ADVANCE DATA FROM THE QUARTERLY FINANCIAL REPORT FOR MANUFACTURING, MINING, AND TRADE CORPORATIONS--FOURTH QUARTER 1994 (Except where noted, all figures in text and tables are not seasonally adjusted.) Sales and after-tax profits for all manufacturing are presented in Table 1 on both a seasonally adjusted and an unadjusted basis. Seasonally adjusted historical data for this series, as well as for total durable and total nondurable manufacturing, are presented in Table 3. Data for individual manufacturing industries are not seasonally adjusted. Manufacturing corporations' seasonally adjusted after-tax profits averaged 6.1 cents per dollar of sales for the fourth quarter of 1994, up 0.5 (+/-0.16) cents from the third quarter of 1994. The Commerce Department's Bureau of the Census also reported that on an unadjusted basis, after-tax profits for the fourth quarter averaged 5.4 cents per dollar sales, down 0.2 (+/-0.16) cents from the preceding quarter, but up 2.5 (+/-0.15) cents from the same quarter in 1993. For the fourth quarter of 1994, manufacturers' seasonally adjusted after- tax profits were $51.5 billion, up $5.7 (+/-0.8) billion from last quarter. On an unadjusted basis, fourth quarter after-tax profits were $46.8 billion, showing little change from last quarter, but up $24.2 (+/-0.7) billion from the same quarter a year ago. Unadjusted durable manufacturers' after-tax profits for the fourth quarter of 1994 were $22.3 billion. Profits were flat when compared to last quarter, with the underlying industry categories reporting mixed results. Motor vehicles, machinery, nonferrous metals, and aircraft reported increases. Motor vehicles and machinery lead the group with increases of $1.9 and $1.3 billion respectively. Motor vehicles' increase was due to improvements in operating profits and foreign earnings. Machinery's increase was due primarily to improved operating profits and increased dividends from nonconsolidated subsidiaries. Fabricated metals, electrical machinery, lumber, stone, clay, and glass, and furniture reported decreases. Fabricated metals' $1.2 billion decline was a result of a decrease in operating profits and the inclusion of significant nonrecurring charges. The $1.2 billion downturn in electrical machinery was due chiefly to decrease in foreign earnings. Iron and steel, instruments, and miscellaneous manufacturing were flat. When compared to the fourth quarter of 1993, total durables were up $13.9 (+/-0.6) billion from that quarter's after-tax profit of $8.4 billion. Most underlying industries reported increases. Machinery's $3.7 billion increase over fourth quarter last year was a result of notable increases in operating profits and foreign earnings. Motor vehicles $1.9 billion increase was due primarily to improved foreign earnings. The increases in instruments, stone, clay, and glass, steel, nonferrous metal, and fabricated metals were due to increase operating profits and the absence of significant nonrecurring charges reported last year. Electrical's increase was related to improved operating profits. Unadjusted nondurable manufacturers' after-tax profits for the fourth quarter of 1994 were $24.4 billion. As with durable manufacturers, profits were flat when compared to last quarter, with the underlying categories showing mixed results. Petroleum, paper, and drugs were up. Petroleum's $1.4 billion increase was a result of improved foreign earnings and dividend income more than offsetting a $1.1 billion decline in operating profits. Paper's increase was related to improved operating profits and gains on sales of subsidiaries. Industrial chemicals, residual of chemicals, textiles, apparel, and printing were down. The drop in industrial chemicals was primarily due to the inclusion this quarter of significant restructuring and other nonrecurring charges against income as well as reduced foreign earnings. Food and tobacco and rubber showed little change. When compared to the same quarter in 1993, nondurable manufacturer's profits were up $10.3 billion or 72.4 percent (+/-4.7%). All underlying industries reported upturns in after-tax profits, except textiles which was down slightly and apparel and printing which were flat. Drugs, paper, and food and tobacco each posted increases in excess of $2.0 billion. Drugs' increase was due to a rise in dividend and other nonoperating income and decreases in nonoperating expenses. Paper's increase was due to improved operating profits and gains on sales of subsidiaries. Food and tobacco's upturn was a result of improved operating profits, gains on asset sales, and decreases in nonoperating expenses. Also improving significantly were petroleum and industrial chemicals. Manufacturers' seasonally adjusted sales for the fourth quarter of 1994 were $845.8 billion, up $19.8 billion or 2.4 percent (+/0.7%) from last quarter. On an unadjusted basis, sales were $859.5 billion, up $35.5 billion or 4.3 percent (+/-0.7%) from last quarter and up $81.9 billion or 10.5 