the related wholesale distribution and storage system. For the three month ended 3/99, net sales fell 2 percent to $290 million. Net income fell 83 percent to $1 million. Results reflect lower sales volumes and lower sales prices for nitrogen products. 
Akzo Nobel N.V. (Nasdaq : AKZOY)Akzo Nobel N.V. is a multinational, technology-based company which produces and markets healthcare products, coatings, chemicals and fibers. For the fiscal year ended 12/31/98, net sales rose 14 percent to NLG27.51 billion. Net income before U.S. GAAP decreased 17 percent to NLG1.34 billion. Revenues reflect the acquisition of Courtaulds and higher volume sales of Pharma, Coatings and Fibers. Earnings were offset by higher financing expenses and increased non-recurring charges. 
Alcide Corporation (Nasdaq : ALCD)Alcide Corp. is engaged in the research, development and commercialization of unique chemical compounds having intense microbiocidal activity, sold primarily to the dairy, health care, poultry processing and automotive industries. For the nine months ended 2/28/99, net sales decreased 9 percent to $8.7 million. Net loss totalled $459 thousand vs income of $2.4 million. Results reflect lower contractual revenues from Novus International and a $2.3 million legal settlement reserve. 
Am-Pac International, Inc (OTC BB : AMPC)Am-Pac International, Inc. is engaged in importing petrochemical products, electronic components and parts, and communication systems components for sale within China. For the nine months ended 9/30/98, revenues rose 54 percent to $57.5 million. Net income rose 71 percent to $4.1 million. Revenues reflect new customers and an expanded product line. Earnings also reflect lower selling, general and administrative expenses as a  percentage of sales and lower interest expense. 
Air Products & Chemicals (NYSE : APD)Air Products and Chemicals is a supplier of industrial gases and related industrial process equipment and is a producer of certain chemicals. APD is also involved in the power generation and flue gas treatment business. For the six months ended 3/31/99, revenues rose 4 percent to $2.54 billion. Net income fell 17 percent to $233.3 million. Revenues reflect higher sales in Europe and Asia. Earnings suffered from higher fixed costs and softer end-market conditions. 
American Pacific Corp. (Nasdaq : APFC)American Pacific Corp. is engaged in the production of a specialty chemical, ammonium perchlorate (``AP''), which is used as an oxidizing agent in composite solid propellants for rockets, booster motors and missiles. For the six months ended 3/99, revenues increased 41 percent to $35.7 million. Net income before extraordinary loss totalled $5.4 million, up from $2.6 million. Results reflect increased sales volume of perchlorate and sodium azide. 
Airgas, Inc. (NYSE : ARG)ARG distributes industrial, medical and specialty gases, welding machines, accessories and protective equipment. ARG also manufactures carbon products, calcium carbide and nitrous oxide. For the nine months ended 12/31/98, total revenues increased 11 percent to $1.18 billion. Net income decreased 4 percent to $43.8 million. Revenues reflect the acquisitions and higher same-store sales. Earnings were offset by higher costs related to the Repositioning Plan and higher debt levels. 
Arch Chemicals, Inc. (NYSE : ARJ)Arch Chemicals, Inc. is a specialty chemical manufacturer which produces products and services for the microelectronic, water and performance chemical markets. For the three months ended 3/31/99, revenues increased 2 percent to $225 million. Net income decreased 17 percent to $13.5 million. Revenues reflect an increase in volumes of the water chemicals segment. Earnings reflect lower volumes and pricing in the performance chemicals segment and microeletronic chemicals segment. 
Arrow Magnolia Int'l Inc. (Nasdaq : ARWM)ARWM manufactures and distributes approximately 400 specialty chemical products for use in cleaning and maintaining equipment and general maintenance and sanitation. For the three months ended 3/31/99, revenues fell 4 percent to $3.5 million. Net income rose less than 1 percent to $417 thousand. Revenues reflect a reorganization of the Company's sales force. Earnings reflect slight margin improvement and continued success at additional trade shows. 
American Vanguard Corp. (AMEX : AVD)AVD is a specialty chemical manufacturer that develops and markets products for agricultural and commercial uses. The Company manufactures and formulated chemicals for crops, human and animal protection. For the three months ended 3/99, revenues fell 6 percent to $10.2 million. Net loss totalled $525 thousand, up from $257 thousand. Revenues reflect reflect lower cotton acreage, adverse weather patterns and lower pest pressures. Higher loss suffered from increased interest expenses. 
BASF AG (BASFYBASF AG is among the world's largest chemical companies, with manufacturing facilities in 39 countries. BASF has five main operating units: Plastics and fibers, health and nutrition, colorants and finishing products, chemicals and oil and gas. For the six months ended 6/98, net sales rose 3 percent to DM28.74 billion. Net income rose 14 percent to DM1.62 billion. Results reflect higher sales of pharmaceuticals and plastics, a favorable exchange rate with North America and higher margins. 
Balchem Corporation (AMEX : BCP)Balchem Corporation is engaged in the development, manufacture and marketing of specialty performance ingredients for the food, feed and medical sterilization industries. For the three months ended 3/31/99, net sales fell 9 percent to $7 million. Net income fell 10 percent to $750 thousand. Revenues reflect a decrease in volumes sold of the Company's ethylene oxide product. Earnings also suffered from lower margins due to changes in product mix. 
Bush Boake Allen, Inc. (NYSE : BOA)BOA produces flavors, fragrances and aroma chemicals for industrial and agricultural applications, used in dairy products, beverages, perfumes and personal care products. For the three months ended 3/99, revenues rose 3 percent to $121.4 million. Net income decreased 41 percent to $4.5 million. Revenues reflect higher sales of the flavor and fragrance segment. Earnings suffered from unfavorable product mix in both business segments and price reductions on aroma chemicals. 
Boc Group (NYSE : BOX)BOX is engaged in the design, manufacture, and installation of plants that produces industrial and specialty gases. The Company also makes vacuum pumps sold to microchip manufacturers and distributes consumer goods. For the fiscal year ended 9/98, revenues fell 10 percent to L3.29 billion. Net income applicable to Com. according to U.S. GAAP rose 49 percent to L353.7 million. Results reflect adverse effects of exchange rates, offset by favorable U.S. GAAP adjustments. 
Brady Corporation (NYSE : BRC)Brady Corporation develops, manufactures and markets high performance identification solutions and specialty coated materials. For the nine months ended 4/99, net sales rose 3 percent to $350.6 million. Net income applicable to Common rose 17 percent to $29.4 million. Revenues reflect market penetration and the acquisitions of Techniques Avancees, GrafTek, Inc. and VEB Sistemas de Etiquetas Ltda. Earnings reflect reduced costs, workforce reduction and manufacturing efficiencies. 
Cambrex Corporation (NYSE : CBM)Cambrex Corporation manufactures and markets specialty chemicals and fine chemicals as well as products and services to the biotechnology industry. Revenues for the three months ended 3/31/99 rose 3 percent to $117.4 million. Net income rose 11 percent to $10.2 million. Revenues reflect strong demand for gastro-intestinal products and increased sales of endotxin detection and cells culture products. Earnings also reflect lower interest expense. 
Cabot Corporation (NYSE : CBT)CBT has businesses in specialty chemicals and materials and in energy with manufacturing facilities in the U.S. and 20 other countries. For the six months ended 3/31/99, total revenues decreased 5 percent to $847 million. Net income applicable to Common Stock decreased 6 percent to $63.5 million. Revenues reflect softened demand and increased competitive pricing. Net income also reflects a decreased operating profit due to lower carbon black feedstock costs. 
Calgon Carbon Corporation (NYSE : CCC)CCC is engaged in the production, design, and marketing of products and services specifically developed for the purification, separation, and concentration of liquids and gases. For the three months ended 3/31/99, revenues rose 3 percent to $71.8 million. Net income fell 27 percent to $2.6 million. Revenues reflects increased sales of service and carbon equipment within the activated carbon segment. Earnings suffered from a lower gross profit due to competitive pressure on pricing. 
Chase Corporation (AMEX : CCF)Chase Corp is engaged in the manufacturing of protective coatings and tape products, including insulating and conducting materials for telephone wire and cable, protective pipe coating tapes and other protectants for metals and wood, protectants for highway bridges, and others. For the six months ended 2/28/99, revenues rose 1 percent to $22.1 million. Net income fell 41 percent to $2 million. Results reflect the absense of a $1.7 million gain on the sale of minority assets. 
Clean Diesel Technologies (OTC BB : CDTI)CDTI is a development stage specialty chemical company supplying fuel additives and systems that reduce harmful emissions from internal combustion engines while improving fuel economy. For the nine months ended 9/30/98, sales fell 76 percent to $39 thousand. Net loss fell 27 percent to $2.2 million. Revenues reflect the prior year initial sales of the Company's PFC product for gasoline to Holt Lloyd International. Lower loss reflects lower R&D expenses. 
ChemFirst, Inc. (NYSE : CEM)CEM is engaged in the custom production of chemicals for the chemical, agricultural and pharmaceutical industries, and the production of electronic performance chemicals for the semiconductor industry. The Company also produces steel ingots and billets from melted scrap. For the three months ended 3/99, total revenues fell 12 percent to $72 million. Earnings from continuing operations fell 51 percent to $4.6 million. Results reflect lower electronic chemicals sales and the absence of a $5 million Power Sources gain. 
Central Garden & Pet Co. (Nasdaq : CENT)CENT is a national distributor of lawn and garden and pet supply products. CENT also offers a broadening array of proprietary branded lawn and garden and pet supply products, including Four Paws(R), Zodiac(R), Kaytee(R), Nylabone(R) and Grant's(R). For the six months ended 3/27/99, net sales rose 36 percent to $675.1 million. Net income rose 28 percent to $15.1 million. Results reflect acquisitions, partially offset by increased debt to support the stock repurchase program. 
CFC International, Inc. (Nasdaq : CFCI)CFC International, Inc. formulates, manufactures and sells chemically-complex multi-layered functional coatings for a wide range of applications. For the three months ended 3/31/99, net sales rose 3 percent to $13 million. Net income fell 25 percent to $782 thousand. Revenues reflect the acquisition of Oeserwerk and strong demand for authentication labels from a major toy producer. Earnings were offset by lower margins due to higher manufacturing costs. 
Specialty Chem. Resources (AMEX : CHM)CHM formulates and packages specialty chemical products for the automotive service, industrial maintenance and janitorial/sanitation markets. For the fiscal year ended 12/98, net sales decreased 12 percent to $35.6 million. Net loss decreased 88 percent to $2.4 million. Revenues reflect a reduction in volume due to production shortfalls. Lower loss reflects the absence of a $18.5 million impairment of long-lived assets charge, and a decreased amortization of intangibles charge. 
Crompton & Knowles Corp. (NYSE : CNK)Crompton and Knowles is engaged in the sale and manufacture of specialty chemicals and polymer processing equipment controls. For the three months ended 3/27/99, sales decreased 17 percent to $396.3 million. Net income before extraordinary item rose 85 percent to $59.2 million. Revenues suffered from lower Colors sales, the deconsolidation of joint ventures and the specialty ingredients business sale. Earnings reflect an improved product mix and lower raw material costs. 
Cytec Industries, Inc. (NYSE : CYT)Cytec Industries develops, manufactures and markets specialty materials, water and industrial process chemicals, performance products, and building block chemicals to serve a broad group of end users, including water treatment, aerospace, paper, plastics, textiles, mining, coating, and automotive industries. For the three months ended 3/99, sales fell 4 percent to $355.3 million. Net income fell 10 percent to $28.2 million. Results reflect lower sales volume and higher startups. 
E.I. DuPont de Nemours (NYSE : DD)E.I. DuPont de Nemours and Company is a global science company focused on chemical and materials sciences and biological sciences. For the three months ended 3/31/99, total revenues fell 3 percent to $6.31 billion. Net income from continuing operations applicable to Common fell 1 percent to $625 million. Revenues reflect a $131 million exchange loss on forward exchange contracts purchased in 1998. Earnings were partially offset by the absence of $118 million in employee separation costs. 
Dow Chemical Company (NYSE : DOW)DOW manufactures and sells chemicals, plastic materials, agricultural and other specialized products and services. Products include: adhesives, sealants, fabricated products, metals, and other specialty products. For the three months ended 3/31/1999, sales fell 9 percent $4.42 billion. Net income applicable to Common fell 22 percent to $329 million. Results reflect declining prices and the absence of an $816 million pretax gain on the sale of DowBrands, in the first quarter of 1998. 
Detrex Corporation (Nasdaq : DTRX)DTRX operates in one industry, chemicals and allied products, services, and supply processes. Products include cleaners, coatings, additives, solvents and paints. For the three months ended 3/31/99, net sales increased 3 percent to $22 million. Net income increased 40 percent to $204 thousand. Revenues reflect increased plastic and solvents sales. Net income also reflects the inclusion of a $380 thousand gain from property transactions and lower S/G/A expenses as a  percentage of revenues. 
EcoScience Corporation (Nasdaq : ECSCE)ECSCE and subsidiaries produce, market and sell premium grade tomatoes grown in greenhouse facilities. ECSCE also markets, sells, develops and commercializes products for the agricultural and biological industries. For the comparable six months ended 01/03/99, revenues rose 47 percent to $26.2 million. Net loss increased from $680 thousand to $8.5 million. Revenues reflect higher product sales. Loss reflects merger-related costs and higher debt related to acquisitions. 
Ecogen, Inc. (Nasdaq : EECN)Ecogen Inc. is a biotechnology company specializing in the development and marketing of environmentally compatible products for the control of pests in agricultural and related markets. For the three months ended 1/99, revenues fell 54 percent to $2.3 million. Net loss applicable to Common totalled $1.8 million vs. an income of $754 thousand. Revenues reflect a decrease in contract research. Loss reflects lower margins and higher S/G/A expense as a  percentage of revenues. 
Electrochemical Indus. (AMEX : EIL)EIL, through its subsidiaries, manufactures and distributes chemical products. EIL's products are polyvinyl chloride, chlorine, caustic soda, caustic potash, sodium hypochlorite and hydrochloric acid. For the fiscal year ended 12/97, sales rose 18 percent to NIS465.6 million. Net loss according to U.S. GAAP decreased 95 percent to NIS3M. Results reflect increased domestic and export sales, the absence of 1996 spin-off expenses, and the Company's efficiency program. 
Epolin, Inc. (OTC BB : EPLN)Epolin, Inc. is engaged in the commercial production and sale of specialty chemicals, especially certain dyes which have the ability to absorb near infrared radiation. For the fiscal year ended 2/28/99, sales rose 5 percent to $1.7 million. Net income fell 51 percent to $148 thousand. Revenues reflect increased sales of near infrared absorbing dyes and of new dyes for new applications. Earnings were offset by lower margins due to increased product costs. 
EPL Technologies, Inc. (Nasdaq : EPTG)EPL Technologies is a developer, manufacturer and marketer of proprietary produce processing and packaging technologies, and scientific and technical services designed to maintain the quality and integrity of fresh produce. For the three months ended 3/31/99, sales rose 7 percent to $7.8 million. Net loss applicable to Common rose 9 percent to $3.2 million. Results reflect an increased volume of fresh cut corn sold, offset by lower margins due to market development costs. 
Earth Sciences (Nasdaq : ESCIC)Earth Sciences, a chemical processing, pollution control and mineral exploration company, provides air pollution abatement services, produces phosphoric acid and explores for diamond and gold. Revenues for the three months ended 3/99 fell 30 percent to $1.1 million. Net loss fell 66 percent to $746 thousand. Results reflect lower sales from ADA Environmental and Calgary phosphate, offset by decreased investor relations expenses, operational efficiencies, and lower interest costs. 
Environmental Tech. Corp. (Nasdaq : EVTC)EVTC, Inc. is engaged in the marketing and sale of refrigerants, refrigerant reclaiming services and the recycling of fluorescent light ballasts and lamps. For the fiscal year ended 9/98, net sales decreased 30 percent to $38.5 million. Net loss from continuing operations totalled $5.2 million vs. income of $3.3 million. Revenues reflect weak demand and pricing for refrigerant R-12 and other CFC refrigerants. Net loss suffered from $1.3 million in potential bad debts and increased legal fees. 
Ethyl Corporation (NYSE : EY)EY develops, manufactures, blends and markets petro-leum additives (gasoline, diesel fuels, and home heating oils) and lubricant additives (engine oil and automatic transmission fluids). For the three months ended 3/99, revenues fell 10 percent to $205.3 million. Net income increased 17 percent to $15.3 million. Revenues reflect lower average selling prices. Earnings benefitted from a $13.7 million income from TEL marketing agreement services. 
Flamemaster Corporation (Nasdaq : FAME)FAME develops, manufactures and sells flame retardant coatings and sealants. FAME also receives royalties from other manufactures who produce certain Co. products under license. For the six months ended 3/99, revenues rose 3 percent to $2 million. Net income applicable to Common rose 30 percent to $327 thousand. Revenues reflect new product introduction, increased internet marketing activity and customer base. Earnings also reflect decreased cost of sales and selling expense. 
FMC Corporation (NYSE : FMC)FMC is a producer of chemicals and machinery for industry and agriculture and is divided into five segemnts: Energy Systems, Food and Transport Systems, Agricultural Products, Specialty Chemicals and Industrial Chemicals. For the three months ended 3/31/99, revenues fell 5 percent to $974.7 million. Net income before change in acctg. principle rose 13 percent to $30.3 million. Results reflect lower prices and unit volumes, offset by a decrease in S/G/A expenses. 
FinishMaster, Inc. (Nasdaq : FMST)FinishMaster, Inc. is a national distributor of automotive paints, coatings and paint-related accessories to the automotive collision repair industry. For the fiscal year ended 12/31/98, revenues increased from $130.2 million to $309.9 million. Net income rose from $656 thousand to $2 million. Revenues benefitted from additional sales contributed by Thompson PBE. Net income reflects higher margins and lower operating and personnel expenses as a  percentage of revenues. 
Fairmount Chemical Co. (OTC BB : FMTC)FMTC develops chemicals, including pharmaceuticals and agriculture intermediates, chemicals used in photographic and imaging industries, hydrazine derivatives and blends, and plastic additives. For the fiscal year ended 12/31/98, revenues rose 8 percent to $12.8 million. Net income totalled $1.9 million vs. a loss of $296 thousand. Revenues reflect higher sales volumes of imaging and specialty chemicals. Earnings reflect lower research costs and insurance proceeds from property losses in March 1997. 
Ferro Corporation (NYSE : FOE)FOE is a producer of specialty materials for industry by organic and inorganic chemistry. FOE's products consist of coatings, colors, ceramics, plastics and chemicals. Net sales for the three months ended 3/31/99 decreased 2 percent to $331.5 million. Net income applicable to Common remained flat at $16.1 million. Revenues suffered from the negative impact of reduced volumes. Net income reflects an increased gross profit due to a shift in the mix of products sold. 
H.B. Fuller Company (Nasdaq : FULL)FULL produces specialty chemical products which include formulating, compounding, and marketing adhesives, sealants, paints, specialty waxes, and related chemicals. For the 13 weeks ended 2/27/99, sales rose 5 percent to $327.2 million. Net income applicable to Common rose 28 percent to $7.6 million. Revenues reflect increased volume and product mix, acquisitions and divestitures. Earnings also benefitted from lower raw material costs and the restructuring effort. 
General Chemical Group (NYSE : GCG)GCG is a supplier of sodium and ammonia salts, sulfites, nitrites, aluminum-based chemical products, printing plates, pharmaceutical and personal care products and refinery and chemical regeneration services to a broad range of industrial and municipal customers. For the three months ended 3/99, revenues fell 1 percent to $61.5 million. Net income fell 48 percent to $979 thousand. Results reflect lower soda ash prices and higher SG&A costs as a  percentage of sales. 
Georgia Gulf Corp. (NYSE : GGC)GGC is a manufacturer and marketer of two highly integrated product lines, chlorovinyls and aromatic chemicals and also a third product line, methanol. For the three months ended 3/31/99, net sales fell 19 percent to $187.6 million. Net income fell 85 percent to $2.5 million. Revenues reflect lower average selling prices of Company products and reduced sales volume. Earnings also reflect higher fixed costs per unit due to slower sales. 
Great Lakes Chemical (NYSE : GLK)Great Lakes Chemical Corporation is a producer of specialty chemicals for flame retardants, water treatment chemicals, fire extinguishants and performance chemicals. For the three months ended 3/31/99, revenues decreased less than 1 percent to $334.2 million. Net income for contin. operations increased 80 percent to $31 million. Revenues suffered from competitive pricing pressures in the Company's Polmer additives segment. Earnings reflect the absence of $15.5 million in special charges. 
W.R. Grace & Co. (NYSE : GRA)GRA is a specialty chemicals company consisting of catalyst and silica-based products, specialty construction chemicals and building materials , and container and closure sealants and coatings. For the three months ended 3/31/99, revenues rose 3 percent to $358.1 million. Net loss from continuing operations before extraordinary item rose 69 percent to $20 million. Revenues reflect increased Construction Products sales. Earnings reflect cost reduction initiatives and lower debt levels. 
Mississippi Chemical Corp (NYSE : GRO)GRO produces and supplies nitrogen fertilizers in the Southern U.S. GRO also produces diammonium phospate and potash fertilizers. For the nine months ended 3/31/99, total sales rose 1 percent to $340.2 million. Net loss totalled $2.4 million vs. an income of $5.2 million. Results reflect higher sales volumes for the Co.'s ammonia and DAP products and higher prices for DAP, offset by an increased interest expense resulting from higher borrowing levels. 
H.E.R.C. Products Inc. (OTC BB : HERC)H.E.R.C. Products Inc. is a chemical and engineering technology company that develops and patents products, equipment and services for use on water scale and corrosion in soils, on surfaces and in pipeline systems. For the three months ended 3/99, sales rose 62 percent to $967 million. Net income from continuing operations totalled $60 thousand vs. a loss of $57 thousand. Results reflect sales generated from marine ship pipe line chemical cleaning and reduction in corporate overhead. 
High Plains Corporation (Nasdaq : HIPC)HIPC manufactures and sells ethanol for blending with gasoline. HIPC operates three ethanol production facilities in KS, NE and NM. For the six months ended 12/31/98, revenues increased 11 percent to $49.2 million. Net income decreased 63 percent to $653 thousand. Revenues reflect increased fuel grade ethanol gallons sold due to higher production. Net income reflects increased cost of products sold as a  percentage of revenues due to a decrease in the average sale price of fuel grade ethanol. 
Hercules Incorporated (NYSE : HPC)Hercules Inc. operates in three industry segments: Process Chemicals and Services (pulp, paper, BetzDearborn); Functional Products (aqualon, food gums) and Chemical Specialties (resins, fibervisions). For the three months ended 3/31/99, net sales rose 84 percent to $791 million. Net income rose 36 percent to $38 million. Sales benefited from the acquisitions of BetzDearborn and FiberVisions. Net income was partially offset by a higher interest expense due to the acquisitions. 
Hitox Corp. of America (Nasdaq : HTXA)Hitox Corporation of America manufactures and sells pigments and extenders used in the manufacture of paints, industrial coatings and plastics. HTXA's main product is HITOX, a buff-colored titanium dioxide pigment. For the three months ended 3/31/99, revenues rose 4 percent to $3.1 million. Net income totalled $411 thousand, up from $135 thousand. Revenues reflect higher sales of Hitox pigment. Earnings also reflect the absence of a $120 thousand adjustment of asset held for sale charge. 
Hawkins Chemical, Inc. (Nasdaq : HWKN)Hawkins Chemical, Inc., through its subsidiaries, is engaged in the wholesale trade of chemicals, chemical feeding and control equipment, and formulating and blending of specialty chemicals. For the six months ended 3/31/99, revenues rose 2 percent to $46.1 million. Net income rose 44 percent to $5.2 million. Revenues benefited from increased volumes in most product lines. Net income reflects a $2.8 million reimbursment of legel and settlement fees. 
Hydromer, Inc. (OTC BB : HYDI)Hydromer, Inc. is a polymer research and development company that develops polymer complexes for commercial markets in the medical and industrial fields primarily in the U.S. For the nine months ended 3/31/99, total revenues rose 15 percent to $2.1 million. Net income fell 15 percent to $284 thousand. Revenues reflect strong sales of new technology and of Hydromer coatings. Earnings were offset by increased interest expense and the absence of an $82 thousand other tax benefit. 
Imperial Chemical Indus. (NYSE : ICI)ICI is a chemical company composed of the following industry segments: Coatings, Specialty Products, Materials, and Industrial Chemicals. Net sales for the fiscal year ended 12/31/97 rose 5 percent to L11.06 billion. Net income according to U.S. GAAP fell 58 percent to L141M. Revenues benefitted from growth in the Coatings division and acquisitions in the Specialty Products division. Earnings suffered from lower gross margins in the Materials and Industrial Chemicals segment. 
International Flavors (NYSE : IFF)IFF is a creator and maufacturer of flavor and fragrance products used by other manufacturers to impart or improve flavor or fragrance in consumer products. For the three months ended 3/31/99, revenues fell 2 percent to $367.8 million. Net income fell 22 percent to $48.8 million. Revenues suffered from weakness in aroma chemical sales and pricing pressures on certain non proprietary chemicals produced. Net income reflects a lowergross margin. 
IMC Global Inc. (NYSE : IGL)IMC Global is a worldwide producer, supplier, manufacturer and distributor of crop nutrients, animal feed ingredients and salt. For the three months ended 3/99, revenues rose 43 percent to $769.4 million. Net income from continuing operations before extraordinary item and acct. change rose 25 percent to $68.2 million. Revenues reflect the Harris Acquisition and continued demand for the Company's agricultural products. Earnings were partially offset by increased debt outstanding. 
Isonics Corporation (OTC BB : ISON)ISON develops and markets products worldwide based on enriched stable isotopes for applications in the energy, medical research, diagnostic, pharmaceutical and semiconductor industries. For the nine months ended 1/31/99, net revenues totalled $14.3 million, up from $5.3 million. Net loss before extraordinary item totalled $1.8 million, up from $111 thousand. Revenues reflect the acquisition of Chemotrade. Net loss reflects the inclusion of a $708 thousand restructuring and office closure expense. 
Int'l Specialty Products (NYSE : ISP)ISP is a multinational manufacturer of specialty chemicals, mineral products, filter products, and advanced materials. For the three months ended 4/4/99, revenues rose 6 percent to $212.2 million. Net income fell 23 percent to $12 million. Revenues benefited from acquisitions and higher sales in the company's Performance and Fine Chemicals businesses. Net income was offset by a higher interest expense due to higher average borrowings and investment losses. 
JLM Industries, Inc. (Nasdaq : JLMI)JLMI is a marketer and distributor of certain commodity chemicals, principally acetone and phenol. JLMI is also a global distributor of olefins and other specialty chemicals. For the fiscal year ended 12/31/98, revenues rose 7 percent to $305.7 million. Net income from continuing operations before extraordinary item fell 19 percent to $5.7 million. Revenues benefited from increased sales from current year acquisitions. Net income was offset by higher S/G/A expenses related to new acquisitions. 
KMG Chemicals, Inc. (Nasdaq : KMGB)KMG Chemicals, Inc. manufacturs, markets and distributes specialty, niche chemicals, including three wood preserving chemicals, pentachlorophenol, creosote and sodium pentachlorophenate, to customers in the wood preserving business. For the nine months ended 4/30/99, net sales rose 76 percent to $27.1 million. Net income rose 20 percent to $2.7 million. Results reflect a higher volume of creosote sales to former AlliedSignal customers, partially offset by lower margins. 
Quaker Chemical Corp. (NYSE : KWR)KWR develops, produces and markets formulated chemical specialty products for heavy industrial and manufacturing applications. For the three months ended 3/99, net sales fell 2 percent to $60.9 million. Net income rose 4 percent to $3 million. Revenues reflect decreased in sales of metalworking process chemicals due to pressures from foreign steel imports, and of coatings due to decreased maskant sales to the aircraft industry. Earnings reflect higher margins due to lower raw material costs. 
Lilly Industries, Inc. (NYSE : LI)LI and subsidiaries are principally in the business of formulating, manufacturing and marketing industrial coatings and specialty chemicals to manufacturing companies. The Company also sells various household products. For the three months ended 2/98, revenues rose 2 percent to $146.1 million. Net income rose 9 percent to $5.6 million. Revenues reflect growth in powder coating, wood coatings and composites. Earnings also reflect lower raw material costs. 
Landec Corporation (Nasdaq : LNDC)LNDC designs, develops, manufactures and sells temperature-activated and other specialty polymer products for a variety of food processing, specialty industrial, agricultural and medical applications. For the three months ended 1/31/99, total revenues rose 5 percent to $5.3 million. Net loss rose 3 percent to $1.6 million. Revenues reflect increased Intellipac breathable membrane product sales. Higher loss reflects scale-up costs of Intelimer Polymer Systems products. 
LSB Industries, Inc. (NYSE : LSB)LSB is a diversified holding company engaged in the manufacture and sale of chemical products, air handling and heat products, and automotive products, and the purchase and sale of machine tools. For the three months ended 3/99, total revenues fell 19 percent to $70.2 million. Net loss applicable to Com. totalled $4.6 million vs. income of $8.5 million. Revenues reflect the absence of a $13 million gain on the sale of the Tower Office Building. Loss also reflects higher S/G/A costs as a  percentage of revenues. 
Lesco, Inc. (Nasdaq : LSCO)LSCO manufactures and sells fertilizer, turf protection products, equipment, grass seed and replacement parts and golf course accessories to the professional sector of the green industry. For the three months ended 3/99, net sales rose 14 percent to $83.1 million. Net loss rose 18 percent to $1.8 million. Revenues reflect increased consumable and hard goods sales. Higher loss reflects increased sales and administrative support personnel added to prepare for continuing growth. 
Lubrizol Corporation (NYSE : LZ)Lubrizol Corporation develops, produces and sells specialty additive packages used in transportation and industrial finished lubricants. LZ also produces and supplies other specialty chemicals. For the three months ended 3/99, sales rose 12 percent to $447.5 million. Net income rose 32 percent to $39.1 million. Revenues reflect acquisitions made during the year and higher lubricant additives shipments. Net income reflects higher margins and $14.5 million gain from litigation settlement. 
Mace Security Int'l Inc. (Nasdaq : MACE)MACE is manufacturer, distributor and seller of defense sprays and personal safety products for the consumer market. For the fiscal year ended 12/31/98, revenues decreased 10 percent to $2.4 million. Net loss from continuing operations decreased 40 percent to $287 thousand. Revenues suffered from a declining market for consumer spray. Lower loss reflects higher margin due to the absence of additions to inventory reserves for slow moving and obsolete items in 1997. 
Benjamin Moore & Co. (OTC BB : MBEN)Benjamin Moore and Co. is engaged in the formulation, manufacture and sale of a range of coatings, consisting of water-thinnable and solvent-thinnable paints, stains and clear finishes for use by the general public, contractors and commercial users. For the three months ended 3/31/99, net sales rose 12 percent to $170.5 million. Net income rose 46 percent to $11.8 million. Results reflect increased purchasing prior to a price increase and higher margins due to lower raw material costs. 
Methanex Corporation (Nasdaq : MEOH)Methanex Corporation is engaged in the production and sale of natural gas based petrochemical products, primarily methanol and gasoline. For the fiscal year ended 12/31/98, revenues decreased 45 percent to $720.9 million. Net loss totalled $68.4 million vs. income of $202 million. Results reflect a decrease in methanol prices and a decrease in sales volumes. Net loss reflects losses on sale of purchased methanol and higher unit costs as a result of reduced production. 
MacDermid Incorporated (NYSE : MRD)MRD researches, develops, acquires, markets, services and manufactures specialty chemical products and systems for chemical treatment, surface preparation and finishing of metal, plastic and other materials. For the fiscal year ended 3/31/99, revenues increased 22 percent to $382.6 million. Net income applicable to Common increased 19 percent to $36.3 million. Results benefitted from Canning acquisition and increased equipment business, partially offset by higher debt levels. 
Mining Services Int'l (Nasdaq : MSIX)Mining Services International Corporation manufactures, licenses and supplies commercial mining explosives used in mining throughout the world. For the three months ended 3/31/99, revenues increased 10 percent to $7.6 million. Net income decreased 39 percent to $488 thousand. Revenues reflect revenues from GME of $1 million. Earnings were offset by increased costs of sales as a  percentage of revenues and increased general and administrative expenses. 
Monsanto Company (NYSE : MTC)Monsanto is a life sciences company committed to finding solutions to the growing global needs for food and health by applying common forms of science and technology among agriculture, nutrition and health. For the three months ended 3/31/99, net sales rose 25 percent to $2.55 billion. Net income fell 33 percent to $132 million. Results reflect the product launch of Celebrex and the acquisition of seed companies, offset by increased technological and interest expenses. 
Minerals Technologies Inc (NYSE : MTX)MTX is a resource and technology-based company that develops, produces and markets specialty mineral, mineral-based and synthetic mineral products. For the three months ended 3/28/99, net sales rose 3 percent to $148.6 million. Net income rose 7 percent to $13.7 million. Revenues benefitted from the commencement of operations at five new satellite PCC plants and a PCC acquisition in UK. Earnings also benefitted from lower marketing, distribution and administrative expenses. 
NOVA Chemicals Corp. (NYSE : NCX)NOVA Chemicals Corp. is a Canadian chemicals company engaged in two principal businesses: the production of ethylene and a variety of chemical and energy products, and the production of styrene and styrenic polymers. For the three months ended 3/99, revenues rose 9 percent to $606 million. Net income according to U.S. GAAP applicable to Common fell 10 percent to $35 million. Results reflect higher sales volume, offset by lower margins due to lower prices. 
NoFire Technologies, Inc. (OTC BB : NFTI)NoFire Technologies, Inc. is a development stage company engaged in the the development, manufacture, and marketing of fire retardant, intumescent products. For the six months ended 2/28/99, net sales rose from $6 thousand to $116 thousand. Net loss fell less than 1 percent to $729 thousand. Net sales reflect higher sales of fire retardant products. Lower loss was partially offset by increased S/G/A expenses due to increased marketing consulting fees. 
NL Industries, Inc. (NYSE : NL)NL Industries, Inc. is an international producer of titanium dioxide pigments (Ti02) (chemical products used for imparting whiteness, brightness and opacity to a variety of products). For the three months ended 3/31/99, revenues fell 9 percent to $208 million. Net income from continuing operations. before extraordinary item fell 14 percent to $13.9 million. Revenues reflect lower production and sales volumes . Earnings reflect unfavorable effects of foreign currency translation. 
Nalco Chemical Company (NYSE : NLC)Nalco Chemical Company provides services, chemicals, technology, equipment, and systems (monitoring and surveillance) used in water treatment, pollution control, energy conservation, steelmaking, papermaking and mining and mineral processing. For the three months ended 3/99, revenues increased 12 percent to $410.2 million. Net income applicable to Common increased 21 percent to $42.5 million. Results reflect higher sales resulting from the early shipments program and acquisitions. 
Northern Tech. Int'l (AMEX : NTI)Northern Technologies Int'l develops, manufactures and markets proprietary corrosion inhibiting products, materials science based packaging materials and electronic sensing instruments. For the six months ended 2/28/99, sales fell 20 percent to $4.2 million. Net income fell 15 percent to $933 thousand. Revenues reflect decreased demand for corrosion inhibiting products. Lower earnings were partially offset by the weakening of the US dollar compared to local currencies of joint ventures. 
NuCo2, Inc. (Nasdaq : NUCO)NUCO supplies liquid carbon dioxide to retail establishments such as restaurants, convenience stores, taverns, theaters, theme parks, resorts and stadiums for use in the carbonation and dispensing of fountain beverages. For the nine months ended 3/99, net sales rose 38 percent to $34.1 million. Net loss before extraordinary item rose 66 percent to $6.2 million. Revenues reflect acquisitions and internal growth. Higher loss reflects higher personnel expenses and expansion costs. 
Synthetech, Inc. (Nasdaq : NZYM)NZYM specializes in developing and producing Peptide Building Blocks (PBBs), which are chemically modified forms of natural amino acids and synthetic non-natural amino acids using a combination of organic chemistry and biocatalysis. For the fiscal year ended 3/99, revenues totalled $23.1 million up from $8.3 million. Net income totalled $5.4 million, up from $1.2 million. Results reflect large-scale orders and reduced R&D and general and administrative costs as a  percentage of sales. 
Oil-Dri Corp. of America (NYSE : ODC)ODC develops, manufactures and markets sorbent products and related services for the consumer, industrial, agricultural, environmental and fluids purification markets. For the six months ended 1/31/99, net sales rose 13 percent to $91.1 million. Net income rose from $1.8 million to $4.3 million. Revenues reflect strength at Oil-Dri Mounds Production Company and higher sales of Agsorb and Pure-Flo products. Net income benefitted from the absence of $3.1 million in special charges. 
OM Group, Inc. (NYSE : OMP)OM Group is a producer and international marketer of metal-based specialty chemicals. The Company manufactures and sells more than 400 specialty chemical products. For the three months ended 3/31/99, revenues decreased 17 percent to $114.1 million. Net income increased 16 percent to $13 million. Revenues reflect a decrease in physical volume of products sold due to softness in copper powder products sold. Earnings reflect improved margins due to changes in the product mix. 
Octel Corp. (NYSE : OTL)Octel Corp. is a manufacturer and distributor of fuel additives and other specialty chemicals. Principal product lines are lead alkyl antiknock compound, other petroleum additives and performance chemicals. For the three months ended 3/31/99, net sales rose 4 percent to $128 million. Net income fell 59 percent to $10.4 million. Results reflect a continued decline in demand for lead alkyls (TEL), offset by costs of the new group companies and growth in goodwill costs. 
Penford Corporation (Nasdaq : PENX)Penford Corporation is in the business of developing, manufacturing and marketing carbohydrate-based specialty chemicals for the paper making, food ingredients and specialty textile industries. For the six months ended 2/28/99, revenues decreased 8 percent to $75.9 million. Net income from continuing operations fell 18 percent to $3.6 million. Revenues reflect the adverse impact of Asian and worldwide economic conditions. Earnings reflect lower gross margins. 
Pioneer Companies, Inc. (Nasdaq : PIONA)Pioneer Companies, Inc. manufactures chlorine, caustic soda and several related downstream water treatment products, principally hydrochloric acid, bleach, iron chlorides and aluminum sulfate. For the three month ended 3/31/99, revenues fell 30 percent to $70.9 million. Net loss before totalled $6 million vs. an income of $2.8 million. Revenues reflect lower electrochemical unit prices. Loss also reflects the absence of gain from a lawsuit settlement. 
Phosphate Resource PLP (NYSE : PLP)PLP is a producer, marketer, and distributor of phosphate crop nutrients and animal feed ingredients. PLP is also engaged in the exploration, development and production of oil and gas reserves. For the three months ended 3/99, revenues rose 5 percent to $167.4 million. Net income before accounting change totalled $27.4 million, up from $8.8 million. Revenues reflect higher concentrates sales realized and higher uranium sales volume. Earnings also reflect higher gross profit. 
Copene Petroquimica (NYSE : PNE)Copene Petroquimica do Nordeste S.A. owns and operates petrochemical plants in Brazil, where it produces basic petrochemicals including ethylene, propylene, benzene, butadiene, toluene, xylenes and others. For the nine months ended 9/30/98, net sales fell 15 percent to $774.8 million. Net loss totalled $23.3 million vs. income of $59.3 million. Revenues reflect worldwide weakness in the industry and competition from Asian exports. Net loss also reflects a one-time charge. 
PPG Industries, Inc. (NYSE : PPG)PPG Industries, Inc. manufactures protective and decorative coatings, flat, fabricated and continuous-strand fiber glass products, and chlor-alkali and specialty chemicals. For the three months ended 3/31/99, sales fell 6 percent to $1.80 billion. Net income fell 36 percent to $123 million. Revenues reflect the absence of sales from the European flat and automtive glass businesses. Earnings also reflect a $24 million charge for business divestitures and realignments. 
Pacer Technology (Nasdaq : PTCH)Pacer Technology is engaged in the manufacturing and marketing of high performance adhesives, sealants and related products. Net sales for the nine months ended 3/31/99 increased 62 percent to $35.5 million. Net income fell 15 percent to $986 thousand. Revenues benefitted from the acquisition of Cook Bates and higher sales of super glue products. Earnings were offset by a lower gross profit margin, an increased allowance for doubtful accounts, and higher levels of advertising. 
Praxair, Inc. (NYSE : PX)Praxair, Inc. is the largest industrial gases company in North and South America. PX produces, sells and distributes atmospheric, process and specialty gases, and high-performance surface coatings to different industries. For the three months ended 3/99, revenues fell 7 percent to $1.12 billion. Net income before accounting change rose 6 percent to $108 million. Results reflect unfavorable currency translation effects, offset by a $21 million hedge gain in Brazil. 
Rhodia (NYSE : RHA)Rhodia is a specialty chemical company. The Company's divisions are fine organics, consumer specialties, industrial specialties, polyamide, services and specialties, and polyester. For the six months ended 6/30/98, net sales increased 5 percent to FF19.77 billion. Net income totalled FF742M vs. a loss of FF177M. Revenues benefitted from increased sales volume in most of the Company's markets. Earnings also benefitted from decreased financial expenses. 
Ronson Corporation (Nasdaq : RONC)Ronson Corporation is engaged in the businesses of consumer products and aviation operations and services. RONC's products include lighters and related products, surface protectants and lubricating sprays. For the fiscal year ended 12/98, net sales were flat at $23.2 million. Net income applicable to Common and from continuing operations fell 16 percent to $660 thousand. Net income reflects increased personnel costs and higher interest expenses due to the purchase of a Citation II. 
RPM Incorporated (NYSE : RPM)RPM Incorporated manufactures and markets protective coatings that are used in waterproofing, general maintenance, and corrosion control of existing structures. RPM also manufactures hobby and leisure products. For the nine months ended 02/28/98, revenues increased 6 percent to $1.24 billion. Net income increased 7 percent to $59.1 million. Revenues benefitted from the acquisitions of Euclid and The Flecto, and several smaller acquisitions. Net income reflects higher profit margins. 
Saes Getters S.p.A. (Nasdaq : SAESY)Saes Getters S.p.A. specializes in getter (a metal device exhibiting a chemical affinity for specific gases) technology used to create and maintain vacuum and purified gas environments. For the six months ended 6/98, revenues fell 5 percent to LIR96.34 billion. Net income fell 19 percent to LIR11.43 billion. Revenues reflect lower sales from the gas purification division. Net income reflects the growth of personnel units. 
Stepan Company (NYSE : SCL)Stepan Company manufactures basic and intermediate chemicals used in the manufacture of other products. Products include surfactants, polymers, and specialty products such as flavors and lubricant additives. For the three months ended 3/31/99, sales rose 9 percent to $164 million. Net income applicable to Common rose 7 percent to $6.1 million. Results reflect higher domestic surfactants sales due to increased demand for personal care products, partially offset by higher average debt levels. 
Sherwin-Williams Co. (NYSE : SHW)SHW is engaged in the manufacture, distribution, and sale of coatings and related products to professional, industrial, commercial and retail customers primarily in North and South America. For the three months ended 3/99, net sales increased 2 percent to $1.13 billion. Net income increased 14 percent to $28.8 million. Revenues reflect increased paint gallons sold to both retail and wholesale customers. Net income reflects higher margins and lower average borrowings outstanding. 
Sigma-Aldrich Corporation (Nasdaq : SIAL)Sigma-Aldrich has two lines of business: the production and sale of a broad range of chemicals and the manufacture and sale of metal components for strut, cable tray and pipe support telecommunications systems and electrical enclosures. For the three months ended 3/99, revenues rose 9 percent to $333 million. Earnings rose 1 percent to $44.6 million. Revenues reflect higher research and fine chemical sales. Net income was partially offset by new facilities expenses. 
Solucorp. Industries Ltd. (SLUPSolucorp. Industries Ltd. develops and markets solutions for the remediation of hazardous heavy metal and mercury spills. The Company also operates an environmental training and consulting business. For comparable nine months ended 9/30/98, revenues totalled $3.1 million, up from $1.3 million. Net loss rose 18 percent to $2.5 million. Revenues benefitted from increased transportation and disposal activity, and license fees in the period. Higher loss reflects increased cost of sales. 
Solvay S.A. (SLVYYSolvay S.A. is a global company specializing in four sectors: Chemicals (sodium carbonate, salt, caustic soda and others), Plastics (PVC, HDPE, PP and specialty polymers), Processing (plastics processing), and Pharmaceuticals (psychiatry, gastroenterology, gynecology, cardiology). For the fiscal year ended 12/31/97, sales rose 10 percent to BF310.98 billion. Net income rose less than 1 percent to BF13.3 billion. Results reflect acquisitions, partially offset by reduced asset sale gains. 
Scotts Company (NYSE : SMG)The Scotts Company engages in the manufacture and sale of lawn care and garden products. Products include fertilizers, lawn food products, plant foods, soil and garden tools. For the six months ended 4/3/99, total revenues rose 47 percent to $815.9 million. Net income before extraordinary items applicable to Common rose 60 percent to $44.7 million. Results reflect increased consumer and international segment sales due to the RPJ and levington acquisition and $17.6 million in commissions earned. 
Solutia, Inc. (NYSE : SOI)SOI produces and markets high performance chemical-based materials (nylon and acrylic fibers, plastic interlayer, phosphorus derivatives, and specialty chemicals) used by customers to make consumer, household, automotive and industrial products. For the three months ended 3/99, revenues fell 9 percent to $652 million. Net income fell 64 percent to $23 million. Revenues reflect lower average selling prices and lower sales volume. Net income reflects $28 million charge to exit ammonia business. 
Sociedad Quimica y Minera (NYSE : SQM)Sociedad Quimica y Minera de Chile S.A. is an integrated producer of natural nitrates, sulfates, iodine, potassium chloride and lithium carbonate and other chemical products obtained from deposits found in the Atacama Desert region of northern Chile. For the fiscal year ended 12/31/97, sales rose 8 percent to $513.3 million. Net income according to U.S. GAAP fell 16 percent to $62 million. Results reflect an increase in iodine and lithium carbonate sales, offset by lower margins. 
SurModics, Inc. (Nasdaq : SRDX)SurModics is a provider of surface modification solutions to the medical device industry. SRDX's primary focus is the commercialization of its patented PhotoLink process through licensing agreements. For the six months ended 3/99, total revenues rose 33 percent to $5.9 million. Net income totaled $2 million, up from $527 thousand. Revenue reflects increased PhotoLink related revenue. Net income benefitted from higher gross margins due to production efficiencies. 
Sterling Chemicals Hldgs. (OTC BB : STXX)STXX manufactures seven commodity petrochemicals and chemicals for use primarily in the pulp and paper industry. For the three months ended 3/99, revenues fell 25 percent to $324.4 million. Net loss applicable to Common rose 42 percent to $39.2 million. Revenues reflect a reduction in styrene and methanol sales prices and volumes. Higher losses reflect cost associated with the upgrades of certain technology systems, and a one-time non-cash charge related to eary retirement programs. 
Sybron Chemicals Inc. (AMEX : SYC)Sybron Chemical Inc. is an international developer, producer and marketer of specialty chemicals used primarily in the textile, wet processing, environmental, coatings, adhesives plastics and molded goods markets. For the three months ended 3/99, net sales rose 41 percent to $68.7 million. Net income before extraordinary item fell 9 percent to $3.4 million. Revenues reflect acquisitions. Earnings were offset by added costs of acquisitions and lower margins from Ruco Polymer Company. 
Symbollon Corp. (Nasdaq : SYMBA)Symbollon Corporation researches, develops and commercializes proprietary iodine-based, pharmaceutical agents, disinfectants, antiseptics and sanitizers. For the three months ended 3/31/99, revenues totalled $255 thousand, up from $0. Net loss remained flat at $381 thousand. Revenues reflect IodoZyme sales and revenue from development activities. Net loss reflects costs of revenues and increased development expenses. 
Technology Flavors (OTC BB : TFFI)TFFI develops, manufactures and markets flavors, fragrances and seasonings for use in natural and artificial flavored beverages, confections, foods, tobaccos, perfumes, pharmaceuticals and health and beauty products. For the three months ended 3/99, net sales rose 2 percent to $3.6 million. Net income from continuing operations totalled $204 thousand, vs. a loss of $187 thousand. Results reflect an improved gross profit margin and the effects of a cost reduction program. 
Terra Nitrogen Co. L.P. (NYSE : TNH)TNH markets and produces nitrogen-based fertilizer products, crop protection products, seeds and services for agricultural, turf ornamental and other growers. TNH also produces nitrogen products and methanol for industrial customers. For the three months ended 3/99, total revenues rose 11 percent to $54.1 million. Net loss alloc. to limited partners totalled $2 million vs. an income of $5.7 million. Results reflect higher sales of Ammonia and UAN products, offset increased cost of good sold. 
Toth Aluminum Corporation (OTC BB : TOTH)Toth Aluminum Corporation is engaged in the research and development of a commercial process for the production of aluminum and other commercial grade byproducts by means of patented chemical and engineering processes. For the three months ended 11/30/98, the Company reported no revenues. Net loss increased 21 percent to $747 thousand. Higher loss reflects an increase in S/G/A expenses and higher loss in investment and advances to Armant. 
Terra Industries, Inc. (NYSE : TRA)TRA distributes crop inputs, manufactures and markets nitrogen fertilizer products and methanol, and also operates a North American farm service center network. For the three months ended 3/99, total revenues fell 11 percent to $414.7 million. Net loss rose 60 percent to $29.2 million. Results reflect the closures of underperforming distribution centers, a decrease in methanol volumes due to a cease in production as raw material costs exceeding selling prices, and $13.7 million in miscellaneous losses. 
TETRA Technologies, Inc. (NYSE : TTI)Tetra Technologies is a specialty inorganic chemical company selling products, services and process technologies to a variety of markets, including energy, agricultural, wafer treatment, industrial, cement, food processing and others. For the three months ended 3/99, revenues fell 14 percent to $58 million. Net income before accounting change fell 47 percent to $2.1 million. Results reflect a weak oil and gas market and $4.7 million in special charges due to a contract cancellation. 
Union Carbide Corporation (NYSE : UK)UK operates in two business segments of the chemicals and plastics industry: Specialties and Intermediates (converts basic and intermediate chemicals into chemicals and polymers for industrial customers), and Basic Chemicals and Polymers (converts hydrocarbon feedstocks). For the three months ended 3/31/99, net sales fell 10 percent to $1.4 billion. Net income before accounting change fell 50 percent to $71 million. Results reflect a decline in average selling prices and lower margins. 
USA Detergents, Inc. (Nasdaq : USAD)USA Detergents manufactures and markets nationally distributed value brand laundry and household cleaning products. For the fiscal year ended 12/31/98, revenues fell 3 percent to $220.1 million. Net income before extraordinary item totalled $1.1 million vs. a loss of $21.1 million. Revenues suffered from a decrease in unit sales of air freshners and household cleaner. Net income reflects lower material costs due to manufacturing efficiencies, favorable pricing and lower marketing funds. 
U.S. Home & Garden, Inc. (Nasdaq : USHG)USHG manufactures, markets and distributes consumer lawn and garden care products, including weed preventive landscape fabrics, fertilizers spikes, root feeders, and shade fabrics. For the nine months ended 3/31/99, revenues rose 58 percent to $61.5 million. Net income fell 3 percent to $2.5 million. Revenues reflect acquisitions and internal growth of preexisting product lines. Net income was offset by an increase in sales of lower-margin products and higher debt levels. 
USEC Inc. (NYSE : USU)USEC Inc., a global energy company, is in the production and sale of uranium fuel enrichment services for commercial nuclear power plants. For the nine months ended 3/31/99, revenues decreased 6 percent to $990.7 million. Net income decreased 22 percent to $111.4 million. Revenues suffered from a change in timing of customer nuclear reactor refuelings. Earnings also suffered from a $23.9 million interest expense, and a decrease in gross profit. 
Valspar Corporation (NYSE : VAL)VAL manufactures and distributes paint and coatings through its Consumer Coatings, Industrial Coatings, Packaging Coatings and Special Products Groups. The Co. sells its products worldwide. For the six months ended 4/30/99, sales rose 20 percent to $622.5 million. Net income rose 11 percent to $32.2 million. Revenues reflect acquisitions and volume increases in all of the Co.'s business groups. Net income was partially offset by higher promotion expenses and a $8.3 million restructuring charge. 
Thermacell Technologies (Nasdaq : VCLL)Thermacell Technologies, Inc. develops, manufactures and markets insulating materials and coatings using partially evacuated glass microspheres (``shells''). For the three months ended 12/98, revenues rose 7 percent to $811 thousand. Net loss totalled $222 thousand, up from $52 thousand. Revenues reflect the addition of two acquisitions. Higher loss reflects higher marketing, staffing and other general expenses associated with both the Company's acquisitions. 
Verdant Brands, Inc. (Nasdaq : VERD)Verdant Brands, Inc. develops and markets lawn, garden, and turf products for consumers and specialty commercial and professional markets. For the three months ended 3/31/99, revenues increased 39 percent to $22 million. Net income increased 50 percent to $1.2 million. Revenues reflect increased sales from the acquisitions of Consep, Inc. Net income also benefitted from lower operating and selling, general and administrative costs as a  percentage of sales. 
Witco Corporation (NYSE : WIT)Witco Corporation is a global manufacturer and marketer of specialty chemical products for use in a variety of industrial and consumer applications as additives, ingredients or intermediates. For the three months ended 3/31/99, net sales fell 5 percent to $480.6 million. Net income applicable to Common fell 58 percent to $8.5 million. Results reflect reduced volumes in the polymer and performance chemicals segments and increased general and administrative expenses.%}
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United Capital Corp. (AMEX : AFP)United Capital Corp. is engaged in the ownership and management of real estate, and the manufacture and sale of antenna systems and engineered products. For the fiscal year ended 12/31/98, total revenues decreased 3 percent to $58.5 million. Net income from contin. operations increased 41 percent to $10.6 million. Revenues reflect lower sales of engineered products due to continued price competition and declining worldwide automotive sales. Earnings reflect the Company's cost reduction efforts. 
AlliedSignal, Inc. (NYSE : ALD)ALD is an advanced technology and manufacturing company serving customers worldwide with aerospace and automotive products, chemicals, fibers, plastics and advanced materials. For the three months ended 3/99, net sales decreased 1 percent to $3.6 billion. Net income rose 12 percent to $335 million. Revenues reflect $171 million divested businesses and lower selling prices. Net income reflects improved earnings for Turbine Technologies, Transportation Products, and Aerospace Systems. 
Bass Public Limited Co. (NYSE : BAS)BAS is engaged in the production and distribution of beer and soft drinks, the ownership, management, and franchising of pubs, hotels and restaurants, and the operation of entertainment establishments. For the 28 weeks ended 3/31/99, revenues decreased 3 percent to L2.29 billion. Net income before U.S. GAAP decreased 52 percent to L204M. Revenues reflect the sale of over 300 managed pubs. Lower income also reflects margin pressure in the branded drinks business. 
Canadian Pacific Limited (NYSE : CP)CP is a diversified management company, operating businesses in Canada and overseas. CP core businesses include: CP Railway, CP Ships, PanCanadian Petroleum, Fording, and CP Hotels. For the nine months ended 9/30/98, revenues rose 7 percent to C$7.30 billion. Net income from continuing operations fell 19 percent to C$538.3 million. Total revenues reflect increased income from CP Railway. Earnings were offset by a decrease in gross profit as a  percentage of revenues. 
Dover Corporation (NYSE : DOV)Dover Corporation is a diversified manufacturing corporation comprised of over 45 different operating companies which manufacture a broad range of specialized industrial products and sophisticated manufacturing equipment. For the three months ended 3/99, net sales rose 4 percent to $969.8 million. Net income from continuing operations fell 6 percent to $69.2 million. Revenues reflect sales gains and acquisitions. Net income was offset by higher interest expense. 
American International (OTC BB : EDII)EDII, through its five wholly-owned subsidiaries, is engaged in supplying automotive after-market products, real estate development, manufacturing barbeque pits, providing optical title and credit services to the motion picture industry, and owns an oil and gas royalty interest. For the three months ended 3/99, net sales rose from $518 thousand to $4.2 million. Net income totaled $42 thousand vs. a loss of $175 thousand. Results reflect inclusion of NPI, MFE, CRC, Marald, and TRE. 
Federal Signal Corp. (NYSE : FSS)FSS manufactures and supplies safety, signaling and communications equipment, parking control equipment, street sweeping and vacuum loader vehicles, signage, punches, tools, fire rescue products, and related die components. For the three months ended 3/31/99, revenues rose 10 percent to $253.3 million. Net income rose 20 percent to $13 million. Results reflect increased sales and income growth in all groups, and lower selling and general expenses as a  percent of sales. 
General Electric Company (NYSE : GE)GE is an diversified industrial corporation whose products include appliances, lighting products, aircraft engines and plastics. GE also provides television, cable, internet, distribution, engineering and financial services. Total revenues for the three months ended 3/31/99, rose 7 percent to $24.17 billion. Net income rose 14 percent to $2.16 billion. Revenues reflect growth from globalization and product services. Earnings also reflect an improved operating margin. 
Corning Incorporated (NYSE : GLW)Corning Inc. is a global, technology-based corporation which operates in three broadly based business segments: Telecommunications, Advanced Materials and Information Display. For the three months ended 3/31/99, total revenues rose 12 percent to $902.1 million. Net income from continuing operations applicable to Common rose 39 percent to $86.5 million. Results reflect stronger demand for optical fiber, cable and environmental products, inclusion of BICC's results, and cost controls. 
GenCorp Inc. (NYSE : GY)GenCorp Inc. manufactures automotive, polymer, aerospace and defense products. Products include: rubber products, automotive components, propulsion systems, and defense electronics. For the three months ended 2/28/99, net sales rose 20 percent to $439.6 million. Net income rose 34 percent to $17.2 million. Results reflect strong performance in the Strategic and Space Propulsion business, improved synergies from acquisitions and higher volume in the pickup programs. 
Hanson PLC (NYSE : HAN)Hanson PLC is an industrial management company with operating subsidiaries principally located in the UK and the USA. Hanson has business activities in the building materials and equipment group and the energy group. For the comparable fiscal year ended 12/31/98, revenues fell 26 percent to L1.83 billion. Net income according to GAAP before disc. operations totalled L88.9 million, up from L14.3 million. Results reflect the disposal of certain operations, offset by reduced costs and overheads. 
Hallwood Group Inc. (NYSE : HWG)Hallwood Group, Inc. is a holding company engaged in the commercial and industrial real estate, energy, textile products, and hotel businesses. For the three months ended 3/31/99, revenues decreased less than 1 percent to $31.4 million. Net income before extraordinary items decreased 22 percent to $505 thousand. Revenues reflect decreases in real estate fee income and in average gas prices. Eanings suffered from increased gas production taxes and increased hotel costs. 
ITT Industries, Inc. (NYSE : IIN)IIN is engaged in the design and manufacture of a wide range of engineered products focused on the segments of the connectors and switches, defense products and services, pumps and complementary products and specialty products. For the three ended 3/99, net sales fell less than 1 percent to $1.09 billion. Net incomefrom continuing operations totalled $42.5 million, up from $8 million Revenues reflect shipment delpays. Loss reflects cost saving initiatives and lower interest expense. 
Johnson Controls, Inc. (NYSE : JCI)JCI operates two business segments: Control Systems and Automotive Systems. JCI designs, manufactures, installs and services control systems for nonresidential buildings. The Company also manufactures automotive seating and interior systems. For the six months ended 3/99, revenues rose 28 percent to $7.75 billion. Net income applicable to Com. rose 53 percent to $173.3 million. Results reflect improved results from seating and interior systems business and a $54.6 million gain on the sale of business. 
St. Joe Company (NYSE : JOE)JOE is a diversified company engaged in residential and commercial real estate, forestry, resort and leisure development, and transportation operations. For the three months ended 3/31/99, revenues totaled $182 million, up from $70 million. Net income from continuing operations rose 69 percent to 9.5 million. Revenues benefited from income from the acquisition of Advantis. Earnings were partially offset by an increase in depreciation expense due to the acquisition of Advantis. 
Koor Industries Ltd. (NYSE : KOR)KOR, through its subsidiaries, operates in the fields of: telecommunications and electronics, agrochemicals and other chemicals, building and infrastructure materials, energy, food and others. For the fiscal year ended 12/98, revenues fell 1 percent to NIS12.62 billion. Net loss from continuing operations according to U.S. GAAP before extraordinary item totalled NIS27.7 million, vs. an income of NIS456.1 million. Results reflect higher financial costs and other expenses vs. other income. 
Minnesota Mining & Mfg. (NYSE : MMM)MMM manufactures and markets pressure-sensitive adhesive tapes, abrasives, and specialty chemicals. MMM also markets electrical and telecommunication products, medical devices, office supplies and major automotive parts. For the three months ended 3/99, revenues rose 2 percent to $3.78 billion. Net income fell 4 percent to $384 million. Results reflect volume increases and increased prices, partially offset by higher costs of goods sold as a  percentage of sales. 
Montedison S.p.A. (NYSE : MNT)Montedison S.p.A. is an international industrial holding company which operates in the agroindustry, chemical, energy and engineering sectors. For the fiscal year ended 12/31/97, revenues fell 1 percent to LIR 23.678T. Net income applicable to Common according to U.S. GAAP totalled LIR 2.628T, up from LIR 254 billion. Revenues reflect decreased sugar supply due to poor harvests in India, Cuba, Thailand and Ukraine. Earnings benefitted from reduced average debt. 
MAXXAM Inc. (AMEX : MXM)Maxxam Inc. is a holding company and through it's subsidiaries is engaged in aluminum production, forest products and real estate investment and development. For the three months ended 3/31/99, net sales fell 18 percent to $544.8 million. Net income totalled $112.1 million, up from $1.9 million. Revenues reflect potline curtailments at the Valco and Washington smelters. Earnings reflect a $239.8 million gain on the sale of Headwaters Timberlands. 
NFC plc (AMEX : NFC)NFC operates in two business segments: Logistics (management of the flow and storage of materials, parts and finished inventory); and Moving Services (provides household and commercial moving, and relocation services). For the fiscal year ended 9/97, sales fell 2 percent to L2.41 billion. Net income according to U.S. GAAP totalled L94.1 million, up from L45.2 million. Revenues suffered from a stronger sterling exchange rate. Earnings benefitted from a L20.2 million gain on the disposal of operations. 
National Service Industry (NYSE : NSI)NSI produces a variety of fluorescent and non-fluorescent lighting fixtures; produces maintenance, sanitation and water treatment products; provides linens and dust control products; and produces business and specialty envelopes. For the six months ended 2/28/99, total revenues rose 6 percent to $1.03 billion. Net income rose 1 percent to $50.5 million. Revenues reflect acquisitions. Earnings were partially offset by increased expenses to support corporate growth. 
Ogden Corp. (NYSE : OG)OG provides a wide range of services within its four segments: Energy, Entertainment, Aviation and Other. The operations and services performed are through joint ventures, consortiums, partnerships and wholly owned subsidiaries. For the three months ended 3/99, revenues rose 3 percent to $396.5 million. Net income applicable to Common before acctg. change fell 10 percent to $10.5 million. Revenues reflect higher construction revenues. Earnings were offset by delays in start of the NBA season. 
Olin Corporation (NYSE : OLN)OLN manufactures chemicals, metals and ammunitions, including chlor-alkali products, pool chemicals, biocides and sulfuric acid, image forming and related specialty chemicals, copper and copper alloy sheet, strip, rod, fabricated parts and others. For the three months ended 3/31/99, sales fell 15 percent to $304.8 million. Net income from continuing operations fell 91 percent to $2.1 million. Results reflect lower selling prices and metal values, lower ECU prices, and loss from non-consolidated affiliates. 
Pacific Dunlop Limited (Nasdaq : PDLPY)Pacific Dunlop Limited manufactures and markets batteries, clothing, sporting goods, industrial goods, electronics, latex products, medical products, and tires through licenses and its own subsidiaries. For the fiscal year ended 6/98, total revenues increased 14 percent to A$6.99 billion. Net income according to U.S. GAAP fell 87 percent A$23.6 million. Revenues reflect the sale of businesses and investments. Earnings were offset by a A$157.5 million abormal items charge (vs. gain of A$600 thousand). 
Koninklijke Philips Elec. (NYSE : PHG)PHG is a global conglomerate operating in seven areas: consumer products, components, semiconductors, information technology, lighting, professional products, and a segment comprised of ancillary businesses. For the three months ended 3/99, sales fell 3 percent to EUR 6.84 billion. Net income from continuing operations before extraordinary item and before U.S. GAAP adjustment rose 46 percent to EUR 469 million. Revenues reflect decreased demand and price erosion. Earnings reflect EUR 180 million in gains on divestments. 
Pittway Corporation (NYSE : PRYa)Pittway Corporation is engaged in the manufacture of alarms and other security products, and publishing. For the three months ended 3/99, revenues increased 26 percent to $381.9 million. Net income from continuing operations totalled $21.2 million vs. a loss of $10.3 million. Revenues reflect higher revenues at the Company's manufacturing operations due to the winning of additional national account business. Earnings also reflect the absence a $43 million provision for patent litigation. 
Raytheon Company (NYSE : RTNb)RTN.B operates in three businesses: commercial and defense electronics, engineering and construction, and aircraft. For the three months ended 4/4/99, net sales increased 7 percent to $4.9 billion. Net income before accounting change increased 12 percent to $241 million. Revenues benefitted from increased sales to the U.S. Department of Defense. Net income also reflects decreased S/G/A expenses as a  percentage of revenues due to increased efficiencies as a result of restructuring initiatives. 
Sequa Corporation (NYSE : SQAa)SQA.A is a diversified industrial company that produces a broad range of products through operating units in five industry segments: Aerospace, Propulsion, Metal Coatings, Specialty Chemicals and Other Products. For the three months ended 3/99, revenues fell 7 percent to $407.3 million. Net income applicable to Common rose 30 percent to $5.5 million. Results reflect declines in the solid and liquid propellant rocket motor product lines, offset by a lower income tax expense. 
Stone & Webster, Inc. (NYSE : SW)SW provides professional, engineering, construction and consulting services. SW also owns cold storage warehousing facilities and owns and operates the Stone and Websters office buildings. For the three months ended 3/31/99, revenues fell 9 percent to $266.1 million. Net loss totaled $58.7 million, vs. income of $7.6 million. Revenues suffered from decreased revenues in the company's Power division. Net loss reflects unanticipated cost increases for international projects. 
Standex Int'l Corp. (NYSE : SXI)Standex International Corp. is a diversified manufacturing and marketing company with operations in three product segments: Food Service, Industrial and Consumer. For the nine months ended 3/31/99, revenues increased 5 percent to $480.8 million. Net income rose 14 percent to $24 million. Revenues benefited form higher customer demand for ducting from the Air Distribution Products division. Net income reflects improved margins due to the sale of National Metal's. 
Tenneco, Inc. (NEW) (NYSE : TEN)TEN is a global manufacturer of automotive parts, specialty packaging, and folding carton and containerboard packaging. TEN's Walker and Monroe auto parts are sold in over 100 countries. For the three months ended 3/99, net sales rose 2 percent to $1.85 billion. Net loss before extraordinary item and accounting change totalled $150 million vs. income of $75 million. Results reflect strength in the packaging segment, offset by lower margins and a $293 million loss upon sale of packaging assets to a JV. 
Tomkins PLC ADR (NYSE : TKS)TKS heads an international group of manufacturing companies operating in four business sectors: Construction Components; Food Manufacturing; Industrial and Automotive Engineering; and Professional, Garden and Leisure Products. For the six months ended 10/31/98, revenues rose 6 percent to L2.60 billion. Net income applicable to Ordinary before U.S. GAAP fell 23 percent to L108.4 million. Results reflect strength in Industrial Engineering and Food Mfg., offset by L40M in mill disposal charges. 
TRW, Inc. (NYSE : TRW)TRW designs, manufactures, and sells products and systems in two industry segments: Automotive (automotive systems and components); and Space and Defense (spacecraft, software and systems engineering support, and electronic systems). For the three months ended 3/31/99, net sales remained flat at $3.1 billion. Net loss totalled $28 million vs. an income of $129 million. Results reflect sales from LucusVarsity, offset by $85 million in purchased R&D. 
Textron, Inc. (NYSE : TXT)TXT is engaged in the manufacture of helicopters and spare parts, light and mid-size business jets, turboprop and piston aircraft, automotive interior and engine components, and industrial tools, fasteners and components. For the three months ended 4/3/99, revenues rose 22 percent to $2.75 billion. Net income from continuing operations applicable to Common before extraordinary item rose 46 percent to $145 million. Results reflect Industrial segment acquisitions, higher business jet sales and the AFS sale. 
U.S. Industries, Inc. (NYSE : USI)USI manufactures and distributes a broad range of consumer and industrial products through its four divisions: USI Bath and Plumbing, Lighting Corp. of America, USI Hardware and Tools and USI Diversified. For the six months ended 3/99, net sales rose 8 percent to $1.60 billion. Earnings from continuing operations fell 16 percent to $54 million. Revenues reflect the acquisition of Sundance Spas. Net income was offset by lower margins due to product mix changes. 
United Technologies (NYSE : UTX)UTX's principal products are Otis elevators and escalators; Carrier heating, ventilating and air conditioning systems; Pratt and Whitney engines, parts, and space propulsion; Sikorsky helicopters, parts and services. For the three months ended 3/31/99, revenues rose 3 percent to $5.44 billion. Net income from continuing operations applicable to Common rose 22 percent to $270 million. Results reflect higher after-market revenues at Pratt and Whitney and the absence of workforce reduction charges. 
Valhi Inc. (NYSE : VHI)Vahli, Inc. is a holding company with subsidiaries operating in the chemicals, component products, titanium metals and waste management industries. For the three months ended 3/99, revenues fell 60 percent to $272.9 million. Net income before extraordinary item decreased 99 percent to $2.4 million. Revenues reflect the absence of both a $330.2 million gain on the sale of NL's specialty chemical business and CompX's IPO proceeds. Net income reflects higher equity losses in earnings of affiliates. 
Wesco Financial Corp. (AMEX : WSC)WSC, through its subsidaries, engages in two businesses: the insurance business (provides property and casualty and insurance coverage for banks) and steel service center business. Wesco operations also include the ownership and management of commerical real estate. For the three months ended 3/99, revenues increased 5 percent to $32.7 million. Net income increased 20 percent to $10.6 million. Results reflect higher interest bearing investments and lower cost of sales.%}
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American Gaming & Entert. (OTC BB : AGEL)American Gaming and Entertainment LTD owns equity interest in casino gaming ventures, particularly with riverboat, dockside and land based casinos. For the fiscal year ended 12/31/98, revenues decreased 30 percent to $445 thousand. Net loss applicable to Common fell 26 percent to $6.7 million. Revenues reflect decreased RSR interests received. Lower loss benefitted from decreased interest expeneses and a benefit of $781 thousand due to reversal of liabilities for subsidiary in bankruptcy. 
Argosy Gaming Company (NYSE : AGY)Argosy Gaming Company is engaged in business of providing casino style gaming and related entertainment to the public and, through its subsidiaries or joint ventures, operates riverboat casinos. For the three months ended 3/31/99, revenues rose 19 percent to $137.4 million. Net income applicable to Common totaled $2.9 million vs. a loss of $2.5 million. Results reflect the opening of the Lawrenceburg casino and a decreasein casino expenses as a  percentage of revenue. 
Alpha Hospitality Corp. (Nasdaq : ALHY)Alpha Hospitality Corp., through its subsidiaries is engaged in the ownership and operation of a gaming vessel, the construction of a hotel, and the pursuit of gaming-related and other opportunities. For the three months ended 3/99, revenues fell 99 percent to $43 thousand. Net loss fell 71 percent to $495 thousand. Revenues reflect sale of the assets of Alpha Gulf and Greenville Hotel. Net loss was offset by increased S/G/A expenses as a  percentage of revenues. 
Alliance Gaming Corp. (Nasdaq : ALLY)ALLY designs and manufactures gaming machines and computerized monitoring systems for gaming machines, owns and manages gaming machines, owns and operates two casinos, and is a supplier of wall-mounted gaming machines and amusement games. For the six months ended 12/98, total sales fell 1 percent to $202.7 million. Net loss applicable to Common before extraordinary item fell 63 percent to $12.9 million. Results reflect less units shipped, offset by the absence of a $19 million Rainbow Royalty Buyout charge. 
American Coin Merch., Inc (Nasdaq : AMCN)AMCN owns, operates and franchises coin operated skill crane machines that dispense stuffed animals, plush toys, watches, jewelry and other items. For the three months ended 3/31/99, revenues rose 55 percent to $29.1 million. Net income fell 85 percent to $173 thousand. Revenues reflect an increase in the average number of Shoppes in place. Earnings were offset by higher general and administrative costs related to additional satellite offices opened and higher interest expense. 
Ameristar Casinos, Inc. (Nasdaq : ASCA)ASCA is a multi-jurisdictional gaming company that owns and operates casinos and related hotel, food and beverage, entertainment and other facilities, with five properties in operation in Neveda, Mississippi and Iowa. For the three months ended 3/99, revenues rose 14 percent to $70 million. Net loss fell 98 percent to $113 thousand. Revenues reflect contributions from all of the Company's properties. Lower loss reflects the absence of $10.6 million in preopening costs. 
Aztar Corporation (NYSE : AZR)Aztar operates Tropicana casino hotels in Las Vegas and Atlantic City, a Ramada Express in Laughlin, NV, and Casino Aztar Riverboats in Caruthersville, MO and Evansville, IN. For the three months ended 4/1/99, revenues fell 3 percent to $190.5 million. Net income applicable to Common rose from $464 thousand to $2.7 million. Revenues reflect lower gaming revenues. Earnings benefitted from lower casino expenses and provision for doubtful accounts due to the decreased volume of play. 
American Wagering, Inc. (Nasdaq : BETM)American Wagering, Inc. owns and operates Leroy's Horse and Sports Place, a licensed bookmaker in Nevada, as well as an Internet-based wagering hub and companies that design, install and operate computerized keno and sports book equipment. For the three months ended 4/30/99, revenues rose 29 percent to $3 million. Net income applicable to Common totalled $251 thousand, up from $113 thousand. Results reflect increased revenues from sports book wagering and lower joint venture losses. 
Florida Gaming Corp. (BETSBETS operates four jai-alai fronton and inter-track pari-mutuel wagering facilities. The business consists of jai-alai, intertrack wagering and the sale of food and alcoholic beverages. For the nine months ended 9/30/98, total revenues decreased 19 percent to $14.5 million. Net loss decreased 46 percent to $1.2 million. Revenues reflect the closing of the Tampa Jai-Alai facility. Lower loss reflects lower operating expenses due to closure of the Tampa facility. 
Black Hawk Gaming & Dvlp. (Nasdaq : BHWK)Black Hawk Gaming and Development is an owner, developer and operator of gaming properties in Black Hawk, Colorado. The Company owns a 75 percent interest in The Lodge Casino and owns the Gilpin Hotel Casino. For the three months ended 3/31/99, revenues totalled $19.8 million, up from $292 thousand. Net income totalled $963 thousand, up from $405 thousand. Results reflect increased casino, hotel and food and beverage revenues due to the 6/98 opening of The Lodge Casino. 
Boyd Gaming Corporation (NYSE : BYD)Boyd Gaming Corporation is a multi-jurisdictional gaming company which owns and/or operates 12 casino entertainment facilities in NV, MS, MO, IL and LA, and a travel agency in HI. For the three months ended 3/31/99, net revenues fell 3 percent to $243.3 million. Net income before accounting change rose 14 percent to $10.6 million. Revenues reflect the closing of Sam's Town Kansas City. Earnings benefitted from lower debt levels and a decline in interest rates. 
Colorado Casino Resorts (OTC BB : CCRI)CCRI owns, develops, and operates the following gaming properties: Creeker's Casino and The Double Eagle, in Cripple Creek, CO. For the three months ended 1/31/99, net revenues increased 24 percent to $5.9 million. Net loss increased 28 percent to $1.9 million. Revenues reflect higher casino and room revenue due to aggressive marketing to advertise higher payout  percentages. Net loss reflects higher depreciation and higher marketing costs related to the deployment of its advertising campaign. 
Colonial Downs Holdings (Nasdaq : CDWN)CDWN owns and operates four Racing Centers in Virginia. CDWN also provides simulcast pari-mutuel wagering on Thouroughbred and Standardbred horse racing from selected racetracks throughout the US. For the fiscal year ended 12/98, revenues rose 25 percent to $29.5 million. Net loss totalled $5.3 million vs. income of $8 thousand. Revenues reflect the operation of the Hampton and Brunswick Racing Centers. Net loss reflects an increase in the number of live racing days. 
Churchill Downs, Inc. (Nasdaq : CHDN)Churchill Downs, Inc. conducts pari-mutuel wagering on Thoroughbred and Standardbred horse racing at its facilities in KY and IN. CHDN also owns an investment company to oversee its investments. For the three months ended 3/31/99, net revenues increased 15 percent to $17.7 million. Net loss increased 92 percent to $3 million. Revenues reflect the acquisition of Ellis Park and of Kentucky Horse Center. Earnings suffered from increased wage and marketing and purse expenses. 
Century Casinos, Inc. (Nasdaq : CNTY)CNTY and its subsidiaries own and operate a limited-stakes gaming casino in Cripple Creek, Colorado and are pursuing a number of additional gaming opportunities in the U.S. and internationally. For the three months ended 3/99, net sales increased 20 percent to $5.2 million. Net income decreased 83 percent to $190 thousand. Revenues reflect increased casion sales due to improved slot machine denominations and mild weather. Earnings were offset by a $2.5 million disposal of fixed assets. 
Trump Hotel/Casino Resort (NYSE : DJT)DJT, a casino entertainment company, owns and operates the Trump Plaza Hotel and Casino, Trump Taj Mahal Casino Resort, Trump's Castle Casino Resort and Trump Indiana. For the three months ended 3/31/99, net revenues decreased less than 1 percent to $315.7 million. Net loss before acctg. change increased 23 percent to $21.7 million. Revenues reflect lower gaming revenues. Higher loss also reflects higher depreciation and a $1.3 million jury settlement. 
Elsinore Corporation (OTC BB : ELSO)Elsinore Corporation is a holding company whose subsidiary, Four Queens, Inc., is the licensed operator of the Four Queens Hotel and Casino in Las Vegas, Nevada. For the three months ended 3/31/99, revenues rose 7 percent to $15.2 million. Net income applicable to Common totalled $905 thousand vs. a loss of $270 thousand. Revenues reflect higher casino revenues due to increased slot machine revenues. Earnings also reflect lower interest expenses due to recapitalization and lower merger costs. 
Full House Resorts, Inc. (Nasdaq : FHRI)Full House Resorts, Inc. is a developer of casinos, destination resorts, and commercial centers. FHRI is currently involved with profitable casino developments in OR and DE. For the three months ended 3/31/99, revenues fell 47 percent to $839 thousand. Net income before accounting change totalled $32 thousand vs. a loss of $49 thousand. Revenues reflect the sale of Deadwood Gulch Resort. Earnings benefitted from lower operating expenses, payoff of the DGR loan and lower line of credit. 
Global Casinos Inc. (Nasdaq : GBCS)Global Casinos is organized as a holding company for the purpose of acquiring operating casinos, gaming properties and other related interests domestically and internationally. For the nine months ended 3/99, revenues fell 23 percent to $7.1 million. Net income before extraordinary item applicable to Common totalled $20 thousand vs. a loss of $12 thousand. Revenues reflect the absence of revenues from Casino Masquerade and Casino Las Vegas. Net income reflects gains on sales of investments. 
Global Gaming/Technology (OTC BB : GBTE)Global Gaming and Technology was engaged in the design, manufacture and marketing of electronic micprocessor-controlled gaming machines. During the past year, the Company has not designed new equipment, nor is the design of any new equipment contemplated. For the nine months ended 3/31/99, revenues fell 66 percent to $1 thousand. Net loss fell 19 percent to $81 thousand. Revenues reflect reduced interest income. Lower loss reflects reduced interest expense. 
Greate Bay Casino Corp. (OTC BB : GEAAQ)GEAAQ and its subsidiaries engages in the ownership, operation and management of casino/hotels and hotels in the United States and Puerto Rico, riverboat gaming management and consulting services. For the comparable fiscal year ended 12/31/98, revenues fell 97 percent to $9 million. Net income before extraordinary item totalled $24.5 million vs. a loss of $20.9 million. Revenues reflect the absence of casino, rooms, and food and beverage revenues. Net income reflects a higher equity in earnings gain. 
GLC Limited (Nasdaq : GLXW)GLC Limited operates in the electronic digital gaming and entertainment industry developing an online internet gaming and entertainment website. For the nine months ended 10/31/98, revenues decreased 51 percent to $681 thousand. Net loss totalled $23.8 million, up from $7.5 million. Revenues reflect lower interest and other revenues as a result of lower investment balances. Net loss suffered from a $15.5 million write-down of long-term investments. 
Harrah's Entertainment (NYSE : HET)HET operates hotel casinos in Reno, Lake Tahoe, Las Vegas, and Laughlin, Nevada and Atlantic City, New Jersey. The company also operates riverboat, dockside and Indian reservation casinos. For the three months ended 3/31/99, revenues rose 72 percent to $711.7 million. Net income before extraordinary items rose 50 percent to $37.3 million. Revenues benefitted from the acquisition of Rio and Showboat. Earnings were partially offset by higher interest expense due to acquisition-related debt increases. 
Holly Holdings, Inc. (OTC BB : HOPR)Holly Holdings, Inc. is focusing all its attention in assisting its majority owned subsidiary, Country World Casinos, Inc., in completing its plan to build a casino and hotel complex Colorado. The casino will be 40 miles west of Denver. For the nine months ended 12/31/97, the Company reported no revenues. Net loss from continuing operations fell 55 percent to $1.2 million. Lower loss reflects lower costs and expenses due to a reduction in salaries and lower legal costs. 
Starwood Hotels & Resorts (NYSE : HOT)HOT is a hotel operator and gaming company operating both directly and through its wholly owned subsidiaries. For the three months ended 3/31/99, revenues rose 51 percent to $851 million. Net loss applicable to Common from continuing operations totalled $926 million vs. an income of $36 million. Revenues benefited from the increased number of hotels due to the reverse acquisition of ITT. Loss reflects higher tax level due to the reorganization and higher debt levels. 
Hollywood Park, Inc. (NYSE : HPK)Hollywood Park is a gaming, sports and entertainment company engaged in the ownership and operation of casinos and pari-mutuel racing facilities, and the development of other gaming opportunities. For the three months ended 3/31/99, revenues totalled $172 million, up from $78.2 million. Net income totalled $4.1 million vs. a loss of $1.2 million. Results reflect the acquisition of Casino Magic and higher revenues from Boomtown New Orleans and Boomtown Biloxi. 
Hollywood Casino Corp. (Nasdaq : HWCC)Hollywood Casino Corp. develops, owns and operates themed casino entertainment facilities through its subsidiaries: Aurora, a riverboat-style casino in Aurora, IL, and Tunica Casino in MS. For the three months ended 3/31/99, net revenues rose 9 percent to $69.8 million. Net income before extraordinary item totalled $330 thousand, up from $69 thousand. Revenues reflect increased gross wagering in both Co.-owned casinos. Earnings reflect lower room expense and lower development costs. 
Trans World Gaming Corp. (OTC BB : IBET)IBET acquires, develops, and manages, to the extent permitted by local laws, gaming establishments featuring live and mechanized gaming, including video gaming devices such as video poker machines. For the nine months ended 9/30/98, revenues rose 98 percent to $10.2 million. Net loss totalled $2.7 million vs. income of $214 thousand. Revenues reflect a $5.7 million gain from the acquisition of three casinos. Loss reflects a higher cost of sales as a  percentage of revenue. 
