##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, DC 20549
 FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2009


Commission File No. 000-25064
 
 
 
 HEALTH FITNESS CORPORATION
 (Exact name of registrant as specified in its charter)
 Minnesota
    
    No. 41-1580506(State or Other Jurisdiction of 
Incorporation or Organization)
    
    (IRS Employer
Identification No.)
 1650 West 82 nd Street, Bloomington, MN 55431
(Address of Principal Executive Offices)
 Registrants telephone number (952) 831-6830
 þ o
 o o
  Large accelerated filer
o
    
    Accelerated filer
o
    
    Non-accelerated filer o
    
    Smaller reporting company þ(Do not check if a smaller reporting company)
 o þ




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##### 



Health Fitness Corporation
Consolidated Financial Statements
Table of Contents
 PAGEPART I. FINANCIAL INFORMATIONITEM 1. Consolidated Financial Statements (unaudited)Consolidated Balance Sheets as of September 30, 2009 and
December 31, 2008
    
    
    3Consolidated Statements of Operations for the three and nine
months ended September 30, 2009 and 2008
    
    
    4Consolidated Statements of Cash Flows for the three and nine
months ended September 30, 2009 and 2008
    
    
    5Notes to Consolidated Financial Statements
    
    
    6ITEM 2. Managements Discussion and Analysis of Financial Condition
and Results of Operations
    
    
    15ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    22ITEM 4. Controls and Procedures
    
    
    22PART II. OTHER INFORMATION
    
    
    23ITEM 1. Legal Proceedings
    
    
    23ITEM 1A. Risk Factors
    
    
    23ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    23ITEM 3. Defaults Upon Senior Securities
    
    
    23ITEM 4. Submission of Matters to a Vote of Security Holders
    
    
    23ITEM 5. Other Information
    
    
    23ITEM 6. Exhibits
    
    
    23Signatures
    
    
    24Exhibit Index
    
    
    25EX-11.0EX-31.1EX-31.2EX-32.1EX-32.2
  2




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##### Table of Contents



PART I.  FINANCIAL INFORMATION
 
 ITEM 1.
    
    CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 HEALTH FITNESS CORPORATION
 
 CONSOLIDATED BALANCE SHEETS (UNAUDITED)
SEPTEMBER 30, 2009 AND DECEMBER 31, 2008
 September 30,
    
    
    December 31,2009
    
    
    2008ASSETSCURRENT ASSETSCash
    
    $
    5,194,454
    
    
    $
    1,300,620Trade and other accounts receivable, less allowances of $285,000 and $317,600
    
    
    15,558,692
    
    
    
    16,306,197Inventory
    
    
    300,757
    
    
    
    347,510Prepaid expenses and other
    
    
    750,135
    
    
    
    354,257Deferred tax assets
    
    
    324,831
    
    
    
    288,626Total current assets
    
    
    22,128,869
    
    
    
    18,597,210PROPERTY AND EQUIPMENT, net
    
    
    1,378,396
    
    
    
    1,243,413OTHER ASSETSGoodwill
    
    
    14,546,250
    
    
    
    14,546,250Software technology, less accumulated amortization of $1,789,200 and $1,301,300
    
    
    2,173,204
    
    
    
    1,977,071Trademark, less accumulated amortization of $459,000 and $438,700
    
    
    34,000
    
    
    
    54,400Other intangible assets, less accumulated amortization of $367,500 and $313,600
    
    
    161,625
    
    
    
    215,500$
    40,422,344
    
    
    $
    36,633,844LIABILITIES AND STOCKHOLDERS EQUITYCURRENT LIABILITIESTrade accounts payable
    
    $
    1,563,775
    
    
    $
    1,470,440Accrued salaries, wages, and payroll taxes
    
    
    3,881,585
    
    
    
    2,632,329Other accrued liabilities
    
    
    1,138,652
    
    
    
    1,664,710Accrued self funded insurance
    
    
    217,620
    
    
    
    310,511Deferred revenue
    
    
    1,708,619
    
    
    
    1,820,960Total current liabilities
    
    
    8,510,251
    
    
    
    7,898,950DEFERRED TAX LIABILITY
    
    
    769,607
    
    
    
    751,769LONG-TERM OBLIGATIONS
    
    
    
    
    
    
    COMMITMENTS AND CONTINGENCIESSTOCKHOLDERS EQUITYCommon stock, $0.01 par value; 25,000,000 shares authorized; 10,136,550 and 9,647,404
shares issued and outstanding at September 30, 2009 and December 31, 2008, respectively
    