percent (+/-0.7%) from the fourth quarter of 1993. Seasonally adjusted sales at the nondurable level were $412.9 billion, up $6.9 billion or 1.7 percent (+/-1.0%) from last quarter. Seasonally adjusted durable manufacturers' sales were $432.9 billion, up $13.0 billion or 3.1 percent (+/-1.2%) from last quarter. Unadjusted sales at the nondurable manufacturing level were $418.7 billion, up $7.5 billion or 1.8 percent (+/-1.0%) from last quarter and up $32.7 billion or 8.5 percent (+/-1.1%) from the fourth quarter of 1993. Unadjusted durable manufacturers' sales were $440.8 billion, up 28.1 billion or 6.8 percent (+/-1.2%) when compared to the third quarter of 1994. On a same quarter a year ago basis, durable manufacturers' sales were up $49.3 billion or 12.6 percent (+/-1.3%). Also included in this release are fourth quarter 1994 data for large mining and wholesale trade corporations. These advance data, based on quarterly financial reports from about 10,000 corporations, were released today from the Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--Fourth Quarter 1994 (QFR-94-4). The publication includes statements of income and retained earnings, balance sheets, and related financial and operating ratios. The aggregated data are classified by industry and asset size. The publication becomes available for sale approximately 2 weeks from the date of this release from the Superintendent of Documents, General Printing Office, Washington, D.C. 20402 (202) 783-3238. The cost for an annual subscription is $24 and a single copy is $10. Remittances from foreign countries must be by international money order or by draft on a U.S. bank, $30 a year; single copy $12.50. Files are also available on 5.25 inch flexible diskettes from Customer Services (Diskettes), Data User Services Division, Bureau of the Census, Washington, D.C. 20233 (301) 763-INFO(4636). The annual subscription cost is $96; $60 for the first diskette and $12 for each additional diskette. First quarter 1995 advance data are scheduled for release on June 12, 1995. EXPLANATORY NOTES This quarter's publication contains data revised due to the reclassification of corporations by industry, and revisions that reflect respondents' corrections submitted data subsequent to original publication. A statement such as "up 2.5 (+/-0.15) cents," appearing in the text, indicates the range (+2.35 to +2.65 cents) in which the actual change is likely to have occurred. The range given for the change is a 90 percent confidence interval that accounts only for sampling variability. If the range had contained zero (0), it would have been uncertain whether there was an increase or decrease; that is, the change would not have been statistically significant. For any comparison cited without a confidence interval, the change is statistically significant. The quarterly publication includes more detailed explanations of confidence intervals and sampling variability, along with additional measures of sampling variability. Schedule of Advance Data Release Dates--1995 Quarter Manufacturing, Mining, and Wholesale Trade Retail Trade First 1995 June 12, 1995 July 12, 1995 Second 1995 September 11, 1995 October 11, 1995 Third 1995 December 11, 1995 SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-94-4, April 1995. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. The annual subscription rate is $24; single copy $10. Remittances from foreign countries must be by international money order or by draft on a U.S. bank, $30 a year; single copy $12.50. Files are also available on 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Ronald Lee on (301) 763-5435 or Frank Hartman on (301) 763-7182. TABLE 1. PART A--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS Seasonally Adjusted 4Q 3Q 4Q 1994 1994(1) 1993(1) Rate of return (after taxes): Cents per dollar of sales ................ 6.1 5.5 3.6 Percent on equity (annual rate) .......... NA NA NA (million dollars) Net Sales.................................. 845,800 825,981 765,614 Income after income taxes ................ 51,458 45,763 27,561 Dividends paid (cash) .................... NA NA NA (1) Revised. TABLE 1. PART B--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS Unadjusted 4Q 3Q 4Q 1994 1994(1) 1993(1) Rate of return (after taxes): Cents per dollar of sales ................ 5.4 5.7 2.9 Percent on equity (annual rate) .......... 16.1 16.6 8.5 (million dollars) Net Sales.................................. 859,477 823,941 777,534 Income after income taxes ................ 46,761 46,787 22,583 Dividends paid (cash) .................... 18,893 17,503 17,391 (1) Revised. ------------------------------------------------------------------------- TABLE 2. PART A--SALES AND PROFITS OF CORPORATIONS ENGAGED IN MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED Sales 4Q 3Q 4Q Industry Group 1994 1994(1) 1993(1) (million dollars) All manufacturing corporations ............ 859,477 823,941 777,534 Nondurable goods .......................... 