Innovative Gaming Corp. (Nasdaq : IGCA)IGCA, through its wholly owned subsidary, Innovative Gaming, Inc., develops, manufactures and distributes fast playing, high-entertainment gaming machines. For the three months ended 3/31/99, net sales fell 63 percent to $825 thousand. Net loss applicable to Common totalled $1.7 million up from $561 thousand. Results reflect a decrease in sales of multi-player games and increased expenses related to the Co.'s efforts to develop/enhance and license its products. 
International Game Tech. (NYSE : IGT)International Game Technology is a designer and manufacturer of computerized casino gaming products and proprietary gaming systems in the world. For the six months ended 4/3/99, revenues increased 28 percent to $442.6 million. Net income increased 5 percent to $68.3 million. Revenues benefitted from growth in international product sales and continued gains in proprietary systems revenues. Net income was partially offset by lower gross margins due to a shift in product mix. 
Interlott Technologies (AMEX : ILI)ILI designs, manufactures, sells, leases and services instant lottery ticket vending machines (ITVMs); and prepaid phone card dispensing machines (PCDMs) that enable providers to dispense prepaid telephone calling cards in retail locations. For the nine months ended 9/98, net revenues rose 26 percent to $18.8 million. Net income rose 13 percent to $1.1 million. Revenues reflect higher sales of ITVM and PCDM. Earnings were partially offset by higher S/G/A expenses and debt levels. 
Inland Entertainment Corp (Nasdaq : INLD)INLD provides consulting and other professional services for gaming operations with Native American tribes. Substantially all of its revenue is earned from a consulting agreement with the Barona Tribe (CA). For the nine months ended 3/31/99, revenues rose 3 percent to $11 million. Net loss totaled $111 thousand, vs. income of $1.5 million. Results reflect higher revenue due to the acquisition of Cyberworks, offset by costs for web-site development and on-line marketing. 
IRT Industries, Inc. (OTC BB : IRTG)IRT Industries owns and operates two casino businesses in Latin America and owns another casino license and casino business related equipment. For the nine months ended 3/98, revenues fell 32 percent to $186 thousand. Net loss rose 69 percent to $1.2 million. Revenues reflect a decrease in casino revenues. Higher loss reflects an increase in consultant fees, professional services and transfer agent and service bureau fees and the inclusion of $20 thousand for legal settlements. 
Isle of Capri Casinos (Nasdaq : ISLE)ISLE develops, owns, and operates riverboat and dockside casinos and related facilities. The Co.'s properties are based on a tropical island theme and operate under the ``Isle of Capri Casino'' name. For the nine months ended 1/24/99, revenues rose 4 percent to $336.1 million. Net income rose 32 percent to $5.7 million. Revenues reflect the addition of a 241-room Inn. Net income also reflects decreased casino operating expenses due to the refinement of the Company's payroll and cost control programs. 
Int'l Lottery/Totalizator (OTC BB : ITSI)ITSI designs, manufactures, sells, leases, manages, supports and services computerized wagering systems and terminals for the global pari-mutuel and on-line lottery industries. For the fiscal year ended 12/31/98, revenues rose 22 percent to $13.2 million. Net loss fell 68 percent to $1.9 million. Revenues reflect increased terminal shipments and sale of central system. Lower loss reflects increased manufacturing volume, lower R&D expenses and lower level of staffing. 
Jackpot Enterprises, Inc. (NYSE : J)Jackpot owns, installs, operates and services gaming machines (4,097 in 412 locations as of 6/98) located in large retail stores, bars and taverns throughout NV. J also operates two casinos with 187 gaming machines. For the six months ended 12/31/98, total revenues less than 1 percent to $46 million. Net income decreased 28 percent to $2.5 million. Revenues reflect the termination of route operations. Earnings also reflect lower investment income and higher depreciation expenses. 
JCC Holding Co. (AMEX : JAZ)JCC Holding Company owns and will operate the Harrah's New Orleans Casino in downtown New Orleans, scheduled to open in late 1999. For the three months ended 3/31/99, net revenues decreased 75 percent to $6 thousand. Net loss fell 34 percent to $2.8 million. Revenues reflect decreased miscellaneous revenues. Lower loss reflects the absence of a $574 thousand reorganization expense and decreased general and administrative expenses. 
Lakes Gaming, Inc. (Nasdaq : LACO)Lakes Gaming, Inc., a division of Grand Casinos, Inc., primarily manages two Indian-owned casinos in Marksville and Kinder in Louisiana. For the 13 weeks ended 4/4/99, revenues fell 34 percent to $15.1 million. Net income fell 27 percent to $8.6 million. Revenues reflect management contracts for Grand Mille Lacs and Grand Casino Hinckley ending during 1998. Net income reflects lower margins and higher depreciation and amortization expense. 
Lady Luck Gaming Corp. (Nasdaq : LUCK)Lady Luck Gaming Corp. operates distinctly themed dockside and riverboat casinos and related entertainment and lodging facilities in several gaming markets. For the fiscal year ended 12/98, revenues fell 9 percent to $144.1 million. Net income applicable to Common totalled $8 million vs. a loss of $38.5 million. Revenues reflect the rationalization of its asset base and disposal of underperforming investments. Earnings benefitted from the absence of a $20.7 million impairment write down. 
Las Vegas Entertainment (Nasdaq : LVEN)Las Vegas Entertainment Network aquires, develops and operates media and gaming facilities including real estate redevelopment. For the three months ended 1/31/99, the company reports no revenue. Net loss totaled $3.1 million, up from $721 thousand. Results refelct an increase in consulting fees related to the development of voice, video and data communication technology for the company's intended telephone operations in Brazil. 
Mandalay Resort Group (NYSE : MBG)Mandalay Resort Group owns and operates 10 hotel-casino properties in Nevada with over 22,000 guest rooms, as well as a dockside casino in Mississippi and other small casinos on the Las Vegas strip. For the three months ended 4/30/99, revenues rose 32 percent to $471.3 million. Net income before accounting change fell 21 percent to $17.1 million. Results reflect the opening of Mandalay Bay and higher occupancy rates, offset by $33.6 million in preopening expenses. 
Monarch Casino & Resort (Nasdaq : MCRI)Monarch Casino and Resort, through its wholly owned subsidiary Golden Road Motor Inn, owns and operates the tropically-themed Atlantis Casino Resort in Reno, NV. For the nine months ended 9/30/98, net revenues rose 4 percent to $47.5 million. Net income rose 4 percent to $4 million. Results reflect increased casino revenues due to increases in both slot and table game revenues, and higher hotel revenues due to an increase in the Atlantis' average daily room rate. 
Multimedia Games, Inc. (Nasdaq : MGAM)Multimedia Games, Inc. designs and develops interactive Class II bingo games and related electronic player stations and equipment that are marketed to Native American bingo halls located throughout the United States. For the six months ended 3/31/99, total revenues rose 45 percent to $43.4 million. Net income applicable to Common fell 69 percent to $168 thousand. Results reflect an increase in revenues from interactive games, offset by costs related to expansion of the network. 
Mikohn Gaming Corporation (Nasdaq : MIKN)MIKN develops, manufactures, and distributes technologically advanced progressive jackpot systems for use with gaming machines. MIKN also manufactures and distributes custom electrical signs to promote and display jackpot games. For the three months ended 3/99, sales rose 16 percent to $25.2 million. Net income totalled $911 thousand vs. a loss of $559 thousand. Results reflect higher table game revenues due to the acquisitions of PGI and P&S Leasing. Earnings also reflect higher gross profit. 
Mirage Resorts, Inc. (NYSE : MIR)Mirage Resorts owns and operates casino-based entertainment resorts in Las Vegas and Laughlin. These resorts include Bellagio, the Golden Nugget, The Mirage, Treasure Island, and The Golden Nugget Laughlin. For the three months ended 3/31/99, revenues increased 73 percent to $580.7 million. Net income before extraordinary item and acctg. change fell 23 percent to $32.1 million. Revenues benefitted from the opening of Bellagio. Earnings were offset by a $31.5 million preopening expense. 
MTR Gaming Group, Inc. (Nasdaq : MNTG)MTR Gaming Group, Inc., through its wholly owned subsidiaries, owns and operates hotel and gaming properties in West Virginia and Nevada. For the three months ended 3/31/99, total revenues rose 32 percent to $22 million. Net income fell 23 percent to $977 thousand. Revenues reflect increased video lottery revenues due an increased number of Video Slot machines installed. Earnings were offset by increased security costs and a higher effective tax rate. 
NuOasis Resorts, Inc. (OTC BB : NUOA)NuOasis Resorts, Inc. develops, owns, leases, manages and operates hotels, gaming casinos and related operations, manufactures and distributes specialty food products, and invests in and develops real estate interests. For the nine months ended 3/31/98, total revenues fell 25 percent to $798 thousand. Net loss decreased 51 percent to $3.4 million. Revenues reflect lower food sales due to unrenewed and expiring co-packing agreements. Lower loss reflects the absence of write-downs. 
NevStar Gaming & Enter. (Nasdaq : NVST)NevStar Gaming and Entertainment is a development stage company formed to develop, construct and operate a hotel casino in Mesquite, Nevada, known as the Mesquite Star. On 7/1/1998, the Casino began operations. For the nine months ended 3/31/99, revenues totalled $7.9 million, up from $0 thousand. Net loss totalled $5.2 million, up from $2.3 million. Results reflect the opening of the Mesquite Star Hotel and Casino, offset by costs related to the Casino's initial start-up. 
Penn National Gaming, Inc (Nasdaq : PENN)PENN provides pari-mutuel wagering opportunities on both live and simulcast thoroughbred and harness horse races at two racetracks and ten off-track wagering facilities and pari-mutuel wagering and video gaming machines in WV. For the three months ended 3/31/99, total revenues fell 2 percent to $32.8 million. Net income fell 98 percent to $22 thousand. Revenues reflect expiration of the Horsemen's agreement at Penn National Race Course. Earnings reflect higher costs of wagering on horse racing. 
Players International,Inc (Nasdaq : PLAY)Players International, Inc. is a gaming company operating five riverboat casinos and a horse racetrack in Kentucky. For the nine months ended 12/31/98, total revenues increased 3 percent to $250.6 million. Net income increased from $2.6 million to $7 million. Revenues reflect increased casino revenues from the Maryland Heights Facility. Net income reflect the Company's cost reduction efforts and decreased interest expense due to reductions in bank borrowings and average rates. 
Park Place Entertainment (NYSE : PPE)Park Place Entertainment is an international gaming company which owns and operates 17 casino hotels and riverboat casinos in Nevada, Atlantic City, New Jersey, Mississippi, Louisiana, Missouri, Australia and Uruguay. For the three months ended 3/31/99, total revenues rose 30 percent to $748 million. Net income before accounting change rose 21 percent to $47 million. Results reflect the merger with Grand Casinos, partially offset by increased costs in the Eastern region. 
President Casinos, Inc. (OTC BB : PREZ)PREZ develops, owns and operates riverboat and dock side casinos in Davenport, IA, Biloxi, MS and St. Louis, MO. PREZ also operates two non-gaming cruises and manages certain hotels. For the nine months ended 11/98, net revenues rose 11 percent to $156.6 million. Net loss rose 7 percent to $9.5 million. Revenues reflect a $3.6 million insurance payment related to a vessel being struck by river barges and growth in the Quad Cities' markets. Higher loss reflects $2.5 million for NY gaming licenses and increased debt. 
Paul-Son Gaming Corp. (Nasdaq : PSON)Paul-Son Gaming is a manufacturer and supplier of casino table gaming equipment. PSON products include casino chips, felt table layouts, cards, dice and other table accessories. For the nine months ended 2/28/99, revenues fell 8 percent to $17.2 million. Net loss decreased 32 percent to $708 thousand. Revenues suffered from lower sales of products not distributed by the Company. Lower loss reflects higher margins due to the elimination of dual playing card production. 
Powerhouse Technologies (Nasdaq : PWRH)Powerhouse Technologies sells, designs, manufactures, markets and operates lottery systems in the on-line lottery, video lottery and casino gaming industry. For the three months ended 3/99, total revenues rose 10 percent to $55.3 million. Net income before accting. change fell less than 1 percent to $611 thousand. Results reflect the casino opening at Sunland Park Racetrack and Casino, and increases in casino market gaming machine sales, offset by increased personnel, legal fees and other charges. 
CCA Companies, Inc. (Nasdaq : RIPE)CCA Companies is engaged in the operation and ownership of a gaming casino in Budapest and of a temporary gaming casino in Suriname, and the development of a casino and hotel project in Sakhalin in the Russian Federation. For the nine months ended 3/99, revenues totalled $4.2 million, up from $186 thousand. Net loss fell 24 percent to $3.5 million. Revenues reflect the purchase of a Budapest casino and the opening of a casino in Suriname. Net loss reflects increased S/G/A expenses. 
Riviera Holdings Corp. (AMEX : RIV)Riviera Holdings Corp. operates the Riviera Hotel and Casino in Las Vegas. The Company also manages the Four Queens Hotel/Casino and is developing a limited-stakes casino in CO. For the three months ended 3/31/99, net revenues increased 3 percent to $40.3 million. Net income totalled $166 thousand vs. a loss of $319 thousand. Results benefitted from an increase in slot revenues due to increases coin in and hold  percentages, the continued success of Nickel Town and lower debt levels. 
Interactive Gaming & Com. (OTC BB : SBET)Interactive Gaming and Communications Corp. is a holding company. SBET through its subsidiaries provides several unique and proprietary products and services to the internet, national and international marketplaces. For the six months ended 6/30/98, total revenues fell 14 percent to $150 thousand. Net loss from continuing operations before extraordinary items fell 18 percent to $434 thousand. Revenues reflect a reduction in licensing fees. Lower loss reflects a consolidation of management and employees. 
Scioto Downs, Inc. (OTC BB : SCDO)Scioto Downs, Inc. owns and operates a harness horse racing facility located in Columbus, OH. In addition, there are parking, grandstand, clubhouse, barn, eating, and stable facilities. For the three months ended 1/31/99, total revenues increased 24 percent to $25 thousand. Net loss rose 23 percent to $502 thousand. Revenues reflect an increase in other operating revenues. Higer loss reflects the addition of an office employee and annual increases for all employees. 
Silicon Gaming, Inc. (OTC BB : SGIC)Silicon Gaming, Inc. designs, develops, markets, and sell interactive slot machines for use in casinos and other gaming establishments, combining advanced multimedia platforms with software based games. For the three months ended 3/31/99, revenues increased 41 percent to $5.7 million. Net loss increased 34 percent to $9 million. Revenues benefitted from increased in direct unit sales and new sales jurisdictions. Higher loss reflects increased cost of sales and a $3.3 million restructuring charge. 
Santa Fe Gaming Corp. (OTC BB : SGMG)Santa Fe Gaming Corporation operates hotel and casino properties through two wholly owned subsidiaries: Santa Fe Hotel Inc. and Pioneer Hotel Inc. For the three months ended 12/31/98, total revenues increased 10 percent to $30.2 million. Net loss applicable to Common Stock decreased 20 percent to $3.9 million. Revenues benefitted from an increase in customers and the introduction of new slot equipment. Lower losses reflect a decrease in utilities and property expenses. 
Shuffle Master, Inc. (Nasdaq : SHFL)Shuffle Masters Inc. develops, manufactures and markets automatic card shuffling equipment, table games and video/slot machine game software for the gaming industry. For the six months ended 4/99, revenues fell 10 percent to $12.9 million. Net income decreased 23 percent to $2.3 million. Revenues reflect lower sales of the Shuffler game. Net income reflects higher research and development expenses due to new game development and the purchase of intellectual property. 
Sun International Hotels (NYSE : SIH)SIH is an international resort and gaming company which develops and manages resort and casino properties. The Co. currently operates resort hotels and casinos in The Bahamas, Atlantic City, the Indian Ocean and Connecticut. For the nine months ended 9/30/98, net revenues fell 3 percent to $417 million. Net income before extraordinary item remained flat at $70.8 million. Results reflect cancellation of business due to Hurricane Georges, offset by decreased casino and resort expenses. 
Anchor Gaming (Nasdaq : SLOT)Anchor Gaming, a gaming company, operates two casinos in Colorado, develops and distributes proprietary games, and operates gaming routes in Nevada. For the nine months ended 3/31/99, total revenues rose 11 percent to $186.3 million. Net income rose 1 percent to $50.2 million. Revenues reflect higher proprietary games operations revenues due to the joint venture with IGT. Earnings were partially offset by increased selling, general and administrative expenses. 
Sands Regent (Nasdaq : SNDS)The Sands Regent owns and operates The Sands Regency hotel/casino in Reno, NV and owns The Copa Casino, a dockside gaming vessel located in Gulfport, MS. For the nine months ended 3/31/99, revenues fell 20 percent to $34.7 million. Net loss decreased 8 percent to $1.5 million. Revenues reflect a decrease in gaming revenue from the Copa Casino and the Sands Regency. Lower loss reflects a decrease in general and administrative expenses due to decreased salaries and wages. 
Station Casinos, Inc. (NYSE : STN)Station Casinos is a multi-jurisdictional gaming enterprise that owns four hotel-casino facilities in Las Vegas, two gaming facilities in Missouri, and slot management and vending routes in NV and LA. For the comparable three months ended 3/31/99, revenues rose 12 percent to $229.9 million. Net income applicable to Common before extra item totalled $6.3 million vs. a loss of $2.5 million. Results reflect the opening of Sunset Station and continued improvements at the Texas Station. 
AutoTote Corporation (AMEX : TTE)AutoTote Corporation is a provider of computerized pari-mutuel wagering systems, is the exclusive licensed operator of all OTBs in Connecticut and is a provider of racing industry simulcasting services in the United States. For the six months ended 4/30/99, revenues rose 40 percent to $98.7 million. Net loss fell 74 percent to $1.9 million. Revenues reflect increased sales of lottery equipment for use in the SISAL operations. Loss also reflects reduced depreciation. 
Youbet.com, Inc. (Nasdaq : UBET)Youbet.com, Inc, a development stage company, is engaged in developing PC-based proprietary communications software technology to be utilized by consumers for online entertainment purposes. For the three months ended 3/31/99, revenues totalled $461 thousand, up from $0. Net loss fell 24 percent to $2.1 million. Results reflect commissions earned on customers wagers, partially offset by increased sales and marketing expenses and higher network operating expenses. 
Virtual Gaming Tech. (OTC BB : VGTI)Virtual Gaming Technologies, Inc. has established an Internet web site at which it offers interactive gaming service and a virtual casino under the service name ``Constellation''. For the fiscal year ended 12/31/98, net revenues totalled $221 thousand, up from $388. Net loss fell 21 percent to $4 million. Revenues reflect an increase in the gaming and sports wagering operations. Lower loss also reflects the absence of a $906 thousand non-cash settlement expense. 
WMS Industries Inc. (NYSE : WMS)WMS Industries Inc. is engaged in the design, manufacture and sale of slot machines, video lottery terminals and other gaming devices, pinball and novelty games, and-coin operated video games. For the nine months ended 3/31/99, revenues rose 79 percent to $114.7 million. Net loss from continuing operations fell 98 percent to $1 million. Results reflect an increased number of models of video games devices available for sale and a $58.8 million reduction in stock option expenses.%}
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ABM Industries, Inc. (NYSE : ABM)ABM Industries, Inc. operates in three functionally-oriented segments of the facility services industry; janitorial divisions, public service divisions, and technical divisions. For the six months ended 4/30/99, revenues rose 9 percent to $790.1 million. Net income applicable to Common rose 20 percent to $15.1 million. Revenues reflect new business, higher prices and acquisitions. Earnings reflect improved margins and lower borrowings. 
ABR Information Services (Nasdaq : ABRX)ABR Information Services, through its subsidiaries, provides comprehensive benefits administration, payroll, and human resource services to employers seeking to outsource these functions. For the nine months ended 4/30/99, revenues increased 63 percent to $82.2 million. Net income totalled $7 million, up from $1.2 million. Revenues reflect new customers, new service product offerings and acquisition of Chowning Ltd. Earnings also reflect improved margins as a  percentage of revenues. 
ACI Telecentrics, Inc. (OTC BB : ACIT)ACI Telecentrics, Inc. provides telephone based sales and marketing services primarily to the publishing, telecommunications, financial services industries. For the three months ended 3/31/99, revenues rose 33 percent to $4.7 million. Net income totalled $122 thousand vs. a loss of $244 thousand. Revenues reflect an increased number of billable hours due to an increased number of call stations. Earnings also benefitted from the closure of the Lombard, IL call center. 
ACSYS, Inc. (Nasdaq : ACSY)ACSY is a provider of specialty professional staffing services in the United States with 40 offices in major metropolitan markets across the country. For the three months ended 3/99, total service revenues increased 72 percent to $42.1 million. Net loss decreased 76 percent to $591 thousand. Revenues benefitted from the acquisitions and increased billing rates. Net loss reflects growth of ERP implementation consulting services and number of permanent placements. 
Andean Development Corp. (Nasdaq : ADCC)Andean Development Corp. is in the business of providing engineering, technical assistance and equipment in the development of specialized projects throughout Chile, Peru and Argentina. For the three months ended 3/31/99, revenues fell 70 percent to $117 thousand. Net income rose 50 percent to $102 thousand. Revenues reflect the delay of several projects due to the Asian crisis. Earnings benefitted from increased gains on the sale of real estate held for investment. 
Adecco SA (Nasdaq : ADECY)Adecco SA is in the business of providing temporary and permanent personnel to companies and industry worldwide. For the fiscal year ended 12/31/97, net service revenues increased 79 percent to SF11.43 billion. Net loss from continuing operations increased from SF15.1 million to SF206M. Revenues benefitted from an increase in services provided. Higher loss reflects higher direct costs of services, an increase in S/G/A expenses, and higher amortization of goodwill. 
Advatex Associates, Inc. (OTC BB : ADTX)Advatex Associates, Inc., prior to 7/31/97, provided property and construction management services to commercial office buildings. ADTX is currently inactive and is assessing various business opportunities. For the three months ended 3/31/99, the Company reported no revenues. Net income totalled $10 thousand vs. a loss of $17 thousand. Earnings reflect lower general and administrative expenses and increased interest income. 
Aegis Communications Grp. (Nasdaq : AGIS)Aegis Communications Group is a teleservices provider offering complete, integrated marketing services including customer acquisition, customer care, and marketing research to leading corporations. For the three months ended 3/31/99, revenues rose 46 percent to $61.8 million. Net loss totalled $23.8 million, up from $460 thousand. Results reflect the impact of revenues contributed by ATC subsequent to the 7/98 merger, offset by $20.4 million in asset impairment charges. 
A.R.T. International, Inc (OTC BB : AGPF)A.R.T International, Inc. manufactures high quality fine art reproductions of original paintings using the Company's patented and proprietary technologies, and markets them through a variety of channels and programs. For the three months ended 2/28/99, revenues rose from C$162 thousand to C$426 thousand. Net loss fell 96 percent to C$10 thousand. Revenues reflect increases in sales to the Company's main publishing customer. Lower loss was partially offset by higher note interest and other costs. 
Applied Graphics Tech. (Nasdaq : AGTX)Applied Graphics Technologies, Inc. provides digital media asset managment services and publishes greeting cards, calendars, art prints, and other wall decor products. For the three months ended 3/31/99, net sales rose 88 percent to $112 million. Net income fell 93 percent to $375 thousand. Revenues benefitted from internally generated business and acquisitions. Earnings were offset by a lower gross profit margin and higher selling, general and administrative expenses. 
AHL Services, Inc. (Nasdaq : AHLS)AHLS provides contract staffing and management of labor-intensive, task-repetitive support functions on an outsourced basis throughout the U.S. and Europe. For the three months ended 3/31/99, revenues totalled $170.6 million, up from $84.5 million. Net income totalled $3.7 million, up from $1.8 million. Results reflect acquisitions and higher revenues from new client contracts. Earnings also benefitted from decreased cost of services and corporate G&A as a  percentage of revenues. 
ALPNET, Inc. (Nasdaq : AILP)ALPNET, Inc. provides language translation, product localization, and multilingual publishing solutions to businesses engaged in international trade. For the three months ended 3/31/99, revenues increased 1 percent to $12.5 million. Net income decreased 87 percent to $104 thousand. Revenues reflect higher service sales. Net income reflects reduced margins due to higher costs of service sold and higher interest expense due to higher debt levels. 
Allin Corporation (Nasdaq : ALLN)ALLN is a technology and creative services company, that combines advanced technology capabilities with focused marketing skills in a variety of niche markets. For the three months ended 3/31/99, revenues totalled $6.1 million, up from $2.5 million. Net loss from continuing operations applicable to Com. fell 45 percent to $956 thousand. Revenues reflect the inclusion of revenue from Allin Consulting-Pennsylvania. Lower loss also reflects lower S/G/A costs due to expense reduction efforts. 
Alternative Resources (Nasdaq : ALRC)Alternative Resources, through its subsidiaries, provides information technology services, such as component outsourcing, consulting, technology rollouts, and IT project staffing. For the three months ended 3/31/99, revenues fell 1 percent to $81.9 million. Net income fell 2 percent to $2.6 million. Revenues reflect the shedding of unprofitable business inherited from the acquisition of CGI. Earnings also suffered from the absence of a $781 thousand gain on the liquidation of an investment. 
American Claims Evaluatn. (Nasdaq : AMCE)American Claims Evaluation Inc. provides a full range of vocational rehabilitation and disability management services through its wholly owned subsidiary, RPM Rehabilitation and Associates. For the nine months ended 12/98, revenues decreased 9 percent to $883 thousand. Net income totalled $59 thousand vs. a loss of $7 thousand. Revenues reflect decreased rehabilitation services. Earnings benefitted from successful efforts to reduce corporate overhead. 
Crosswalk.com, Inc. (Nasdaq : AMEN)Crosswalk.com, Inc. is the creator and builder of crosswalk.com, an interactive Website that provides information, interaction and opportunities for involvement to the Christian and family-friendly community. For the fiscal year ended 12/31/98, revenues rose from $422 thousand to $1.1 million. Net loss decreased 19 percent to $3.5 million. Revenues reflect increases in advertising/sponsorship sales and retail sales. Lower loss was partially offset by an increase in S/G/A expenses. 
Amer. Consolidated Growth (OTC BB : AMGC)American Consolidated Growth Corp., through its wholly owned subsidiary Eleventh Hour, Inc., provides temporary and permanent employee placement and outsourcing. For the six months ended 12/31/97, revenues rose 25 percent to $6.2 million. Net income totalled $439 thousand vs. a loss of $331 thousand. Revenues reflect higher demand for temporary workers provided by EHI. Net income reflects reduced overhead expenses, decreased finance costs, and a $289 thousand gain on the sale of assets. 
American Physicians Serv. (Nasdaq : AMPH)American Physicians Services Group, through its subsidiaries, provides financial services that include management services to malpractice insurance companies, and brokerage and investment services to individuals and institutions. For the three months ended 3/31/99, revenues rose 35 percent to $4.4 million. Net income from continuing operations totalled $268 thousand vs. a loss of $138 thousand. Results reflect greater commission income at APS Financial and higher equity earnings. 
Analytical Surveys, Inc. (Nasdaq : ANLT)ANLT is engaged in the production of precision computerized maps and information files used in Geographic Information Systems (GIS) used by government agencies to manage information relating to utilities, natural resources, streets, land use and taxation. For the six months ended 3/99, revenues rose 54 percent to $57.4 million. Net income rose 45 percent to $4.9 million. Results reflect an increase in the number and size of customer contracts, partially offset by subcontractor costs. 
AllnetServices.com Corp. (OTC BB : ANSC)AllnetServices.com Corp. specializes in the marketing and distribution of a broad range of products and services at wholesale prices to both consumer and trade customers. The Company is also engaged in a range of Internet-related services from live on-line auctions and e-tailing to World Wide Web hosting and Web page design and development. For the fiscal year ended 12/31/97, net sales totalled $63 thousand. Net loss totalled $87 thousand. 
AnswerThink Consulting (Nasdaq : ANSR)AnswerThink Consulting provides integrated consulting and technology enabled solutions focused on the internet and web-enabled electronic commerce marketplace. ANSR delivers business process transformation, Y2K solutions and packaged software implementation. For the three months ended 4/2/99, revenues rose 96 percent to 44.8 million. Net income before extraordinary item totalled $506 thousand vs. a loss of $39.9 million. Results reflect higher sales volume and the absence of $40.8 million in compensation. 
APAC TeleServices, Inc. (Nasdaq : APAC)APAC provides high volume telephone-based sales, marketing and customer management solutions for corporate clients operating in the business and consumer products, parcel delivery, financial services, insurance, retail, and telecommunicatins industries throughout the U.S. For the 13 weeks ended 4/4/99, revenues rose 20 percent to $107.4 million. Net loss from continuing operations totalled $202 thousand vs. income of $5.4 million. Results reflect inclusion of ITI, offset by restructuring charges. 
Automobile Protection (Nasdaq : APCO)Automobile Protection is engaged primarily in the marketing and administration of extended vehicle service contracts and extended vehicle warranty programs sold by new and used automobile retailers located throughout the U.S. For the three months ended 3/31/99, revenues increased 19 percent to $30.8 million. Net income rose 29 percent to $1.8 million. Results reflect additional dealers in the EasyCare program and increased interest income due to higher average investment balances. 
@Plan.Inc (Nasdaq : APLN)@Plan.Inc, is a provider of market research systems for online market participants including Internet advertisers, advertising agencies, Web publishers, online retailers and consumer brand marketers. For the three months ended 3/31/99, revenues totaled $1.3 million, up from $469 thousand. Net loss fell 7 percent to $342 thousand. Results reflect the increased revenues from existing clients partially offset by increased data collection costs. 
American Physician Part. (Nasdaq : APPM)American Physician Partners, Inc. develops, consolidates and manages radiology service networks which consist of free-standing diagnostic imaging centers and locations that have been outsourced by hospitals. For the three months ended 3/99, revenues increased 32 percent to $39.2 million. Net income increased 26 percent to $3.9 million. Revenues reflect increased business from existing facilities. Earnings were partially offset by an increase in salaries and benefits. 
Aquagenix, Inc. (OTC BB : AQUX)AQUX, through its wholly-owned subsidiary, provides aquatic and industrial vegetation management services to governmental and commercial customers in Fl, GA, NC, SC, AZ, AL, CA, and TN. For the nine months ended 9/98, revenues rose 27 percent to $12.9 million. Net loss totalled $9.7 million, up from $1.6 million. Revenues reflect an increase in environmental construction contracts. Higher loss suffered from $2 million in asset impairment and restructuring charges. 
Administaff, Inc. (NYSE : ASF)Administaff provides a comprehensive Personnel Management System which encompasses a broad range of services, including benefits and payroll administration, employee recruiting and selection, performance management and training and development services. For the three months ended 3/99, revenues rose 31 percent to $475.9 million. Net loss totalled $2.1 million, up from $742 thousand. Results reflect an increase in worksite employees paid, offset by higher personnel costs. 
On Assignment, Inc. (Nasdaq : ASGN)ASGN provides temporary and permanent placement of scientific personnel within the biotech, environmental, chemical, pharmaceutical, and food and beverage industries. ASGN also provides medical billing and collections. For the three months ended 3/99, revenues rose 22 percent to $34.8 million. Net income rose 31 percent to $3 million. Revenues reflect increases in Lab and Healthcare staffings and higher average hourly billing rates. Earnings also reflect higher gross margins. 
ASI Solutions, Inc. (Nasdaq : ASIS)ASIS provides human resources outsourcing services for large organizations seeking to hire, train and develop a workforce. ASIS's services include: assessment and selection, training, customer contact, research and consulting and employment administration. For the nine months ended 12/98, revenues totalled $44.9 million, up from $22 million. Net income totalled $2.9 million, up from $1.2 million. Results reflect the McLagan acquisition and lower sales and marketing costs as a  percent of sales. 
American Vantage Cos. (Nasdaq : AVCS)AVCS is a gaming consulting company engaged in providing consulting services to Table Mountain Casino and Bingo, a tribal gaming enterprise on a Federal Indian Rancheria in CA. For the nine months ended 4/30/99, revenues increased 2 percent to $6.7 million. Net income increased 21 percent to $2.9 million. Revenues reflect consulting agreement with the Table Mountain Rancheria Band of Indians. Earnings also reflect the absence of a $861 thousand project write-off cost. 
Access Worldwide Commun. (Nasdaq : AWWC)Access Worldwide Communications, Inc. is an outsourced marketing services company that assists clients in penetrating complex and hard-to-reach market segments. For the three months ended 3/31/99, revenues increased 45 percent to $22.7 million. Net income before extraordinary item decreased 79 percent to $107 thousand. Revenues benefitted from the continued growth in the business with sprint. Earnings were offset by a decrease in gross profit as a  percentage of revenues. 
BAOA, Inc. (OTC BB : BAOA)BAOA operates call centers in federally designated empowerment zones throughout the United States. Until 1997, BAOA was engaged in the sale and marketing of a board game, the sale of a BAOA credit card and the development of a television game show. For the nine months ended 9/30/98, revenues totalled $0, vs. $18 thousand. Net loss rose 79 percent to $764 thousand. Higher loss reflects higher sales and marketing expenses and higher consulting and outside services costs. 
Barringer Technologies (Nasdaq : BARR)Barringer is engaged in the design, development, manufacture and sale of high sensitivity equipment used for detecting trace amounts of plastic and other explosives and illegal drugs. For the three months ended 3/31/99, revenues fell 11 percent to $5.3 million. Net income applicable to Common fell 72 percent to $498 thousand. Revenues reflect lower volumes and average selling prices of IONSCAN. Earnings also reflect a higher level of internally funded new product development activity. 
Bayou International, Ltd. (OTC BB : BAYU)Bayou International, Ltd. is a holding company engaged in the research and development of high efficiency, low pollution or pollution-free products and technologies in the energy conversion and conservation fields. For the nine months ended 3/31/99, the Company reported no revenues. Net loss from continuing operations toalled A$352 thousand vs. an income of A$517 thousand. Results reflect higher interest expenses and the absence of A$859 thousand in foreign currency gains. 
Barrett Business Services (Nasdaq : BBSI)Barrett Business Services is a provider of outsourced human resource management services, including payroll processing, employee benefits and administration, workers' compensation, risk management programs, and recruiting and hiring. For the three months ended 3/31/99, revenues rose 3 percent to $71 million. Net income rose 91 percent to $740 thousand. Results reflect increased professional employer service revenues and higher margins due to lower payroll taxes. 
Birner Dental Mgmt. Svcs. (Nasdaq : BDMS)BDMS acquires, develops, and manages geographically dense dental practice networks in select markets, currently including CO and NM. For the three months ended 3/31/99, revenues rose 51 percent to $7 million. Net income before acctg. change totalled $299 thousand, up from $102 thousand. Revenues reflect the acquisition of one practice, the opening of one de novo Offices and higher revenues from existing offices. Net income also reflects the absence of $305 thousand in conversion inducement cost. 
Sotheby's Holdings, Inc. (NYSE : BID)BID is engaged in art-related financing activities, the marketing and brokering of luxury real estate, fine arts education and art-related restoration. BID also conducts auctions and private sales of fine art, jewelry and decorative art. For the three months ended 3/31/99, revenues fell 7 percent to $63.2 million. Net loss rose 52 percent to $9.5 million. Results reflect a decrease in the average selling price per lot sold and an increase in salaries and related costs. 
Bid.Com International (Nasdaq : BIDS)Bid.Com International is a sales and marketing company that offers auction services at its Web site and at other unique resource locators (URLs) using proprietary technologies to create revenue opportunities in electronic commerce. For the fiscal year ended 12/31/98, revenue totalled C$20.1 million, up from C$2.7 million. Net loss totalled C$18.7 million, up from C$6.7 million. Results reflect increased traffic at the Company's web site, offset by increased advertising costs. 
Billing Concepts Corp. (Nasdaq : BILL)Billing Concepts Corp. is a third-party billing clearinghouse and information management services provider to the telecommunications industry. For the six months ended 3/31/99, revenues rose 99 percent to $22.8 million. Net loss from continuing operations fell 62 percent to $277 thousand. Revenues reflect an increase in professional service revenues. Lower loss reflects an improved gross profit margin, partially offset by a $770 thousand loss in the equity of investee. 
Michael Baker Corporation (AMEX : BKR)BKR provides engineering, construction, operations and technical services worldwide through its buildings, civil, energy, environmental and transportation operating segments. For the three months ended 3/99, revenues rose 4 percent to $115.1 million. Net income fell 43 percent to $413 thousand. Revenues reflect higher revenues from new O and M contracts. Earnings were offset by $800 thousand in restructuring charges in the Buildings unit and higher support costs in the Energy unit. 
Boron, LePore & Assoc. (Nasdaq : BLPG)Boron, LePore and Associates, Inc. provides outsourced promotional, marketing, and educational services to the pharmaceutical industry. For the three months ended 3/31/99, revenues increased 5 percent to $33.8 million. Net loss totalled $1.1 million vs. an income of $1.9 million. Results reflect higher educational conferencing services, field sales force logistics services and contract sales service revenues. Net Loss reflects a $754 thousand goodwill impairment charge and additional personnel cost. 
Birman Managed Care, Inc. (Nasdaq : BMAN)Birman Managed Care, Inc. assists hospitals and other health care providers to more accurately document the services rendered, obtain appropriate reimbursement and comply with government rules, and provides utilization review services to insurers. For the nine months ended 3/31/99, revenues fell 17 percent to $5.7 million. Net loss from continuing operations before extraordinary item rose 42 percent to $1.7 million. Results reflect a conversion to lower fixed fee compensation contracts. 
Bentley International (OTC BB : BNTL)Bentley International currently owns Alnick Realty Company, Inc. In May 1998, the Company purchased certain assets of a credit reporting agency and formed Bentley Information Services, Inc. For the nine months ended 9/98, revenues totalled $27 thousand, up from $0. Net loss from continuing operations fell 87 percent to $31 thousand. Results reflect revenues of Bentley Information Services, decreased selling, general and administrative expenses and lower borrowings. 
Building One Services Cp. (Nasdaq : BOSS)BOSS operates in the facilities services industry, providing electrical installation and maintenance services, mechanical installation and maintenance services, and janitorial and maintenance management services nationwide. For the three months ended 3/31/99, revenues rose from $54.6 million to $350.8 million. Net income rose from $5.1 million to $14.7 million. Results reflect the acquisitions of the Purchased Companies and decreased S/G/A expenses as a  percentage of revenues. 
Butler International, Inc (Nasdaq : BUTL)Butler International is engaged in the location, recruitment, and hiring of a wide variety of technical personnel to industrial, telecommunication, and service corporations. For the three months ended 3/31/99, net sale fell 1 percent to $105.9 million. Net income applicable to Common rose 40 percent to $1.7 million. Revenues reflect a decrease in the Technical Group and Fleet Services Businesses. Earnings benefitted from increased gross margins due to an improved business mix. 
CASCO International, Inc. (Nasdaq : CASC)CASCO International, Inc. is engaged in the design, implementation and fulfillment of associate incentive awards and recognition programs for businesses throughout the United States. For the three months ended 3/31/99, revenues rose 23 percent to $6 million. Net income before extraordinary item totalled $288 thousand, up from $24 thousand. Results reflect strong retention of existing customers, new customers in new markets and the absence of a $151 thousand building sale loss. 
Century Business Services (Nasdaq : CBIZ)CBIZ is a diversified service organization which, acting through its subsidiaries, provides outsourced business services, including specialty insurance services, to small and medium sized enterprises, individuals and goverment entities. For the three months ended 3/31/99, revenues rose 88 percent to $125 million. Net income from continuing operations rose 95 percent to $14.6 million. Results reflect acquisitions and internal growth, and lower operating expenses as a  percent of sales. 
Continental Choice Care (Nasdaq : CCCI)Continental Choice Care has entered into a Consulting Agreement in which RRI will provide UMDC with the use of the assets sold to them and RRI will provide certain other enumerated services in exchange for a consulting fee. For the nine months ended 9/30/98, revenues totalled $806 thousand vs. $0. Net loss from continuing operations fell 39 percent to $997 thousand. Revenues reflect the United subsidiary acquisition. Lower loss was partially offset by costs of United acquisition. 
ComTech Consolidation Grp (OTC BB : CCGI)ComTech Consolidation Group, Inc. is a consolidation/acquisition company focused on two industries: specialty medical service providers and communications and network technology companies, primarily in the Internet area. For the nine months ended 9/30/98, revenues totalled $4.6 million. Net income totalled $277 thousand. Results are not comparable due to the Company not reporting fiscal year 1997 quarters. 
ClinTrials Research, Inc (Nasdaq : CCRO)ClinTrials designs, monitors and manages preclinical trials, provides clinical data management and biostatistical services, and offers product registration services throughout the US, Canada and Europe. For the three months ended 3/31/99, net service revenue rose less than 1 percent to $23.7 million. Net loss rose 31 percent to $2.9 million. Revenues reflect higher Europe clinical and Canada preclinical revenues. Higher loss reflects $845 thousand in termination costs. 
Coast Dental Services (Nasdaq : CDEN)CDEN provides management services to 104 Dental Centers (46 internally developed and 58 acquired) located in Florida and Georgia. For the fiscal year ended 12/31/98, revenues rose 72 percent to $34.5 million. Net income (vs. pro-forma) before accounting change increased 28 percent to $4.2 million. Revenues reflect an increase in patient visits, 42 acquired dental centers and 34 internally developed Centers. Earnings were partially offset by a $1.8 million developmental charge. 
CDI Corporation (NYSE : CDI)CDI provides staffing, outsourcing and consulting services in technical, information technology, temporary and management recruiting services. For the three months ended 3/31/99, revenues increased 3 percent to $389.1 million. Net income increased 10 percent to $11.7 million. Revenues benefitted from higher revenues from information technology. Earnings benefitted from improved margin due to better mix of business and lower operating costs as a  percentage of revenues. 
Comforce Corporation (AMEX : CFS)Comforce Corporation provides staffing, consulting and outsourcing solutions focused on the high technology needs of businesses. For the three months ended 3/99, revenues decreased 4 percent to $107.1 million. Net loss applicable to Common totalled $1.2 million, up from $463 thousand. Revenues reflect lower sales in the Staffing Services division due to substantially lower sales with the Co.'s largest customer. Net loss reflects increased S/G/A expenses and higher debt levels. 
Avalon Community Services (Nasdaq : CITY)Avalon Community Services owns and operates privatized correctional facilities and provides intensive correctional programming in Oklahoma and Texas. For the fiscal year ended 12/98, revenues rose 31 percent to $7.7 million. Net loss from continuing operations before acct. changes fell 79 percent to $376 thousand. Revenues reflect the acquisition of the Turley Correctional Facility and the Fordland substance abuse counseling contract. Lower loss also reflects the absence of a $1.8 million amortization charge. 
CheckFree Holdings Corp. (Nasdaq : CKFR)CKFR provides electronic processing services, institutional portfolio management services, and financial application software for financial institutions and businesses. For the nine months ended 3/99, revenues rose 5 percent to $179.4 million. Net income totalled $9.6 million, vs. a loss of $9.5 million. Revenues reflect growth in the electronic commerce and investment services businesses. Earnings also reflect the absence of a $32.4 million charge for stock warrants. 
Clinicor, Inc. (OTC BB : CLCR)CLCR designs, manages and monitors clinical trials and provides integrated clinical and product development services, including patient recruitment, data management, biostatistical analysis, regulatory affairs, and other consultation services. For the three months ended 3/99, revenues rose 11 percent to $3.2 million. Net loss applicable to Common decreased 13 percent to $687 thousand. Revenues reflect an increase in average size of trials. Lower loss reflects cost containment measures. 
Carlisle Holdings Ltd. (Nasdaq : CLHL)CLHL operates in two service businesses: Facilities Management, which provides cleaning and value added building maintenance and support services; and Financial Management Services, which provides full service banking services. For the six months ended 10/31/98, revenues totalled $395.3 million. Net income from continuing operations totalled $16.3 million. Revenues reflect sales achieved from ISS Facility Services division. Earnings also reflect streamlining of purchasing process. 
CAM Designs Inc. (OTC BB : CMDA)CAM Designs, Inc. engages in product development within the automotive and aerospace markets, including design/styling, engineering, tooling and prototyping. CMDA also engages in placement and recruiting activities within these markets. For the three months ended 8/31/98, total sales fell 41 percent to $4.3 million. Net loss fell 55 percent to $233 million. Revenues reflect the closure of low margin divisions during 1998. Lower loss reflects business sales and cost reduction efforts. 
Compass Int'l Services (Nasdaq : CMPS)Compass International Services provides outsourced business services such as accounts receivable management, mailing services, teleservices and telephonic check drafting services to the telecommunications, financial services, insurance and other sectors. For the three months ended 3/31/99, revenues totalled $41.7 million, up from $8.6 million. Net income rose 72 percent to $857 thousand. Revenues reflect acquisitions. Earnings were partially offset by increased goodwill amortization. 
CorpHQ Inc. (OTC BB : COHQ)CorpHQ Inc. operates an Internet based on-line service that serves as a commercial platform for small and home based service businesses operating in the U.S. COHQ also operates a sales organization that markets the products and services produced by its subscribers to companies in Southern California. For the six months ended 6/98, revenues totalled $150 thousand. Net loss totalled $15 thousand. Results are not comparable because prior year financials are not available. 
Central Parking Corp. (NYSE : CPC)CPC provides parking services in the United States, Canada, Puerto Rico, South America and Europe. As of 9/98, CPC operated 2,440 parking facilities under management contracts, leases, and fee ownership. For the six months ended 3/99, revenues rose 38 percent to $363.9 million. Net loss before extraordinary item totaled $1.9 million vs. an income of $11.5. Revenues reflect the acquisitions of Kinney, Turner, Sterling, and National's 267 leased and owned location, offset by $27.3 million merger costs. 
Complete Management, Inc. (OTC BB : CPMI)Complete Management provides physician practice management services to medical practices and hospitals. CMI's services range from mananging all non-medical aspects of the business to providing limited non-medical services, such as billing and collection. For the nine months ended 9/98, revenues fell 12 percent to $44.8 million. Net loss totalled $62 million, vs. an income of $6.5 million. Results reflect lower revenues from related parties and a $74.2 million non-recurring charge. 
ChoicePoint, Inc. (NYSE : CPS)ChoicePoint, Inc. is a provider of risk management and fraud prevention information and related technology solutions to the insurance industry and other industries. For the three months ended 3/31/99, revenues rose 5 percent to $99.7 million. Net income increased 18 percent to $9 million. Revenues benefited from strong revenue performance in automated products and new acquisitions. Net income reflects a $2.5 million gain on the sale of businesses. 
Critical Path, Inc. (Nasdaq : CPTH)CPTH provides email hosting services designed to allow organizations, ISPs, web hosting companies and web portals to reduce costs and improve customer service by outsourcing their email systems. As of 3/31/99, CPTH hosted 1.4 million mailboxes. For the three months ended 3/99, revenues rose from $70 thousand to $1 million. Net loss rose from $1.3 million to $17.6 million. Revenues reflect growth in the customer base. Higher loss reflects $11.7 million in stock option and stock-based expenditures. 
Charles River Associates (Nasdaq : CRAI)Charles River Associates, an economic and business consulting firm, applies analytical techniques and industry knowledge to complex engagements in the legal and regulatory consulting, and business consulting fields. For the three months ended 2/19/99, revenues rose 29 percent to $14.4 million. Net income (vs. pro forma) rose 49 percent to $1.8 million. Revenues reflect increased employee consultants. Earnings reflect improved utilization of existing space and systems. 
Creditrust Corporation (Nasdaq : CRDT)Creditrust Corporation is an information-based purchaser, collector and manager of defaulted consumer receivables, primarily consisting of VISA, Master Card and private label credit card and consumer loan accounts. For the three months ended 3/31/99, total revenues totalled $12 million, up from $3.4 million. Net income totalled $2.4 million, up from $415 thousand. Results reflect increased income on finance receivables due to receivables purchases during the year. 
Craig Corporation (NYSE : CRG)Craig Corporation with its wholly owned subsidiaries, is in the business of identifying, acquiring, owning and managing controlling interests in other operating companies. For the nine months ended 9/30/98, total revenues rose 3 percent to $26.1 million. Net loss applicable to Common totalled $769 thousand. vs. an income of $3.6 million. Revenues reflect the commencement of operations at two Domestic Cinemas. Loss reflects costs associated with the opening of new Cinemas. 
Cornell Corrections, Inc. (NYSE : CRN)Cornell Corrections is a provider of privatized correctional, detention and pre-release services to governmental agencies. As of 12/98, the Company operated 53 facilities in 12 states with a total offender capacity of 10,525. For the three months ended 3/31/99, revenues rose 42 percent to $38.4 million. Net income before accounting change rose 14 percent to $1.4 million. Results reflect the opening of new facilities, partially offset by increased corporate expense. 
Correctional Services (Nasdaq : CSCQ)CSCQ is a developer, operator and manager of correctional and detention facilities for federal, state and local government. For the fiscal year ended 12/31/98, revenues rose 63 percent to $97.9 million. Net loss before accounting change totalled $1.2 million vs. income of $3 million. Revenues reflect newly opened facilities, increased residents housed and per diem rate and occupancy level increases. Loss reflects $11.6 million in deferred development and start-up costs. 
CSG Systems International (Nasdaq : CSGS)CSGS provides customer management solutions, encompassing processing services, software products and other services to the cable television, direct broadcast satellite and on-line service industries. For the three months ended 3/99, revenues rose 44 percent to 71.1 million. Net income rose 79 percent to $11.6 million. Revenues reflect increased number of customers serviced. Earning also reflect better overall leveraging of processing costs as a result of increased customer base. 
Competitive Technologies (AMEX : CTT)Competitive Technologies is engaged in providing technology management services to universities, federal agencies, and corporations to maximize returns on client's investments in technology. For the six months ended 1/31/99, total revenues increased 2 percent to $1.4 million. Net loss decreased 85 percent to $77 thousand. Revenues reflect increased retained royalties due to new licenses and contract revenues. Lower loss also reflects a reduction in cost of sales and interest expenses. 
Caribiner International (NYSE : CWC)CWC is an international producer of meetings, events and training programs, a provider of audio visual equipment rentals, sales and installations, and a provider of related corporate meeting and business communications services. For the six months ended 3/31/99, revenues rose 17 percent to $363.7 million. Net loss before extraordinary item totalled $2.3 million vs. an income $3.9 million. Results reflect the acquisition of Visual Action Holdings plc, offset by increased S/G/A and interest expenses. 
CyberAmerica Corporation (OTC BB : CYAA)CyberAmerica Corporation is primarily engaged in the acquisition, management, lease and sale of real estate. The Company also provides a variety of financial consulting services. For the three months ended 3/31/99, total revenues totalled $1.1 million, up from $158 thousand. Net income totalled $323 thousand vs. a loss of $335 thousand. Results reflect the sale of property in Oasis, Nevada, a significant increase in consulting revenues and lower S/G/A expenses. 
Cypress Financial Srvcs. (OTC BB : CYFS)Cypress Financial Services provides accounts receivable management, administration, and debt collection services primarily to health care providers and consumer credit issuers. For the six months ended 3/31/99, total revenues fell 4 percent to $2.4 million. Net loss totalled $558 thousand, up from $7 thousand. Revenues reflect reduced fees recognized from gross collections. Loss also reflects personnel increases and $262 thousand in loan losses. 
DA Consulting Group, Inc. (Nasdaq : DACG)DA Consulting Group, Inc. is an international provider of employee education and support solutions to companies investing in business information technology. For the three months ended 3/31/99, revenues rose 65 percent to $24.1 million. Net income totalled $1.5 million, up from $545 thousand. Revenues reflect an increases in volume of services and rates, and improvements in the Americas Division. Earnings reflect higher margins due to improved productivity. 
Duff & Phelps Cr. Rating (NYSE : DCR)Duff and Phelps Credit Rating Company provides ratings and research on corporate, structured, and sovereign financings as well as insurance claims paying ability. For the three months ended 3/99, revenues increased 2 percent to $22.2 million. Net income increased 5 percent to $4.6 million. Revenues reflect increases in the structured finance rating business and the growth of the Latin American business. Earnings also reflect lower other operating expenses and a reduction of debt levels. 
DiversiFax, Inc. (OTC BB : DFAX)DiversiFax, Inc. is engaged in the business of owning and operating coin and debit card pay-per-copy photocopy machines, microfilm readers and accessory equipment. For the nine months ended 8/31/98, net sales fell 30 percent to $3.5 million. Net loss totalled $1.2 million, up from $146 thousand. Revenues reflect a decrease in the revenue generated from microfiche scanner units and reduced copier revenues. Loss also reflects lower margins due to changes in product mix. 
Dun & Bradstreet Corp (NYSE : DNB)The Dun and Bradstreet Corp. is a provider of business-to-business credit, marketing and purchasing information and commercial receivables management services, with offices in 36 countries. For the three months ended 3/99, revenues rose 4 percent to $490.9 million. Net income from continuing operations increased 17 percent to $60.4 million. Revenues reflect strong growth at Moody's and moderate growth for D&B U.S. and Europe. Earnings also reflect lower debt levels. 
Diamond Tech. Partners (Nasdaq : DTPI)Diamond Tech. is a management consulting firm that synthesizes business strategy with information technology to create innovative digital strategies for leading national and multi-national corporations. For the nine months ended 12/98, net revenues increased 43 percent to $59.7 million. Net income increased 75 percent to $7 million. Results reflect increased volume of services delivered to new clients, the leveraging of the existing client base and increased interest income. 
eBay Inc. (Nasdaq : EBAY)eBay Inc. has developed a Web-based community in which buyers and sellers are brought together in an auction format to buy and sell items such as antiques, coins, collectibles, computers, memorabilia, stamps and toys. For the three months ended 3/31/99, revenues totalled $34 million, up from $6 million. Net income totalled $5.9 million, up from $148 thousand. Results reflect increased activity on the eBay website, as shown by increases in total items listed and gross merchandise sales. 
Electronic Clearing House (Nasdaq : ECHO)Electronic Clearing House, Inc. is a transaction processor with specialties in Internet transaction delivery, credit card processing and the design and implementation of integrated systems. For the six months ended 3/31/99, total revenues increased 26 percent to $11.8 million. Net income totalled $702 thousand, up from $313 thousand. Revenues reflect growth in bankcard processing and transaction revenues. Earnings also benefitted from higher gross margins and lower debt levels. 
EDGAR Online, Inc. (Nasdaq : EDGR)EDGAR Online, Inc. is an internet based commercial provider of business, financial and competitive information contained in corporate filings made by public companies with the SEC. For the three months ended 3/31/99, revenues increased 67 percent to $641 thousand. Net loss totalled $586 thousand, up from $188 thousand. Revenues reflect a rise in corporate contracts and individual subscriptions. Higher losses reflect an increase in personnel and higher advertising commissions. 
Equifax, Incorporated (NYSE : EFX)Equifax principally provides information services to businesses to help them grant credit and authorize and process credit cards and check transactions. For the three months ended 3/31/99, revenues rose 19 percent to $421.5 million. Net income fell 2 percent to $43.9 million. Revenues reflect acquisitions and improvements in the North American Information Services and Payment Services segments. Earnings reflect higher levels of borrowings for acquisitions and share repurchases. 
Executive TeleCard, Ltd. (Nasdaq : EGLO)EGLO is a global value-added service provider of telecommunications and information services, focused on mobile end-users, messaging, and information management. The company extended its line of services by acquiring IDX, with its IP voice and fax capabilities. For the fiscal year ended 12/31/98, revenues totalled $22.5 million. Net loss totalled $7.1 million. Results are not comparable due to the company changing its fiscal year end from March 31 to December 31. 
Elamex, S.A. de C.V. (Nasdaq : ELAMF)Elamex, S.A. de C.V. provides contract assembly services and turnkey manufacturing services mainly for companies in the electronics, electromechanical, avionics and medical industries. For the 13 weeks ended 4/4/99, net sales rose 11 percent to $31.5 million. Net income fell 30 percent to $455 thousand. Revenues reflect the transitioning of new projects from ramp-up to full production. Earnings reflect lower margins due to wage increases and product mix. 
Physicians Specialty Corp (Nasdaq : ENTS)Physicians' Specialty Corp. provides comprehensive physician practice management services to physician practices and health care providers specializing in the treatment and management of diseases and disorders of the ears, nose, throat, head and neck. For the three months ended 3/99, revenues increased 79 percent to $21.5 million. Net income increased 76 percent to $1.7 million. Results reflect an increase with the number of physicians affiliated with the Company. 
Electro Optical Systems (EOSCEOSC is a development stage company which is developing for commercial use state-of-the-art fingerprint biometric systems for the information security and access control market. For the nine months ended 9/30/98, the Company reported no revenues. Net loss totalled $904 thousand, up from $75 thousand. Higher loss reflects the initial sales and marketing activities for biometric identification technology, and outsourcing of development activity. 
Earl Scheib, Inc. (AMEX : ESH)ESH operates a chain of 163 automobile production paint and body shops which specialize in low priced repainting of automobiles and performing body repairs other than major collision repair. For the nine months ended 1/99, net sales increased 9 percent to $40.6 million. Net income decreased 58 percent to $400 thousand. Revenues reflect increased same shop sales and the addition of 14 new shops. Net income was offset by a decreased gross profit margin due to lower average sales prices. 
Employee Solutions, Inc. (Nasdaq : ESOL)Employee Solutions, Inc. is a professional employer organization specializing in integrated employment outsourcing solutions for small to medium sized businesses. For the three months ended 3/31/99, revenues fell 10 percent to $198.9 million. Net loss totaled $3.5 million, up from $905 thousand. Revenues reflect the loss of US Xpress as a customer. Higher loss reflects lower margins product mix and higher interest expenses due to interest on the HDVT arbitration award. 
Esquire Communications (Nasdaq : ESQS)Esquire Communications Ltd. is a court reporting firm which provides printed and computerized transcripts, video recordings of testimony from depositions and speech recognition systems to the legal profession. For the three months ended 3/99, revenues increased 68 percent to $34.8 million. Net loss applicable to Common totalled $1.3 million vs. an income of $383 thousand. Revenues reflect the inclusion of operations from acquisitions, offset by lower margins and higher debt levels. 
Environmental Safeguards (AMEX : EVV)EVV is engaged in the development, production and sale of environmental remediation technologies and services, primarily to the oil and gas industry, through subsidiaries, National Fuel and Energy, Inc. and OnSite Technologies. For the three months ended 3/31/99, total revenues rose 64 percent to $4.2 million. Net income applicable to Common after minority int. totalled $142 thousand, vs. a loss of $454 thousand. Results reflect higher ITD revenues in Columbia and lower interest and administrative expenses. 
Corporate Executive Board (Nasdaq : EXBD)The Corporate Executive Board Company provides best practices research and analysis focusing on corporate strategy, operations and general management issues. The Company provides its research and analysis to corporations on an annual subscription basis. For the three months ended 3/31/99, revenues rose 35 percent to $15.7 million. Net income totalled $4.9 million, up from $1.8 million. Results reflect consistent renewal rates and a $1.4 million income tax benefit vs. a $204 thousand provision. 
Exponent, Inc. (Nasdaq : EXPO)EXPO is a multidisciplinary organization of scientists, physicians, engineers, and business consultants performing scientific research and analysis in over 50 technical disciplines. For the fiscal year ended 1/1/99, revenues rose 16 percent to $85.5 million. Net income from continuing operations fell 7 percent to $4.1 million. Revenues reflect the acquisition of Exponent Environmental Group and growth from BCS Wireless. Earnings reflect additional personnel expenses. 
Vision Twenty-One, Inc. (Nasdaq : EYESVision Twenty-One and its subsidiaries provide business management services for eye care professionals and related businesses, and contracts with third-party health benefits payors to provide eye care services through a network. For the nine months ended 9/30/98, total revenues rose from $39.3 million to $161.4 million. Net income before extraordinary item totaled $3.6 million vs. a loss of $394 thousand. Results reflect acquisitions and lower medical claims ratio. 
First American Health (Nasdaq : FAHC)FAHC provides managed vision care plans and programs to the employee benefit industry and direct access to preferred pricing through a network of preferred providers. For the six months ended 1/31/99, revenues fell 2 percent to $3.9 million. Net loss totalled $13 thousand vs. income of $186 thousand. Revenues reflect decreased fee revenues due to the non-renewal of two large accounts. Net loss also reflects increased S/G/A expenses due to the addition of staff and associated expenses. 
First Consulting Group (Nasdaq : FCGI)First Consulting Group provides information-based consulting, integration and management services for the healthcare, pharmaceutical and life sciences industries in North America and Europe. For the three months ended 3/31/99, net revenue rose 35 percent to $58.9 million. Net income rose 34 percent to $3.7 million. Results reflect an increase in revenues from both the Company's consulting and integration services, partially offset by $110 thousand in merger related costs. 
Fair, Isaac and Co., Inc. (NYSE : FIC)FIC is a developer of predictive and risk assessment models for the financial services industry, including credit and insurance scoring algorithms. For the six months ended 3/31/99, revenues increased 21 percent to $136.9 million. Net income rose 53 percent to $14.5 million. Revenues benefitted from an increase in the number of accounts. Net income also reflects decreased S/G/A expenses as a  percentage of revenues due to the reassignment of personnel and related costs. 
1st Net Technologies, Inc (OTC BB : FNTT)FNTT is an Internet products company specializing in enabling core technologies that support a new platform by the Company called Content Based Routing, controling and monitoring information, telephony and video on a single platform. FNTT also offers services for public companies and investors. For the nine months ended 9/98, revenues totalled $958 thousand. Net income totalled $191 thousand. Results are not comparable to a prior period due to FNTT's 4/7/97 inception. 
Forrester Research, Inc. (Nasdaq : FORR)Forrester Research, Inc. creates, publishes and sells technology research reports and provides advisory services and technology conferences. For the three months ended 3/31/99, revenues increased 37 percent to $17.9 million. Net income increased 42 percent to $1.9 million. Revenues reflect an increase in the number of client companies and additional core research to existing clients. Earnings also reflect decreased marketing costs as a  percentage of sales. 
Financial Performance (OTC BB : FPCX)Financial Performance Corp. markets merger communications services and computer software designed to identify and analyze the financial impact and competitive position of companies in the financial services industry. For the three months ended 3/31/99, revenues fell 24 percent to $3.4 million. Net income fell 29 percent to $273 thousand. Revenues reflect a decrease in billings by MKP. Earnings also suffered from increased consulting fees, insurance costs and professional fees. 
First Priority Group, Inc (Nasdaq : FPGP)First Priority Group, Inc. is engaged in automotive fleet management and administration of automotive repairs for businesses, insurance companies and members of affinity groups. For the three months ended 3/31/99, revenues fell 11 percent to $3.6 million. Net loss decreased 24 percent to $208 thousand. Revenues reflect lower national vehicle accident rates. Lower loss reflects higher margins due to better pricing structures and an increase in Affinity program sales. 
Four Seasons Hotel Inc. (NYSE : FS)Four Seasons Hotels Inc. is engaged in the management of, and the investment in, hotel and resort properties throughout the world. For the three months ended 3/99, revenues increased 13 percent to C$57.5 million. Net income before US GAAP increased 30 percent to C$10.1 million. Revenues reflect strong performances at The Pierre in New York, The Ritz-Carlton in Chicago and The Four Seasons Hotel in Vancouver. Earnings also reflect an increase in gross profit. 
FirstService Corporation (Nasdaq : FSRV)FirstService Corp. provides Property and Business services to corporate, government and residential customers including community association management, security, lawn care, franchising, etc. For the nine months ended 12/31/98, revenues increased 45 percent to C$300.8 million. Net income before U.S. GAAP rose 15 percent to C$13.2 million. Revenues reflect acquisitions and strong internal growth. Earnings were partially offset by a higher tax rate and a weaker Canadian dollar. 
F.Y.I. Incorporated (Nasdaq : FYII)FYII is a single source provider of document and information outsourcing solutions to the healthcare, law, banking, insurance, retailing, manufacturing and government industries. For the three months ended 3/31/99, revenues rose 27 percent to $71.6 million. Pro forma net income rose 35 percent to $5.3 million. Revenues reflect acquisitions and internal growth. Earnings benefitted from higher profit margins associated with increased legal services consulting revenues. 
Getty Images, Inc. (Nasdaq : GETY)Getty Images is a global visual content provider. GETY owns and controls content across all major categories of the non-commissioned sector of the visual content industry. For the three months ended 3/99, revenues rose 37 percent to $52.2 million. Net loss rose 51 percent to $7.9 million. Revenues reflect the acquisitions of PhotoDisc and Allsport and growth of e-commerce sales. Higher loss reflects investments in advertising and marketing of new websites. 
CGI Group Inc. (NYSE : GIB)CGI Group Inc. provides the full range of IT services including outsourcing, systems integration, consulting and business solutions. For the fiscal year ended 9/30/98, revenues totalled $741 million, up from $231.9 million. Net income according to US GAAP totalled $32.8 million, up from $6.1 million. Revenues reflect the acquisition of Bell Sygma Telecom Solutions and Bell Sygma International. Earnings reflect efficiencies from applying ISO 9001 and economies of scale. 
Gerald Stevens, Inc. (Nasdaq : GIFT)Gerald Stevens engages in generating floral orders and providing floral order placement services to retail florists. The Company is also a third-party processor of credit cards. For the six months ended 2/28/99, revenues increased 8 percent to $8.9 million. Net loss totalled $2.3 million vs. income of $718 thousand. Revenues reflect increased member dues and fees due to an increase in member florists. Net loss reflects the inclusion of a $1.4 million stock option compensation expense. 
Giga Information Group (Nasdaq : GIGX)GIGX provides information, analysis and advice relating to developments and trends in the computing, telecommunications and related industries through subscription based products. For the three months ended 3/31/99, revenues rose 40 percent to $11.9 million. Net loss fell 6 percent to $3.6 million. Revenues reflect growing market acceptance of the Company's services. Net loss was partially offset by increased cost of services due to the expansion of analyst staff. 
Greg Manning Auctions (Nasdaq : GMAI)GMAI is in the business of conducting auctions and private sales of collectibles, including rare stamps, coins, stamp collections and stocks, as well as other collectibles such as rare documents, sports memorabilia and trading cards. For the nine months ended 3/99, revenues rose 71 percent to $11.1 million. Net income totalled $720 thousand vs. a loss of $810 thousand. Results reflect increased sales of the Company's inventory and a $1.3 million gain on the sale of securities. 
Grease Monkey Holding (OTC BB : GMHC)Grease Monkey Holding, a holding Co., is engaged in the business ofowning, operating, leasing, managing and franchising automotive fast serivce lubrication and oil change centers under the trade name Grease Monkey Centers. For the fiscal year ended 12/98, revenues fell 5 percent to $20.1 million. Net loss applicable to Common rose 68 percent to $2.2 million. Revenues reflect a decrease in royalty fees due to a franchise settlement agreement. Higher loss reflects higher S/G/A expense. 
GreenMan Technologies (Nasdaq : GMTI)GreenMan Technologies operates two business segments: the recycling operations and the industrial material operation which manufactures, installs and markets a diverse range of ceramic, polymer composite and alloy steel materials. For the six months ended 3/99, net sales totalled $8.2 million. Net loss from continuing operations totalled $1.3 million. Results are not comparable due to 6/98 year-end change from May to September. 
GRC International Inc. (NYSE : GRH)GRC International Inc. is an international provider of professional and technical services to military, civil and commercial clients. For the six months ended 12/31/98, revenues rose 33 percent to $75.8 million. Net income from continuing operations rose 94 percent $6.1 million. Revenues reflect an increase in subcontract revenues on additional U.S. Government contract awards. Earnings also reflect higher gross profit, lower debt levels, and higher income tax benefits. 
GZA GeoEnvironmental (Nasdaq : GZEA)GZEA provides environmental assessment and remediation services and geotechnical services to industrial, commercial, financial, public service and government clients. For the fiscal year ended 2/99, net revenues increased 6 percent to $40.3 million. Net income rose 10 percent to $1.5 million. Revenues reflect increased demand for the Co.'s services in the Great Lakes and Northeast Regions. Net income reflects higher joint venture income and gains on equipment sale. 
Hall, Kinion & Associates (Nasdaq : HAKI)Hall, Kinion and Associates, Inc. is an information technology staffing company specializing in placing high technology personnel on a contract and a permanent basis. For the three months ended 3/28/99, revenues rose 34 percent to $35.9 million. Net income rose 40 percent to $1.3 million. Revenues reflect the addition of revenues from new offices. Earnings reflect lower operating expenses as a  percentage of sales due to higher productivity of revenue generating headcount. 
Hagler Bailly, Inc. (Nasdaq : HBIX)HBIX is a worldwide provider of management consulting and other advisory services to the private and public sectors, including economic counsel and litigation support, market research and survey analysis. For the three months ended 3/31/99, revenues rose 3 percent to $40.2 million. Net income rose 26 percent to $1.2 million. Results reflect acquisitions and internal growth in the commercial rate sector as well as the abcense of non-recurring expenses. 
Healthcare Services Group (Nasdaq : HCSG)HCSG provides housekeeping, laundry and linen services to long term care facilities, including nursing homes, retirement complexes, sub-acute rehabilitation centers and hospitals. For the three months ended 3/31/99, revenues increased 16 percent to $55.6 million. Net income increased 16 percent to $2.4 million. Revenues reflect service agreements with new clients in existing geographic areas. Earnings also reflect a decrease in SGA expenses as a  percentage of sales. 
Hudson Technologies Inc. (Nasdaq : HDSN)Hudson Technologies sells refrigerants, provides RefrigerantSide (TM) Services performed at a customer's site and recovers and reclaims refrigerating and air conditioning systems. For the three months ended 3/99, revenues fell 25 percent to $5 million. Net loss totalled $856 thousand vs. an income of $55 thousand. Revenues reflect lower volume of refrigerant and service revenues. Net loss reflects increased labor costs and a lower volume of refrigerant sales. 
Headway Corporate Res. (Nasdaq : HDWY)Headway Corporate Resources is a provider of human resource and staffing services to the financial services industry, including investment banking firms, banks, insurance companies, credit card companies and others. For the three months ended 3/31/99, revenues rose 61 percent to $92.7 million. Net income before extraordinary item applicable to Common fell 70 percent to $374 thousand. Results reflect acquisitions and internal growth, offset by $2.3 million in employment contract termination costs. 
Diversified Corporate (AMEX : HIR)Diversified Corporate Resources is an employment services firm that provides professional and technical personnel on a permanent, temporary and contract placement basis to high-end niche employment markets with an emphasis on the IT market. For the three months ended 3/31/99, total revenues rose 35 percent to $12.1 million. Net income rose 2 percent to $383 thousand. Results reflect the continued focus on the niche markets, partially offset by increased S/G/A expenses. 
Horizon Health Corp. (Nasdaq : HORC)Horizon Health Corporation provides contract management services for mental health programs offered by general acute care hospitals in the U.S. For the six months ended 2/28/98, revenues increased 23 percent to $72.5 million. Net income fell 33 percent to $3.4 million. Revenues benefitted from the acquisitions of Acorn, FPM and ChoiceHealth. Earnings were offset by increased purchased services costs and other expenses related to acquisitions. 
Health Professionals Inc. (OTC BB : HPFS)HPFS, through its subsidiaries, owns and operates an integrated health care delivery and clinical research system that includes a multistate network of primary care and clinical research facilities specializing in immune system disorders. For the three months ended 12/97, total revenues rose 2 percent to $2 million. Net loss fell 29 percent to $668 thousand. Revenues reflect continued enrollment into prior clinical trials. Lower loss reflects reduced payroll and amortization costs. 
Healthplan Services Corp. (NYSE : HPS)Healthplan Services Corp. is a managed health care services company, providing distribution, enrollment, billing and collection, and claims administration services for health care payors and providers. For the three months ended 3/31/99, revenues rose 9 percent to $74.5 million. Net income totalled $1.4 million vs. a loss of $3.2 million. Revenues reflect the CENTRA and NPPN acquisitions. Earnings also reflect an $11.6 million reduction in equity in losses of a joint venture. 
Health Risk Management (Nasdaq : HRMI)HRMI provides comprehensive integrated health plan management and information services to self-insured employers, unions, gov't entities, insurance companies and other clients. For the six months ended 12/98, revenues totalled $94 million, up from $35 million. Net loss before accounting change totalled $1.3 million vs. income of $1.5 million. Revenues benefitted from the inclusion of revenues from managed care operations. Net loss reflects increased cost of services as a  percentage of revenues. 
Insurance Auto Auctions (Nasdaq : IAAI)Insurance Auto Auctions offers insurance companies and other vehicle suppliers salvage processing solutions, primarily the sale at auction of total loss, damaged and recovered theft vehicles. For the three months ended 3/31/99, revenues increased 17 percent to $79.9 million. Net income totalled $2.9 million, up from $869 thousand. Revenues reflect increased unit volume. Earnings also benefitted from increased per unit profit due to the implementation of fee increases. 
ICT Group, Inc. (Nasdaq : ICTG)ICTG manages 34 call centers, from which it supports inbound and outbound calling for corporations and institutions primarily in the financial, insurance, energy, hospitality, healthcare, and telecommunications industries. For the three months ended 3/31/99, revenues rose 37 percent to $37 million. Net income rose 52 percent to $1 million. Results reflect growth from telecommunications, financial services and energy clients, and lower per hour costs for labor and telecommunication. 
ImageMax, Inc. (OTC BB : IMAG)ImageMax is a single-source provider of integrated document management solutions through both outsourcing and in-house document capture, conversion, storage and retrieval. For the fiscal year ended 12/31/98, total revenues rose 32 percent to $64.6 million. Net loss rose from $1.3 million to $8.4 million. Revenues reflect acquisitions and higher utilization of media conversion capacity. Loss reflects higher S/G/A expenses and a $5 million loss on sale of business units. 
Inmark Enterprises, Inc. (Nasdaq : IMKE)Inmark Enterprises is a full service marketing, sales promotion and new age communications company which designs, develops and implements sales, marketing and promotional programs primarily for consumer product client companies. For the nine months ended 12/31/98, sales rose 87 percent to $33.7 million. Net income rose 63 percent to $2.5 million. Results reflect the acquisition of Optimum and an increase in projects in progress, partially offset by higher S/G/A expenses. 
Immtech International (Nasdaq : IMMT)IMMT is a biopharmaceutical company focused on the discovery and commercialization of therapuetics for the treatment of patients afflicted with cancer, opportunistic infectious diseases or comprimised immune systems. For the nine months ended 12/31/98, revenues totaled $214 thousand vs. $0. Net income applicable to Common before extraordinary item totaled $590 thousand vs. a loss of $775 thousand. Results reflect revenue from grants and $3.7 million from the conversion of preferred stock. 
IntegraMed America, Inc. (Nasdaq : INMD)IntegraMed America, Inc. is a physician practice management company specializing in women's reproductive health care, with a focus on infertility and assisted reproductive technology services. For the three months ended 3/99, revenues rose 26 percent to $10.5 million. Net income from continuing operations applicable to Com. rose 4 percent to $485 thousand. Revenues reflect acquisitions and same market growth. Earnings were partially offset by lower reimbursement under managed care contracts. 
Insurance Management Sol. (Nasdaq : INMG)Insurance Management Solutions Group provides policy and claims outsourcing services to the property and casualty insurance industry, and provides flood zone determinations to financial institutions, mortgage lenders and insurance companies. For the three months ended 3/31/99, total revenues rose 17 percent to $18.1 million. Net income rose 19 percent to $1.3 million. Results reflect increased revenues from outsourcing services and higher outsourcing and flood zone determination margins. 
Innotrac Corporation (Nasdaq : INOC)Innotrac Corporation is a full-service provider of customized, technology-based marketing support services to large corporations, primarily in the telecommunications industry. For the three months ended, 3/31/99, revenues totalled $67.3 million, up from $22.6 million. Net income increased $3.3 million. Revenues reflect a seasonal campaign for BellSouth under which the Co. was paid a fee to distribute Caller ID units. Earnings also reflect an increase in gross profit. 
internet.com Corporation (Nasdaq : INTM)internet.com owns and operates a network of web sites, e-mail newsletters, online discussion forums, and moderated e-mail discussion lists focused solely on the Internet industry. For the comparable three months ended 3/99, revenues rose 94 percent to $1.6 million. Net loss totalled $3.3 million, up from $691 thousand. Revenues reflect increased advertising. Higher loss reflects the higher of increased advertising sales personnel and increased amortization of goodwill. 
IntelliQuest Info. Group (Nasdaq : IQST)IQST provides information, technologies, and analysis services designed to improve the marketing performance of technology companies by tracking product performance, customer satisfaction and other services. For the three months ended 3/99, revenues increased 10 percent to $11 million. Net loss decreased 89 percent to $271 thousand. Revenues reflect increased panel division services. Lower loss benefitted from the absence of $1.5 million in reorganization costs. 
Interim Services Inc. (NYSE : IS)IS is a national provider of a range of customized staffing solutions to business, professional and service organizations, government agencies, health care facilities and individuals. For the three months ended 3/26/99, revenues increased 36 percent to $566 million. Net income increased 51 percent to $15.9 million. Revenues reflect internal Professional Services growth, particularly in IT services. Net income also reflects decreased interest expense due to the repayment of debt. 
Integrated Spatial Info. (OTC BB : ISSS)ISSS, through its PlanGraphics subsidiary, is an independent consulting firm specializing in the design and implementation of Geographic Information Systems as well as advisory services in the U.S. and foreign markets. For the fiscal year ended 9/30/98, revenues totalled $8.1 million, up from $71 thousand. Net loss from continuing operations applicable to Common increased 87 percent to $3.5 million. Revenues reflect the 9/97 acquisition of PlanGraphics. Net loss reflects higher operating expenses. 
ITC Learning Corp. (Nasdaq : ITCC)ITCC is a training co. engaged in the development, marketing, and sale of off-the-shelf training courseware using full motion video as the learning tool on a PC platform. For the three months ended 3/31/99, revenue totalled $5.7 million, up from $2.8 million. Net income totalled $277 thousand vs. a loss of $753 thousand. Revenues reflect increased sales of the Company's core technology delivered and multimedia courseware products. Earnings also reflect an increase in gross margin. 
ITEX Corporation (ITEXITEX engages in domestic and international operations in both the retail barter exchange and corporate barter areas of the commercial barter industry. For the 40 weeks ended 5/7/98, revenues increased 46 percent to $25.9 million. Net income decreased 19 percent to $2.8 million. Revenues reflect increased corporate trading revenues due to higher performance levels by brokers. Earnings were offset by the absence of $1.2 million in equity in net income of foreign affiliate. 
Innovative Valve Technol. (OTC BB : IVTC)Innovative Valve Technologies, Inc. is a single-source provider of comprehensive maintenance, repair, replacement and value-added distribution services for industrial valves, piping systems and other process-system components. For the fiscal year ended 12/31/98, revenues increased 67 percent to $154.6 million. Net loss (pro forma) totalled $1.4 million vs. income of $2.4 million. Revenues reflect recent acquisitions. Loss reflects $2.2 million in non-recurring charges. 
General Employment Ent. (AMEX : JOB)General Employment Enterprises provides staffing services in the areas of information technology, engineering and accounting in major cities across the U.S. For the six months ended 3/31/99, net revenues rose 5 percent to $19.2 million. Net income fell 20 percent to $1.2 million. Revenues reflect higher contract service revenues due to an increase in billable hours and higher average hourly billing rate. Earnings were offset by costs associated with the opening of new offices. 
Joule' Inc. (AMEX : JOL)JOL and its subsidiaries are engaged in the business of personnel outsourcing and contracting for office and light industrial workers and technical professionals. For the six months ended 3/31/99, revenues increased 19 percent to $31 million. Net income rose 57 percent to $610 thousand. Revenues benefitted from increased demand for commercial staffing services. Earnings also benefitted from lower cost of services as a  percentage of revenues. 
Kelly Services, Inc. (Nasdaq : KELYA)Kelly Services provide staffing services in the areas of office clerical, technical, light industrial, home care services, marketing, professional, management services, and legal. For the 13 weeds ended 4/4/99, net sales rose 7 percent to $1.03 billion. Net income rose 1 percent to $15.2 million. Revenues reflect increased Professional, Technical and Staffing Alternatives sales. Earnings were partially offset by increased spending for the year 2000 project. 
Korn/Ferry International (NYSE : KFY)Korn/Ferry International is engaged in the business of providing executive search, consulting and related services globally on a retained basis. As of 1/99, the Company has 71 offices in 41 countries. For the nine months ended 1/31/99, net revenues rose 20 percent to $264.3 million. Net income rose 61 percent to $6.5 million. Revenues reflect an increase in the number of consultants and increased engagements. Earnings also reflect reduced bonus compensation costs. 
LAI Worldwide, Inc. (Nasdaq : LAIX)LAI Worldwide, Inc. provides consulting services aimed specifically at solving its clients' leadership needs by identifying, evaluating and recommending qualified candidates for senior level positions. For the fiscal year ended 2/28/99, revenues rose 40 percent to $86.8 million. Net loss totalled $4.2 million vs. an income of $3.9 million. Results reflect an increase in the number of consultants due to acquisitions, offset by increased S/G/A expenses due to personnel additions. 
Labor Ready, Inc. (NYSE : LRW)Labor Ready provides temporary staffing for manual labor jobs to customers primarily in the industrial and small business markets from 486 offices located in the U.S., CAN and PR. For the 13 weeks ended 4/2/99, revenues rose 67 percent to $156.9 million. Net income applicable to Common before acct. change rose from $134 thousand to $4.7 million. Results reflect higher sales from mature dispatch offices. Results also reflect increased billing rates over the same period a year ago. 
Lason, Inc. (Nasdaq : LSON)Lason provides integrated outsourcing services for image and data capture, data management, and output processing. The Company primarily serves customers in the manufacturing, healthcare, financial services and professional services industries. For the three months ended 3/99, revenues totalled $106.2 million, up from $46.6 million. Net income rose 96 percent to $6.8 million. Revenues reflect the Co.'s acquisitions and internal growth. Earnings were partially offset by acquisition related costs. 
Lucor, Inc. (Nasdaq : LUCR)Lucor, Inc. is one of the largest franchisees of Jiffy Lube International, Inc. in the United States. The franchises consist of fluid maintenance, automotive fast oil change and lubrication service centers under the name Jiffy Lube. For the three months ended 3/99, net sales rose 38 percent to $14.8 million. Net loss applicable to Common fell 58 percent to $243 thousand. Results reflect the acquisition of 23 stores in the Richmond/Tidewater area and higher operating margins. 
American Biogenetic Sci. (Nasdaq : MABXA)American Biogenetic Sciences Inc. engages in the research and development of cardiovascular and neurobiology products for commercial development at its research facility and through its Global Scientific Network. For the three months ended 3/31/99, revenues totalled $332 thousand, up from $114 thousand. Net loss rose 4 percent to $1.5 million. Revenues reflect higher sales of Stellar products. Higher loss reflects increased selling, general and administrative expenses. 
Manpower Inc. (NYSE : MAN)Manpower, Inc. is a non-governmental employment service organization, engaging in temporary staffing services, contract services, and employee training and testing. For the three months ended 3/99, revenues rose 16 percent to $2.18 billion. Net income decreased 5 percent to $20.6 million. Revenues reflect favorable exchange rates and increased volume. Earnings suffered from pricing pressures, a change in the business mix and higher interest expense. 
Market America, Inc. (OTC BB : MARK)Market America, Inc. is a product brokerage company that markets a wide range of consumer-oriented products and services through a network of independent distributors. For the nine months ended 1/99, sales increased 31 percent to $80.7 million. Net income increased 47 percent to $10.6 million. Results benefitted from the Co's emphasis on one-to-one marketing, mass customization and National Meeting, Training and Seminar System expansion, and increased interest income. 