    
    101,366
    
    
    
    96,474Additional paid-in capital
    
    
    29,129,448
    
    
    
    28,263,803Accumulated comprehensive loss from foreign currency translation
    
    
    (66,548
    )
    
    
    (83,835
    )Retained earnings (accumulated deficit)
    
    
    1,978,220
    
    
    
    (293,317
    )31,142,486
    
    
    
    27,983,125$
    40,422,344
    
    
    $
    36,633,844
  3




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##### Table of Contents



HEALTH FITNESS CORPORATION
 
 CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008REVENUE
    
    $
    19,775,972
    
    
    $
    18,497,423
    
    
    $
    57,764,111
    
    
    $
    56,015,548COSTS OF REVENUE
    
    
    13,335,335
    
    
    
    12,510,045
    
    
    
    39,419,619
    
    
    
    39,149,412GROSS PROFIT
    
    
    6,440,637
    
    
    
    5,987,378
    
    
    
    18,344,492
    
    
    
    16,866,136OPERATING EXPENSESSalaries
    
    
    3,143,231
    
    
    
    2,950,618
    
    
    
    9,259,634
    
    
    
    8,949,305Other selling, general and administrative
    
    
    1,783,897
    
    
    
    1,485,206
    
    
    
    5,188,745
    
    
    
    5,080,973Amortization of trademarks and other intangible assets
    
    
    24,758
    
    
    
    42,771
    
    
    
    74,275
    
    
    
    128,311Total operating expenses
    
    
    4,951,886
    
    
    
    4,478,595
    
    
    
    14,522,654
    
    
    
    14,158,589OPERATING INCOME
    
    
    1,488,751
    
    
    
    1,508,783
    
    
    
    3,821,838
    
    
    
    2,707,547OTHER INCOME (EXPENSE)Interest expense
    
    
    
    
    
    
    (16,252
    )
    
    
    
    
    
    
    (20,383
    )Other, net
    
    
    19
    
    
    
    (662
    )
    
    
    1,546
    
    
    
    412EARNINGS BEFORE INCOME TAX EXPENSE
    
    
    1,488,770
    
    
    
    1,491,869
    
    
    
    3,823,384
    
    
    
    2,687,576INCOME TAX EXPENSE
    
    
    576,872
    
    
    
    650,519
    
    
    
    1,551,847
    
    
    
    1,158,814NET EARNINGS
    
    $
    911,898
    
    
    $
    841,350
    
    
    $
    2,271,537
    
    
    $
    1,528,762NET EARNINGS PER COMMON SHARE:Basic
    
    $
    0.09
    
    
    $
    0.09
    
    
    $
    0.23
    
    
    $
    0.16Diluted
    
    
    0.09
    
    
    
    0.09
    
    
    
    0.22
    
    
    
    0.15WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:Basic
    
    
    9,781,522
    
    
    
    9,610,238
    
    
    
    9,724,247
    
    
    
    9,837,994Diluted
    
    
    10,438,155
    
    
    
    9,688,941
    
    
    
    10,138,651
    
    
    
    9,982,990
  4




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##### Table of Contents



HEALTH FITNESS CORPORATION
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 Nine Months EndedSeptember 30,2009
    
    
    2008CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings
    
    $
    2,271,537
    
    
    $
    1,528,762Adjustment to reconcile net earnings
to net cash provided by operating activities:Common stock issued for Board of Directors compensation
    
    
    8,636
    
    
    
    Stock-based compensation
    
    
    486,194
    
    
    
    592,115Deferred taxes
    
    
    (18,367
    )
    
    
    233,323Depreciation and amortization
    
    
    866,669
    
    
    
    844,052Change in assets and liabilities:Trade and other accounts receivable
    
    
    747,505
    
    
    
    1,249,004Inventory
    
    
    46,753
    
    
    
    47,664Prepaid expenses and other
    
    
    (395,878
    )
    
    
    (250,052
    )Other assets
    
    
    
    
    
    
    9,807Trade accounts payable
    
    
    110,622
    
    
    
    (757,007
    )Accrued liabilities and other
    
    
    630,307
    
    
    
    (1,694,654
    )Deferred revenue
    
    
    (112,341
    )
    
    
    (615,883
    )Net cash provided by operating activities
    
    
    4,641,637
    
    
    
    1,187,131CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of property and equipment
    
    
    (439,443
    )
    
    
    (160,686
    )Capitalized software development costs
    
    
    (684,067
    )
    
    
    (551,582
    )Net cash used in investing activities
    
    
    (1,123,510
    )
    