418,677 411,224 385,999 Food and tobacco......................... 114,235 111,526 108,968 Textiles ................................ 16,257 16,418 15,105 Apparel(2) .............................. 18,485 19,175 19,085 Paper ................................... 38,898 37,310 33,029 Printing ................................ 41,889 39,752 39,696 Chemicals ............................... 92,558 89,910 83,514 Industrial chemicals and synthetics(3).. 36,960 35,122 30,533 Drugs(3) ............................... 23,361 22,739 22,163 Residual of chemicals(3)................ 32,238 32,049 30,817 Petroleum ............................... 70,079 71,599 64,993 Rubber .................................. 26,275 25,533 21,609 Durable goods ............................. 440,801 412,718 391,535 Stone, clay, and glass .................. 15,261 15,856 13,543 Primary metals .......................... 35,735 34,359 29,576 Iron and steel(3) ...................... 16,824 16,598 14,155 Nonferrous metals(3).................... 18,911 17,760 15,421 Fabricated metals ....................... 39,575 37,216 33,217 Machinery ............................... 90,398 83,895 79,237 Electrical machinery .................... 75,031 68,544 67,435 Transportation Equipment ................ 117,981 105,282 104,864 Motor vehicles and equipment(3) ........ 82,115 71,103 67,674 Aircraft, guided missiles, and parts(3). 30,727 29,230 32,850 Instruments ............................. 32,705 31,604 30,414 Other durable goods ..................... 34,115 35,962 33,249 Lumber and wood products(3) ............ 14,512 15,352 13,182 Furniture and fixtures(3) .............. 11,168 11,665 10,905 Miscellaneous manufacturing(3) ......... 8,435 8,946 9,162 Mining(4) ................................. 11,659 11,360 10,880 Wholesale trade(4) ........................ 229,894 211,462 201,574 Retail trade(4) ........................... 240,472 207,055 224,038 (1)Revised. (2)Includes leather industry (previously titled "Other Nondurables"). (3)Included in major industry above. (4)Mining and trade data are quarterly results of companies in those divisions drawn into the sample in the fall of 1993 with assets over $50 million; whereas, data for manufacturing corporations represent the quarterly results of companies with assets over $250,000. SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-94-4, April 1995. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. The annual subscription rate is $24; single copy $10. Remittances from foreign countries must be by international money order or by draft on a U.S. bank, $30 a year; single copy $12.50. Files are also available on 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Ronald Lee on (301) 763-5435 or Frank Hartman on (301) 763-7182. ------------------------------------------------------------------------ TABLE 2. PART B--SALES AND PROFITS OF CORPORATIONS ENGAGED IN MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED Operating Profits* 4Q 3Q 4Q Industry Group 1994 1994(1) 1993(1) (million dollars) All manufacturing corporations ............ 59,599 62,375 42,933 Nondurable goods .......................... 31,988 34,646 25,028 Food and tobacco......................... 9,355 9,745 7,989 Textiles ................................ 829 1,168 855 Apparel(2) .............................. 798 1,126 597 Paper ................................... 3,563 2,882 1,708 Printing ................................ 3,758 3,674 3,796 Chemicals ............................... 8,943 10,096 6,509 Industrial chemicals and synthetics(3).. 2,978 3,199 798 Drugs(3) ............................... 3,363 3,363 3,265 Residual of chemicals(3)................ 2,602 3,534 2,446 Petroleum ............................... 3,102 4,157 2,394 Rubber .................................. 1,641 1,797 1,179 Durable goods ............................. 27,611 27,729 17,905 Stone, clay, and glass .................. 1,231 2,009 848 Primary metals .......................... 2,110 1,966 578 Iron and steel(3) ...................... 1,140 1,017 336 Nonferrous metals(3).................... 970 949 242 Fabricated metals ....................... 2,555 2,833 1,193 Machinery ............................... 3,937 3,314 1,233 Electrical machinery .................... 7,186 6,439 5,290 Transportation Equipment ................ 5,731 5,049 4,811 Motor vehicles and equipment(3) ........ 3,652 2,759 3,408 Aircraft, guided missiles, and parts(3). 1,736 2,006 1,328 Instruments ............................. 2,809 2,956 1,914 Other durable goods ..................... 2,052 3,162 2,037 Lumber and wood products(3) ............ 885 1,437 668 Furniture and fixtures(3) .............. 597 855 653 Miscellaneous manufacturing(3) ......... 570 870 717 Mining(4) ................................. 612 922 504 Wholesale trade(4) ........................ 4,567 1,266 3,690 Retail trade(4) ........................... 