MemberWorks, Inc. (Nasdaq : MBRS)MemberWorks provides innovative membership service programs, addressing the needs of organizations seeking to leverage the expertise of an outside provider in offering membership service programs. For the nine months ended 3/99, revenues rose 86 percent to $151 million. Net income before accounting change rose from $1.6 million to $5.1 million. Revenues reflect growth in the membership base, recent acquisitions and higher weighted average fees. Earnings also reflect higher gross margins. 
Transmedia Europe, Inc. (OTC BB : MBTE)Transmedia Europe, Inc. and its subsidiaries make cash advances to restaurants for food and beverage credits from certain participating restaurants, which are then recovered as the Company's cardholders utilize their charge cards. For the nine months ended 6/98, revenues totalled $8.5 million, up from $2.9 million. Net loss applicable to Com. fell 26 percent to $1.9 million. Results reflect the inclusion Countdown and TM France, higher gross margins, partially offset by increased S/G/A expenses. 
Mediconsult.com, Inc. (Nasdaq : MCNS)Mediconsult.com provides patient-oriented healthcare information and services on the World Wide Web. For the three months ended 3/99, revenues rose from $206 thousand to $700 thousand. Net loss rose from $482 thousand to $1.9 million. Revenues reflect an increase in the number of clients and the number of marketing and advertising programs developed and implemented for those clients. Higher loss reflects increased salaries and related expenses associated with hiring additional personnel. 
Managed Care Solutions (Nasdaq : MCSX)MCSX provides contract management services to county and state governmental units and provides health services to indigent and other eligible populations in rural counties in AZ. For the nine months ended 2/28/99, revenues rose 28 percent to $61.5 million. Net income totalled $1.5 million, up from $531 thousand. Revenues reflect the addition of Rio Grande HMO and Lovelace Community Health Plan. Earnings reflect the absence of start-up costs related to additional plans in NM and TX. 
MDC Corporation (Nasdaq : MDCA)MDC Corp. carries on business through two divisions: Secure Transaction Products and Services and Communications and Marketing Services. For the nine months ended 9/30/98, sales increased 70 percent to C$343.9 million. Net income from continuing operations increased 74 percent to C$9.7 million. Revenues reflect higher sales of security and specialty products. Net income also reflects a higher gross profit due to a continued focus on cost containment and efficiency improvements. 
Monarch Dental Corp. (Nasdaq : MDDS)Monarch Dental Corp. manages dental group practices in selected markets. As of 12/31/98, the Company owned and managed 194 dental offices. For the three months ended 3/31/99, revenues totalled $49.5 million, up from $24.3 million. Net income fell 44 percent to $614 thousand. Revenues reflect increased patient revenue due to acquisitions and expansion in existing markets. Earnings were offset by higher interest expense and lower margins at the acquired companies. 
Midas, Inc. (NYSE : MDS)MDS provides retail automotive services in the U.S., Canada, France, Europe, Australia, Southeast Asia, the Middle East, Latin America and the Caribbean. For the 13 weeks ended 3/26/99 (vs. 14 weeks ended 3/28/98), revenues decreased 35 percent to $84.7 million. Net income increased 55 percent to $6.5 million. Revenues reflect lower retail sales from company-operated shops due to the sale of 312 shops. Net income reflects lower S/G/A expenses as a result of the sale of stores. 
Medaphis Corporation (Nasdaq : MEDA)Medaphis Corporation provides a wide range of business management services, enterprise-wide software and electronic commerce solutions to healthcare providers. For the three months ended 3/99, revenues fell 15 percent to $81.4 million. Net loss from continuing operations before extraordinary items totalled $14.6 million, up from $6.6 million. Revenues reflect client discontinuances. Higher loss suffered from a tax benefit of $524 thousand vs. $4.1 million prior. 
Metzler Group, Inc (Nasdaq : METZ)METZ is a provider of consulting services, related to information technology, process/operations management, strategy and marketing and sales, to electric utilities and other energy related businesses. For the three months ended 3/99, revenues rose 22 percent to $96 million. Pro-forma net income rose 54 percent to $11.2 million. Revenues reflect the expansion of services provided to existing clients. Net income also reflects a higher gross profit due to increased utilization rates. 
MAXIMUS, Inc. (NYSE : MMS)MAXIMUS Inc. is a provider of program management and consulting services to government agencies throughout the United States. For the six months ended 3/31/99, revenues rose 40 percent to $148.6 million. Net income rose 92 percent to $12.3 million. Revenues reflect a higher number of contracts in all four divisions of the Government Operations Group and acquisitions. Earnings reflect the termination of some deferred compensation and ESOP costs and improved margins. 
Metamor Worldwide, Inc. (Nasdaq : MMWW)Metamor Worldwide, Inc. is a provider of IT services that consist of supporting the flow of information within and between companies and institutions through computer systems, software and peripheral systems. For the three months ended 3/31/99, revenues increased 36 percent to $249.1 million. Net income from continuing operations rose 41 percent to $9.8 million. Results benefitted from internal growth, and a shift in the business mix toward higher-margin solutions services. 
Monro Muffler/Brake, Inc. (Nasdaq : MNRO)MNRO operates a chain of 350 automotive undercar repair shops. Shops provide a full range of services for mufflers and exhaust systems, brakes, steering, suspension and wheel alignment. For the nine months ended 12/31/98, sales increased 22 percent to $144.2 million. Net income fell 37 percent to $5.3 million. Revenues reflect an increased number of stores opened. Net income was offset by increased S/G/A expenses as a  percentage of revenues due to fixed operating costs. 
MPM Technologies, Inc. (Nasdaq : MPML)MPM Technologies, Inc., a holding company, operates in air pollution control industry. MPML is also engaged in the development of a waste to energy process known as Skygas. For the fiscal year ended 12/31/98, revenues increased 65 percent to $10.1 million. Net loss from continuing operations totaled $699 thousand, up from $341 thousand. Revenues benefited from increased revenues from the acquisition of AirPol. Higher loss was offset by higher S/G/A expenses associated with the acquisition. 
Modis Professional Srvcs. (NYSE : MPS)MPS provides profesional business services, consulting, outsourcing, training and strategic human resources. For the three months ended 3/31/99, sales increased 29 percent to $482.9 million. Net income from continuing operations before extraordinary item rose 10 percent to $24.2 million. Revenues reflect higher sales from Information Technology and Professional Services. Net income reflects cost related to acquisitions and investment made to improve the Company's infrastructure. 
MPW Industrial Services (Nasdaq : MPWG)MPWG provides industrial cleaning and facility support services, industrial process water purification, industrial filtration management services and other specialized services. For the nine months ended 3/31/99, revenues rose 59 percent to $106.4 million. Pro forma net income totalled $4.7 million, up from $1.8 million. Revenues benefitted from acquisitions. Earnings reflect the absence of a $3.4 million deferred stock option compensation charge. 
Marketing Services Group (Nasdaq : MSGI)MSGI provides database management, custom telemarketing/telefundraising and other direct marketing services throughout the U.S. For the nine months ended 3/99, total revenues rose 71 percent to $56.4 million. Net loss applicable to Common rose 13 percent to $5.4 million. Revenues reflect higher direct and internet marketing services revenue due to the acquisitions of MMI and SK&A. Higher loss reflects the costs of acquisitions, telemarketing and telefundraising. 
Marlton Technologies Inc. (AMEX : MTY)MTY designs and manufactures sophisticated trade show exhibits, displays, architectural and museum interiors, provides trade show services, theatrical construction, and is a supplier of store fixtures and displays. For the three months ended 3/99, revenues rose 17 percent to $25.8 million. Net income rose 20 percent to $838 thousand. Revenues reflect ongoing client expansion program. Earnings were partially offset by higher costs of sales as a  percentage of revenues. 
NovaCare Employee Srvcs. (Nasdaq : NCES)NovaCare Employee Services is a professional employer organization providing small and medium-sized businesses with comprehensive, fully integrated outsourcing solutions to human resources needs. For the nine months ended 3/31/99, total revenues rose 29 percent to $1.17 billion. Net income rose 96 percent to $6.9 million. Revenues reflect an increased number of clients and worksite employees served. Earnings also benefitted from additional higher margin services provided. 
NCO Group, Inc. (Nasdaq : NCOG)NCO Group provides accounts receivable management and related services, developing and implementing customized management solutions for clients via the utilization of 65 call centers throughout N. America, the U.K. and Puerto Rico. For the three months ended 3/31/99, revenues rose from $40.6 million to $95.9 million. Net income applicable to Common fell 38 percent to $2.1 million. Revenues reflect recent acquisitions. Earnings were offset by lower margins, greater debt levels and $4.6 million in charges. 
National Data Corporation (NYSE : NDC)NDC provides high volume information services and systems to the health care and electronic commerce markets. NDC services 120 thousand health care providers, 1 thousand health care payers, 3.6 thousand payer plans, over 1.3 million merchant terminals, 12 thousand corps. and 700 financial institutions. For the nine months ended 2/99, revenues rose 25 percent to $578.9 million. Earnings totalled $50.7 million vs. a loss of $77.7 million. Results reflect internally developed products and the absence a $120.2 million non-recurring charge. 
NFO Worldwide, Inc. (NYSE : NFO)NFO Worldwide and subsidiaries is a provider of research-based marketing information and counsel to the worldwide business community, including over 3,000 clients globally. For the three months ended 3/99, revenues totalled $106.4 million, up from $50.2 million. Net income rose 17 percent to $2.9 million. Revenues reflect acquisitions and internal growth. Earnings were partially offset by increased interest expenses and a higher effective income tax rate. 
NuOncology Labs Inc. (OTC BB : NLABNLAB is a development stage company engaged in the cancer research and clinical testing laboratories industries. It currently supports the research, development, testing, and licensing of cancer treatments and the delivery of predictive chemosensitivity tests for the optimization of contemporary cancer treatment. For the fiscal year ended 12/31/98, revenues totalled $34 thousand. Net loss totalled $597 thousand. Results are not comparable due to the company's 4/98 inception. 
Nat'l Med. Fin'l Services (NMFSNMFS markets accounting, billing, collection and accounts receivable management srvcs. to medical providers. The Company also acquires from other entities contracts to provide such services to Medical Service Providers. For the six months ended 6/30/98, sales fell 77 percent to $1.1 million. Net loss totalled $225 thousand vs. an income of $687 thousand. Results reflect the expiration of the Company's contracts with medical service providers and higher cost of services as a  percent of revenues. 
National Research Corp. (Nasdaq : NRCI)National Research Corp. is a provider of ongoing survey-based performance measurement, analysis and tracking services to the healthcare industry. The Company provides market research services to hospitals and insurance companies. For the three months ended 3/31/99, revenues rose 8 percent to $3.7 million. Net income fell 82 percent to $101 thousand. Revenues reflect the addition of new clients. Earnings were offset by increased internal software conversion and labor costs. 
Norrell Corporation (NYSE : NRL)Norrell Corporation is a strategic worforce management company and a leading provider of staffing, outsourcing and professional services. For the 26 weeks ended 5/2/99, revenues increased 4 percent to $716.1 million. Net income decreased 36 percent to $11.5 million. Revenues benefitted from the inclusion of operations from several acquisitions. Earnings reflect higher depreciation expense and a $8.4 million Year 2000 remediation expense. 
Nat'l Technical Systems (Nasdaq : NTSC)National Technical Systems, Inc. is a diversified services company which operates in two segments: IT Solutions and Engineering and Evaluations. For the fiscal year ended 1/31/99, revenues increased 10 percent to $89.5 million. Net income before account. change decreased 10 percent to $3.1 million. Revenues benefitted from continued growth of the Information Technology portion of its business. Earnings were offset by increased personnel expenses and $907 thousand in merger related expenses. 
Nextera Enterprises, Inc. (Nasdaq : NXRA)Nextera provides consulting services on business strategy, economic analysis, operational improvement, organizational design and information technology, primarily to Fortune 500 companies and government agencies. For the three months ended 3/99, net revenues rose from $8.2 million to $36.1 million. Net loss rose 66 percent to $3.7 million. Results reflect growth in the client base through acquisition activity, offset by $4.4 million in compensation granted to executives at an acquired company. 
Olsten Corporation (NYSE : OLS)Olsten Corp. engages in staffing services (providing assignment employees to business, industry and govt.), and health services (providing network services and healthcare personnel). For the three months ended 4/4/99, revenues rose 14 percent to $1.20 billion. Net loss totalled $62.3 million vs. an income of $12.8 million. Results reflect acquisitions and strength in IT and professional staffing operations, offset by $102 million in charges for legal settlements, severance, write-offs and other items. 
Odyssey Marine Explorat. (OTC BB : OMEX)Odyssey Marine Exploration is engaged in the business of conducting archaeologically sensitive recoveries of cargoes and artifacts from various shipwrecks and generates revenues by exhibiting the artificats and selling related merchandise. For the fiscal year ended 2/28/99, revenues totalled $236 thousand, up from $14 thousand. Net loss decreased 30 percent to $780 thousand. Results reflect commissions earned on the sale of artifacts, partially offset by higher project costs. 
Onsite Energy Corporation (OTC BB : ONSE)Onsite Energy Corporation is an energy efficiency services company that develops, designs, constructs, owns and operates comprehensive energy efficiency projects and assists customers in reducing the costs of purchased electricity and fuel. For the nine months ended 3/31/99, revenues totalled $31.3 million, up from $9 million. Net loss applicable to Common totalled $2.9 million, up from $785 thousand. Results reflect acquisitions, offset by costs at the new subsidiaries. 
On-Site Sourcing, Inc. (Nasdaq : ONSS)ONSS provides reprographic and facilities management services to law firms, non-profit organizations, and other organizations. ONSS also purchases, refurbishes, leases and sells copy machines. For the three months ended 3/31/99, revenues rose 10 percent to $6.3 million. Net income totalled $78 thousand vs. a loss of $358 thousand. Results reflect higher demand for the Co.'s reprographics, facilities management and imaging groups, cost controls, and a change in commission structures. 
Opinion Research Corp. (AMEX : OPI)Opinion Research Corporation provides market research and business information services. The Company assists clients in monitoring, evaluating and optimizing the effectiveness of their marketing and sales strategies. For the three months ended 3/31/99, revenues fell 6 percent to $17.3 million. Net income rose 30 percent to $552 thousand. Results reflect lower pass-through costs due to the nature of client assignments, offset by higher margins and cost reduction initiatives. 
OrthAlliance, Inc. (Nasdaq : ORAL)OrthAlliance, Inc. is a national provider of fee-based practice management services or consulting services to orthodontic practices throughout the U.S. ORAL manages the business aspects of the Allied Practices. As of 9/30/98, there are 131 Allied Practices in 18 states. For the nine months ended 9/30/98, revenues totalled $53.4 million, up from $4.1 million. Net income totalled $5.6 million vs. a loss of $2.2 million. Results reflect new patient starts and affiliates. 
Omega Orthodontics, Inc. (OTC BB : ORTH)ORTH provides management and marketing services to orthodontic and other specialty dental practices nationwide. As of 12/98, ORTH had 15 operating orthodontic affiliates, consisting of 18 doctors in 10 states. For the fiscal year ended 12/31/98, revenues rose from $976 thousand to $7.4 million. Net loss fell 86 percent to $525 thousand. Revenues reflect a full year's results from seven affiliates added in 1997 and the recent additions of eight others. Lower loss was partially offset by negative profit margins. 
OutSource International (Nasdaq : OSIX)OutSource International provides human resource services focusing on the flexible industrial staffing market and on the professional employer organization (PEO) market. For the three months ended 3/31/99, net revenues rose 11 percent to $134.1 million. Net loss totalled $581 thousand vs. an income of $673 thousand. Results reflect growth in staffing revenues due to acquisitions and an increased number of locations operated, offset by increased operating costs related to acquisitions. 
Orthodontix (Nasdaq : OTIX)Orthodontix provides practice management services to affiliated orthodontic practices pursuant to long-term Administrative Service Agreements with separately organized affiliated professional associations. For the three months ended 3/31/99, revenue rose from $0 to $2.2 million. Net loss rose 90 percent to $372 thousand. Results reflect recognition of $2.2 million in management fee revenue, offset by costs related to the operation of the orthodontic practice. 
Precision Auto Care (Nasdaq : PACI)Precision Auto Care is an international provider of automotive maintenance services with 556 centers owned and operated by franchisees. PACI also manufactures and sells car wash equipment and distributes automotive parts, equipment and supplies. For the nine months ended 3/31/99, total sales rose 19 percent to $33.4 million. Net loss totalled $10.9 million vs. an income of $1.8 million. Revenues benefitted from acquisitions. Loss reflects higher direct costs and increased general expenses. 
Paychex, Inc. (Nasdaq : PAYX)Paychex, Inc. provides computerized payroll accounting and employment services to small and medium sized businesses nationwide. The Company's services include paychecks, earnings statements and internal account records. For the nine months ended 2/99, total revenues rose 20 percent to $870.5 million. Net income rose 36 percent to $101.2 million. Results reflect client base growth, leveraging of the segments operating expense base and efficiencies from centralized operations. 
Private Business Inc. (Nasdaq : PBIZ)Private Business, Inc. provides electronic commerce solutions that help community banks to provide accounts receivable financing to their small business customers. Business Manager(TM) is the Co.'s software-based, integrated solution. For the three months ended 3/31/99, revenues rose 10 percent to $12.4 million. Net loss applicable to common totalled $771 thousand, vs. Pro forma income of $1.5 million. Results reflect higher royalties, offset by costs related to the hiring of 22 new salespeople. 
PDG Environmental, Inc. (OTC BB : PDGE)PDG Environmental, Inc., through its subsidiaries and a joint venture, provides asbestos abatement services to the public and private sectors. For the three months ended 4/99, revenues fell 61 percent to $5.2 million. Net loss totalled $218 thousand vs. income of $561 thousand. Revenues reflect a decrease in backlog and the absence of $7.2 million in revenues from the Keystone contract. Net loss also reflects lower gross margins and higher S/G/A due to costs associated with two additional branch offices. 
Professional Detailing (Nasdaq : PDII)Professional Detailing, Inc. is a provider of comprehensive customized sales solutions on an outsourced basis to the United States pharmaceutical industry. For the three months ended 3/31/98, revenues increased 54 percent to $36 million. Net income (vs. pro-forma net income) decreased 32 percent to $2.7 million. Revenues benefitted from new business activity and an increase in the number and size of programs. Earnings were offset by increased program and compensation expense. 
Paradise Music & Entert. (Nasdaq : PDSE)PDSE is a music and entertainment company involved in commercial production of original scores and themes for television, radio and film; production of music videos and specials for television; music artist management; and a record label. For the six months ended 12/98, revenues fell 11 percent to $5.8 million. Net loss rose 70 percent to $1.3 million. Revenues reflect the completion of the Garth Brooks HBO special in 1997. Higher loss reflects higher SGA costs due to the start-up of Push. 
Personnel Grp. of America (NYSE : PGA)Personnel Group of America, Inc. is a provider of staffing services within two divisions: Commercial Staffing, Information Technology. For the three months ended 4/4/99, revenues increased 48 percent to $229.6 million. Net income from continued operations increased 36 percent to $7.1 million. Revenues benefitted from an increase in IT Division same store sales and the acquisitions. Earnings were partially offset by an increase in SGA expenses as a  percentage of revenues. 
PhyMatrix Corp. (PHMXPHMX is a physician-driven, integrated medical management company. PHMX's primary strategy is to develop management networks in specific geographic locations by affiliating with physicians, medical providers, and medical networks. For the nine months ended 10/98, revenues rose 12 percent to $279.4 million. Net loss before extraordinary item totalled $2.6 million vs. income of $4.5 million. Revenues reflect acquisition and affiliation completed. Losses reflect a $5.3 million nonrecurring charge. 
Philip Services Corp. (OTC BB : PHVP)Philip Services Corp. operates an integrated network of metals recovery and industrial service operations, from over 280 locations in North America and Europe. For the three months ended 3/31/99, revenues fell 31 percent to $379 million. Net loss from continuing operations totaled $41.9 million vs. income of $14.2 million. Revenues reflect the sale of the steel division. Net loss suffered from lower scrap metal selling prices, higher S/G/A expenses due to professional fees and interest expenses. 
PIA Merchandising Service (Nasdaq : PIAM)PIAM provides in-store merchandising services on behalf of branded product manufacturers at retail grocery stores, mass merchandisers, drug stores and other retailers. For the fiscal year ended 1/1/99, revenues fell 5 percent to $121.8 million. Net loss fell 72 percent to $4.3 million. Revenues reflect industry consolidation, increased competition and client reorganization. Lower loss also benefitted from new labor efficiencies and the absence of $5.4 million restructuring charge. 
PharmaKinetics Labs (OTC BB : PKLB)PKLB is a contract research organization providing a range of clinical research and development services to the pharmaceutical and biotechnology industries in the development of prescription and nonprescription drug products. Revenues for the nine months ended 3/99 fell 19 percent to $7.7 million. Net loss applicable to Com. rose 3 percent to $692 thousand. Results reflect a reduced number of contracts and lower license fee income, partially offset by lower interest expense and higher interest income. 
Pierce Leahy Corp. (NYSE : PLH)PLH stores and services business records for clients throughout North America and the U.K., and also sells storage containers and offers records management consulting and imaging. For the three months ended 3/99, revenues rose 42 percent to $80.2 million. Net income applicable to Common totalled $2.3 million vs. a loss of $1 million. Revenues benefitted from recent acquisition activity and increases in cubic feet stored. Earnings also benefitted from higher margins and a $1.8 million exchange gain. 
ProMedCo Management Co. (Nasdaq : PMCO)PMCO is a physician practice management company that consolidates its affiliated physician groups into primary-care driven multi-specialty networks, attempting to increase the groups market presence. For the three months ended 3/99, net revenues rose 80 percent to $73.1 million. Net income rose 54 percent to $3.7 million. Results reflect new affiliations with physician groups, partially offset by higher clinic costs and depreciation both as a  percentage of revenues. 
Provant, Inc. (Nasdaq : POVT)Provant, Inc. provides a broad range of training and development services and products to large and medium sized companies and government entities designed to increase the productivity of organizations by improving employee selection, recruitment and retention. For the nine months ended 3/99, revenues totaled $91.7 million, up from $0. Earnings totaled $5.9 million vs. a loss of $1.5 million. Results are not comparable due to Provant beginning activities on 5/4/98. 
Peapod, Inc. (Nasdaq : PPOD)Peapod is an interactive, online grocery shopping and delivery company and a provider of targeted media and research services. For the three months ended 3/31/99, revenues decreased 5 percent to $18 million. Net loss increased 27 percent to $5.1 million. Revenues reflect the Company's temporarily cutting back on marketing and new customer initiatives. Higher losses reflect direct costs of delivering grocery orders resulting from start-up costs. 
HealthStar Corp. (OTC BB : PPOS)PPOS, a health care management company, provides products and services designed to reduce health care costs, and provides programs and services to insurance companies, self-insured businesses for their medical plans and third parties. For the nine months ended 12/98, revenues totalled $13.6 million, up from $2.1 million. Net income totalled $99 thousand vs. a loss of $38 thousand. Results reflect capitated fees and higher repricing fees as a result of the acquisition of HealthStar. 
ProBusiness Services, Inc (Nasdaq : PRBZ)ProBusiness Services, Inc. is a provider of employee administrative services for large employers, typically with over 250 employees. The Company's primary service offerings are payroll processing, payroll tax filing, human resources software and benefits administration. For the nine months ended 3/99, revenues increased 51 percent to $50.1 million. Net loss fell 5 percent to $5.7 million. Results reflect a higher number and size of payroll and tax clients, offset by higher personnel costs. 
Profit Recovery Group (Nasdaq : PRGX)PRGX provides accounts payable and other recovery audit services to large businesses and governmental agencies having numerous transactions with many vendors. For the three months ended 3/99, revenues rose 75 percent to $58 million. Net income rose from $1.1 million to $2.5 million. Revenues reflect higher revenues from existing clients and the acquisitions of various other recovery audit firms. Earnings also reflect decreased S/G/A expenses as a  percentage of revenues. 
Precision Response Corp. (Nasdaq : PRRC)PRRC is a full-service provider of telephone-based customer service and marketing solutions on an outsourced basis to large corporations. For the three months ended 3/99, revenues increased 14 percent to $46.2 million. Net income totalled $1.2 million, up from $373 thousand. Revenues reflect an increased workstation utilization rate and new clients. Net income also reflects decreased cost of services as a  percentage of revenues. 
Prison Realty Trust, Inc. (NYSE : PZN)Prison Realty Trust, Inc. is a developer and manager of privatized correctional and detention facilities and provides prisoner transportation services for governmental agencies. For the three months ended 3/31/99, revenues fell 49 percent to $72 million. Net loss applicable to Common totalled $24.8 million vs. income of $18.4 million. Revenues reflect the absence of management revenues. Net loss reflects increased S/G/A expenses as a  percentage of revenues. 
Quintiles Transnational (Nasdaq : QTRN)Quintiles Transnational is engaged in the provision of full-service contract research, sales and marketing and healthcare policy consulting and information services to the global pharmaceutical, biotechnology and medical device industries. For the three months ended 3/31/99, revenues rose 32 percent to $408.1 million. Net income fell 59 percent to $7.7 million. Revenues benefitted from increased existing and initiated services. Earnings were offset by $22.4 million in transaction costs. 
Ritchie Bros. Auctioneers (NYSE : RBA)Ritchie Bros. Auctioneers sells, through public auctions, a range of used industrial equipment, including equipment used in the construction, transportation, mining, forestry, petroleum and agricultural industries. For the three months ended 3/31/99, revenues fell 15 percent to $18 million. Net income fell 52 percent to $1.6 million. Revenues reflect decreased gross auction sales in Europe. Earnings also suffered from increased general and administrative expenses. 
Redback Networks Inc. (Nasdaq : RBAK)RBAK is a provider of advanced networking solutions that enable carriers, cable operators and service providers to rapidly deploy high-speed broadband access to the Internet and corporate networks. For the three months ended 3/31/99, revenues totalled $6.5 million, up from $478 thousand. Net loss increased 92 percent to $3.8 million. Revenues reflect the release of the SMS 1000. Higher loss reflects increased R&D expenses due to an increase in the number of personnel and related costs. 
RCM Technologies, Inc. (Nasdaq : RCMT)RCMT provides contract and temporary personnel in the Information Technology, Professional Engineering and Technical, Specialty Healthcare and General Support sectors of the staffing industry to a diversified base of customers. For the six months ended 4/99, revenues rose 72 percent to $147.9 million. Net income rose 76 percent to $7.1 million. Revenues reflect acquisitions and internal growth. Earnings aslo reflect interest income earned from investments in interest bearing deposits. 
RemedyTemp, Inc. (Nasdaq : REMX)RemedyTemp, Inc. is a national provider of clerical and light industrial temporary staffing services to industrial and service companies, professional organizations and governmental agencies through a network of 234 offices in 37 states. For the 26 weeks ended 3/28/99, total revenues rose 6 percent to $234.4 million. Net income rose 6 percent to $6.9 million. Results reflect the expansion of business at existing licensed offices and the addition of 15 new licensed offices. 
Rexx Environmental Corp. (AMEX : REX)Rexx Environmental Corp. is a regional provider of asbestos-abatement services, demolition and dismantling services, and other related specialty contracting services primarily in California. For the three months ended 3/31/99, revenues fell 17 percent to $3.5 million. Net loss totalled $616 thousand vs. an income $203 thousand. Revenues reflect an unusually high level of revenues in the first quarter of 1998. Loss also reflects higher revenues from lower margin demolition activities. 
Robert Half Int'l Inc. (NYSE : RHI)Robert Half International is a provider of regular and temporary personnel in the fields of accounting and finance. RHI specializes in postings in administrative support, contract information technology and paralegal work. For the three months ended 3/31/99, revenues rose 21 percent to $485 million. Net income rose 22 percent to $35.3 million. Results reflect continued improvement in demand for the use of professional staffing services and an increase in interest income. 
Right Mgt. Consultants (Nasdaq : RMCI)Right Management Consultants is an international career management and organizational consulting firm. RMCI specializes in career transition services, and career development and organizational consulting. For the three months ended 3/31/99, revenues increased 30 percent to $49.9 million. Net income increased 70 percent to $2.5 million. Revenues reflect growth and acquisitions. Net income reflects higher margins and lower debt levels. 
RMH Teleservices, Inc. (Nasdaq : RMHT)RMH Teleservices, Inc. provides outbound and inbound teleservices predominantly to major corporations in the insurance, financial services, telecommunications, and membership services industries. For the three months ended 12/98, revenues rose 29 percent to $15.8 million. Net income fell 53 percent to $257 thousand. Results reflect higher calling volumes from existing clients and new clients, offset by lower margins due to pricing pressures and higher labor costs. 
Rollins, Inc. (NYSE : ROL)Rollins, Inc. is engaged in termite and pest control to residential and commercial customers. For the three months ended 3/31/99, revenues rose 6 percent to $129.9 million. Net income totalled $467 thousand vs. a loss of $1.8 million. Revenues reflect increases in pest control customer base, average termite completion and annual renewal prices. Earnings also benefitted from lower termite claims experience, lower insurance costs and reduced administrative staffing. 
Romac International, Inc. (Nasdaq : ROMC)Romac International is a provider of professional and technical specialty staffing services through 89 offices in 46 markets in the U.S., specializing in: Information Technology, Finance and Accounting, Human Resources and Operating Specialties. For the three months ended 3/31/99, revenues rose 18 percent to $184.1 million. Net income rose 46 percent to $9.1 million. Results reflect an increase in the number of hours billed and the absence of $1.7 million in merger and related costs. 
Reuters Group PLC (Nasdaq : RTRSY)Reuters Group PLC supplies the global business community and news media with a range of products including real-time financial data, transaction systems, access to numeric and textual historical databases, news and news pictures. For the fiscal year ended 12/98, revenues rose 5 percent to L3.03 billion. Net income according to U.S. GAAP rose 2 percent to L392M. Results reflect higher demand for risk management products, partially offset by lower net interest receivable. 
RWD Technologies, Inc. (Nasdaq : RWDT)RWDT provides integrated solutions designed to improve the productivity and effectiveness of workers in complex operating environments. The services include user interface, support systems, automation, etc. For the three months ended 3/31/99, revenues rose 27 percent to $33.2 million. Net income (vs. pro forma) rose 28 percent to $3.8 million. Revenues reflect higher Enterprise Resource Planning Services demand. Earnings reflect decreased employee related costs. 
Salex Holding Corp. (OTC BB : SALX)SALX provides automobile asset management and manages the maintenance and repair of fleets of automobiles and small trucks which are owned, leased and operated by corporate customers. For the six months ended 10/31/98, net sales fell 1 percent to $11.3 million. Net loss totalled $444 thousand up from $42 thousand. Revenues reflect decreases in the Co's. core operations. Higher loss reflects increased interest expense due to increased charges on the mortgage which had been in default. 
SCB Computer Technology (Nasdaq : SCBI)SCBI provides management and technical services to state and local governments, public utilities, Fortune 500 companies and other large organizations. For the nine months ended 1/31/99, revenues rose 46 percent to $113.4 million. Net income fell 1 percent to $5.3 million. Revenues reflect the expansion of the Co's client base and an increase in consulting and professional staffing services. Net income was offset by the inclusion of a $1.9 million provision for settlement of TVA matter. 
Specialty Care Network (Nasdaq : SCNI)Specialty Care Network is a health care services company that provides practice management services to physicians. SCNI is also engaged in the development and management of freestanding and in-office ambulatory surgery centers. For the three months ended 3/31/99, revenues decreased 20 percent to $14.5 million. Net loss totalled $293 thousand vs. income of $2.3 million. Results reflect decreased service fees due to modification of arrangements with four practices. 
Select Appointments Hldgs (Nasdaq : SELA)Select Appointments Holdings is a provider of temporary and contract staffing services and permanent placement services through a network of offices in North America, Europe and Australasia and Asia. For the nine months ended 9/30/98, sales increased 49 percent to $1 billion. Net income increased 58 percent to $34.3 million. Revenues benefitted from internal growth in the US, UK and Australia. Earnings also benefitted from lower S/G/A expenses as a  percentage of sales. 
Siena Holdings, Inc. (OTC BB : SIEN)Siena Holdings, Inc. is engaged in assisted care facility management through Siena Housing Management Corp. in the Houston, Texas area. The Company is also involved in real estate development through LLG Lands consisting of one property of 179.4 acres in Allen, Texas. For the six months ended 12/98, revenues rose 20 percent to $507 thousand. Net loss was $22 thousand vs. an income of $56 thousand. Results reflect higher commissions, offset by higher consulting, personnel and overhead expenses. 
Snyder Communications Inc (NYSE : SNC)SNC is a global provider of integrated marketing solutions primarily to Fortune 500 size companies, offering value-added marketing solutions in three segments: Direct Sevices, Healthcare Services and Creative Services. For the three months ended 3/99, net revenues rose 29 percent to $241.3 million. Net income totalled $16.2 million vs. a loss of $7 million. Results reflect strength in the Direct Services and Healthcare segments, and a $24.4 million decrease in merger and acquisition related charges. 
Solomon-Page Group, Ltd. (Nasdaq : SOLP)SOLP is a specialty niche provider of staffing services organized into two divisions: executive search/full-time contingency recruiting and temporary staffing/consulting. For the six months ended 3/99, revenues rose 13 percent to $24.3 million. Net income fell 16 percent to $537 thousand. Revenues reflect strength in temporary staffing/consulting due to expansion into the IT, accounting and human resources areas. Earnings reflect higher S/G/A as a  percent of revenues in the executive search division. 
SOS Staffing Services (Nasdaq : SOSS)SOS Staffing Services, Inc. and subsidiairies is a provider of temporary staffing and consulting services through offices located in 17 states of the U.S. For the 13 weeks ended 4/4/99, revenues rose 20 percent to $84 million. Net income fell 86 percent to $343 thousand. Revenues reflect increased service revenues due to acquisitions and the opening of new offices. Earnings were offset by increased amortization expense and increased reserves against bad debt. 
StarTek, Inc. (NYSE : SRT)StarTek, Inc. is an international provider of integrated, value-added outsourced services, such as product order teleservices, supplier management, product assembly, packaging, distribution, etc. For the three months ended 3/31/99, revenues rose 68 percent to $40.9 million. Net income rose 61 percent to $2.4 million. Revenues reflect higher sales from existing and new clients. Net income was partially offset by higher S/G/A expenses due to increased personnel costs. 
StaffMark, Inc. (Nasdaq : STAF)StaffMark Inc., is a provider of diversified staffing, information technology (IT) to businesses, professional consulting and solutions services to businesses, professional and service organizations and government agencies. For the three months ended 3/31/99, revenues rose 31 percent to $280.3 million. Net income fell 11 percent to $6.4 million. Revenues reflect acquisitions at the Professional/IT and Commercial segments. Earnings reflect costs related to acquisition and higher debt. 
Staff Leasing, Inc. (Nasdaq : STFF)Staff Leasing, Inc. provides professional employer services, including payroll administration, risk management, benefits administration, unemployment services and human resource consulting services, typically to small and medium-sized businesses. For the three months ended 3/31/99, revenues rose 20 percent to $647.3 million. Net income rose 5 percent to $5.6 million. Results reflect an increased number of worksite employees, partially offset by increased corporate personnel expenses. 
Superior Consultant Hldg. (Nasdaq : SUPC)SUPC is a national healthcare consulting firm that provides a wide range of information technology consulting and strategic and operations management consulting services to the healthcare industry. For the three months ended 3/31/99, revenues rose 68 percent to $40 million. Net income rose 42 percent to $3 million. Revenues reflect strong growth in core lines of business, acquisitions, and increased number of new clients. Earnings were partially offset by an increase in personnel. 
Service Experts, Inc. (NYSE : SVE)SVE provides residential heating, ventilating and air conditioning services and replacement equipment. The Co's service centers install, service and maintain central air conditioners, furnaces and heat pumps, primarily in existing homes. For the three months ended 3/99, revenues rose 64 percent to $116.2 million. Proforma net income rose 30 percent to $4 million. Results reflect the acquisition of new Service Centers, partially offset by higher debt used to fund the acquisitions. 
ServiceMaster Company (NYSE : SVM)ServiceMaster Company, provides supportive management services to health care, education and commercial accounts, as well as comprehensive facilities. For the three months ended 3/31/99, revenues increased 14 percent to $1.12 billion. Net income increased 22 percent to $35.6 million. Revenues benefited from acquisitions and solid base business growth. Net income reflects a lower cost of services as a  percentage of revenue due to the changing mix of the business. 
Swisher International (SWSHSWSH markets franchises which provide hygiene products and services for public restrooms and residential maid services and bath and kitchen restoration services. For the six months ended 4/30/99, revenues rose 2 percent to $7.2 million. Net income totalled $95 thousand vs. net loss of $698 thousand. Revenues reflect growth in annuities and initial franchise sales. Net income reflects lower overhead expenses and lower company-owned operations due to the sale of five operations. 
SITEL Corporation (NYSE : SWW)SWW is a global provider of outsourced telephone and Internet-based customer service and sales programs to clients in the financial services, telecommunications, technology, entertainment, utilities, consumer, automotive, and travel industries. For the three months ended 3/31/99, revenues rose 19 percent to $164.2 million. Net loss before extraordinary item totalled $1.5 million vs. income of $2 million. Revenues reflect higher calling volumes. Losses reflect initial implementation costs. 
Synagro Technologies Inc. (Nasdaq : SYGR)Synagro Technologies is engaged in the business of biosolids management through beneficial reuse of organic materials, tranportation and monitoring of biosolids, and the marketing of end products from the treatment of such materials. For the three months ended 3/31/99, net sales increased 60 percent to $9.1 million. Net loss applicable to Common decreased 69 percent to $1.2 million. Revenues reflect acquisitions. Loss reflects the absence of $3.5 million in preferred dividends. 
A Consulting Team (Nasdaq : TACX)The A Consulting Team provides enterprise-wide information technology consulting, software licensing and training services primarily to large organizations in a range of industries. For the three months ended 3/31/99, revenues rose 20 percent to $12.6 million. Net income rose 12 percent to $635 thousand. Results reflect increased consulting revenues due to higher hourly billing rates, partially offset by an increased number of sales and marketing and recruiting personnel. 
Thomas Group, Inc. (Nasdaq : TGIS)Thomas Group, Inc. provides management services designed to improve the competitiveness and profitability of the Company's clients, utilizing a methodology called Total Cycle Time. For the three months ended 3/31/99, revenues fell 6 percent to $14.7 million. Net income from continuing operations rose 94 percent to $787 thousand. Results reflect contract completions exceeding the rate of new contracts being added, offset by higher margins. 
Trans Global Services (Nasdaq : TGSI)Trans Global Services, Inc. provides temporary engineers, designers, and other technical personnel to its clients in the aerospace, energy, electronics, engineering, and telecommunications industry. For the three months ended 3/31/99, revenues fell 39 percent to $11.2 million. Net loss rose 67 percent to $140 thousand. Results reflect a slowdown in the aerospace industry, the effects of unstable international economic conditions and lower margins. 
Telehublink Corp. (OTC BB : THLC)Telehublink Corporation is engaged in exploring and developing opportunities in the call center teleservices industry, facilitating the direct communication by telephone of information to and from current and prospective customers of the call center's clients. For the 13 weeks ended 4/30/99, revenues totalled $337 thousand, up from $0 thousand. Net loss totalled $34 thousand, up from $16 thousand. Results reflect the TeleHub acquisition, offset by losses at the acquired operations 
Telespectrum Worldwide (Nasdaq : TLSP)Telespectrum Worldwide Inc., operates two business segments: business to consumer and business to business telemarketing, and customer care sevices which provide service representitives, interactive voice response, consulting and related services. For the fiscal year ended 12/98, revenues fell 6 percent to $167.4 million. Net loss from continuing operations fell 96 percent to $6.9 million. Results reflect reduced calling hours, offset by the absence of a $139.1 million goodwill impaiment charge. 
Team America Corporation (Nasdaq : TMAM)Team America Corporation is a professional employer organization (PEO) that provides integrated human resource management services to small and medium-sized businesses, allowing them to outsource their HR responsibilities. For the three months ended 3/31/99, revenues rose 29 percent to $90.7 million. Net income totalled $184 thousand, up from $1 thousand. Revenues reflect acquisitions and generic growth. Earnings also benefitted from reductions in executive level compensation. 
Team, Inc. (AMEX : TMI)Team, Inc. is a professional full service provider of industrial repair services, including leak repair, hot tapping, emissions control, concrete repair and energy management services. For the nine months ended 2/99, revenues rose 19 percent to $39.7 million. Net loss totalled $158 thousand vs. income of $949 thousand. Revenues reflect the inclusion of Climax Portable Machine Tools, Inc. Loss reflects a $1.2 million charge related to employee severance and payments to former officers. 
Transmedia Network, Inc. (NYSE : TMN)TMN owns and markets a charge card, ``The Transmedia Card'', offering savings to the Company's card members on dining as well as lodging, travel, retail catalogues and long distance telephone calls. For the three months ended 12/98, revenues fell 3 percent to $20 million. Net loss fell 36 percent to $1.4 million. Revenues reflect lower average active cardmembers. Lower loss reflects the absence of $3.1 million in amended compensation agreement charges. 
Tenera, Inc. (AMEX : TNR)TNR provides professional services and software to solve engineering, environmental and safety problems related to the design, construction and maintenance of power plants, government properties and capital intensive industries. For the three months ended 3/99, revenues rose 52 percent to $9.3 million. Net income fell 43 percent to $305 thousand. Results reflect increased Rocky Flat activity and extensions of utility consulting contracts, offset by lower margins and the absence of a $300 thousand gain. 
Total Research Corp. (Nasdaq : TOTL)TOTL is engaged in providing full-service marketing research in the form of information, and analyses for use in strategic and tactical marketing decisions. For the six months ended 12/31/98, revenues increased 16 percent to $19.7 million. Net income increased 39 percent to $1.1 million. Revenues reflect increased activity in all four of the Company's research divisions. Earnings also benefitted from increased gross profits, operating efficiencies and reduced debt levels. 
Trident Rowan Group, Inc. (OTC BB : TRGI)TRGI, through subsidiaries, is a manufacturer of luxury and high-performance motorcycles and welded steel tubes. The Company also provides temporary management and capital and merchant banking services to troubled businesses. For the nine months ended 9/30/98, revenues rose 15 percent to LIR88.18 billion. Net loss applicable to Common fell 7 percent to LIR11.48 billion. Revenues reflect increased sales at Moto Guzzi S.p.A. Lower loss reflects higher gross margins due to an improve sales mix. 
TRM Corporation (Nasdaq : TRMM)TRMM owns, supplies, and maintains over 33,000 self-service photocopiers in retail establishments such as pharmacies, stationery stores, hardware stores and gift shops in the U.S., Canada, the U.K., and France. For the comparable three months ended 3/31/99, sales fell 4 percent to $16.9 million. Net income applicable to Common totalled $511 thousand, vs. a loss of $3.2 million. Results reflect a decrease in the number of billed units, offset by the absence of a $6.4 million special charge. 
Trimeris, Inc. (Nasdaq : TRMS)TRMS, is a biopharmaceutical company engaged in the discovery and development of novel therapetical agents that block viral infection by inhibiting viral fusion with host cells. TRMS's main product, T-20, inhibits fusion of HIV with host cells. For the three months ended 3/99, revenues fell 10 percent to $81 thousand. Net loss rose 81 percent to $5.4 million. Revenues reflect lower SBIR grants. Loss also suffered from increased personnel, laboratory and SGA expenses. 
TeleServices Intl. Group (OTC BB : TSIG)TeleServices International Group is in the business of providing teleservices and internet solutions to both domestic and international companies. For the three months ended 3/31/99, total revenues rose 8 percent to $102 thousand. Net loss from continuing operations decreased 8 percent to $1.5 million. Revenues reflect reduced utilization of the Company's outsourcing services. Lower loss reflects reduced payroll taxes, rent and other expenses. 
TeamStaff, Inc. (Nasdaq : TSTF)TeamStaff provides a broad spectrum of human resource services including professional employer services, payroll processing, human resource administration, and placement of temporary and permanent employees. For the six months ended 3/31/99, revenues rose 43 percent to $94.9 million. Net income rose 22 percent to $862 thousand. Results reflect the acquisition of the TeamStaff Companies, partially offset by higher costs related to the acquisition and higher debt financing. 
United American Hlthcare. (NYSE : UAH)United American Healthcare provides comprehensive management and consulting services to managed care organizations including health maintenance organizations in TN and MI. For the six months ended 12/31/98, total revenues fell 20 percent to $44.7 million. Net income from continuing operations totalled $274 thousand vs. a loss of $9 million. Revenues reflect the liquidation of UltraMedix. Net income reflects a reduction in the number of employees and lower medical expenses. 
uBid, Inc. (Nasdaq : UBID)uBid, Inc. is engaged in the retail sale of excess merchandise, including close-out and refurbished products, utilizing an interactive online auction, specializing in brand name computer, consumer electronics and home and leisure products. For the three months ended 3/31/99, net revenues totalled $34.3 million, up from $2.1 million. Net loss totalled $3.4 million, up from $895 thousand. Results reflect growth in the customer base, offset by increased advertising expenses. 
Ubarter.com, Inc. (OTC BB : UBTR)Ubarter.com, Inc. is engaged in operations in the retail barter exchange area of the commercial barter industry. The Company acts as a third-party record-keeper of clients' transactions and balances, which are denominated in Trade Dollars. For the nine months ended 12/31/98, revenues fell 12 percent to $476 thousand. Net loss totalled $212 thousand, up from $1 thousand. Results reflect the absence of special inventory sales and increased costs related to the development of ubarter.com. 
United Petroleum Corp. (UPETUnited Petroleum Corp. operates convenience stores, express lube centers and car washes, providing detail services, gasoline, automotive and food and beverage products. The Co. also develops and markets gas and oil production. For the nine months ended 9/30/98, revenues fell 40 percent to $4.8 million. Net loss fell 24 percent to $2.4 million. Revenues reflect the sale and/or closing of Company locations. Lower loss reflects lower interest expense from debentures paid and S/G/A costs. 
United Payors & Providers (Nasdaq : UPUP)UPUP serves as an intermediary between health care payors, such as insurance Co's, and health care providers, such as hospitals, by entering into contractual agreements designed to produce cost savings benefits for payors and increase liquidity in claims submissions for providers. For the three months ended 3/99, total revenues rose 28 percent to $23.7 million. Net income rose 27 percent to $5.6 million. Results reflect the ProAmerica acquisitions and the addition of new clients. 
United Road Services, Inc (Nasdaq : URSI)United Road Services, Inc. offers a broad range of towing and transport services, including towing, impounding and storing motor vehicles, conducting lien sales and auctions of abandoned vehicles and transporting new and used vehicles and heavy construction equipment. For the three months ended 3/31/99, revenues totalled $59.5 million, up from $0. Net income totalled $2 million vs. a loss of $232 thousand. Results benefitted from the acquisitions made. 
U.S. Laboratories Inc. (Nasdaq : USLB)U.S. Laboratories Inc. offers construction control services from conception to completion of a building project in order to verify that the project conforms to construction specifications. For the three months ended 3/31/99, revenue rose 55 percent to $3.2 million. Net income rose 56 percent to $100 thousand. Revenues reflect the acquisition of operating units in California, Florida and New Jersey. Earnings also benefitted from economies of scale. 
US Oncology, Inc. (Nasdaq : USON)US Oncology, Inc. is a national physician practice management Co. focusing exclusively on oncology. The Company provides comprehensive management services to oncology practices comprised of 358 physicians in 18 states. For the three months ended 3/99, revenues rose 39 percent to $139.8 million. Net income increased 24 percent to $8.5 million. Revenues reflect expansion of services and increases in patient volume. Earnings were partially offset by increased drugs and supplies expenses. 
USTMAN Technologies, Inc. (OTC BB : USTX)USTMAN Technologies, Inc. is engaged in statistical inventory reconciliation leak detection for underground storage tanks and product piping. The Company also licenses fuel management software and sells related fuel management products including tank gauges and data gathering equipment. For the nine months ended 3/99, revenues rose 12 percent to $4.8 million. Net loss rose 37 percent to $2.5 million. Results reflect an increase in the customer base, offset by a $1.2 million debt write-off cost. 
Viking Capital Group,Inc (OTC BB : VGCP)Viking Capital Group, Inc. is a development stage company working to provide insurance administrative services, corporate relations services and to purchase insurance managed assets. For the three months ended 3/31/99, revenues remained at $0. Net loss increased 37 percent to $489 thousand. Results reflect increased general and administrative expenses, increased depreciation and amortization expenses and higher other costs. 
Viant Corporation (Nasdaq : VIAN)Viant Corporation is a internet professional services firm providing strategic consulting, creative design and technology services to companies seeking to capitalize on the internet. For the three months ended 4/2/99, revenues increased 93 percent to $7.9 million. Net loss totalled $2 million, up from $680 thousand. Revenuese reflect a growing demand for internet professional services. Higher losses reflect an increase in compensation and benefits, and lease expenditures. 
Food Technology Service (Nasdaq : VIFL)VIFL, owns and operates an irradiation facility, that uses gamma radiation produced by Cobalt 60 to treat or process various foods for insect disinfestation, shelf life extension and control of certain microorganisms. For the three months ended 3/31/99, net sales increased 18 percent to $72 thousand. Net loss increased 33 percent to $225 thousand. Revenues benefitted from new customer for irradiation services. Higher loss suffered from increased marketing and interest expenses. 
VSI Holdings, Inc. (AMEX : VIS)VSI Holdings Inc. designs and manufactures product simulators andanimatronic displays, provides administrative and promotional services, and is a broad-based provider of educational curriculums and product training. For the 26 weeks ended 3/31/99, sales rose 14 percent to $75.9 million. Net income from continuing operations fell 40 percent to $3 million. Results reflect projects with a new automotive client and Internet and E-Commerce with existing clients, offset by higher personnel costs. 
Volt Information Sciences (NYSE : VOL)VOL operates in three major businesses, cosisting of five industry segments; Technical Services and Temporary Personnel, Telephone Directory, Telecommunication Services, Computer Systems, and Electronic Publication and Typesetting Systems. For the six months ended 4/30/99, revenues rose 32 percent to $1.02 billion. Net income rose 19 percent to $8.2 million. Results reflect higher sales by the Staffing Services and Computer Systems segments, partially offset by higher debt related to Gatton. 
VSE Corporation (Nasdaq : VSEC)VSE Corporation is engaged in providing engineering, testing, and management services to the U.S. government and software development to government prime contractors. For the three months ended 3/31/99, revenues fell 2 percent to $40.9 million. Net income rose 16 percent to $206 thousand. Revenues reflect a decrease in work performed by VSE. Earnings benefitted from lower costs and expenses of operations, as a  percentage of segment revenues. 
Viad Corp. (NYSE : VVI)Viad Corp. operates three business segments which provide: Payment Services, Convention and Event Services, and Airline Catering. For the three months ended 3/31/99, revenues fell 2 percent to $592.4 million. Net income applicable to Common rose 33 percent to $20.1 million. Revenues reflect sales of noncore businesses during 1998 and first quarter of 1999. Earnings benefitted from lower interest expense due to repayment of debt and termination of related interest rate swap agreements. 
Wallace Computer Services (NYSE : WCS)Wallace Computer Services manufactures and markets business forms, computer labels, machine ribbons, computer hardware and software, accessories and other office products. For the nine months ended 4/99, net sales rose 16 percent to $1.15 billion. Net income fell 6 percent to $56.6 million. Revenues benefitted from the Graphic Industries acquisition. Net income reflects higher depreciation expense, $1.6 million non-recurring charge for inventory adjustment and higher debt levels. 
Wackenhut Correction Corp (NYSE : WHC)WHC develops and manages privatized correctional and detention facilities in North America, the United Kingdom, South Africa and Australia. For the 13 weeks ended 4/4/99, revenues rose 37 percent to $97.4 million. Net income before accounting change rose 44 percent to $4.8 million. Results reflect higher compensated resident days due to the opening of new facilities. Earnings also reflect lower general and administrative expenses and higher equity in the earnings of affiliates. 
S M & A Corporation (Nasdaq : WINS)S M and A Corporation is a provider of management and high-end contract support services which help its clients in winning government and commercial contracts and enhance their ability to successfully and efficiently perform on such contracts. For the three months ended 3/31/99, net revenues totalled $25.3 million, up from $10.7 million. Net income rose 70 percent to $3 million. Results reflect an increased customer base, partially offset by increased overhead due to acquisitions. 
Winston Resources, Inc. (AMEX : WRS)Winston Resources, Inc. is a personnel supply services company, placing employees in entry-to-high-level permanent salaried positions in the New York City metropolitan area and in Fort Lauderdale, Florida. For the three months ended 3/31/99, revenues rose 3 percent to $14.8 million. Net income rose 1 percent to $360 thousand. Revenues reflect an increase in temporary staffing revenues. Earnings were partially offset by increased compensation and related costs. 
Westaff, Inc. (Nasdaq : WSTF)Westaff, Inc. provides temporary staffing services, including replacement, supplemental and on-site programs to businesses and government agencies in regional and local markets in the U.S. and selected international markets. For the 24 weeks ended 4/17/99, total revenues rose 9 percent to $279.7 million. Net income from continuing operations rose 15 percent to $5.2 million. Results reflect increased billed hours and average billing rates per hour, and a lower franchise agents' share. 
Roy F. Weston, Inc. (Nasdaq : WSTNA)Roy F. Weston, Inc. is a provider of environmental management, design, consulting, and infrastructure redevelopment services to industry, the federal government and public works. For the fiscal year ended 12/31/98, net revenues decreased 1 percent to $140.4 million. Net income totalled $858 thousand vs. a loss of $11.4 million. Revenues were negatively impacted by the sale of the Company's analytical laboratory operations in May of 1997. Earnings reflect cost reduction efforts. 
Warrantech Corporation (Nasdaq : WTEC)WTEC markets and administers service contract programs to retailers, distributors and manufacturers of automobiles, recreational vehicles, automotive components, appliances, entertainment products, computers and communication equipment. For the nine months ended 12/31/98, revenues rose 9 percent to $169.1 million. Net income fell 70 percent to $1.2 million. Results reflect increased market penetration in the personal computer industry, offset by lower margins and higher S/G/A expenses. 
West Teleservices Corp. (Nasdaq : WTSC)WTSC provides a full range of customized telecommunications-based services, including inbound and outbound teleservices and automated voice response services, to business clients on an outsourced basis. For the three months ended 3/99, revenues rose 19 percent to $138 million. Net income rose 12 percent to $13.9 million. Revenues reflect an increase in inbound operator and outbound direct teleservices performed. Earnings were partially offset by higher S/G/A expenses.%}
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Children's Broadcasting (Nasdaq : AAHS)Children's Broadcasting Corporation is engaged in the television commercial production and related media business. For the three months ended 3/31/99, revenues rose 47 percent to $1.2 million. Net income totalled $11.5 million, vs. a loss of $3.7 million. Revenues reflect increased revenues from the Company's two new production companies, Chelsea and Populuxe. Earnings reflect a $16.5 million gain on the sale of three radio stations to Radio Unica. 
Groupe AB (NYSE : ABG)Groupe AB primarily produces and distributes TV programming and related merchandise to France and other countries, and operates the AB Sat pay TV service. For the six months ended 6/98, revenues fell 1 percent to FF340.9 million. Net loss before extraordinary item totalled FF151.3 million, up from FF59M. Revenues reflect lower youth and fiction TV programming revenues and decreased merchandising opportunities. Higher loss reflects lower margins and increased expenses for AB Sat. 
Adelphia Communications (Nasdaq : ADLAC)ADLAC owns, operates, and manages cable TV systems and other related telecommunications businesses. ADLAC operations consist primarily of selling video programming. For the three months ended 3/31/99, revenues increased 88 percent to $206.2 million. Net loss applicable to Common before extraordinary item fell 10 percent to $41.7 million. Revenues reflect an increase in subscriber rates. Lower loss reflects a $12.9 million gain on minority interest of subsidiaries. 
Ackerley Group, Inc. (NYSE : AK)AK is comprised of four operating segments: Outdoor Media, Television Broadcasting, Radio Broadcasting and Sports and Entertainment (including the NBA's Seattle Supersonics). For the three months ended 3/31/99, revenues fell 16 percent to $67.7 million. Net loss before extraordinary item totalled $2.5 million vs. income of $809 thousand. Revenues reflect the absence of airport advertising and lower sports and entertainment due to the NBA lockout. Losses reflect a rise in interest and depreciation expenses. 
Chancellor Media Corp. (Nasdaq : AMFM)Chancellor Media Corp. is a diversified media company with interest in radio, outdoor advertising and television. AMFM owns 125 radio stations in 30 of the nation's largest markets, Martin Media and LIN Television. For the three months ended 3/31/99, net revenues rose 50 percent to $350.3 million. Net loss applicable to Common increased 47 percent to $109.9 million. Revenues reflect various acquisitions. Higher loss reflects $29 million in nonrecurring charges and increased debt levels. 
Antenna TV S.A. (Nasdaq : ANTV)Antenna TV S.A. is a television broadcast network and producer of television programming in Greece, operating a network of 450 transmission towers and relay stations which reach 99 percent of Greece's 3.2 million television households. For the three months ended 3/31/99, net revenues rose 18 percent to GRD6.73 billion. Net income according to U.S. GAAP totalled GRD859.2 million, vs. a loss of GDR2.98 billion. Revenues reflect strong growth in advertising. Earnings also reflect foreign exchange gains. 
American Telecasting, Inc (OTC BB : ATEL)ATEL owns and operates a network of wireless cable television systems providing subscription television service to residential and commercial subscribers. For the three months ended 3/31/99, revenues fell 19 percent to $10.3 million. Net loss fell 24 percent to $13.8 million. Revenues suffered from the loss of subscribers and the sale of the Lakeland, Florida wireless system. Lower loss reflects lower costs related to the sale of the Lakeland system and a reduced number of employees. 
@Entertainment, Inc. (Nasdaq : ATEN)@Entertainment, Inc. operates the largest multichannel pay television business in Poland. The Company creates, produces, develops and acquires programming for distribution across its cable networks. For the three months ended 3/31/99, revenues increased 48 percent to $18.8 million. Net loss applicable to Common increased from $17.3 million to $35.4 million. Revenues reflect an increased number of basic subscribers. Higher loss reflects increased programming expenses. 
BHC Communications, Inc. (AMEX : BHC)BHC Communications, Inc. principal business is television broadcasting, conducted through its subsidiaries, Chris-Craft Television, Inc. (``CCTV''), Pinelands, Inc , and United Television, Inc. (``UTV''). For the three months ended 3/31/99, revenues rose 7 percent to $106.5 million. Net income fell 67 percent to $2 million. Revenues reflect increased earnings at BHC's core television station group and royalties paid to BHC's New York Station. Earnings reflect higher UPN-related losses. 
British Sky Broadcasting (NYSE : BSY)British Sky Broadcasting plc, through its subsidiaries operates pay television broadcasting services in the United Kingdom and Ireland. For the fiscal year ended 6/30/98, total revenues increased 15 percent to L1.43 billion. Net income applicable to U.S. GAAP decreased 44 percent to L173M. Revenues benefitted from growth in the number and the average revenue per direct-to-home subscribers. Earnings were offset by the absence of a deferred taxation adjustment. 
CBS Corporation (NYSE : CBS)CBS is a media company comprised of radio and TV broadcasting and cable programming operations (CBS and Infinity Broadcasting). For the three months ended 3/99, revenues fell 9 percent to $1.77 billion. Net income from continuing operations before extraordinary item rose 32 percent to $25 million. Revenues reflect the the absence of the sales generated from the 1998 Winter Olympics on the CBS network. Net income reflects lower debt levels and higher income from investments. 
Chris-Craft Industries (NYSE : CCN)CCN is engaged in television broadcasting, plastic film manufacturing and healthcare product distribution. For the three months ended 3/31/99, revenues increased 6 percent to $111.5 million. Net income applicable to Common decreased 61 percent to $647 thousand. Revenues reflect increased earnings at the Television Division's core station group. Net income was offset by an increased equity in United Paramount Network loss and decreased interest income. 
Clear Channel Communic. (NYSE : CCU)Clear Channel Communications is a diversified media company that owns or operates 206 radio stations and 18 domestic television stations, and is engaged in outdoor advertising with 213,566 international display faces. For the three months ended 3/31/99, gross revenues rose 83 percent to $421.6 million. Net loss totalled $12.7 million vs. an income of $5.6 million. Results reflect the acquisitions of Universal Outdoor and More Group, offset by greater depreciation and amortization. 
CD Radio Inc. (Nasdaq : CDRD)CD Radio, Inc. is engaged in the development of a subscription based satellite radio system for the nationwide broadcast of 50 channels of commercial-free digital quality music and 50 channels of news, sports and entertainment programming. For the three months ended 3/31/99, the Company reported no revenues. Net loss applicable to Common rose 35 percent to $20.1 million. Higher loss reflects increased engineering design and development expenses. 
Central European Media (Nasdaq : CETV)CETV together with its subsidiaries, invests in, develops, and operates national and regional commercial television stations and networks in Central and Eastern Europe. For the three months ended 3/99, net revenues rose 10 percent to $37 million. Net income from continuing operations totalled $12.1 million, vs. a loss of $17.5 million. Revenues reflect increased revenues at Nova TV, POP TV and TV3. Earnings also reflect a $25.9 million gain on the sale of an investment in MobilRom. 
Citadel Communications (Nasdaq : CITC)Citadel Communications is a holding Company which through its subsidiaries owns and operate radio stations and holds FCC licenses in AK, CA, CO, LA, ID, IL, IN, MI, MT, NV, NM, NY, OR, PA, RI, SC, UT and WA. For the three months ended 3/99, net revenues rose 16 percent to $32.6 million. Net loss applicable to Common rose 6 percent to $9.2 million. Revenues reflect the acquisitions of radio stations. Net loss suffered from higher interest expenses and preferred dividends. 
Comcast Corporation (Nasdaq : CMCSK)Comcast Corp. and its subsidiaries are principally engaged in the development, management and operation of hybrid fiber-coaxial broadband cable networks, cellular and personal communications systems and the provision of content. For the three months ended 3/99, revenues rose 10 percent to $1.37 billion. Net income applicable to Common before extraordinary item from continuing operations totalled $94.3 million vs. a loss of $86.2 million. Results reflect a rise in the average number of homes receiving services. 
Cumulus Media, Inc. (Nasdaq : CMLS)CMLS is a radio broadcasting company focused on the acquisition, operation and development of radio stations in mid-size and smaller radio markets in the U.S. As of 3/19/99, CMLS owns and operates 180 stations in 39 markets. For the three months ended 3/99, revenues totalled $31.9 million, up from $12.5 million. Net loss applicable to Common before extraordinary item totalled $14.6 million, up from $4.3 million. Results reflect the acquisitions, offset by a rise in station operating expenses. 
Cox Communications, Inc. (NYSE : COX)Cox Communications, Inc. is a fully-integrated, diversified broadband communications company with interests in domestic cable distribution systems, programming networks, telecommunications and technology and broadband networks. For the three months ended 3/99, total revenues increased 20 percent to $498.5 million. Net income totalled $251.2 million vs. a loss of $101.9 million. Results reflect the launch of the residential data service and lower satellite operating costs. 
Capital Media Group Ltd. (OTC BB : CPMG)Capital Media Group Ltd. is primarily engaged in the operation of Onyx Television GmbH, an advertiser supported music television station in Germany. The Company also has interests in a Romanian print media group and radio station, as well as other businesses. For the nine months ended 9/98, revenues totalled $4.1 million, up from $1.5 million. Net loss fell 40 percent to $7.5 million. Revenues reflect increased revenues at Onyx. Lower loss reflects an exceptional operating credit. 
Capstar Broadcasting (NYSE : CRB)Capstar Broadcasting is principally engaged in the ownership and management of a portfolio of 299 owned and operated or programmed radio broadcast stations located in 75 mid-sized markets throughout the United States. For the three months ended 3/31/99, net revenues totalled $142 million, up from $64.1 million. Net loss applicable to Common rose 7 percent to $31.9 million. Results reflect the acquisitions of radio stations, offset by increased depreciation and interest expense. 
Century Communications (Nasdaq : CTYA)Century Communications is principally engaged in the ownership and operation of cable television systems. At 5/31/98, the Company owned 72 systems in 25 states, with approx. 1.3 million subscribers. For the nine months ended 2/28/99, revenues rose 7 percent to $387.7 million. Net loss from continuing operations applicable to Common fell 35 percent to $40 million. Results reflect subscription price increases, acquisitions, increases in the number of cable subscribers and increased tax benefits. 
Cablevision Systems Corp. (AMEX : CVC)CVC, a holding company, owns and operates cable television systems, has ownership interests in and companies that produce and distribute national and regional entertainment and sports programming services. For the three months ended 3/31/99, revenues rose 38 percent to $933.7 million. Net loss totalled $238.6 million, up from $27.2 million. Revenues reflect acquisitions. Higher loss reflects the absence of a $137.3 million gain on the sale of programming interests and cable assets. 
CanWest Global Communic. (NYSE : CWG)CWG owns interests in four television broadcasting companies: CanWest Television Inc. and Global Communications Ltd.in Canada, The TEN Group Ltd. in Australia and Global Television NZ Ltd. in New Zealand and one radio broadcasting company, Global Radio NZ Limited. For the six months ended 2/28/99, revenues rose 11 percent to C$325 million. Net income accord. to U.S. GAAP rose 12 percent to C$90.1 million. Results reflect increased Canada sales and a C$13.4 million special dividend from Ulster. 
Cox Radio, Inc. (NYSE : CXR)CXR is a national radio broadcasting company that operates, acquires and develops radio stations in the U.S. For the three months ended 3/31/99, net revenues rose 16 percent to $60.4 million. Net income rose 38 percent to $3.8 million. Revenues benefitted from the acquisition of radio stations in Long Island, New York, and higher revenues from the Orlando, Atlanta and Miami stations as a result of ratings growth. Net income also reflects lower operating costs as a  percentage of revenues. 
EchoStar Communications (Nasdaq : DISH)DISH provides direct broadcast satellite (DBS) programming services and products such as DBS set-top boxes, antennae and other equipment. DISH also provides turn-key delivery of video, audio and data services. For the three months ended 3/31/99, revenues rose 44 percent to $309.4 million. Net loss applicable to Common and before extraordinary item rose 81 percent to $105.5 million. Results reflect increased number of DISH Network subscribers offset by increased marketing expenses. 
Emmis Communications Corp (Nasdaq : EMMS)Emmis Communications owns and operates 13 FM radio stations and three AM stations serving Los Angeles, New York, Chicago, St. Louis, Indianapolis. Emmis also publishes two magazines and owns six television stations. For the fiscal year ended 2/28/99, revenues rose 66 percent to $232.8 million. Net income before extraordinary item fell 74 percent to $2.8 million. Revenues reflect the ability to realize higher advertising rates and acquisitions. Earnings were offset by increased promotional spendings. 
Entercom Communications (NYSE : ETM)Entercom Communications is primarily engaged in the management and operation of radio broadcast stations throughout the United States. As of 9/98, the Company owned and operates 42 stations in eight markets. For the three months ended 3/31/99, net revenues rose 59 percent to $39.6 million. Net loss before extraordinary item totalled $80.4 million, up from $10.6 million. Results reflect radio station acquisitions, offset by a higher effective tax rate due to C Corp. conversion. 
5th Avenue Channel Corp. (Nasdaq : FAVE)5th Avenue Channel is a developer, owner and operator of wireless cable television systems in Costa Rica and Wisconsin. The Co. also intends to move forward as a multi-media Internet Company. For the three months ended 3/99, revenues totalled $1.2 million, up from $342 thousand. Net loss totalled $1 million, up from $350 thousand. Revenues reflect purchased assets of Intrnl. Broadcast Consultants of America. Higher loss reflects development of the tv channel and website. 
Granite Broadcasting Corp (Nasdaq : GBTVK)Granite Broadcasting Corp. is engaged in the acquisition and management of network-affiliated television stations and other media and communication related properties. For the three months ended 3/99, revenues fell 8 percent to $33.9 million. Net loss applicable to Common rose 29 percent to $13 million. Revenues reflect the loss of Olympic-related advertising revenue at the Company's CBS affiliated stations. Net loss reflects lower margins and higher amortization expense. 
Gray Communications Sys. (NYSE : GCS)Gray Communications Systems operates 10 television stations, four daily newspapers, a weekly advertising only publication, a paging business and a transportable satellite uplink bisiness. For the three months ended 3/31/99, revenues rose 12 percent to $31.4 million. Net loss applicable to Common fell 2 percent to $1.8 million. Results reflect the acquisitions of Busse Stations. Loss was partially offset by increased depreciation and amortization and interest expenses. 
Ascent Entertainment Grp. (Nasdaq : GOAL)GOAL operates diversified media and entertainment production and distribution businesses. GOAL conducts its business in three segments, Multimedia Distribution, Entertainment and Network Services. For the three months ended 3/31/99, revenues rose 9 percent to $66.3 million. Net loss from continuing operations rose 10 percent to $9.9 million. Results reflect increased OCC revenues due to new hotel installations, offset by an increase in interest expense due to increased borrowings. 
Hispanic Broadcasting (Nasdaq : HBCCA)Hispanic Broadcasting Corporation is a Spanish language radio broadcasting company which owns and operates thirty-nine radio stations that provide news, music and sports in twelve markets. For the three months ended 3/99, revenues increased 20 percent to $37.7 million. Net income decreased 24 percent to $3.3 million. Revenues reflect growth of same stations. Net income reflects higher staffing costs, officer resignation expense and higher interest expense due to acquisitions. 
Hungarian Broadcasting (HBCOHungarian Broadcasting was organized to acquire interests in companies that have commercial broadcasting licenses to own, develop, expand and operate television stations in Hungary. For the nine months ended 9/30/98, revenues increased 21 percent to $2.9 million. Net loss increased from $1.9 million to $12 million. Revenues benefitted from the operation of four stations, vs. one last year. Higher loss reflects the increased costs of operating four television stations. 
Hearst-Argyle Television (NYSE : HTV)Hearst-Argyle Television, Inc. owns 22 television stations. The Company also manages seven radio stations that are owned by The Hearst Corporation. For the three months ended 3/99, revenues rose to 30 percent to $113.4 million. Net income applicable to Common before extraordinary item decreased 55 percent to $2.5 million. Revenues reflect the Hearst Transaction, the Gannett and the STC Swaps. Net income was offset by lower margins and higher levels of borrowing. 
Infinity Broadcasting /DE (NYSE : INF)Infinity Broadcasting is primarily engaged in radio broadcasting, with 160 radio stations serving 34 markets across the United States. INF is also engaged in outdoor advertising, with operations in the U.S., the U.K. and Ireland. For the three months ended 3/31/99, net revenues rose 44 percent to $473.7 million. Net income rose 52 percent to $47.6 million. Revenues reflect the continued strong performance of the radio stations. Earnings also reflect higher operating margins. 
Jones Intercable, Inc. (Nasdaq : JOINA)JOINA owns, operates and manages cable television systems for publicly held entities and cable TV systems. For the three months ended 3/31/99, revenues rose 27 percent to $129 million. Net loss increased 49 percent to $30.9 million. Revenues reflect an increase in subscriber service fees due to acquisitions, growth in cable advertising sales and changes in rates. Higher loss reflects increased operating expenses attributable to the effects of the acquisitions. 
Liberty Media Group (NYSE : LMGa)Liberty Media Group (owned by AT&T Corp.) is engaged in businesses which provide programming services, including production, acquisition and distribution through all available media formats, and businesses engaged in electronic retailing, direct marketing and other services. For the nine months ended 9/30/98, revenues totalled $498 million, up from $243.5 million. Net income rose 23 percent to $226.9 million. Results reflect acquisitions, partially offset by increased share of affiliate losses. 
LodgeNet Entertainment (Nasdaq : LNET)LodgeNet assembles, installs and operates Guest Pay movie systems, provides cable television programming, network-based video games and other interactive entertainment to the lodging industry. For the three months ended 3/31/99, revenues rose 15 percent to $42 million. Net loss rose 28 percent to $11 million. Results reflect an increase in average monthly revenue per Guest Pay room, offset by $3.8 million in losses of affiliates. 
Matav-Cable Systems Media (Nasdaq : MATVY)Matav-Cable Systems Media Ltd. is an operator and provider of broadband cable television services in Israel. As of 12/97, the Company had approximately 259 thousand subscribers. For the nine months ended 9/30/98, revenues rose 8 percent to NIS295.9 million. Net income rose 17 percent to NIS63.3 million. Revenues reflect increased revenues from the provision of cable television services in Israel. Earnings also benefitted from lower net financial expenses. 
MIH Limited (Nasdaq : MIHL)MIH Limited is a multinational provider of Pay-TV services and technology, operating in Africa, Asia and the Mediterranean. For the fiscal year ended 3/31/99, revenues rose 22 percent to $610 million. Net loss from continuing operations before U.S. GAAP adjustments rose 8 percent to $65 million. Results reflect subscriber growth, a full year's results from the consolidation of the Mindport division and a $31.1 million gain upon sale of the NetHold JV, offset by lower gross margins and losses from other JVs. 
Nucentrix Broadband Ntwk. (OTC BB : NCNX)Nucentrix Broadband Networks develops, operates and owns wireless cable television systems, primarily in small to mid-size markets in the central United States. For the three months ended 3/99, revenues fell 5 percent to $18.1 million. Net loss fell 69 percent to $7.8 million. Revenues reflect a decrease in the number of subscribers. Net loss benefitted from lower programming costs, lower service call and disconnect expenses and a decrease in interest expense. 
Networks North, Inc. (Nasdaq : NETN)Networks North, Inc. is engaged in the delivery of interactive video programming to customer sites, the rental and sale of equipment used in the reception of broadcast services, maintenance services and event programming for corporate clients. For the six months ended 2/28/99, total revenues fell 4 percent to C$7.2 million. Net income fell 33 percent to C$233 thousand. Results reflect a weakened worldwide market for CD-ROMs and increased staffing and salaries. 
Network Event Theater (Nasdaq : NETS)Network Event Theater owns and operates a proprietary national network of theaters on college campuses which deliver entertainment and educational events via satellite for display through high resolution video projectors on movie theater sized screens. For the six months ended 12/31/98, net revenues rose 14 percent to $6.8 million. Net loss rose 9 percent to $3.9 million. Results reflect an expansion of the sales staff, offset by personnel increases and increased management bonuses. 
Nostalgia Network (OTC BB : NNET)The Nostalgia Network operates a television programming service, GoodLife TV Network, which offers a variety of entertainment, information and lifestyle programming designed for America's Boomer and over audience. For the three months ended 3/31/99, revenues fell 6 percent to $1.3 million. Net loss rose 17 percent to $5.4 million. Revenues reflect decreases in affiliate revenues due to upfront zero fee arrangements. Loss also reflects increased amortization. 
NTL Incorporated (Nasdaq : NTLI)NTL, Inc. is a communication company providing residential, business and wholesale customers with the Residential Telecoms and Television Services, National Telecoms Services, and Broadcasting Services. For the three months ended 3/31/99, total revenues rose from $147.8 million to $313.4 million. Net loss applicable to Common rose from $97.3 million to $243.5 million. Results reflect customer growth and higher satellite revenue, offset by higher debt levels and personnel costs. 
NTN Communications, Inc. (AMEX : NTN)NTN Communications develops and produces individual and multi-player interactive programs for distribution to a variety of media platforms. For the three ended 3/31/99, revenues decreased 8 percent to $5.7 million. Net loss applicable to Common decreased 29 percent to $832 thousand. Revenues reflect reduced revenue from Online/Internet services due to the absence of revenues from production services. Lower loss reflects the absence of preferred stock accretion. 
National Wireless Holding (Nasdaq : NWIR)National Wireless Holdings is a holding and strategic resource company for telecommunications and other businesses. NWIR also seeks to support, finance and acquire new businesses and technologies. For the three months ended 1/31/99, revenues fell 4 percent to $1.6 million. Net loss totalled $1.9 million vs. income of $213 thousand. Revenues reflect decreased interest income due to lower cash balances. Net loss reflects the inclusion of a $3.1 million loss on the sale of securities vs. a $248 thousand gain. 
On Command Corporation (Nasdaq : ONCO)On Command Corp. is a holding company whose principal assets are On Command Video Corp. (OCV), SpectraVision and On Command Development Corp. (OCD). The first two companies are engaged in in-room video entertainment. OCD develops technologies used by OCV and SpectraVision. For the three months ended 3/99, total revenues rose 10 percent to $61.2 million. Net loss fell 12 percent to $6.9 million. Results reflect higher total rooms served and lower expenses as a  percentage of sales. 
Paxson Communications (AMEX : PAX)Paxson Communications Corporation is a network television broadcasting company whose principal business is the ownership and operation of the largest broadcast television station group in the U.S. For the three months ended 3/99, revenues rose 64 percent to $51.8 million. Net loss applicable to Common totalled $25.1 million, up from $4.4 million. Results reflect acquisitions and new time brokerage operations, offset by higher personnel costs and dividends on preferred stock. 
People's Choice TV Corp. (OTC BB : PCTV)People's Choice TV Corp. is a developer, owner and operator of wireless cable television systems. The Company operates in the midwestern and southwestern regions of the U.S. For the three months ended 3/99, revenues fell 20 percent to $5.6 million. Net loss applicable to Common rose 10 percent to $22.2 million. Results reflect a decrease in customer count due to the Company's suspension of the growth of its analog video customer base and higher levels of borrowings. 
Pegasus Communications (Nasdaq : PGTV)PGTV, a diversified media and communications company, through its subsidiaries provides direct broadcast satellite television services to customers in rural areas of the US. For the three months ended 3/99, total revenues rose from $28.8 million to $69.4 million. Net loss applicable to Common totalled $45.9 million, up from $15.9 million. Revenues reflect a higher number of DBS subscribers and acquisitions. Higher loss reflects costs associated with growth in business. 
TV Filme, Inc. (OTC BB : PYTV)TV Filme develops, owns and operates pay television systems in mid-sized markets in Brazil and provides multipoint, multi-channel distribution systems in Brasilia, Goiania and Belem. For the three months ended 3/99, revenues fell 48 percent to $6.6 million. Net loss totalled $35 million, up from $9.4 million. Revenues reflect a 51 percent devaluation of the REAL against the US$. Loss reflects a 37,000 reduction in subscriber count and higher monetary losses related to the REAL devaluation. 
Grupo Radio Centro, S.A. (NYSE : RC)RC is a radio broadcasting company in Mexico. As of 12/97, RC owned nine AM and five FM radio stations, and managed and operated an additional FM station. For the nine months ended 9/30/98, revenues decreased 26 percent to PS399.5 million. Net income before U.S. GAAP fell 91 percent to PS11.1 million. Results suffered from a decrease in advertising expenditures by political parties and long distance telephone companies, higher depreciation expenses and lower interest income. 
Recovery Network, Inc (OTC BB : RNET)RNET provides information, interaction and support via TV, radio and interactive media services to persons affected by or afflicted with alcoholism, drug and substance abuse, eating disorders, depression and a variety of behavioral and mental health problems. For the nine months ended 3/31/99, sales totalled $947 thousand, up from $410 thousand. Net loss rose 8 percent to $5.6 million. Results reflect increased advertising revenues, offset by increased salaries and programming expenses 
Radio One (Nasdaq : ROIA)ROIA owns and operates radio stations in Washington D.C., Baltimore, Philadelphia, Detroit and Kingley, Michigan, primarily targeting African-Americans. For the three months ended 3/31/99, net broadcasting revenues rose 47 percent to $11.8 million. Net loss applicable to Common rose 92 percent to $4.9 million. Revenues reflect ratings increases, improved power ratios and industry growth. Higher loss reflects costs related to the acquisition of the Detroit radio stations. 
Sinclair Broadcast Group (Nasdaq : SBGI)Sinclair Broadcast Group owns or provides programming services to 57 television stations in 36 markets. For the three months ended 3/31/99, revenues increased 53 percent to $189.8 million. Net loss applicable to Common decreased 28 percent to $4.2 million. Revenues reflect the acquisition of television and radio stations and the LMA transaction. Lower loss was partially offset by increased amortization of intangible broadcasting assets and interest expense. 
SBS Broadcasting S.A. (Nasdaq : SBTV)SBS Broadcasting S.A. owns and operates television and radio broadcasting stations in: Sweden, Denmark, Norway, Flemish Belgium, the Netherlands, Hungary and Slovenia. For the six months ended 6/30/98, net revenues rose 54 percent to $166.6 million. Net loss rose 11 percent to $14 million. Revenues reflect increased revenues from European Television operations. Higher loss reflects higher operating expenses at European TV operations and higher interest expenses. 
Saga Communications, Inc. (AMEX : SGA)SGA is a broadcast company that as of 12/97 owns and/or operates 39 radio stations, one television station and two state radio networks in mid-sized markets throughout the United States. For the three months ended 3/31/99, revenues rose 17 percent to $18.3 million. Net income increased 56 percent to $556 thousand. Revenues reflect the acquisitions of stations and higher advertising rates. Net income also reflects decreased station operating expenses as a  percentage of revenues. 
SunGroup, Inc. (SGUPSunGroup, Inc. is engaged in the operation of commerical radio stations. As of 12/97, the Company owned and operated seven radio stations, AM and FM, in Louisiana, Texas and New Mexico. For the nine months ended 9/30/98, revenues fell 28 percent to $4.4 million. Net loss before extraordinary item totalled $937 thousand vs. an income of $373 thousand. Revenues reflect decreased national and political advertising. Loss reflects higher interest expense due to the refinancing of debt. 
Shaw Communications (NYSE : SJR)SJR is a Canadian entertainment, information and communications co. SJR provides integrated media, video and data services. Businesses include; radio stations, specialty service television programming, internet access and paging services. For the three months ended 11/98, revenues rose 11 percent to C$213.2 million. Net loss applicable to Com. before U.S. GAAP totalled C$14.9 million vs. income of C$4.2 million. Results reflect higher cable revenues, offset by equity loss in Star Choice. 
TCA Cable TV, Inc. (Nasdaq : TCAT)TCAT develops, operates, acquires and manages cable TV systems. TCAT is also a cable advertising insertion provider and has begun offering high-speed Internet access in TX. For the six months ended 4/99, revenues rose 19 percent to $211.6 million. Net income rose 15 percent to $23.7 million. Revenues reflect internal growth in cable systems and advertising insertion, and cablesystem acquisitions. Earnings were partially offset by acquisition costs and higher cable programming costs. 
TCI Satellite Entertain. (OTC BB : TSATA)TCI Satellite Entertainment is a distributor of digital satellite-based television services in the United States. TSATA markets and distributes the PRIMESTAR(R) programming service. For the three months ended 3/99, revenues totalled $0, down from $168.5 million. Net loss increased 25 percent to $86.8 million. Results reflect the fact that TSATA's operations will consist primarily of accounting and legal expense incurred until consummation of the merger with PRIMESTAR. 
Grupo Televisa, S.A. (NYSE : TV)TV is a producer and broadcaster of Spanish-Language television programming, with interests in television prod-uction, broadcasting, satellite services, publishing, music recording, professional sports, paging services and dubbing. For the fiscal year ended 12/97, revenues rose 6 percent to Ps14.16 billion. Net income before extraordinary item totalled Ps4.82 billion vs. a loss of Ps953.2 million. Revenues reflect higher television and audio sales. Earnings reflect a gain on the sale of shares. 
TV Communications Network (OTC BB : TVCN)TV Communications Network is engaged in the business of leasing Wireless Cable TV licenses. TVCN is also engaged in research regarding the conversion of natural gas into alternative fuels, mining for minerals and metals, internet access and the sale of paging equipment. For the three months ended 6/30/98, revenues fell 5 percent to $301 thousand. Net loss totalled $382 thousand vs an income of $895 thousand. Results reflect the absence of a $2.3 million gain from the sale of the Rome, Georgia station. 