    
    (712,268
    )CASH FLOWS FROM FINANCING ACTIVITIES:Borrowings under line of credit
    
    
    
    
    
    
    13,549,495Repayments under line of credit
    
    
    
    
    
    
    (13,549,495
    )Repurchase of common stock
    
    
    
    
    
    
    (2,354,923
    )Proceeds from the issuance of common stock
    
    
    186,944
    
    
    
    189,322Proceeds from the exercise of stock options
    
    
    188,763
    
    
    
    197,429Net cash provided by (used in) financing activities
    
    
    375,707
    
    
    
    (1,968,172
    )NET INCREASE (DECREASE) IN CASH
    
    
    3,893,834
    
    
    
    (1,493,309
    )CASH AT BEGINNING OF PERIOD
    
    
    1,300,620
    
    
    
    1,946,028CASH AT END OF PERIOD
    
    $
    5,194,454
    
    
    $
    452,719SUPPLEMENTAL CASH FLOW DISCLOSURESSupplemental cash flow information:Cash paid for interest
    
    $
    
    
    
    $
    13,667Cash paid for taxes
    
    
    1,124,563
    
    
    
    719,735
  5




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##### Table of Contents



HEALTH FITNESS CORPORATION
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
    nd www.hfit.com
     Consolidation
 Cash
 6




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##### Table of Contents



Trade and Other Accounts Receivable
 Inventories 
 Property and Equipment
 Software Development Costs
   Goodwill
 7




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##### Table of Contents



Intangible Assets
 Accrued Self-Funded Insurance
 Revenue Recognition 
    8




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##### Table of Contents



Advertising
 Comprehensive Income
 Net Earnings Per Common Share
 Stock-Based Compensation
 Fair Values of Financial Instruments 
 Income Taxes
 Use of Estimates
 Subsequent Events 
   9




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##### Table of Contents



Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,Segment Data:
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008REVENUE:Fitness ManagementStaffing Services
    
    $
    9,174,940
    
    
    $
    9,702,089
    
    
    $
    27,649,173
    
    
    $
    29,245,435Program Services
    
    
    550,725
    
    
    
    618,839
    
    
    
    1,787,251
    
    
    
    1,888,3189,725,665
    
    
    
    10,320,928
    
    
    
    29,436,424
    
    
    
    31,133,753Health ManagementStaffing Services
    
    
    4,730,518
    
    
    
    4,552,417
    
    
    
    13,922,308
    
    
    
    13,417,216Program Services
    
    
    5,319,789
    
    
    
    3,624,078
    
    
    
    14,405,379
    
    
    
    11,464,57910,050,307
    
    
    
    8,176,495
    
    
    
    28,327,687
    
    
    
    24,881,795Total RevenueStaffing Services
    
    
    13,905,458
    
    
    
    14,254,506
    
    
    
    41,571,481
    
    
    
    42,662,651Program Services
    
    
    5,870,514
    
    
    
    4,242,917
    
    
    
    16,192,630
    
    
    
    13,352,897$
    19,775,972
    
    
    $
    18,497,423
    
    
    $
    57,764,111
    
    
    $
    56,015,548GROSS PROFIT:Fitness ManagementStaffing Services
    
    
    2,174,433
    
    
    
    2,356,310
    
    
    
    6,429,704
    
    
    
    6,822,420Program Services
    
    
    219,271
    
    
    
    209,267
    
    
    
    730,439
    
    
    
    681,9732,393,704
    
    
    
    2,565,577
    
    
    
    7,160,143
    
    
    
    7,504,393Health ManagementStaffing Services
    
    
    1,233,368
    
    
    
    1,279,853
    
    
    
    3,396,659
    
    
    
    3,456,656Program Services
    
    
    2,813,565
    
    
    
    2,141,948
    
    
    
    7,787,690
    
    
    
    5,905,0874,046,933
    
    
    
    3,421,801
    
    
    
    11,184,349
    
    
    
    9,361,743Total Gross ProfitStaffing Services
    
    
    3,407,801
    
    
    
    3,636,163
    
    
    
    9,826,363
    
    
    
    10,279,076Program Services
    
    
    3,032,836
    
    
    
    2,351,215
    
    
    
    8,518,129
    
    
    
    6,587,060$
    6,440,637
    
    
    $
    5,987,378
    
    
    $
    18,344,492
    
    
    $
    16,866,136
  , Generally Accepted
Accounting Principles
   Subsequent Events
 10




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##### Table of Contents



Fair Value Measurements
and Disclosures (Topic 820): Measuring Liabilities at Fair Value.
 .
  RetainedAdditional
    