13,273 8,327 12,873 *Operating profits are profits before nonoperating income and expense items and income taxes. (1)Revised. (2)Includes leather industry (previously titled "Other Nondurables"). (3)Included in major industry above. (4)Mining and trade data are quarterly results of companies in those divisions drawn into the sample in the fall of 1993 with assets over $50 million; whereas, data for manufacturing corporations represent the quarterly results of companies with assets over $250,000. SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-94-4, April 1995. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. The annual subscription rate is $24; single copy $10. Remittances from foreign countries must be by international money order or by draft on a U.S. bank, $30 a year; single copy $12.50. Files are also available on 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Ronald Lee on (301) 763-5435 or Frank Hartman on (301) 763-7182. ------------------------------------------------------------------------ TABLE 2. PART C--SALES AND PROFITS OF CORPORATIONS ENGAGED IN MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED After-Tax Profits 4Q 3Q 4Q Industry Group 1994 1994(1) 1993(1) (million dollars) All manufacturing corporations ............ 46,761 46,787 22,583 Nondurable goods .......................... 24,432 24,502 14,176 Food and tobacco ........................ 5,790 5,878 3,649 Textiles ................................ 204 659 304 Apparel(2) .............................. 345 715 336 Paper ................................... 2,217 1,316 4 Printing ................................ 1,786 2,058 1,783 Chemicals ............................... 7,366 8,383 3,364 Industrial chemicals and synthetics(3).. 1,701 2,504 521 Drugs(3) ............................... 3,536 3,309 1,301 Residual of chemicals(3)................ 2,129 2,570 1,542 Petroleum ............................... 5,676 4,294 4,186 Rubber .................................. 1,049 1,200 550 Durable goods ............................. 22,328 22,285 8,407 Stone, clay, and glass .................. 848 905 (328) Primary metals .......................... 1,670 1,335 (546) Iron and steel(3) ...................... 680 705 (164) Nonferrous metals(3) ................... 991 630 (381) Fabricated metals ....................... 439 1,658 (841) Machinery ............................... 4,739 3,401 1,035 Electrical machinery .................... 4,103 5,266 3,066 Transportation equipment ................ 6,680 4,606 3,836 Motor vehicles and equipment(3) ........ 4,915 3,024 2,984 Aircraft, guided missiles, and parts(3). 1,490 1,380 900 Instruments ............................. 2,957 2,934 1,129 Other durable goods ..................... 1,252 2,181 1,055 Lumber and wood products(3) ............ 551 1,027 433 Furniture and fixtures(3) .............. 303 575 327 Miscellaneous manufacturing(3) ......... 398 580 296 Mining(4) ................................. 470 572 94 Wholesale trade(4) ........................ 1,934 (882) 2,301 Retail trade(4) ........................... 6,947 3,808 3,576 (1)Revised. (2)Includes leather industry (previously titled "Other Nondurables"). (3)Included in major industry above. (4)Mining and trade data are quarterly results of companies in those divisions drawn into the sample in the fall of 1993 with assets over $50 million; whereas, data for manufacturing corporations represent the quarterly results of companies with assets over $250,000. SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-94-4, April 1995. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. The annual subscription rate is $24; single copy $10. Remittances from foreign countries must be by international money order or by draft on a U.S. bank, $30 a year; single copy $12.50. Files are also available on 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Ronald Lee on (301) 763-5435 or Frank Hartman on (301) 763-7182. ------------------------------------------------------------------------- TABLE 3. PART A--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS--SEASONALLY ADJUSTED Net Sales(1) Industry Group and Year Q1 Q2 Q3 Q4 (million dollars) All manufacturing: 1990 ............................ 692,849 692,619 706,853 717,428 1991 ............................ 677,344 685,069 699,228 698,447 1992 ............................ 703,567 719,169 730,164 736,213 1993 ............................ 743,529 752,018 753,360 765,614 1994 ............................ 785,030 802,892 825,981 845,800 All nondurable manufacturing: 1990 ............................ 355,634 350,384 364,185 382,334 1991 ............................ 362,426 361,167 366,565 366,317 1992 ............................ 366,380 375,226 378,874 379,281 1993 ............................ 381,538 383,597 379,179 380,523 1994 ............................ 387,870 395,971 406,034 412,900 All durable manufacturing: 1990 ............................ 337,215 342,235 342,668 335,094 1991 ............................ 314,918 323,902 332,663 332,130 1992 ............................ 