TV Guide, Inc. (Nasdaq : TVGIA)TV Guide provides satellite delivered video, audio, data and program promotion services to cable TV systems, satellite dish owners, and private network users. TVGIA also provides software development and system integration services. For the three months ended 3/99, total revenues rose 38 percent to $201.8 million. Net income fell 67 percent to $12.8 million. Results reflect the inclusion of sales from TV Guide Magazine. Net income reflects the absence of $39.2 million in Turner Vision gain. 
TeleWest Communications (Nasdaq : TWSTY)TeleWest Communications plc is a cable television and telephony operator which offers these services to business and residential customers in the United Kingdom. For the nine months ended 9/30/98, revenues increased 29 percent to L364M. Net loss decreased 18 percent to L210.8 million. Revenues reflect the acquisition of General Cable plc. Lower loss was partially offset by continuing price competition and increased borrowings outstanding. 
TV Azteca, S.A de C.V. (NYSE : TZA)TV Azteca, S.A. de C.V., the second largest broadcasting company in Mexico, owns and operates two national television networks through two anchor stations in Mexico City, as well as numerous other stations located throughout the country. For the nine months ended 9/30/98, revenues rose 12 percent to Ps3.17 billion. Net loss totalled Ps99M vs. an income of Ps1.2 billion. Results reflect heavy World Cup advertising spending, offset by Ps1.05 billion in exchange losses. 
College Television Netwk. (Nasdaq : UCTN)College Television Network is a proprietary commercial television network operating on college and university campuses through single channel television systems placed primarily in campus dining facilities and student unions. For the fiscal year ended 12/31/98, revenues totaled $8.5 million. Net loss before change in accounting principal totaled $8.6 million. Results are not comparable due to a change in the fiscal year end from October. 
MediaOne Group, Inc. (NYSE : UMG)MediaOne is engaged in cable and telecommunications network operations, wireless communications, and multimedia content and service operations. For the three months ended 3/99, revenues fell 32 percent to $665 million. Net loss applicable to Common from continuing operations decreased 47 percent to $125 million. Revenues reflect the absence of the domestic wireless communications business. Lower losses reflect the suspension of depreciation expense on cable systems held for sale. 
United Pan-Europe Commun. (Nasdaq : UPCOY)United Pan-Europe Communications N.V. owns and operates cable-based communications networks in ten countries in Europe and in Israel, providing cable television, telephone and Internet access services. For the three months ended 3/31/99, total revenues rose 57 percent to NLG148.8 million. Net loss totalled NLG140.5 million, up from NLG51.9 million. Results reflect acquisitions and subscriber growth, offset by increased stock-based compensation charges. 
USA Networks, Inc. (Nasdaq : USAI)USA Networks, through its subsidiaries, engages in diversified media and electronic commerce businesses that includes; electronic retailing, ticketing operations and television broadcasting. For the three months ended 3/99, revenues rose 39 percent to $728.9 million. Net income decreased 78 percent to $7.5 million. Revenues reflect increases from the Networks and television production business. Earnings were offset by increased production costs. 
Internet Media Corp. (OTC BB : USRF)Internet Media Corp. focuses on the exploration of the Wireless Internet access products and other Internet services. For the fiscal year ended 12/31/98, revenues totalled $5 thousand, up from $1 thousand. Net loss rose 67 percent to $1 million. Revenues reflect higher Wireless Internet sales and acquisition of DSRT in September 1998. Higher loss reflects costs related to the issuance of 1.7 million shares pursuant to a consulting and legal services agreement. 
United Television, Inc. (Nasdaq : UTVI)United Television, Inc. is engaged in television broadcasting, and operates six of BHC Communications' nine TV stations that comprise Chris-Craft's Television Division. For the three months ended 3/99, net revenues increased 14 percent to $45 million. Net income increased 22 percent to $8.1 million. Revenues reflect an increase in revenues associated with WUTB-TV. Net income also benefitted from higher profit margins and favorable economies of scale. 
Univision Communications (NYSE : UVN)Univision Communications Inc. is a Spanish-language television broadcaster in the U.S. The Company's network provides the Univision affiliates with 24 hours per day of Spanish-language programming with a prime time schedule of substantially all 1st run programming. For the three months ended 3/99, revenues rose 31 percent to $138 million. Net income applicable to Common before extraordinary items totalled $9.1 million up from $310 thousand. Results reflect higher advertising and lower operating cost. 
WorldGate Communications (Nasdaq : WGAT)WorldGate provides a new television-based Internet service, the WorldGate service, enabling cable subscribers to access the Internet through their televisions and link from television programming and advertising to websites. For the three months ended 3/31/99, revenues rose from $4 thousand to $549 thousand. Net loss applicable to Common rose 11 percent to $8.3 million. Results reflect growth in the subscriber base and increased hardware sales, offset by customer trial and marketing costs. 
Wireless One, Inc. (OTC BB : WIRL)WIRL is engaged in the business of developing, owning, and operating wireless cable television systems and developing a high-speed, two-way internet access product, primarily in select southern and southeastern U.S. markets. For the three months ended 3/31/99, revenues fell 12 percent to $9.3 million. Net loss rose 4 percent to $20 million. Results reflect a decline in the number of wireless video subscribers, partially offset by reduced costs due to the consolidation of system offices. 
Young Broadcasting, Inc. (Nasdaq : YBTVA)YBTVA owns and operates 12 television stations; six are affiliated with ABC, four with CBS, one with NBC and one is independent. For the three months ended 3/99, net revenues fell 2 percent to $63.2 million. Net loss rose 6 percent to $7.7 million. Revenues reflect a decreases in gross national revenues and political ad revenues. Higher loss reflects increased amortization of program license rights related to an L.A. Lakers contract and increased S/G/A as a  percentage of net revenues. 
Big City Radio, Inc. (AMEX : YFM)Big City Radio, Inc. acquires and operates radio broadcast properties in or adjacent to major metropolitan markets. As of 12/98, the Company owned three stations in CA, five in NY and six in Chicago. For the three months ended 3/99, revenues rose 40 percent to $3.4 million. Net loss before extraordinary items totalled $6.2 million, up from $2.8 million. Revenues reflect growth in the number of stations and same station growth. Higher loss suffered from start-up costs.%}
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AmeriSource Health Corp. (NYSE : AAS)AmeriSource Health Corp. is a wholesale distributor of pharmaceuticals and related health care products to hospitals and managed care facilities, independent community pharmacies and chain drug stores. For the six months ended 3/31/99, total revenues fell 3 percent to $4.35 billion. Net income rose 25 percent to $38.2 million. Results reflect the termination of contracts with several major customers, offset by lower S/G/A expenses as a  percentage of sales. 
Abaxis, Inc. (Nasdaq : ABAX)Abaxis develops, manufactures and markets portable blood analysis systems for use in any patient-care setting to provide clinicians with rapid blood constituent measurements. For the nine months ended 12/98, revenues rose 9 percent to $9.9 million. Net loss applicable to Common fell 21 percent to $3.3 million. Revenues reflect increased sales in the domestic veterinary market. Lower loss benefitted from lower unit costs resulting from better manufacturing processes. 
Abgenix, Inc. (Nasdaq : ABGX)Abgenix, Inc. develops and intends to commercialize antibody therapeutic products for the prevention and treatment of a variety of disease conditions. For the three months ended 3/31/99, company reported no revenue vs. $891 thousand. Net loss increased less than 1 percent to $5.4 million. Revenues reflect an absence of a $600 thousand nonrefundable contract revenues. Losses have resulted from costs incurred in performing R&D for XenoMouse technology and antibody products. 
Aurora Biosciences Corp. (Nasdaq : ABSC)ABSC designs and develops proprietary drug discovery systems, services and technologies to accelerate and enhance the discovery of new medicines. For the three months ended 3/31/99, revenues rose 79 percent to $6.5 million. Net loss rose 21 percent to $4.4 million. Revenues benefitted from new agreements with Warner Lambert, Merck and Co., and Pharmacia and Upjohn, Inc. Higher loss reflects increased R&D costs and S/G/A expenses due to the growth of business development and strategic operations. 
Alfacell Corporation (OTC BB : ACEL)Alfacell Corporation is a development stage biopharmaceutical company primarily engaged in the discovery and development of anti-cancer drugs from amphibian ribonucleases. For the nine months ended 4/30/99, revenues fell 38 percent to $141 thousand. Net loss decreased 52 percent to $2.3 million. Revenues reflect reduced investment income due to lower average cash balances. Lower loss reflects a decrease in costs in support of on-going clinical trials. 
AccuMed International (Nasdaq : ACMI)ACMI is a global advanced diagnostics and information solutions company. ACMI develops and markets cytology and histology products that improve the quality of cell-based specimen analysis. For the three months ended 3/31/99, sales fell 80 percent to $11 thousand. Net loss from continuing operations before extraordinary item fell 34 percent to $2.1 million. Revenues suffered from lower product sales. Lower loss benefitted from higher gross profit and reduced staffing levels. 
American Diversified Grp. (OTC BB : ADGIE)American Diversified Group is a development stage company with intentions to acquire, develop, distribute and/or market medical products, including generic pharmaceuticals, vitamins, blood derivative products and diagnostic test kits, principally for the export market. For the nine months ended 9/30/98, revenues totalled $66 thousand, up from $25 thousand. Net loss decreased 39 percent to $1.5 million. Results reflect sales of generic pharmaceuticals and lower non-cash costs. 
Andrx Corporation (Nasdaq : ADRX)Andrx Corporation formulates and commercializes controlled-release oral pharmaceuticals using the Company's proprietary drug delivery technologies. For the three months ended 3/99, revenues rose 54 percent to $77.9 million. Net income totalled $6.9 million, vs. a loss of $960 thousand. Revenues benefitted from an increase in the number of customers and $10 million in stipulation fees. Earnings reflect an improved gross profit margin and a $300 thousand gain on the sale of CyBear shares. 
Advanced Viral Research (OTC BB : ADVR)Advanced Viral Research, is a development stage company engaged in the production, marketing, promotion and sale of an anti-viral peptide-nucleic acid complex preparation with the trade name RETICULOSE. For the three months ended 3/31/99, total revenues decreased 38 percent to $18 thousand. Net loss decreased 3 percent to $1.1 million. Revenues suffered from decreased interest. Lower loss reflects decreased depreciation and amortization costs and lower R&D expenses. 
Affymetrix, Inc. (Nasdaq : AFFX)AFFX is focused on developing GeneChip based products and related technology for the acquisition, analysis and management of complex genetic data. For the three months ended 3/31/99, revenues rose 83 percent to $17.8 million. Net loss applicable to Common rose 20 percent to $7.1 million. Revenues reflect increased placements of GeneChip instrument systems and increased sales of probe arrays. Higher loss reflects higher legal costs arising from ongoing patent litigation. 
Allergan, Inc. (NYSE : AGN)Allergan, Inc. is a provider of eye care and specialty pharmaceutical products throughout the world with products in the eye care pharmaceutical, ophthalmic surgical device, over-the-counter contact lens, movement disorder and dermatological markets. For the three months ended 3/26/99, net sales rose 16 percent to $311.3 million. Earnings totaled $35 million vs. a loss of $122.2 million. Results reflect higher sales of silicone IOLs and the absence of a $171.4 million Allergan foundation contribution. 
Agritope, Inc. (Nasdaq : AGTO)AGTO is a biotechnology company that develops and markets new fruit and vegetable plants that are resistant to the decaying effects of ethylene. AGTO is also engaged in the propagation, growing and distribution of grapevine plants. For the three months ended 12/31/98, revenues totalled $235 thousand, up from $16 thousand. Net loss rose 3 percent to $1.3 million. Revenues reflect deferred orders from 1998. Higher loss reflects higher product costs and research and development costs. 
AutoImmune Inc. (Nasdaq : AIMM)AutoImmune Inc. is a biopharmaceutical company developing a new class of orally administered pharmaceutical products for the treatment of autoimmune and other cell-mediated inflammatory diseases and conditions. For the three months ended 3/31/99, the Company reported no revenues. Net loss rose 21 percent to $3.5 million. Higher loss reflects increased research and development expenses due to increased research and clinical trial activity levels. 
Akorn, Inc. (Nasdaq : AKRN)Akorn, Inc. manufactures and markets diagnostic and therapeutic pharmaceuticals in specialty areas such as ophthalmology, rheumatology, anesthesia and antidotes, among others. AKRN also markets ophthalmic surgical instruments and related products. For the three months ended 3/31/99, net sales increased 22 percent to $14.7 million. Net income rose 39 percent to $1.5 million. Results reflect product acquisitions and a higher-margin sales mix. 
Alpha 1 Biomedicals, Inc. (OTC BB : ALBM)Alpha one Biomedicals, Inc. is a pharmaceutical research and development company focusing on the development of products to treat a variety of human disease. For the six months ended 6/30/98, total revenue decreased 95 percent to $3 thousand. Net loss rose 17 percent to $432 thousand. Revenues reflect lower royalty payments. Higher loss was partially offset by lower research and development expenses due to decreased payments for research studies. 
Algos Pharmaceutical Co. (Nasdaq : ALGO)Algos Pharmaceutical engages in the development and commercialization of proprietary pain management pharmaceutical products by combining anesthetic drugs with NMDA drugs approved for human use. For the three months ended 3/99, the Company reports no revenues. Net loss increased 59 percent to $5.4 million. Results reflect increased fees to sales and marketing consultants and higher educational materials, activities and personnel expenses. 
Alkermes, Inc. (Nasdaq : ALKS)ALKS is a pharmaceutical company focused on two drug delivery opportunities: the controlled, sustained release of injectable drugs lasting several days to several weeks, and the delivery of drugs into the brain past the blood-brain barrier. For the nine months ended 12/31/98, total revenues rose 62 percent to $36 million. Net loss applicable to Common rose 94 percent to $15.5 million. Results reflect increased amounts earned under collaborative agreements, offset by a $3.2 million R&D charge. 
Alliance Pharmaceutical (Nasdaq : ALLP)Alliance Pharmaceutical is a pharmaceutical research and development company that focuses on developing scientific discoveries into potential medical products. For the nine months ended 3/31/99, revenues fell 56 percent to $7.2 million. Net loss applicable to Common rose 81 percent to $43.4 million. Results reflect lower research revenues from Ortho and higher payments to outside researchers for preclinical and clinical trials and other product development work. 
ALPHARMA, Inc. (NYSE : ALO)ALPHARMA, Inc. is a multinational pharmaceutical company which develops, manufactures and markets specialty generic and proprietary human pharmaceutical and animal health products. For the three months ended 3/31/99, revenues rose 24 percent to $156.8 million. Net income rose 38 percent to $7.4 million. Results reflect the acquisition of Cox, increased volumes for new and existing products and lower operating costs as a  percentage of revenues. 
Alteon Inc. (Nasdaq : ALTN)Alteon Inc. is engaged in the discovery and development of novel therapeutic and diagnostic products to treat the complications of diabetes and age-related diseases. For the three months ended 3/31/99, revenues fell 28 percent to $278 thousand. Net loss applicable to Common fell 11 percent to $6 million. Revenues reflect lower investment income due to lower average cash and investment balances. Lower loss reflects lower research and development expenditures. 
Alexion Pharmaceuticals (Nasdaq : ALXN)Alexion Pharmaceuticals is a biopharmaceutical company engaged in the research and development of proprietary immunoregulatory compounds for the treatment of acute coronary syndromes and autoimmune diseases. For the six months ended 1/31/99, revenues fell 90 percent to $425 thousand. Net loss applicable to Common totalled $8.5 million, up from $1.9 million. Results reflect the absence of a $3.5 million one-time license fee from US Surgical and increased C5 inhibitor clinical trial costs. 
Amarillo Biosciences, Inc (Nasdaq : AMAR)Amarillo Biosciences, Inc., is a development stage company. The Company develops and markets 19 patents and eight pending applications relating to low dosage oral and non-oral natural interferon alpha used in the treatment of human and animal diseases. For the fiscal year ended 12/31/98, total revenues fell 66 percent to $222 thousand. Net loss fell 6 percent to $2.3 million. Revenues reflect lower interest income. Lower loss reflects lower S/G/A expenses. 
AMBI, Inc. (Nasdaq : AMBI)AMBI concentrates its business in two areas: Pharmaceuticals and Nutrition Products. The Company engages in research, development, manufacturing, and sales in these areas. For the nine months ended 3/31/99, net sales rose 42 percent to $20.2 million. Net income applicable to Common totalled $4.4 million, vs. a loss of $1.3 million. Revenues reflect higher ingredient sales from Nutrition 21 and higher product sales from Lite Bites Business. Net income reflects improved gross margins. 
Amylin Pharmaceuticals (Nasdaq : AMLN)AMLN is a development pharmaceutical company focused on metabolic disorders, and specializing in preclinical characterization of lead molecules. For the three months ended 3/31/99, the company reported no revenues vs. $7.1 million. Net loss fell 50 percent to $6.6 million. Results reflect the termination of the Co.'s Collaborative Agreement with J&J and the reduction of the Co.'s workforce and operating expenses on the heels of the results of the Phase three studies. 
Albany Molecular Research (Nasdaq : AMRI)AMRI, an integrated chemistry outsourcing company, offers a broad range of chemistry research and development services to pharmaceutical and biotechnology companies involved in drug discovery and development. For the three months ended 3/31/99, net contract revenues rose 54 percent to $4.4 million. Net income fell 38 percent to $2.8 million. Revenues reflect a greater number of projects under contract. Earnings reflect the absence of $6.4 million in non-recurring liscensing fees and royalties. 
Anika Therapeutics, Inc. (Nasdaq : ANIK)Anika Therapeutics, Inc. develops, manufactures and commercializes therapeutic products based on hyaluronic acid (HA) used to promote the protection and healing of bone, cartilage and soft tissue. For the three months ended 3/31/99, revenues rose 17 percent to $3.2 million. Net income fell 46 percent to $345 thousand. Revenues reflect an increase in sales of ORTHOVISC. Earnings were offset by lower margins and increased clinical trial and sales and marketing expenses. 
Antex Biologics, Inc. (OTC BB : ANTX)Antex Biologics, Inc. is a biopharmaceutical company commited to the development of new products to prevent and treat infectious diseases and related disorders. For the three months ended 3/99, revenues fell 15 percent to $921 thousand. Net loss rose from $261 thousand to $539 thousand. Revenues reflect lower human bacterial vaccine research and development support revenues. Higher loss reflects increased fees incurred in connection with overseas patent application filings. 
Aphton Corp. (Nasdaq : APHT)APHT is a biopharmaceutical company developing products using its innovative vaccine-like technology for neutralizing hormones that participate in gastrointestinal system and reproductive system cancer and non-cancer diseases; and the prevention of pregnancy. For the three months ended 4/99, revenues fell 33 percent to $103 thousand. Net loss fell 35 percent to $1.5 million. Results reflect decreased dividend and interest income, offset by lower research/development costs. 
Aquila Biopharmaceuticals (Nasdaq : AQLA)Aquila Biopharmaceuticals is engaged in the discovery, development and commercialization of products to prevent, treat or control infectious diseases, autoimmune disorders and cancer. For the three months ended 3/31/99, revenues fell 88 percent to $162 thousand. Net loss totalled $2.1 million, up from $796 thousand. Revenues reflect decreased revenues from the recognition of license fees. Loss also reflects increased interest expense and reduced royalty income. 
Aquasearch, Inc. (OTC BB : AQSE)Aquasearch, Inc. is a development stage company that develops and commercializes natural products from microalgae using its proprietary, large-scale photobioreactor known as the Aquasearch Growth Module. For the six months ended 4/30/99, the Company reported no revenues. Net loss rose 91 percent to $1.9 million. Higher loss reflects costs associated with personnel additions and legal fees incurred in connection with developing the Company's intellectual property. 
Ariad Pharmaceuticals (Nasdaq : ARIA)Ariad Pharmaceuticals is focused on the discovery and development of novel and proprietary drugs based on its understanding of the inner-workings of cells and the genes involved in disease. For the fiscal year ended 12/98, revenues rose 20 percent to $13.1 million. Net loss applicable to Common rose from $12.6 million to $26.2 million. Revenues reflect increased research and administrative services provided to the Genomics Center. Higher loss reflects higher research and development expenses. 
Aronex Pharmaceuticals (Nasdaq : ARNX)Aronex Pharmaceuticals is a biopharmaceutical company engaged in the identification and development of proprietary innovative medicines to treat cancer and infectious diseases. For the three months ended 3/31/99, total revenues totalled $3.6 million, up from $520 thousand. Net loss decreased 35 percent to $3.2 million. Results reflect $3.3 million in milestone payments received under the NYOTRAN agreement with Abbott, partially offset by increased research and development costs. 
ArQule, Inc. (Nasdaq : ARQL)ArQule is engaged in the discovery and production of novel chemical compounds with commercial potential in the pharmaceutical, agrichemical and biotechnology industries. For the three months ended 3/99, total revenues fell 29 percent to $4 million. Net loss totalled $4 million vs. an income of $71 thousand. Revenues reflect the completion of certain programs and reduced compound revenues from mapping Array(TM) and Directed Array (TM). Higher loss reflects costs of expansion and development. 
Ascent Pediatrics, Inc. (Nasdaq : ASCT)Ascent Pediatrics, Inc., is a drug development and marketing company focused exclusively on the pediatric market. The Company is developing a broad product line of proprietary products based on approved compounds. For the three months ended 3/99, revenues rose 41 percent to $1.9 million. Net loss applicable to Com. fell 13 percent to $3.9 million. Revenues reflect $615 thousand in co-promotional revenues. Lower loss benefitted from reduced research and development expenditures. 
Aastrom Biosciences, Inc. (Nasdaq : ASTM)ASTM is developing automated cell therapy systems designed to enable therapeutic procedures using living cells for the restoration of normal tissues in patients treated for cancer and other diseases. For the nine months ended 3/31/99, revenues totalled $621 thousand, up from $145 thousand. Net loss applicable to Common fell 45 percent to $9.3 million. Revenues reflect an increase in research activities under grants received by the company. Lower loss reflects a $1.2 million payment received from Cobe. 
Advanced Tissue Sciences (Nasdaq : ATIS)Advanced Tissue Sciences is a tissue engineering company engaged in the development of human-based tissue products for therapeutic applications. The Company is currently focusing its efforts primarily on skin, cartilage and cardiovascular products. For the three months ended 3/99, revenues rose from $5.3 million to $10.9 million. Net loss applicable to Common fell 49 percent to $5.6 million. Results reflect higher number of contracts and higher net margins. 
Atlantic Pharmaceuticals (Nasdaq : ATLC)ATLC is engaged in the development of biomedical and pharmaceutical products and technologies for use in a variety of diseases including cancer, infection, opthalmic disorders, pain and inflammation, cardiovascular diseases and dermatological conditions. For the three months ended 3/31/99, revenues remainde flat at $0. Net loss applicable to Common decreased 62 percent to $867 thousand. Results reflect a reduction in marketing and compensation expense. 
Atrix Laboratories, Inc. (Nasdaq : ATRX)ATRX is engaged in the research, development, and commercialization of a broad range of medical, dental, and veterinary products based on its biodegradable polymer drug delivery system, ATRIGEL. For the three months ended 3/31/99, total revenues rose 62 percent to $1.5 million. Net loss before extraordinary item rose 18 percent to $3.5 million. Revenues reflect higher sales due to the market launch of ATRIDOX(R) and ATRISORB(R) FreeFlow GTR Barrier product, partially offset by higher R&D costs. 
Avant Immunotherapeutics (Nasdaq : AVAN)Avant Immunotherapeutics, Inc. is a biotechnology company that uses applications of immunology to prevent and treat autoimmune diseases, inflamation, cardiovascular, cancer, infectious diseases and organ transplant rejections. For the three months ended 3/99, revenues fell 6 percent to $338 thousand. Net loss rose 94 percent to $2.7 million. Results reflect increased operating expense resulting from the acquisition of VRI and higher amortization of goodwill. 
Avigen, Inc. (Nasdaq : AVGN)Avigen, Inc. develops gene therapy products derived from adeno-associated virus for the treatment of inherited and acquired diseases. The products are designed for in vivo administration to achieve the production of therapeutic proteins within the body. For the six months ended 12/31/98, revenues rose from $0 to $174 thousand. Net loss rose 11 percent to $4.5 million. Revenues reflect $174 thousand in grant revenue. Higher loss reflects an increased number of personnel. 
AVI BioPharma, Inc. (Nasdaq : AVII)AVI BioPharma, Inc. is a development stage company engaged in the development and commercialization of therapeutic products based upon antisense and drug delivery technology. For the three months ended 3/31/99, revenues decreased 27 percent to $4 thousand. Net loss increased 22 percent to $1.7 million. Results suffered from limited interest and grant revenues. Higher loss reflects an increase in R&D staffing expenses and a $60 thousand charge for the purchase of in-process R&D. 
Aviron (Nasdaq : AVIR)AVIR discovers, develops, manufactures and markets vaccines which are sufficiently cost effective to justify their use in immunization programs targeting the general population. For the three months ended 3/31/99, revenues totalled $15.5 million, up from $253 thousand. Net loss decreased 86 percent to $1.5 million. Results benefitted from a non-refundable initial payment in the amount of $15 million from Wyeth Lederle under the FluMist (TM) collaboration agreement. 
Advanced Magnetics, Inc. (AMEX : AVM)Advanced Magnetics is engaged in the development and manufacture of compounds utilizing proprietary colloidal superparamagnetic particle technology for magnetic resonance imaging. For the three months ended 12/31/98, revenues decreased 33 percent to $915 thousand. Net loss increased 55 percent to $2.6 million. Revenues reflect a decrease in interest, dividends, and net gains and loss on the sale of securities. Lower losses reflect an increase in expenses related to data collection. 
Avanir Pharmaceuticals (Nasdaq : AVNR)Avanir Pharmaceuticals is a developmental stage company organized to discover, develop, and market novel therapeutic products to treat human diseases. For the six months ended 3/99, revenues fell 69 percent to $109 thousand. Net loss rose 24 percent to $4.2 million. Revenues reflect a decrease in interest earned on cash and cash equivalents available for investment. Loss reflects the inclusion of sales and marketing staff. 
AVAX Technologies, Inc. (Nasdaq : AVXT)AVAX Technologies, a development stage company, develops and commercializes novel biotechnologies, immunotherapies and pharmaceuticals for cancer and other life-threatening diseases. For the three months ended 3/31/99, the Company reported no revenues. Net loss increased 17 percent to $1.6 million. Results reflect higher research and development expenses in supporting the pivotal registration trial of M-Vax(TM) for which enrollment began during 1998. 
Access Pharmaceuticals (OTC BB : AXCS)Access Pharmaceuticals provides drug delivery systems through the design of polymer/drug complexes to control site directed targeting, localized release and clearance of therapeutic drugs, imaging agents and radiopharmaceuticals. For the three months ended 3/31/99, Company reported no revenues. Net loss decreased 11 percent to $799 thousand. Results reflect lower patent costs, lower salary expenses, lower business consulting fees, and higher invested cash balances. 
AXYS Pharmaceuticals, Inc (Nasdaq : AXPH)AXYS Pharmaceuticals, Inc., is engaged in gene identification through clinical development and is focused on the discovery of small molecule therapeutics. For the three months ended 3/31/99, revenues increased 40 percent to $11.8 million. Net loss decreased 94 percent to $7.7 million. Revenues reflect higher technology licensing fees and the termination fee paid by Corange International, Ltd. Lower loss reflects the absence of $124.9 million acquired in process R&D charge. 
ALZA Corporation (NYSE : AZA)ALZA is an emerging pharmaceutical company with drug delivery technologies. ALZA applies its technologies to develop pharmaceutical products with enhanced therapeutic value. For the three months ended 3/31/99, revenues rose 29 percent to $185.5 million. Net income fell 86 percent to $3.7 million. Revenues reflect higher sales of Ditropan XL and Doxil/Caelix, and higher shipments of Niocoderm CQ, Covera HS, and Glucotrol XL. Earnings were partially offset by merger-related charges. 
AstraZeneca PLC (NYSE : AZN)AstraZeneca PLC is an international biosciences company engaged in the research, development, manufacture and marketing of ethical pharmaceuticals, agricultural and specialty chemicals products, and the supply of healthcare services. For the fiscal year ended 12/31/98, sales rose 6 percent to L5.51 billion. Net income according to U.S. GAAP fell 10 percent to L625M. Results reflect the introduction of new pharmaceutical products, offset by lower operating margins. 
Boston Biomedica, Inc. (Nasdaq : BBII)Boston Biomedica, Inc. is a provider of proprietary quality control products for use with in vitro diagnostic test kits for the detection, analysis and monitoring of infectious diseases. For the fiscal year ended 12/31/98, total revenues increased 17 percent to $26.1 million. Net loss totalled $4.4 million vs. an income of $1 million. Revenues benefitted from higher product sales and the inclusion of BBI Source Scientific. Loss reflects $4.3 million acquired research and development charges. 
British Biotech plc (Nasdaq : BBIOY)BBIOY concentrates on the research and development of new and better medicines for the treatment of serious human diseases. For the six months ended 10/31/98, revenues totalled L3.7 million, up from L266K. Net loss fell 17 percent to L16.6 million. Revenues reflect the next milestone under the agreement with Japan Tabacco and the ongoing biological agreement with R&D Systems. Lower loss reflects lower research and development expenditures due to a reduction in employment levels. 
BioChem Pharma, Inc. (Nasdaq : BCHE)BioChem Pharma, Inc. is engaged in research, development and commercialization of innovative products for detection, prevention and treatment of human diseases. For the nine months ended 9/30/98, total revenues increased 20 percent to C$247 million. Net income increased 42 percent to C$77.7 million. Revenues benefitted from higher royalty revenues from increasing worldwide sales of 3TC/Epivir. Earnings also benefitted from the absence of a C$6.6 million loss in an affiliate. 
Bone Care International (Nasdaq : BCII)Bone Care International, Inc. is engaged in discovering and developing improved D-hormone therapies for treating secondary hyperparathyroidism. For the nine months ended 3/31/99, the Company reported no revenues. Net loss rose 36 percent to $4.6 million. Results reflects pre-marketing activities related to the potential launch of Hectorol (TM) and expanded regulatory, sale and marketing efforts supporting the commercial launch of Hectorol (TM). 
BioCryst Pharmaceuticals (Nasdaq : BCRX)BioCryst Pharmaceuticals is a biopharmaceutical company using structure-based drug design to discover and design novel, small-molecule pharmaceutical products for the treatment of major immunological, viral and cardiovascular diseases and disorders. For the three months ended 3/31/99, total revenues rose 41 percent to $539 thousand. Net loss fell 20 percent to $2.4 million. Results reflect work performed for a collaborative partner, partially offset by annual report printing costs. 
Bindley Western Indus. (NYSE : BDY)BDY is a wholesale distributor of pharmaceuticals and related health care products. Product lines include ethical pharmaceuticals, dialysis supplies, health and beauty care products and home health care merchandise. For the three months ended 3/31/99, total revenues increased 1 percent to $1.98 billion. Earnings increased 18 percent to $8.9 million. Results reflect an increase in direct store delivery sales. Earnings also reflect improved margins due to changes in the sale mix. 
Biogen, Inc. (Nasdaq : BGEN)Biogen is a biopharmaceutical company primarily engaged in the business of developing, manufacturing and marketing drugs for human health care. BGEN currently derives revenues from sales of AVONEX and from royalites on worldwide sales by licensees. For the three months ended 3/31/99, total revenues rose 50 percent to $171.7 million. Net income rose 65 percent to $45.7 million. Results reflect increased AVONEX sales volume and lower S/G/A expenses as a  percentage of revenues. 
BIGMAR, Inc. (Nasdaq : BGMR)BGMR is engaged in the manufacturing and marketing pharmcueticals products in Switzerland. Current products include 18 types of intravenous infusion solutions and other related products. For the fiscal year ended 12/31/98, revenues fell 2 percent to $6.4 million. Net loss fell 2 percent to $7.2 million. Revenues reflect lower sales of non-core products. Net loss reflects improved margins due to larger quantity discounts on raw materials and increased production efficiencies. 
Biomune Systems, Inc. (Nasdaq : BIME)Biomune Systems, Inc. is engaged in the research, development, distribution and sale of biologic pharmaceutical products, nutraceutical and medical food products and supplements, and health and beauty aids. For the three months ended 12/31/98, revenues totaled $1.2 million, up from $52 thousand. Net income applicable to Common from continuing operations totaled $118 thousand vs. a loss of $894 thousand. Results reflect the Rockwood acquisition and lower management and consulting fees. 
Biocircuits Corporation (OTC BB : BIOC)Biocircuits develops new immunodiagnostic testing systems that are performed on samples of bodily fluids to diagnose a variety of infectious diseases and other conditions. For the three months ended 3/31/98, sales rose 51 percent to $354 thousand. Net loss decreased 48 percent to $1.8 million. Sales reflect the 3/96 launch of the IOS system. Lower loss reflects lower R&D expenses due to a reduction in work force and lower S/G/A expenses due to lower marketing expenditures. 
BioFarm, Inc. (OTC BB : BIOF)BioFarm, Inc. is engaged in the manufacture and sale of pharamaceutial products and ethical medicines for human and veterinarian use. BIOF is also engaged through its subsidiaries in the aircraft manufacturing, microbiological support media and insurance businesses. For the comparable six months ended 4/30/99, revenues rose 99 percent to $8.4 million. Net loss totalled $2.3 million vs. an income of $69 thousand. Results reflect the acquisition of Britten Norman Ltd., offset by related cost. 
BioSource Int'l Inc. (Nasdaq : BIOI)Biosource International develops, manufactures, markets and distributes products used worldwide in disease related biomedical research and clinical diagnostics. For the three months ended 3/31/99, net sales rose 38 percent to $7.3 million. Net income rose 1 percent to $820 thousand. Revenues reflect acquisitions and internal growth. Earnings were partially offset by a lower gross profit margin, increased sales and marketing expenses and higher interest expense. 
Biomira Inc. (Nasdaq : BIOM)Biomira, Inc. is a Canadian biotechnology company utilizing proprietary and patentable methods in the development, manufacture and sale of therapeutic products for the treatment of cancer. For the fiscal year ended 12/31/98, revenues fell 15 percent to C$6 million. Net loss from continuing operations according to US GAAP rose 29 percent to C$21.2 million. Revenues reflect lower licensing and royalty revenue. Net loss reflects increased R and D and general and administrative expenses. 
Biora AB (Nasdaq : BIORY)Biora AB develops, manufactures, markets and sells products for the treatment of periodontal disease and for use in oral surgery. By the end of 1997, the Company's principal product, Emdogain, had been launched in 15 countries. For the fiscal year ended 12/31/97, revenues totalled SEK16.5 million, up from SEK4.6 million. Net loss according to US GAAP increased 89 percent to SEK78.8 million. Results reflect increased sales of Emdogain, offset by higher R&D and selling expenses. 
Biopool International (OTC BB : BIPL)Biopool International is engaged in the research, development, manufacture and marketing of in vitro (outside the body) diagnostic products to hospitals, clinical and commercial laboratories, blood centers and research institutions. For the three months ended 3/31/99, sales rose 2 percent to $3.9 million. Net income rose 10 percent to $201 thousand. Results reflect increased sales of hemostasis products and lower S/G/A expenses due to personnel reductions. 
Boston Life Sciences Inc. (Nasdaq : BLSI)BLSI, a development stage biotechnology company, is engaged in the research and development of novel therapeutic and diagnostic products to treat chronic debilitating diseases such as cancer, central nervous system disorders and autoimmune diseases. For the three months ended 3/31/99, the company reported no revenue. Net loss totaled $6.3 million, up from $1.6 million. Results reflect higher Therafectin related expenses and increased general and administrative expenses. 
Immucor, Inc. (Nasdaq : BLUD)Immucor, Inc. develops, manufactures and sells reagents and systems used by hospitals, labs and blood banks to detect and identify certain properties of human blood. BLUD also develops automated blood bank instruments. For nine months ended 2/28/99, revenues rose 38 percent to $40.8 million. Net rose 48 percent to $2.3 million. Revenues reflect increased sales due to the acquisition of Gamma Biologicals. Net income reflects increased end customer sales at higher margins. 
Bionutrics, Inc. (Nasdaq : BNRX)Bionutrics Inc., a biopharmaceutical company, is engaged indiscovering and developing novel biologically active compounds derived from natural sources primarily for heart disease and stroke. For the three months ended 1/99, revenues decreased 44 percent to $959 thousand. Net loss decreased 51 percent to $1.6 million. Revenues reflect a decline in sales at Bionutrics Health Products Inc. Lower losses reflect an increase in gross profit due to reduction in production costs. 
Bentley Pharmaceuticals (AMEX : BNT)BNT is a pharmaceutical and health care company engaged in the manufacturing, marketing and distribution of pharmaceutical products in Spain, with limited distribution of health care products in the US. For the fiscal year ended 12/98, sales rose 2 percent to $15.2 million. Net loss applicable to Common fell 25 percent to $3 million. Revenues reflect earnings from the Company's Spanish subsidiary, Laboratorios Belmac S.A. Lower loss reflects improved gross margin and higher interest income. 
Biopharmaceutics, Inc. (OTC BB : BOPM)Biopharmaceutics is a distributor of consumer feminine hygiene and family planning products which are sold nationwide to major chain stores, distributors and wholesalers. For the six months ended 3/31/99, net sales rose 8 percent to $1.3 million. Net loss from continuing operations rose 6 percent to $67 thousand. Results reflect increased sales volumes, offset by lower margins and increased advertising and consulting expenses. 
Bradley Pharmaceuticals (Nasdaq : BPRX)BPRX manufactures and markets over-the-counter and prescription pharmaceutical and health related products, such as dermatological, nutritional, respiratory, personal hygiene and internal medicine brands. For the three months ended 3/99, sales rose 21 percent to $5.1 million. Net income rose 38 percent to $556 thousand. Revenues reflect higher sales for CARMOL, ACID MANTLE, THYZINE, and PAMINE. Net income reflects higher margins due to product mix. 
BioReliance Corp. (Nasdaq : BREL)BioReliance is a contract research organization providing nonclinical testing and contract manufacturing services for biologics to biotechnology and pharmaceutical companies worldwide. For the three months ended 3/99, revenues fell 14 percent to $10.3 million. Net loss totalled $1.1 million, vs. an income $1 million. Revenues reflect decreases in the testing and development segment due to lower than expected orders. Net loss also reflects higher facilities cost due to new headquarters. 
Barr Laboratories, Inc. (NYSE : BRL)Barr Laboratories, Inc. is a pharmaceutical company engaged in the development, manufacture and marketing of generic and proprietary prescription pharmaceuticals. For the nine months ended 3/31/99, total revenues increased 15 percent to $328.9 million. Net income before extraordinary item rose 47 percent to $36.1 million. Revenues reflect higher Tamoxifen prices and increased volume. Earnings also benefitted from higher margins due to a more favorable sales mix. 
BioSpecifics Tech. Corp (Nasdaq : BSTC)BioSpecifics Technologies Corp. is engaged in the business of producing and licensing for sale by others a fermentation derived enzyme named Collagenase ABC, as well as the researching and developing of additional products derived from this enzyme. For the three months ended 4/30/99, total revenues fell 25 percent to $1.3 million. Net loss totalled $137 thousand vs. an income of $229 thousand. Results reflect lower sales of Collagenase to KPC and increased R&D expenses. 
Biosite Diagnostics, Inc. (Nasdaq : BSTE)Biosite Diagnositcs, Inc. develops, manufactures and markets rapid, accurate and cost-effective diagnostic products that improve the quality of patient care and simplify the practice of laboratory medicine. For the three months ended 3/31/99, net sales rose 20 percent to $9.4 million. Net loss totalled $1.1 million, up from $500 thousand. Revenues benefitted from the introduction of new products. Higher loss reflects lower margins due to new product introductions. 
Bio-Technology General (Nasdaq : BTGC)BTGC develops, manufactures and markets human health care products, including therapeutic products for conditions such as endocrine/metabolic and ophthalmic/skin disorders, cardio/pulmonary diseases. For the three months ended 3/31/99, total revenues rose 16 percent to $20.2 million. Net income rose 19 percent to $4 million. Revenues reflect higher contract fees. Net income also reflects improved change in product mix to lower cost of manufacturing products. 
BioTime, Inc. (Nasdaq : BTIM)BTIM is engaged in the research and development of synthetic plasma expanders, blood volume substitute solutions, and organ preservation solutions, for use in surgery, organ transplant, transplant procedures, trauma care, and other areas of medicine. For the comparable three months ended 3/31/99, revenues totalled $437 thousand, up from $125 thousand. Net loss fell 27 percent to $787 thousand. Results reflect amortization of license fees, partially offset by lower interest income. 
Biotransplant Incorp. (Nasdaq : BTRN)Biotransplant Incorporated develops proprietary anti-rejection pharmaceuticals and organ transplantation systems, which represent a comprehensive approach to inducing long-term specific transplantation tolerance in humans. For the fiscal year ended 12/31/98, revenues fell 42 percent to $8 million. Net loss rose from $3.2 million to $9.2 million. Revenues reflect lower license revenues from Novartis agreement. Higher loss also reflects higher costs as a  percentage of revenues. 
Biovail Corporation (NYSE : BVF)BVF is an integrated global pharmaceutical co. that applies advanced proprietary controlled release delivery technologies to the development and manufacture of drug products for the treatment of major chronic conditions. For the three months ended 3/31/99, revenues increased 29 percent to $28.2 million. Net income according to US GAAP increased 6 percent to $8.3 million. Revenues reflect an increase in sales of Tiazac(R). Earnings reflect an increase in gross margins. 
Biomatrix, Inc. (NYSE : BXM)BXM develops, manufactures and markets proprietary viscoelastic products composed of biological polymers called hylans for use in therapeutic applications and skin care. For the three months ended 3/99, total revenues rose from $7.5 million to $16.6 million. Net income rose from $805 thousand to $3.3 million. Revenues reflect higher sales of Synvisc, a drug for osteoarthritis of the knee, to the Company's marketing partners. Earnings also benefitted from decreased R&D as a  percentage of sales. 
Cardinal Health, Inc. (NYSE : CAH)Cardinal Health, Inc. is a wholesale distributor of pharmaceuticals, surgical and hospital supplies, and health and beauty aids to retail drug stores, hospitals, and other health care providers. For the nine months ended 3/31/99, total revenues rose 21 percent to $18.48 billion. Net income increased less than 1 percent to $306.9 million. Results reflect increased distribution businesses due to the increase in chain drugstore sales, partially offset by merger-related costs. 
Carter-Wallace, Inc. (NYSE : CAR)Carter-Wallace manufactures and sells a line of consumer health care products such as deodorants, toothpaste, cough and cold products, pet supplies etc. For the fiscal year ended 3/31/99, total revenues rose 2 percent to $684.7 million. Net income rose 3 percent to $28.2 million. Revenues reflect increased unit volume and selling prices, as well as a full year's sales of Astelin Nasal Spray. Earnings reflect the absence of prior year employee termination costs. 
Caraco Pharmaceutical Lab (OTC BB : CARA)CARA engages in the business of developing, manufacturing and marketing generic drugs for ethical and over-the-counter markets. For the three months ended 3/31/99, net sales increased 63 percent to $879 thousand. Net loss increased 70 percent to $1.8 million. Revenues reflect an improved cash position leading to better product availability. Higher loss reflects increased R&D expenses due to additional personnel, and increased S/G/A expenses. 
Carrington Laboratories (Nasdaq : CARN)CARN is a research-based pharmaceutical and medical device company engaged in the development, manufacturing and marketing of naturally derived complex carbohydrate and other natural product therapeutics for the treatment of illnesses and wounds. For the fiscal year ended 12/98, sales rose less than 1 percent to $23.6 million. Net loss applicable to Common totalled $1.6 million vs. income of $156 thousand. Results reflect higher sales of Manapol powder, offset by a $1.8 million investment in Aloe and Herbs. 
Chesapeake Biological Lab (Nasdaq : CBLI)Chesapeake Biological Laboratories, Inc. is a provider of pharmaceutical and biopharmaceutical product development and production services on a contract basis. For the nine months ended 12/31/98, revenues decreased 3 percent to $5 million. Net loss totalled $2.3 million, up from $134 thousand. Revenues reflect the elimination of sales of Allergan. Higher loss also reflects increased operating expenses associated with the start-up of the Camden facility. 
Creative BioMolecules (Nasdaq : CBMI)CBMI engages in the discovery and development of protein based products for regeneration and restoration of human tissues and organs. Total revenues for the three months ended 3/99 fell 54 percent to $1.6 million. Net loss applicable to Common fell 37 percent to $3.1 million. Revenues suffered from a decrease in R&D contract revenues from Stryker. Net loss was offset by sale of OP-1 manufacturing rights and facilities to Stryker and lower legal and consulting expenses. 
Cubist Pharmaceuticals (Nasdaq : CBST)Cubist Pharmaceuticals is a biopharmaceutical company engaged in the research, development and commercialization of novel classes of antiinfective drugs to treat infectious diseases caused by bacteria and fungi. For the three months ended 3/31/99, revenues rose 18 percent to $604 thousand. Net loss rose 58 percent to $4.4 million. Revenues reflect research support funding from the Novartis collaboration. Higher loss reflects increased consulting and manufacturing costs. 
Commonwealth Biotechnol. (Nasdaq : CBTE)Commonwealth Biotechnologies provides sophisticated research and development support services on a contract basis to the biotechnology industry. For the three months ended 3/31/99, revenue rose 3 percent to $513 thousand. Net loss increased 65 percent to $547 thousand. Revenues reflect increased research grant revenue due to the continuation of work on three grants. Higher loss reflects increased facility and depreciation expenses. 
CombiChem, Inc. (Nasdaq : CCHM)CombiChem, Inc. is a computational drug discovery company that is applying its proprietary design technology and rapid synthesis capabilities to accelerate the discovery of new drugs. For the three months ended 3/99, revenues rose 11 percent to $2.9 million. Net loss totalled $3.1 million, up from $1.4 million. Revenues reflect $600 thousand ChiroChem service revenue. Higher loss reflects lower margins, higher personnel costs and a $600 thousand ChiroChem service expense. 
Cell Genesys, Inc. (Nasdaq : CEGE)Cell Genesys, Inc. is focused on the development and commercialization of gene therapies to treat major, life-threatening diseases, including cancer and AIDS. For the three months ended 3/31/99, revenues rose 33 percent to $6.1 million. Net loss fell 86 percent to $1.1 million. Revenues reflect amounts earned under a collaborative agreement with the pharmaceutical division of Japan Tobacco. Loss also benefitted from lower research and development expenses. 
Celgene Corp. (Nasdaq : CELG)Celgene is a specialty company engaged in the development and commercialization of human pharmacueticals and agrochemicals. For the three months ended 3/99, revenues totalled $4.3 million, up from $80 thousand. Net loss applicable to Common from continuing operations decreased 4 percent to $6.6 million. Revenues reflect a rise in the sales of THALOMID. Lower loss reflects the absence of raw material and encapsulation costs which were expensed prior to FDA approval. 
Celox Laboratories, Inc. (OTC BB : CELX)CELX is a biotechnology company that researches, develops, manufactures, and markets cell biology products that are used in the propagation of cells derived from mammals, including humans and other species. For the six months ended 2/28/99, revenues fell 43 percent to $92 thousand. Net loss rose 11 percent to $181 thousand. Revenues suffered from the timing of orders received from distributors and customers. Higher loss was partially offset by an improved gross profit margin. 
Cephalon, Inc. (Nasdaq : CEPH)Caphalon, Inc. seeks to discover, develop and market pharmaceutical products for the treatment of neurological disorders and cancer. For the three months ended 3/31/99, revenues rose 19 percent to $4.2 million. Net loss rose 36 percent to $19.9 million. Revenues reflect the initiation of sales of PROVIGIL in the United States. Higher loss reflects a $4.3 million provision related to securities litigation, lower average investment balances and increased interest expense. 
Cerus Corporation (Nasdaq : CERS)CERS is developing systems to improve the safety of blood transfusions by inactivating infectious pathogens in blood components used for transfusion and inhibiting the leukocyte activity that is responsible for certain adverse immune and other transfusion-related reactions. For the three months ended 3/31/99, revenues fell 54 percent to $744 thousand. Net loss rose 26 percent to $4.5 million. Results reflect RBC/FFP modification, partially offset by lower red blood cell R&D expenses. 
CollaGenex Pharmaceutical (Nasdaq : CGPI)CollaGenex Pharmaceuticals is pharmaceutical company focused on providing innovative medical therapies for the treatment of periodontitis and other pathologies characterized by the progessive degradation of the body's connective tissues. For the three months ended 3/31/99, total revenues totalled $2.4 million, up from $3 thousand. Net loss totalled $5.1 million, up from $2.1 million. Results reflect initial sales of Periostat, offset by increased marketing expenses. 
Chiron Corporation (Nasdaq : CHIR)Chiron Corp. is a biotechnology company that participates in three global healthcare businesses: biopharmaceuticals, blood testing and vaccines. For the three months ended 3/31/99, total revenues rose 32 percent to $175.6 million. Net income from continuing operations rose from $7.5 million to $23.7 million. Revenues reflect higher sales of Proleukin-Registered Trademark. Earnings also reflect lower restructuring charges and higher average cash and investment balances. 
ChiRex Inc. (Nasdaq : CHRX)ChiRex Inc. is an integrated outsourcing company that provides a range of services to pharmaceutical and life sciences companies, spanning from the early stages of post-discovery drug development to full scale manufacturing of active ingredients. For the three months ended 3/31/99, revenues rose 44 percent to $34.2 million. Net income totalled $2.9 million vs. a loss of $1.1 million. Results reflect new products coming on stream and higher margins due to increased volumes. 
Chantal Pharmaceutical (OTC BB : CHTL)CHTL engages in the research, development and marketing of innovative compounds for use as dermatological and skin care consumer products. For the nine months ended 3/31/98, revenues decreased 51 percent to $3.5 million. Net loss decreased 34 percent to $4.3 million. Revenues reflect a decrease on sales to Stanton and the absence of export sales to Taiwan. Lower loss reflects a decrease in advertising expenditures, consulting services and promotional expenditures. 
Chattem Inc. (Nasdaq : CHTT)Chattem, Inc. is a diversified manufacturer and marketer of consumer products. CHTT manufactures and markets branded over the counter pharmaceuticals, toiletries and cosmetics. For the three ended 2/28/99, net sales rose 80 percent to $62.7 million. Net income before extraordinary item totalled $3.6 million, up from $609 thousand. Revenues benefitted from the acquisitions of BAN and Thompson products. Earnings also benefitted lower operating costs as a  percentage of revenues. 
Cima Labs Inc. (Nasdaq : CIMA)Cima Labs Inc. is a drug delivery company that develops and manufactures products based upon its patented OraSolv technology for marketing by multinational pharmaceuticals companies. For the three months ended 3/31/99, revenues rose 44 percent to $1.7 million. Net loss fell 41 percent to $815 thousand. Revenues reflect research funding from Zeneca and Organon. Lower loss was partially offset by lower interest income and increased other expenses. 
Cistron Biotechnology,Inc (OTC BB : CIST)CIST is a biotechnology company that develops, manufactures and licenses products based on recombinant DNA and immunological techniques for use in various therapeutic applications and for diagnostic purposes. For the nine months ended 3/31/99, sales decreased 32 percent to $292 thousand. Net income totalled $55 thousand vs. loss $383 thousand. Revenues reflect lower sales of bulk cytokine assay components. Net income reflects lower research salary and higher research funds. 
Cellegy Pharmaceuticals (Nasdaq : CLGY)CLGY is a biopharmaceutical company engaged in the development of prescription drugs and cosmeceuticals to address a variety of diseases and conditions utilizing its patented transdermal and topical delivery technologies. For the three months ended 3/31/99, revenues totalled $360 thousand, up from $115 thousand. Net loss totalled $2.7 million, up from $1.3 million. Results reflect product sales to Gryphon Development, offset by increased research and development expenses. 
Cell Pathways Holdings (Nasdaq : CLPA)CLPA is a pharmaceutical company focused on the development and commercialization of products to prevent and treat cancer. For the three months ended 3/31/99, the Company reported no revenues. Net loss rose 11 percent to $5.3 million. Loss reflects higher R&D expenses due to the procurement of raw materials of exisulind for on-going and planned clinical trials, additional personnel and personnel-related expenses, and expenses related to the commercialization of exisulind. 
Coulter Pharmaceutical (Nasdaq : CLTR)CLTR is engaged in the development of novel drugs and therapies for the treatment of cancer. CLTR is developing a family of cancer therapeutics based upon two drug discovery programs: therapeutic antibodies and targeted oncologics. For the three months ended 3/31/99, company reports no revenue. Net loss rose 11 percent to $11.4 million. Results reflect increased facilities and staffing expenses associated with the company's pre-commercialization expansion efforts. 
Collateral Therapeutics (Nasdaq : CLTX)Collateral Therapeutics is focused on the discovery, development and commercialization of non-surgical gene therapy products for the treatment of cardiovascular diseases. For the three months ended 3/31/99, revenues rose 74 percent to $1.7 million. Net loss rose 59 percent to $1.8 million. Revenues reflect increased costs reimbursed to the company under agreement with Schering AG. Higher loss reflects increased expenses for personnel to support expanded R&D efforts. 
Connetics Corporation (Nasdaq : CNCT)CNCT is engaged in the development and commercialization of therapeutics to address serious diseases involving the connective tissues of the body. For the three months ended 3/31/99, revenues totalled $7.2 million, up from $1.5 million. Net loss applicable to Common rose 11 percent to $5.9 million. Revenues reflect $5 million contract revenues from Medeva. Higher loss reflects the commencement of relaxin manufacturing scale-up activies and higher staffing costs. 
Crescendo Pharmaceuticals (Nasdaq : CNDO)Crescendo Pharmaceuticals Corporation, a development stage company, selects and develops human pharmaceutical products and commercializes such products, usually through licensing to ALZA. For the three months ended 3/99, revenues fell 28 percent to $2.8 million. Net loss rose 11 percent to $19.8 million. Revenues reflect decreased investment income due to use of funds under the Development Aggreement and to pay the Technology Fee. Higher loss reflects higher R&D expenses. 
Cambridge NeuroScience (OTC BB : CNSI)Camgridge NeuroScience, Inc. is engaged in the development of proprietary pharmaceutical products to treat severe disorders of, or injuries to, the nervous system. For the three months ended 3/31/99, revenues rose 27 percent to $382 thousand. Net loss fell 66 percent to $1 million. Revenues reflect revenues recognized from agreements with Bayer and Allergan. Lower loss reflects reduced headcount and the absence of $921 thousand in restructuring costs. 
Cantab Pharmaceuticals (Nasdaq : CNTBY)Cantab is engaged in the research and development of proprietary biopharmaceuticals which utilize the selective properties of the human immune system for the treatment of disease. For the nine months ended 9/30/98, total revenues fell 55 percent to L3.1 million. Net loss totalled L4.7 million, up from L50K. Results reflect up front licensing payments and contract development fees paid by Glaxo Wellcome in 1997, and higher expenses for clinical trials and product development. 
Centocor, Inc. (Nasdaq : CNTO)Centocor, Inc. is a biopharmaceutical company that creates, acquires, and markets therapies that yield long-term benfits for patients and the healthcare community. For the three months ended 3/31/99, revenues rose 77 percent to $100.7 million. Net income totalled $10.1 million, vs. a loss of $140.3 million. Revenues benefitted from increased RETAVASE and REMICADE sales. Earnings also reflect the absence of a $145.4 million special charge. 
CNS, Inc. (Nasdaq : CNXS)CNS, Inc. develops and markets consumer health care products, including the Breathe Right nasal strip. The Breathe Right nasal strip improves breathing by reducing nasal airflow resistance. For the three months ended 3/31/99, revenues fell 18 percent to $11.9 million. Net loss totalled $3 million, vs. income of $15 thousand. Results reflect the decision to refrain from advertising during the fourth quarter of 1998 and the inclusion of free Breath Right strips in packages. 
Columbia Laboratories (AMEX : COB)COB develops pharmaceutical products that treat female specific diseases including infertility, hormonal deficiencies, dysmenorrhea, endometriosis, and STD using patented bioadhesive delivery technology. For the three months ended 3/31/99, net sales totalled $5.5 million, up from $2.3 million. Net income applicable to Common totalled $80 thousand, vs. a loss of $3.2 million. Revenues benefitted from strong sales of Crinone and Replens. Earnings reflect higher liscensing fees from Mipharm SpA. 
CoCensys, Inc. (Nasdaq : COCN)CoCensys is a biopharmaceutical company engaged in thediscovery, development, marketing and sales of small molecule drug to treat neurological and psychiatric disorders. For the fiscal year ended 12/31/98, revenues decreased 78 percent to $2.6 million. Net loss applicable to Common increased 9 percent to $17.2 million. Revenues suffered from the absence of co-promotional activities. Higher losses reflect a $1.9 million dividend on preferred stock charge. 
Compare Generiks, Inc. (OTC BB : COGE)COGE is engaged in the distribution, marketing, and sale of dietary supplements and over-the-counter non-prescription pharmaceuticals. For the nine months ended 12/31/98, revenues totalled $22.7 million, up from $6.5 million. Net loss applicable to Common totalled $158 thousand vs. an income of $218 thousand. Revenues benefitted from higher sales of Max Brand product lines. Loss reflects lower gross margins due to the amendment of payment terms with PDK Labs. 
COR Therapeutics, Inc. (Nasdaq : CORR)COR Therapeutics, Inc. is engaged in the discovery, development and commercialization of novel pharmaceutical products to establish new standards of care for the treatment and prevention of severe cardiovascular diseases. For the three months ended 3/31/99, revenues fell 11 percent to $7.5 million. Net loss totalled $11.8 million, up from $5.3 million. Results reflect the absence of an $8 million milestone payment from Schering and the addition of marketing and sales personnel for INTEGRILIN. 
Cortex Pharmaceuticals (OTC BB : CORX)Cortex Pharmaceuticals is a development stage company engaged in the discovery, development and commercialization of innovative pharmaceuticals for the treatment of neurological and psychiatric disorders. For the nine months ended 3/31/99, revenues totalled $2.5 million, up from $130 thousand. Net loss applicable to common fell 72 percent to $1.2 million. Results reflect a $2 million up-front licensing payment from NV Organon, offset by lower interest income. 
Copley Pharmaceutical (Nasdaq : CPLY)Copley Pharmaceutical develops, manufactures, markets and distributes a range of multi-source pharmaceutical products, including prescription and over-the-counter drugs, available in a variety of dosage forms. For the three months ended 3/31/99, net sales fell 7 percent to $26.3 million. Net income rose 33 percent to $537 thousand. Results reflect continued price erosion across the distributed product line, offset by higher margins on new manufactured products. 
CuraGen Corporation (Nasdaq : CRGN)CuraGen is engaged in the systematic application of genomics to accelerate the discovery and development of therapeutic and agricultural products. For the three months ended 3/31/99, total revenues increased 34 percent to $2.7 million. Net loss applicable to Common increased 96 percent to $7.2 million. Revenues reflect arrangements with Pioneer Hi-Bred International and Biogen. Higher loss reflects the addition of R&D personnel and purchases of laboratory supplies and higher SGA costs. 
Cortech, Inc. (Nasdaq : CRTQ)Cortech, Inc. is a biopharmaceutical company engaged in the design and development of novel synthetic drugs for the treatment of inflammatory disorders. For the three months ended 3/31/99, revenues rose 1 percent to $415 thousand. Net income totalled $200 thousand, vs. a loss of $1.4 million. Revenues reflect increased gains on the disposition of property and the reimbursement of legal fees. Earnings reflect the cessation of research and development activities. 
Corixa Corporation (Nasdaq : CRXA)Corixa is a research-based biotechnology company committed to the goal of treating and preventing diseases by understanding and directing the immune system. For the three ended 3/31/99, revenues rose 12 percent to $3.1 million. Net loss totaled $17.4 million, up from $2.8 million. Revenues reflect recognition from a multi-field agreement with SmithKline Beecham. Net loss suffered from a $11.6 million in-process R and D charge, higher R and D due to increased payroll and laboratory supplies. 
CardioTech International (AMEX : CTE)CardioTech International uses its proprietary manufacturing technology to develop and manufacture small bore vascular grafts, or synthethic blood vessels, made of ChronoFlex. For the nine months ended 12/31/98, revenues rose 37 percent to $785 thousand. Net loss applicable to Common rose 39 percent to $1.7 million. Results reflect higher research revenues earned under grants from the NIH, offset by increased costs related to the Company's VascuLink Vascular Access Graft trials. 
Cell Therapeutics, Inc. (Nasdaq : CTIC)Cell Therapeutics is a pharmaceutical research and development company focused on the discovery, development and commercialization of small molecule drugs which selectively regulate the metabolism of oxidized lipids and phospholipids. For the three months ended 3/31/99, the Company reported no revenues, down from $3.3 million. Net loss rose 30 percent to $8.1 million. Results reflect the absence of development cost reimbursements, partially offset by lower R&D costs. 
Cytotherapeutics, Inc. (Nasdaq : CTII)Cytotherapeutics, Inc. is engaged in the design and development of novel cell therapy systems designed to deliver therapeutic substances to the central nervous system. For the fiscal year ended 12/31/98, revenues decreased 17 percent to $8.8 million. Net loss decreased 30 percent to $12.6 million. Revenues reflect a decrease in the Development, Marketing and License Agreement with Astra AB. Lower losses reflect the absence of a $8.3 million acquired research and development expense. 
Celtrix Pharmaceuticals (Nasdaq : CTRX)CTRX is a biopharmaceutical company engaged in the treatment of seriously debilitating, degenerative conditions primarily associated with severe trauma, chronic diseases or aging. For the nine months ended 12/31/98, revenues fell 31 percent to $79 thousand. Net loss rose 41 percent to $13.1 million. Revenues reflect lower product sales. Higher loss also reflects $5.2 million in restructuring costs and the absence of $737 thousand gain in the sale of investment in Prograft Medical. 
Corvas International, Inc (Nasdaq : CVAS)Corvas International is engaged in the design and development of a new generation of therapeutic agents in the fields of blood clot formation (thrombosis), inflammation, cancer and other diseases. For the fiscal year ended 12/31/98, total revenues fell 4 percent to $10 million. Net loss totalled $8.1 million, up from $2.5 million. Revenues reflect a $2.1 million decrease in earned milestone payments from Schering-Plough. Loss also reflects costs associated with the NAPc2 and NAP5 research programs. 
Covance Inc. (NYSE : CVD)CVD is a contract research organization providing integrated product development services to biotechnology, pharmaceutical and medical device industries. For the three months ended 3/31/99, revenues increased 25 percent to $210.6 million. Net income increased 26 percent to $13.1 million. Revenues benefitted from the continuing trend in outsourcing of clinical development activities. Net income also reflects the inclusion of $80 thousand in other income vs. $113 thousand in expenses. 
Covalent Group, Inc. (Nasdaq : CVGR)Covalent Group, Inc. is a total research management organization which designs and manages clinical trials in the drug and device development process with associated cost containment and quality of care components. For the three months ended 3/31/99, revenues rose 46 percent to $3.3 million. Net income totalled $345 thousand vs. a loss of $266 thousand. Results reflect three additional major clinical studies being conducted and higher margins due to increased revenues. 
CV Therapeutics, Inc. (Nasdaq : CVTX)CVTX is a biopharmaceutical company focused on molecular cardiology for the discovery, development and commercialization of novel, small molecule drugs for the treatment of cardiovascular diseases. For the three months ended 3/31/99, company reports no revenue, vs. $4.2 million. Net loss totaled $5.1 million, up from $55 thousand. Results reflect the completion of the research component of the company's collaboration with Biogen and the hiring of additional employees. 
Chem International Inc. (Nasdaq : CXIL)Chem International Inc. is primarily engaged in the manufacturing, marketing and sale of vitamins, nutritional supplements and herbal products to customers located throughout the United States and Europe. For the six months ended 12/98, sales rose 2 percent to $5.1 million. Net loss totalled $1.4 million, up from $388 thousand. Revenues reflect development of new product lines and increased contract sales. Higher loss reflects a decrease in gross margins. 
Cyanotech Corporation (Nasdaq : CYAN)CYAN develops and commercializes natural products from microalgae for nutritional supplement and immunological diagnostics markets. CYAN also develops microalgae-based products for the acquaculture feed/pigments, biopesticide and food coloring markets. Total revenues for the nine months ended 12/31/98 fell 8 percent to $5 million. Net loss applicable to Com. totalled $2 million, up from $434 thousand. Results reflect lower sales of packaged consumer products and a change in product mix. 
Cypros Pharmaceutical (AMEX : CYP)Cypros Pharmaceutical develops and markets products for the critical care market. The Co. currently markets three products, Glofil and Inulin which assess kidney function, and Ethamolin which treats bleeding esophageal varices. For the nine months ended 4/30/99, sales fell 26 percent to $1.9 million. Net loss rose 20 percent to $4.8 million. Results reflect reduced Glofil sales volume due to the termination of two clinical trials, partially offset by the absense of $256 thousand amort. on notes. 
Cypress Bioscience Inc. (Nasdaq : CYPB)Cypress Bioscience researches, develops, manufactures and markets medical devices and therapeutics for the treatment of immune disorders and develops therapeutic agents for the treatment of blood platelet disorders. For the three months ended 3/31/99, total revenues rose 7 percent to $588 thousand. Net loss rose 60 percent to $3.1 million. Revenues reflect higher Prosorba(R) column sales. Higher loss also reflects the hiring of a sales force and increased business development activity. 
Cytoclonal Pharmaceutics (Nasdaq : CYPH)CYPH, a development stage biopharmaceutical company, focuses on the development of diagnostic and therapeutic products for the identification, treatment, and prevention of cancer and infectious diseases. For the three months ended 3/99, revenues totalled $223 thousand, up from $0. Net loss applicable to Common fell 33 percent to $1.1 million. Results reflect revenues from licensing and R&D agreements and higher interest income offset by increased G&A and R&D expenses. 
Cytel Corporation (Nasdaq : CYTL)Cytel Corp. discovers, designs and develops new drugs for the effective treatment of acute and chronic inflammatory diseases, infectious diseases and cancer. Revenues for the three months ended 3/98 rose 98 percent to $929 thousand. Net loss increased 15 percent to $4.7 million. Revenues reflect the higher research and development revenue from agreements with Searle, Nextran and Abbott. Higher loss reflects increased clinical trial costs and $3.7 million in restructuring charges. 
Cytogen Corporation (Nasdaq : CYTO)CYTO is a biopharmaceutical company engaged in the development, commercialization and marketing of products to improve diagnosis and treatment of cancer and other diseases. For the three months ended 3/99, total revenues fell 44 percent to $2.3 million. Net income applicable to Common totalled $1.7 million vs. a loss of $4.4 million. Revenues reflect discontinued royalty agreements related to Quadramet. Earnings reflect Cellcor closure, lower R&D and absence of $1 million equity loss in Targon. 
CytRx Corporation (Nasdaq : CYTR)CYTR engages in the development of pharmaceutical products including FLOCOR to treat acute sickle cell crisis and other vascular diseases and technologies to improve the effectiveness of vaccines. For the three months ended 12/31/98, revenues rose 3 percent to $455 thousand. Net loss from continuing operations before extraordinary item totalled $3.2 million, up from $1.3 million. Revenues reflect an increase in interest and grant income. Higher losses reflect the Company's development activities for FLOCOR. 
DataTRAK International (Nasdaq : DATA)DataTRAK International is a multi-specialty Site Management Organization which provides clinical research services and electronic data capture services through 500 clinical research sites. For the three months ended 3/31/99, revenues increased 77 percent to $4.2 million. Net loss decreased 69 percent to $1.1 million. Revenues reflect growth from the Clinical Business's GFI facility. Lower loss was partially offset by a $110 thousand charge for the sale of the Clinical business. 
Diacrin, Inc. (Nasdaq : DCRN)DCRN is developing proprietary populations of trans-plantable porcine cells for the treatment of human diseases which are characterized by cell dysfunction or cell death and for which current therapies are either inadequate or nonexistent. For the three months ended 3/31/99, revenues fell 23 percent to $1.2 million. Net loss rose 53 percent to $1.3 million. Results reflect lower R&D revenues earned under a joint venture with Genzyme and increased R&D expenses as a  percentage of revenues. 
Quest Diagnostics, Inc. (NYSE : DGX)DGX is a clinical laboratory testing company which offers testing services used by the medical profession in the detection, diagnosis, monitoring and treatment of diseases. For the three months ended 3/31/99, net revenues rose 4 percent to $381.8 million. Net income rose 12 percent to $7.4 million. Revenues reflect the recognition of revenues from a new laboratory network management service. Net income also reflects lower interest expense. 
Spectral Diagnostic, Inc. (Nasdaq : DIAGF)Spectral Diagonstic is engaged in the development, production and marketing of diagnostic reagents, controls and blood plasma separation membranes and the incorporation of such components for use in Panel Tests. For the nine months ended 12/98, revenues rose from C$3.1 million to C$7.4 million. Net loss before U.S. GAAP fell 9 percent to C$8.7 million. Revenues reflect higher market penetration in the U.S. Lower loss reflects a $2.2 million gain on completion of an alliance for marketing products. 
Digene Corporation (Nasdaq : DIGE)Digene Corporation develops, manufactures and markets DNA testing systems for the screening, monitoring and diagnosis of human disease. For the nine months ended 3/99, revenues increased 42 percent to $12.4 million. Net loss decreased 12 percent to $6.6 million. Revenues reflect increased sales volume of the Company's Hybrid Capture tests, primarily its HPV tests. Net loss was partially offset by additional selling and marketing personnel and sales of lower margin products. 
Diagnon Corp. (OTC BB : DIGN)Diagnon Corp. develops, produces and sells diagnostic test kits incorporating monoclonal antibodies to diagnose certain anemias, infections, and parasitic diseases. For the nine months ended 2/28/99, total revenues rose 11 percent to $8.1 million. Net income totalled $174 thousand vs. a loss of $59 thousand. Revenues reflect increased contract activity and an increase in sales related to SBIR grants. Earnings also reflect lower research and development expenses. 
Diatide, Inc. (Nasdaq : DITI)Diatide, Inc., is a biopharmaceutical company engaged in the discovery and development of proprietary disease-specific radiophramaceuticals for the diagnosis and treatment of life threatning conditions such as cancer, infection and heart disease. For the fiscal year ended 12/98, revenues rose 54 percent to $6.4 million. Net loss fell 7 percent to $10.2 million. Results reflect higher license fees and product sales, partially offset by increased staffing and outside services. 
D&K Healthcare Resources (Nasdaq : DKWD)D&K Healthcare Resources is a regional wholesale drug distributor that distributes a range of pharmaceutical products, health and beauty aids, and related products to customers in more than 20 states. For the 39 weeks ended 3/31/99, net sales rose 34 percent to $591.7 million. Net income totalled $4.6 million, up from $2.3 million. Results reflect increased sales to a prescription benefit management company and higher margins due to changes in procurement strategies. 
Daltex Medical Sciences (OTC BB : DLTX)DLTX, a developmental stage company, engages in research and development activities with the objective of developing and commercializing certain cost-reducing medical device and pharmaceutical technologies. For the six months ended 1/31/99, revenues fell from $155 thousand to $0. Net loss totalled $22 thousand vs. an income of $8 thousand. Results reflect the absence of liscense fees and royalties received from its two subliscensees and continued inactivity of the company. 
DepoMed, Inc. (AMEX : DMI)DepoMed, Inc. is a development stage company engaged in the development of new and proprietary oral drug delivery technologies designed to reduce gastrointestinal irritation and provide continuous, controlled delivery of an incorporated drug. For the three months ended 3/31/99, revenues rose 5 percent to $115 thousand. Net loss totalled $1 million, up from $493 thousand. Results reflect the feasability arrangement with PRI, offset by increased R&D personnel and related expenses. 
Endorex Corporation (AMEX : DOR)Endorex Corporation, a development stage biotechnology company involved in oral drug delivery and cancer therapy. The Company has developed two products which have undergone clinical trials. For the fiscal year ended 12/31/98, the Company reported no revenues. Net loss applicable to Common totalled $22.5 million, up from $3.2 million. Results suffered from an $16 million equity in loss from a joint venture to Elan, and increased SGA and R&D expenses. 
Draxis Health Inc. (Nasdaq : DRAXF)Draxis Health Inc. is a diversified pharmaceutical company with operations in four niche businesses: Veterinary, Dermatology, Radiopharmaceuticals, and Canadian Pharmaceutical Marketing. For the three months ended 3/31/99, revenues totalled C$11.4 million, up from C$5.3 million. Net income totalled C$215 thousand vs. a loss of C$1 million. Results reflect acquisitions, increases in animal health segment royalty income and increased radiopharmaceutical shipments. 
Duramed Pharmaceuticals (Nasdaq : DRMD)Duramed Pharmaceuticals develops, manufactures and markets a line of prescription generic drug products, in tablet, capsule and liquid forms. Net sales for the three months ended 3/99 rose 4 percent to $13.2 million. Net loss applicable to Com. fell 12 percent to $2.4 million. Revenues reflect contribution from recently approved products. Lower loss also reflects higher gross margin due to new products and contract revenues from Warner-Lambert, and reduction of spending for bioequivalency studies. 
Derma Sciences, Inc. (Nasdaq : DSCI)Derma Sciences is engaged in the marketing and sale of three dermatological product lines: sprays, ointments and dressings for the management of certain chronic non-healing skin ulcerations; wound closure strips; and skin care products and disinfectants. For the fiscal year ended 12/98, sales rose 39 percent to $9.2 million. Net loss fell 21 percent to $1.8 million. Results reflect an increase in net product sales, an increase in medicaid rebate adjustments and higher gross margins. 
Discovery Laboratories (Nasdaq : DSCO)Discovery Laboratories is a development stage pharmacuetical company that is focused on developing compounds intended for neonatal use in critical care hospital settings. For the three months ended 3/31/99, revenues fell 70 percent to $37 thousand. Net loss decreased 9 percent to $2 million. Revenues reflect reduced interest income due to lower average cash balances. Lower loss reflects reduced research and development expenses. 
Dura Pharmaceuticals, Inc (Nasdaq : DURA)Dura Pharmaceuticals is a specialty respiratory pharmaceutical and pulmonary drug delivery company. DURA is engaged in developing and marketing prescription pharmaceutical products for the treatment of allergies, asthma, pneumonia and related conditions. For the three months ended 3/31/99, revenues rose 46 percent to $71.2 million. Net income rose 8 percent to $7.8 million. Results reflect higher sales of Maxipime and Azactam, partially offset by sales department expansion. 
DUSA Pharmaceuticals, Inc (Nasdaq : DUSA)DUSA Pharmaceuticals Inc. is a development stage pharmaceutical company engaged in the development of photodynamic therapy and photodiagnosis utilizing 5-aminolevulinic acid for various medical indications. For the three months ended 3/31/99, total revenues rose 1 percent to $160 thousand. Net loss fell 25 percent to $1 million. Revenues reflect the absence of a $2 thousand loss on foreign currency exchange. Net loss reflects decreased R&D expenses due to reduced research activity. 
DynaGen, Inc. (OTC BB : DYGN)DynaGen, Inc., through its subsidiaries, Able Laboratories, Inc., Superior Pharmaceutical Company, Generic Distributors, Inc. and Apex Pharmaceuticals, develops, manufactures and distributes generic pharmaceuticals. For the three months ended 3/99, revenues rose 1 percent to $7 million. Net loss applicable to Com. rose 18 percent to $2.1 million. Revenues reflect higher sales by Superior Pharmaceuticals. Higher loss suffered from a $400 thousand loss on impairment of customer lists. 
Elan Corp., plc (NYSE : ELN)ELN is a worldwide drug delivery company which develops and licenses drug delivery systems that improve the absorption and utilization by the human body of existing drugs. For the fiscal year ended 12/98, revenues rose 74 percent to $676.7 million. Net loss accdg. to U.S. GAAP totalled $1.17 billion vs. income of $175.1 million. Results reflect increased product and research revenues and acquisitions, offset by the cash contribution to Axogen Limited and a $13.8 million loss on assets. 
Emisphere Technologies (Nasdaq : EMIS)EMIS is a drug delivery company engaged in the discovery and application of proprietary synthetic chemical compounds that enable the oral delivery of therapeutic macromolecules not currently delivered by oral means. For the nine months ended 4/30/99, revenues fell 18 percent to $9.6 million. Net loss rose from $3.7 million to $14.5 million. Results reflect lower revenues recognized from Lilly and Novartis and increased costs related to ongoing clinical trials work for heparin. 
Endogen Inc. (Nasdaq : ENDG)ENDG supplies specialty reagents and immuno-assay test kits to customers in biomedical research, the biotech-nology industry and pharmaceutical drug discovery. ENDG offers three product lines: two types of in vitro immuno-assay kits and mono-clonal antibodies. For the nine months ended 2/98, revenues rose 1 percent to $7.5 million. Net loss totalled $462 thousand vs. income of $286 thousand. Revenues reflect higher sales volume from existing Endogen product lines. Losses reflect increased R&D costs. 
EntreMed, Inc. (Nasdaq : ENMD)ENMD researches and develops biopharmaceutical products that address the role of blood and blood vessels in the prevention of a broad range of diseases. For the three months ended 3/99, revenues rose 25 percent to $1.4 million. Net loss totaled $7.1 million, up from $3.1 million. Revenues reflect grant revenues earned under a Small Business Innovative Research program from the NIH. Higher loss reflects higher R and D and S/G/A expenses due to increased staff. 
Enzo Biochem, Inc. (AMEX : ENZ)ENZ develops, manufactures and markets health care products based on molecular biology and genetic engineering techniques, and provides medical diagnostic services to the medical community. For the six months ended 1/31/99, total revenues increased 10 percent to $21.5 million. Net income rose 87 percent to $2 million. Results reflect an increase in higher priced screening tests and esoteric tests, lower cost of revenues as a  percentage of sales and higher interest income. 
Enzon, Inc. (Nasdaq : ENZN)Enzon, Inc. is a biopharmaceutical company that develops, manufactures and markets enhanced therapeutics for life-threatening diseases through the application of its proprietary technologies. For the nine months ended 3/99, revenues fell 14 percent to $9.9 million. Net loss applicable to Common tottaleld $3.6 million, up from $1.4 million. Revenues reflect decreased milestone payments received. Higher loss reflects increased ONCASPAR production costs. 
EPIX Medical, Inc. (Nasdaq : EPIX)EPIX, a development stage company, is developing targeted contrast agents both to improve the capability and expand the use of magnetic resonance imaging (MRI) as a tool for diagnosing human diseases. For the three months ended 3/99, revenues decreased 32 percent to $287 thousand. Net loss increased 30 percent to $3.7 million. Revenues reflect decreased product development contracts. Higher loss suffered from increased costs for personnel and higher legal costs. 
Epoch Pharmaceuticals (OTC BB : EPPH)Epoch Pharmaceuticals is a biomedical company utilizing nucleoside and nucleotide chemistry to develop molecular tools for genetic analysis, providing products and techniques for high throughput genetic sequence anaylsis. For the three months ended 3/31/99, revenues totalled $95 thousand, up from $41 thousand. Net loss from continuing operations rose 5 percent to $1.1 million. Results reflect increased research contract revenue, offset by increased interest expense. 
Ergo Science Corporation (Nasdaq : ERGO)Ergo Science Corporation engages in the development of novel treatments for metabolic disorders, including Type II diabetes and obesity, and for cancer. For the three months ended 3/31/99, revenues totalled $0 vs. $15.2 million. Net loss applicable to Common totalled $2.2 million vs. income of $7 million. Results reflect the absence of product related revenues and the absence of a $10 million license fee and $2.8 million in sponsored research revenue. 
Entropin, Inc. (OTC BB : ETOP)Entropin, Inc., prior to 1/98, was a holding company with no operations. On 1/98, the Company acquired Entropin, a pharmaceutical company engaged in the commercialization of Esterom, a medicinal preparation for the treatment of impaired range of motion associated with acute lower back pain and painful shoulder. For the six months ended 11/30/97, the Company reported no revenues. Net loss totalled $93 thousand, up from $17 thousand. Results reflect a $65 thousand note guarantee loss. 
Eurotech, Ltd. (OTC BB : EURO)Eurotech, Ltd. is a development-stage, technology transfer, holding and management company, formed to commercialize new, existing but previously unrecognized, and previously classified technologies. For the fiscal year ended 12/98, the Company reported no revenues. Net loss decreased 37 percent to $7.8 million. Lower loss reflects a reduction in consultant fees and decreased amortization of deferred financing costs due to the issuance of common stock to bridge financiers. 
Exten Industries, Inc. (OTC BB : EXTI)Exten Industries, Inc., is a holding company that is in the business of developing, through its wholly-owned subsidiary, Xenogenics Corp., a synthetic bio-liver technology. For the three months ended 2/28/99, the Company reported no revenues. Net loss increased 12 percent to $140 thousand. Higher loss reflects increased research and development, depreciation and amortization, and net interest expenses. 
E-Z-EM, Inc. (AMEX : EZMa)EZM.A develops, manufactures and markets diagnostic products used by radiologists and other physicians during image-assisted procedures to detect physical abnormalities and diseases, and a variety of products for use in the treatment of cardiovascular disease. For the 39 weeks ended 2/27/99, net sales rose 5 percent to $78.8 million. Net income totalled $4 million vs. a loss of $7.1 million. Results reflect higher AngioDynamics product sales and the absence of $4.1 million in impairment of assets costs. 
FCS Laboratories, Inc. (OTC BB : FCSI)FCS Laboratories, Inc. develops, manufactures and markets laboratory testing kits and services, and therapeutic products. For the nine months ended 6/30/97, sales fell 16 percent to $1.5 million. Net loss before extraordinary item totalled $247 thousand vs. income of $23 thousand. Results reflect continued declines in the Company's sales of products and services for humans, as well as a change in channels of distribution for its ``retail'' domestic animal health product line. 
Flamel Technologies S.A. (Nasdaq : FLMLY)Flamel Technologies S.A. is a drug delivery company engaged in the development and commercialization of controlled-release therapeutic products based on its proprietary polymer-based technology. For the fiscal year ended 12/31/97, revenues rose 64 percent to $8.1 million. Net loss fell less than 1 percent to $6.8 million. Revenues reflect the manufacturing plant acquisition and agreement with Smithkline. Lower loss reflects a decrease in stock compensation expense. 
Fountain Pharmaceuticals (OTC BB : FPHI)Fountain Pharmaceuticals was organized to develop an advanced compound delivery system for use in health care, agricultural, veterinary and consumer market items using technologies developed privately and assigned to the Company. For the three months ended 12/31/98, revenues rose from $38 thousand to $565 thousand. Net loss increased 62 percent to $448 thousand. Revenues reflect an increase in advance orders from European licensee. Higher loss reflects increased sales and marketing efforts. 
Forest Laboratories, Inc. (AMEX : FRX)Forest Laboratories, Inc. develops, manufactures and sells ethical prescription and non-prescription drugs. For the nine months ended 12/31/98, total revenues increased 30 percent to $431.8 million. Net income rose 7 percent to $38.2 million. Revenues reflect higher sales of Celexa, Tiazac, Exorex and other products. Earnings were partially offset by changes in the product mix, costs associated with the launch of Celexa, and costs associated with conducting clinical trials for new products. 
Fuisz Technologies Ltd. (Nasdaq : FUSE)Fuisz Techonlogies is engaged in the development, manufacture and commercialization of its proprietary technologies for a wide range of pharmaceutical, nutraceutical and food applications. For the three months ended 3/99, revenues increased 47 percent to $20.6 million. Net loss decreased 79 percent to $1.4 million. Revenues reflect increased sales of the Pharmaceutical Research and Development division. Lower loss benefitted from favorable product mix. 