    
    Accumulated
    
    
    Earnings
    
    
    TotalCommon Stock





    
    Paid-In
    
    
    Comprehensive
    
    
    (Accumulated
    
    
    Stockholders
    
    
    ComprehensiveShares
    
    
    Amount
    
    
    Capital
    
    
    (Loss)/Income
    
    
    Deficit)
    
    
    Equity
    
    
    IncomeBALANCE AT DECEMBER 31, 2008
    
    
    9,647,404
    
    
    $
    96,474
    
    
    $
    28,263,803
    
    
    $
    (83,835
    )
    
    $
    (293,317
    )
    
    $
    27,983,125Issuance of common stock through stock
purchase plan
    
    
    60,687
    
    
    
    607
    
    
    
    186,338
    
    
    
    
    
    
    
    
    
    
    
    186,945Redemption of common stock for option
exercises
    
    
    (6,295
    )
    
    
    (63
    )
    
    
    (13,470
    )
    
    
    
    
    
    
    
    
    
    
    (13,533
    )Issuance of common stock for option
exercises
    
    
    102,150
    
    
    
    1,022
    
    
    
    201,274
    
    
    
    
    
    
    
    
    
    
    
    202,296Issuance of common stock for executive
compensation
    
    
    35,914
    
    
    
    359
    
    
    
    40,180
    
    
    
    
    
    
    
    
    
    
    
    40,539Issuance of common stock for board of
directors compensation
    
    
    10,000
    
    
    
    100
    
    
    
    8,536
    
    
    
    
    
    
    
    
    
    
    
    8,636Issuance of common stock for warrants
    
    
    5,259
    
    
    
    53
    
    
    
    (53
    )
    
    
    
    
    
    
    
    
    
    
    Executive equity compensation program
    
    
    281,431
    
    
    
    2,814
    
    
    
    183,323
    
    
    
    
    
    
    
    
    
    
    
    186,137Stock option compensation
    
    
    
    
    
    
    
    
    
    
    259,517
    
    
    
    
    
    
    
    
    
    
    
    259,517Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,271,537
    
    
    
    2,271,537
    
    
    $
    2,271,537Foreign currency translation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17,287
    
    
    
    
    
    
    
    17,287
    
    
    
    17,287Comprehensive Income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    2,288,824BALANCE AT SEPTEMBER 30, 2009
    
    
    10,136,550
    
    
    $
    101,366
    
    
    $
    29,129,448
    
    
    $
    (66,548
    )
    
    $
    1,978,220
    
    
    $
    31,142,486
 Stock Options
   11




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##### Table of Contents



Options Outstanding
    
    
    
    
    
    Options ExercisableWeighted Average
    
    Weighted
    
    
    
    
    
    WeightedRemaining
    
    Average
    
    
    
    
    
    AverageRange of
    
    Number
    
    Contractual Life
    
    Exercise
    
    Number
    
    ExerciseExercise Prices
    
    Outstanding
    
    In Years
    
    Price
    
    Exercisable
    
    Price$0.94 - $1.77
    
    
    76,000
    
    
    
    5.29
    
    
    $
    0.28
    
    
    
    17,500
    
    
    $
    1.201.90 - 2.50
    
    
    83,850
    
    
    
    2.35
    
    
    
    3.67
    
    
    
    58,850
    
    
    
    2.412.52 - 4.54
    
    
    278,050
    
    
    
    4.30
    
    
    
    3.97
    
    
    
    266,800
    
    
    
    3.974.56 - 6.10
    
    
    637,750
    
    
    
    3.78
    
    
    
    5.37
    
    
    
    360,688
    
    
    
    5.421,075,650
    
    
    
    3.91
    
    
    $
    4.52
    
    
    
    703,838
    
    
    $
    4.51
  Three Months EndedSeptember 30,2009
    
    2008Risk-free interest rate
    
    
    1.75
    %
    
    
    2.99
    %Expected volatility
    
    
    43.9
    %
    
    
    37.9
    %Expected life (in years)
    
    
    3.58
    
    
    
    3.53Dividend yield
    
    
    
    
    
    
    Forfeitures
    
    
    13.0
    %
    
    
    0.0
    %
  Weighted
    
    
    
    
    
    
    WeightedAverage
    
    
    Aggregate
    
    
    AverageExercise
    
    
    Intrinsic
    
    
    RemainingOptions
    
    
    Price
    
    
    Value
    
    
    TermOutstanding at December 31, 2008
    
    
    1,055,550
    
    
    $
    4.43Granted
    
    
    126,000
    
    
    