337,187 343,943 351,290 356,932 1993 ............................ 361,991 368,421 374,181 385,091 1994 ............................ 397,160 406,921 419,947 432,900 ------------------------------------------------------------------------- TABLE 3. PART B--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS--SEASONALLY ADJUSTED After-Tax Profits(1) Industry Group and Year Q1 Q2 Q3 Q4 (million dollars) All manufacturing: 1990 ............................ 29,285 30,693 27,956 23,702 1991 ............................ 19,908 17,955 15,910 13,749 1992 ............................ (42,237) 24,417 26,131 14,887 1993 ............................ 13,206 19,375 23,677 27,561 1994 ............................ 37,385 40,175 45,763 51,458 All nondurable manufacturing: 1990 ............................ 16,270 18,865 18,810 16,714 1991 ............................ 16,869 14,715 15,077 13,441 1992 ............................ (3,894) 18,052 17,496 15,232 1993 ............................ 12,970 15,035 12,368 15,876 1994 ............................ 19,215 19,349 23,624 25,857 All durable manufacturing: 1990 ............................ 13,015 11,828 9,146 6,988 1991 ............................ 3,039 3,240 833 308 1992 ............................ (38,343) 6,365 8,635 (345) 1993 ............................ 236 4,340 11,309 11,685 1994 ............................ 18,170 20,826 22,139 25,601 (1)Revised SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-94-4, April 1995. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. The annual subscription rate is $24; single copy $10. Remittances from foreign countries must be by international money order or by draft on a U.S. bank, $30 a year; single copy $12.50. Files are also available on 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Ronald Lee on (301) 763-5435 or Frank Hartman on (301) 763-7182. TABLE 4. INCOME STATEMENT FOR RETAIL TRADE CORPORATIONS WITH ASSETS OF $50 MILLION AND OVER 4Q 3Q 4Q Item 1994 1994(1) 1993(1) (million dollars) Net sales, receipts, and operating revenues .. 240,472 207,055 224,038 Less: Depreciation, depletion and amortization ......................... 4,465 4,212 4,196 Less: All other operating costs and expenses . 222,735 194,517 206,969 Income (or loss) from operations ........... 13,273 8,327 12,873 Net nonoperating income (expense) ............ (1,965) (2,006) (6,003) Income (or loss) before income taxes ....... 11,307 6,320 6,870 Less: Provision for current and deferred domestic income taxes ................ 4,360 2,513 3,294 Income (or loss) after income taxes ........ 6,947 3,808 3,576 Cash dividends charged to retained earnings in current quarter ......................... 1,265 1,280 1,175 Net income retained in business ............ 5,682 2,527 2,400 Retained earnings at beginning of quarter .... 87,673 82,853 73,792 Other direct credits (or charges) to retained earnings (net) ............................. (1,167) (424) 733 Retained earnings at end of quarter ........ 92,188 84,957 76,925 (1) Revised __________________________________________________________________________ TABLE 5. INCOME STATEMENT IN RATIO FORMAT FOR RETAIL TRADE CORPORATIONS WITH ASSETS OF $50 MILLION AND OVER 4Q 3Q 4Q Item 1994 1994(1) 1993(1) (cents) Net sales, receipts, and operating revenues .. 100.0 100.0 100.0 Less: Depreciation, depletion, and amortization ............................... 1.9 2.0 1.9 Less: All other operating costs and expenses . 92.6 93.9 92.4 Income (or loss) from operations ........... 5.5 4.0 5.7 Net nonoperating income (expense) ............ (0.8) (1.0) (2.7) Income (or loss) before income taxes ....... 4.7 3.1 3.1 Less: Provision for current and deferred domestic income taxes ...................... 1.8 1.2 1.5 Income (or loss) after income taxes ........ 2.9 1.8 1.6 (1) Revised -------------------------------------------------------------------------- TABLE 6. OPERATING RATIOS FOR RETAIL TRADE CORPORATIONS WITH ASSETS OF $50 MILLION AND OVER 4Q 3Q 4Q Item 1994 1994(1) 1993(1) (percent) Annual rate of profit on stockholders' equity at end of period: Before income taxes ...................... 31.81 19.18 22.07 After income taxes ....................... 19.54 11.56 11.49 Annual rate of profit on total assets: Before income taxes ...................... 10.40 5.82 6.85 After income taxes ....................... 6.39 3.50 3.57 (1) Revised. ----------------------------------------------------------------------------- SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-94-4, April 1995. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. The annual subscription rate is $24; single copy $10. Remittances from foreign countries must be by international money order or by draft on a U.S. bank, $30 a year; single copy $12.50. Files are also available on 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Ronald Lee on (301) 763-5435 or Frank Hartman on (301) 763-7182. -----------------------------------------------------------------------------