Geltex Pharmaceuticals (Nasdaq : GELX)Geltex, is developing non-absorbed, polymer-based pharmaceuticals that selectively bind and eliminate target substances from the intestinal tract. For the three months ended 3/99, total revenues totalled $3.6 million, up from $1.5 million. Net loss fell 13 percent to $7.7 million. Revenues reflect increased reimbursement from JV and non-recurring reimbursement from Japanese partner. Lower loss was partially offset by higher costs associated with commercial launch of Renagel. 
Genome Therapeutics Corp. (Nasdaq : GENE)Genome Therapeutics Corporation utilizes high-throughput sequencing technology and positional cloning for the identification and functional characterization of genes and pathogens responsible for many serious diseases. For the 26 weeks ended 2/27/99, total revenues rose 38 percent to $11.5 million. Net loss fell 54 percent to $3.7 million. Revenues reflect agreements with Schering-Plough and higher fees from the PathoGenome database. Lower loss reflects decreased R&D spending. 
Genset (Nasdaq : GENXY)Genset is a fully integrated genomics company engaged in assisting pharmaceutical companies in the discovery, development and marketing of their drugs through the discovery and analysis of common disease and drug response genes. For the nine months ended 9/98, revenues totalled FF134.4 million, up from FF62.8 million. Net loss fell 6 percent to FF67.7 million. Results reflect research and license fees received, offset by higher R&D expenses related to gene discovery programs. 
Genzyme General Division (Nasdaq : GENZ)GENZ is a diversified human health care business with product development, manufacturing and marketing capabilities in therapeutic and diagnostic products, pharmaceuticals and diagnostic services. For the three months ended 3/31/99, revenues increased 16 percent to $178.1 million. Net income increased 30 percent to $32.5 million. Revenues reflect higher sales of Ceredase and Cerezyme enzymes. Earnings also reflect an increase in gross profit. 
Geron Corporation (Nasdaq : GERN)Geron is engaged in the discovery and development of therapeutic and diagnostic products used to treat cancer and age-related degenerative diseases. For the three months ended 3/31/99, revenues fell 34 percent to $1.5 million. Net loss applicable to Common rose 82 percent to $3.4 million. Revenues suffered from the reduced research support due to the expiration of the Kyowa Hakko Agreement. Higher loss reflects an increase in research personnel, supplies and consulting expenses. 
GalaGen Inc. (Nasdaq : GGEN)GalaGen Inc., develops a portfolio of proprietary nutritional products, including dietary supplements and oral pharmaceuticals that target life threatening and emerging pathogens. For the fiscal year ended 12/31/98, revenues totaled $876 thousand, up from $0. Net loss fell 20 percent to $4.5 million. Results reflect sales of the recently acquired critical care enteral nutrition products and lower R and D expenses due to the termination of pharmaceutical development programs. 
Gilead Sciences, Inc. (Nasdaq : GILD)GILD, a biopharmaceutical company, seeks to provide accelerated solutions for patients and caretakers. GILD discovers, develops, and commercializes proprietary therapeutics for viral diseases. For the three months ended 3/31/99, total revenues fell 64 percent to $4.9 million. Net loss totaled $15.8 million, up from $7.4 million. Revenues suffered from lower sales of VISTIDE. Higher loss reflects increased S/G/A expenses related to PREVEON product launch. 
Guilford Pharmaceuticals (Nasdaq : GLFD)GLFD is a biopharmaceutical company engaged in the development and commercialization of products in two principal areas: targeted and controlled drug delivery systems for the treatment of cancer, and therapeutic and diagnostic products for neurological diseases. For the three months ended 3/31/99, revenues rose 21 percent to $2.9 million. Net loss rose 20 percent to $8.5 million. Results reflect an increase in sales of GLIADEL, offset by increased personnel costs and administrative expenses. 
Gene Logic, Inc. (Nasdaq : GLGC)GLGC develops proprietary genomic information products, software, and research services and markets them to the global pharmaceutical and life science industries. The Co.'s products combine software tools with large-scale gene expression information. For the three months ended 3/31/99, revenues rose 85 percent to $4.1 million. Net loss totalled $4.9 million, up from $2.1 million. Results reflect the addition of new customers, offset by higher R&D costs due to increased personnel. 
Gliatech Inc. (Nasdaq : GLIA)Gliatech Inc. is engaged in the research, development and commercialization of proprietary, resorbable, carbohydrate polymer medical devices designed to inhibit surgical scarring and adhesions. For the three months ended 3/31/99, total revenues totalled $8.3 million, up from $1.4 million. Net income totalled $474 thousand vs. a loss of $2.2 million. Results reflect increased product sales due to the commercialization of ADCON-L following FDA approval on 5/98. 
Global Pharmaceutical (Nasdaq : GLPC)Global Pharmaceutical Corporation engages in the manufacture and sale of solid oral generic prescription and over-the-counter drugs. For the three months ended 3/99, net sales totalled $1.8 million, up from $898 thousand. Net loss applicable to Common increased 44 percent to $1.4 million. Revenues reflect the operation of the Company upon the receipt of FDA notification for Current Good Manufacturing Practices. Higher loss reflects the inclusion of preferred dividends. 
Genelabs Technologies (Nasdaq : GNLB)GNLB is a biopharmaceutical company with research focused on the discovery of small molecule drugs that function by binding to DNA to regulate gene expression or inactive pathogens. For the three months ended 3/99, revenues increased 1 percent to $1.8 million. Net loss from continuing operations increased 11 percent to $2.3 million. Revenues reflect increased contract revenues. Higher loss reflects increased R&D expenses due to higher expenditures on the Company's drug discovery program. 
Genta, Inc. (Nasdaq : GNTA)GNTA is a biopharmaceutical company engaged in the development of a pipeline of pharmaceutical products including oral controlled-release drugs. For the fiscal year ended 12/31/98, revenues fell 74 percent to $105 thousand. Net loss applicable to Common from continuing operations fell 76 percent to $7.5 million. Revenues reflect the Company's lessened involvement in Genta Jago development activities. Lower loss reflects reflects the absence of a $16.2 million imputed dividend on preferred stock. 
Golden Pharmaceuticals (OTC BB : GPHI)Golden Pharmaceuticals is engaged in repackaging and distribution of pharmaceuticals through its wholly-owned subsidiary, Quality Care Pharmaceuticals, Inc. For the six months ended 2/28/99, net sales increased 34 percent to $3.7 million. Net loss applicable to Common decreased 31 percent to $1.8 million. Revenues reflect the expansion of QCP sales into new business areas. Lower loss reflects a $211 thousand settlement of accounts payable and the absence of a $230 thousand impairment loss. 
Genzyme Transgenics Corp. (Nasdaq : GZTC)GZTC is engaged in the application of transgenic technology to the development and production of genetically engineered proteins for the therapeutic, diagnostic and other biomedical uses. For the fiscal year ended 1/3/99, revenues fell 1 percent to $62.4 million. Net loss applicable to Common totalled $20.7 million, up from $9.3 million. Results reflect lower research revenues due to a different structure of AT-III program. Higher loss reflects $4.3 million of AT-III joint venture losses. 
Genzyme Tissue Repair (Nasdaq : GZTR)Genzyme Tissue Repair develops products that will augment or positively modify naturally occurring biological processes involved in tissue repair. For the three months ended 3/31/99, revenues increased 11 percent to $4 million. Net loss decreased 15 percent to $9.6 million. Revenues reflect higher sales of Carticel [TM] AuCC due to increased acceptance by orthopedic surgeons and insurance companies. Lower loss reflects efficiencies gained in the manufacturing process. 
Hauser Inc. (Nasdaq : HAUSD)HAUSD is a manufacturer of special products from natural sources, using its proprietary technologies in extraction and purification. HAUSD also provides laboratory testing and chemical engineering services. For the nine months ended 1/31/99, revenues rose 25 percent to $25.9 million. Net loss rose from $1.9 million to $27.3 million. Revenues reflect an increase in sales of nutraceutical products. Net loss reflects a $19.7 million write-off of inventory and an asset write-off of $5.9 million. 
Halsey Drug Company, Inc. (AMEX : HDG)Halsey Drug is a manufacturer of generic drugs in solid dosage, liquid and powder forms and bulk pharmaceutical chemicals sold to wholesalers, drugstore chains and other pharmaceutical manufacturers. Net sales for the nine months ended 9/30/98 fell 14 percent to $6.3 million. Net loss remained flat at $8.8 million. Revenues reflect the lack of sufficient working capital necessary to purchase raw materials. Loss was partially offset by a $1.9 million deferred gain on sale of assets. 
Hemispherx Biopharma, Inc (AMEX : HEB)HEB and its subsidiaries is a biopharmaceutical co. using nucleic acid technologies to develop therapeutic products for the treatment of viral diseases and certain cancers. For the three months ended 3/31/99, revenues increased 53 percent to $132 thousand. Net loss increased 96 percent to $2.9 million. Revenues reflect increased enrollment of patients in the Cost Recovery Clinical Treatment Program. Higher loss suffered from increased legal fees. 
HemaCare Corporation (OTC BB : HEMA)HEMA provides blood component products, including single donor apheresis platelets and therapeutic aspheresis services to hospitals. For the fiscal year ended 12/31/98, revenues increased 18 percent to $13.1 million. Net income from continuing operations totalled $745 thousand, up from $37 thousand. Revenues reflect higher blood products revenues due to higher volumes of apheresis platelet sales. Net income also reflects higher gross margins due to lower per unit production costs. 
Hollis-Eden Pharm. (Nasdaq : HEPH)HEPH is a development-stage pharmaceutical company engaged in the discovery, development, and commercialization of products for the treatment of a number of diseases including HIV/AIDS, hepatitis and malaria. For the three months ended 3/99, the Company reports no revenues. Net loss totalled $8.4 million, up from $1.2 million. Results reflect increased general/administrative expenses due to non-cash charges for options issued to consultants and directors. 
Human Genome Sciences (Nasdaq : HGSI)HGSI is engaged in research and development of novel proprietary pharmaceutical and diagnostic products based on the discovery and understanding of the medical utility of genes. For the three months ended 3/31/99, revenues fell 29 percent to $1.4 million. Net loss rose 26 percent to $12.3 million. Revenues reflect decreased license fees and research payments. Higher loss reflects higher research and development expenses related to the start-up of the new production facility. 
Hi-Tech Pharmacal Co. (Nasdaq : HITK)HITK develops, manufactures and markets over 100 products comprised of over-the-counter pharmaceuticals, prescription drug products and nutritional preparations, primarily for the diabetic and general health marketplace. For the nine months ended 1/99, net sales rose 3 percent to $17 million. Net income rose 16 percent to $1.2 million. Revenues reflect an increase in shipments to Bergen Brunswig. Earnings reflect lower cost of sales due to lower per unit labor and overhead costs. 
Cel-Sci Corporation (AMEX : HIV)Cel-Sci is involved in the research and development of certain drugs and vaccines using the Company's proprietary cell culture technologies. HIV's first product, MULTIKINE, is being tested to determine if it is effective in improving the immune response of cancer patients. For the six months ended 3/31/99, total income rose 2 percent to $291 thousand. Net loss applicable to Common fell 24 percent to $3.6 million. Results reflect increased other income and the absence of preferred dividends. 
Hemagen Diagnostics, Inc. (Nasdaq : HMGN)Hemagen Diagnostics, Inc. is a biotechnology company which develops, manufactures and markets laboratory medical diagnostic kits used to aid in the diagnosis of certain autoimmune and infectious diseases. For the three months ended 12/31/98, revenues rose 65 percent to $4.7 million. Net income rose from $69 thousand to $361 thousand. Revenues reflect addition sales from the Analyst Acquisition and higher blood banking products sales. Earnings also reflect lower personnel costs. 
Heska Corporation (Nasdaq : HSKA)HSKA discovers, develops, manufactures and markets companion animal health products, primarily for dogs, cats and horses. HSKA operates two full scale FDA licensed manufacturing facilities, and provides diagnostic products in the U.S. and U.K. For the three months ended 3/99, revenues rose 40 percent to $11.1 million. Net loss fell 20 percent to $7.9 million. Revenues reflect sales of new products introduced. Lower losses reflect decreases in the Company's interenal R&D activities. 
Huntingdon Life Sciences (NYSE : HTD)Huntingdon Life Sciences operates within the contract research industry and provides research and assessment services by contract to pharmaceutical and biotechnology, agrochemical and other chemical industries. For the nine months ended 9/30/98, revenues fell 21 percent to L39.5 million. Net loss before U.S. GAAP totalled L12.1 million, up from L3M. Results reflect decreased sales and the increased debt due to the completion of a new equity financing. 
Hyal Pharmaceutical Corp. (OTC BB : HYALF)Hyal Pharmaceutical Corp. is engaged in research, development and worldwide commercialization of pharmaceutical formulations utilizing its proprietary drug delivery technologies HIT and HILT. For the nine months ended 9/30/98, total revenues fell 57 percent to C$380 thousand. Net loss fell 21 percent to C$9.8 million. Revenues reflect lower interest income due to lower average balances of cash and short-term investments. Lower loss reflects lower research and development expenses. 
Hycor Biomedical, Inc. (Nasdaq : HYBD)HYBD is engaged in the research, development, manufacturing and marketing of medical diagnostic products throughout the US and foreign countries. HYBD products include the KOVA Urinalysis System and the allergy diagnostic product line. For the three months ended 3/99, sales rose 1 percent to $4.8 million. Net loss fell 71 percent to $56 thousand. Results reflect increased sales of core clinical immunology product lines, cost containment efforts and completion of few R&D projects. 
Hybridon, Inc. (OTC BB : HYBN)Hybridon is engaged in the discovery and development of novel genetic medicines based primarily on antisense technology. For the three months ended 3/31/99, total revenues rose 79 percent to $1.8 million. Net loss applicable to Common fell 54 percent to $4 million. Revenues reflect an expansion in the customer base and increased sales to existing customers. Lower loss reflects lower research and development expenditures and the reduction of interest expense. 
Hyseq, Inc. (Nasdaq : HYSQ)HYSQ applies the proprietary DNA array technology of its integrated HyX genomics platfrom to develop gene-based therapeutic product candidates and diagnostic products and tests. For the three months ended 3/31/99, revenues increased 3 percent to $2.8 million. Net loss increased 71 percent to $4.6 million. Results reflect higher revenues earned in conjunction with the Co's research collaboration with Chiron. Higher loss reflects higher R&D expenses due to additional personnel. 
Integra LifeSciences Corp (Nasdaq : IART)IART develops, manufactures and markets medical devices, implants and biomaterials primarily used in the treatment of burns and skin defects, spinal and cranial disorders, orthopedics and other surgical applications. For the three months ended 3/99, revenues rose 9 percent to $5 million. Net income applicable to Com. totalled $406 thousand vs. a loss of $3.3 million. Results reflect increased product sales and a $4.2 million gain on the disposition of product line. 
ImmuCell Corporation (Nasdaq : ICCC)ImmuCell Corporation is a biotechnology company engaged in the development of animal health products to expand its commercialized line of products for use by dairy and beef producers. For the three months ended 3/31/99, total revenues rose 5 percent to $1.4 million. Net income rose 16 percent to $254 thousand. Revenues reflect increased sales of First Defense and the Kamar Heatmount Detector. Net income benefitted from lower sales, marketing and general and administrative expenses. 
ICN Pharmaceuticals, Inc. (NYSE : ICN)ICN is a multinational pharmaceutical company that develops, manufactures, distributes and sells pharmaceuticals, research and diagnostic products. For the three months ended 3/31/99, net sales fell 27 percent to $176.1 million. Net income applicable to Common fell 33 percent to $22.6 million. Revenues suffered from effects of the russian economic crisis. Earnings also suffered from increased debt levels and additional costs of acquisitions and product rights. 
ICOS Corporation (Nasdaq : ICOS)ICOS's objective is the discovery, development and commercialization of novel therapeutics for the treatment of inflammatory and other serious diseases. For the three months ended 3/31/99, revenues totalled $16.1 million, up from $6.6 million. Net loss decreased 12 percent to $7.2 million. Revenues reflect increased cost reimbursements from ICOS Clinical Partners LLP, Suncos Corporation and Lilly ICOS LLC. Net income also reflects increased investment income. 
ID Biomedical Corporation (Nasdaq : IDBE)ID Biomedical is engaged in research and development of medical products and technologies for the diagnosis and prevention of human infectious diseases. The Company is also developing a proprietary gene detection system and subunit vaccines. For the six months ended 9/98, total revenues fell 73 percent to C$99 thousand. Net loss rose 48 percent to C$5.7 million. Revenues reflect the absence of contract revenue. Higher loss reflects costs associated with the preparation of clinical trials. 
IDEC Pharmaceuticals Corp (Nasdaq : IDPH)IDPH is primarily engaged in the commercialization and research and development of targeted therapies for the treatment of cancer and autoimmune and inflammatory diseases. For the three months ended 3/99, revenues rose 13 percent to $20.5 million. Net income rose 24 percent to $4.8 million. Revenues reflect the commercialization of Rituxan through the Company's collaboration with Genentech. Earnings also reflect decreased manufacturing costs. 
IDEXX Laboratories (Nasdaq : IDXX)IDXX develops, manufactures and distributes products and provides services for veterinary, food and enviornmental markets. For the three months ended 3/31/99, revenues increased 15 percent to $89.6 million. Net income rose 94 percent to $7.3 million. Revenues benefited from higher sales of veterinary consumables, practice information management systems and veterinary reference library services. Net income reflects lower S/G/A expenses resulting from workforce reductions. 
Interferon Sciences, Inc. (OTC BB : IFSC)Interferon Sciences, Inc. is engaged in the study, manufacture, and sale of pharmaceutical products based on its highly purified, multispecies, natural source alpha interferon. For the three months ended 3/31/99, revenues rose 40 percent to $460 thousand. Net loss fell 63 percent to $2.6 million. Revenues reflect higher sales of ALFERON N Injection. Lower loss reflects the absence of a $3.1 million provision for excess inventory and conclusion of Phase three clinical studies. 
IGI, Inc. (AMEX : IG)IGI produces and markets animal health products such as poultry vaccines, veterinary pharmaceuticals, nutritional supplements and grooming aids. IGI also produces and markets consumer cosmetics and skin care products. For the three months ended 3/31/99, revenues rose 6 percent to $8.7 million. Net loss rose 57 percent to $319 thousand. Revenues reflect increased license and royalty income. Higher loss also reflects reassessment of product manufacturing processes and formulas. 
ILEX Oncology, Inc. (Nasdaq : ILXO)ILXO is an oncology drug development company that develops cancer treatment products by identifying, developing, manufacturing and regulating approval process of oncology drugs. For the three months ended 3/99, revenues rose 17 percent to $3.4 million. Net loss fell 35 percent to $4.5 million. Revenues reflect additional contract research revenue. Lower loss reflects lower R and D expenses due to the absence of a $3.3 million one-time fee for the in-licensing of THP-Dox. 
Imclone Systems, Inc. (Nasdaq : IMCL)IMCL is a biopharmaceutical company engaged in the research and development of therapeutic products for the treatment of cancer and cancer-related disorders. For the three months ended 3/99, revenues fell 66 percent to $629 thousand. Net loss applicable to Com. totalled $9 million, up from $3.9 million. Revenues reflect decreased research and support payments received from license agreement with Merck. Higher loss suffered from costs associated with clinical trials. 
Immunogen, Inc. (Nasdaq : IMGN)Immunogen, Inc. develops, produces, and markets commercial cancer and other pharmaceutical products based on molecular immunology. For the six months ended 12/31/98, total revenues rose 86 percent to $407 thousand. Net loss applicable to Common increased 3 percent to $4.1 million. Revenues reflect additional reimbursable TAP development expenditures and increased average daily invested cash balances. Higher loss reflects increased non-cash dividends on preferred stock. 
Immunomedics, Inc. (Nasdaq : IMMU)Immunomedics, Inc. is engaged in researching, developing, manufacturing and marketing biopharmaceutical products, particularly antibody-based diagnostics and therapeutics for cancer and infectious diseases. For the nine months ended 3/99, revenues decreased 7 percent to $5.8 million. Net loss applicable to Com. increased 7 percent to $9 million. Revenues reflect the absence of a $1.8 million arbitration award. Higher loss reflects increased personnel costs. 
Immune Response Corp. (Nasdaq : IMNR)IMNR is a biopharmaceutical company developing immune-based therapies to induce specific T cell response for the treatment of HIV, autoimmune diseases, gene therapy and cancer. For the three months ended 3/99, revenues totalled $9.2 million, up from $1 million. Net loss fell 83 percent to $1.3 million. Revenues reflect $5 million in milestone payments and $3 million in research and development funding received from Agouron. Lower loss reflects increased investment income. 
Immunex Corporation (Nasdaq : IMNX)IMNX is a biopharmaceutical firm that develops, markets, and manufactures innovative therapeutic products for the treatment of cancer, infectious diseases, and immunological disorders. For the three months ended 3/99, revenues totalled $98.2 million, up from $41.9 million. Net income totalled $251 thousand vs. a loss of $9 million. Revenues reflect the launch of ENBREL and increased demand for LEUKINE. Earnings were partially offset by costs related to LEUKINE's launch. 
IMSCO Technologies Inc. (OTC BB : IMSO)IMSCO Technologies, a development stage company, develops and is attempting to commercialize, market and license electrostatic separation products based on its proprietary technologies. For the nine months ended 9/98, the Company reported no revenues. Net loss rose to $2.5 million, from $1.1 million. Results reflect higher outside labor expenses, inceased salaries and wages, higher officer salaries, increased marketing, travel and business meeting expenses. 
ImmuLogic Pharm. Corp. (Nasdaq : IMUL)IMUL is a biopharmaceutical Co. developing novel products to treat allergies and autoimmune diseases. IMUL is developing its ALLERVAX family of allergy therapeutics. For the three months ended 3/31/99, revenues increased 40 percent to $740 thousand. Net loss decreased 12 percent to $987 thousand. Revenues reflect research and development services performed for Cantab Pharmaceuticals. Lower loss reflects decreased R&D expenses due to reduced headcounts. 
Incyte Pharmaceuticals (Nasdaq : INCY)INCY designs, develops, markets and supports genomic database products and services using computer-aided gene sequencing for the purpose of identifying genes and their corresponding proteins with potential therapeutic applications. For the three months ended 3/31/99, revenues rose 24 percent to $37.6 million. Net loss totalled $1.9 million, vs. an income of $3.6 million. Results reflect new and expanded collaborative database agreements, offset by the Co.'s losses in diaDexus. 
International Isotopes (Nasdaq : INIS)International Isotopes, Inc., a development stage company, plans to produce, market and distribute a full range of products used in diagnostic and therapeutic nuclear medicine, research and industry. For the three months ended 3/31/99, revenues rose from $150 thousand to $607 thousand. Net loss totalled $2.6 million, up from $588 thousand. Revenues benefitted from acquisitions. Earnings were offset by costs related to initial prototype testing and manufacturing activities. 
Inkine Pharmaceutical Co. (Nasdaq : INKP)INKP is a biopharmaceutical company with two late-stage clinical compounds: a purgative product for colonscopies and other procedures and uses; and a steriod molecule for trearment of ITP. For the six months ended 12/31/98, the Company reported no revenues. Net loss decreased 39 percent to $3.8 million. Results reflect a Phase III clinical trial for the Company's drug candidate, and a $3.9 million purchased research and development charge. 
Innovir Laboratories Inc. (OTC BB : INVR)INVR is a development stage biotechnology company developing a new class of biopharmaceutical agents based on proprietary technology for the treatment and prevention of diseases. For the nine months ended 9/30/98, the Company reported no revenues. Net loss rose 13 percent to $8.2 million. Higher loss reflects a $1.9 million charge for the closure of research and development operations in the U.S. and Europe and decreased interest income from lower cash balances. 
IOMED, Inc. (AMEX : IOX)IOX develops, manufactures and commercializes controllable drug delivery systems using iontophoretic technology. Iontophoresis is a method of controlling the transport of water-soluble ionic drugs into and through the skin using a low level electrical current. For the six months ended 12/98, revenues rose 8 percent to $5.4 million. Net income totalled $151 thousand vs. a loss of $138 thousand. Results reflect higher sales of iontophoretic, and an increase in interest income. 
Interneuron Pharmaceutic. (Nasdaq : IPIC)IPIC is a biopharmaceutical company engaged in the development and commercialization of a portfolio of products primarily for neurological and behavioral diseases. For the six months ended 3/99, total revenues fell 32 percent to $900 thousand. Net loss from continuing operations fell 28 percent to $22.3 million. Revenues reflect the termination of the development and marketing collaboration between Astra Merck, Inc. and Intercardia. Lower loss reflects the absence of $500 thousand in in-process R&D and lower S/G/A costs. 
ISIS Pharmaceuticals (Nasdaq : ISIP)ISIS Pharmaceuticals is engaged in the discovery and development of a new class of drugs, antisense oligonucleotides, which may form a new basis for therapeutic drugs that are safer and more effective. For the three months ended 3/99, revenues rose 13 percent to $6.6 million. Net loss rose 9 percent to $12.6 million. Revenues reflect increased development activity supported by the corporate partners. Higher loss reflects increased preclinical and clinical development activities. 
Insite Vision Inc. (AMEX : ISV)Insite Vision, Inc. is engaged in the development of ophthalmic drugs and ophthalmic drug delivery systems, utilizing a glaucoma genetics program, the DuraSite delivery system, and a retinal delivery system. For the three months ended 3/99, revenues fell 53 percent to $7 thousand. Net loss applicable to Com. fell 50 percent to $1.1 million. Revenues reflect decreased royalty income. Lower loss benefitted from decreased R&D costs due to a $900 thousand reimbursement of research expenses. 
Intercardia, Inc. (Nasdaq : ITRC)ITRC develops therapeutics for the treatment of car-diovascular and pulmonary diseases. ITRC's strategy is to develop and add value to therapeutic products and to enter into collaborations or licensing agreements with corporate partners. For the six months ended 3/31/99, revenues fell 63 percent to $400 thousand. Net loss rose 72 percent to $12.5 million. Results reflect the termination of a collaboration with Astra Merck and increases in bucindolol and general R&D expenses. 
IVC Industries Inc. (Nasdaq : IVCO)IVC Industries Inc. is engaged in the manufacture, packaging, sales and distribution of vitamins and nutritional supplements through drug stores, supermarkets and health food stores. For the six months ended 1/31/99, revenues increased 5 percent to $59.9 million. Net income decreased 14 percent to $748 thousand. Revenues benefitted from an increase in private brand sales. Earnings were offset by an increase in advertising and promotional activities. 
Invitrogen Corporation (Nasdaq : IVGN)IVGN develops, manufactures and markets research tools in kit form that improve gene cloning, expression and analysis techniques, and also provides research services to corporate, academic and government entities. For the three months ended 3/99, revenues rose 34 percent to $9.6 million. Net income applicable to Common totalled $2.1 million, up from $518 thousand. Results reflect growth in the gene cloning and expression kit product market, and decreased S/G/A as a  percentage of sales. 
Ivax Corporation (AMEX : IVX)Ivax Corp. is a holding company with subsidiaries engaged primarily in the research, development, manufacture and marketing of branded and generic pharmaceuticals. For the three months ended 3/31/99, net revenues rose 1 percent to $148.4 million. Net income from continuing operations before extraordinary item and accounting change totalled $9.7 million vs. a loss of $3.7 million. Results reflect increased sales throughout Europe and higher margins due to a favorable product mix. 
JONES PHARMA, Inc. (Nasdaq : JMED)JMED manufactures, markets, distributes and sells specialty pharmaceutical products under its own trademarks and tradenames. For the three months ended 3/31/99, revenues rose 24 percent to $29.5 million. Net income from continuing operations rose 35 percent to $9.8 million. Revenues benefitted from the acquisition of Brevital, Tapazole, Triostat and Cytomel. Net income also reflects an increased gross profit due to increased sales volumes of higher margin products. 
Cadus Pharmaceutical Corp (Nasdaq : KDUS)KDUS engages in the identification of genomic targets in human cell signaling pathways and the discovery of small molecule therapeutics that act on such targets. KDUS has developed proprietary drug discovery technologies based on genetically engineered yeast cells. For the three months ended 3/99, revenues fell 38 percent to $3 million. Net loss totalled $2.2 million, up from $95 thousand. Revenues reflect a lower research milestone payment. Net loss reflects increased R&D expenses. 
King Pharmaceuticals (Nasdaq : KING)King Pharmaceuticals is a vertically integrated pharmaceutical company that manufactures, acquires, markets and sells branded and generic form products. For the three months ended 3/31/99, revenues totalled $60 million, up from $25 million. Net income before extraordinary item rose 54 percent to $6.7 million. Revenues benefitted from the acquisition of Altace and Sterile Products. Earnings were partially offset by an increase in interest expense. 
Meridian Diagnostics Inc. (Nasdaq : KITS)Meridian Diagnostics, Inc. develops, manufactures and markets a broad range of disposable diagnostic test kits and related diagnostic products used for the rapid diagnosis of infectious diseases. For the six months ended 3/31/99, net sales increased 47 percent to $26.4 million. Net income decreased 33 percent to $1.8 million. Revenues reflect the continued strong performance of the Gull products. Earnings were offset by $1.2 million in merger integration costs. 
Kendle International Inc. (Nasdaq : KNDL)Kendle International Inc. is a contract research organization providing integrated clinical research services on a contract basis to the pharmaceutical and biotechnology industries. For the three months ended 3/31/99, revenues rose 30 percent to $25.8 million. Net income rose 59 percent to $2.3 million. Revenues benefitted from organic growth and acquisitions. Earnings also reflect the absorption of direct costs over a larger revenue base and increased interest income. 
KOS Pharmaceuticals Inc. (Nasdaq : KOSP)KOS Pharmaceuticals is engaged primarily in the development of proprietary prescription pharmaceuticals for the treatment of certain chronic cardiovascular and respiratory diseases. For the three months ended 3/31/99, revenues totalled $5.5 million, up from $1 million. Net loss decreased 12 percent to $15.2 million. Revenues benefitted from initial product sales of NIASPAN. Lower losses reflect reduced expenses in the medical education programs. 
KV Pharmaceutical Company (NYSE : KVb)KV.B and its subsidiaries is engaged in the area of drug delivery technologies which enhance the effectiveness of new therapeutic agents, existing pharmaceutical products and nutritional supplements. For the nine months ended 12/98, revenues rose 16 percent to $79.1 million. Net income applicable to Common increased 44 percent to $9.3 million. Revenues reflect an increase in volume of new and existing products. Earnings also reflect increased interest and other income. 
Lescarden Inc. (OTC BB : LCAR)Lescarden Inc. is engaged in the sale of its proprietary bovine cartilage materials, Catrix and POLY-NAG, to food supplement distributors for sale through nutritional food supplement stores in the U.S. For the nine months ended 2/99, revenues totalled $17 thousand, up from $359. Net loss increased 12 percent to $415 thousand. Results reflect increased sale of the products containing bovine cartilage material, offset by increased professional fees and higher R&D expenses. 
LifeCore Biomedical, Inc. (Nasdaq : LCBM)LCBM develops, manufactures and markets medical and surgical devices through two divisions, the Hyaluronate Division and the Oral Restorative Division. For the nine months ended 3/31/99, net sales increased 1 percent to $19.2 million. Net income totalled $428 thousand vs. a loss of $281 thousand. Revenues benefitted from higher sales of oral restorative products. Lower loss also benefitted from lower research and development cost for human clincial trials. 
Lark Technologies, Inc. (OTC BB : LDNA)Lark Technologies, Inc. is a provider of contract molecular biology services to the pharmaceutical, biotechnology and agbio industries, including nucleic acid extraction, DNA sequencing, genetic stability testing and other services. For the three months ended 3/31/99, revenues fell 10 percent to $1.2 million. Net loss totalled $196 thousand vs. an income of $201 thousand. Results the absence of ongoing project work for a large customer and costs related to the new U.K. lab. 
Ligand Pharmaceuticals (Nasdaq : LGND)LGND is engaged in the discovery and development of drugs that regulate hormone activated Intracellular Receptors and cytokine-activated Signal Transducers and Activators of Transcription. For the three months ended 3/31/99, total revenues totalled $10.3 million, up from $5.1 million. Net loss rose 8 percent to $14.6 million. Revenues reflect the sale of Panretin (R) gel and ONTAK (TM). Higher loss reflects the expansion of marketing personnels and higher debt levels. 
LifeCell Corporation (Nasdaq : LIFC)LifeCell Corp. is a bioengineering company engaged in the development and commercialization of tissue regeneration and cell preservation products. For the fiscal year ended 12/31/98, total revenues rose 34 percent to $8 million. Net loss applicable to Common rose 14 percent to $8.1 million. Revenues reflect expanded sales and marketing activities and increased distribution activities. Higher loss reflects costs of additional sales and marketing personnel. 
Liposome Company, Inc. (Nasdaq : LIPO)Liposome is a biopharmaceutical company engaged in the discovery, development, manufacturing and marketing of proprietary lipid-and liposome-based pharmaceuticals, primarily for the treatment of cancer and other life-threatening illnesses. For the three months ended 4/4/99, total revenues rose 21 percent to $20.7 million. Net income totalled $2.4 million vs. a loss of $5.1 million. Results reflect higher ABELCET sales volume and lower EVACET clincial trial expenses. 
La Jolla Pharmaceutical (Nasdaq : LJPC)La Jolla Pharmaceutical is a biopharmaceutical company focused on the research and development of highly specific therapeutics for the treatment of certain life threatening antibody-mediated diseases. For the fiscal year ended 12/31/98, revenues fell 13 percent to $8.6 million. Net loss rose 24 percent to $7.9 million. Revenues reflect a reduction in the collaborative payments received from Abbott. Higher loss also reflects the expansion of R&D and business development programs. 
LeukoSite, Inc. (Nasdaq : LKST)Leukosite, Inc. is engaged in the discovery and development of therapeutics based upon the biology of leukocytes, with potential applications in cancer and inflammatory, autoimmune and viral deseases. For the three months ended 3/31/99, total revenues rose 37 percent to $3.2 million. Net loss applicable to Common rose 74 percent to $5.8 million. Revenues greater research funding from Warner-Lambert. Higher loss reflects a $1.6 million acquired in-process and development expense. 
Lorus Therapeutics Inc. (OTC BB : LORFF)Lorus Therapeutics Inc. is a biopharmaceutical company engaged in the development and commercialization of innovative products for the treatment of cancer and certain viral diseases. For the nine months ended 2/28/99, the Company reported no revenues. Net loss rose 7 percent to C$3.3 million. Higher loss reflects the ongoing development of the anti-cancer compounds acquired in November 1997, and a decrease in interest earned. 
Life Technologies, Inc. (OTC BB : LTEK)Life Technologies Inc. develops, manufactures and supplies more than three thousand products used for life sciences research and commercial genetic engineering. For the three months ended 3/99, total revenues increased 13 percent to $100 million. Net income increased 22 percent to $10.5 million. Revenues reflect higher sales of fetal bovine serum. Net income also reflects improved gross margins due to lower unit costs, favorable currency comparisons and a favorable change in product mix. 
LXR Biotechnology Inc. (AMEX : LXR)LXR is a biopharmaceutical company engaged in the research and development of therapeutics to treat the dysregulation of apoptosis, naturally occuring programmed cell death. For the fiscal year ended 12/98, revenues fell 81 percent to $164 thousand. Net loss increased 6 percent to $9.8 million. Revenues reflect decreased license fees and option revenues and the absence of grant revenues. Higher loss suffered from severance payments and increased legal fees. 
Lynx Therapeutics, Inc. (Nasdaq : LYNX)Lynx Therapeutics is engaged in the development of unique, proprietary technologies designed to enable the simultaneous identification and analysis of all the DNA molecules or fragments in a single biological sample. For the three months ended 3/99, revenues fell 20 percent to $654 thousand. Net loss totalled $3.2 million, up from $8 thousand. Revenues reflect lower collaborative agreement revenues. Higher loss reflects the absence of a gain in the sale of the antisense program. 
Magainin Pharmaceuticals (Nasdaq : MAGN)Magainin Pharmaceuticals is a biopharmaceutical company engaged in the research and development of products for the treatment of anti-infective, oncology, pulmonary and allergic disorders. For the fiscal year ended 12/31/98, revenues decreased from $10.1 million to zero. Net loss increased 62 percent to $23.3 million. Results reflect a $10.1 million payment last year related to the development and distribution agreement with SmithKline Beecham for Cytolex. 
Martek Biosciences Corp. (Nasdaq : MATK)MATK develops, manufactures and sells products from microalgae, including nutritional supplements for infant formula and other nutritional products, and products for use in basic structural molecular research and structure based drug design. For the three months ended 1/31/99, revenues fell 32 percent to $1.6 million. Net loss rose 22 percent to $3.6 million. Results reflect the absence of $1.1 million in license fees, partially offset by gained manufacturing efficiencies. 
Matrix Pharmaceutical (Nasdaq : MATX)MATX is a development stage company engaged in the formulation and development of novel pharmaceutical product candidates that are designed to improve the delivery of cancer drugs to more effectively treat solid tumors. For the three months ended 3/31/99, the Company reported no revenues. Net loss rose 28 percent to $5.1 million. Results reflect increased S/G/A expenses due to higher personnel costs and the absence of a $1.9 million gain on the sale of a facility. 
Molecular Biosystems, Inc (NYSE : MB)Molecular Biosystems Inc. develops, manufactures and sells proprietary ultrasound contrast imaging agents. The contrast agents are used to improve real time images of organs and body structures obtained through ultrasound examinations. For the nine months ended 12/31/98, revenues totalled $23.8 million, up from $4.3 million. Net loss increased 19 percent to $18.2 million. Revenues reflect $16.4 million in license fees. Higher losses reflect a $15.5 million nonrecurring charge. 
Microcide Pharmaceuticals (Nasdaq : MCDE)MCDE is a biopharmaceutical co. founded to discover, develop and commercialize novel antibiotics for the treatment of serious bacterial infections. For the three months ended 3/31/99, revenues decreased 11 percent to $2.7 million. Net loss rose 6 percent to $2.7 million. Revenues reflect lower research revenues recognized from the Company's collaborations with Daiichi and Johnson and Johnson. Net loss reflects decreased interest income due to a decrease in average cash balances. 
MacroChem Corporation (Nasdaq : MCHM)MacroChem Corp. engages in the development and commercialization of transdermal drug delivery compounds and systems designed to promote the delivery of drugs from the surface of the skin into the skin and bloodstream. For the three months ended 3/31/99, revenues totalled $59 thousand vs. none. Net loss totalled $2.1 million, up from $911 thousand. Revenues reflect a research contract related to SEPA technology. Higher loss reflects clinical trial and professional expenses. 
Medeva PLC (NYSE : MDV)Medeva PLC, through its subsidiaries, is engaged in the development, manufacture and sale of a range of branded, specialty and unbranded perscription pharmaceutical products, vaccines and treatments. For the fiscal year ended 12/97, revenues increased 7 percent to L355.4 million. Net income according to U.S. GAAP, totalled L3M vs. a loss of L11.6 million. Revenues reflect increased sales in all therapeutic categories. Earnings reflect the absence of L51M in restructuring charges. 
MedImmune, Inc. (Nasdaq : MEDI)MEDI is focused on using advances in immunology and other biological sciences to develop important new products that address significant medical needs in areas such as infectious diseases, transplantation medicine, autoimmune diseases and cancer. For the three months ended 3/99, revenues totalled $128.7 million, up from $59.3 million. Net income totalled $28.8 million, up from $13.2 million. Results reflect increased sales of Synagis and lower interest expenses. 
Medarex, Inc. (Nasdaq : MEDX)Medarex is a biotechnology company engaged in the discovery and development of novel therapeutics to treat cancer, autoimmune diseases and other life threatening diseases. For the three months ended 3/99, revenues totalled $5.6 million, up from $1.3 million. Net loss decreased 82 percent to $930 thousand. Revenues reflect a $4 million milestone payment from Centocor, Inc. Lower loss benefitted from decreased interest expenses. 
Menley & James, Inc. (Nasdaq : MENJ)MENJ on 11/23/98 sold substantially all assets to Numark Laboratories, Inc. The Company is currently seeking to effect a business combination, outside of the over-the-counter pharmaceutical and toiletry business. For the three months ended 3/31/99, revenues totalled $0 vs. $3.3 million. Net income fell 96 percent to $14 thousand. Revenues reflect the sale of all operations. Earnings were partially offset by the investment in short-term highly liquid funds. 
Mallinckrodt Inc. (NYSE : MKG)Mallinckrodt Inc. is a global company serving selected healthcare markets with products used primarily for respiratory care, diagnostic imaging and pain relief. For the nine months ended 3/31/99, net sales rose 11 percent to $1.90 billion. Net income from continuing operations before accounting change and applicable to Common totalled $120.6 million vs. a loss of $278.7 million. Revenues reflect the acquisition of Nellcor. Earnings also reflect the absence of a $306.3 million purchased R&D charge. 
Millennium Pharmaceutical (Nasdaq : MLNM)MLNM is engaged in the commercial application of genetics, genomics and bioinformatics to discover and develop a broad range of novel therapeutic and diagnostic products. For the three months ended 3/31/99, revenues rose 95 percent to $41 million. Net income totalled $2.1 million vs. a loss of $4.4 million. Revenues reflect increased revenue from research funding and license fees. Net income also reflects increased interest income due to higher average cash balances. 
Medical Discoveries, Inc. (OTC BB : MLSC)Medical Discoveries, Inc. is a developmental stage bio-pharmaceutical company that has developed a technology (MDI-P) that appears to have the ability to destroy certain viruses and bacteria. For the three months ended 3/31/99, total revenues fell from $3 thousand to Zero. Net loss rose 4 percent to $207 thousand. Results reflect the absence of sales recorded in the prior period of imported functional water machines, a product line which was later discontinued, and higher interest expense. 
Maxim Pharmaceuticals (AMEX : MMP)MMP develops novel therapeutics for the treatment of cancer and infectious diseases. Its lead drug, MAXAMINE, is designed to facilitate an immune system mechanism to achieve full anti-tumor and anti-infection potential. For the six months ended 3/99, revenues totalled $183 thousand vs. none prior. Net loss totalled $19.1 million, up from $6.9 million. Revenues reflect research revenues related to the Co's MAXAMINE clinical trials. Higher loss suffered from increased R&D expenses. 
MGI Pharma, Inc. (Nasdaq : MOGN)MGI Pharma, Inc. is a human pharmaceutical company that acquires, develops and markets differentiated, specialty pharmaceuticals and medical products for therapeutic markets of unmet need. For the three months ended 3/31/99, total revenues rose 49 percent to $5.7 million. Net income totalled $683 thousand vs. a loss of $97 thousand. Revenues benefitted from higher sales of Salagen(R) Tablets. Earnings also reflect lower increases in total costs and expenses as a  percentage of sales. 
Medco Research (NYSE : MRE)MRE is a pharmaceutical company engaged in the global commercialization of cardiovascular medicines and adenosine-receptor technologies. For the three months ended 3/31/99, revenues rose 19 percent to $7.6 million. Net income decreased 11 percent to $2.8 million. Revenues reflect increased unit sales of Adenoscan by Fujisawa. Net income was offset by increased research and development expenses due to increased expenditures for the initiation of AMISTAD II. 
Miravant Medical Tech. (Nasdaq : MRVT)MRVT is engaged in the research and development of drugs and medical device products for use in photodynamic therapy, a procedure which uses light-activated drugs to achieve selective photochemical destruction of diseased cells. For the three months ended 3/31/99, revenues totalled $2.4 million, up from $635 thousand. Net loss fell 24 percent to $6 million. Results reflect increased license revenues, partially offset by lower interest income due to reduced levels of cash. 
Medicis Pharmaceutical (NYSE : MRX)Medicis is an independent pharmaceutical company that offers prescription and over-the-counter products exclusively to treat dermatological conditions. For the nine months ended 3/31/99, net sales increased 55 percent to $83 million. Net income totalled $25.2 million vs. a loss of $20.9 million. Revenues reflect higher sales of LUSTRA(R) and DYNACIN(R) and acquisitions. Earnings also reflect the absence of $25.9 million of in-process R&D and a $7.1 million gain on the sale of assets. 
Metra Biosystems, Inc. (Nasdaq : MTRA)MTRA is engaged in development and commercialization of diagnostic products for the detection and management of metabolic bone disease and disorders. For the nine months ended 3/31/99, revenues fell 24 percent to $4.5 million. Net loss fell 29 percent to $6.1 million. Revenues reflect lower product sales due to clinical market transitions from manual to automated testing and weakened sales in the Asian markets. Lower loss benefitted from Co-Promotion Agreement with Berlex Laboratories, Inc. 
Myriad Genetics, Inc. (Nasdaq : MYGN)MYGN is engaged in the discovery and sequencing of genes related to major common diseases. MYGN operates a genetic predisposition testing lab and develops products to prevent or treat the diseases associated with these genes. For the nine months ended 3/99, revenues rose 10 percent to $18.4 million. Net loss rose 15 percent to $7.7 million. Results reflect the absence of a $4 million milestone payment from Schering and increased market research, marketing and facilities-related costs. 
Mylan Laboratories Inc. (NYSE : MYL)Mylan Laboratories Inc. is engaged in the development, licensing, manufacturing, and marketing of generic and proprietary finished pharmaceutical and wound care products. For the nine months ended 12/31/98, total revenues increased 35 percent to $530.5 million. Net income increased 15 percent to $79.6 million. Revenues benefitted from higher overall shipment volumes. Earnings were partially offset by a $29 million acquired research and development charge. 
NABI (Nasdaq : NABI)NABI, a biopharmaceutical company, supplies human blood plasma, and develops and commercializes therapeutic products for the prevention and treatment of infectious diseases and immunological disorders. For the three months ended 3/99, sales decreased 1 percent to $58 million. Net loss decreased 73 percent to $514 thousand. Revenues reflect decreased pharmaceutical sales. Lower loss reflects decreased S/G/A expenses due to favorable adjustments in benefits accruals. 
Natural Alternatives Intl (Nasdaq : NAII)NAII formulates and produces vitamins and nutrients and provides sports affiliations, assistance with foreign registration of products, graphic design and other marketing related services. Revenues for the six months ended 12/98 rose 21 percent to $34.3 million. Net income fell 3 percent to $1.9 million. Revenues reflect sales to new customers and higher international sales. Earnings were offset by the honoring of sales obligations with materials that exceed original cost parameters. 
North American Scientific (Nasdaq : NASI)North American Scientific manufactures and markets a line of low-level radiation sources and reference standards for medical, scientific and industrial uses. For the six months ended 4/30/99, net sales totalled $5.4 million, up from $2.2 million. Net income totalled $1.2 million, up from $321 thousand. Results reflect the increase in revenues generated from the I-125 brachytherapy product line and higher margins due to higher margins on the I-125 product line. 
Neurocrine Biosciences (Nasdaq : NBIX)NBIX is a neuroimmunology company focused on the discovery and development of novel therapeutics to treat diseases and disorders of the central nervous and immune systems. For the three months ended 3/31/99, revenues decreased 14 percent to $3.6 million. Net loss totalled $4.1 million, up from $1.2 million. Revenues reflect the absence of $1.3 million in milestone revenues. Net loss reflects increased R&D expenses due to clinical testing and the addition of clinical personnel. 
NBTY, Inc. (Nasdaq : NBTY)NBTY manufactures and markets over 900 nutritional supplements, including vitamins, minerals, amino acids and herbs, sold through NBTY's Vitamin World stores, NBTY mail order and retailers and wholesalers throughout the U.S. and U.K. For the six months ended 3/99, net sales rose 8 percent to $308.7 million. Net income fell 56 percent to $10.3 million. Revenues reflect additions of 132 stores since the prior period. Earnings were offset by costs associated with the U.S retail expansion program. 
NeoPharm, Inc. (AMEX : NEO)NeoPharm, Inc., a pharmaceutical company, is engaged in the research and development of drugs for the diagnosis and treatment of various forms of cancer. For the three months ended 3/31/99, revenues totalled $9 million, up from $0. Net income totalled $4.2 million vs. a loss of $427 thousand. Results reflect the inclusion of a $9 million nonrefundable license fee for the development and commercialization of the Company's LEP and LED products. 
Neogen Corporation (Nasdaq : NEOG)NEOG develops, manufactures, and sells products to provide solutions for safety and improve quality in food, agriculture, pharmacologics. NEOG's products are used for animal health applications, food safety testing and in medical research. For the nine months ended 2/99, revenues rose 24 percent to $16.9 million. Net income rose 5 percent to $2.1 million. Results reflect increased sales of animal and food safety products, partially offset by higher salaries and commissions. 
Neoprobe Corporation (Nasdaq : NEOP)NEOP is a development stage enterprise engaged in the development and commercialization of technologies for the diagnosis and treatment of cancers. For the three months ended 3/31/99, net sales totalled $1.9 million, up from $864 thousand. Net loss decreased 56 percent to $3.1 million. Revenues reflect increased instrument sales. Net loss was partially offset by the inclusion of a $1.8 million conversion discount on preferred stock, and decreased interest income. 
NeoTherapeutics, Inc. (Nasdaq : NEOT)NeoTherapeutics, Inc. is a development stage biopharmaceutical company engaged in the discovery and development of novel therapeutic drugs intended to treat neurodegenerative diseases and conditions. For the three months ended 3/31/99, the Company reported no revenues. Net loss increased 76 percent to $4.4 million. Higher loss reflects expenses associated with conduct of clinical and preclinical trials related to NEOTROFIN. 
NeoRx Corporation (Nasdaq : NERX)NERX develops innovative biopharmaceuticals for the diagnosis and treatment of cancer and cardiovascular disease. For the three months ended 3/31/99, revenues decreased 95 percent to $413 thousand. Net loss applicable to Common totalled $2.8 million vs. income of $4.7 million. Revenues reflect the absence of a $7 million milestone payment from Janssen Pharaceutica NV. Net loss reflects increased R&D expenses due to decreased reimbursements and an increased need for supplies. 
Nexell Therapeutics Inc. (Nasdaq : NEXL)Nexell Therapeutics is biopharmaceutical company developing products utilizing cell separation technology in cell therapy for cancer and other life-threatening diseases. For the three months ended 3/31/99, revenue rose 96 percent to $5.5 million. Net loss applicable to Common decreased 33 percent to $7.2 million. Results reflect increased product sales due to the timing of orders of the distributor, partially offset by increased sales and marketing and restructuring expenses. 
Northfield Laboratories (Nasdaq : NFLD)Northfield Laboratories, a development stage company, is engaged in the research, development, testing, manufacturing, marketing and distribution of a hemoglobin-based blood substitute product. For the nine months ended 2/28/99, the Company reported no revenues. Net loss rose 24 percent to $5.1 million. Higher loss reflects increased research and development expenses due to increased costs associated with the Company's Phase II and Phase III clinical trials. 
Matritech, Inc. (Nasdaq : NMPS)Matritech, Inc. develops, manufactures and markets cancer diagnostic products based on its proprietary nuclear matrix protein (NMP) technology. The Company's products include a urine assay for bladder cancer and serum assays for breast, prostate and colorectal cancers. For the three months ended 3/31/99, total revenues fell 50 percent to $204 thousand. Net loss fell 19 percent to $1.7 million. Results reflect lower unit sales pricing, offset by savings through headcount reductions. 
Noven Pharmaceuticals (Nasdaq : NOVN)Noven Pharmaceuticals develops and commercializes transdermal and transmucosal drug delivery systems, including transdermal estrogen delivery systems. For the three months ended 3/99, total revenues rose from $2.5 million to $7.5 million. Net income totalled $716 thousand vs. a loss of $3.3 million. Results reflect the 5/98 joint formation of Vivelle Ventures with Novartis to market the product line, the introduction of the CombiPatch, and decreases in marketing and R&D expenses. 
Novavax, Inc. (AMEX : NOX)Novavax, Inc. is a biopharmaceutical company focusing on the research and development of proprietary topical and oral drug delivery technologies. For the fiscal year ended 12/31/98, revenues rose 31 percent to $681 thousand. Net loss applicable to Common increased 55 percent to $7 million. Revenues reflect subcontracts to supply new chemical structures. Higher loss reflects the costs related to Preferred Stock requirements and higher clinical trial expenses. 
Napro Biotherapeutics Inc (Nasdaq : NPRO)NPRO is a natural product pharmaceutical company, focusing primarily on the development, manufacture and commercialization of paclitaxel, a naturally-occuring anti-cancer agent found in certain species of yew trees. For the three months ended 3/99, revenues fell 16 percent to $2 million. Net loss before extraordinary items applicable to Com. totalled $1.8 million vs. income of $1.7 million. Results reflect decreased sales to IVAX, and decreased license fees earned. 
NPS Pharmaceuticals, Inc. (Nasdaq : NPSP)NPSP is engaged in the discovery and development of prescription drugs that are intended to be active on selected biological targets, including ion channels, cell surface receptors and other metabolic pathways. For the three months ended 3/31/99, revenues rose 3 percent to $915 thousand. Net loss rose 39 percent to $5.8 million. Revenues reflect increased research and license agreements. Higher loss reflects costs related to clinical trials for NPS 1776. 
Neurogen Corporation (Nasdaq : NRGN)Neurogen Corp. is a pharmaceutical company engaged in the discovery and development of a new generation of drugs which are designed to selectively regulate the communication between cells in order to influence cell function. For the three months ended 3/31/99, revenues fell 18 percent to $2.6 million. Net loss totalled $3.4 million, up from $1.7 million. Results reflect a reduction in funding under the Schering Plough agreement and increases in R&D personnel. 
Anesta Corp. (Nasdaq : NSTA)NSTA, a development stage company, is engaged in the research, development and commercialization of pharmaceutical products incorporating its proprietary oral transmucosal drug delivery systems. For the three months ended 3/31/99, revenues rose from $40 thousand to $205 thousand. Net loss fell 3 percent to $2.9 million. Revenues reflect a new option agreement with Novartis. Lower loss was partially offset by higher marketing, general and administrative expenses. 
Nastech Pharmaceutical (Nasdaq : NSTK)NSTK is engaged in the research, development, manufacturing and commercialization of nasally administered forms of pharmaceuticals that are currently delivered in oral, injectable or other dosage forms. For the three months ended 3/31/99, revenues decreased 31 percent to $1.7 million. Net loss totalled $2.2 million vs. income of $236 thousand. Revenues reflect lower product sales and royalty income. Net loss also reflects increased R&D expenses due to clinical programs. 
Neose Technologies, Inc. (Nasdaq : NTEC)NTEC is focused on the enzymatic synthesis of complex carbohydrates, and discovers and develops complex carbohydrates for nutritional, pharmaceutical, consumer and industrial uses. For the three months ended 3/31/99, revenues totalled $125 thousand, up from $11 thousand. Net loss rose 3 percent to $3.1 million. Revenues reflect collaborative agreement from Bristol-Myers Squibb Company. Higher loss reflects costs related to the acquisition of patents and general legal expenses. 
Neurobiological Tech. (OTC BB : NTII)Neurobiological Technologies is a development stage drug development company focused on the clinical testing and regulatory approval of neuroscience drugs. NTI develops agents to treat progressive neurological impairments characteristic of various nervous system disorders. For the six months ended 12/31/98, the Company reported no revenues. Net loss decreased 36 percent to $1.6 million. Results reflect reductions in workforce and lower facility costs. 
Nortran Pharmaceuticals (OTC BB : NTRDF)Nortran Pharmaceuticals is a pharmaceutical company whose primary focus is the development of targeted small molecules for the treatment of life-threatening cardiac arrhythmias. For the three months ended 2/28/99, revenues totalled C$157 thousand, up from C$72 thousand. Net loss decreased 17 percent to C$787 thousand. Revenues benefitted from C$101 thousand in grant revenue. Loss was partially offset by increased depreciation and amortization expenses. 
NeuroCorp., Ltd. (OTC BB : NURC)NURC is primarily involved in two businesses: it performs contract medical research for health agencies, research organizations and pharmaceutical companies, and it manages a group of facilities that diagnose and treat memory disorders. For the nine months ended 9/30/98, net sales fell 71 percent to $301 thousand. Net loss applicable to Common rose from $1.1 million to $3 million. Results reflect the lack of new contracts, a lower gross profit margin and increased development costs. 
Nutraceutical Int'l Corp. (Nasdaq : NUTR)Nutraceutical International Corp. develops, manufactures and markets branded vitamin, mineral, herbal and specialty dietary supplements to domestic health food stores and international distributors. For the six months ended 3/31/99, revenues rose 2 percent to $54.4 million Net income before extraordinary items rose 21 percent to $3.6 million. Revenues reflect increased sales volume due to industry growth. Earnings also reflect the absence of a $1.1 million payment to management advisors. 
Novo-Nordisk A/S (NYSE : NVO)NVO operates in two segments: Health Care (develops, manufactures and markets pharmaceutical products and services); and the Enzyme Business (markets, develops, and manufactures industrial enzymes). For the nine months ended 9/98, revenues rose 6 percent to DKK13.08 billion. Net income before U.S. GAAP rose 24 percent to DKK1.81 billion. Revenues reflect improved volume and product mix and a positive impact from prices. Earnings also reflect continued improvement in productivity. 
North American Vaccine (AMEX : NVX)North American Vaccine is engaged in the research, development, production, marketing and sale of vaccines for the prevention of infectious diseases in children and adults. For the three months ended 3/31/98, revenues increased 83 percent to $1.5 million. Net loss decreased 13 percent to $10.3 million. Revenues reflect higher sales of Certiva to governmnent agencies. Net loss reflects increases in litigation expenses and cost higher building costs. 
NeXstar Pharmaceuticals (Nasdaq : NXTR)NXTR is engaged in the development, manufacture and sale of pharmaceutical products to treat life-threatening and other serious diseases. NXTR markets AmBisome, an antifungal agent, and DaunoXome, an anticancer drug. For the three months ended 3/99, revenues rose 16 percent to $32.3 million. Net income totalled $311 thousand vs. a loss of $2.6 million. Revenues reflect higher unit sales of AmBisome in European markets. Net income reflects a $1 million gain from the sale of Proligo. 
Nycomed Amersham plc (NYSE : NYE)NYE is engaged in the world-wide development, manufacture and sale of specialized products for research-based biotechnology supply and for the diagnosis and treatment of disease. NYE also operates a pharmaceutical business. For the fiscal year ended 12/31/98, revenues totalled L1.32 billion. Net loss according to U.S. GAAP totalled L2.6 million. Results are not comparable due to the Company changing its fiscal year end from March to December. 
Nymox Pharmaceutical Corp (Nasdaq : NYMX)Nymox Pharmaceutical Corp. is a development stage biopharmaceutical company which specializes in the research and development of neurological therapeutics and diagnostics for the aging population, with emphasis on Alzheimer's disease. For the three months ended 3/99, total revenues increased from C$17 thousand to C$102 thousand. Net loss applicable to U.S. GAAP decreased 15 percent to C$1.5 million. Results reflect higher service fees and interest revenues. 
Oncor, Inc. (OTC BB : ONCR)Oncor develops, produces and markets cancer-oriented genetic probes, related reagents, molecular biology products and diagnostic products for the detection and management of certain cancers. For the three months ended 3/31/99, revenues fell 81 percent to $720 thousand. Net income applicable to Common fell 94 percent to $791 thousand. Revenues reflect the company's disposition of Appilgene. Higher loss reflects an increase in S/G/A expenses as a  percentage of revenue. 
Onyx Pharmaceuticals Inc. (Nasdaq : ONXX)ONXX is engaged in the discovery and development of novel therapeutics, including both small molecule drugs and therapeutic viruses based upon the genetics of human disease with an emphasis on cancer. For the three months ended 3/99, revenues fell 3 percent to $3.2 million. Net loss fell 12 percent to $3.1 million. Revenues reflect the transition of a program with Bayer from research funding to co-development of a clinical candidate. Lower loss benefitted from a decrease in R&D expenditures. 
Ophidian Pharmaceuticals (Nasdaq : OPHD)Ophidian Pharmaceutical, Inc. is a development stage company which is engaged in the research and development of therapeutic and diagnostic products for human and animal use, with an emphasis on infectious diseases. For the three months ended 12/31/98, revenues decreased 99 percent to $1 thousand. Net loss increased 47 percent to $1.3 million. Revenues suffered from the completion of grants from the Department of Defense and NIH. Higher loss also reflects increased R&D and S/G/A expenses. 
Organogenesis, Inc. (AMEX : ORG)Organogenesis, Inc. designs, develops and manufactures medical therapeutics containing living cells and/or natural connective tissue. For the three months ended 3/31/99, total revenues fell 70 percent to $679 thousand. Net loss totalled $5.9 million, up from $2.9 million. Revenues reflect the absence of $2 million in research and development support payments from Novartis. Loss also reflects research and development personnel increases and increased production costs. 
Orphan Medical, Inc. (Nasdaq : ORPH)ORPH is a development stage company that acquires, develops and markets products of high medical value for patients within selected strategic therapeutic market segments. For the fiscal year ended 12/31/98, revenues rose from $635 thousand to $4.7 million. Net loss applicable to Common fell 25 percent to $8.5 million. Revenues reflect increased sales of Antizol, which commenced shipping in 12/97. Lower loss was partially offset by higher staffing, sales and marketing costs. 
OSI Pharmaceuticals, Inc. (Nasdaq : OSIP)OSI Pharmaceuticals, Inc. utilizes a platform of proprietary technologies in order to discover and develop novel, small molecule compounds for the treatment of major human diseases. For the six months ended 3/31/99, revenues increased 31 percent to $11.3 million. Net loss decreased 27 percent to $3.3 million. Revenues reflect new collaborative research and license agreements. Lower loss was partially offset by higher staff level and the expansion of manufacturing production. 
OXiGENE, INC. (Nasdaq : OXGN)OXiGENE, Inc. is a development stage biopharmaceutical company engaged principally in the research into and the development of products for use in the treatment of cancer. For the three months ended 3/31/99, total revenues fell 31 percent to $375 thousand. Net loss fell 1 percent to $1.9 million. Revenues reflect reduced interest income due to lower average cash balances. Lower loss reflects lower research and development expenditures. 
OXIS International Inc. (Nasdaq : OXIS)OXIS International Inc. develops, manufactures and markets selected therapeutic and diagnostic products and medical instruments used to diagnose, treat and prevent diseases of oxidative stress. For the three months ended 3/31/99, revenues rose 8 percent to $1.5 million. Net loss fell 35 percent to $1.2 million. Revenues reflect higher sales of diagnostic and research assays. Lower loss reflects improved gross margins and higher net interest income. 
Cyclo3pss Corporation (OTC BB : OZON)OZON is primarily engaged in the design, manufacturing, assembly, sale and installation of ozone application technologies and processes that address food safety concerns and laundry disinfection and efficiency. For the fiscal year ended 2/28/99, revenues fell 31 percent to $832 thousand. Net loss applicable to Common rose 5 percent to $3.2 million. Results reflect lower sales due to personnel reductions, partially offset by lower marketing and promotional expenses. 
Pharmos Corporation (Nasdaq : PARS)Pharmos Corp. is a pharmaceutical co. engaged in the research and development of novel drugs based on innovative drug delivery technologies. PARS portfolio of drugs targets diseases of the eye and the Central Nervous System. For the fiscal year ended 12/31/98, revenues rose from $0 to $1.5 million. Net loss applicable to Common before extraordinary item fell 47 percent to $5.5 million. Revenues reflect the commencement of product sales in May. Lower loss reflects the closure of the Florida R&D facility. 
Pacific Biometrics, Inc. (OTC BB : PBMI)Pacific Biometrics, Inc. is a development stage enterprise engaged in the research and commercialization of non-invasive diagnostic products for the detection and management of chronic diseases. For the six months ended 12/31/98, revenues decrease 58 percent to $636 thousand. Net loss applicable to Common increased 56 percent to $2.4 million. Revenues reflect the absence of a large contract. Higher losses reflect increased legal and accounting fees. 
Pharmacopeia, Inc. (Nasdaq : PCOP)PCOP develops combinatorial chemical libraries and uses these libraries alone, and through collaborations, to discover new, low molecular weight compounds for use as pharmaceuticals. For the three months ended 3/99, revenues rose 13 percent to $23.3 million. Net loss fell 29 percent to $566 thousand. Revenues reflect increased collaborations in progress. Lower loss reflects the initial stages of the Company's laboratory services plan to reduce internal drug discovery efforts. 
Pharmacyclics, Inc. (Nasdaq : PCYC)PCYC develops patented energy-potentiating drugs to improve radiation therapy and chemotherapy for cancer and improve the therapy of cardiovascular and retinal diseases. For the nine months ended 3/31/99, revenues fell 79 percent to $700 thousand. Net loss totalled $13.5 million, up from $5.9 million. Revenues reflect the absence of contract revenue from collaboration agreements. Higher loss reflects increased clinical trial costs, greater drug purchases and greater personnel costs. 
PDK Labs, Inc. (Nasdaq : PDKL)PDKL manufactures and distributes nonprescription pharmaceutical products and vitamins. PDKL's line consists of pain relievers, bronchodialators, nutritional supplements and cosmetics. For the three months ended 2/28/99, sales decreased 12 percent to $10.2 million. Net income applicable to Common from continuing operation increased 1 percent to $371 thousand. Revenues suffered from lower sales. Net income reflects lower royalty payments. 
Protein Design Labs, Inc. (Nasdaq : PDLI)Protein Design Labs develops human and humanized antibodies and other potential drugs to prevent or treat certain disease conditions, including viral infections, autoimmune diseases and certain cancers. For the three months ended 3/99, revenues totalled $8.8 million, up from $4.2 million. Net loss fell 53 percent to $1.9 million. Revenues reflect higher licensing and signing fees, and milestone payments. Lower loss reflects lower R&D costs as a  percentage of revenues. 
PathoGenesis Corporation (Nasdaq : PGNS)PathoGenesis Corporation develops novel drugs for the treatment of serious, chronic human infectious diseases. For the three months ended 3/31/99, revenues decreased 30 percent to $10.3 million. Net loss totalled $4.7 million vs. income of $985 thousand. Revenues reflect decreased sales of TOBI (R), the Company's first drug. Net loss also reflects increased S/G/A expenses as a  percentage of revenues due to the planned expansion of the sales force. 
Progenics Pharmaceuticals (Nasdaq : PGNX)Progenics Pharmaceuticals is a biopharmaceutical company focusing on the development and commercialization of innovative products for the treatment and prevention of cancer, viral and other life-threatening diseases. For the three months ended 3/31/99, total revenues rose 51 percent to $3.1 million. Net loss rose 49 percent to $245 thousand. Revenues reflect increased reimbursement of clinical development costs. Higher loss reflects additional costs of Phase III clinical trials. 
Priority Healthcare Corp. (Nasdaq : PHCC)Priority Healthcare distributes specialty pharmaceuticals and related medical supplies to the alternate site healthcare market and provides patient specific, self injectable biopharmaceuticals and disease treatment programs. For the three months ended 3/99, revenues rose 43 percent to $83.2 million. Net income rose 74 percent to $3.6 million. Results reflect new product introductions, new customers, and favorable changes in the product mix. 
Pharmaceutical Formulat. (OTC BB : PHFR)PHFR engages in the manufacture and distribution of over the counter pharmaceuticals sold under customers' private labels. PHFR also conducts research and development. For the six months ended 12/31/98, net sales rose 4 percent to $41.5 million. Net loss applicable to Common totalled $1.6 million vs. income of $1.1 million. Results reflect higher private label sales to Walgreens and Costco, offset by lower margins due to an unfavorable sales mix and a $1.2 million litigation settlement. 
Photogen Technologies,Inc (OTC BB : PHGN)Photogen Technologies, Inc. is a development stage co. that is attempting to develop proprietary laser-based technologies to enhance the safety and efficacy of photo-dynamic therapy and photodynamic imaging for the diagnosis and treatment of cancer and infectious diseases. For the three months ended 3/31/99, revenues increased 30 percent to $72 thousand. Net loss totalled $829 thousand, up from $369 thousand. Results reflect higher investment income, offset by higher S/G/A expenses. 
PacificHealth Labs., Inc. (Nasdaq : PHLI)PacificHealth Laboratories develops and sells products based upon natural ingredients that have demonstrable health benefits and can be marketed without FDA approval. For the three months ended 3/31/99, revenues fell 5 percent to $323 thousand. Net loss rose 39 percent to $567 thousand. Revenues reflect a sharp decline in in-store sales of the ENDUROX line of products. Higher loss reflects lower margins and higher selling, general and administrative expense. 
Phoenix Int'l Life (Nasdaq : PHXI)Phoenix International Life Sciences is a multiservice contract research organization which provides bioanalytical research, clinical studies as well as regulatory affairs services to pharmaceutical and biotechnology companies. For the six months ended 2/28/99, net revenues rose 79 percent to C$115.1 million. Net income according to U.S. GAAP fell 7 percent to C$2.8 million. Results reflect acquisitions, offset by lower margins and higher debt levels. 
PolyMedica Corporation (Nasdaq : PLMD)PolyMedica Corporation is a provider of targeted medical products and services primarily focused in the diabetes supplies and consumer healthcare markets. For the nine months ended 12/30/98, revenues rose 42 percent to $74.3 million. Net income decreased 10 percent to $5.5 million. Revenues benefitted from an increase in Liberty Medical and diabetes supplies sales. Net income was offset by a $2.5 million decrease in gains from the sale of the wound care business (from $4.1 million to $1.6 million). 
Palatin Technologies, Inc (Nasdaq : PLTN)PLTN is a development stage biopharmaceutical company engaged in the development of products and technologies for diagnostic imaging, cancer therapy and ethical drug development utilizing peptide, monclonal antibody and radiopharmaceutical technologies. For the six months ended 12/31/98, revenues rose from $34 thousand to $550 thousand. Net loss rose 24 percent to $5.2 million. Results reflect $550 thousand in license fees, offset by development costs for the Company's LeuTech product. 
Psychemedics Corp. (AMEX : PMD)PMD utilizes a patented substance abuse detection technology for performing immunoassays on enzymatically dissolved hair samples with confirmation testing by mass spectrometry. For the three months ended 3/99, revenues rose 14 percent to $4.7 million. Net income fell 12 percent to $567 thousand. Results reflect increased volumes from both new and existing clients, offset by lower gross margins, higher S/G/A, and increased selling and marketing expenditures. 
Polydex Pharmaceuticals (Nasdaq : POLXF)Polydex Pharmaceuticals is engaged in the manufacturing and sale of veterinary pharmaceutical products and specialty chemicals. For the three months ended 4/30/99, sales rose 8 percent to $3.2 million. Net income rose 29 percent to $228 thousand. Revenues reflect increased sales volumes due to higher demand for Dextran and lower intercompany sales. Net income reflects increased gross margins and lower selling and marketing expenses. 
Penwest Pharmaceuticals (Nasdaq : PPCO)Penwest Pharmaceuticals Co. is engaged in the research, development and commercialization of novel drug delivery technologies. The Company also manufactures and distributes excipients. For the three months ended 3/31/99, revenues increased 26 percent to $9.8 million. Net loss decreased 24 percent to $1.5 million. Revenues reflect increased sales volumes of EMCOCEL. Lower loss reflects higher margins and decreased product development costs. 
Pharmaceutical Product (Nasdaq : PPDI)Pharmaceutical Product Development, Inc. provides a range of research and consulting services in the life and discovery sciences. PPDI's subsidiaries include PPD Pharmaco, Inc. and Intek Labs, Inc. For the three months ended 3/31/99, total revenues rose 33 percent to $69.6 million. Net income from continuing operations rose 82 percent to $6.3 million. Results reflect higher life science revenue due to an increase in the size and number of contracts and improved product mix. 
Pharmaprint Inc. (Nasdaq : PPRT)PPRT, a development stage company, develops and manufactures pharmaceutical versions of herbal medicines to be used in the treatment of various maladies. For the nine months ended 12/31/98, revenues totalled $16.1 million, up from $0. Net loss fell 21 percent to $9.8 million. Revenues reflect the completed development, manufacture and delivery of AHP Products. Net loss was partially offset by increased R&D expenses due to the commencement of Phase II clinical trials. 
Protein Polymer Techn. (Nasdaq : PPTI)PPTI is engaged in the development of protein-based biomaterials used to direct, supplement, or replace the functions of living systems. For the fiscal year ended 12/98, total revenues fell 65 percent to $256 thousand. Net loss applicable to common rose 88 percent to $9.2 million. Revenues reflect Ethicon's termination of its collaboration with PPTI. Higher loss reflects costs of the soft tissue augmentation program and a non-cash expense from the issuance of convertible preferred stock. 
Procept, Inc. (Nasdaq : PRCT)Procept, Inc. is engaged in the discovery and development of novel drugs for the prevention and treatment of disease and transplant rejection and infectious diseases. For the three months ended 3/99, total revenues decreased 28 percent to $82 thousand. Net loss rose from $1.4 million to $10 million. Revenues reflect the expiration of the Sponsored Research Agreement with VacTex Inc. Higher loss also reflects the inclusion of a $9.4 million charge for purchased in process R&D. 
ProCyte Corporation (OTC BB : PRCY)ProCyte Corporation develops, manufactures and markets products for wound care, skin health and hair care. The Company's products incorporate its patented copper-peptide technology and absorbent polymer technology. For the three months ended 3/99, revenues totalled $1.1 million, up from $263 thousand. Net loss fell 9 percent to $958 thousand. Revenues reflect expanded product lines due to acquisitions. Lower loss benefitted from decreased development expenditures. 
Perrigo Company (Nasdaq : PRGO)PRGO is a manufacturer of OTC pharmaceuticals, personal care and nutritional products for the store brand market. Store brand products are sold under a retailer's own label and compete with nationally advertised brand name products. For the 39 weeks ended 4/3/99, net sales rose less than 1 percent to $689.8 million. Net income fell 88 percent to $4.5 million. Results reflect higher sale of antacid and cough and cold products, offset by inventory write-off and new software system costs. 
Paracelsian, Inc. (OTC BB : PRLN)PRLN is a development stage bioscience and technology company that utilizes its proprietary screening technology to identify novel therapeutic compounds from herbal sources and to define the biological mechanisms through which herbal medicines affect cellular function. For the six months ended 3/31/99, sales rose from $35 thousand to $121 thousand. Net loss rose 13 percent to $979 thousand. Higher loss reflects higher general and administrative expenses. 
Polymer Research Corp. (Nasdaq : PROA)Polymer Research Corp. of America engages in polymer chemistry research and development on a contractual basis for applications of chemical ``grafting'' for surface modification of organic and inorganic substances. PROA also manufactures and sells textile printing inks. For the three months ended 3/31/99, total revenues decreased 33 percent to $1.5 million. Net income decreased 66 percent to $123 thousand. Results reflect lower research sales and a lower gross profit. 
Premier Research Worldwd. (Nasdaq : PRWW)PRWW is a clinical research organization providing a broad range of integrated product development services on a global basis to its clients in the pharmaceutical, medical device and biotechnology industries. For the fiscal year ended 12/31/98, net revenues totaled $31.8 million, up from $14.2 million. Net income totaled $721 thousand vs. a loss of $6.2 million. Results reflect higher clinical trial and data management revenues and the absence of a $7.9 million acquired R and D write-off. 
Pharmaceutical Resources (NYSE : PRX)PRX is a holding company which, through its subsidiary Par Pharmaceutical, Inc., manufactures and distributes a broad line of generic drugs. For the comparable three months ended 4/3/99, net sales increased 49 percent to $20.2 million. Net loss decreased 90 percent to $328 thousand. Revenues reflect price and volume increases and sales of new products. Lower loss reflects an improved gross margin as a result of the increased pricing and volumes on certain products. 
PAREXEL International (Nasdaq : PRXL)PRXL is a contract research organization, providing product development and product launch services to the pharmaceutical, biotechnology, and medical device industries. For the nine months ended 3/31/99, revenues increased 28 percent to $260.7 million. Net income totalled $16.3 million, up from $3.9 million. Revenues reflect an increase in the volume of contract research, marketing and consulting projects. Earnings also reflect the absence of $10.3 million in acquisition related costs. 
Pure World, Inc. (Nasdaq : PURW)Pure World, Inc. through its subsidiary, Pure World Botanicals, Inc., develops, manufactures and sells natural ingredients derived from plant material. The Company's products include flavor extracts, aloe, oleoresins and glycolic resins. For the three months ended 3/31/99, total revenues fell 28 percent to $3.8 million. Net income decreased 90 percent to $144 thousand. Revenues reflect inventory buildups by manufacturers. Earnings reflect increased SGA expenses. 
Quest BioTechnology (OTC BB : QBIO)Quest Biotechnology, Inc. is a development stage biotechnology company that acquires, develops, and commer-cializes human health care products and technologies. QBIO is also engaged in acquiring ownership interests in entities which own similiar products and processes. For the nine months ended 7/31/98, revenues fell from $75 thousand to $0. Net loss before extra item fell 58 percent to $43 thousand. Results reflect the absense of licence fees, offset by lower legal expenses. 
Qiagen N.V. (Nasdaq : QGENF)QGENF produces and distributes biotechnology products for the separation and purification of nucleic acids (DNA/RNA). The Company also assembles and distributes robotic equipment to be used with their products. For the fiscal year ended 12/31/98, revenues increased 48 percent to $110.2 million. Net income increased 42 percent to $12.4 million. Revenues reflect an increase in unit sales. Net income was partially offset by a decreased gross profit as a  percentage of revenues. 
Quigley Corporation (Nasdaq : QGLY)QGLY is engaged in the business of marketing of health products such as cold remedy Cold-Eeze(R). QGLY also has a nutrition and weight management program called Bodymate(TM). For the fiscal year ended 12/31/98, net sales fell 48 percent to $36.4 million. Net income fell 68 percent to $6.8 million. Revenues reflect lower sales due to milder weather conditions which are reflected in less consumer's colds. Earnings reflect increased advertising and marketing spending. 
QLT Phototherapeutics Inc (Nasdaq : QLTI)QLT is engaged in the commercialization and development of pharmaceutical products for photodynamic therapy, an emerging medical therapy that utilizes light-activated drugs in the treatment of cancer, diseases of the eye and other medical conditions. For the fiscal year ended 12/98, revenues fell 27 percent to C$7.6 million. Net loss rose 44 percent to C$24.1 million. Results reflect the absence of revenues from collaborative arrangements. Higher loss reflects higher R&D expense. 
RiboGene, Inc. (AMEX : RBO)RiboGene, Inc. is a drug discovery company focused on the identification of novel leads and the development of potential drug candidates for the treatment of infectious diseases. For the three months ended 3/31/99, total revenues fell 50 percent to $500 thousand. Net loss rose from $700 thousand to $3.1 million. Revenues reflect the absence of collaboration revenues from Abbott Laboratories and SBIR grants from National Institutes of Health. Higher loss reflects higher R and D costs. 
Regeneron Pharmaceuticals (Nasdaq : REGN)Regeneron Pharmaceuticals applies molecular and cell biology to discover novel potential therapeutics for human medical conditions. For the three months ended 3/31/99, total revenues decreased 16 percent to $6.9 million. Net loss totalled $8.9 million, up from $3.8 million. Revenues reflect the ending of revenue from research payments under the Company's collaboration agreement with Sumitomo Pharmaceuticals. Higher loss reflects higher development costs. 
Repligen Corporation (Nasdaq : RGEN)Repligen develops enabling technology for the discovery of new drugs including ultra-rapid methods for the synthesis of chemical compound libraries, and high throughput screening assays based on defined biological targets. For the nine months ended 12/98, revenues rose 1 percent to $1.9 million. Net loss increased 81 percent to $868 thousand. Revenues reflect a licensing fee received from Neocrin, Inc. Higher loss suffered from higher R&D expenses due to increased staff. 
Ribi ImmunoChem Research (Nasdaq : RIBI)Ribi ImmunoChem Research is engaged in the research and development of immunostimulants for use in preventing and treating human diseases. For the three months ended 3/99, revenues fell 1 percent to $1.6 million. Net loss applicable to Common fell 2 percent to $1.7 million. Revenues reflect lower sales and funds available. Lower loss reflects lower research and development expense and a decrease in selling, general and administrative costs. 
Roberts Pharmaceutical (AMEX : RPC)Roberts Pharmaceutical is an international pharmaceutical company which licenses, acquires, develops and commercializes post-discovery drugs in selected therapeutic categories. For the three months ended 3/31/99, total revenues rose 36 percent to $44.5 million. Net income totalled $5 million, up from $2.1 million. Revenues reflect sales in the U.S. of PENTASA, AGRYLIN and PROAMATINE. Earnings also reflect an increase in gross profit due to a change in product mix. 
Rexall Sundown, Inc. (Nasdaq : RXSD)Rexall Sundown, Inc. develops, manufactures, markets and sells vitamins, nutritional supplements and consumer health products through retailers, independent distributors and mail order. For the six months ended 2/28/98, sales rose 17 percent to $265.4 million. Net income fell 7 percent to $28 million. Revenues reflect the expansion of Rexall Showcase's independent distributor base. Net income reflects increased costs associated with the new administrative facilities. 
Ribozyme Pharmaceuticals (Nasdaq : RZYM)Ribozyme Pharmaceuticals, Inc. is engaged in the research and development of ribozyme technology and a new class drugs containing ribozymes to treat or prevent human disease. For the three months ended 3/31/99, total revenues increased 83 percent to $1.8 million. Net loss decreased 33 percent to $3.1 million. Results reflect increased collaborative income due to Chiron payments related to Angiozyme. Lower loss was partially offset by $495 thousand in equity loss of unconsolidated affiliate. 
SafeScience, Inc. (Nasdaq : SAFS)SafeScience, Inc. is developing and marketing a portfolio of agricultural, home and garden, and pharmaceutical products which are alternatives to conventional products which employ potentially harmful chemicals. For the three months ended 3/31/99, the Company reported no revenues. Net loss rose 49 percent to $2.2 million. Higher loss reflects increases in salaries and consulting expenses associated with the Company's expansion. 
Sangstat Medical Corp. (Nasdaq : SANG)SANG is a specialty pharmaceutical company applying a disease management approach to improve the outcome of organ transplantations. For the three months ended 3/31/99, total revenues totalled $10.5 million, up from $1.5 million. Net loss rose 46 percent to $9.7 million. Revenues reflect strong growth in sales of the Transplant Pharmacy, the launch of SangCya, and the recent acquisition of IMTIX. Higher loss reflects greater expenses related to product launches and marketing activities. 
Synbiotics Corporation (Nasdaq : SBIO)SBIO develops, manufactures, and markets diagnostic products and biological products for animals. SBIO also develops and manufactures specialty products which are marketed to veterinerians. For the three months ended 3/31/99, sales rose 22 percent to $10.8 million. Net income applicable to Common before extraordinary item totalled $1.3 million, up from $654 thousand. Revenues reflect higher sales of diagnostic products and vaccine products. Earnings reflects improved gross margins. 
Scios Inc. (Nasdaq : SCIO)Scios discovers, develops, manufactures and commercializes novel human therapeutics based upon its capabilities in both protein-based and small-molecule drug discovery and development. For the three months ended 3/31/99, revenues fell 11 percent to $12.7 million. Net loss totalled $9.9 million, vs. an income of $1.3 million. Revenues reflect the timing of product development milestone payments. Net loss reflects a $6.7 million restructuring charge and a $3.3 million decrease in securities gains. 
SciClone Pharmaceuticals (Nasdaq : SCLN)SciClone is a global biopharmaceutical company that acquires, develops and commercializes specialist-oriented drugs for treating chronic and life-threatening diseases. For the three months ended 3/31/99, revenues totalled $1.8 million, up from $654 thousand. Net loss decreased 29 percent to $2.6 million. Results reflect increased sales of ZADAXIN due to greater distribution in China, partially offset by increased marketing expenses due to payroll increases. 
Syncor International Corp (Nasdaq : SCOR)Syncor International is engaged in the compounding, dispensing and distribution of radiopharmaceutical products and services to hospitals and clinics through a network of 120 domestic and 14 international nuclear pharmacy service centers. For the three months ended 3/31/99, net sales rose 21 percent to $123.9 million. Net income rose 50 percent to $5 million. Results reflect continued growth in the pharmacy services marketplace and higher margins due to price increases. 
SICOR Inc. (Nasdaq : SCRI)SICOR is a specialty pharmaceutical company focused on the development, manufacturing and marketing of products for worldwide oncology and injectable pharmaceutical markets. For the three months ended 3/99, revenues rose 23 percent to $53.7 million. Net loss applicable to Common fell 66 percent to $1.7 million. Revenues reflect increased sales in the international operations mainly from new products. Lower losses reflect the absence of a $1.1 million write-down on investory expense. 
Spiros Development Corp. (Nasdaq : SDCOZ)Spiros Development Corp. II, Inc., a development stage company, is continuing the development of a dry powder pulmonary drug delivery system and conducts formulation work, clinical trials and commercialization for certain asthma and pulmonary disease drugs. For the three months ended 3/31/99, revenues fell 32 percent to $1.6 million. Net loss rose 34 percent to $12 million. Results reflect lower interest income and increased research and development expenditures. 
Sepracor Inc. (Nasdaq : SEPR)SEPR researches, develops and commercializes products for the synthesis, separation and purification of pharmaceutical and biopharmaceutical compounds. For the three months ended 3/31/99, revenues decreased 43 percent to $5.1 million. Net loss applicable to Common totalled $30.3 million, up from $11.9 million. Revenues reflect the absence of a $5 million license payment from Schering Agreement. Higher losses reflect an increase in personnel costs and hiring. 
Serologicals Corp. (Nasdaq : SERO)SERO is a provider of specialty human antibody based products and services to healthcare companies. Services include donor recruitment and management and clinical testing services. For the three months ended 3/28/99, revenues rose 34 percent to $39.5 million. Net income increased 19 percent to $4.6 million. Revenues reflect increased sales of non-specialty and specialty antibodies. Net income was partially offset by decreased interest income and a lower gross profit. 
Sanguine Corporation (OTC BB : SGNC)Sanguine Corporation, a development stage company, is engaged in the development of a synthetic red blood cell product called PHER-02, a second generation version of Fluosol, the only FDA-approved synthetic blood product to date. For the three months ended 3/31/99, the Company reported no revenues. Net loss rose 21 percent to $44 thousand. Higher loss reflects increased legal and professional fees and increased interest expense. 
Siga Pharmaceuticals, Inc (Nasdaq : SGPH)Siga Pharmaceuticals is a development stage company engaged in the discovery, development and commercialization of vaccines, antibiotics and novel anti-infectives for the prevention and treatment infectious diseases. For the fiscal year ended 12/98, revenues fell 33 percent to $450 thousand. Net loss rose from $2.2 million to $6.6 million. Revenues reflect lower payment for R&D activities from Wyeth-Ayerst. Higher loss reflects a $1.5 million write-off of in-process R&D and R&D expansion related costs. 
Sheffield Pharmaceuticals (AMEX : SHM)SHM is a development stage company engaged in the development of drug delivery systems. The Company's lead products are respiratory drugs for the treatment of asthma and chronic obstructive pulmonary disease. For the three months ended 3/99, revenues totalled $22 thousand, up from $1 thousand. Net loss applicable to Com. fell 49 percent to $1.2 million. Revenues reflect increased interest income. Lower loss benefitted from decreased development expenditures. 
Shaman Pharmaceuticals (OTC BB : SHMND)Shaman Pharmaceuticals is engaged in developing traditional pharmaceuticals identified through a discovery process focused on isolating active compounds from tropical plants with a history of medicinal use. For the fiscal year ended ended 12/31/98, revenues fell 24 percent to $2.7 million. Net loss applicable to Common rose 32 percent to $38.5 million. Results suffered from the expiration of collaborative funding from Ono and higher clinical development expenses with respect to SP-303/Provir. 
Schein Pharmaceutical (NYSE : SHP)SHP is engaged in developing, manufacturing, marketing and distributing generic pharmaceutical products and a line of specialty branded pharmaceuticals. For the three months ended 3/27/99, net revenues decreased 28 percent to $105.9 million. Net income decreased 76 percent to $2.2 million. Revenues reflect the absence of $30 million in settlement revenue and lower sales of Steris products. Net income also reflects a decreased gross profit, and a loss on the sale of secs. vs. a gain. 
Shire Pharmaceuticals PLC (Nasdaq : SHPGY)Shire Pharmaceuticals is a specialty pharmaceutical company focused on central nervous system disorders and metabolic bone diseases. Products include Adderall, for the treatment of ADHD and Reminyl, for treatment of Alzheimer's. For the comparable nine months ended 9/98, revenues totalled L56.4 million, up from L22.2 million. Net loss according to U.S. GAAP fell 97 percent to L1.6 million. Revenues reflect sharply higher sales in the U.S. Lower loss lagged primarily from increased R&D. 
SIBIA Neurosciences, Inc. (Nasdaq : SIBI)Sibia Neurosciences, is engaged in the discovery and development of novel, small molecule therapeutics for the treatment of neurodegenerative, neuropsychiatric and neurological disorders. For the fiscal year ended 12/31/98, total revenues decreased 37 percent to $7 million. Net loss totalled $15.8 million, up from $7.6 million. Results reflect the absence of a $3 million one-time license fee recognized in 1997 from Meiji Seika Kaisha, and higher R&D costs due to expanded programs and clinical trails. 
Synaptic Pharmaceutical (Nasdaq : SNAP)SNAP is a biotechnology company engaged in the development of a broad platform of enabling technology, called ``human receptor-targeted drug design technology'', that can be used to discover and clone genes used in treating specific disorders. For the three months ended 3/99, revenues fell 85 percent to $644 thousand. Net loss totalled $3.8 million vs. income of $429 thousand. Results reflect the absence of a $2 million license agreement with Glaxo and contractual terminations. 
Senetek PLC (Nasdaq : SNTKY)Senetek PLC is a biotechnology company that develops, manufactures and markets proprietary products for the enhancement of quality of life, primarily products for the diagnosis and treatment of aging-related healthcare problems. For the three months ended 3/31/99, revenues fell 42 percent to $934 thousand. Net loss fell 23 percent to $2.4 million. Revenues reflect reduced sales of skincare and health and beauty products. Lower loss reflects lower R&D expenses. 
Sonus Pharmaceuticals (Nasdaq : SNUS)SNUS is engaged in the research and development of proprietary contrast agents for use in ultrasound imaging. The Company's principal product, EchoGen, is administered to patients prior to ultrasound to improve image quality. For the three months ended 3/99, revenues were unchanged at $1.7 million. Net loss fell 58 percent to $1.4 million. Lower net loss reflects lower Research and Development expenses due to a reduction in clinical trial activity. 
Sparta Pharmaceuticals (OTC BB : SPTA)SPTA, a development stage Company, acquires rights to and develops for commercialization various technologies and drugs for the treatment of life threatening diseases such as cancer, cardiovascular disorders, inflammation and other diseases. For the fiscal year ended 12/31/98, revenues rose 41 percent to $849 thousand. Net loss fell 17 percent to $4.1 million. Revenues reflect a Phase two SBIR grant and a licensing fee from Schering. Lower loss was partially offset by increased clinical trial costs. 
SeraCare, Inc. (AMEX : SRK)SeraCare, Inc. is a fully integrated collector, manufacturer and marketer of plasma based diagnostic products and tests, and is engaged in the collecting and selling of source and hyperimmune plasma. For the fiscal year ended 2/28/99, total revenue totalled $49.7 million, up from $12.4 million. Net income totalled $2.7 million, up from $454 thousand. Results reflect increased revenue from plasma collections due to increased volumes, and acquisitions. 
Sugen, Inc. (Nasdaq : SUGN)SUGN, a biopharmaceutical company, discovers and develops small molecule drugs which target specific cellular signal transduction pathways. For the three months ended 3/99, revenues increased from $1.6 million to $4.3 million. Net loss increased 63 percent to $14.9 million. Revenues reflect collaborations with Zeneca, Taiho, Allergan and ASTA Medica, and non-recurring net up front fees in connection with SUGEN Europe. Higher loss reflects the expansion of R&D and related personnel costs. 
SunPharm Corporation (Nasdaq : SUNP)SUNP is a development stage company engaged in the development of small molecule pharmaceutical products for the treatment of cancer, acquired immunodeficiency syndrome and gastrointestinal disorders. For the three months ended 3/99, revenues decreased 61 percent to $19 thousand. Net loss decreased 7 percent to $969 thousand. Revenues reflect decreased interest income. Lower loss reflects decreased S/G/A expenses due to a consolidation of investor relations activity. 
SuperGen Inc. (Nasdaq : SUPG)SuperGen is a pharmaceutical company which acquires, develops and sells products intended to treat life-threatening diseases, particularly cancer, blood cell disorders, obesity and diabetes. For the three months ended 3/99, total revenues increased 21 percent to $916 thousand. Net loss rose 27 percent to $4.9 million. Revenues reflect higher sales of Nipet~TM. Higher loss reflects increased manufacturing and clinical costs associated with RFS 2000 and higher advertising costs. 
Synsorb Biotech Inc. (Nasdaq : SYBB)Synsorb Biotech Inc. is a development stage company engaged in the development of carbohydrate-based pharmaceutical products for gastroenteric diseases or conditions which could benefit from alternative or additional therapies. For the fiscal year ended 12/31/98, the Company reported no revenues. Net loss increased 56 percent to $13.5 million. Loss reflects costs associated with more extensive clinical trials and the addition of personnel. 
Synthetic Blood Int'l Inc (OTC BB : SYBD)SYBD is a development-stage company which is developing OXYCYTE, a proprietary synthetic blood emulsion and FLOUROVENT, a liquid for assisting oxygen exchange in damaged or diseased lungs. For the nine months ended 1/31/99, the Company has not yet realized any revenues. Net loss decreased 17 percent to $617 thousand. Results reflect decreased research and development expenses due to a reduction in research personnel and supplies. 
Taro Pharmaceutical Ind. (Nasdaq : TAROF)TAROF is a multinational manufacturer, distributor and marketer of prescription and over-the-counter drugs, with a marketing focus on North America and Israel. For the six months ended 6/98, sales rose 5 percent to $29.8 million. Net income fell 15 percent to $409 thousand. Revenues reflect higher sales of topical over-the-counter products. Earnings suffered from increased S/G/A associated with the approvals of ANDAs for two topical hydrocortisone products and costs related to pending ANDAs. 
Techniclone Corporation (Nasdaq : TCLN)Techniclone engages in research and development of new technologies utilizing monoclonal antibodies and production of specific antibodies for use in various medical applications. For the nine months ended 1/31/99, revenues fell 38 percent to $290 thousand. Net loss applicable to Common remained flat at $11.8 million. Revenues reflect decreased interest earned on bank balances due to fewer funds and negative working capital. Higher loss was offset by decreased Preferred dividend requirements. 
Technical Chemicals/Prod. (Nasdaq : TCPI)TCPI designs, develops, manufactures, and markets membrane-based diagnostic devices. TCPI also engages in the research, development and commercialization of transdermal and mucosal drug delivery systems and skin permeation enhancer. For the three months ended 3/99, sales fell 11 percent to $1.5 million. Net loss applicable to Common rose 33 percent to $2.9 million. Revenues reflect a decline in international sales of OEM family planning products. Loss reflects international marketing efforts. 
Techne Corporation (Nasdaq : TECH)TECH is engaged in the development and manufacture of biotechnology products and hemotology calibrators and controls. For the nine months ended 3/31/99, net sales rose 37 percent to $66.6 million. Net income rose 12 percent to $11.6 million. Revenues reflect the acquisition of Genzyme's research products business and increased sales of R&D Systems' cytokines, antibodies and immunoassay kits. Earnings were partially by higher amortization expenses related to the acquisition. 
Teva Pharmaceutical Indus (Nasdaq : TEVIY)Teva Pharmaceutical Industries Ltd. develops, produces and markets ethical drugs, generic drugs, and fine chemicals for the pharmaceutical industry and disposable products for hospitals and home care services. For the nine months ended 9/30/98, sales decreased 1 percent to $819 million. Net income before US GAAP fell 33 percent to $67.4 million. Revenues reflect devaluation of the Israeli Shekel. Earnings reflect $5.5 million in purchased R and D costs and a $4 million restructuring provision. 
Targeted Genetics Corp. (Nasdaq : TGEN)TGEN is a development stage company engaged in the development of gene and cell therapies for the treatment of various genetic disorders, cancer and infectious diseases. For the fiscal year ended 12/31/98, revenues totalled $8 million, up from $2 million. Net loss fell 39 percent to $8.7 million. Revenues reflect license fees and milestone revenues earned from the collaborative agreement with Medeva. Lower losses reflect a decrease in SGA expenses as a  percentage of revenues. 
Theragenics Corporation (NYSE : TGX)Theragenics Corporation develops, manufactures, and markets radiological, pharmaceuticals and devices used in the treatment of cancer. For the three ended 3/31/99, revenues rose 11 percent to $9.2 million. Net income fell 13 percent to $2.9 million. Revenues reflect increased production volume of Theraseed(R) and additional cyclotron and assembly capacity. Earnings were offset by increased manufacturing fixed cost base and higher sales of lower margin cyclotrons. 
Transkaryotic Therapies (Nasdaq : TKTX)TKTX is a biopharmaceutical company engaged in the development and commercialization of products based on its three proprietary product development platforms: Gene Activated proteins, Niche Protein products and gene therapy. For the three months ended 3/31/99, revenues rose 25 percent to $721 thousand. Net loss totalled $9.5 million, up from $4.5 million. Results reflect a collaborative agreement with Sumitomo Pharmaceuticals, offset by increased external R&D expenses. 
Medtox Scientific, Inc. (AMEX : TOX)Medtox Scientific, Inc. operates a toxicology laboratory which provides toxicology and metal analyses. TOX also develops, manufactures and markets on-site diagnostic and screening tests which are used to detect substances. For the three months ended 3/99, total revenues rose 11 percent to $7.8 million. Net income totalled $160 thousand, up from $78 thousand. Revenues reflect increased laboratory sample volume. Net income reflects lower development costs. 
Trega Biosciences, Inc. (Nasdaq : TRGA)Trega Biosciences, Inc. is a drug discovery company focused on accelerating the process of drug discovery by using small molecule combinatorial chemistry and other drug discovery technologies to create novel drugs. For the three months ended 3/31/99, total revenues rose 83 percent to $2.1 million. Net loss fell 22 percent to $2.7 million. Results reflect higher amounts earned under collaborative R&D agreements, partially offset by increased combinatorial chemistry program funding. 
Transgene (Nasdaq : TRGNY)Transgene is an integrated biotechnology company dedicated to the discovery and development of gene therapy technologies and products for the treatment of acquired or inherited diseases for which there is no cure or adequate therapy. For the nine months ended 9/30/98, revenues rose 67 percent to $58.7 million. Net loss totalled FF214.7 million, up from FF62.1 million. Results reflect increased grants received for R and D, offset by $161.9 million in license acquisition and in progress R and D costs. 
Trinity Biotech plc (Nasdaq : TRIBY)Trinity Biotech plc develops, manufactures, and markets over 100 diagnostic products which address all three segments of the diagnostic market: point of care, self testing and the clinical laboratory. For the nine months ended 9/30/98, revenues rose 38 percent to $16.9 million. Net income totaled $1.7 million, up from $821 thousand. Revenues reflect acquisitions and launches of new products. Net income reflects a reduction in the overhead base. 
Titan Pharmaceuticals (AMEX : TTP)Titan Pharmaceuticals is a holding company for several development stage biotechnology companies engaged in identification, acquisition and development of products with application in the areas of cancer and other serious diseases. For the three months ended 3/31/99, revenues totalled $47 thousand vs. none. Net loss increased 18 percent to $2.8 million. Revenues reflect a $47 thousand U.S. government grant. Higher loss reflects increased cancer clinical trials expenses and $135 thousand in-process R&D cost. 
Texas BioTechnology Corp. (AMEX : TXB)Texas BioTechnology Corp. is a biopharmaceutical company which applies its specialized knowledge of the role of vascular cell biology in vascular diseases to the design and development of novel pharmaceutical compunds. For the three months ended 3/31/99, total revenues fell 14 percent to $535 thousand. Net loss applicable to Common rose 5 percent to $3.6 million. Results reflect decreased amounts earned under the SmithKline agreement, partially offset by lower clinical trial costs. 
U.S. Bioscience, Inc. (AMEX : UBS)UBS, a pharmaceutical company, develops and markets drugs for treating patients with cancer, acquired immune deficiency syndrome, and other allied diseases and infections. For the three months ended 3/31/99, revenues decreased 28 percent to $7.4 million. Net loss totalled $3.1 million, up from $137 thousand. Revenues reflect the absence of a $5 million clinical milestone payment from ALZA. Higher loss also reflects higher operating expenses as a  percentage of revenues. 
United-Guardian, Inc. (AMEX : UG)UG conducts research, product development, manufacturing and marketing of pharmaceuticals, cosmetics, health care products, medical devices and proprietary industrial products, and distributes a line of chemicals and reagents. For the three months ended 3/31/99, net sales rose 1 percent to $2.4 million. Net income rose 32 percent to $400 thousand. Revenues reflect increased sales at Eastern Chemical. Earnings also reflect higher margins due to lower materials costs. 
Unigene Laboratories (Nasdaq : UGNE)Unigene Laboratories is a biotechnology company that is involved in the research and production of laboratory grade Calcitonin, and the production and marketing of bulk pharmaceutical grade Calcitonin. For the three months ended 3/31/99, revenues rose 24 percent to $2.5 million. Net loss fell 13 percent to $564 thousand. Revenue reflect milestone payments from the Warner Lambert Company. Lower loss was partially offset by higher R&D cost due to the filing of a Type II variation in Europe. 
Unimed Pharmaceuticals (Nasdaq : UMED)Unimed Pharmaceuticals develops and markets prescription pharmaceutical products. UMED promotes two approved drug and is developing others targeted for the HIV/AIDS, endocrinology, and urology markets. For the three months ended 3/31/99, net sales rose 43 percent to $5.7 million. Net loss fell 77 percent to $386 thousand. Revenues reflect increased Marinol and Anadrol sales. Lower loss reflects an improved product mix and lower R&D cost due to the completion of Phase III studies. 
Virbac, Inc. (Nasdaq : VBAC)Virbac manufactures and distributes a wide variety of animal health care products focusing on dermatological, parasiticide and dental products. For the three months ended 3/31/99, net revenues increased 78 percent to $7.7 million. Net income totalled $12 thousand vs. a loss of $354 thousand. Revenues reflect increased sales of pesticides. Net income also reflects decreased S/G/A and research and development expenses as a  percentage of revenues. 
Viragen (Europe) Ltd. (OTC BB : VERP)Viragen, and its subsidiaries, are involved in the research, development and manufacture of certain immunological products for commercial application. For the nine months ended 3/31/99, revenues fell 53 percent to $17 thousand. Net loss fell 10 percent to $3.2 million. Revenues suffered from lower interest income due to a reduction in principal invested. Lower loss reflects lower licensing fees and lower general and administrative expenses. 
Harvard Scientific Corp. (OTC BB : VGEN)Harvard Scientific Corp. is a development stage biopharmaceutical company engaged in the development, commercialization, marketing and distribution of products utilized in the treatment of sexual dysfunction. For the three months ended 3/31/99, the Company reported no revenues. Net loss decreased 93 percent to $79 thousand. Lower loss reflects personnel reductions, reduced legal fees and reduced consulting and research and development expenses. 
Vical Incorporated (Nasdaq : VICL)Vical Inc. is engaged in the development of gene-based pharmaceutical products for human therapy. For the three months ended 3/31/99, total revenues rose 20 percent to $3.3 million. Net loss rose 12 percent to $809 thousand. Revenues reflect licenses fee revenue from Pfizer Inc. Higher net loss reflects higher research and development expenses due to an increase in clinical trial costs and lower investment income due to lower balances. 
Vion Pharmaceuticals,Inc. (Nasdaq : VION)Vion Pharmaceuticals, Inc. is a development stage company principally devoted to the research and development of therapeutic products for the treatment of cancer and cancer related disorders. For the three months ended 3/31/99, total revenues rose 35 percent to $371 thousand. Net loss applicable to Common fell 20 percent to $2.5 million. Results reflect increased contract research grants and technology license revenues, partially offset by increased research and development costs. 
Triangle Pharmaceuticals (Nasdaq : VIRS)Triangle Pharmaceuticals Inc. is a pharmaceutical company engaged in the development of new drug candidates primarily in the antiviral area, with a particular focus on therapies for HIV. For the three months ended 3/31/99, the Company reported no revenues. Net loss rose 12 percent to $18.4 million. Higher loss reflects higher development expenses due to the continued and more extensive drug development activities on compounds under active development. 
V.I. Technologies, Inc. (Nasdaq : VITX)VITX is a developer of a broad portfolio of blood products and systems using its proprietary viral inactivation technologies. For the 13 weeks ended 4/3/99, net revenues rose from $3.7 million to $11.1 million. Net income totalled $615 thousand vs. a loss of $6.4 million. Revenues reflect sales of PLAS+SD, which was approved by the FDA in May 1998, and increased processing volumes. Earnings also reflect higher gross margins and the absence of $2.2 million in special charges. 
Valentis, Inc. (Nasdaq : VLTS)Valentis, Inc. develops proprietary gene delivery systems and provides preclinical development expertise to create gene-based therapeutics designed for the treatment or prevention of genetic and acquired diseases. For the nine months ended 3/31/99, revenues fell 67 percent to $2.2 million. Net loss totalled $36.1 million, up from $4.9 million. Results reflect reduced revenues earned under agreements with Pfizer and Eli Lilly and a $25.9 million write-off of acquired in-process R&D. 
ViroPharma, Inc. (Nasdaq : VPHM)Viropharma, Inc. is engaged in the discovery and development of proprietary antiviral pharmaceuticals for the treatment of diseases caused by RNA viruses. For the three months ended 3/31/99, the Company reported no revenues. Net loss increased 28 percent to $5.7 million. Results suffered from the absence of any milestone payments in the period. Higher loss also reflects increased R and D expenses due to the cost of ongoing multiple clinical trials related to pleconaril. 
Viragen, Inc. (Nasdaq : VRGN)Viragen, Inc. engages in the research, development, and manufacture of immunological products, particularly human leukocyte interferon for antiviral and therapeutic applications. For the nine months ended 3/31/99, revenues fell 68 percent to $313 thousand. Net loss applicable to Common increased 31 percent to $8 million. Revenues reflect decreased interest income. Higher loss reflects the inclusion of an increased preferred stock dividend ($999 thousand vs. $793 thousand) and increased minority interest. 
Vertex Pharmaceuticals (Nasdaq : VRTX)Vertex Pharmaceuticals uses a range of drug discovery techniques to identify, design and develop novel, orally deliverable compounds that have the potential to treat major human diseases. For the three months ended 3/31/99, total revenues fell 1 percent to $7.1 million. Net loss totalled $17.6 million, up from $8.4 million. Revenues reflect lower levels of cash and investments. Loss also reflects increased R&D personnel and clinical trial expenses. 
Verex Laboratories, Inc. (OTC BB : VRXL)VRXL is in the business of acquiring, developing and marketing of pharmaceutical and health care products. VRXL obtains formulas and patents, select trademarks, designs product packages and promotes and markets pharmaceutical and health care products. For the six months ended 12/31/98, revenues fell 91 percent to $17 thousand. Net loss rose 53 percent to $422 thousand. Results reflect the absence of licensing income and higher general and administrative expenses. 
Vivus, Inc. (Nasdaq : VVUS)Vivus, Inc. focuses on the design and development of products for the treatment of erectile dysfunction whose products include MUSE (alprostadil) and ACTIS. For the three months ended 3/31/99, sales fell 63 percent to $10.3 million. Net income totalled $3.8 million vs. a loss of $2.4 million. Sales suffered from lower domestic demand for the MUSE product. Net income reflects improved gross margins due to lower costs of products sold as a  percentage of revenues. 
Vaxcel, Inc. (OTC BB : VXCL)Vaxcel, Inc. is engaged in the development and commercialization of vaccine adjuvants and delivery system technologies to improve existing vaccines and contribute to the development of new vaccines. For the fiscal year ended 12/31/98, revenues fell 11 percent to $254 thousand. Net loss rose 92 percent to $5 million. Revenues reflect the lack of active grants. Higher loss reflects a $3.2 million impairment loss and costs associated with the acquisition of Zynaxis. 
Vyrex Corporation (OTC BB : VYRX)VYRX is engaged in the discovery and development of biopharmaceuticals for treatment and prevention of various disorders including AIDS, respiratory diseases, cancer and aging and it is involved in the development of several therapeutic products. For the three months ended 3/31/99, revenues totalled $22 thousand, up from $0. Net loss fell 68 percent to $316 thousand. Results reflect $22 thousand in royalties, lower salary expenses and gains from the sale of assets. 
Vysis, Inc. (Nasdaq : VYSI)Vysis is a genomic disease management company that develops and markets clinical products that provide critical information for the evaluation and management of cancer, prenatal disorders and other genetic diseases. For the three months ended 3/31/99, total revenues rose 8 percent to $5.4 million. Net loss fell 23 percent to $3.5 million. Results reflect increased worldwide shipments of clinical genetic testing products and higher margins due to changes in product mix. 
Warner Chilcott PLC (Nasdaq : WCRX)Warner Chilcott PLC develops, markets, sells and distributes prescription pharmaceutical products for dermatology, cardiology and women's health care specialty markets. For the three months ended 3/31/99, revenues rose 52 percent to $21 million. Net loss fell 73 percent to $2 million. Revenues reflect higher sales of NataFort(R), Doryx(R), and Vectrin(R). Lower loss also reflects an improved gross profit margin and lower research and development costs as a  percentage of revenues. 
Watson Pharmaceuticals (NYSE : WPI)Watson Pharmaceuticals is engaged in the research and development, production, marketing and distribution of off-patent and branded pharmaceutical products. For the three months ended 3/31/99, total revenues increased 20 percent to $159.2 million. Net income increased 23 percent to $23 million. Revenues benefitted from increased sales of women's health, core brand products and sales from Rugby product line. Earnings also benefitted from the absence of $13 million from acquired R&D. 
Whitewing Labs, Inc. (OTC BB : WWLI)Whitewing Labs, Inc. develops, seeks to acquire through license, markets and sells nutritional supplements for sale to the over age forty market primarily in the United States. For the three months ended 3/31/99, net sales fell 72 percent to $457 thousand. Net loss totalled $112 thousand, up from $24 thousand. Revenues reflect a reduction in advertising due to a focus on existing customers. Loss also reflects lower margins due to an increase in wholesale orders. 
Xenova Group PLC (Nasdaq : XNVA)Xenova Group PLC establishes drug discovery technologies and discovers and develops drugs from natural chemicals extracted from micro-organisms. For the nine months ended 9/30/98, revenues totalled L3.9 million, up from L777K. Net loss rose 17 percent to L10.4 million. Revenues benefiited from increases in collaborative activities and agreements. Higher loss reflects expenses for clinical trials of the XR5000 program and further development of the QTC systems. 
XOMA Limited (Nasdaq : XOMA)XOMA Ltd. is a biopharmaceutical company developing products to treat infections, infectious complications of traumatic injury and surgery, and immunologic and inflammatory disorders. For the three months ended 3/31/99, revenues decreased 57 percent to $20 thousand. Net loss applicable to Common rose 26 percent to $13.7 million. Revenues reflect reduced product sales and royalties. Loss also reflects increased spending on clinical trials for Neuprex and hu1124. 
Zila, Inc. (Nasdaq : ZILA)Zila, Inc. is a manufacturer and marketer of pharmaceutical, biomedical, dental and nutritional products. For the nine months ended 4/30/99, revenues increased 13 percent to $51.5 million. Net loss applicable to Common decreased 43 percent to $2.8 million. Revenues reflect the acquisitions of Oxycal and Peridex and increased revenues in the Professional Products Group. Loss also benefitted from the absence of $6 million in preferred dividend requirements. 
Xechem International (OTC BB : ZKEM)Xechem International is a development stage bio-pharmaceutical company currently engaged in research, development, and the limited production of generic and proprietary drugs from natural sources. For the nine months ended 9/30/98, revenues totalled $74 thousand, up from $30 thousand. Net loss decreased 25 percent to $1.2 million. Revenues reflect an increase in sales by the Company's XetaPharm subsidiary. Lower loss reflects lower research and development expenses. 
ZymeTx, Inc. (Nasdaq : ZMTX)ZMTX is a development stage biotechnology company engaged in the discovery and development of unique products for the diagnosis and treatment of viruses. For the nine months ended 3/31/99, revenues totalled $427 thousand, up from $9 thousand. Net loss applicable to Common decreased 30 percent to $6.1 million. Revenues reflect increased product sales. Lower loss reflects the absence of $5.7 million in preferred stock dividends and increased interest and dividend income. 
Zonagen, Incorporated (Nasdaq : ZONA)Zonagen, Inc. is development stage biopharmaceutical company engaged in the development of pharmaceutical products for the reproductive system, including sexual dysfunction, urology, contraception and infertility. For the three months ended 3/31/99, total revenues fell 41 percent to $629 thousand. Net loss from continuing operations fell 23 percent to $4.7 million. Revenues reflect reduced interest income. Lower loss reflects a decline in contracted R&D expenses.%}
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Aqua Clara Bottling (OTC BB : AQCB)Aqua Clara Bottling and Distribution, Inc., a development stage company, produces, bottles and sells non-sparkling purified drinking, distilled and natural spring water products. For the nine months ended 1/2/99, sales fell 3 percent to $116 thousand. Net loss applicable to Common rose 11 percent to $1.4 million. Revenues reflect lower sales due to the absence of major buyers. Net loss reflects increased costs related to a lead generation corporate/relations contract. 
Avani International Group (OTC BB : AVIG)AVIG operates a bottling facility and engages in the business of developing, manufacturing, marketing and distributing oxygen enriched, purified bottled water under the Avani brandname. For the three months ended 3/99, revenues rose 48 percent to $178 thousand. Net loss decreased 78 percent to $93 thousand. Results reflect higher pricing for PET bottles, increased sales of five gallon bottles, the initiation of sales to an Australian distributor, higher margins, and decreased S/G/A expenses. 
Brio Industries Inc. (Nasdaq : BRIO)Brio Industries is engaged in the packaging, sale, marketing and distribution of juices, waters, soft drinks and new age beverages in Western Canada. For the nine months ended 11/30/98, revenues increased 25 percent to C$33 million. Net income totalled C$3.1 million vs. a loss of C$479 thousand. Revenues reflect higher revenues due to acquisitions. Earnings also reflect a C$4 million gain from the sale of assets and centralization of management, finance and administration functions. 
Clearly Canadian Beverage (Nasdaq : CCBC)Clearly Canadian Beverage Corporation is engaged in the manufacturing and distribution of its Clearly Canadian line of carbonated mineral water and natural fruit flavored sparkling beverages, noncarbonated beverages and bottled water. For the nine months ended 9/98, revenues fell 18 percent to $34.2 million. Net income totalled $1.5 million vs. a loss of $2.7 million. Results reflect lower sales of the Orbitz brand, offset by lower cost of sales and the absence of $2.5 million in restructuring. 
Coca-Cola Enterprises (NYSE : CCE)Coca-Cola Enterprises markets, distributes, and produces bottled and canned beverage products for The Coca-Cola Company. For the three months ended 4/2/99, revenues rose 11 percent to $3.27 billion. Net loss applicable to Common rose 22 percent to $62 million. Revenues benefitted from volume growth in brands of the Coca-Cola Company. Loss reflects increased selling, general and administrative expenses, and higher average debt balances. 
Coca-Cola Bottling Co. (Nasdaq : COKE)Coca-Cola Bottling produces and markets carbonated and noncarbonated soft drink products of the Coca-Cola Company. For the 13 weeks ended 4/4/99, revenues rose 8 percent to $220.3 million. Net loss rose 82 percent to $4.5 million. Revenues reflect volume growth, increased selling prices and greater marketing initiatives. Higher loss reflects the purchase of previously leased equipment and the significant investments the Company continues to make in cold drink equipment. 
Cott Corporation (Nasdaq : COTTF)COTTF produces and distributes private label and branded beverages. COTTF operates manufacturing, marketing, product development and customer service facilities in Canada, US, South Africa, Australia, Great Britain, Ireland and Europe. For the six months ended 8/1/98, sales rose 5 percent to C$823.1 million. Net income from continuing operations fell 55 percent to C$14.3 million. Revenues reflect increased case sales volume. Net income reflects decreased gross profit margins due to competitive pricing. 
Cadbury Schweppes plc (NYSE : CSG)Cadbury Schweppes plc manufactures, markets, and distributes internationally branded confectionary and beverage products through wholesale and retail outlets. For the six months ended 7/98, revenues fell 2 percent to L1.85 billion. Net income applicable to Common according to U.S. GAAP fell 71 percent to L129M. Revenues reflect strengthening of the pound sterling against most other currencies. Net income also suffered from lower gains from asset disposals. 
National Beverage Corp. (AMEX : FIZ)FIZ produces, manufactures, markets and distributes a full line of branded cola and multi-flavored soft drinks, juice products, and bottled water for retail grocery chains, warehouse clubs, mass merchandisers, wholesalers, and other beverage co's. For the 39 weeks ended 1/30/99, net sales rose 1 percent to $297.6 million. Earnings fell 8 percent to $9.4 million. Results reflect product mix changes and effects of the Strategic Alliance program, offset by higher shipping and selling cost. 
FEMSA (NYSE : FMX)FEMSA is an integrated beverage producer of beer and soft drinks in Mexico. The Company also operates retail convenience stores and packaging businesses. For the nine months ended 9/30/98, total revenues rose 15 percent to PS23.24 billion. Net income before U.S. GAAP decreased 60 percent to PS404M. Revenues benefitted from higher sales from Coca-Cola FEMSA, FEMSA Empaques, and FEMSA Comercio. Earnings suffered from higher financing costs, average tax rates and other expenses. 
Pepsi-Gemex, S.A. de C.V. (NYSE : GEM)GEM and its subsidiaries produce and sell bottled soft drinks, mineral water and purified water under the trade names Pepsi-Cola, Mirinda, Squirt, 7-Up, Garci-Crespo, Electropura and others. For the fiscal year ended 12/31/97, revenues rose 3 percent to PS4.05 billion. Net income according to U.S. GAAP rose 14 percent to PS343.1 million. Revenues reflect increased sales of refrigerated display cases and increased beverage volumes. Earnings also reflect lower packaging and concentrate costs. 
Hansen Natural Corp. (Nasdaq : HANS)Hansen Natural Corp. markets, sells and distributes alternative beverage category sodas, fruit juices, fruit juice Smoothies, ready-to-drink iced teas, lemonades, juice cocktails, functional drinks and still water. For the three months ended 3/31/99, net sales rose 35 percent to $15.2 million. Net income rose 29 percent to $909 thousand. Revenues reflect increased sales of the new Signature Soda line. Net income was partially offset by lower margins due to a change in the product mix. 
Hawaiian Natural Water (Nasdaq : HNWC)Hawaiian Natural Water Company is engaged in the bottling, marketing and distribution of natural water under the name Hawaiian Springs, drawn from a well located at the base of the Mauna Loa mountain range on the Big Island of Hawaii. For the three months ended 3/31/99, net sales rose 22 percent to $486 thousand. Net loss fell 23 percent to $417 thousand. Revenues reflect unit sale growth. Loss also benefitted from reduced consulting and selling expenses. 
Coca-Cola Company (NYSE : KO)KO manufactures, markets and distributes soft drink concentrates and syrups, other fruit juice products, ready to drink teas and coffee beverages. For the three months ended 3/99, revenues decreased 1 percent to $4.43 billion. Net income fell 13 percent to $747 million. Revenues reflect a decrease in worldwide unit case volume. Net income also reflects a decreased gross profit margin due to the consolidation of the Company's bottling operations in India and vending operations in Japan. 
Coca-Cola FEMSA, S.A. (NYSE : KOF)KOF, a holding company, produces, markets, and distributes soft drinks in two Mexico territories and in one territory in Argentina. KOF has exclusive rights to market Coca-Cola, Sprite, diet Sprite, Fanta, and others products of The Coca Cola Company. For the nine months ended 9/30/98, revenues rose 13 percent to NP8.81 billion. Net income before U.S. GAAP fell 30 percent to NP368M. Results reflect volume growth, offset by an increase in debt and a reduction of cash balances. 
M & F Worldwide Corp. (NYSE : MFW)M and F Worldwide Corp. is a holding company which through its subsidiary, Pneumo Abex Corporation, is engaged in the production of licorice extract and other flavoring agents. For the three months ended 4/4/99, net sales fell 10 percent to $24.1 million. Net income applicable to Common Stock fell 45 percent to $4.1 million. Revenues reflect decreased shipments to the Company's Southeast Asian customers. Earnings reflect higher provision for taxes. 
Odwalla, Inc. (Nasdaq : ODWA)Odwalla, Inc. supplies more than 25 fresh-squeezed, nutritionally fortified juices and smoothies in the western, midwestern and midatlantic regions of the U.S. ODWA also offers meal-replacement bars and spring water. For the six months ended 2/27/99, revenues rose 12 percent to $31.7 million. Net loss rose from $449 thousand to $1.3 million. Results reflect increased direct store deliveries and continued expansion into new markets, offset by higher citrus prices and increased marketing. 
Panamerican Beverages (NYSE : PB)PB produces and distributes Coca-Cola soft drink products, bottled water, beer and other beverages in Mexico, Brazil, Colombia, Costa Rica, Venezuela and Nicaragua. For the nine months ended 9/30/98, net sales increased 18 percent to $2.06 billion. Net income decreased 13 percent to $97 million. Revenues benefitted from new franchises in Nicaragua and Guatemala and higher unit case sales volume. Earnings were offset by higher depreciation costs and debt levels. 
Pepsi Bottling Group (NYSE : PBG)The Pepsi Bottling Group is engaged in the manufacture, sale and distribution of Pepsi-Cola beverages including Pepsi-Cola, Diet Pepsi, Mountain Dew and other brands of carbonated soft drinks and other ready-to-drink beverages. For the 12 weeks ended 3/20/99, net sales rose 8 percent to $1.45 billion. Net loss decreased 50 percent to $3 million. Results reflect strong North America volume growth and higher margins due to lower packaging costs. 
PepsiCo, Inc. (NYSE : PEP)PepsiCo, Inc. manufactures, markets and sells soft drinks and concentrates (Pepsi-Cola, Mountain Dew, Slice, etc.) and snack foods (Frito-Lay). For the 12 weeks ended 3/20/99, net sales increased 17 percent to $5.11 billion. Net income from decreased 12 percent to $333 million. Revenues reflect net contributions from acquisitions, volume gains in worldwide Frito-Lay and Pepsi-Cola North. Net income was offset by $65 million cost in consolidation of US production and higher debt levels. 
Pepsi-Cola P.R. Bottling (NYSE : PPO)Pepsi-Cola P.R. Bottling Co. is a holding company, which through its subsidiaries, produces, distributes and sells a variety of soft drinks, fruit juice products and bottled water in the Commonwealth of Puerto Rico. For the comparable three months ended 3/31/99, net sales rose 1 percent to $23.3 million. Net loss totalled $2.9 million up from $1.2 million. Results reflect an increase in case volume sales, offset by expenses for repair and maintenance of production lines. 
Stearns & Lehman, Inc. (Nasdaq : SLHN)Stearns and Lehman manufactures and markets specialty food products, including coffee and espresso flavorings, syrups, oils and toppings, extracts, flavorings, sauces, dressings and specialty sugars. For the nine months ended 1/31/99, sales increased 15 percent to $7.8 million. Net income fell 6 percent to $390 thousand. Revenues reflect increased sales of private label and branded syrup products. Earnings were offset by increased advertising, marketing and interest expenses. 
Saratoga Beverage Group (Nasdaq : TOGA)Saratoga Beverage Group is engaged in the bottling, marketing and distribution of natural spring and mineral water products and in packaging products for others. For the fiscal year ended 12/98, total revenues rose 42 percent to $8.9 million. Net income rose 8 percent to $867 thousand. Revenues reflect increased product sales and co-pack revenue. Earnings were partially offset by a $400 thousand note receivable provision and a competitive climate for the spring water PET business. 
Triarc Companies, Inc. (NYSE : TRY)Triarc is a holding company which, through its subsidiaries, is a premium beverage company, a restaurant franchisor and a soft drink concentrates producer. TRY also has an equity interest in the liquefied petroleum gas business. For the fiscal year ended 4/4/99, revenues rose 4 percent to $178.2 million. Net loss from continuing operations before extraordinary item totalled $1.2 million vs. an income of $1.6 million. Results reflect higher beverage volumes, offset by restructuring charges. 
Vermont Pure Holdings Ltd (AMEX : VPS)Vermont Pure Holdings bottles, markets, and distributes natural spring water under the Vermont Pure and Hidden Spring brands to the retail consumer and home/office markets. For the 26 weeks ended 5/1/99, revenues rose 30 percent to $13.7 million. Net income totalled $511 thousand, vs. a loss of $357 thousand. Revenues benefitted from increased home and office division sales. Earnings also reflect improved margins due to increased sales volumes. 
Whitman Corporation (NYSE : WH)WH is engaged in the production and distribution of Pepsi-Cola brand products and a variety of other non-alcoholic beverage products. For the three months ended 3/31/99, revenues rose 8 percent to $374.8 million. Net income from continuing operations before extraordinary item rose 77 percent to $14.3 million. Revenues benefitted from higher domestic sales due to volume growth and higher prices. Earnings also benefitted from a $6.6 million gain from the sale of franchise.%}
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Big Rock Brewery Ltd. (Nasdaq : BEERF)Big Rock Brewery Ltd. is a regional producer and marketer of specialty draft and bottled beer. The Company sells its beer in five Canadian Provinces (Alberta, B.C., Manitoba, Ontario and Saskatchewan) and through distributors in the U.S. For the nine months ended 12/31/98, net sales rose 3 percent to C$12.8 million. Net income fell 94 percent to C$24 thousand. Results reflect increased sales due to higher prices, offset by costs related to the repackaging of the Big Rock brands. 
Beringer Wine Estates (Nasdaq : BERW)BERW is a producer of premium California varietal table wines, marketed under the Beringer, Meridian Vineyards, Chateau St. Jean, Napa Ridge, Chateau Souverain and Stags'Leap brand names. For the nine months ended 3/99, net revenues rose 18 percent to $280.8 million. Net income applicable to Common before extraordinary item totalled $20 million, up from $4.9 million. Revenues reflect higher case shipments. Earnings also reflect lower inventory step-up costs and reduced debt. 
Brown-Forman Corporation (NYSE : BFb)BF.B is composed of a Wines and Spirits Segment that manufactures, bottles, imports, exports and markets a variety of alcoholic beverages. BF.B also consists of a Consumer Durables Segments that sells fine china dinnerware, sterling silver, linens, luggage and leather accessories. For the nine months ended 1/31/99, sales rose 6 percent to $1.54 billion. Net income rose 9 percent to $153 million. Results reflect higher sales volume for Lenox Collections and improved manufacturing efficiencies. 
Frederick Brewing Co. (BLUEFrederick Brewing Co. brews, kegs and bottles 26 styles of beers under the Blue Ridge, Hempen, Wild Goose and Brimstone brand names. For the nine months ended 9/30/98, net sales rose 95 percent to $3.7 million. Net loss applicable to Common fell 27 percent to $3.7 million. Revenues reflect the acquisition of Wild Goose, Brimstone brands and the introduction of Hempen Ale and Hempen Gold brands. Lower loss reflects higher margins, partially offset by higher interest expenses. 
Companhia Cervej. Brahma (NYSE : BRH)BRH, through its subsidiaries, is active in the production and sale of beers and soft drinks. BRH is the largest brewery in Latin America with operations in Brazil, Argentina and Venezuela. For the fiscal year ended 12/31/99, net sales rose 14 percent to CR$3.16 billion. Net income fell 28 percent to CR$329.1 million. Revenues reflect from the addition of Pepsi products to the Company's soft drink portfolio. Earnings suffered from higher direct distribution expenses and higher debt levels. 
Anheuser-Busch Companies (NYSE : BUD)Anheuser-Busch Companies, Inc. is engaged in the production and distribution of beer, and aluminum beverage containers. BUD also operates a chain of theme parks. For the three months ended 3/31/99, net sales increased 7 percent to $2.69 billion. Net income increased 20 percent to $319.1 million. Results reflect increased domestic beer sales volumes, increased revenue per barrel and increased equity earnings from the company's Modelo investment. 
Capital Beverage Corp. (Nasdaq : CBEV)Capital Beverage Corp. is the exclusive distributor for certain beer and malt liquor products manufactured by Pabst Brewing Company. For the three months ended 3/99, revenues fell 10 percent to $2 million. Net loss applicable to Common decreased 14 percent $286 thousand. Revenues reflect the elimination of multi-brand sales. Lower loss reflects lower cost of goods sold due to the additional sales of products from the Pittsburgh Brewery Co. and lower interest expense. 
Canandaigua Brands, Inc. (Nasdaq : CBRNA)CBRNA produces and markets branded beverage alcohol products, including beer, wines and distilled spirits. Products include: Paul Masson, Manischewitz, Monte Alban, Almaden, Barton's Gin, and Corona. For the fiscal year ended 2/28/99, net sales rose 23 percent to $1.50 billion. Net income before extraordinary item rose 31 percent to $61.9 million. Revenues reflect the introduction of two new producrs. Net income also reflects a higher gross profit due to increased selling prices. 
Central European Dist. (Nasdaq : CEDC)Central European Distribution Corp. is an importer and distributor of alcoholic beverages in Poland. CEDC operates a nationwide next-day alcoholic beverage delivery service. For the fiscal year ended 12/31/98, net sales rose 34 percent to $54 million. Net income totalled $1.5 million, up from $308 thousand. Revenues reflect increased market penetration and increased sales of domestic vodka. Earnings also reflect higher margins due to price increases for domestic vodka. 
Chalone Wine Group, Ltd. (Nasdaq : CHLN)CHLN produces, markets and sells premium white and red varietal table wines, primarily Chardonnay, Pinot Noir, Cabernet Sauvignon, Merlot and Sauvignon Blanc. CHLN operates five wineries located in California and Washington. For the nine months ended 12/31/98, revenues increased 15 percent to $32.9 million. Net income increased 6 percent to $3 million. Results reflect a rise in average sales price per case, partially offset by higher marketing expenditures and selling expenses. 
Compania Cervecerias Uni. (NYSE : CU)Compania Cervecerias Unidas S.A. is a producer and distributor of beer, wine, soft drinks, and mineral water in Chile and Argentina. The Co. also owns and operates factories for the production of malt, silos for the the storage of barley and malt, and a plastic container and crate production factory. For the nine months ended 9/98, revenues rose 2 percent to CH$194.06 billion. Net income rose 16 percent to CH$23.9 billion. Results reflect increased wine sales and other non-operating income. 
Diageo plc (NYSE : DEO)Diageo plc is a worldwide consumer goods company whose subsidiaries include UDV (spirits and wines), Pillsbury (international food company), Guiness (brewer and marketer of Guinness stout and other brands), and Burger King (international hamburger chain). For the fiscal year ended 6/30/98, sales totalled L12.03 billion. Net income totalled L879M. Results are not comparable due to the fiscal year end change from December to June. 
Geerlings & Wade, Inc. (Nasdaq : GEER)Geerlings and Wade, Inc. is a direct marketer of premium imported and domestic wines, and wine-related merchandise to individual consumers in the United States. For the three months ended 3/31/99, revenues increased 15 percent to $8.5 million. Net loss totalled $282 thousand vs. income of $84 thousand. Revenues reflect acquisitions and new sales from www.geerwade.com. Net loss suffered from increased marketing costs and costs related to new facilities. 
Genesee Corporation (Nasdaq : GENBB)GENBB conducts business in the areas of malt beverage production, dehydrated food processing and packaging, equipment leasing and real estate investment. For the nine months ended 1/30/99, revenues decreased 4 percent to $114 million. Net income totalled $2.3 million, up from $300 thousand. Revenues reflect decreased sales volume. Net income reflects the inclusion of a $3.4 million gain on the sale of the Company's investment in Lloyd's Food Products, Inc. 
Redhook Ale Brewery, Inc. (Nasdaq : HOOK)HOOK is engaged in the production of specialty draft beers under the names Ballard Bitter, Blackhook, Redhook, Wheathook, Winterhook, and Redhook Rye. For the fiscal year ended 12/31/98, revenues decreased 5 percent to $32.6 million. Net loss totalled $4 million, up from $1.4 million. Revenues suffered from continued increase in the number of craft beer companies. Higher loss reflects an increase in interest expense, and a $5.2 million special valuation provision charge. 
Independence Brewing Co. (IBCOIBCO is a regional producer of preservative-free craft-brewed ales, lagers, porters and seasonal beers with brands such as Independence Ale, Independence Gold and Independence Franklinfest. For the nine months ended 9/30/98, revenues rose 86 percent to $797 thousand. Net loss fell 72 percent to $1.2 million. Revenues reflect increased sales volumes from case sales of Uncle ESB and the introduction of new products. Lower loss was partially offset by lower interest income. 
Quilmes Industrial S.A. (NYSE : LQU)Quilmes Industrial S.A. is a Luxembourg-based holding company whose subsidiaries are brewers in the Southern Cone of South America, with operations in Argentina, Bolivia, Chile, Paraguay and Uruguay. For the nine months ended 9/31/98, net sales fell 7 percent to $563.8 million. Net income rose 26 percent to $60.9 million. Results reflect a decline in volumes of soft drinks in Paraguay and beer in Argentina, offset by a lower effective tax rate. 
LVMH Moet Hennessy L.V. (Nasdaq : LVMHY)LVHM Moet Hennessy Louis Vuitton is involved in the production and distribution of wines, spirits, luggage, leather goods, perfumes, beauty products and fashion. LVMHY also has a 11 percent interest in Guinness PLC. For the fiscal year ended 12/31/97, net sales rose 54 percent to FF48.04 billion. Net income according to U.S. GAAP fell 68 percent to FF756M. Revenues reflect the consolidations of DFS and Sephora. Earnings were offset by the consolidations and costs for additional 24 stores. 
Minnesota Brewing Co. (Nasdaq : MBRW)MBRW operates a full scale brewery in Saint Paul, MN producing its proprietary Grain Belt, Pig's Eye, Landmark, Minnesota Brew, Yellow Belly and Brewers Cave Beers and marketing them through an independent distribution network. Revenues for the three months ended 3/99 rose 13 percent to $3.3 million. Net loss fell 34 percent to $392 thousand. Revenues reflect higher sales to foreign markets not subject to excise taxes. Lower loss reflects continued cost constraints. 
Robert Mondavi Corp. (Nasdaq : MOND)The Robert Mondavi Corp. produces premium table wines under the following labels: Robert Mondavi Napa Valley, Robert Mondavi, Woodbridge, Vichon Mediterranean, La Famiglia di Robert Mondavi, Byron, Opus One, Luce and Caliterra. For the nine months ended 3/31/99, net revenues rose 13 percent to $265.4 million. Net income fell 12 percent to $22 million. Results reflect a shift in sales mix to the Robert Mondavi Winery and Coastal brands, offset by a $4.5 million asset impairment charge. 
Pyramid Breweries Inc. (Nasdaq : PMID)Pyramid Breweries Inc. is a brewer of fresh, flavorful specialty beers, generally known as craft beers. The Company also produces a line of hand-crafted sodas and operates restaurants adjacent to its two breweries. For the three months ended 3/99, net sales rose less than 1 percent to $5.9 million. Net loss fell 26 percent to $470 thousand. Results reflect an increase in Alehouse sales partially offset by lower wholesale draft beer sales. Lower loss reflects increased efficiency. 
R.H. Phillips, Inc. (Nasdaq : RHPS)R.H. Phillips produces, markets and sells popular premium and super premium varietal table wines worldwide. RHPS also manages vineyards that supply a portion of its annual grape requirements. For the three months ended 3/99, net sales rose 25 percent to $5 million. Net income applicable to Common rose 89 percent to $379 thousand. Results reflect greater volumes, strong sales of super premium wines, a higher average selling price per case, and higher margins due to a favorable sales mix. 
Adolph Coors Company (NYSE : RKY)Adolph Coors Company, a holding Co. for Coors Brewing Co., produces and markets high-quality malt-based beverages. For the three months ended 3/28/99, revenues increased 6 percent to $439.9 million. Net income increased 22 percent to $12 million. Revenues benefitted from increased unit volume, and increased Canadian income. Earnings also benefitted from an increase in gross profit due to a shift in product demand toward more expensive products and packages. 
Ravenswood Winery, Inc. (Nasdaq : RVWD)Ravenswood Winery, Inc produces, markets and sells premium California wines exclusively under the Ravenswood brand name. For the nine months ended 3/31/99, total revenues increased 38 percent to 16.5 million. Net income increased 45 percent to 3 million. Revenues reflect an increase in the volume of wines produced and sold by Ravenswood. Net income reflects higher gross margins and lower operating expenses as a  percentage of net sales. 
Boston Beer Co., Inc. (NYSE : SAM)The Boston Beer Company, Inc. brews and sells beer, ale and cider products throughout the U.S. and in select international markets. For the three months ended 3/27/99, net sales fell 12 percent to $40.9 million. Net income increased 56 percent to $3.2 million. Revenues reflect decling volumes of core and non-core products. Earnings reflect an improved gross profit margin and the absence of a $2.3 million write down of a marketable security. 
Todhunter International (AMEX : THT)THT produces and supplies brandy, rum, wine, and spirits to beverage alcohol manufacturers; bottles beverages on a contract basis; produces value-priced spirits; and produces, imports and markets premium branded spirits. For the six months ended 3/31/99, net sales rose 1 percent to $35.6 million. Net income rose 5 percent to $2.2 million. Results reflect the continued expansion of the distribution network and an improved gross profit margin due to reduced raw material costs. 
Golden State Vintners (Nasdaq : VINT)VINT processes and bottles wine, brandy and juice for sale, primarily in bulk, to other wineries and processors located principally in California. For the six months ended 12/31/98, total revenues fell 18 percent to $73.8 million. Net income applicable to Common rose 18 percent to $5 million. Revenues reflect the delay in the California wine grape harvest. Earnings benefitted from the absence of a $8.8 million one-time management incentive restructuring charge and lower debt levels. 
Seagram Company Ltd. (NYSE : VO)VO is engaged in the production and marketing of distilled spirits, wines, coolers, beers and mixers. VO also produces and distributes motion pictures, television product, recorded music, and operates theme parks and retail stores. For the nine months ended 3/31/99, revenues increased 19 percent to $8.79 billion. Net loss from continuing operations totalled $330 million vs. an income of $571 million. Results reflect higher music sales, offset by the absence of Time Warner stock sale.%}
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Safety Components Int'l. (Nasdaq : ABAG)ABAG is an independent supplier of automotive airbag fabric and cushions with operations in North America, Europe and Asia. ABAG also manufactures projectiles and other metal components for 20, 25 and 30 millimeter ammunition for the U.S. Armed Forces. For the nine months ended 12/26/98, net sales rose 41 percent to $165.6 million. Net loss totaled $2.1 million vs. income of $4.1 million. Results reflect the acquisition of SCFTI offset by $2.4 million in moving costs and $2.6 million of write-downs. 
Autocam Corporation (Nasdaq : ACAM)Autocam Corporation designs and manufactures close tolerance, specialty metal alloy components which are sold to the automotive, computer electronics and medical devices industries. For the nine months ended 3/99, sales rose from $64 million to $129.6 million. Net income fell 25 percent to $4.3 million. Revenues reflect higher demand for components for the new injector programs and an expanded customer base. Earnings were offset by higher level of borrowings and $623 thousand in minority interest. 
Aid Auto Stores, Inc. (OTC BB : AIDA)AIDA owns, operates, franchises retail automotive parts and accessories stores under the name Aid Auto Stores, which sell a variety of name-brand automotive parts, accessories and chemicals. For the six months ended 6/98, revenues fell 30 percent to $8.7 million. Net loss totalled $1.7 million vs. income of $10 thousand. Revenues reflect decreased wholesale sales to franchisees. Net loss suffered from expenses associated with the opening of two new Company-owned stores. 
Autoliv Inc. (NYSE : ALV)Autoliv Inc., designs, develops modules and components for passenger and driver-side airbags, side-impact airbag protection systems, seat belts, steering wheels and other safety systems and products. For the three months ended 3/99, revenues increased 12 percent to $935.4 million. Net income rose 2 percent to $44.1 million. Revenues reflect the introduction of new products, increased sales of side airbags and higher market share. Earnings were partially offset by a decline in margins. 
APS Holding Corporation (OTC BB : APSIQ)APSIQ and its subsidiaries is a warehouse distributor of automotive replacement parts supplying over 1,650 parts stores owned by associated jobbers and 273 Big-A Company owned stores and 214 Installers Service Warehouses. For the six months ended 7/25/98, revenues fell 22 percent to $337.3 million. Net loss totalled $47 million, up from $10.6 million. Revenues reflect facility closures and the effects of Chapter 11 Proceedings. Higher loss reflects $6.4 million in reorganization expenses. 
Applied Industrial Tech. (NYSE : APZ)APZ is a distributor of replacement bearings, power transmission products and systems, industrial rubber products, hydraulic and pneumatic products and systems, linear motion products, and specialty maintenance items. For the three months ended 3/31/99, net sales increased 3 percent to $1.14 billion. Net income fell 43 percent to $12.1 million. Revenues reflect the acquisition of Invetech. Earnings were offset by a lower gross profit margin due to lower discounts and allowances from suppliers. 
Arvin Industries, Inc. (NYSE : ARV)Arvin Industries, together with its consolidated subsidiaries, is an international manufacturer and supplier of automotive parts. For the three months ended 4/4/99, net sales increased 24 percent to $738.4 million. Net income before accounting change rose 36 percent to $17.9 million. Revenues benefitted from favorable market conditions and increased North American vehicle production. Earnings also benefitted from increased equity income of affiliates. 
Aftermarket Technology (Nasdaq : ATAC)Aftermarket Technology Corp. is a remanufacturer and distributor of drive train products used in the aftermarket repair of passenger cars and light trucks. For the three months ended 3/31/99, net sales rose 26 percent to $135.2 million. Net income before extraordinary item fell 86 percent to $883 thousand. Revenues reflect a full quarter's sales from Autocraft. Net income suffered from lower margins in the Independent Aftermarket segment and a $1.9 million in special charges. 
American Technologies Grp (OTC BB : ATEG)American Technologies Group is engaged in the development, commercialization and sale of products and systems using its patented and proprietary technologies. For the nine months ended 4/30/99, total revenues fell 48 percent to $427 thousand. Net loss from continuing operations before extraordinary item increased 35 percent to $6.2 million. Results reflect the Company's decision to stop selling IE crystals for use in laundry products by TradeNet, partially offset by lower R&D costs. 
American Axle & Manufact. (NYSE : AXL)American Axle and Manufacturing Holdings, a Tier I supplier to the automotive industry, is engaged in the design, engineering and manufacturing of driveline systems for light trucks and sport-utility vehicles. For the three months ended 3/31/99, net sales rose 20 percent to $697.7 million. Net income rose 71 percent to $29 million. Revenues reflect acquistions, and increased sales volume on higher margin products. Earnings also benefitted from productivity improvements. 
Breed Technologies, Inc. (NYSE : BDT)BDT designs, develops, manufactures and sells all components used in complete, integrated occupant protection systems including sensors, electronics and related software, airbag modules and inflators, seatbelt systems and steering wheels. For the nine month ended 3/31/99, revenues rose 17 percent to $1.14 billion. Net income applicable to Common before extra item fell 31 percent to $234.7 million. Results reflect the acquisition of SRS and the absence of non recurring charges. 
Brake Headquarters U.S.A. (BHQUBrake Headquarters U.S.A., Inc., is a distributor of automotive aftermarket brake system products and other parts, for domestic and foreign cars, and light trucks from model year 1976 to the present. For the nine months ended 9/30/98, net sales rose from $22 million to $51.3 million. Net loss totalled $967 thousand vs. an income of $104 thousand. Revenues benefitted from sales of WAWD, acquired 11/97. Net loss reflects higher freight, commissions and interest expenses. 
Bonded Motors, Inc. (Nasdaq : BMTR)BMTR remanufactures and distributes automobile replacement engines for domestic and Japanese cars, light trucks and specialty vehicles for end users and installers. For the three months ended 3/99, net sales rose 15 percent to $9.8 million. Net loss totalled $270 thousand vs. income of $206 thousand. Revenues reflect higher sales volume and the addition of a new customer. Net loss reflects higher cost of goods sold as a  percentage of revenues due to the expansion of production capacity. 
Bowles Fluidics Corp. (OTC BB : BOWE)Bowles Fluidics Corp. is a designer, manufacturer and supplier of windshield and rear window washer nozzles for passenger cars and light trucks in North America. BOWE also provides design, tooling and prototyping services for its customers. For the 13 weeks ended 1/30/99, net sales rose 10 percent to $5.3 million. Net income applicable to Common fell 66 percent to $152 thousand. Results reflect increased shipments of windshield washer nozzles, offset by lower margins. 
Borg-Warner Automotive (NYSE : BWA)BWA is a supplier of engineered systems and components, primarily for automotive powertrain applications. BWA has four product categories: Powertrain Systems, Air/Fluid Systems, Automatic Transmission Systems and Morse TEC. For the three months ended 3/98, revenues rose 19 percent to $551.3 million. Net income rose 23 percent to $32.1 million. Revenues reflect strong worldwide vehicle production. Earnings also reflect a more favorable product mix, cost reductions and productivity improvements. 
Boyds Wheels, Inc. (OTC BB : BYDSQ)Boyds Wheels, Inc. designs, manufactures and markets aluminum wheels, motorcycle wheels, steering wheels and billet aluminum accessories. The Co. also sells car care products under its own label. For the nine months ended 9/97, net sales fell 41 percent to $12.6 million. Net loss totalled $7.5 million vs. income of $1.7 million. Sales reflect reduced backlog and continued weak sales of two-piece cast wheel line. Loss reflects lower margins and increased advertising and promotional expenses. 
Collins & Aikman Corp. (NYSE : CKC)CKC is a global supplier of automotive interior systems, including textile and plastic trim, acoustics and convertible top systems. Sales for the three months ended 3/27/99 rose less than 1 percent to $478.3 million. Net income before accounting change fell 73 percent to $2.3 million. Revenues benefitted from the acquisition of Industrias Enjema. Earnings were offset by lower margins due to changes in the sales mix, price discounts and product launch costs. 
CLARCOR Inc. (NYSE : CLC)CLARCOR operates in three principal industry segments: Engine/Mobile Filtration (filters for oil, air, fuel, coolants and hydraulic fluid), Industrial/Enviromental Filtration (air and antimicrobial treated filters), and Consumer Packaging (custom styled containers). For the three months ended 2/27/99, net sales rose 1 percent to $99.2 million. Net income rose 16 percent to $6.2 million. Results reflect increased sales from the filtration segments and cost reduction initiatives. 
Colonel's International (Nasdaq : COLO)COLO manufactures automotive bumpers and other miscellaneous beams and brackets. The Company manufactures and sells bedliners and other truck accessories at retail stores, and also operates a multi-purpose sports facility. For the nine months ended 9/30/98, revenues rose 26 percent to $43.3 million. Net income decreased 17 percent to $2.5 million. Results reflect the acquisitions, offset by increased information systems expenses and higher average outstanding debt balances. 
Champion Parts, Inc. (OTC BB : CREB)CREB remanufactures and sells replacement fuel systemscomponents (carburetors and diesel fuel injection components) and constant velocity drive assemblies for automobiles and trucks. Revenues for the three months ended 3/28/99 remained flat at $7 million. Net income fell 15 percent to $267 thousand. Revenues reflect higher rebuilding sales, offset by lower heavy duty and passenger car product sales. Earnings reflect higher direct labor costs. 
Cragar Industries, Inc. (OTC BB : CRGR)Cragar Industries, Inc. designs, produces and sells composite, aluminum, steel and wire custom wheels and wheel accessories to automotive aftermarket distributors and dealers throughout the U.S., Canada and Australia. For the three months ended 3/31/99, net sales rose 34 percent to $4.2 million. Net income applicable to Common totalled $61 thousand vs. a loss of $368 thousand. Results reflect sales of the Company's new wire wheel to J. H. Heafner and higher margins. 
Coast Distribution System (AMEX : CRV)Coast Distribution System, Inc. is a supplier of replacement parts, supplies and accessories for recreational vehicles and boats through 14 regional distribution centers in the United States and four in Canada. For the three months ended 3/31/99, net sales rose 7 percent to $41.1 million. Net income applicable to Common fell 44 percent to $338 thousand. Results reflect the continued strength in the RV industry, offset by costs associated with the transfer of the Company's headquarters. 
Consulier Engineering (Nasdaq : CSLR)CSLR is engaged in the distribution of automobile and truck parts in the automotive/truck aftermarket, investment activities and the development of Tool Topper Workstation products. For the three months ended 3/99, revenues increased 14 percent to $723 thousand. Net income totalled $102 thousand, up from $29 thousand. Revenues reflect increased sales from the Company's Southeast Automotive parts distribution segment. Earnings also reflect absence of R&D expenses. 
Dana Corporation (NYSE : DCN)Dana Corporation engineers, manufactures and distributes products and systems for the worldwide vehicular, industrial and mobile off-highway markets. DCN also provides lease financing services. For the three months ended 3/31/99, total revenues increased 4 percent to $3.42 billion. Net income increased 15 percent to $161.5 million. Results benefitted from acquisitions and increased international sales. Earnings also reflect increased gross margins and lower S/G/A expenses. 
Decoma International (Nasdaq : DECAF)Decoma designs, engineers, and manufactures bumper covers and related components, assemblies and modules. Decoma also supplies plastic body panels and exterior appearance systems for cars and light trucks. For the six months ended 1/31/99, revenues rose 52 percent to C$439.3 million. Net income applicable to Common rose 80 percent to C$21.9 million. Revenues reflect increased vehicle production and increases in content per vehicle. Net income reflects higher equity income and lower interest costs. 
Denison International PLC (Nasdaq : DENHY)Denison International PLC designs, manufactures, sells and services highly-engineered components for use in hydraulic fluid power systems, as well as complete hydraulic fluid power systems. For the three months ended 3/31/99, net sales fell 2 percent to $36.5 million. Net income fell 26 percent to $2.9 million. Revenues reflect the economic conditions in the Asian-Pacific region. Earnings also suffered from lower margins due to lower sales volume. 
Delphi Automotive Systems (NYSE : DPH)Delphi Automotive Systems Corporation is a supplier of components, integrated systems and modules to the automotive industry. The Company sells its products to every major manufacturer of light vehicles in the world. For the three months ended 3/31/99, net sales fell 2 percent to $7.47 billion. Net income rose 20 percent to $284 million. Results reflect the sale of several businesses in the Safety, Thermal and Electrical sector, offset by higher margins due to cost reductions. 
Durakon Industries (Nasdaq : DRKN)DRKN, through its subsidiaries, manufactures and distributes one-piece, seamless pickup truck bedliners, rollback carriers and tow trucks. For the fiscal year ended 12/31/98, net sales rose 7 percent to $192.4 million. Net income totaled $7.9 million, up from $1.1 million. Results reflect higher towing and recovery revenues due to increased sales of rollbacks and truck chassis. Earnings reflect lower S/G/A expenses due to the disposition of Duraliner and operating efficiencies. 
Edelbrock Corporation (Nasdaq : EDEL)EDEL manufactures and markets specialty performance automotive and motorcycle aftermarket parts. The Company's products include: intake manifolds, carburetors, camshafts, cylinder heads and other components designed for most domestic V8 and selected V6 engines. For the nine months ended 3/25/99, sales rose 14 percent to $75.2 million. Net income rose 35 percent to $4.6 million. Results reflect higher sales of Edelbrock Performer carburetors and lower write-off of receivables. 
Exide Corporation (NYSE : EX)Exide Corporation manufactures and markets starting, lighting and ignition batteries. For the nine months ended 12/27/98, net sales increased 5 percent to $1.82 billion. Net loss before extraordinary item totalled $49.7 million, vs. an income $23.8 million. Revenues benefitted from the inclusion of DETA acquired in 9/97 and increased automotive sales. Loss suffered from an increased selling, general and administrative expense and higher depreciation costs due to the DETA acquisition. 
Federal-Mogul Corp. (NYSE : FMO)FMO is a manufacturer and distributor of precision parts, primarily vehicular components for automobiles and trucks, farm and construction vehicles and industrial products. For the three months ended 3/31/99, net sales totalled $1.64 billion, up from $658 million. Net income applicable to Common before extraordinary item and accounting change totalled $60.7 million, vs. a loss of $8 million. Results reflect acquisitions and improved profitability margins due to economies of scale. 
Gentek, Inc. (NYSE : GK)Gentek Inc., is a diversified manufacturer of industrial components and performance chemical. For the three months ended 3/31/99, revenues increased 27 percent to $127.8 million. Net income from continuing operations increased 6 percent to $8.2 million. Revenues benefitted from the acquisitions of Defiance and Reheis. Net income was partially offset by lower margin due pricing pressures, higher S/G/A and higher debt levels. 
Gentex Corporation (Nasdaq : GNTX)GNTX designs, develops, manufactures and markets proprietary products employing electro-optic technology in two product lines: automatic rearview mirrors and fire protection products. For the three months ended 3/99, net sales rose 15 percent to $65.6 million. Earnings rose 34 percent to $16.7 million. Revenues reflect increased mirror shipments for light trucks and sport/utility vehicles. Earnings also reflect improved yields on new aspheric, convex and thin flat exterior mirrors. 
Genuine Parts Company (NYSE : GPC)Genuine Parts Company is a service organization engaged in the distribution of automotive replacement parts, industrial replacement parts, office products and electrical/electronic materials. For the three months ended 3/99, net sales rose 24 percent to $1.90 billion. Net income increased 8 percent to $86.1 million. Results reflect increased market share, improved market conditions and the impact of acquisitions. Earnings were partially offset by increased salaries. 
Hahn Automotive Warehouse (Nasdaq : HAHN)Hahn Automotive Warehouse, Inc. is engaged in the sale of automotive aftermarket products to commercial service establishments on a regional basis. For the three months ended 12/98, revenues fell 5 percent to $29.9 million. Net loss totalled $268 thousand vs. income of $77 thousand. Results reflect improved vehicle manufacturing and performance, and increased competition. Earnings also reflect a decrease in gross profit due to an unfavorable change in sales mix. 
Hayes Lemmerz Int'l, Inc. (NYSE : HAZ)HAZ manufactures, designs, and supplies wheels and brake components to original equipment manufacturers of passenger cars, light trucks and commercial highway vehicles. For the three months ended 4/30/99, revenues increased 42 percent to $587.9 million. Net income increased 11 percent to $16.3 million. Revenues reflect additional sales from the acquisitions, and higher sales in North American Aluminum Wheel groups. Earnings were partially offset by an increase in SGA expenses. 
Hastings Manufacturing (AMEX : HMF)Hastings Manufacturing is primarily a manufacturer of automotive and light duty truck piston rings and, to a lesser extent, produces and/or sells oil additives and hand tools. For the fiscal year ended 12/31/98, net sales rose 9 percent to $38.8 million. Net income rose 81 percent to $1.7 million. Revenues reflect increased piston ring sales in the domestic aftermarket, private brand, and export areas. Earnings also reflect lower raw material costs and lower sales personnel expenses. 
IMPCO Technologies, Inc. (Nasdaq : IMCO)IMPCO Technologies designs, manufactures and markets gaseous fuel delivery systems and related devices allowing combustion engines to operate on alternative fuels, mainly propane and natural gas. For the nine months ended 1/31/99, revenues rose 17 percent to $60.1 million. Net income applicable to Common rose 89 percent to $5.5 million. Revenues reflect increased upfitting revenue from GM and forklift related products. Earnings reflect the inclusion of a $2.2 million gain on a subsidiary sale. 
Insilco Holding Company (OTC BB : INSL)INSL manufactures and supplies products in automative component group (tubing/heating exchanges, stampings) and in technologies group (data connectors, transformers and wire and cable assemblies). For the fiscal year ended 12/31/98, revenues rose 1 percent to $535.6 million. Net loss applicable to Common from continuing operations before extraordinary item totalled $14.2 million vs. income of $23.4 million. Revenues reflect increased sales of tubing and radiators. Losses reflect a $25.5 million merger expense. 
JPE, Inc. (OTC BB : JPEI)JPEI acquires, develops and operates manufacturing and distribution businesses. Through its five subsidiaries, the Company manufactures and distributes automotive and truck components to OEMs and to the aftermarket. For the three months ended 3/99, net sales fell 65 percent to $24.2 million. Net income totalled $2.1 million vs. loss $3.3 million. Revenues reflect the sales of the Company's Trim Product segment, JPE Canada and ALLparts units. Earnings reflect $7.2 million in affiliate and other gains. 
Keystone Automotive Ind. (Nasdaq : KEYS)Keystone Automotive distributes aftermarket collision replacement parts produced by independent manufacturers for cars and light trucks, recycles and produces chrome plated and plastic bumpers and rebuilds alloy wheels. For the nine months ended 12/25/98, net sales rose 22 percent to $235.3 million. Net income rose 19 percent to $12.9 million. Revenues reflect higher number of service centers in operation due to acquisitions. Earnings also reflect the absence of $705 thousand in severance expenses. 
Lear Corporation (NYSE : LEA)Lear Corp. designs and manufactures interior systems and components for automobiles and light trucks. Lear has in-house capabilities in seat systems, floor and acoustic systems, door panels, headliners, and instrument panels. For the three months ended 4/3/99, revenues rose 32 percent to $2.69 billion. Net income rose 6 percent to $50.3 million. Revenues reflect acquisitions. Earnings were partially offset by increased acquisition related interest expenses. 
Lund International Hldgs. (Nasdaq : LUND)LUND designs, manufactures, markets and distributes aftermarket automotive accessories for light and heavy duty trucks, sport utility vehicles and vans. For the comparable fiscal year (vs. pro forma) ended 12/98, sales fell 1 percent to $112.6 million. Net loss totalled $4.1 million, vs. income of $744 thousand. Revenues reflect decreased sales of fiberglass running boards, external visors and other appearance accessories. Net loss reflects product promotions for aftermarket products. 
McLaren Automotive Group (Nasdaq : MCLN)McLaren Automotive Group is engaged in the design, development and marketing of automobiles, automobile components, and accessories. For the six months ended 3/31/99, revenues fell 80 percent to $1.1 million. Net loss totalled $2.5 million vs. an income of $3.7 million. Revenues reflect the absence of finalized license agreements. Loss reflects operating costs related to McLaren and higher R and D expenses related to the New Venture Gear license agreement. 
Magna International (NYSE : MGA)Magna designs, engineers and manufactures a complete range of exterior and interior vehicle systems. For the three months ended 10/31/98, sales rose 46 percent to C$3.03 billion. Net income rose 55 percent to C$147.8 million. Revenues benefitted from an increase in North American and European production content per vehicle, European production sales and consolidated tooling sales. Earnings also reflect an increase in interest income and equity income. 
Modine Manufacturing Co. (Nasdaq : MODI)Modine Manufacturing develops, manufactures, and markets heat exchangers and systems for use in various original equipment manufacturer applications and for sale to the automotive aftermarket and to a wide array of building markets. For the fiscal year ended 3/99, revenues rose 7 percent to $1.11 billion. Net income rose 2 percent to $73.9 million. Revenues reflect the acquisition of Core Holdings, Inc. Earnings were partially offset by inefficiencies at new facilities. 
Motorcar Parts & Access. (Nasdaq : MPAA)MPAA remanufactures and distributes replacement alternators and starters. MPAA also assembles and distributes spark plug wire sets for the automotive after-market industry. For the nine months ended 12/31/98, revenues rose 21 percent to $97.5 million. Net income fell 5 percent to $4.5 million. Revenues reflect rapid growth and increased market share in the domestic vehicles business. Earnings were offset by lower gross margins on new product lines and additional personnel. 
Meritor Automotive, Inc. (NYSE : MRA)MRA is a supplier of a broad range of components and systems for use in commercial, specialty and light vehicles, including axles, brakes, transmissions, clutches, drivelines and roof, door, access control and seat adjusting systems. For the six months ended 3/31/99, sales rose 12 percent to $2.11 billion. Net income rose 17 percent to $90 million. Revenues reflect higher Heavy Vehicle and Light Vehicle Systems sales. Earnings also reflect savings from cost reduction programs. 
MascoTech, Inc. (NYSE : MSX)MSX utilizes metalworking capabilities to supply metal formed components used in vehicle engine and drivetrain applications, specialty fasteners, towing systems, packaging and sealing products and other industrial products. For the three months ended 3/99, net sales rose 12 percent to $448.7 million. Net income fell 27 percent to $23.9 million. Revenues reflect higher sales of Towing System products. Earnings were offset by the absence of a $7 million gain from the disposition of businesses. 
MotorVac Technologies (Nasdaq : MVAC)MotorVac Technologies primarily designs, develops, assembles, markets and sells the MotorVac CarbonClean System, a system for the diagnosis, maintenance and repair of internal combustion engine fuel systems. For the three months ended 3/31/99, net sales increased 31 percent to $4.1 million. Net income totalled $284 thousand, up from $64 thousand. Results reflect higher domestic sales of gas and TRANSTECH machines and lower liability insurance and bad debt expenses. 
Noble International, Ltd. (AMEX : NIL)Noble International, Ltd. is a full service, independent supplier of automotive components, component assemblies and value-added services to the automotive industry. For the three months ended 3/99, net sales rose from $17.4 million to $39.3 million. Net income applicable to Common rose from $925 thousand to $2.8 million. Revenues reflect the inclusion of operations from acquisitions. Earnings also benefitted from increased gross profits. 
Oakhurst Company, Inc. (OTC BB : OAKC)OAKC, through Dowling's Fleet Service Co. and Steel City Products, distributes products to the automotive after market and non-food pet supplies to independent retailers. For the nine months ended 11/98, revenues fell 4 percent to $24.7 million. Net loss rose 23 percent to $673 thousand. Revenues reflect lower sales to existing automotive customers at Steel City and a slowdown at Dowling's. Higher loss reflects increases in buying and occupancy expenses as a  percentage of sales. 
Orbital Engine Corp. Ltd. (NYSE : OE)Orbital Engine Corp. Ltd. specializes in proprietary internal combustion engine technologies primarily related to two-stroke and four-stroke engines. For the fiscal year ended 6/98, revenues totalled A$62.1 million, up from A$25.3 million. Net income according to U.S. GAAP totalled A$3.5 million vs a loss of A$32.2 million. Revenues reflect an increase from trading operations. Earnings reflect a drop in amortization of patents, licenses and technologies arising from corporate restructuring charge. 
OEA, Inc. (NYSE : OEA)OEA develops and produces high reliability, propellant-actuated devices for the autmotive and aerospace industries. For the nine months ended 4/30/99, sales rose 1 percent to $182.9 million. Net loss before accounting change fell 57 percent to $3.4 million. Revenues reflect increased automotive segement sales due to higher initiator sales. Lower loss reflects an improved gross profit margin and increased royalty and other income. 
Omni U.S.A., Inc. (Nasdaq : OUSA)Omni U.S.A. designs, develops, manufactures and distributes gear boxes for towing and trailer products, used primarily for agricultural and industrial purposes, to original equipment manufacturers and distributors worldwide. For the nine months ended 3/31/99, net sales rose 10 percent to $12 million. Net loss rose 27 percent to $247 thousand. Revenues benefitted from increased sales of power transmission components. Higher loss reflects lower margins. 
Automotive Performance (OTC BB : RACG)Automotive Performance Group develops and markets a specrum of integrated mutually supportive brands of products and services for the high-performance automotive and specialty chemicals industry. For the three months ended 3/99, revenues totalled $765 thousand, up from $286 thousand. Net loss from continuing operations before extraordinary item increased 45 percent to $1.4 million. Results reflect increased sales personnel, offset by salaries, direct, S,G&A and professional expenses. 
Rankin Automotive Group (Nasdaq : RAVE)RAVE is a specialty supplier and retailer of automotive replacement parts, tools, supplies, equipment and accessories to both professional installers and DIY customers. For the fiscal year ended 2/25/99, revenues rose 4 percent to $40.1 million. Net loss fell 12 percent to $693 thousand. Revenues reflect an increase in product sales due to acquisitions. Lower losses reflect the Company's purchase of its own distribution center and the abililty to purchase products at lower prices. 
R & B Inc. (Nasdaq : RBIN)R and B Inc. is engaged in the selling of a broad range of hard-to-find replacement auto parts and fasteners for the automotive aftermarket to retailers, wholesalers and others. For the 13 weeks ended 3/27/99, net sales increased 43 percent to $55.9 million. Net income increased 15 percent to $1.4 million. Revenues benefitted from increases in all core business segments and acquisitions. Earnings were partially offset by increased labor and freight expenses and higher debt levels. 
Delco Remy Int'l, Inc. (NYSE : RMY)Delco Remy Int'l., Inc. designs, manufactures, remanufactures and sells heavy duty motors and generators, automotive starter motors, and related components. For the six months ended 1/31/99, net sales rose 13 percent to $455.1 million. Net income applicable to Common totalled $11.2 million, up from $5.5 million. Revenues reflect sales from World Wide and a strong demand from GM. Higher earnings also reflect lower debt levels and $2 million income from joint venture. 
Standard Motor Products (NYSE : SMP)SMP manufactures replacement parts and automotive related items for the automotive industry. SMP operations consist of two segments: engine management and temperature control. For the three months ended 3/31/99, revenues rose 40 percent to $176.8 million. Net income rose 38 percent to $3.6 million. Revenues reflect growth of temperature control product sales. Net income was partially offset by a lower gross margin due to higher sales of temperature control products in relation to total sales. 
Simpson Industries, Inc. (Nasdaq : SMPS)Simpson Industries, Inc. manufactures vibration control and other products for automobile and diesel engines, air conditioning compressors, and transmission and driveline components. For the three months ended 3/31/99, revenues increased 6 percent to $133.1 million. Net income increased 17 percent to $5.7 million. Revenues reflect increased North American sales within the medium and heavy duty truck markets. Earnings also reflect cost cutting efforts and lower debt levels. 
Standard Products Co. (NYSE : SPD)Standard Products Co. is engaged primarily in the manufacture of rubber and plastic parts for automotive OEMs, rubber and plastic sealing components for the refrigeration industry, and precure and moldcure tread rubber for the truck tire retreading industry. For the nine months ended 3/31/99, revenues fell 4 percent to $778 million. Net income fell 54 percent to $11.6 million. Results reflect the downturn in the Brazilian economy and higher selling, general and administrative costs. 
Stoneridge, Inc. (NYSE : SRI)SRI is a designer and manufacturer of highly engineered electrical and electronic components, modules and systems for the automotive, medium and heavy duty truck and agricultural vehicle markets. For the three months ended 3/31/99, net sales increased 35 percent to $177.7 million. Net income increased 15 percent to $10.8 million. Net sales reflect higher sales of core electrical and electronic components. Net income was partially offset by an increased interest expense due to higher borrowings. 
Strattec Security Corp. (Nasdaq : STRT)Strattec Security Corp. designs, develops, markets and manufactures mechanical locks, electro-mechanical locks and related products for major automotive manufacturers. For the nine months ended 3/28/99, net sales increased 4 percent to $146.1 million. Net income rose 24 percent to $11.9 million. Revenues reflect higher sales to DaimlerChrysler and Ford Motor Company and a more favorable product mix. Earnings reflect improved gross profit margins. 
Superior Industries Int'l (NYSE : SUP)Superior Industries Int'l manufactures and sells automotive products for original equipment manufacturers (OEM) and aftermarkets. Products include custom road wheels, steering wheel covers and other accessories. For the three months ended 3/99, revenues rose less than 1 percent to $136.9 million. Net income rose 21 percent to $15.5 million. Revenues reflect an increase in OEM unit shipments. Earnings also reflect higher utilization rates, and a decrease in travel expense. 
TBC Corporation (Nasdaq : TBCC)TBC Corporation is engaged in the distribution of tires in the automotive replacement market. The company also acts as a franchisor of independent retail tire and automotive service stores. For the three months ended 3/31/98, sales increased 15 percent to $162.2 million. Net income rose 21 percent to $3.8 million. Results reflect increased revenues due to increases in unit tire shipments and increases in the average tire sales price due to the impact of the Carroll's acquisition. 
Commercial Intertech Corp (NYSE : TEC)TEC is engaged in the design, manufacture and sale of products in two business groups: the Hydraulic Systems segment and the Building Systems and Metal Products segment. For the three months ended 1/31/98, sales decreased 6 percent to $120.3 million. Net loss applicable to Common Stock totalled $1.2 million, vs. an income of $3.4 million. Revenues suffered from reduced demand in mobile hydraulic markets. Net loss reflects a $5.4 million nonrecurring reorganization charge. 
Torvec, Inc. (OTC BB : TOVC)Torvec, Inc. is a development stage company specializing in automotive technology. The Company owns many U.S. and international patent properties developed by the Gleasmans protecting inventions relating to automotive technology. For the three months ended 3/31/99, the Company reported no revenues. Net loss totalled $1.1 million, up from $341 thousand. Higher loss reflects increased research and development expenses associated with the Fastrak vehicle. 
Transpro, Inc. (NYSE : TPR)TPR manufactures and supplies heat transfer components and systems, and specialty metal fabrication products for a variety of aftermarket and OEM automotive, truck and industrial equipment applications. For the three months ended 3/99, revenues rose 13 percent to $57.3 million. Net income totalled $505 thousand, vs. a loss of $139 thousand. Revenues reflect volume increases in the radiator and heater product lines. Earnings also reflect an improved gross profit margin. 
Turbodyne Technologies (TRBDFTRBDF manufactures aluminum cast automotive products, including engine components and specialty wheels, and develops products to enhance performance and reduce emissions of internal combustion engines. For the three months ended 3/31/99, net sales rose 45 percent to $14.1 million. Net loss decreased 13 percent to $3.5 million. Results reflect continued growth in the automotive components and aftermarket wheels segments, partially offset by increased interest expense. 
Rose Corporation (The) (OTC BB : TRSEF)Rose Corp. manufactures and markets vehicle parts and accessories and industrial products through its Hayden division. The Co. also services residential and commercial properties anr manages Hidden Valley Resort Hotel. For the fiscal year ended 7/31/98, revenues decreased 8 percent to C$9.6 million. Net income from continuing operations totalled C$1.5 million, up from C$193 thousand. Revenues suffered from the absence of property sales. Earnings reflect an increase in gross profit. 
Tesma International, Inc. (Nasdaq : TSMA)Tesma Int'l is a supplier of powertrain (engine and transmission), fueling and cooling components, assemblies, modules and systems for cars and light trucks. For the six months ended 1/31/99, revenues rose 31 percent to C$395.8 million. Net income applicable to Common before US GAAP totalled C$23.1 million, up from C$10.3 million. Revenues reflect higher North American vehicle production volumes, and higher tooling sales. Earnings also the absence of a C$9.1 million litigation settlement. 
TransTechnology Corp. (NYSE : TT)TransTechnology Corp. develops, manufactures and sells products in two industry segments: Specialty Fastenner Products and Aerospace Products. For the fiscal year ended 3/31/99, revenues rose 12 percent to $228 million. Net income from continuing operations before extraordinary item rose 22 percent to $14.6 million. Revenues reflect increased sales due to the acquisitions of ARM and the inclusion of operations of TCR Corporation. Net income reflects improved gross margins. 
Transportation Components (NYSE : TUI)Transportation Components, Inc. is a national, value-added independent distributor of replacement parts and supplies for Class III through Class VIII commercial trucks, trailers and other types of specialized heavy duty vehicles and equipment. For the three months ended 3/31/99, revenues totalled $78.2 million. Net income totalled $2 million. Results are not comparable as a result of the Company's formation in June, 1998. 
Universal Manufacturing (Nasdaq : UFMG)Universal Manufacturing is engaged in the business of remanufacturing and selling on a wholesale basis remanufactured engines and other remanufactured automotive parts for Ford, Lincoln and Mercury automobiles and trucks. For the nine months ended 4/30/99, net sales rose 2 percent to $13.9 million. Net income fell 65 percent to $253 thousand. Results reflect greater sales of remanufactured engines and transmissions, offset by lower margins and higher S/G/A expenses. 
U.S. Automotive Manufact. (Nasdaq : USAM)U.S. Automotive manufactures, assembles and distributes new automotive friction products (brake pads and brake shoes) and sells replacement parts for use on motor vehicles after initial vehicle purchase. For the fiscal year ended 12/31/98, sales totalled $20.7 million, up from $7 million. Net loss fell 65 percent to $4.6 million. Revenues reflect the sales contribution from the Quality Automotive acquisition. Lower loss reflects improved gross profit margin and decrese in S/G/A expense. 
Universal Automotive Ind. (Nasdaq : UVSL)UVSL specializes in the distribution and manufacture of brake rotors and other brake parts, under its trademarks ``UBP-Univeral Brake Parts(TM)'' and ``Ultimate(TM)'' in the U.S. and Canada. For the three months ended 3/31/99, sales rose 5 percent to $15.2 million. Net loss totalled $595 thousand vs. an income of $42 thousand. Results reflect higher wholesale commodities sales, offset by lower margins due to the securing buying groups with lower pricing agreements. 
Varlen Corporation (Nasdaq : VRLN)VRLN is engaged in the designing, manufacturing and marketing of transportation equipment (railroad and vehicular products) and petroleum analyzers. For the three months ended 5/1/99, net sales increased 17 percent to $193.3 million. Net income increased 32 percent to $14.5 million. Revenues reflect increased demand, broader product offerings, increased railroad product sales and acquisition. Earnings also reflect lower outstanding average debt and average rates. 
Wescast Industries Inc. (Nasdaq : WCSTF)Wescast Industries Inc. is primarily engaged in the manufacture and machining of exhaust manifolds for the automotive industry. Wescast also manufactures steel pump equipment parts for the petrochemical, pollution control and food processing industries. For the fiscal year ended 12/27/98, sales rose 24 percent to C$284.9 million. Net income according to U.S. GAAP rose 22 percent to C$47.8 million. Results reflect increased sales of exhaust manifolds, partially offset by higher R&D costs. 
Williams Controls, Inc. (Nasdaq : WMCO)Williams Controls, Inc. manufactures vehicle components, develops and produces sensors, microcircuits and other electronic products, manufactures plastic components for the automotive industry and develops GPS systems. For the six months ended 3/31/99, sales rose 12 percent to $31.6 million. Net income from continuing operations applicable to Common fell 2 percent to $2.2 million. Results reflect higher vehicle component segment unit sales, offset by new product development expenses.%}
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Standard Automotive Corp (AMEX : AJX)Standard Automotive is a specialized manufacturer of new trailer chassis for sale and leasing. The Company also remanufactures used trailer chassis. For the nine months ended 12/31/98, net sales rose from $19.9 million to $48.9 million. Net income applicable to Common fell 2 percent to $1.3 million. Revenues reflect the Co's acquisitions of R/S and CPS and higher sales of new chassis. Net income was offset by higher cost of revenues as a  percentage of revenues and preferred dividend payments. 
Amerigon Incorporated (Nasdaq : ARGNA)Amerigon, a development stage co., develops, markets and manufactures proprietary high technology automotive components and systems for sale to automobile and other original equipment manufacturers. For the three months ended 3/99, revenues totalled $319 thousand, up from $84 thousand. Net loss fell 17 percent to $1.5 million. Revenues reflect increased development funding for climate control seats and radar prototype programs. Lower loss reflects decreased legal costs. 
Athey Products Corp. (Nasdaq : ATPC)ATPC is a manufacturer whose principal products are mobil street sweepers and force-feed loaders for contractors, municipalities, and other government agencies. For the three months ended 3/99, revenues rose 36 percent to $9.6 million. Net loss totalled $308 thousand, up from $18 thousand. Revenues reflect increased number of sweepers shipped due to higher production. Net loss was offset by production inefficiencies and increased warranty expenses. 
Brilliance China Automot. (NYSE : CBA)Brilliance China Automotive Holdings is a holding company which owns a 51 percent equity interest in Shenyang JinBei Passenger Vehicle Maufacturing Company Ltd., a Sino-foreign equity joint venture enterprise which manufactures, assembles and sells minibuses in China. For the fiscal year ended 12/31/97, sales totalled RMB2.43 billion, up from RMB1.15 billion. Net income totalled RMB172.4 million, up from RMB57.1 million. Results reflect the strong sales of the Mid-priced Minibus. 
Collins Industries, Inc. (Nasdaq : COLL)COLL manufactures specialty vehicles and accessories for basic transportation needs, such as ambulances, small school buses, shuttle commercial buses, terminal trucks, and commercial bus chassis. For the three months ended 1/31/99, sales fell 1 percent to $38.2 million. Net income rose 12 percent to $671 thousand. Revenues reflect lower sales of terminal trucks. Earnings benefitted from lower cost of sales due to an increase in sales of higher margin bus products. 
DaimlerChrysler AG (NYSE : DCX)DaimlerChrysler AG designs, manufactures, assembles and sells cars and trucks under the names, Mercedes-Benz, Chrysler, Plymouth, Jeep and Dodge, manufactures commercial vehicles, provides related financial services and has aerospace operations. For the three months ended 3/31/99, revenues rose 10 percent to EUR34.99 billion. Net income fell 20 percent to EUR1.16 billion. Results reflect increased Mercedes-Benz unit sales, offset by EUR597M in German tax law changes effects. 
Consorcio G Grupo Dina (NYSE : DIN)Consorcio G Grupo Dina assembles and markets class 5, 6, and seven trucks (medium-duty trucks), class eight trucks (heavy-duty trucks), and intercity coaches in Mexico and North America. For the fiscal year ended 12/31/97, net sales rose 3 percent to NP7.15 billion. Net income rose from NP22.3 million to NP60M. Results reflect increase in sales at Dina Camiones and at Dina Autobuses. Net income also reflects cost-reduction measures. 
Dorsey Trailers, Inc. (OTC BB : DSYT)DSYT designs, manufactures and markets a broad line of customized truck trailers including aluminum and steel dry freight trailers, refrigerated trailers, flatbed trailers and dump trailers. For the fiscal year ended 12/31/98, net sales fell 4 percent to $150.3 million. Net loss fell 95 percent to $487 thousand. Revenues suffered from a decrease in used trailer sales. Lower loss reflects an improved product mix, improved pricing on new trailers and lower payroll expenses. 
Ford Motor Company (NYSE : F)Ford Motor manufactures, assembles and sells cars, trucks and related parts and accessories. Ford's Financial Services provides financing, insurance and vehicle and equipment leasing. For the three months ended 3/31/99, revenues increased 4 percent to $37.89 billion. Net income applicable to Common decreased 89 percent to $1.98 billion. Revenues reflect higher automotive sales volumes. Earnings reflect the absence of a $15.96 billion gain on spin-off of the Associates. 
Fiat S.p.A (NYSE : FIA)Fiat S.p.A. is engaged in the manufacture and sale of automobiles, commercial vehicles and agricultural and construction equipment. The Company is also involved in financial and insurance services. For the fiscal year ended 12/31/97, revenues increased 15 percent to LIR94.49T. Net income applicable to U.S. GAAP adjustment increased 1 percent to LIR1.87T. Revenues reflect increased sales of automobiles. Earnings also reflect favorable trends in manufacturing costs. 
Featherlite, Inc. (Nasdaq : FTHR)Featherlite designs, manufactures, and markets over 400 models of both custom made and standard model specialty aluminum and steel trailers through a network of over 240 full-line dealers and over 1000 limited-line dealers. For the fiscal year ended 12/98, sales rose 42 percent to $190.9 million. Net income rose 11 percent to $3.7 million. Revenues reflect an increase in sale of steel and aluminium brand and luxury motorcoaches. Earnings were partially offset by increased overhead costs and debt. 
Glas-Aire Industries (Nasdaq : GLAR)GLAR designs, develops, manufactures and sells sunroof wind deflectors, hood protectors and rear air deflectors for cars, light trucks and vans. For the nine months ended 10/31/98, revenues decreased 2 percent to $4.8 million. Net income increased 44 percent to $363 thousand. Revenues suffered from lower automotive sales and manufacturing interruptions. Net income benefitted from lower cost of materials and the elimination of sales commissions. 
General Motors Corp. (NYSE : GM)General Motors Corp. designs, manufactures and markets automobiles, trucks and related parts, designs and manufactures locomotives and heavy-duty transmissions, and operates a financial services and insurance company. For the three months ended 3/31/99, revenues rose 6 percent to $42.44 billion. Net income from continuing operations applicable to Common rose 33 percent to $1.78 billion. Results reflect higher wholesale sales volume and continued improvement in the profitability of new vehicles. 
Honda Motor Co., Ltd. (NYSE : HMC)HMC manufacture, distribute and provide financing for the sale of its motorcycles, automobiles and power products, including portable generators, power tillers and general purpose engines. For the six months ended 9/98, revenues rose 12 percent to Y3.134T. Net income increased 25 percent to Y158.28 billion. Revenues reflect increased unit sales of automobiles in North America and Europe. Earnings also reflect decreased cost of sales as a  percentage of revenues. 
Kroll-O'Gara Company (Nasdaq : KROG)KROG is a provider of a broad range of specialized products and services that are designed to provide solutions to a variety of security needs. For the three months ended 3/99, revenues rose 25 percent to $65.6 million. Net income before accounting change from continuing operations rose 9 percent to $3.4 million. Revenues reflect the acquisition made in the Investigations and Intelligence Group, and internal growth achieved by new offices. Earnings were partially offset by a rise in SGA expenses. 
McClain Industries, Inc. (Nasdaq : MCCL)McClain Industries manufactures and sells dump truck bodies used to carry and dump solid materials and solid waste handling equipment used for the temporary storage and transportation of waste and recycling materials. For the three months ended 12/31/98, net sales rose 15 percent to $27.2 million. Net income rose 66 percent to $561 thousand. Revenues reflect strong McClain E-Z Pack sales. Earnings also reflect the restructuring of certain administrative processes. 
Miller Industries, Inc. (NYSE : MLR)MLR manufactures and distributes towing and recovery equipment and provides financial and related services to the towing and recovery industry. MLR also provides towing and specialized transportation services. For the nine months ended 1/31/99, net sales rose 35 percent to $384.4 million. Net income increased 6 percent to $10 million. Revenues reflect higher sales from the towing and recovery equipment segment. Earnings were partially offset by higher S/G/A expenses and borrowings. 
Monaco Coach Corporation (NYSE : MNC)Monaco Coach manufactures premium Class A motor coaches and towable recreational vehicles. The Co. offers 13 motor coach models and seven fifth wheel trailer models. For the three months ended 4/3/99, net sales rose 41 percent to $193.2 million. Net income applicable to Common totalled $9.9 million, up from $4.2 million. Revenues reflect stronger demand and higher production rates. Net income also reflects an increased gross profit as a  percentage of revenues due to improved efficiencies. 
Metrotrans Corporation (Nasdaq : MTRN)MTRN manufactures and distributes shuttle, mid-size, and full-size touring buses designed for use by image conscious commercial enterprises. For the fiscal year ended 12/31/98, net revenues fell 5 percent to $76.1 million. Net loss totalled $4.3 million vs. an income of $1.7 million. Revenues reflect several customers delaying delivery of multi-unit orders and a decline in the average sales price of vehicles. Loss also reflects higher materials, legal and advertising expenses. 
Navistar International (NYSE : NAV)NAV, a holding company, manufactures and markets medium and heavy trucks, diesel engines and service parts. NAV also provides financing and liability insurance for its dealers, customers and distributors. For the six months ended 4/30/99, sales rose 12 percent to $4.21 billion. Net income applicable to Common rose 67 percent to $156.6 million. Revenues reflect higher shipments of mid-range diesel engines. Earnings also reflect lower unit costs and improved operating efficiencies. 
Nissan Motor Co., Ltd. (Nasdaq : NSANY)Nissan Motor Co., Ltd. is engaged in the manufacture of automobiles. The Company also produces aerospace, industrial and textile equipment. For the six months ended 9/30/98, net sales decreased 8 percent to Y1.64T. Net loss totalled Y32.55 billion vs. income of Y38.50 billion. Results reflect a decrease in industry-wide sales of new vehicles due to the economic recession in the domestic market, lower export sales and a Y76B marketable securities valuation loss. 
Oshkosh Truck Corporation (Nasdaq : OTRKB)OTRKB engineers, manufactures, and markets a broad range of fire and emergency apparatus and specialty commercial and military trucks under the ``OshKosh'', ``Pierce'', McNeilus`` and ''MTM'' trademarks. Revenues for the six months ended 3/31/99 rose 41 percent to $521.2 million. Net income before extraordinary item rose 66 percent to $10.5 million. Revenues reflect increased sales of construction and refuse vehicles due to the McNeilus acquisition. Earnings also reflect improved margins. 
PACCAR Inc. (Nasdaq : PCAR)PACCAR, Inc. is engaged in the manufacture of medium and heavy-duty trucks and related aftermarket distribution of parts, and finance and leasing services to customers and dealers. Revenues for the three months ended 3/99 increased 18 percent to $2.15 billion. Net income rose 19 percent to $119.5 million. Revenues benefitted from strong market demand for trucks in the United States. Net income also benefitted from an improved truck operating profit. 
RVM Industries, Inc. (OTC BB : RVMI)RVM Industries, Inc. designs, manufactures and sells aluminum truck trailers and bodies, and manufactures and sells custom and standard aluminum extruded products and aluminum blank and finished traffic control signs. For the nine months ended 12/31/98, net sales rose 9 percent to $62.4 million. Net income before accounting change fell 22 percent to $1.3 million. Results reflect an increased volume of trailer sales by Ravens, offset by lower margins due to increased warranty expense. 
SMC Corporation (Nasdaq : SMCC)SMCC designs, manufactures and markets motor coaches sold primarily to independent dealers, offering 12 different models under the Beaver, Safari, Harney and Magnum makes. For the three months ended 4/3/99, sales rose 19 percent to $56.8 million. Net income fell 88 percent to $108 thousand. Results reflect strong demand for Zanzibar and Continental models at Safari and higher sales of Monterey, Contessa and Patriot models at Beaver, offset by lower margins, higher S/G/A and increased legal expenses. 
Spartan Motors, Inc. (Nasdaq : SPAR)Spartan Motors, Inc. is an international manufacturer of custom motor vehicle chassis, principally for fire trucks, motorhomes, school buses, transit buses and specialty vehicles. For the fiscal year ended 12/98, sales rose 43 percent to $255.3 million. Net income totaled $3.5 million vs. a loss of $13.1 million. Revenues reflect an increase in motorhome chassis sales. Earnings reflects lower operating expenses in the Chassis Group due to increased efficiencies and reduced costs. 
Supreme Industries, Inc. (AMEX : STS)Supreme Industries, Inc. manufactures truck bodies that are mounted on new truck chassis produced by others. STS also manufactures shuttle buses and trailers. For the three months ended 3/31/99, total revenues increased 2 percent to $56.4 million. Net income increased less than 1 percent to $2.4 million. Revenues reflect increases in each of the Company's manufacturing facilities, partially offset by delays in chassis arrivals. Earnings were partially offset by increased S/G/A expenses. 
Toyota Motor Corporation (Nasdaq : TOYOY)TOYOY manufactures, designs, and sells a full line of cars and trucks. TOYOY also engages in financial services, industrial vehicles, prefabricated housing, and telecommuni-cations. For the fiscal year ended 3/98, sales fell 5 percent to Y11.678T. Net income rose 18 percent to Y454.35 billion. Results reflect a lower demand for passenger cars in Japan and Southeast Asia, offset by favorable trends in currency exchange rates, manufacturing efficiencies and overseas subsidiary earnings. 
Vector Aeromotive Corp. (OTC BB : VCAR)Vector Aeromotive Corp. is principally engaged in the design, manufacture and assembly of exotic sports cars. For the nine months ended 9/30/98, sales totalled $749 thousand, up from $119 thousand. Net loss decreased 51 percent to $87 thousand. Revenues benefitted from the completion and sale of two M-12 automobiles. Loss was partially offset by increased manufacturing overhead expenses and a $437 thousand reduction in interest and other income. 
Volkswagen AG (VLKAYVolkswagen AG designs, manufactures and markets cars, commercial vehicles and trucks under the brand names Volkswagen, Audi, Seat and Skoda. VLKAY also operates financial services and rental car divisions. For the fiscal year ended 12/31/97, net sales rose 13 percent to DM113.25 billion. Net income totalled DM1.36 billion, up from DM678M. Revenues reflect increased Audi deliveries in Western Europe and Germany. Earnings also reflect improvements in cost structures. 
Volvo (Nasdaq : VOLVY)Volvo, a multinational conglomerate, manufactures cars, trucks, buses, construction equipment and drive systems for marine and industrial applications. VOLVY also offers financial management, insurance and real estate services. For the nine months ended 9/98, net sales rose 15 percent to SEK150.32 billion. Net income fell 40 percent to SEK5.56 billion. Results reflect higher sales in North America and Europe, offest by lower gains on sales of shares and SEK1.15 billion in restructuring costs. 
Wabash National Corp. (NYSE : WNC)WNC designs, manufactures and markets standard and customized truck trailers, including dry freight vans and refrigerated trailers; and produces and sells after-market parts. For the three months ended 3/31/99, revenues rose 16 percent to $341.6 million. Net income applicable to Common fell 12 percent to $5.9 million. Revenues benefited from an increase in the company's leasing and finance segment. Net income was offset by increased selling expenses and lower gross margin. 
Western Star Trucks (AMEX : WSH)WSH and its subsidiaries design and assemble customized heavy duty trucks and transit buses and sell after-market parts. For the three months ended 9/30/98, revenues rose 16 percent to C$380.6 million. Net income before U.S. GAAP fell 21 percent to C$3.7 million. Revenues reflect strong North American demand for heavy trucks and increased sales of after-market parts. Earnings were offset by the strike at Orion and higher selling and administrative and interest expenses.%}
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Bogen Communications (Nasdaq : BOGN)Bogen Communications International develops, produces and sells sound processing equipment and telecommunications peripherals for the commercial and engineered sound processing markets. For the three months ended 3/31/99, net sales rose 10 percent to $12.5 million. Net income applicable to Common totalled $471 thousand, up from $7 thousand. Results reflect increased sales of Engineered Systems products and higher margins due to lower direct materials costs. 
Boston Acoustics Inc. (Nasdaq : BOSA)BOSA engineers, manufactures and markets loudspeaker systems for use in home audio and video entertainment, and in after-market automotive audio systems. For the nine months ended 12/26/98, net sales rose 48 percent to $85.2 million. Net income rose 27 percent to $8.5 million. Results reflect increased OEM sales of the MediaTheater speaker systems to Gateway, Inc. Earnings were partially offset by decreased margins due to a change in product mix and increased engineering and development costs. 
Carver Corporation (OTC BB : CAVR)CAVR designs, develops, manufactures and markets high-fidelity audio/video components targeted to the mid-to-high end home entertainment systems market and high-end professional amplifiers. For the six months ended 6/30/98, net sales fell 42 percent to $2.6 million. Net loss rose 35 percent to $1.7 million. Revenues reflect lower sales due to the termination of a distribution agreement with Circuit City. Net loss reflects the absence of a $859 thousand gain from the sale of a facility. 
Certron Corporation (OTC BB : CRTN)Certron Corporation is primarily engaged in the design, development, manufacturing and distribution of magnetic media products and the contract assembly and manufacturing of products for the proprietary use of others. For the six months ended 4/30/99, net sales fell 22 percent to $1.5 million. Net loss totalled $203 thousand vs. an income of $9 thousand. Revenues reflect a decrease in sales of mini and micro cassettes. Loss also reflects lower margins. 
Curtis International Ltd. (Nasdaq : CURT)Curtis International Ltd. is engaged in the distribution and sale of electronics, audio visual products and computer accessories in the U.S. and Canada. For the nine months ended 2/28/99, revenues rose 49 percent to $33.3 million. Net income rose 59 percent to $1.2 million. Revenues benefitted from an expansion of the customer base in the United States. Earnings also reflect an improved gross profit, and lower administrative expenses as a  percentage of sales. 
Euphonix, Inc. (Nasdaq : EUPH)Euphonix develops, manufactures and markets digital audio mixing consoles for use in the production of audio content for the music, film, TV, broadcast, live concerts, theater and multimedia segments of the professional audio market. For the fiscal year ended 12/31/98, revenues decreased 14 percent to $15.6 million. Net loss totalled $5.2 million, up from $1.9 million. Revenues reflect lower European and Canadian sales. Higher loss reflects an increase in personnel. 
Faroudja, Inc. (Nasdaq : FDJA)Faroudja, Inc. designs, develops and markets a range of video image enhancement products for the home theater and industrial markets and the broadcast market. For the three months ended 3/31/99, total revenues decreased 27 percent to $2.4 million. Net loss totalled $1.5 million vs. an income of $8 thousand. Revenues reflect the absence of royalty payments from S3 and lower selling prices for line multiplier products. Loss also reflects lower margins. 
Gemstar International Gr. (Nasdaq : GMST)Gemstar develops, markets and licenses proprietary technologies and systems that simplify and enhance consumers' interaction with electronics products and other platforms that deliver video, programming information and other data. For the nine months ended 12/31/98, revenues rose 34 percent to $112.4 million. Net income totalled $47.2 million, up from $19.2 million. Results reflect continued growth in worldwide licensing income and the absence of $11.7 million in merger related costs. 
Harman Int'l Industries (NYSE : HAR)Harman International Industries is engaged in the design, manufacture and marketing of high-fidelity audio products targeted primarily at the consumer, professional and original equipment manufacturer (OEM) markets. For the nine months ended 3/31/99, net sales fell 4 percent to $1.08 billion. Net loss before extraordinary item totalled $9.3 million vs. an income of $39.5 million. Results reflect Asian crisis, soft consumer audio markets, and $37.1 million plant closures and asset impairment charges. 
Hitachi, Ltd. (NYSE : HIT)HIT is a Japanese diversified manufacturer of electronic and electrical products. HIT manufactures information systems, electronics, power and industrial systems, consumer products, and other materials. For the six months ended 9/98, revenues decreased 6 percent to Y3.897T. Net loss totalled Y142.23 billion vs. income of Y37.67 billion. Revenues reflect lower demand due to recession in Asia. Net loss suffered from higher SG&A costs as a  percentage of sales. 
Koss Corporation (Nasdaq : KOSS)Koss Corporation is a designer, manufacturer and marketer of stereo headphones, audio/video loudspeakers, and related accessory products. For the six months ended 12/98, net sales decreased 21 percent to $17.4 million. Net income decreased 6 percent to $2.3 million. Revenues reflect the Company's decision to withdraw from the speaker business. Net income was partially offset by increased gross margins due to a change in product mix, and increased royalty income. 
Matsushita Electric Ind. (NYSE : MC)MC produces electric and electronic products under the ``Panasonic,'' ``National,'' ``Technics,'' ``Quasar,'' ``Victor'' and ``JVC'' trade names. For the six months ended 9/30/98, net sales remained flat at Y3.891T. Net income before U.S. GAAP adjustment decreased 83 percent to Y9.5 billion. Results reflect higher sales of information and communication equipment, offset by a decreased operating profit due to adverse effects of slowed demand, and intensified worldwide price competition. 
Voice It Worldwide Inc. (OTC BB : MEMO)MEMO designs, develops and markets personal consumer electronics products which digitally record and store voice information on solid state memory. For the three months ended 3/31/99, revenues totalled $5.7 million, up from $1.3 million. Net income totalled $627 thousand vs. a loss of $571 thousand. Revenues benefitted from the successful introduction of the Voice It Moblie Digital Recorder. Earnings also benefitted from a reduction in coop and sales commissions. 
Emerson Radio Corp. (AMEX : MSN)Emerson Radio Corp. designs, sources, imports and markets a variety of televisions and other video products, microwave ovens, audio, home theater, specialty and other consumer electronic products. For the 39 weeks ended 1/1/99, net revenues rose 11 percent to $137.5 million. Net income applicable to Common totalled $1.1 million vs. a loss of $537 thousand. Results reflect increased unit sales of audio products and lower S/G/A expenses due to reduced co-op advertising costs. 
NEC Corporation (Nasdaq : NIPNY)NEC develops, manufactures and markets information and communication systems and equipment, computers and industrial elecronic systems and electron devices worldwide. For the six months ended 9/98, total revenues fell 11 percent to Y2.113T. Net loss totalled Y19.73 billion vs. income of Y35.76 billion. Revenues reflect decreased capital spending by Japanese corporations and a decline in memory prices. Earnings suffered from lower margins and increased S/G/A as a  percentage of sales. 
Phoenix Gold Int'l, Inc. (Nasdaq : PGLD)Phoenix Gold International, Inc. designs and sells electronics and accessories for the domestic and international car audio aftermarket, the professional sound market and custom audio/video and home theater markets. For the 26 weeks ended 3/31/99, net sales rose 2 percent to $12.9 million. Net income totalled $366 thousand, up from $71 thousand. Revenues reflect increased domestic sales. Earnings also benefitted from reduced promotional activities and personnel reductions. 
Pioneer Electronic Corp. (NYSE : PIO)Pioneer Electronic Corp. is engaged in the development, manufacture and sale of electronics products such as audio, video and car electronics, and of AV (audio/ video) software on a global scale. For the fiscal year ended 3/98, revenues increased 1 percent to Y559.84 billion. Net income totalled Y6.16 billion, up from Y2.51 billion. Revenues reflect strong sales of car navigation systems. Earnings benefitted from the absence of a Y11.65 billion employee-related restructuring charge. 
Parkervision, Inc. (Nasdaq : PRKR)PRKR designs, manufactures and markets automated video equipment, and develops and markets wireless radio frequency technologies. The Company is also researching certain wireless technologies. For the three months ended 3/31/99, net revenues increased 26 percent to $2.5 million. Net loss increased 3 percent to $1.5 million. Revenues reflect a higher number of camera systems sold. Higher loss reflects an increase in personnel cost and outsourcing of engineering functions. 
Sanyo Electric Co., Ltd. (Nasdaq : SANYY)Sanyo Electric Co., LTD. manufactures a broad range of electronic items including video equipment, audio equipment, home appliances, industrial and commercial equipment, information systems, batteries and other products. Sanyo also manufactures air-conditioning equipment. For the fiscal year ended 3/98 revenues rose 4 percent to Y1.925T. Net income fell 30 percent to Y12.32 billion. Results reflect increased communications equipment sales offset by the Asian economic conditions. 
Singer Company N.V. (NYSE : SEW)The Singer Company N.V. is a manufacturer, marketer and distributor of sewing machines. SEW also markets other durable products, including consumer electronic equipment, home appliances and furnishings. For the nine months ended 10/3/98, revenues rose 12 percent to $913.1 million. Net loss totalled $24.2 million vs. an income of $30.7 million. Revenues benefitted from the G.M. Pfaff AG acquisition. Loss suffered from increased selling and administrative and foreign exchange expenses. 
Sony Corporation (NYSE : SNE)Sony Corp. develops, designs, manufactures and sells electronic equipment, instruments and devices. SNE also develops, produces, manufactures and distributes recorded music and imaged based software, and is engaged in insurance and financing. For the fiscal year ended 3/31/99, revenues increased 1 percent to Y6.795T. Net income fell 24 percent to Y179B. Results reflect higher video sales, offset by higher personnel, depreciation and amortization expenses. 
Stereoscape.com, Inc. (OTC BB : SSCP)StereoScape.com is engaged in the sale of home entertainment equipment such as amplifiers, televisions, CD players and satalite systems. For the nine months ended 9/30/98, revenues increased 28 percent to $1.8 million. Net loss fell 32 percent to $77 thousand. Revenues benefitted from sales staff and infrastructure changes related to the aquisition of ABC as well as increased sales. Net loss reflects lower S/G/A expenses as a  percentage of sales. 
Sanctuary Woods Multimed. (OTC BB : SWMC)SWMC develops, publishes, and markets interactive multimedia educational software content on CD-ROM for the K-12 school and home consumer markets. For the fiscal year ended 3/31/98, net sales decreased 58 percent to $2 million. Net loss totalled $16.6 million, up from $3.7 million. Revenues reflect lower sales due to the decision to shift out from the retail market and the collapse of the software market. Higher loss also reflects $8.1 million in write-off of goodwill. 
Top Source Technologies (AMEX : TPS)TPS assembles, markets and sells the On-Site Oil Analyzer, a 2nd-generation proprietary instrument combining two spectrometers to analyze both new and used oil in five minutes. For the six months ended 3/99, revenues fell 29 percent to $4.7 million. Net loss before extraordinary item and applicable to Common fell 64 percent to $504 thousand. Revenues reflect a loss of Overhead Mounted Speaker System sales for the Jeep Cherokee. Lower Loss benefitted from a $1.7 million gain upon sale of the minority interest in TSA. 
Touchtunes Music Corp. (OTC BB : TTMC)TTMC developed a digital jukebox which utilizes digital audio transfer technology to distribute music titles through a proprietary distribution network. As of 3/99, 345 Jukeboxes have been installed in various locations in the U.S. For the three months ended 3/31/99, revenues totalled $208 thousand, up from $0. Net loss totalled $2.3 million, up from $1.1 million. Results reflect the commencement of Jukebox sales, offset by higher general and administrative expenses. 
Universal Electronics,Inc (Nasdaq : UEIC)UEIC develops and markets easy-to-use, preprogrammed universal remote controls for home video and audio entertainment equipment. UEIC also markets a line of home automation products under the Eversafe brand name. For the three months ended 3/31/99, revenues decreased 9 percent to $20.9 million. Net income increased 31 percent to $449 thousand. Results reflect the discontinuance of the North American retail business, offset by higher gross margin due to lower product costs. 
Universal Security Instr. (OTC BB : USEC)Universal Security Instruments designs and markets a variety of security products, telecommunications products and video products. For the nine months ended 12/31/98, revenues decreased 15 percent to $7.7 million. Net loss increased 15 percent to $398 thousand. Revenues suffered from lower sales of certain Caller ID products, and a decrease in security sales due to decreased demand by certain label customers. Higher loss also reflects a decline in gross margin. 
UniView Technologies Corp (Nasdaq : UVEW)UniView Technologies Corp. is engaged in the development, licensing and implementation of innovative hardware and network technologies and solutions for niche settop box applications. For the nine months ended 3/99, sales totaled $9.3 million, up from $189 thousand. Net loss fell 43 percent to $4.5 million. Net income reflects strategic acquisitions and expanded network design and integration capabilities. Net loss was partially offset by higher operating expenses. 
Sensory Science Corp. (AMEX : VCR)Sensory Science Corp. designs, develops and markets consumer electronic video products. For the nine months ended 12/31/98, sales rose 41 percent to $51.3 million. Net income decreased 16 percent to $1.7 million. Revenues reflect an increase in net units sold due to increased demand for the Company's lowest priced Dual-Deck VCR models and expansion of sales into warehouse clubs. Earnings were offset by increased sales commissions, advertising and research and development expenses. 
Vidikron Technologies Grp (Nasdaq : VIDI)Vidikron Technologies Group, Inc. is a marketing and distribution company offering an array of high-end video products for the home theater market utilizing Cathode Ray Tube, Liquid Crystal Display and Digital Light Processing technologies. For the three months ended 3/31/99, revenues totalled $4 million, up from $416 thousand. Net loss applicable to Common fell 9 percent to $1.8 million. Results reflect the Vidikron acquisition, partially offset higher sales and marketing cost. 
Zenith Electronics Corp. (OTC BB : ZETHQ)Zenith Electronics Corp. is engaged in the design, development, manufacture and marketing of video products (including color TV sets and other consumer products) along with parts and accessories for such products. For the three months ended 4/3/99, net sales fell 32 percent to $150.6 million. Net loss fell 34 percent to $25.1 million. Revenues reflect planned sales reductions of lower margin color television products. Lower loss reflects higher margins and personnel reductions.%}
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Acorn Products, Inc. (Nasdaq : ACRN)ACRN is a manufacturer and marketer of non-powered lawn and garden tools and sells its products through a variety of distribution channels. ACRN also manufactures private label products for retailers. For the 26 weeks ended 1/29/99, net sales rose 7 percent to $44.6 million. Net loss from continuing operations rose from $599 thousand to $2 million. Results reflect sales by injection molding and watering products divisions, offset by cost related with the exploration of strategic transactions. 
Black & Decker Corp. (NYSE : BDK)BDK manufactures, markets and services power tools and accessories, residential security hardware, household appliances and metal and plastic fasteners/fastening systems for commercial applications. For the three months ended 4/4/99, revenues fell 3 percent to $978.5 million. Net income totalled $39.2 million vs. a loss of $971.4 million. Results reflect the price reductions of power tools and accessories, offset by the absense of a $900 million write-off of goodwill and in $140 million restructuring and exit costs. 
Craftmade International (Nasdaq : CRFT)CRFT designs, distributes and markets ceiling fans, light kits and related products and accessories and has contracted with Taiwan to produce the Company's own fans. For the nine months ended 3/31/99, revenues totalled $62.5 million, up from $29.7 million. Net income totalled $4.7 million, up from $2.2 million. Revenues reflect an increase in sales from the fan division. Net income also reflects decreased S/G/A expenses as a  percentage of revenues. 
Creative Technologies (OTC BB : CRTV)CRTV, a holding co. for IHW (importer and distributor of housewares) and Ace Surgical Supplies (distributes medical, janitorial, and dietary products to medical care facilities). For the fiscal year ended 12/31/98, sales rose 41 percent to $15.3 million. Net loss applicable to Common before extraordinary items fell 80 percent to $539 thousand. Revenues reflect higher sales of Brabantia and the inclusion of results from Ace. Lower loss reflects decreased inventory due to better projections of customer needs. 
Danaher Corporation (NYSE : DHR)Danaher Corporation produces and sells electronic test tools, storage tank leak detection systems, motion, speed and position instruments and sensing devices, and general purpose and automotive specialty tools. For the three monthsended 4/2/99, revenues increased 17 percent to $754.6 million. Net income increased 25 percent to $55.2 million. Revenues benefitted from an increase in the volume of shipments. Earnings also benefitted from productivity improvements. 
Fantom Technologies Inc. (Nasdaq : FTMTF)FTMTF is engaged in the design, manufacture and sale of vacuum cleaning devices. For the six months ended 12/98, sales increased 58 percent to C$115.1 million. Net income before U.S. GAAP Adjustment increased 59 percent to C$6.9 million. Revenues reflect the successful launch of the FANTOM LIGHTNING vacuum. Net income also reflects an increased gross profit, decreased S/G/A expenses as a  percentage of revenues and increased finance income. 
Globe-Tech Appliances Inc (NYSE : GAI)GAI is a designer and manufacturer of a wide range of small household appliances. GAI manufactures over 160 models, in four catagories: kitchen appliances, personal, beauty and health care products; travel products; and garment care products. For the fiscal year ended 3/31/98, revenues rose 89 percent to $118.3 million. Net income totalled $13.7 million, up from $5.1 million. Results reflect increased sales of ODM products and lower S/G/A as a  percentage of sales. 
Helen of Troy Limited (Nasdaq : HELE)HELE designs, produces and markets brand-name hair dryers, curling irons, hair setters, women's shavers, brushes, combs, hair accessories, mirrors, artificial fingernails and ``comfort products.'' Net sales for the fiscal year ended 2/28/99 rose 19 percent to $294.5 million. Net income rose 27 percent to $28.3 million. Revenues reflect the introduction of new product lines and recent acquisitions. Earnings also benefitted from capitalization of interest on the construction. 
HMI Industries Inc. (OTC BB : HMII)HMI Industries is primarily engaged in the manufacture and sale of floor care and air filtration products, primarily portable bagless vacuum cleaners, as well as portable room air cleaners. For the three months ended 12/31/98, total revenues rose 3 percent to $9.3 million. Net loss from continuing operations increased 56 percent to $3.3 million. Revenues reflect increases in the European and Americas Divisions. Higher loss also reflects a $2.7 million impairment loss. 
Lindatech Inc. (OTC BB : LNDA)Lindatech Inc., through its Newton Grace subsidiaries, manufactures, markets and sells electrical household products such as electric blankets, kettles and other small electrical household products. For the six months ended 12/31/98, net sales fell 21 percent to $2.2 million. Net loss totalled $499 thousand, vs. an income of $239 thousand. Results reflect negative changes in product lines, delays in commissioning tooling of a new product, and additional overhead expenses. 
Makita Corporation (Nasdaq : MKTAY)Makita Corp. and its subsidiaries manufacture and sell stationary woodworking machines and pneumatic tools as well as garden tools and product for indoor household use. For the six months ended 9/30/98, sales decreased 3 percent to Y95.41 billion. Net income decreased 36 percent to Y2.74 billion. Revenues suffered from decreased domestic sales caused by sluggishness in the market. Earnings also suffered from higher securities losses due to falling stock prices. 
Maytag Corporation (NYSE : MYG)MYG manufactures, distributes and services a broad line of home appliances. MYG also manufactures bottle and can vending equipment and glass front merchandisers. Sales for the three months ended 3/31/99 rose 6 percent to $1.11 billion. Net income rose 20 percent to $87 million. Revenues reflect increased sales of recently introduced premium brand products. Net income also reflects an increased gross margin due to a favorable brand and product sales mix and lower raw material costs. 
National Presto Indust. (NYSE : NPK)National Presto Industries manufactures and distributes electrical appliances and housewares, including comfort appliances, pressure cookers and canners, private label products, and premium sales products. For the three months ended 3/31/99, revenues increased 14 percent to $21.6 million. Net income increased 17 percent to $3.3 million. Revenues benefitted from increased unit volume. Earnings also benefitted from improved gross margins due largely to product mix. 
P & F Industries (Nasdaq : PFINA)PFINA conducts business through Florida Pneumatic, which imports, manufactures and sells pneumatic hand tools, Embassy Industries, which manufactures and sells baseboard heating products and Green Manufacturing, which sells and manufactures hydraulic cylinders. Revenues for the three months ended 3/31/99 rose 44 percent to $18.1 million. Net income rose 23 percent to $961 thousand. Revenues benefitted from acquisitions. Earnings were partially offset by a lower gross profit margin. 
Pentair, Inc. (NYSE : PNR)Pentair is a diversified manufacturer in three segments; Tools and Equipments, Water and Fluid Technology, and Electrical and Electronic Enclosures. PNR manufactures woodworking machinery; portable power tools; and electrical enclosures. For the three months ended 3/27/99, revenues rose 1 percent to $470.5 million. Net income applicable to Com. fell 90 percent to $2.2 million. Results reflect newly introduced products, offset by $38 million in restructuring charges. 
Royal Appliance Mfg. Co. (NYSE : RAM)RAM develops, assembles and markets a full line of cleaning products for home and commercial use under the Dirt Devil(R) and Royal(R) brand names. For the three months ended 3/31/99, net sales rose 72 percent to $89.2 million. Net income totalled $1.8 million vs. a loss of $2.5 million. Results reflect higher sales of the Company's upright vacuum cleaners and lower returns and manufacturing variances as a  percent of sales.  
Salton, Inc. (NYSE : SFP)Salton, Inc. designs and markets a broad range of kitchen and small household electrical appliances under such brand names as Salton, Maxim, Breadman, Juiceman, Farberware and White-Westinghouse. For the 39 weeks ended 3/27/99, net sales increased 57 percent to $371.4 million. Net income totaled $27.7 million, up from $12.4 million. Revenues reflect higher sales of Juiceman products, George Foreman Grills, and Farberware products. Net income reflects higher margins due to product mix. 
Snap-On Incorporated (NYSE : SNA)Snap-On, Inc. manufactures and distributes hand tools, power tools, tool storage products, diagnostic equipment, shop equipment, and diagnostic software and other services. Net sales for the 13 weeks ended 4/3/99 increased 6 percent to $452.6 million. Net income decreased 5 percent to $32.2 million. Revenues benefitted from higher sales in the North American Transportation sales. Net loss reflects $1.9 million in restructuring charges and higher debt levels. 
Sunbeam Corporation (NYSE : SOC)SOC manufactures, distributes and markets durable household and outdoor leisure consumer products through mass market and other distribution channels. For the three months ended 3/99, net sales totalled $523.9 million, up from $247.6 million. Net loss from continuing operations before extraordinary item rose 34 percent to $60.7 million. Revenues reflect increases in retail inventory levels from channel loading. Higher loss reflects charges resulting from acquired entities. 
Stanley Works (NYSE : SWK)The Stanley Works manufactures products for the home improvement and consumer markets including handtools, hardware and residential door systems. SWK also makes industrial and mechanic handtools. For the three months ended 4/3/99, sales increased 2 percent to $683.7 million. Net income decreased 17 percent to $30.3 million. Revenues benefitted from increased sales growth due to the ZAG industries acquisition. Earnings were offset by $8 million in restructuring related charges. 
Whirlpool Corporation (NYSE : WHR)WHR manufactures and markets major home appliances and related products for commercial and home use in Canada, Mexico, Latin America, Asia, Europe, Africa and the Middle East. For the three months ended 3/99, revenues rose 1 percent to $2.49 billion. Net income from continuing operations decreased 59 percent to $28 million. Revenues reflect higher North American unit volumes and improved product and brand mixes. Earnings were offset by the impact of the Brazilian currency devaluation. 
Windmere-Durable Holdings (NYSE : WND)Windmere-Durable Holdings manufactures and distributes personal care products, kitchen electric appliances, and seasonal products for major retailers and appliance distributors. For the three months ended 3/99, net sales increased from $55.4 million to $118.9 million. Net loss totalled $6.5 million vs. an income $1.1 million. Revenues reflect the acquisition of the Black and Decker Household Products Group. Net loss reflects higher S/G/A expenses due to the HPG acquisition.%}
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Active Apparel Group, Inc (Nasdaq : AAGP)AAGP designs, manufactures, and markets women's sportswear and activewear, swimwear and coverups and men's activewear, sportswear and outerwear under the Everlas(R), Converse(R) and Converse All Star(R) trademarks. For the three months ended 3/31/99, sales rose 30 percent to $5.5 million. Net income totalled $233 thousand, up from $112 thousand. Revenues reflect increased sales of women's products and the introduction of Everlast. Earnings reflect higher margins and lower salary expenses. 
Pacific Coast Apparel Co. (OTC BB : ACAJ)Pacific Coast Apparel Co. designs, sources, and markets a collection of men's active sportswear under the brand name Aca Joe through traditional department stores and men's specialty apparel stores. For the three months ended 12/31/98, net sales rose 8 percent to $1.2 million. Net loss fell 89 percent to $22 thousand. Revenues reflect the continued development of the Aca Joe product lines. Loss also reflects lower selling costs and reduced general and administrative expenses. 
Aris Industries, Inc. (OTC BB : AISI)Aris Industries, Inc. is engaged in the design, manufacture, importing and distribution of men's and young men's sportswear, outerwear, activewear, swimwear and loungewear. For the three months ended 3/99, revenues increased 59 percent to $28.4 million. Net loss before extraordinary items totalled $7.3 million, up from $1.8 million. Revenues reflect increased sales of products under the FUBU license. Higher loss suffered from $6.2 million in non-recurring charges. 
Apparel Technologies, Inc (OTC BB : APTX)Apparel Technologies through its two subsidiaries, Sierra Fixture and Design, which engages in the design and marketing of fixtures, and Just Jackets which designs and manufactures jackets. For the nine months ended 2/98, revenues rose 23 percent to $1.9 million. Net loss applicable to Com. totalled $5 million, up from $586 thousand. Revenues reflect the inclusion of results from Susan Burrows. Higher loss reflects non-recurring costs related to the initial digital printing operations. 
Aristotle Corp. (Nasdaq : ARTL)Aristotle Corp. designed, manufactured and marketed specialty brassieres and women's shapewear. As of 6/98, the Co. sold its only operating subsidiary, the Straus, Adler Co. The Co. is currently seeking to acquire one or more operating companies. For the nine months ended 3/31/99, the Company reported no revenues. Net loss from continuing operations applicable to Common totalled $273 thousand, vs. an income of $219 thousand. Loss reflects the absence of a tax benefit. 
Ashworth, Inc. (Nasdaq : ASHW)Ashworth, Inc. designs, markets, and distributes a full line of sports apparel, headwear and accessories under the Ashworth label, retailed in golf pro shops, resorts and department and specialty retail stores. For the six months ended 4/30/99, net sales fell 11 percent to $55.4 million. Net income fell 71 percent to $1.8 million. Revenues reflect lower sales in the off-course, specialty and corporate business. Earnings also reflect lower margins due to higher per unit costs. 
Authentic Fitness Corp. (NYSE : ASM)Authentic Fitness Corp. designs, manufactures and markets swimwear, swim accessories and active fitness apparel under various brandnames. ASM also operates 139 Authentic Fitness retail stores in the US and Canada. For the nine months ended 4/3/99, revenues rose 10 percent to $261.9 million. Net loss before accounting change fell 2 percent to $10.5 million. Revenues reflect increased speedo division sales. Lower loss was partially offset by a lower gross profit margin. 
Andover Apparel Group (ATOQEATOQE is engaged in the design, manufacture, import and sale of active sportswear primarily for infants, toddlers and children, principally to national retail stores For the fiscal year ended 11/30/98, revenues decreased 1 percent to $19.3 million. Net loss decreased 36 percent to $1.3 million. Revenues reflect damage caused to the Company's Dominican Republic facility by hurricane Georges. Lower loss reflects the absence of a $1.6 million reorganization expense. 
Alba-Waldensian, Inc. (AMEX : AWS)Alba-Waldensian manufactures a variety of knitted apparel and health care products and markets these products through two divisions; the consumer products division and the health products division. For the three months ended 4/4/99, sales rose 15 percent to $21.1 million. Net income totalled $1.5 million, up from $741 thousand. Revenues reflect the continuing acceptance of the Company's seamless apparel and higher health products sales. Earnings reflect higher gross margin. 
Bluefly, Inc. (Nasdaq : BFLY)BFLY is an Internet retail store that sells a wide array of designer and name brand apparel and accessories at 25 to 75  percent off of retail prices. The site also offers information on current trends and other fashion related content. For the three months ended 3/31/99, net sales totalled $342 thousand, up from $0. Net loss from continuing operations totalled $1.2 million, up from $197 thousand. Results reflect the start of operations and the costs associated with the start-up. 
Biscayne Apparel, Inc. (OTC BB : BISD)Biscayne Apparel, Inc. is an apparel company dedicated to designing, manufacturing and marketing women's and children's outerwear, sportswear, underwear and daywear on a worldwide basis. For the nine months ended 9/98, net sales decreased 10 percent to $37.8 million. Net income from continuing operations fell 34 percent to $1.6 million. Revenues reflect lower sales of M&L's OshKosh licensed outerwear sales. Earnings suffered from an increase in interest expense and lower other income. 
Burke Mills, Inc. (Nasdaq : BMLS)Burke Mills is engaged in the twisting, texturing, winding, dyeing, processing and selling of filament, novelty and spun yarns and in the dyeing and processing of these yarns for others on a commission basis. For the 13 weeks ended 4/3/99, net sales fell 6 percent to $10 million. Net income fell 65 percent to $106 thousand. Revenues reflect a decrease in pounds shipped due to weak market conditions. Earnings reflect lower margins and the absence of gains from asset sales. 
Benetton Group S.p.A. (NYSE : BNG)BNG designs, manufactures, and markets casual apparel for men, women and children, which it markets principally under the brand name ``United Colors of Benetton''. For the six months ended 6/30/98, revenues rose 28 percent to LIR1.962T. Net income before U.S. GAAP fell 14 percent to LIR120.33 billion. Revenues reflect the acquisition of Benetton Sportsystem S.p.A. Earnings were offset by lower interest income, a lower foreign currency gain and an increase in payroll. 
Brazos Sportswear, Inc. (OTC BB : BRZS)BRZS designs, manufactures and markets sportswear for adults and children, including products with licensed character images and collegiate logos and proprietary designs, as well as garments under private labels of major retailers. For the 40 weeks ended 10/3/98, net sales fell 4 percent to $188.9 million. Net loss applicable to Common totalled $25.1 million vs. an income of $3.2 million. Results reflect a disruption of operations at the Cincinnati facility and lower margins. 
Big Smith Brands, Inc. (OTC BB : BSBI)BSBI is an apparel company that is engaged in the manufacture and sale of quality work apparel under its own brand names Big Smith, Smith Mountain Classics, Big Smith Vintage and Big Smith Kids. For the fiscal year ended 12/98, revenues rose 5 percent to $13.2 million. Net loss fell 70 percent to $1.4 million. Revenues reflect commencement of sales of the new Big Smith sportswear to new and existing customers. Lower losses reflect a rise in production levels and plant efficiencies. 
Brunswick Technologies (Nasdaq : BTIC)BTIC is a developer and producer of engineered reinforcement fabrics used in the fabrication of composite materials. For the fiscal year ended 12/31/98, net sales increased 36 percent to $41.4 million. Net income applicable to Common increased 27 percent to $1.5 million. Revenues benefitted from increases in volume due to the acquisition of the Company's subsidiary BTI Europe. Earnings were partially offset by lower gross margins due to an unexpected demand for materials. 
Burlington Industries (NYSE : BUR)Burlington Industries is a developer, marketer and manufacturer of fabrics and other textile products used in a variety of apparel and interior furnishings end uses. For the 26 weeks ended 4/3/99, net sales fell 19 percent to $811.1 million. Net loss totalled $39.9 million vs. an income of $37.8 million. Revenues reflect the transfer of the Yarn Division to a joint venture and reduced sales volumes. Loss also reflects a $65.3 million provision for restructuring. 
Cutter & Buck Inc. (Nasdaq : CBUK)CBUK designs, sources and markets Cutter and Buck brand sportswear and outerwear through golf pro shops and resorts, upscale men's specialty stores and corporate sales accounts. For the nine months ended 1/99, net sales increased 52 percent to $66.9 million. Net income increased 48 percent to $3.4 million. Revenues reflect increased sales from golf distribution, corporate and specialty store channels. Net income reflects higher gross profit margins and increased licence and royalty income. 
Bernard Chaus, Inc. (NYSE : CHS)Bernard Chaus designs, sources and markets a range of women's career and casual sportswear, sold nationwide through department store chains, specialty retailers and other outlets. For the nine months ended 3/31/99, net sales fell 6 percent to $146.5 million. Net income totalled $8.3 million, up from $3.8 million. Results reflect decreased retail sales due to the closure of all but one retail outlet store, offset by lower interest expense due to the conversion of debt to equity. 
Coachman Incorporated (OTC BB : CINC)CINC, through its subsidiaries, operates three textile manufacturing plants in Puerto Rico engaged in the manufacture and sale of underwear, T-shirts, sportswear and pajamas. For the six months ended 6/30/98, revenues fell 2 percent to $18.7 million. Net loss applicable to Common decreased 65 percent to $776 thousand. Revenues suffered from a decrease in sales volume due to the working capital shortage. Lower Loss reflects a reduction in selling, general and administrative expenses. 
Concord Fabrics Inc. (AMEX : CIS)Concord Fabrics is engaged in the manufacturing and purchasing of woven and knitted fabrics for sale to manufacturers, and to retailers for resale to the home sewing market. For the 26 weeks ended 2/28/99, revenues fell 16 percent to $42.6 million. Net income fell 58 percent to $727 thousand. Revenues reflect a decline in sales of knitted fabrics and lower sales of Concord House fabrics. Net income reflects higher cost of sales aids and advertising, and higher interest cost. 
Cone Mills Corporation (NYSE : COE)Cone Mills designs, manufactures and markets Apparel Fabrics including denim. COE also designs and distributes decorative fabrics for the home furnishings industry. For the 13 weeks ended 4/4/99, revenues fell 17 percent to $157.3 million. Net loss before accounting change applicable to Common totalled $9.2 million vs. an income of $791 thousand. Revenues reflects decreased sales of denim and Khaki, yarn-dyed products. Loss also suffered from a $12.9 million restructuring charge. 
Columbia Sportswear Co. (Nasdaq : COLM)COLM is engaged in the design, manufacture, marketing and distribution of active outdoor apparel. The company groups its merchandise into four categories; outerwear, sportswear, rugged footwear and related accessories. For the three months ended 3/99, revenues rose 19 percent to $89.2 million. Net income fell 89 percent to $240 thousand. Revenues reflect increased sales of spring sportswear and footwear units. Earnings were offset by investments in operational infrastructure. 
Carlyle Industries, Inc. (OTC BB : CRLH)Carlyle Industries, Inc. packages and distributes a variety of buttons and embellishment for home sewing and crafts to mass merchandisers, specialty chains, retailers and wholesalers. For the fiscal year ended 12/31/98, net sales increased 21 percent to $23.8 million. Net income from continuing operations and applicable to Common decreased 11 percent to $2 million. Revenues reflect the acquisition of Westwater. Earnings suffered from higher sales of lower margin products. 
Cintas Corporation (Nasdaq : CTAS)Cintas Corporation designs, manufactures, and implements corporate identity uniform programs which it rents or sells to customers throughout the U.S. and Canada. For the nine months ended 2/28/99, total revenues increased 25 percent to $1.08 billion. Net income rose 22 percent to $111.5 million. Revenues reflect growth in the customer base and the growth of uniforms and other direct sales items. Earnings were partially offset by higher debt levels and tax provisions. 
Cygne Designs, Inc. (OTC BB : CYDS)Cygne Designs is a label merchandiser and manufaturer of women's apparel, serving principally The Limited, Inc. CYDS's products include woven and knit career and casual women's apparel for sale under the customers' own labels. For the fiscal year ended 1/30/99, revenues fell 1 percent to $43 million. Net loss fell 56 percent to $6.3 million. Results reflect lower sales to The Limited. Lower loss reflects the absence of provision for lease termination and lower personnel costs. 
Cyrk, Inc. (Nasdaq : CYRK)Cyrk designs, manufactures and distributes high quality products for promotional programs. CYRK also designs, manufactures and sells custom designed sports apparel and accessories. For the three months ended 3/99, revenues fell 6 percent to $159.1 million. Net loss fell 67 percent to $3.2 million. Revenues reflect the termination of agreements with Pepsi and the absence of sales from discontinued operations. Lower loss reflects the absence of a $15.5 million restructuring charge. 
Danskin, Inc. (OTC BB : DANS)DANS designs, manufactures and markets women's activewear, dance wear, tights and legwear under licensed and private label brands. DANS also operates 48 factory outlet stores. For the three months ended 3/27/99, revenues fell 15 percent to $24.1 million. Net loss applicable to Common rose 52 percent to $3.1 million. Revenues suffered from reduced retail store sales. Higher losses reflect a decrease in gross profit, and increased print advertising to promote Brand Danskin(R). 
Dyersburg Corporation (NYSE : DBG)Dyersburg Corporation is a manufacturer of knit fleece, jersey and stretch fabrics sold principally to domestic apparel producers. For the three months ended 1/2/99, net sales decreased 18 percent to $75.4 million. Net loss totalled $1.7 million vs. an income of $983 thousand. Revenues reflect a reduction in volume impacted by increased imports and softness in the knit market. Loss also reflects increased selling, general and administrative costs due to higher bad debt expenses. 
Delta Galil Industries (Nasdaq : DELT)Delta Galil Industries Ltd is a global manufacturer of boutique-quality apparel for the mass market sold under brands such as Ralph Lauren, Donna Karan, Calvin Klein, Hugo Boss and Nike. For the three months ended 3/31/99, revenues rose 8 percent to $76.2 million. Net income before U.S. GAAP rose 3 percent to $4.6 million. Revenues reflect a 41 percent increase in sales of ladies intimate apparel. Net income was partially offset by an increase in net financial expenses. 
Donna Karan International (NYSE : DK)Donna Karan International designs, contracts for the manufacture of, markets, retails and distributes collections of men's and women's clothing, sportswear, accessories and shoes under the DONNA KARAN NEW YORK and DKNY brand names. For the 13 weeks ended 4/4/99, net revenues fell 11 percent to $160.7 million. Net income rose 4 percent to $2.2 million. Results reflect a decrease in sales from the women's wholesale business, offset by higher margins. 
Delta Woodside Industries (NYSE : DLW)DLW produces cotton, synthetic and blended finished and unfinished woven products for the production of apparel and home furnishings. DLW also operates retail apparel outlet stores that sell ``Duck Head'' products. For the 39 weeks ended 3/27/99, sales fell 8 percent to $353.9 million. Net income from continuing operations rose from $846 thousand to $4.3 million. Results reflect lower sales in all three business segments, offset by the absence of a $8.9 million restructuring charge and lower debt levels. 
DonnKenny, Inc. (Nasdaq : DNKY)DonnKenny, Inc. is a designer, manufacturer and marketer of women's apparel. The Company also manufactures and sells apparel featuring various licensed character images. For the three months ended 3/31/99, revenues decreased 3 percent to $51.1 million. Net income increased 50 percent to $1.5 million. Revenues reflect a decrease in sales of License Characters products. Earnings reflect lower commissions and synergies which allowed for reductions in headcount. 
Dan River Inc. (NYSE : DRF)Dan River Inc. designs, manufactures and markets textile products for the home fashions, apparel fabrics and engineered products markets. For the three months ended 4/3/99, revenues rose 40 percent to $169.5 million. Net income fell 71 percent to $1.6 million. Revenues benefited from the acquisition of The Bibb Company. Net income was offset by a higher interest expense related to higher debt levels as a result of the acquisition of Bibb. 
Fab Industries, Inc. (AMEX : FIT)Fab industries manufactures and markets warp knit textile fabrics, raschel laces, circular and novelty knits, and polyurethane coated bonded fabrics. The Co. also produces comforters, sheets, blankets and other bedding products. For the 13 weeks ended 2/99, net sales fell 15 percent to $29 million. Net loss totalled $1.8 million vs. net income of $1.7 million. Revenues suffered from the effects of the Asian financial crisis. Loss reflects a less profitable sales mix. 
Forward Industries, Inc. (Nasdaq : FORD)Forward Industries is engaged in the design, manufacture and marketing of custom-designed soft-sided carrying cases made from leather, nylon, vinyl and other synthetic fabrics used for the transport of portable devices. For the six months ended 3/99, revenues rose 23 percent to $7.6 million. Net income before extraordinary items fell 72 percent to $114 thousand. Results reflect growth in business from existing and new customers, offset by the absence of a $669 thousand gain on sales. 
Forstmann & Company, Inc. (OTC BB : FSMN)Forstmann and Company designs, markets and manufactures high quality woolen, worsted and other fabrics for use in the production of apparel for men and women, and specialty fabrics for billiard tables, sports caps, and school uniforms. For the 13 weeks ended 1/31/99, net sales fell 36 percent to $18.5 million. Net loss rose from $1.3 million to 6.7 million. Results reflect lower volume and prices of fabric sold, a lower gross profit and a $1.2 million restructuring charge. 
Fruit of the Loom Ltd. (NYSE : FTL)Fruit of the Loom Ltd, a holding co., produces men's and boys' underwear, activewear, casual wear, jeanswear, women's and girls' underwear, and infants' and toddlers' apparel. For the three months ended 4/3/99, net sales fell 11 percent to $408.7 million. Net loss applicable to Common totaled $9 million, vs. income of $31.2 million. Revenues suffered due to production disruptions. Net loss reflects decreased gross earnings due to sales of the company's higher cost inventory. 
Littlefield, Adams & Co. (OTC BB : FUNW)Littlefield Adams and Co. designs, imprints and distributes men's and boy's active wear products under various license agreements, as well as with generic and proprietary artwork. For the three months ended 3/31/99, revenues totalled $2.7 million, up from $416 thousand. Net loss fell 40 percent to $222 thousand. Revenues reflect higher sales volume related to the Company's new WCW license. Net loss was partially offset by a higher interest expense. 
Garan Incorporated (AMEX : GAN)GAN designs, manufactures and sells apparel for children, men and women. Products are distributed under the trademarks Garan, Garanimals, Everlast and other names. For the six months ended 3/31/99, net sales rose 24 percent to $97.7 million. Net income rose 50 percent to $8.2 million. Revenues benefited from increased unit demand combined with accelerated delivery requirements in replenishment programs. Net income reflects a decrease in S/G/A expenses as a  percentage of revenue. 
Gerber Childrenswear Inc. (NYSE : GCW)GCW is a marketer of infant and toddler apparel and related products, offering products under Gerber, as well as the Baby Looney Tunes and Curity brand names, and Onesies trademark. For the three months ended 4/3/99, net sales rose 3 percent to $66.3 million. Net income applicable to Common rose 61 percent to $4.8 million. Revenues benefitted from higher Hosiery net sales due to shipments to key customers. Earnings also benefitted from improved production efficiencies and lower debt levels. 
Guess ?, Inc. (NYSE : GES)Guess ? designs, develops, markets, and distributes contemporary jeans and other casual wear for men and women. GES also licenses its trademarks for the sale of products. For the three months ended 3/27/99, revenues rose 17 percent to $129.1 million. Net income rose 44 percent to $11.5 million. Revenues reflect increased demand for Company's porducts and improved merchandising and product assortment offerings. Earnings also reflect lower outstanding debt balances. 
Guilford Mills, Inc. (NYSE : GFD)Guilford Mills, Inc. produces, processes and sells warp knit, circular knit, flat woven, woven velour fabrics and lace. GFD sells its finished fabrics to manufacturers of automotive, apparel, industrial and home fashions products. For the 27 weeks ended 4/4/99, net sales fell 2 percent to $433.2 million. Net income fell 55 percent to $7.1 million. Revenues reflect lower demand due to lower priced imports. Earnings reflect shutdown and start-up expenses. 
G-III Apparel Group, LTD (Nasdaq : GIII)GIII designs, manufactures, imports and markets an extensive range of leather and non-leather apparel under private retail and licensed labels. For the fiscal year ended 1/99, revenues increased 1 percent to $121.6 million. Net loss totalled $1.2 million vs. income of $2.8 million. Revenues reflect an increase in sales of licensed apparel. Net loss reflects a decreased gross profit as a  percentage of sales due to lower fee commission income, and increased interest expense. 
Gildan Activewear Inc. (AMEX : GIL)GIL is a manufacturer and marketer of premium quality branded basic activewear for sale principally into the wholesale ``imprinted'' activewear segment of the North American apparel market. For the fiscal year ended 10/4/98, revenues increased 80 percent to C$215.4 million. Net income before US GAAP totalled C$13.2 million, up from C$5.7 million. Revenues reflect a rise in sales to both existing customers and new distributors. Earnings also reflect a rise in gross margin. 
GlenGate Apparel, Inc. (OTC BB : GLNN)GLNN designs and produces a line of golf apparel marketed under the GlenGate, Sun Ice, Aureus and Fairway to Heaven labels, sold primarily to public and private golf course pro shops and resorts domestically. For the nine months ended 6/30/98, revenues rose 27 percent to $8.4 million. Net loss fell 13 percent to $1.3 million. Revenues reflect an expanding customer base. Lower loss was partially offset by increased interest expense due to higher borrowings. 
Galey & Lord, Inc. (NYSE : GNL)Galey and Lord Inc., develops, manufactures and markets high quality woven cotton and cotton blended apparel fabrics. For the 13 weeks ended 1/2/99, revenues increased 94 percent to $246 million. Net income before extraordinary item totalled $2.2 million vs. a loss of $110 thousand. Revenues benefitted from an increase in sales of apparel fabrics due to higher volume and the acquisition. Earnings also benefitted from a $1.3 million gain on income from associated companies. 
OshKosh B'Gosh, Inc. (Nasdaq : GOSHA)GOSHA designs, manufactures and sells children's clothing, youth wear and men's casual clothing. GOSHA products are distributed through department and specialty stores, Company owned stores and mail catalogs. For the three months ended 4/3/99, net sales fell 1 percent to $101.9 million. Net income rose 22 percent to $6.5 million. Net sales reflect lower average unit selling prices. Net income reflects a higher profit margin due to improved operating efficiencies. 
Gucci Group N.V. (NYSE : GUC)Gucci Group N.V. designs, produces and distributes high quality personal luxury accessories and apparel. GUC's products include leather goods, shoes, ties and scarves, ready-to-wear fashion, watches, eyewear and perfume. For the six months ended 7/98, revenues rose 2 percent to $487.6 million. Net income fell 9 percent to $82.2 million. Revenues reflect increased wholesale sales, offset by decreased royalties. Earnings suffered from an increase in operating expenses. 
Hampton Industries (AMEX : HAI)Hampton Industries manufactures and markets women's sleepwear, and men's and boy's sport and dress shirts, sweaters, activewear, outerwear and swimtrunks. For the fiscal year weeks ended 12/26/98, net sales increased 17 percent to $190.3 million. Net income totalled $2.4 million, up from $1.1 million. Revenues benefitted from increased branded product sales. Earnings also benefitted from increased gross margins due to improved operating efficiencies of Company-owned factories. 
Hampshire Group, Limited (Nasdaq : HAMP)Hampshire Group is engaged in the manufacture and sale of knitted sweaters and investing in and holding of real estate and equity securities. For the fiscal year ended 12/31/98, revenues rose 20 percent to $168.7 million. Net income from continuing operations and applicable to Common decreased 35 percent to $5.7 million. Revenues reflect increased sales from the Segue branded men's lines. Earnings were offset by increased interest expense and a $2.5 million asset impairment charge. 
Howard B. Wolf, Inc. (AMEX : HBW)HBW designs, manufactures and sells women's fashion apparel, including dresses, suits, shirts, and coordinated groups of sportswear. For the nine months ended 2/28/99, net sales decreased 23 percent to $8.3 million. Net loss totalled $1.8 million, vs. an income of $383 thousand. Revenues suffered from soft demand for women's apparel. Loss also reflects a lower gross profit margin due to higher discounts and allowances, and higher S/G/A expenses as a  percentage of sales. 
Health-Chem Corporation (HCLCHCLC develops, manufactures and distributes products relying on or derived from laminated or coated films. Products include reinforced synthetic fabrics for industrial and health care uses, and controlled release dispensers for pharmaceuticals and environmental chemicals. For the nine months ended 9/98, net sales fell 3 percent to $28.1 million. Net loss before extraordinary item rose 7 percent to $2.6 million. Results reflect lower sales of synthetic fabrics and a $664 thousand goodwill write off. 
Haggar Corporation (Nasdaq : HGGR)Haggar Corp. designs, manufactures, imports and markets casual and dress men's apparel products including pants, shorts, suits, shirts, and sportcoats. For the six months ended 3/31/99, net sales increased 4 percent to $205.1 million. Net income increased 4 percent to $2.4 million. Revenues benefitted from an increase in unit sales and the inclusion of revenues from the 1/99 acquisition of Jerell Inc. Net income was partially offset by higher SGA expenses. 
Happy Kids Inc. (Nasdaq : HKID)Happy Kids Inc. designs and markets custom-designed, licensed and branded children's apparel. The Company's products include knit tops, bottoms, overalls, shortalls, coveralls and swimwear for newborns, infants, toddlers, boys and girls. For the three months ended 3/31/99, net sales rose 28 percent to $45.9 million. Net income rose 12 percent to $2.6 million. Revenues reflect increased sales of Playwear. Earnings were partially offset by higher sales compensation and other costs. 
Hartmarx Corporation (NYSE : HMX)Hartmarx Corporation and its subsidiaries are engaged in the manufacturing and marketing of men's and women's apparel to independent retailers and through catalog sales. For the three months ended 2/28/99, total revenues decreased 1 percent to $177.3 million. Net income decreased 44 percent to $1.4 million. Revenues reflect lower sales due to lower orders from retailers. Earnings suffered from higher selling, general and administrative expenses. 
I.C. Isaacs & Company (Nasdaq : ISAC)I.C. Isaacs and Company, Inc. is engaged in the design, manufacturing and marketing of branded sportwear. ISAC offers sportwear for men, women and boys under the BOSS, Beverly Hills Polo Club and Girbaud brands in the U.S., Puerto Rico and Europe. For the nine months ended 9/98, revenues fell 26 percent to $94 million. Net loss totalled $7.1 million vs. a proforma income of $7.8 million. Results reflect increased competition, delays in the introduction of the fall men's lines and higher S/G/A costs. 
Ithaca Industries, Inc. (OTC BB : ITHI)Ithaca Industries, Inc. is a designer, marketer and manufacturer of private brand men's and boy's underwear and outerwear T-shirt products, women's and girls' underwear. For the 13 weeks ended 5/1/99, net sales fell 5 percent to $42.4 million. Net loss from continuing operations totalled $607 thousand, up from $43 thousand. Revenues reflect lower sales to some of the Company's major customers. Loss also suffered from a $1.1 million provision for restructuring. 
JLM Couture, Inc. (Nasdaq : JHPC)JLM Couture and its subsidiary are engaged in the designing, manufacturing and marketing of traditional, high quality bridal wear and related accessories, including bridesmaid gowns. For the three months ended 1/31/99, net sales rose 13 percent to $3.8 million. Net income fell 6 percent to $187 thousand. Revenues reflect increased market penetration of the Co's. products. Earnings suffered from increases marketing costs and salary costs. 
Jaclyn, Inc. (AMEX : JLN)Jaclyn, Inc. designs, manufactures, distributes and sells vinyl, leather and fabric handbags, sport bags and related products, and apparel items. For the six months ended 12/98, net sales fell 29 percent to $28.8 million. Net loss totaled $351 thousand vs. income of $436 thousand. Revenues suffered from lower anticipated shipping in two handbag divisions as well as lower volume for the Company's Children's division. Net loss reflects lower gross profit. 
Jenna Lane, Inc. (Nasdaq : JLNY)Jenna Lane, Inc. designs, manufactures and markets cut and sewn, popularly priced ``junior'', ``missy'' and large size fashion and sportswear and other apparel for women and children. For the nine months ended 12/98, revenues increased 31 percent to $40.2 million. Net income increased 29 percent to $322 thousand. Revenues reflect the addition of the sweater sales group and the children's sales group. Earnings were partially offset by increased payroll and related expenses. 
Jalate, Ltd. (JLTAJalate, Ltd. designs, develops and markets women's sportswear and dresses primarily in junior, missy and plus sizes, and children's wear. For the nine months ended 9/30/98, net sales decreased 13 percent to $36.2 million. Net income totalled $104 thousand vs. a loss of $1.9 million. Revenues suffered from a decrease in the volume of units sold. Earnings reflect lower levels of returns, lower operating expenses due to cost control initiatives and increased joint venture income. 
Chic by H.I.S, Inc. (NYSE : JNS)JNS designs, manufactures and markets moderately priced, basic style, cotton denim jeans, casual pants and shorts in the U.S. and Europe. For the 13 weeks ended 2/6/99, net sales fell 20 percent to $51.2 million. Net loss totalled $1.9 million vs. an income of $1.5 million. Revenues reflect a decrease in unit sales volume. Loss reflects higher selling, general, and administrative expenses primarily in Europe and higher interest and finance cost. 
Jones Apparel Group, Inc. (NYSE : JNY)Jones Apparel Group is a designer and marketer of better priced women's sportswear, suits and dresses and jeanswear. For the 13 weeks ended 4/04/99, net sales rose 51 percent to $579.1 million. Net income rose 41 percent to $54.4 million. Revenues reflect the acquisition of Sun Apparel, an increase in the number of units shipped. Earnings also benefitted from a higher gross profit due to higher margin sales from the Lifestyle collection and the addition of the Polo Jeans Label. 
JPS Industries Inc. (Nasdaq : JPST)JPS Industries Inc., is a manufacturer of speciality extruded and woven materials for a number of applications. The Company competes in three industry segments: Industrial Products, Apparel Fabrics, and Home Fashion Textiles. For the three months ended 1/30/99, net sales fell 22 percent to $79 million. Net loss totalled $143 thousand vs. an income of $1.7 million. Results reflect lower apparel fabrics sales due to weaker market conditions. 
Kasper A.S.L., LTD. (Nasdaq : KASP)Kasper A.S.L., LTD, is a manufacturer and marketer of women's suits in the US. Kasper designs, contracts for the manufacture of, markets and distributes women's suits, dresses, knitwear and sportswear. For the fiscal year ended 1/2/99 (vs. 53 weeks), revenues rose less than 1 percent to $312.1 million. Net income fell 52 percent to $3.2 million. Revenues reflect the addition of 11 new retail outlet stores. Earnings reflect costs associated with the 11 new stores. 
First Years, Inc. (Nasdaq : KIDD)First Years, Inc. manufactures, develops and markets broad line of products for infants and toddlers. KIDD sells its products through department stores, variety and drug chains, mail order catalogs and wholesale clubs. For the three months ended 3/99, net sales decreased 1 percent to $35.2 million. Net income rose 27 percent to $3 million. Results reflect delays in product introductions and shipments. Net income benefitted from higher margin products and cost management. 
Kellwood Company (NYSE : KWD)Kellwood Company is an international manufacturer and marketer of primarily women's apparel and recreational products. For the nine months ended 1/99, sales rose 4 percent to $1.33 billion. Net income rose 8 percent to $28.3 million. Revenues benefitted from the continued growth of Sag Harbor (R) brand, including a recently introduced line of Sag Harbor (R) dresses. Earnings reflect improved sourcing and savings generated from the Vision 2000 supplier management initiative. 
L.A. T Sportswear, Inc. (OTC BB : LATS)L.A. T Sportswear, Inc. distributes and manufactures sportwear principally for the imprinted garment industry. LATS also purchases merchandise from national manufacturers for nationwide distribution. For the 13 weeks ended 4/3/99, net sales fell 16 percent to $20.5 million. Net income fell 3 percent to $197 thousand. Revenues reflect the implementation of the Co.'s sales initiative. Net income suffered from the recognition of an income tax provision. 
Leslie Fay Company, Inc. (Nasdaq : LFAY)The Leslie Fay Company, Inc. is engaged in the design, manufacture and sale of widely diversified lines of women's dresses, suits and sportswear. For the 13 weeks ended 4/3/99, net sales rose 35 percent to $61.1 million. Net income rose 14 percent to $4.3 million. Revenues reflect the acquisition of the Warren brands and increased demand for the spring and summer season product. Earnings also benefitted from a reduction in non-cash stock based compensation expenses. 
Liz Claiborne, Inc. (NYSE : LIZ)Liz Claiborne Inc., is engaged in the design and marketing of a broad range of fashion apparel, accessories, and fragrances. For the 13 weeks ended 4/3/99, net sales increased 7 percent to $700.8 million. Net income decreased 3 percent to $44.7 million. Revenues reflect the opening of new stores, higher unit sales of DKNY wholesale apparel and the recent Segrets acquisition. Earnings were offset by lower prices realized on close-out sales and higher markdown allowances. 
McNaughton Apparel Group (Nasdaq : MAGI)McNaughton Apparel Group designs, manufactures, and markets a line of brand name, moderately priced women's career and casual clothing. For the 26 weeks ended 5/1/99, net sales increased 29 percent to $190.6 million. Net income totalled $1.1 million, up from $471 thousand. Revenues reflect the addition of the Energie, Currants and Jamie Scott product lines, the acquisition of Jeri-Jo and higher Erika products sales. Net income reflects improved gross margins. 
Mossimo, Inc. (NYSE : MGX)MGX designs, sources and markets contemporary men's activewear and men's and women's sportwear. MGX also designs, sources and markets eyewear and watches, and licenses its trademarks for use in other collections. For the three months ended 3/31/99, net sales decreased 43 percent to $8.3 million. Net loss fell 7 percent to $1.6 million. Revenues reflect lower sales of the men's and women's line due to narrower product lines and reduction of unprofitable accounts, offset by lower S/G/A expenses. 
Multimedia Concepts Int'l (OTC BB : MMCI)Multimedia Concepts International, Inc., through its subsidiaries, is engaged in the design and manufacture of a line of private label knit cotton tops predominantly for men, consisting of T-shirts and polo shirts. For the comparable nine months ended 12/98, revenues totalled $29.3 million, up from $2.1 million. Net loss totalled $184 thousand vs. income of $300 thousand. Results reflect increased sales of Play Co., offset by a non-cash dividend payment by a subsidiary of $1.2 million. 
Marisa Christina, Inc. (Nasdaq : MRSA)MRSA designs, manufactures, sources and markets a broad line of clothing under the names ``Marisa Christina'' and ``Adrienne Vittadini'' for women, and ``Flapdoodles'' for children. For the fiscal year ended 12/98, sales fell 18 percent to $74.6 million. Net loss totalled $16.3 million, up from $6 million. Revenues reflect a decline in sales at all three of the Company's divisions. Net loss reflects a $16.5 million asset impairment charge and a $3.8 million restructuring charge. 
Movie Star, Inc. (AMEX : MSI)MSI designs, manufactures, markets and sells women's sleepwear, robes, leisurewear, loungewear, panties and day-wear and also operates retail outlet stores. For the nine months ended 3/31/99, net sales increased 17 percent to $59.5 million. Net income totalled $3.7 million, up from $1.7 million. Revenues reflect increased sales in the intimate apparel division. Net income also reflects higher margins due to an improved sales mix and a shift in production to Mexico-based contractors. 
Nantucket Industries,Inc. (OTC BB : NANK)NANK produces and distributes men's fashion undergarments for sale to mass merchandisers and national chains. For the 26 weeks ended 8/29/98, revenues fell 36 percent to $7.3 million. Net income totalled $573 thousand, vs. a loss of $1.4 million. Revenues reflect the phase-out of sales of Brittania products -Levi's and Guess?. Net income reflects lower occupancy costs, reduced staffing levels, lower debt and revolving credit facility and an increase in other income. 
Nautica Enterprises, Inc. (Nasdaq : NAUT)NAUT designs, sources and markets men's apparel under the Nautica, E. Magrath and Byron Nelson brands. For the fiscal year ended 2/27/99, net sales increased 14 percent to $552.7 million. Net income increased 4 percent to $58.7 million. Revenues reflect the opening of new in-store shops, the expansion of existing shops and sales increases in existing shops. Net income was partially offset by increased S/G/A expenses as a  percentage of revenues due to start-up costs of new product lines. 
Nahdree Group Ltd. (OTC BB : NDRE)The Nahdree Group, Ltd. is primarily engaged in the merchandising and distribution of designer women's apparel at the wholesale and retail levels, sold principally in the United States. For the nine months ended 2/28/99, net sales rose 62 percent to $34.6 million. Net loss rose from $733 thousand to $1.5 million. Revenues reflect the 12/24/97 acquisition of Nah Nah Collection. Higher loss reflects increased S/G/A expenses and $569 thousand in goodwill amortization costs. 
Nitches, Inc. (Nasdaq : NICH)Nitches, Inc. is an importer and wholesale distributor of women's woven cotton sportswear manufactured to specification. Net sales for the three months ended 11/30/98 increased 11 percent to $10.3 million. Net income increased from $50 thousand to $370 thousand. Revenues reflect increased private label sales in the sleepwear product line. Net income also reflects decreased salary, commission and rent expenses due to the Company's restructuring efforts to decrease overhead. 
Oneita Industries, Inc. (OTC BB : ONETQ)Oneita Industries manufactures and markets activewear, including T-shirts and sweatshirts, and infantswear, primarily for the newborn and toddler markets. For the fiscal year ended 9/26/98, net sales fell 16 percent to $113.4 million. Net loss fell 1 percent to $40.4 million. Revenues reflect reduced unit selling prices due to industrywide overcapacity and high inventory in customers' warehouses. Lower loss reflects decreased S/G/A, and lower interest expense payments due to bankruptcy protection. 
Oxford Industries, Inc. (NYSE : OXM)Oxford Industries, Inc. is engaged in the design, manufacture, marketing and sale of consumer apparel products for men, women, and children. For the 39 weeks ended 2/26/99, net sales rose 10 percent to $637.2 million. Net income rose 9 percent to $20.3 million. Revenues reflect higher sales due to the acquisition of The Womenswear Group. Earnings were partially offset by higher debt levels and costs for new facilities in Honduras and Mexico. 
Perry Ellis International (Nasdaq : PERY)Perry Ellis International, Inc. designs, imports and markets men's and boys' sportwear, including sport and dress shirts, golf sportwear, urban wear, casual and dress pants to all levels of retail distribution. For the fiscal year ended 1/31/99, total revenues increased 15 percent to $224.4 million. Net income rose 20 percent to $8.6 million. Revenues reflect higher sales of the Munsingwear and the Natural Issue brands. Earnings also reflect higher margins due to changes in product mix. 
Pluma, Inc. (OTC BB : PLUMQ)Pluma, Inc. is a vertically integrated manufacturer and distributor of fleece and jersey activewear, sold both through distributors and directly to retail and wholesale customers. For the three months ended 3/31/99, net sales fell 4 percent to $37.7 million. Net loss totalled $10 million, up from $882 thousand. Revenues reflect lower average selling prices due to closeout sales and competitive markets. Loss also reflects increased consulting fees and bad debt reserves. 
Phillips-Van Heusen Corp. (NYSE : PVH)Phillips-Van Heusen Corporation is a vertically integrated manufacturer, marketer and retailer of men's, women's and children's apparel and footwear. For the 13 weeks ended 5/2/99, net sales fell 2 percent to $289.7 million. Net loss before extraordinary item rose 3 percent to $4.6 million. Revenues reflect lower sales of the Apparel segment and the Footwear and Related Products segment. Higher loss reflects lower gross margins related to winding down the Gant operation and higher debt levels. 
PremiumWear, Inc. (NYSE : PWA)PremiumWear Inc. sells primarily men's knit sport shirts under the Munsingwear(R) label to special market customers under a license from Supreme International Corporation. For the fiscal year ended 1/2/99, revenues increased 26 percent to $42.4 million. Net income increased 74 percent to $1.5 million. Revenues benefitted from the addition of a wholesale distributor customer. Earnings also reflect an increase in gross profit due to a decrease in unit costs. 
Quaker Fabric Corp. (Nasdaq : QFAB)QFAB is a designer, manufacturer and worldwide marketer of woven upholstery fabrics for residential furniture. QFAB also produces Jacquard upholstery fabrics and specialty yarns. For the three months ended 4/3/99, net sales decreased 11 percent to $56.1 million. Net loss totalled $382 thousand vs. income of $1.9 million. Revenues reflect an increase in the average selling price of middle to better-end fabrics. Net income was offset by a lower gross margin due to lower absorption of fixed costs. 
Raven Industries, Inc. (Nasdaq : RAVN)Raven Industries is a manufacturer that supplies plastic, electronics and sewn products to the industrial, recreation, agriculture, automotive and defense markets. For the fiscal year ended 1/99, net sales rose 2 percent to $152.8 million. Net income decreased 23 percent to $6.2 million. Revenues reflect higher electronic and plastics segment sales. Earnings were offset by lower margins due to competitive pressures and a decline in manufacturing efficiencies due to changeovers in design. 
Ridgeview, Inc. (Nasdaq : RIDG)RIDG designs, manufactures and markets a complete range of sports, rugged outdoor and heavyweight casual socks, as well as women's hosiery including tights, trouser socks, pantyhose and knee-highs. For the fiscal year ended 12/31/98, net sales increased 7 percent to $97.8 million. Net loss totalled $4.2 million vs. income of $2.2 million. Revenues reflect the acquisition of Tri-Star. Net loss reflects a decreased gross margin due to negative manufacturing variances and poor shipping execution. 
Polo Ralph Lauren Corp. (NYSE : RL)RL is engaged in the design, marketing and distribution of premium lifestyle products in four categories: apparel, home, accessories and fragrance. For the 39 weeks ended 12/26/98, net revenues rose 14 percent to $1.28 billion. Net income (vs. pro-forma) rose 7 percent to $98 million. Revenues reflect increased menswear sales due to the timing of shipments to retailers. Net income was partially offset by a lower gross profit due to increased promotional/point of sale markdowns. 
Russell Corporation (NYSE : RML)RML is an international aparrel company specializing in activewear, casualwear and athletic uniforms. Major brands include: Russell Athletic, Jerzees and Cross Creek. For the three months ended 4/4/99, revenues fell 9 percent to $233.2 million. Net loss totaled $14.4 million, vs. income of $1.8 million. Revenues suffered from lower prices and unit volumes in the company's Activewear segment. Net loss reflects the esablishment of a dual headquarters in Atlanta. 
Retrospettiva, Inc. (Nasdaq : RTRO)Retrospettiva designs, contracts for the manufacture of and markets a variety of garments, primarily basic women's sportswear, including suits, skirts, blouses, blazers, pants, shorts, vests and dresses. For the three months ended 3/31/99, sales rose less than 1 percent to $8.2 million. Net income fell 36 percent to $213 thousand. Results reflect increased purchases from existing customers, offset by lower margins due to increases in the cost of materials and shipping. 
Stage II Apparel Corp. (AMEX : SA)SA designs and distributes an extensive range of men's and boy's casual apparel and activewear. SA's merchandise is marketed under such names as ``Spalding'', ``Dunlop'', ``Main Event''. For the three months ended 3/31/99, revenues fell 14 percent to $1.6 million. Net income totaled $11 thousand, vs. a loss of $692 thousand. Revenues reflect the termination of unprofitable apparel divisions. Earnings reflect improved arrangements with new manufacturing sources. 
Samsonite Corporation (Nasdaq : SAMC)Samsonite Corporation manufactures and distributes luggage, including softside and hardside suitcases, garment bags, business cases, and other travel bags under the Samsonite, American Tourister and Lark brand names. For the three months ended 4/30/99, net sales rose 12 percent to $176.9 million. Net loss before extraordinary item applicable to Common totalled $10.8 million, up from $4.7 million. Results reflect increases in the value of the Belgian Franc and U.S. retail sales, offset by higher debt. 
Superior Uniform Group (AMEX : SGC)Superior Uniform Group manufactures and sells a wide range of apparel and accessories for the medical and health fields as well as for the industrial, commercial, leisure, and public safety markets. For the three months ended 3/31/99, net sales rose less than 1 percent to $37.5 million. Net income rose 16 percent to $1.8 million. Revenues reflect new uniform programs and the acquisition of Sope Creek. Earnings also reflect the absence of $1.81 million in Business process re-engineering charges. 
Signal Apparel Company (NYSE : SIA)Signal Apparel manufactures and markets activewear in juvenile, youth and adult size ranges and upscale knit apparel for the ladies' market. For the three months ended 4/3/99, net sales totalled $33.4 million, up from $11.6 million. Net loss decreased 6 percent to $3.6 million. Revenues benefitted from the acquisitions of Tahiti and Umbro divisions. Lower net loss was partially offset by higher debt levels and depreciation due to the acquisitions. 
Synthetic Industries (Nasdaq : SIND)SIND manufactures and markets a wide range of polypropylene-based materials used for floor covering, geotextiles, erosion control, concrete reinforcement and furniture construction fabrics. For the six months ended 3/31/99, net sales rose 10 percent to $171.7 million. Net income fell 20 percent to $2.1 million. Results reflect higher unit volume in carpet backing, and increased construction and civil engineering sales, offset by a $3.4 million plant consolidation charge. 
Sirena Apparel Group,Inc. (Nasdaq : SIRN)Sirena Apparel Group designs, manufactures and markets branded and private label swimwear, resortwear and intimate apparel for each principal part of the women's market. For the nine months ended 3/31/99, net sales increased 21 percent to $41.9 million. Net income rose 27 percent to $2.7 million. Revenues reflect increased revenues from the Liz Claiborne, Anne Klein and Hang Ten swimwear brands. Earnings also benefitted from increased gross margins. 
St. John Knits, Inc. (NYSE : SJK)SJK designs, manufactures, and markets women's clothing and accessories sold principally under the St. John tradename. For the 26 weeks ended 5/2/99, revenues increased 9 percent to $151.6 million. Net income fell 26 percent to $14.1 million. Revenues benefited from an increase in unit sales of various product lines. Net income was offset by expenses incurred by the company to advertise and market its product lines as well as non-recurring expenses incurred. 
Springs Industries, Inc. (NYSE : SMI)SMI is engaged in the manufacturing, marketing and sale of packaged textile and non-textile home furnishings. SMI also manufactures and markets printed and dyed fabrics sold to retail stores and manufacturers. For the three months ended 4/3/99, revenues rose 5 percent to $584 million. Net income totaled $15.2 million vs. a loss of $3.1 million. Results reflect first quarter acquisitions and increased bed and bath sales volume. 
Sport-Haley, Inc. (Nasdaq : SPOR)Sport-Haley, Inc. designs, contracts for the manufacture of, and markets men's and women's golf and active sportswear under the Haley label. For the nine months ended 3/31/99, sales decreased 4 percent to $21.1 million. Net income decreased 50 percent to $1.5 million. Revenues reflect slower sales to golf professional shops. Net income also reflects increased S/G/A expenses as a  percentage of sales, and a decreased gross profit. 
Tarrant Apparel Group (Nasdaq : TAGS)TAGS is a provider of private label casual apparel, primarily serving specialty retailers and mass merchandise chains by contracting for various manufacturers. For the three months ended 3/31/99, net sales rose 31 percent to $84.1 million. Net income rose 65 percent to $4.6 million. Revenues benefitted from recent acquisition activity and new relationships with J.C. Penney, Mervyns, and Abercrombie and Fitch. Earnings benefitted from higher margins and decreased S/G/A as a  percentage of sales. 
Tandy Brands Accessories (Nasdaq : TBAC)TBAC designs, manufactures and markets fine leather goods, accessories and neckwear for men, women and children. For the nine months ended 3/31/99, net sales rose 36 percent to $136.7 million. Net income rose 29 percent to $7.8 million. Revenues reflect sales realized from the Amity/Rolfs product introductions and the Tiger Accessories acquisition. Earnings reflect higher interest expenses due to higher debt levels related to purchase of assets and acquisitions. 
Tefron Ltd. (NYSE : TFR)Tefron Ltd. is engaged in the design, manufacture and sale of knitted intimate apparel sold throughout the world by such name-brand marketers as Victoria's Secret, Gap, Banana Republic, DIM, Cacharel, Schiesser and others. For the nine months ended 9/30/98, sales rose 32 percent to $75 million. Net income rose 31 percent to $10.6 million. Results reflect strong demand for the Company's Hi-Tex products and strong sales in the cotton division, partially offset by lower margins. 
Leather Factory, Inc. (AMEX : TLF)The Leather Factory, Inc. is engaged in the manufacture, distribution, importation and exportation of leather, leatherworking tools, buckles and other belt supplies, shoe care supplies, dyes, bags, garments and other do-it-yourself kits. For the three months ended 3/99, sales fell 3 percent to $5.5 million. Net loss rose 3 percent to $92 thousand. Revenues reflect a reduction in overall sales. Higher loss reflects lower income tax benefits. 
Thomaston Mills, Inc. (Nasdaq : TMSTA)Thomaston Mills manufactures and markets cotton, synthetic and blended textile products for the home furnishings, apparel fabrics and industrial products markets. For the 40 weeks ended 4/3/99, net sales fell 19 percent to $169.5 million. Net loss totalled $14.9 million, up from $5 million. Revenues suffered from the sale of the Rattlers Division and the closing of the Griffin, GA yarn facility. Higher loss reflects increased borrowing and higher interest rates. 
North Face, Inc. (Nasdaq : TNFI)TNFI and its subsidiaries design and distribute technically sophisticated outerwear, ski and snowsports gear, functional sportswear, tents, sleeping bags, backpacks and related goods, all under The North Face label. For the three months ended 3/99, net sales rose 12 percent to $51.3 million. Net loss rose from $843 thousand to $5.5 million. Revenues reflect increased shipments to existing wholesale customers. Higher loss reflects increased footwear line and media expenditures. 
Tommy Hilfiger, Inc. (NYSE : TOM)TOM designs, sources and markets sportswear, jeanswear and childrenswear, and offers various accessories, all under the Tommy Hilfiger name. For the nine months ended 12/98, net revenue rose 89 percent to $1.22 billion. Net income rose 49 percent to $127.5 million. Revenues reflect an increase in sales of womensware and childrensware and expansion of the in-store shop and fixtured area program. Earnings lagged due to lower gross margins, greater debt levels and a $19.8 million acquisition related charge. 
Tropical Sportswear Int'l (Nasdaq : TSIC)TSIC produces casual and dress men's and women's apparel and provides retailers with customer, product and market analysis, and apparel design, merchandising and inventory forecasting. For the 26 weeks ended 4/3/99, revenues totalled $204.9 million up from $82.5 million. Net income rose 39 percent to $6.3 million. Revenues reflect an increase in units sold and higher average selling prices. Net income is partially offset by higher operating and interest expenses. 
Tultex Corp. (NYSE : TTX)Tultex markets and manufactures activewear and licensed sports apparel. Products include fleeced sweats, jersey products, and decorated caps and jackets. For the fiscal year ended 1/2/99, net sales decreased 28 percent to $468.7 million. Net loss applicable to Common totalled $36.9 million, up from $5.7 million. Revenues suffered from weak demand for licensed apparel. Loss also suffered from a $16.3 million loss from the sale of LogoAthletics and higher debt levels. 
Texfi Industries (TXFITexfi Industries manufactures and markets a diverse line of textile products from a variety of raw materials, including natural and synthetic materials. For the 39 weeks ended 7/31/98, sales decreased 32 percent to $107 million. Net loss totalled $7.7 million vs. an income of $885 thousand. Revenues reflect reduced sales at the Blends division and the divestiture of the knitted narrow fabrics business. Loss reflects the inclusion of a $1.2 million impairment of notes receivable charge. 
Alfa International Corp. (OTC BB : TYBR)Alfa International, through its subsidiary Ty-Breakers, manufactures and distributes apparel, mostly jackets, made from TYVEK (R) and Kensel. For the nine months ended 9/30/98, net sales totalled $75 thousand, up from $22 thousand. Net loss increased 27 percent to $191 thousand. Revenues reflect higher Ty-Breakers sales due to initial orders received from a direct mail campaign. Higher loss reflects increased S/G/A expenses due to an increase in personnel and marketing costs. 
United Textiles & Toys (OTC BB : UTTC)UTTC designs and manufactures a variety of lower priced women's dresses, gowns, and separates for special occasions and formal events. The Co. owns interest in Play Co. Toys and Entertainment Corp., a toy/game retailer. For the nine months ended 12/98, net sales rose 49 percent to $27.2 million. Net loss fell 75 percent to $268 thousand. Revenues reflect higher sales contributions from Play Co.'s stores. Lower loss reflects increased profit margins and $48 thousand in interest and other income. 
Velcro Industries, N.V. (Nasdaq : VELCF)Velcro Industries, N.V. is the holding company for the Velcro companies which are primarily involved in the manufacturing and marketing of VELCRO, ULTRA-MATE, TEXACRO, and ONE-WRAP brand fasteners. For the six months ended 3/31/99 revenues rose 6 percent to $124.7 million. Net income rose 28 percent to $16.9 million. Results benefitted from increased sales in the diaper market and other core business, higher capital gains and productivity improvements and cost containment measures. 
V.F. Corporation (NYSE : VFC)VFC is a holding company whose subsidiaries design, manufacture and market branded jeanswear, intimate apparel, knitwear, children's playwear and other apparel. For the three months ended 4/3/99, net sales rose 2 percent to $1.36 billion. Net income applicable to Common rose 9 percent to $83.7 million. Revenues reflect increased domestic intimate apparel sales with growth in the Vassarette brand and growth from acquisitions. Earnings reflect lower cost sourcing and raw material costs. 
Warnaco Group, Inc. (NYSE : WAC)WAC and its subsidiaries design, manufacture and market a broad line of women's intimate apparel, men's underwear and accessories and jeans sportswear for men, women, juniors and children. For the three months ended 4/3/99, revenues rose 6 percent to $444.1 million. Net income before acct. change totalled $22.9 million, up from $6.1 million. Revenues reflect increased Calvin Klein Jeanswear sales. Net income reflects increased margin due to reduced start-up costs. 
Wacoal Corporation (Nasdaq : WACLY)Wacoal Corporation is predominantly engaged in the manufacture and sale of apparel, including foundation garments, lingerie, nightwear and outerwear in Japan, the United States, Europe and certain Asian countries. For the fiscal year ended 3/31/98, net sales rose 1 percent to Y169.97 billion. Net income rose 11 percent to Y8.16 billion. Revenues reflect increased sales of foundation garments in department and specialty stores. Earnings also reflect greater gains on the sale of assets. 
Worldtex, Inc. (NYSE : WTX)Worldtex, Inc. is a holding company engaged through its subsidiaries in the supply of elastomeric components, including covered elastic yarns and narrow elastic fabrics, to the textile and apparel industries. For the three months ended 3/31/99, net sales rose 13 percent to $78 million. Net income fell 62 percent to $815 thousand. Results reflect a facility acquisition and increased sales of narrow elastic fabrics, offset by lower margins due to changes in product mix. 
Yes Clothing Company (OTC BB : YSCO)Yes Clothing Company designs, contracts for the manufacture and markets apparel for women in junior sizes and young men. For the nine months ended 12/31/97, net sales fell 15 percent to $1.8 million. Net loss rose 93 percent to $2.5 million. Revenues reflect the reduction in the Company's reserve for future chargebacks and the sale of assets. Higher loss reflects the suspension of the Company's operations and the sale of inventory and assets at below cost. 
Quiksilver, Inc. (NYSE : ZQK)Quiksilver, Inc. designs, arranges the manufacture of, and distributes casual sportswear, swimwear, activewear, snowboardwear and related accessories for boys and girls under various labels. For the six months ended 4/30/99, net sales increased 60 percent to $214.1 million. Net income increased 73 percent to $13.1 million. Revenues reflect increases in both domestic and European markets. Earnings also reflect increased royalty income and higher foreign currency gains.%}
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AirTran Holdings, Inc. (Nasdaq : AAIR)AirTran Holdings, Inc. operates a low fare scheduled airline serving short haul markets primarily in the Eastern United States. For the three months ended 3/31/99, revenues rose 27 percent to $119.9 million. Net income totalled $3.1 million vs. a loss of $7.9 million. Results reflect an increase in the number of passengers carried and an increase in the average yield. Earnings also benefitted from a decrease in the average fuel cost per gallon. 
Atlantic Coast Airl Hldgs (Nasdaq : ACAI)Atlantic Coast Airlines Holdings, Inc. is the holding company of Atlantic Coast Airlines, a regional airline serving 32 destinations throughout the US, Europe and Latin America. For the three months ended 3/31/99, revenues rose 26 percent to $73 million. Net income before acct. change rose 26 percent to $3.8 million. Results reflect increases in available seat miles and load factor. Earnings also reflect lower operating cost as a  percent of revenues due to more cost efficient aircraft. 
Air Canada, Inc. (Nasdaq : ACNAF)Air Canada, Inc. is a Canadian-based international air carrier providing scheduled and chartered air transportation for passengers and cargo. For the fiscal year ended 12/31/98, revenues increased 6 percent to C$5.93 billion. Net loss according to US GAAP adjustment totalled C$339 million vs. income of C$445 million. Revenues reflect increased high-yield traffic, higher fares and greater aircraft maintenance work for other airlines. Losses reflect a rise in salaries and wages. 
Alaska Air Group, Inc. (NYSE : ALK)Alaska Air Group is a holding company for two airlines, Alaska Airlines, Inc. and Horizon Air Industries. For the three months ended 3/31/99, total revenues increased 11 percent to $461.2 million. Net income increased 54 percent to $20.2 million. Revenues benefitted from growth in capacity and traffic. Net income also benefitted from a decrease in cost per available seat mile (ASM) due to lower fuel prices, lower insurance rates and reduced legal expenses. 
AMR Corporation (NYSE : AMR)AMR is a holding company that provides scheduled passenger and air freight services throughout the world (American Airlines), provides regional airline service (American Eagle), and owns The Sabre Group (computer reservation system). For the three months ended 3/31/99, revenues fell 3 percent to $4.48 billion. Net income from continuing operations fell 67 percent to $94 million. Results reflect lower revenues and earnings due to the illegal job action by APA members. 
Amtran, Inc. (Nasdaq : AMTR)Amtran provides of charter airline services, and on a targeted basis scheduled airline services, to leisure and other value-oriented travelers. The company also provides worldwide charter services to independent tour operators and the U.S. military. For the three months ended 3/99, total revenues rose 21 percent to $277.9 million. Net income rose 33 percent to $16.5 million. Results reflect an increase in passenger revenues and a gain on sale of interest in Equant. 
America West Holdings (NYSE : AWA)America West Holdings Corp. is the holding company for America West Airlines, Inc., a commercial airline carrier serving the U.S., Canada and Mexico. Total revenues for the three months ended 3/31/99 increased 8 percent to $519.6 million. Net income increased 3 percent to $25.9 million. Results reflect higher passenger revenues due to increased revenue passenger miles, partially offset by increased salaries and other related expenses. 
British Airways plc (NYSE : BAB)British Airways plc is engaged in the operation of international and domestic scheduled passenger airline services. For the six months ended 9/98, revenues rose 6 percent to L4.73 billion. Net income rose 11 percent to L293M. Revenues benefitted from a flying programme 14.4 percent bigger in available tonne kilometres (ATK) and higher cargo tonnes carried. Earnings also benefitted from higher operating margins due to cost efficiencies and lower fuel prices. 
Continental Airlines,Inc. (NYSE : CAL)Continental Airlines, Inc. is a United States air carrier engaged in the transportation of passengers, cargo and mail. For the three months ended 3/31/99, revenues increased 11 percent to $2.06 billion. Net income applicable to Common before accounting change increased 11 percent to $90 million. Revenues reflect an increase in revenue passenger miles, and increased cargo capacity. Earnings also reflect a decrease in maintenance, materials and repairs expense. 
China Eastern Airlines (NYSE : CEA)China Eastern Airlines Corporation Limited provides domestic, Hong Kong regional and international passenger, cargo and mail airline services in China through 45 owned and 22 leased aircraft (as of 12/97). For the fiscal year ended 12/31/97, total revenues rose 18 percent to RMB8.57 billion. Net income according to U.S. GAAP rose 23 percent to RMB792.2 million. Results reflect increased passenger traffic on the Company's routes, increased interest income and reduced interest expense. 
Comair Holdings, Inc. (Nasdaq : COMR)Comair Holdings, Inc., is primarily engaged in providing scheduled air transportation of passengers and cargo. On 3/31/98, the Company's fleet consisted of 59 jet aircraft and 34 turboprop aircraft. For the nine months ended 12/98, revenues rose 18 percent to $571.4 million. Net income rose 36 percent to $100.6 million. Revenues reflect increased revenue passenger miles and capacity due to the addition of new jet service. Earnings reflect higher margins due to lower fuel price. 
Delta Air Lines, Inc. (NYSE : DAL)DAL is a major air carrier providing scheduled air transportation for passengers, freight and mail. Delta serves 148 domestic cities in 42 states and 46 cities in 31 foreign countries. For the nine months ended 3/99, revenues rose 4 percent to $10.75 billion. Net income applicable to Common rose 16 percent to $729 million. Revenues reflect increased capacity, favorable economic conditions and improved asset utilization. Net income also reflects a decrease in the average fuel price per gallon. 
Frontier Airlines, Inc. (Nasdaq : FRNT)Frontier Airlines, Inc. is a low-fare, full-service commercial airline based in Denver which currently serves selected midwestern and western cities. For the nine months ended 12/31/98, revenues rose 43 percent to $150.4 million. Net income totalled $12.8 million vs. a loss of $15.7 million. Revenues reflect an increase in the number of passengers carried due to expansion of the Company's fleet. Earnings also reflect significantly lower fuel prices and operating efficiencies. 
Great Lakes Aviation, Ltd (Nasdaq : GLUX)GLUX is a regional airline which operates under three identities (United Express, Midway Connection and Great Lakes Airlines). As of 12/97, GLUX operated a fleet of 40 19-passenger aircraft and eight 30-passenger aircraft. For the fiscal year ended 12/31/98, revenues rose 36 percent to $114 million. Net income totalled $2.7 million vs. a loss of $18.3 million. Revenues reflect higher public service revenues. Earnings also lower costs related to flight suspension and civil penalty. 
Hawaiian Airlines, Inc. (AMEX : HA)HA is engaged in the scheduled transportation of passengers, cargo and mail over a route system which services the six major islands of Hawaii, Las Vegas, and four West Coast cities. For the three months ended 3/31/99, revenues increased 10 percent to $110 million. Net income totalled $780 thousand vs. a loss of $1.1 million. Revenues reflect increased Passenger revenues associated with Transpac. Earnings reflect a decrease in the average cost of aircraft fuel per gallon. 
Japan Airlines Co., Ltd. (Nasdaq : JAPNY)Japan Airlines Co., Ltd is an air carrier serving over 87 international and domestic destinations. The Company also has interests in resorts, hotels, card and lease operations, travel services, trading and other airline related business. Total revenues for the fiscal year ended 3/98 rose 1 percent to Y1.58T. Net loss increased from Y14.48 billion to Y62.92 billion. Revenues reflect growth from domestic routes. Higher loss reflects costs related to an ongoing restructuring program. 
KLM Royal Dutch Airlines (NYSE : KLM)KLM Royal Dutch Airlines transports passengers and cargo between the Netherlands and 150 destinations on six continents. For the nine months ended 12/98, revenues rose 1 percent to NLG10.28 billion. Net income before U.S. GAAP adjustment and applicable to Common fell 52 percent to NLG540M. Revenues reflect a 4 percent increase in capacity. Earnings suffered from lower operating margins and the absence of an NLG421M gain upon sale of shares held in Northwest Airlines. 
Lan Chile S.A. (NYSE : LFL)Lan Chile S.A. provides domestic and international passenger and cargo air services in Chile. The Company serves several destinations including 16 in Chile and 15 in Latin America, and seven throughout the World. For the nine months ended 9/98, total revenues increased 15 percent to $779.9 million. Net income decreased 51 percent to $19.9 million. Revenues benefitted from increased cargo and passenger income. Earnings were offset by increased wage, benefits and commission expenses. 
Southwest Airlines, Co. (NYSE : LUV)LUV provides shorthaul, high frequency, point-to-point, low fare air transportation services. LUV's 280 aircraft provide service between 52 cities in 26 states throughout the U.S. Revenues for the three months ended 3/31/99 increased 14 percent to $1.08 billion. Net income rose 37 percent to $95.8 million. Revenues reflect greater revenue passenger miles (RPMs) and the addition of 23 aircraft. Net income also reflects a decrease in average jet fuel cost per gallon. 
Mesaba Holdings, Inc. (Nasdaq : MAIR)MAIR is a holding company for Mesaba Aviation, a regional air carrier providing scheduled passenger service and air freight service as Mesaba Airlines/Northwest Airlink to 91 cities in the U.S. For the nine months ended 12/98, revenues rose 20 percent to $241.8 million. Net income before accounting change rose 4 percent to $15.6 million. Results reflect the introduction of 10 RJ85 and 26 Saab 340 aircraft, partially offset by increased aircraft rent and maintenance expenses. 
Midway Airlines Corp. (Nasdaq : MDWY)Midway Airlines Corp. is an air carrier providing primarily passenger service and to a lesser extent, cargo and mail services. For the three months ended 3/31/99, revenues increased 9 percent to $55 million. Net income increased 4 percent to $4 million. Revenues benefitted from an increase in load factor and higher average fare. Earnings were partially offset by an increase in staffing, departure and passenger expenses, and a $927 thousand equipment retirement charge. 
Midwest Express Holdings (NYSE : MEH)MEH operates single-class, premium service passenger jet airline that caters to business travelers and serves selected major business destinations throughout the U.S. and Toronto from operations based in Milwaukee and Omaha. For the three months ended 3/99, total revenues rose 12 percent to $98.9 million. Net income rose 17 percent to $7.1 million. Revenues reflect an increase in passenger volume. Earnings reflect increased costs associated with outsourcing a heavy airframe overhaul. 
Mesa Air Group, Inc. (Nasdaq : MESA)Mesa Air Group, Inc. is a group of regional airlines providing services in various regions across the U.S. as AmericaWest Express, Mesa Airlines, and US Airways Express. For the six months ended 3/31/99, revenues fell 36 percent to $155.1 million. Net income totalled $5.2 million vs. a loss of $52.4 million. Results reflect the discontinuation of the Company's United Airlines Express operations, offset by the absence of a $33.9 million loss provision. 
Northwest Airlines Corp. (Nasdaq : NWAC)NWAC is engaged in the domestic and international transport of passengers and cargo through its global airline network. For the three months ended 3/31/99, revenues fell 6 percent to $2.28 billion. Net loss totaled $29 million vs. income of $71 million. Revenues suffered from a decrease in sceduled service ASMs and a decrease in passenger revenue per scheduled ASM. Loss reflects wage and benefit increases from settled contracts with collective bargaining units. 
SkyWest, Inc. (Nasdaq : SKYW)SkyWest is a holding company for SkyWest Airlines (provides passenger/cargo air service), Scenic Airlines (provides air tours and air services), and National Parks Transportation (offers AVIS rental vehicles in airports). For the nine months ended 12/31/98, total revenues rose 43 percent to $285.4 million. Net income from continuing operations rose from $15.5 million to $31.5 million. Results reflect higher RPMs, a new code sharing relationship with United and improved margins. 
Tower Air, Inc. (Nasdaq : TOWR)Tower Air Inc., provides long-haul scheduled and charter passenger air service in international and domestic markets. TOWR also operates all cargo service and ad hoc third party maintenance service. For the three months ended 3/31/99, revenues rose 4 percent to $100.7 million. Net loss fell 72 percent to $2 million. Revenues reflect increased frequencies on existing routes and the inception of new and domestic markets. Lower loss reflects lower equipment and maintenance costs. 
Trans World Airlines, Inc (AMEX : TWA)TWA transports passengers, cargo and mail to 93 cities. TWA provides jet service to cities located in U.S, Mexico, Europe, Canada, the Middle East, and the Caribbean. For the three months ended 3/31/99, revenues fell less than 1 percent to $764.6 million. Net loss applicable to Common before extraordinary items fell 54 percent to $37.4 million. Revenues reflect reduced wide-body aircraft capacity and decreased mail volume. Lower losses reflect the absence of a $26.5 million stock compensation expense. 
US Airways Group, Inc. (NYSE : U)U is an air carrier engaged in transporting passengers, property and mail. U also owns US Airways, Shuttle Inc., Alleghany, Piedmont, and PSA, Fuel Corp., US Airways Leasing and Sales, MSC and AAL. For the three months ended 3/31/99, revenues rose less than 1 percent to $2.07 billion. Net income applicable to Common fell 50 percent to $46 million. Revenues reflect increased sales and capacity. Earnings reflect increased personnel costs and costs related to the purchase of capacity. 
UAL Corporation (NYSE : UAL)UAL is a holding company whose principal subsidiary is United Air Lines, which engages in commercial air transportation of people, property and mail. For the three months ended 3/31/99, revenues rose 3 percent to $4.16 billion. Earnings applicable to Common rose 34 percent to $47 million. Revenues reflect increases in revenue passenger miles. Earnings reflect lower fuel prices, lower commissions and lower ESOP compensation expenses. 
Virgin Express Holdings (Nasdaq : VIRGY)Virgin Express Holdings plc is principally engaged in the operation of a low-fare, scheduled airline, providing short-to medium-haul jet service to markets principally within continental Europe from the Company's base in Brussels. For the fiscal year ended 12/31/97, total revenues rose 42 percent to BEF9.18 billion. Net loss according to U.S. GAAP increased 93 percent to BEF172.5 million. Results reflect the Company's increased fleet size, offset by increased interest and option costs. 
Vanguard Airlines (Nasdaq : VNGD)Vanguard Airlines is a lowfare airline offering convenient, non-stop and connecting scheduled jet service to destinations in established markets for business and leisure travelers. For the three months ended 3/31/99, revenues rose 17 percent to $24.9 million. Net income totalled $41 thousand, vs. a loss of $4.6 million. Revenues reflect increases in the number of passengers and passenger yield. Earnings also reflects lower aircraft fuel expenses and reduced inconvenienced passenger costs. 
Western Pacific Airlines (OTC BB : WPACQ)Western Pacific Airlines, Inc. operates a low-cost, low-fare airline from its hub at the Colorado Springs Airport. Company operates a fleet of 15 Boeing 737-300 jet aircraft. For the nine months ended 9/97, revenues rose 23 percent to $146.1 million. Net loss applicable to Common totalled $61.9 million, up from $2.8 million. Results reflect higher capacity and a higher load factor, offset by one time charges related to the write-off of capitalized costs related to the merger with Frontier. 
China Southern Airlines (NYSE : ZNH)China Southern Airlines Company Limited is principally engaged in the provision of domestic, Hong Kong regional and international passenger and cargo and mail airline services in China and Southeast Asia. For the fiscal year ended 12/31/97, total revenues rose 13 percent to RMB12.82 billion. Net income applicable to U.S. GAAP rose 43 percent to RMB1.26 billion. Results reflect increases in air fares and RPKs, a RMB143.8 million insurance gain and the absence of a RMB172.7 million write-down.%}
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Airborne Freight Corp. (NYSE : ABF)Airborne Freight Corp. provides door-to-door express delivery of small packages and documents throughout the U.S. and foreign countries. For the three months ended 3/31/99, total revenues rose 3 percent to $769.4 million. Net income fell 22 percent to $25.2 million. Revenues reflect strong growth in higher yielding lower weight overnight shipments. Earnings were partially offset by an increase in station and ground expenses due to a deline in productivity and the weather related costs. 
Air Transportation Hldgs. (Nasdaq : AIRT)AIRT is an air cargo carrier specializing in the overnight delivery of small package air freight. AIRT also provides aircraft parts, engine overhaul management, repair services and aircraft deice equipment. For the nine months ended 12/31/98, total revenues rose 7 percent to $37.9 million. Net income fell 60 percent to $561 thousand. Revenues reflect the inclusion of Global and higher air cargo and repair services. Earnings were offset by higher debt levels and depreciation costs. 
AirNet Systems, Inc. (NYSE : ANS)AirNet operates an integrated transportation network which provides delivery services for time-critical shipments of documents and small packages in the U.S. For the three months ended 3/31/99, net revenues rose 15 percent to $30.5 million. Net income before accounting change fell 40 percent to $1.7 million. Revenues reflect acquisitions, higher volume and price increases effective since 1/99. Earnings were offset by acquisition charges and infrastructure build-up. 
Aramex International Ltd. (Nasdaq : ARMX)Aramex International Ltd. provides express delivery and freight forwarding services from its hubs in Dubai, London, New York and Amman primarily to, from and within the Middle East and the Indian Sub-Continent. For the three months ended 3/31/98, revenues rose 26 percent to $18.4 million. Net income rose 23 percent to $781 thousand. Results reflect expansion of the Company's operations in Saudi Arabia and the Arabian Gulf, partially offset by personnel increases due to geographic expansion. 
Atlas Air, Inc. (NYSE : CGO)Atlas Air, Inc. is a cargo carrier which provides airport-to-airport air transportation services throughout the world to major international airlines. For the three months ended 3/31/99, revenues rose 73 percent to $137.8 million. Net income before extraordinary item and effect of acctg. change rose 93 percent to $10.2 million. Revenues benefited from additional aircraft and increased revenue per block hour. Net income reflects a decrease in maintainance expesnes per block hour. 
FDX Corporation (NYSE : FDX)FDX Corporation offers a variety of shipping and logistics solutions, including worldwide express delivery, ground small-parcel delivery, LTL freight delivery and global logistics and electronic commerce solutions to customers worldwide. For the nine months ended 2/28/99, revenues rose 5 percent to $12.39 billion. Net income from continuing operations rose 25 percent to $410 million. Results reflect increased U.S. domestic package volume and the absence of a $88 million in merger costs. 
Pittston BAX Group (NYSE : PZX)Pittston Burlington Group is engaged in overnight and second day freight, and international time definite air and sea transportation, freight forwarding and logistics management services and international customs brokerage. For the three months ended 3/31/99, revenues increased 14 percent to $460.2 million. Net income totalled $421 thousand vs. a loss of $3 million. Results reflect the acquisition of interests of agents in Taiwan and South Korea, and higher operating profit. 
Transact International (OTC BB : TRAH)Transact International is engaged in the sale, design, manufacture and installation of air cargo materials handling systems and equipment. TRAH also offers consulting and engineering services for such systems and equipment. For the six months ended 10/31/98, total revenues fell 33 percent to $1.5 million. Net loss fell 50 percent to $182 thousand. Revenues reflect lower sales volumes and the temporary stoppage of the New Delhi, India project. Lower loss benefitted from higher margins. 
Tropic Air Cargo, Inc. (OTC BB : TRPC)Tropic Air Cargo, Inc. is primarily engaged in the delivery of time sensitive cargo to destinations in Latin America. Tropic Air Cargo also markets northbound cargo transport from Latin American locations to Miami International Airport. For the nine months ended 9/30/98, revenues totalled $7.1 million. Net loss totalled $1 million. Results are not comparable due to the 7/23/97 inception of operations. 
United Shipping & Tech. (Nasdaq : USHP)United Shipping and Technology, Inc. manufactures, markets, develops and operates self-service automated shipping kiosks for use by customers and small business shippers to ship packages and letters. For the six months ended 12/98, total sales fell 51 percent to $272 thousand. Net loss rose 35 percent to $1.3 million. Sales reflect a redeployment strategy resulting in certain ISKs being taken out of production to be refurbished. Net loss was partially offset by increased interest income. 
WorldCorp, Inc. (WDCPWorldCorp is a holding company for World Airways and is engaged in two business areas: air transportation services and consumer telecommunications products. For the three months ended 3/98, revenues fell from $78.7 million to $0. Net loss totalled $8.4 million vs. an income of $709 thousand. Revenues suffered from decrease in total block hours and average daily utilization. Loss reflects an increase in loss on purchases of equity by affiliates and equity in loss of affiliates. 
World Airways, Inc. (Nasdaq : WLDA)World Airways is a U.S. certified air carrier which provides long-range passenger and cargo charter air transportation services to the U.S. Government, international passenger and cargo carriers and tour operators. For the three months ended 3/31/99, total revenues fell 6 percent to $65.3 million. Net loss decreased 9 percent to $2.7 million. Revenues reflect a 6.4 percent decrease in block hours flown. Loss was offset by lower maintenance and SGA costs.%}
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Advanced Aerodyn. & Strct (Nasdaq : AASIU)Advanced Aerodynamics and Structures is a development stage enterprise organized todesign, develop, manufacture, and market propjet and jet aircraft intended primarily for business use. For the three months ended 3/99, revenues fell 64 percent to $119 thousand. Net loss rose 4 percent to $2.3 million. Revenues reflect decreased interest income. Company has not generated any operating revenues and it will continue to experience losses until commercial sales of aircrafts. 
Aviation Distributors (OTC BB : ADIN)Aviation Distributors supplies new and overhauled aircraft parts to major commercial airlines worldwide. ADIN locates, acquires and supplies parts for all major aircraft. For the three months ended 3/31/99, total sales fell 13 percent to $7.7 million. Net loss fell 83 percent to $149 thousand. Revenues reflect a shortage in cash availability due to lawsuits and government investigations. Lower loss reflects lower S/G/A costs due to salary expenses and lower headcount. 
Aerosonic Corporation (AMEX : AIM)AIM is engaged in the manufacture of aircraft instruments. AIM maintains four major product lines: Angle of Attack/Stall Warning Systems; Inertial-Lead Vertical Speed Indicator; Power Analyzer and Recorder; and Vibration Monitoring and Analysis. For the three months ended 4/30/99, sales fell 8 percent to $4.9 million. Net income fell 83 percent to $49 thousand. Results reflect lower sales, increased research and development, and the startup costs of Precision Components Division. 
AAR Corp. (NYSE : AIR)AAR Corp. supplies a variety of products and services to the aerospace/aviation industry in the U.S. and abroad. For the nine months ended 2/28/99, revenues increased 20 percent to $672.4 million. Net income increased 20 percent to $29.9 million. Results benefitted from increased demand in the Company's engine and engine parts business, the recently acquired companies and higher sales in the aircraft maintenance and component repair business. 
American Aircarriers (Nasdaq : AIRS)AIRS is an international supplier of aviation services, which include sales of aircraft components and spare parts, maintenance, overhaul and repair of those products, and engine management services. For the three months ended 3/31/99, revenues totalled $13.6 million, up from $3.7 million. Net income rose 93 percent to $1.3 million. Results reflect internal growth and acquisitions, partially offset by costs associated with the acquisitions and change in product mix. 
Allied Research Corp. (AMEX : ALR)ALR, operates primarily in the U.S., Belgium and the U.K. ALR is in the development and production of weapons systems and ammunitions. Other operations include servicing, developing, distributing and maufacturing industrial security products. For the three months ended 3/99, revenues fell 23 percent to $27.5 million. Net income fell 44 percent to $1.3 million. Results reflect decreased revenues from Mecar. Net income reflects lower gross margins. 
Airport Systems Int'l Inc (AMEX : ASY)Airport Systems International, Inc. and Subsidiary (the Company) designs, manufactures, markets and installs ground-based aircraft radio navigational equipment and airfield signage sold home and abroad. For the nine months ended 1/99, revenues fell 35 percent to $12 million. Net loss totalled $1.2 million vs. income of $691 thousand. Revenues reflect a decrease in units shipped due to lower beginning backlog. Earnings suffered from higher production and installation costs. 
Alliant Techsystems Inc. (NYSE : ATK)Alliant Techsystems conducts its business through three business groups: Conventional Munitions, Defense Systems and Space and Strategic Systems. For the nine months ended 12/27/98, revenues rose less than 1 percent to $789.8 million. Net income before extraordinary item rose 4 percent to $50.5 million. Revenues reflect higher propulsion sales. Net income reflects higher margins on space propulsion contracts due to improved cost performance and lower interest expenses. 
Aviation General, Inc. (Nasdaq : AVGE)Aviation General, Inc. manufactures, markets and provides support services for the single engine, high performance Commander aircraft, as well as providing sales and brokerage services for pre-owned jet and piston-powered aircraft. For the fiscal year ended 12/98, sales rose 33 percent to $10.7 million. Net loss fell 14 percent to $1.8 million. Revenues reflect the delivery of more pre-owned aircraft at higher prices. Lower loss reflects less outside technical assistance. 
Aviation Sales Company (NYSE : AVS)Aviation Sales is a provider of fully integrated aviation inventory and maintenance, repair and overhaul services and heavy maintenance services for aircraft, and is a redistributor of aircraft parts. For the three months ended 3/31/99, revenues rose 74 percent to $178 million. Net income before extraordinary item rose 82 percent to $7.9 million. Results reflect acquisitions, increased customer penetration and higher operating margins due to economies of scale. 
Boeing Company (NYSE : BA)BA develops and produces jet transports, military aircraft, and space and missile systems through two industry segments: Commercial Aircraft and Defense and Space. For the three months ended 3/31/99, revenues increased 11 percent to $14.39 billion. Net income totalled $469 million, up from $50 million. Revenues reflect increased deliveries of commercial jet aircraft and the acquisition of Rockwell International Corp. Earnings also reflect a decrease in research and development expenses. 
Ballistic Recovery Sys. (OTC BB : BRSI)Ballistic Recovery Systems, Inc. designs, develops, manufactures and distributes ballistically deployed emergency parachute recovery systems use on recreational and general aviation aircraft. For the three months ended 12/98, sales rose 2 percent to $314 thousand. Net loss totalled $95 thousand, up from $28 thousand. Revenues reflect improved sales in international and domestic markets. Higher loss suffered from additional personnel and higher research and development costs. 
Butler National Corp. (OTC BB : BUKS)Butler National operates through various segments: avionics, aircraft modifications, monitoring services, temporary employee services, and gaming. For the nine months ended 1/31/99, sales increased 31 percent to $4.9 million. Net loss from continuing operations totalled $44 thousand vs income of $503 thousand. Revenues reflect increased sales from the Aircraft Modification business segment. Loss reflects a reduced gross profit and lower gains on settlement agreements. 
Cade Industries, Inc. (Nasdaq : CADE)Cade Industries, Inc. is engaged in the design, manufacture and repair of high technology composite components for the aerospace, air transport and specialty industries. For the fiscal year ended 12/31/98, sales rose 72 percent to $95.8 million. Net income rose 80 percent to $4.2 million. Results benefitted from increased demand for aircraft products, product diversification, the acquisition of Central Engineering Company and decreased interest cost as a  percent of sales. 
CompuDyne Corporation (Nasdaq : CDCY)CDCY operates in five business segments: Government engineering services, physical security services, the manufacture of telemetry and telecommunications equipment, fastener insertion processing and distribution of physical security products. For the three months ended 3/31/99, revenues totaled $22 million, up from $5 million. Net income totaled $410 thousand, up from $101 thousand. Results reflect higher sales and improved margins due to the acquisition of Norment. 
Cordant Technologies, Inc (NYSE : CDD)CDD manufactures solid rocket motors, precision fastening systems for aerospace and industrial markets, custom injected molded plastic products, investment cast turbine engine components and aluminum castings. For the comparable three months ended 3/99, sales rose 13 percent to $634.1 million. Net income rose 44 percent to $47.2 million. Revenues reflect increased investment castings sales. Net income also benefitted from improved operating margins at Howmet. 
Coltec Industries Inc. (NYSE : COT)Coltec Industries manufactures and sells a diversified range of highly-engineered aerospace and industrial products in the U.S., Canada and Europe. For the three months ended 4/4/99, net sales rose less than 1 percent to $376.2 million. Net income rose 9 percent to $27.5 million. Revenues reflect increased shipments of landing gear systems for Boeing's 737-700. Net income benefitted from decreased general and administrative costs and lower interest expenses due to lower outsanding debt. 
CPI Aerostructures, Inc. (Nasdaq : CPIAD)CPIAD is engaged in contract production of structural aircraft and machine parts and sub-assemblies for the commercial, military and electronics industries. For the fiscal year ended 12/31/98, revenues increased 52 percent to $19.8 million. Net loss totalled $8.6 million vs. income of $949 thousand. Revenues reflect an increase in sales by Kolar Machine, Inc. Net losss reflects increased S/G/A expenses as a  percentage of revenues due to the inclusion of Kolar expenses. 
Curtiss-Wright Corp. (NYSE : CW)Curtiss-Wright Corp. is a diversified multinational manufacturing and services company that designs, manufactures and overhauls precision components and systems and provides highly engineered services to the aerospace, automotive, shipbuilding and other industries. For the three months ended 3/31/99, revenues rose 16 percent to $70.4 million. Net income rose 21 percent to $8 million. Results reflect acquisitions, a higher order backlog and the absence of inventory write-offs. 
Ducommun Incorporated (NYSE : DCO)Ducommun Inc. manufactures components and assemblies for domestic and foreign commercial and military aircraft and space programs. For the three months ended 4/03/99, net sales decreased 20 percent to $34.5 million. Net income decreased 10 percent to $3.2 million. Results reflect a reduction in the Co's sales of commercial and military aftermarket products and lower sales for Boeing 747 and space programs, partially offset by a reduction in personnel related costs. 
DONCASTERS plc (NYSE : DCS)DONCASTERS plc is a manufacturer of highly engineered components and assemblies for tolerance critical applications, primarily in the aerospace and power generation industries. For the nine months ended 9/30/98, net sales totalled L201.4 million, up from L98.3 million. Net income rose 7 percent to L8M. Results reflect strong demand from major customers in the Aerospace sector and acquisitions in the Turbine sector, partially offset by L2.2 million in exceptional expenses. 
DRS Technologies, Inc. (AMEX : DRS)DRS is a diversified, high-technology company serving government and commerical niche markets worldwide. The Company develops and manufactures a variety of systems and components used for the processing, display and storage of data. For the nine months ended 12/31/98, revenues rose 32 percent to $169.1 million. Net income before extraordinary item fell 76 percent to $1 million. Results reflect acquisitions and increased military display shipments, offset by Bulgarian facility start-up costs. 
Edac Technologies Corp. (Nasdaq : EDAC)Edac Technologies, designs and manufactures services for the aerospace industry in areas such as special tooling, equipment and gauges, and components used in the assembly, manufacture, and inspection of jet engines. For the fiscal year ended 1/2/99, sales rose 39 percent to $53.2 million. Net income rose 34 percent to $2.3 million. Revenues reflect higher sales in the Large Turning and Precision Engineered Solutions areas. Earnings were partially offset by higher debt levels. 
EDO Corporation (NYSE : EDO)EDO Corporation designs and manufactures advanced electronic, mechanical and electro-optical systems and engineered materials for domestic and international defense and industrial markets. For the three months ended 3/27/99, net sales rose 17 percent to $27.2 million. Net income applicable to Common fell 29 percent to $1.2 million. Results reflect increased sales of aircraft armament products and command and control systems, offset by the expiration of tax loss carryforwards. 
Esco Electronics Corp. (NYSE : ESE)ESCO is a holding company for subsidiaries engaged in the research, development, manufacture, sale and support of defense and commercial systems and products. For the six months ended 3/31/99, net sales rose 12 percent to $184.4 million. Net income before accounting change fell 39 percent to $3.6 million. Revenues reflect increased PREPA sales at DCSI and the acquisition of PTA. Earnings were offset by lower margins due to the impact of Hurricane George on Puerto Rico and higher other expenses. 
Elbit Systems Ltd. (Nasdaq : ESLTF)Elbit Systems Ltd. is engaged in a range of defense-related airborne, ground and command, control and communications programs throughout the world, with a focus on upgrading existing military platforms and developing new technologies for defense applications. For the nine months ended 9/30/98, revenues rose 13 percent to $304.6 million. Net income rose 32 percent to $20 million. Results reflect the investment in development, a higher order backlog and lower financing costs. 
Fairchild Corporation (NYSE : FA)Fairchild Corporation distributes, manufactures and markets aerospace fasteners, aircraft parts, and related support services. The Company also manufactures and markets equipment and systems used in the manufacture of semiconductor chips. For the nine months ended 3/28/99, revenues fell 22 percent to $447.5 million. Net income from continuing operations before extraordinary item fell 73 percent to $12.7 million. Results reflect the disposition of Banner Hardware Group and lower margins. 
Fields Aircraft Spares (Nasdaq : FASI)FASI manufactures, distributes and stocks factory new cabin interior replacement parts applicable to various commercial aircraft models and the redistribution of new and reconditioned aircraft parts. For the fiscal year ended 1/1/99, sales rose 97 percent to $23.9 million. Net loss rose to $1.8 million, up from $147 thousand. Revenues reflect acquisitions and increased distribution and redistribution. Higher loss reflects a change in the product mix and costs of acquisitions. 
First Aviation Services (Nasdaq : FAVS)First Aviation Services, through its subsidiaries, repairs, overhauls and remanufactures commercial and military aircraft engines and industrial turbines, and sells and distributes aircraft parts. For the three months ended 4/30/99, net sales rose 33 percent to $46.1 million. Net income totalled $1.3 million vs. a loss of $1.8 million. Results reflect improved service levels, increased market share, growth in the services business and the absence of $2.8 million in special charges. 
FLIR Systems, Inc. (Nasdaq : FLIR)FLIR designs, manufactures and markets thermal imaging and broadcast camera systems which detect infrared radiation or heat emitted directly by all objects and materials. For the three months ended 3/99, revenues fell 14 percent to $34.4 million. Net loss totalled $19.1 million up from $195 thousand. Revenues reflect lower systems sale to the govt. market. Earnings reflect a on-time charge of $18.2 million related to duplicate inventories and products due to the merger with infametrics. 
Gulfstream Aerospace Corp (NYSE : GAC)Gulfstream Aerospace Corporation is primarily engaged in the design, development, production and sale of large business jet aircraft. GAC is also engaged in product support and aircraft completion services. For the three months ended 3/31/99, revenues increased 24 percent to $625.1 million. Net income increased 45 percent to $58.5 million. Revenues reflect the delivery of 17 new aircraft. Earnings also reflect improved margins due to a reduction in production cost and decreased debt levels. 
General Dynamics (NYSE : GD)GD supplies sophisticated defense systems to the U.S. and its allies. GD operates in the Combat Systems, Marine Systems, and Information Systems and Technology Segments. For the three months ended 4/99, net sales rose 19 percent to $1.38 billion. Net income totalled $265 million, up from $82 million. Revenues reflect the acquisition of NASSCO and increased DDG 51 program revenues. Earnings benefitted from a $165 million tax refund settlement related to research and experimentation. 
Groen Brothers Aviation (OTC BB : GNBA)GNBA, a developmental stage company, is developing the Hawk gyroplane through its wholly-owned subsidiary, Sego Tool. The Hawk is a rotorcraft which is a hybrid cross between a helicopter and an airplane. For the nine months ended 3/99, revenues fell 64 percent to $4 thousand. Net loss rose from $1.9 million to $4.3 million. Results reflect insignificant revenues. Higher loss reflects increased personnel costs and costs associated with the accelerated Hawk four program. 
HEICO Corporation (NYSE : HEI)HEI, through its subsidiaries, is engaged in the design, manufacture, and sale of aerospace products and services throughout the United States and abroad. For the three months ended 1/31/99, revenues rose 43 percent to $28.2 million. Net income rose 40 percent to $3.2 million. Revenues benefited from an increase in sales volume of Flight Support products and jet engine replacement parts. Earnings were partially offset by increased outstanding debt balances. 
Hawker Pacific Aerospace (Nasdaq : HPAC)HPAC repairs and overhauls aircraft and helicopter landing gear, hydromechanical components and wheels, brakes and braking systems, and distributes and sells new and overhauled spare parts and components for both fixed wing aircraft and helicopters. For the three months ended 3/31/99, revenues rose 18 percent to $16.2 million. Net income fell 91 percent to $40 thousand. Results reflect the acquisition of the UK subsidiary, offset by lower margins as a result of the UK operations. 
Herley Industries, Inc. (Nasdaq : HRLY)HRLY designs, manufactures and markets flight instrumentation components and systems including command and control systems, transponders, flight termination receivers, telemetry receivers, encoders, decoders and scoring systems. For the 26 weeks ended 1/99, net sales rose 33 percent to $26.2 million. Net income rose 45 percent to $3.7 million. Revenues reflect increased volume in flight instrumentation products. Net income also reflects lower S/G/A expenses as a  percentage of revenues. 
Hi-Shear Technology Corp. (AMEX : HSR)Hi-Shear Technology Corp. is engaged in the design and manufacture of power cartridges, separation devices, electronic sequencers and other special components used by the aerospace industry, the military and NASA. For the nine months ended 2/28/99, revenues rose 2 percent to $11.3 million. Net income rose 31 percent to $969 thousand. Revenues benefitted from improved on-time delivery. Earnings also benefitted from higher margins due to increased productivity. 
Hawk Corporation (NYSE : HWK)HWK designs, engineers, manufactures and markets friction products such as replacement elements for clutches, brakes and transmissions and powder metals used in components of fluid power, automotive, construction and appliance markets. For the three months ended 3/31/99, revenues fell 6 percent to $47.1 million. Net income applicable to Common fell 19 percent to $2.6 million. Results reflect softness in the agricultural and construction markets and a lower gross margin. 
Howmet International Inc. (NYSE : HWM)Howmet is a manufacturer of investment cast turbine engine components for jet aircraft and industrial gas turbines as original equipment and spare parts. For the three months ended 3/31/99, net sales increased 13 percent to $372.7 million. Net income applicable to common rose 47 percent to $34 million. Revenues reflect volume increases in the industrial gas turbine markets. Earnings benefitted from lower interest rates, lower debt levels, and cost controls that improved margins. 
Irvine Sensors Corp. (Nasdaq : IRSN)IRSN is the developer of proprietary technologies to produce extremely compact packages of solid state microcircuitry. For the 13 weeks ended 12/27/98, revenues increased 27 percent to $2.7 million. Net loss before extraordinary item increased 42 percent to $1.4 million. Revenues reflect an increase at Novalog, Inc., and MicroSensors, Inc. shipped its first production qualification products. Higher losses reflect increased staffing and spending for development. 
Kaman Corporation (Nasdaq : KAMNA)Kaman Corporation produces helicopters, airframe structures and a range of niche market products for aircraft applications. KAMNA also manufactures and distributes industrial and music products. For the three months ended 3/31/99, revenues rose 5 percent to $249.8 million. Net income rose 4 percent to $7.3 million. Results reflect revenue recorded for the Australia and New Zealand SH-2 helicopter programs, partially offset by lower Industrial operating profits. 
Kellstrom Industries Inc. (Nasdaq : KELL)KELL is engaged in the purchasing, overhauling (through subcontractors), reselling and leasing of aircraft, avionics and aircraft rotables, and engines and engine parts. For the three months ended 3/31/99, revenues totalled $79.1 million, up from $29.1 million. Net income totalled $7.1 million, up from $2.9 million. Revenues reflect additional inventory availability as a result of the increased capital resources. Earnings reflect economies of scale due to acquisitions. 
Kreisler Manufacturing (Nasdaq : KRSL)KRSL fabricates precision metal components and assemblies primarily for aircraft engines with both military and commercial applications. KRSL products include tube assemblies of multiple sizes and configuration, vane inserts, and blade locks. For the nine months ended 3/31/99, net sales rose 17 percent to $10.8 million. Net income rose 6 percent to $1.2 million. Revenues reflect higher productivity. Earnings were partially offset by higher S/G/A expenses due to salaries and audit costs. 
KVH Industries, Inc. (Nasdaq : KVHI)KVHI develops, manufactures and markets proprietary fiber optic, autocalibration and sensor technologies to produce navigation and mobile satellite communications systems for commercial, military and marine applications. For the three months ended 3/31/99, net sales rose 45 percent to $6 million. Net loss fell 84 percent to $146 thousand. Revenues reflect increased military navigation sales. Lower loss also reflects an improved gross profit margin. 
Lowrance Electronics, Inc (Nasdaq : LEIX)Lowrance Electronics, Inc. designs, manufactures and markets sonars and accessories for use in recreational and commercial boating. For the six months ended 1/31/99, net sales decreased 15 percent to $34.1 million. Net loss increased 59 percent to $1.9 million. Revenues suffered from lower sales of low-cost permanent mount and portable GPS products due to carryover of unfilled orders from the fourth quarter of FY97. Loss also suffered from $731 thousand in severance costs. 
Litton Industries, Inc. (NYSE : LIT)Litton Industries is a high-technology electronics company which provides advanced electronic, defense, marine and information systems and products to military, non-defense governmental, civil and commercial customers. For the nine months ended 4/99, revenues rose 14 percent to $3.59 billion. Net income applicable to Common rose 9 percent to $141.5 million. Results reflect acquisition of TASC and higher volume of contracts at PRC, partially offset by additional borrowings. 
LMI Aerospace, Inc. (Nasdaq : LMIA)LMI Aerospace, Inc. is a fabricator, finisher and integrator of formed, close tolerance aluminum and specialty alloy components for use by the aerospace industry. For the three months ended 3/99, net sales decreased 17 percent to $13.5 million. Net income decreased 51 percent to $815 thousand. Revenues reflect lower production rate of the Boeing 747 and the resulting inventory adjustments by subcontractors. Net income reflects higher payroll costs and lower overhead coverage. 
Lockheed Martin Corp. (NYSE : LMT)LMT engages in the research, design, development, manufacture and integration of advanced technology products and services ranging from aircraft, spacecraft and launch vehicles to missiles, electronics, information systems and energy management. For the three months ended 3/99, net sales fell less than 1 percent to $6.19 billion. Earnings before accounting change fell less than 1 percent to $268 million. Results reflect lower sales from the Space and Strategic Missiles division. 
Moog, Incorporated (AMEX : MOGa)Moog, Inc. designs and manufactures a broad range of high performance, precision motion control products for aerospace and industrial markets. For the six months ended 3/31/99, total revenues rose 19 percent to $311 million. Net income rose 36 percent to $11.6 million. Revenues benefitted from the Schaeffer acquisition. Earnings also benefitted from improved margins, decreased selling, general and administrative expenses as a  percentage of revenues. 
Northrop Grumman Corp. (NYSE : NOC)NOC designs, develops, and manufactures aircraft and aircraft subassemblies and electronic systems for military use. NOC also designs, develops, operates and supports computer systems for scientific and management information. For the three months ended 3/99, sales rose 4 percent to $2.09 billion. Net income totalled $88 million vs. a loss of $12 million. Revenues reflect work on the J-BOSC base operations support contract. Earnings reflect the absence of $180 million in merger costs. 
Orbital Sciences Corp. (NYSE : ORB)Orbital Sciences Corp. is a space technology and satellite services company that designs, manufactures, operates and markets a broad range of space products and services. For the three months ended 3/99, revenues rose 10 percent to $204.3 million. Net loss totalled $15.9 million vs. an income of $4.7 million. Revenues reflect increased work performed under contracts and an increase in new orders. Net loss reflects higher R&D spending and increased losses from affiliates. 
Precision Castparts Corp. (NYSE : PCP)Precision Castparts is engaged in the manufacture of large, complex structural investment castings and airfoil castings used in jet aircraft engines, as well as products for the gas turbine and industrial metalworking markets. For the 39 weeks ended 12/27/98, net sales rose 14 percent to $1.09 billion. Net income rose 22 percent to $75.4 million. Revenues reflect the inclusion of operations from acquisitions. Earnings also reflect the continued development of process improvements. 
Precision Standard, Inc. (Nasdaq : PCSN)Precision Standard, Inc. is engaged in aircraft maintenance and modification, design and manufacture of aerial target and guidance systems, aircraft cargo handling systems, precision springs and components, and rocket launch vehicles. For the three months ended 3/99, net sales rose 16 percent to $39.9 million. Net income decreased 57 percent to $2 million. Revenues reflect higher commercial and government sales. Earnings suffered from the absence of a $3.2 million other income gain. 
Primex Technologies, Inc. (Nasdaq : PRMX)Primex Technologies is an ordnance and aerospace contractor providing a variety of products and services to govermental, commercial and industrial customers. For the three months ended 3/28/99, sales rose 5 percent to $117.4 million. Net income rose 37 percent to $4.1 million. Revenues reflect an increase in Ordnance and Tactical division sales and the acquisition of CMS Group. Earnings reflect higher gross margin due to a more favorable product mix and the absence of cost overruns. 
Scott Technologies, Inc. (Nasdaq : SCTT)Scott Technologies operates in one business segment: life support respiratory products. For the three months ended 3/31/99, net sales rose 5 percent to $48.8 million. Net income from continuing operations before extraordinary item increased 62 percent to $4.2 million. Net sales reflect an increase in the amount of shipments of products. Net income also reflects lower S/G/A expenses as a  percentage of revenues due to decreased payroll, fringes and professional fees. 
SIFCO Industries, Inc. (AMEX : SIF)SIFCO Industries, Inc. is engaged in the production and sale of a variety of metalworking processes, services and products to the specific design requirements of its customers. For the three months ended 12/31/98, net sales fell 1 percent to $29.5 million. Net income fell 64 percent to $879 thousand. Revenues reflect lower sales at the Aerospace Manufacturing Group. Net income also reflects an adverse change in the product mix and additional overhead due to the Company's expansion. 
SPACEHAB, Incorporated (Nasdaq : SPAB)SPACEHAB, Inc. commercially develops, owns and operates habitable modules that provide space-based laboratory research facilities and cargo services aboard the U.S. Space Shuttle system. For the nine months ended 3/31/99, revenue totalled $78.6 million, up from $39.3 million. Net loss totalled $2 million vs. an income of $5 million. Results reflect increased revenues earned under the REALMS and FCSD contracts, offset by increased integration and insurance costs. 
Sensys Technologies, Inc. (Nasdaq : STST)Sensys Technologies, Inc. designs, develops and manufactures airborne image systems, radar threat warning systems, communications reconnaissance systems and other special purpose communications equipment. For the three months ended 12/98, revenues rose 3 percent to $6 million. Net income totalled $276 thousand vs. a loss of $69 thousand. Revenues reflect the additional revenues from the former DEI operations. Earnings also reflect restructuring program and lower debt levels. 
Triumph Group, Inc. (NYSE : TGI)Triumph Group designs, engineers, manufactures, repairs and overhauls aircraft components for commercial airlines, air cargo carriers and OEMs on a worldwide basis. TGI also manufactures and distributes metal products. For the nine months ended 12/31/98, net sales rose 26 percent to $292.6 million. Net income rose 49 percent to $24 million. Revenues reflect increased sales in the aviation group due to acquisitions. Earnings also reflect lower S/G/A expenses as a  percentage of sales. 
Tenney Engineering, Inc. (OTC BB : TNNYB)TNNYB engineers, markets and manufactures diversified vacuum systems for space simulation, optic coating and sputtering; and provides service, refurbishing, upgrading, installation and sales or rental of reconditioned test equipment. For the six months 6/98, revenues rose 12 percent to $4.1 million. Net income totalled $47 thousand vs. a loss of $532 thousand. Revenues reflect an increase in retrofit and upgrade revenues. Earnings reflect cost reduction programs. 
TriStar Aerospace Co. (NYSE : TSX)TSX is a provider of customized inventory management services to OEM and to aircraft facilities, and a distributor of aerospace fasteners, fastening systems and related hardware. For the six months ended 3/31/99, revenues rose 15 percent to $101.6 million. Net income rose 22 percent to $9.1 million. Revenues reflect new JIT agreements and expansion of service levels under existing JIT agreements. Earnings reflect higher gross margins and the absence of stock compensation costs. 
Tech-Sym Corporation (NYSE : TSY)Tech-Sym Corporation is a diversified electronics engineering and manufacturing company involved in the design, development, and manufacture of products used for communications, defense and weather information. For the three months ended 3/31/99, revenue rose 14 percent to $38 million. Net income from continuing operations fell 9 percent to $1 million. Results reflect major antenna programs under contract and increased demand for ferrite products, offset by additional restructuring costs. 
Int'l Airline Support (AMEX : YLF)International Airline Support Group, Inc. is a redistributor of aftermarket aircraft spare parts to major commercial passenger airlines, air cargo carriers and maintenance and repair facilities. For the nine months ended 2/99, total revenues decreased 5 percent to $17.1 million. Net income decreased 57 percent to $1.5 million. Revenues reflect lower aircraft and engine sales. Net income suffered from higher levels of insurance costs and increased provision for income taxes.%}
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Abacus Direct Corporation (Nasdaq : ABDR)Abacus Direct Corporation is a provider of specialized consumer information and analysis for the direct marketing industry. The Company provides its services through its proprietary database and advanced modeling technology. For the three months ended 3/31/99, revenues rose 40 percent to $12.8 million. Net income rose 34 percent to $2.3 million. Results reflect an increase in sales to existing and new catalog clients, partially offset by higher salary expenses. 
ADVO, Inc. (NYSE : AD)ADVO is a direct marketing firm engaged in soliciting and processing printed advertising from retailers, manufacturers and service companies for targeted distribution. For the six months ended 3/27/99, revenues rose 1 percent to $522.1 million. Net income increased 18 percent to $16.3 million. Revenues reflect the pricing gains achieved on many of the company's shared mail products. Earnings also benefitted from higher margins due to shifts in product mix. 
Cordiant Communic. Group (NYSE : CDA)Cordiant Communications Group operates advertising and marketing communications groups, including Bates Worldwide and Scholz and Friends. For the fiscal year ended 12/31/97, revenues decreased 2 percent to L736.1 million. Net income applicable to US GAAP increased 22 percent to L8.4 million. Revenues suffered from a number of account losses, including Miller Brewing. Earnings benefitted from improved trading margins due to improved cost management. 
Daktronics, Inc. (Nasdaq : DAKT)Daktronics, Inc. designs, manufactures and sells a wide range of computer-programmable information display systems to customers in a variety of markets throughout the world. For the 39 weeks ended 1/30/99, revenues increased 29 percent to $64.2 million. Net income increased 29 percent to $2.3 million. Revenues benefitted from an increase in net sales in the federation and major league niches of the sports markets. Earnings also benefitted from an increase in gross profit. 
DoubleClick, Inc. (Nasdaq : DCLK)DoubleClick delivers highly targeted, measurable and cost-effective Internet advertising for advertisers and ad agencies. DCLK also provides clients with the ability to control online marketing campaigns through its DART Service. For the three months ended 3/99, revenues rose 70 percent to $22.1 million. Net loss rose 56 percent to $6.9 million. Revenues reflect a higher number of ads delivered on the network. Higher loss reflects increase in sales personnel. 
Digital Generation System (Nasdaq : DGIT)DGIT operates a nationwide digital network which links advertisers and advertising agencies to more than 7,500 radio stations and 600 TV stations across the U.S. For the three months ended 4/3/99, revenues rose 16 percent to $11.5 million. Net loss fell 21 percent to $3 million. Revenues reflect an increase in combined volume of audio and video deliveries. Lower loss reflects enhancements to Company's video delivery system, lower depreciation and decreased outstanding debt balances. 
Display Technologies, Inc (Nasdaq : DTEK)Display Technologies operates primarily in two business segments: Image Enhancement Displays and Filtration. For the six months ended 12/31/98, revenues increased from $9.8 million to $34.5 million. Net income increased from $361 thousand to $1.8 million. Revenues benefitted from the acquisition of Ad Art and internal sales growth. Earnings also benefitted from lower selling and general, administrative expenses as a result of a change in the sales mix due to the Ad Art acquisition. 
Entertainment Int'l Ltd. (OTC BB : ENTI)Entertainment International Ltd. operates lighter-than-air airships used to advertise and promote the products and services of the Company's clients. As of 12/31/98, the Company had no airships in operation. For the three months ended 3/31/99, the Company reported no revenues. Net loss applicable to Common decreased 64 percent to $296 thousand. Lower loss reflects lower interest expense and the absence of $369 thousand in preferred dividends. 
Flycast Communications (Nasdaq : FCST)Flycast Communications Corp. is a provider of Web-based advertising solutions designed to maximize the return on investment for direct response advertisers and e-commerce companies. For the three months ended 3/31/99, revenues totalled $4.7 million, up from $603 thousand. Net loss applicable to Common totalled $5.1 million, up from $1.6 million. Revenues reflect an increase in the number of advertisers. Higher loss reflects increased sales personnel and marketing expenses. 
Grey Advertising, Inc. (Nasdaq : GREY)GREY is an international advertising agency which provides a full range of advertising services to its clients. For the three months ended 3/99, commissions and fees rose 6 percent to $227.9 million. Net income applicable to Common fell 95 percent to $247 thousand. Revenues benefitted from increased commissions and fees. Earnings were offset by costs related to business growth and increased staffing, and lower equity in the earnings of affiliates. 
Greenstone Roberts Adver. (OTC BB : GRRI)GRRI is a full service advertising agency which analyzes and provides advertising for its clients, and plans and creates advertising for dissemination through various media such as television, radio, newspaper, magazines and billboards. For the three months ended 1/99, revenues fell 34 percent to $1.2 million. Earning remained flat at $49 thousand. Revenues reflect the closing of the Orlando office. Earnings reflect the absence of a $36 thousand loss in investee company. 
HMG Worldwide Corporation (Nasdaq : HMGC)HMG Worldwide Corporation is engaged in the design, development, production and assembly of in-store, or point-of-purchase, marketing and merchandising fixture and display systems. For the fiscal year ended 12/31/98, net revenues rose 48 percent to $68.5 million. Net income totalled $1.9 million, up from $529 thousand. Revenues reflect an increase of net revenues from HMG Schutz and HMG Griffith. Earnings also reflect the Co.'s emphasis in more direct, internal production. 
HA LO Industries (NYSE : HMK)HA LO Industries, Inc. provides integrated marketing and promotions solutions to corporate clients primarily in the United States, Canada and Europe. For the three months ended 3/31/99, net sales rose 26 percent to $157 million. Net income totalled $4.2 million vs. proforma net income of $2.7 million. Revenues reflect internal growth and acquisitions. Earnings reflect a change in service mix toward marketing services and the absence of a $1.5 million charge for the closing of a warehouse. 
Healthworld Corporation (Nasdaq : HWLD)Healthworld Corp. is an international marketing and communication services company specializing in health care. HWLD provides pharmaceuticals and health care companies with integrated strategic marketing services. For the three months ended 3/31/99, revenues rose 8 percent to $15.1 million. Net income rose 2 percent to $310 thousand. Revenues reflect higher communication sales due to acquisitions. Earnings were partially offset by cost related to the acquisitions. 
Interpublic Group of Cos. (NYSE : IPG)Interpublic Group of Cos. is an advertising agency which provides advertising programs for clients and various medias through three agency systems. For the three months ended 3/31/99, total revenues increased 11 percent to $925.1 million. Net income increased 19 percent to $44.8 million. Results benefitted from acquired companies and contributions from new business gains. Earnings also benefitted from lower operating expenses as a  percentage of revenues. 
Klever Marketing, Inc. (OTC BB : KLMK)Klever Marketing, Inc. is a company created to file and acquire patents, and to seek out, investigate, develop, manufacture and market electronic in-store advertising, directory and coupon services which have the potential for profit. For the three months ended 3/31/99, the Company reported no revenues. Net loss rose 40 percent to $346 thousand. Higher loss reflects increased general and administrative expenses and higher interest expense. 
K2 Design, Inc. (Nasdaq : KTWO)K2 Design, Inc. provides interactive marketing and communications services to commercial organizations over the Internet and World Wide Web. For the three months ended 3/99, revenues decreased 33 percent to $1.4 million. Net loss from continuing operations totalled $681 thousand vs. income of $87 thousand. Revenues reflect reduced internet/intranet development and reduced banner revenues. Net loss reflects increased compensation, public relations and printing costs. 
Lamar Advertising Company (Nasdaq : LAMR)LAMR is engaged in the outdoor advertising business. The Co. operates approximately 71,900 outdoor advertising displays in 36 states. LAMR also operates a logo sign business in 18 states in the U.S. and one province in Canada. For the three months ended 3/99, revenues rose 47 percent to $85.8 million. Net loss before accounting change applicable to Com. totalled $10 million, up from $4.7 million. Results reflect acquisitions and internal growth, offset by increased interest expenses. 
Leapnet, Inc. (Nasdaq : LEAP)Leapnet, Inc. is a strategic and creative communications company that develops and implements integrated brand marketing campaigns using traditional and new media primarily for market leading clients. For the three months ended 4/30/99, revenues decreased 24 percent to $7.9 million. Net loss totalled $212 thousand, vs. an income of $15 thousand. Results suffered from the sales of One World and the AT&T account of YAR. Net loss also reflects higher direct costs as a  percentage of sales. 
Modem Media. Poppe Tyson (Nasdaq : MMPT)MMPT provides marketing programs delivered over the Internet and other electronic media that facilitate two-way communication between our clients and their customers called digital interactive marketing solutions. For the three months ended 3/31/99, revenues rose 37 percent to $12.4 million. Net loss totaled $473 thousand, up from $194 thousand. Results reflect increased services provided to clients offset by higher salaries and benefits due to increased headcount. 
Media Metrix, Inc. (Nasdaq : MMXI)MMXI provides audience measurement products and services to Internet advertisers and advertising agencies, Internet properties, technology companies and financial institutions. For the three months ended 3/31/99, revenues rose from $1.2 million to $3.2 million. Net loss applicable to Common rose from $929 thousand to $2.4 million. Results reflect growth in the customer base and expansion of the product line, offset by increased S/G/A, and costs related to the acquisition of RelevantKnowledge. 
Obie Media Corporation (Nasdaq : OBIE)Obie Media Corporation is an out-of-home media company which markets advertising space primarily on transit vehicles and outdoor advertising displays (billboards and wallscapes). For the three months ended 2/99, total revenues increased 77 percent to $6.8 million. Net income rose from $166 thousand to $436 thousand. Revenues reflect increased transit revenues from new districts. Earnings reflect a $886 thousand gain from contract settlement. 
Omnicom Group, Inc. (NYSE : OMC)Omnicom Group, Inc. operates advertising agencies which plan, create, produce and place advertising in various media. OMC also offers marketing consultation, market research, sales promotion programs, public relations and other services. For the three months ended 3/31/99, revenues increased 27 percent to $1.15 billion. Net income increased 28 percent to $65.6 million. Results reflect acquisitions and changes in the foriegn exchange value of the U.S. dollar, and increased interest income. 
Outdoor Systems, Inc. (NYSE : OSI)OSI is an out-of-home advertising company operating 112,500 bulletin, poster, mall and transit displays in 90 metropolitan markets in the U.S., 13 in Canada and 44 in Mexico, and 125,000 displays in NYC subways. For the three months ended 3/99, net revenues rose 17 percent to $172.2 million. Net income rose 74 percent to $4.8 million. Results reflect decreased agency commissions as a  percentage of revenues, recent acquisition activity, and higher margins due to economies of scale. 
Catalina Marketing Corp. (NYSE : POS)Catalina Marketing Corp., provides consumers and pharmaceutical product manufactures and retailers with cost effect methods of delivering promotional incentives and advertising messages directly to targeted consumers. For the fiscal year ended 3/31/99, revenues rose 22 percent to $264.8 million. Net income rose 14 percent to $37.6 million. Revenues reflect growth in the Checkout Direct(R) program and loyalty programs. Earnings were partially offset by higher direct operating and interest cost. 
R.H. Donnelley Corp. (NYSE : RHD)R.H. Donnelley Corp. is an independent marketer of yellow pages advertising and also provides pre-press publishing services for yellow pages directories. For the three months ended 3/31/99, revenues rose 30 percent to $31.7 million. Net income fell 56 percent to $5.3 million. Revenues reflect increased Directory Advertising revenues due to the publishing of directories for the Buffalo and North Country markets. Earnings were offset by increased technology related costs. 
Source Info. Management (Nasdaq : SORC)SORC provides information gathering, consulting and other information based services to operators of mass merchandise, grocery, convenience and pharmacy stores located in the United States and Eastern Canada. For the three months ended 4/99, revenues totaled $16.5 million, up from $3.6 million. Earnings totaled $1.9 million, up from $727 thousand. Revenues reflect increased retailer participation and recent acquisitions. Earnings reflect lower interest expenses. 
Saatchi & Saatchi PLC (NYSE : SSA)SSA is a holding company whose subsidiaries engage in advertising, communications and multimedia services. For the fiscal year ended 12/31/98, revenues rose 1 percent to L380.1 million. Net income according to U.S. GAAP applicable to Common before extraordinary item totalled L12.6 million vs. a loss of L756M. Revenues reflect improved levels of business from existing clients and the addition of new clients. Net income reflects a lower U.S. GAAP adjustment (L9.3 million vs. L776.4 million). 
24/7 Media, Inc. (Nasdaq : TFSM)24/7 Media, Inc. is an Internet advertising and direct marketing firm that enables both advertisers and Web publishers to capitalize on the opportunities presented by Internet advertising, direct marketing and electronic commerce. For the three months ended 3/31/99, revenues totalled $11.5 million, up from $1.2 million. Net loss applicable to Common totalled $7.2 million, up from $2.4 million. Results reflect acquisitions and increased advertising, offset by personnel increases. 
THINK New Ideas, Inc. (Nasdaq : THNK)THINK New Ideas, Inc. provides marketing and communications services including traditional advertising and new media advertising services such as the design and development of internet web sites and related tools. For the nine months ended 3/99, revenues increased 31 percent to $36.6 million. Net loss totalled $4.7 million vs. income of $1.2 million. Results reflect improved marketing and communications services revenues and acquisitions, offset by higher salary costs. 
Trans-Lux Corporation (AMEX : TLX)Trans-Lux Corp. is a manufacturer, distributor, and servicer of large-scale, real-time electronic information displays. The Company also owns a chain of movie theaters and real estate. For the fiscal year ended 12/98, revenues rose 20 percent to $63.8 million. Net income rose 13 percent to $1.7 million. Revenues reflect increased equipment sales, and higher revenues from theatre receipts due to aquisitions. Net income was partially offset by lower margins and acquisition related expenses. 
TMP Worldwide, Inc. (Nasdaq : TMPW)TMP Worldwide, Inc. provides advertising services, including development of content, media planning, market research, marketing and other services and products. For the three months ended 3/31/99, net revenues increased 18 percent to $179.9 million. Net income decreased 28 percent to $3.2 million. Revenues reflect acquisitions, increases in client spending, new clients and increased Internet commissions. Earnings were offset by $4.7 million in merger charges and higher personnel and interest costs. 
True North Communications (NYSE : TNO)True North Communications, Inc., a holding company, is engaged in the global advertising and communications business. For the three months ended 3/31/99, revenues increased 5 percent to $303.4 million. Net income rose 97 percent to $7.2 million. Revenues benefitted from acquisitions. Earnings also benefitted from higher interest income, lower interest expense, a lower expense for minority interest, and a $4.1 million gain on the sale of holdings in DoubleClick, Inc. 
Trans-Industries, Inc. (Nasdaq : TRNI)Trans-Industries is a munufactuer of electronic systems for the display of information and lighting products for mass transit, highway systems and airports. For the three months ended 3/31/99, net sales decreased 3 percent to $8.9 million. Net income decreased 97 percent to $22 thousand. Revenues reflect a decline in sales volumes from the Co's electronics display and lighting operations in England. Earnings also suffered from excess labor and factory overhead costs. 
Unico, Inc./DE (OTC BB : UICO)UICO is a holding company for United Marketing Corporation, engaging in direct mail advertising through franchising and production. For the nine months ended 9/30/98, total revenues fell from $4.6 million to $8 thousand. Net loss from continuing operations before extraordinary item decreased 67 percent to $171 thousand. Revenues reflect the plan to discontinue its remaining business. Lower loss reflects virtually the ceasing of all operations. 
Valassis Communications (NYSE : VCI)Valassis Communications is a print media company in the field of sales promotion, generating most of its revenues by printing and publishing cents-off coupons and other consumer purchase incentives primarily for package goods manufacturers. For the three months ended 3/31/99, revenues increased 8 percent to $222.2 million. Net income rose 30 percent to $33.9 million. Results reflect continued industry page growth and moderate price increases as well as improved margins. 
WPP Group plc (Nasdaq : WPPGY)WPP Group plc is a worldwide communications services organization. Services include advertising, consultancy, public relations and affairs, and specialist communications. For the fiscal year ended 12/31/97, revenues increased 3 percent to L1.75 billion. Net income according to U.S. GAAP increased 20 percent to L80.2 million. Revenues reflect continued expansion of the global advertising and marketing service industry and strong economies. Earnings also reflect lower interest expense. 
Young & Rubicam Inc. (NYSE : YNR)YNR is a global marketing and communication enterprise with integrated services in advertising, perception management and public relations, identity and designs, sales promotion, direct marketing and healthcare communications. For the three months ended 3/99, revenues rose 10 percent to $383.9 million. Net income rose 62 percent to $19.7 million. Revenues reflect new clients and higher revenue from existing clients. Earnings reflect a a decrease in SGA expenses as a  percentage of revenues. 
Zimmerman Sign Company (OTC BB : ZSCO)Zimmerman Sign Company is principally engaged in the manufacture of site identification products, including highway-located signs, product identification signs and building fascia, and signs for ATMs, gasoline pumps and others. For the three months ended 3/31/99, net sales rose 11 percent to $12 million. Net income before applicable to Common fell 37 percent to $122 thousand. Results reflect increased sales to financial services customers, offset by higher administrative costs.%}