    3.09Exercised
    
    
    (102,150
    )
    
    
    1.98Canceled/Forfeited
    
    
    (3,750
    )
    
    
    1.90Outstanding at September 30, 2009
    
    
    1,075,650
    
    
    $
    4.52
    
    
    $
    1,201,279
    
    
    
    3.41Exercisable at September 30, 2009
    
    
    703,838
    
    
    $
    4.51
    
    
    $
    790,712
    
    
    
    3.03
 Restricted Stock
  12




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##### Table of Contents



Employee Stock Purchase Plan
 Equity Incentive Plan
 Common Stock Repurchase Plan
 13




---



##### Table of Contents



Reverse Stock Split
 .
 Legal Proceedings
 Automotive Bankruptcies
 14




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##### Table of Contents



ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes appearing under Item 1 of
Part 1. Some of the information contained in this discussion and analysis or set forth elsewhere in
this quarterly report, including information with respect to our plans and strategy for our
business and expected financial results, includes forward-looking statements that involve risks and
uncertainties. You should review the Risk Factors under Item 1A of the Companys Annual Report on
Form 10-K for the fiscal year ended December 31, 2008 for a discussion of important factors that
could cause actual results to differ materially from the results described in or implied by the
forward-looking statements contained in the following discussion and analysis.
 CRITICAL ACCOUNTING POLICIES
  BUSINESS DESCRIPTION
   RESULTS OF OPERATIONS
  Three Months Ended
    
    Nine Months EndedSeptember 30,
    
    September 30,2009
    
    2008
    
    2009
    
    2008REVENUE
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %COSTS OF REVENUE
    
    
    67.4
    %
    
    
    67.6
    %
    
    
    68.2
    %
    
    
    69.9
    %GROSS PROFIT
    
    
    32.6
    %
    
    
    32.4
    %
    
    
    31.8
    %
    
    
    30.1
    %OPERATING EXPENSESSalaries
    
    
    15.9
    %
    
    
    16.0
    %
    
    
    16.0
    %
    
    
    16.0
    %Other selling, general and administrative
    
    
    9.0
    %
    
    
    8.0
    %
    
    
    9.0
    %
    
    
    9.1
    %Amortization of acquired intangible assets
    
    
    0.1
    %
    
    
    0.2
    %
    
    
    0.1
    %
    
    
    0.2
    %Total operating expenses
    
    
    25.0
    %
    
    
    24.2
    %
    
    
    25.1
    %
    
    
    25.3
    %OPERATING INCOME
    
    
    7.6
    %
    
    
    8.2
    %
    
    
    6.7
    %
    
    
    4.8
    %OTHER INCOME (EXPENSE)
    
    
    0.0
    %
    
    
    -0.1
    %
    
    
    0.0
    %
    
    
    0.0
    %EARNINGS BEFORE INCOME TAXES
    
    
    7.6
    %
    
    
    8.1
    %
    
    
    6.7
    %
    
    
    4.8
    %INCOME TAX EXPENSE
    
    
    2.9
    %
    
    
    3.5
    %
    
    
    2.7
    %
    
    
    2.1
    %NET EARNINGS
    
    
    4.7
    %
    
    
    4.6
    %
    
    
    4.0
    %
    
    
    2.7
    %
 15




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##### Table of Contents



Results of Operations for the quarter ended September 30, 2009 compared to the quarter ended
September 30, 2008.
 Revenue.
 Fitness Management
 .
 Health Management
  2009 Customer Commitments and Cancellations
  Gross Profit.
 Fitness Management
  Health Management
  16




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##### Table of Contents



Operating Expenses and Operating Income.
   Other Income and Expense.
 Income Taxes.
  Net Earnings.
 Results of Operations for the nine months ended September 30, 2009 compared to the nine months
ended September 30, 2008.
 Revenue.
 Fitness Management
 .
  17




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##### Table of Contents



Health Management
   2009 Customer Commitments and Cancellations
  Gross Profit.
 18




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##### Table of Contents



Fitness Management
  Health Management
  Operating Expenses and Operating Income.
   Other Income and Expense.
 Income Taxes.
  Net Earnings.
 LIQUIDITY AND CAPITAL RESOURCES
 19




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##### Table of Contents



20




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##### Table of Contents



INFLATION
  OFF-BALANCE SHEET ARRANGEMENTS
  PRIVATE SECURITIES LITIGATION REFORM ACT
   21




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##### Table of Contents



ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
   
 ITEM 4. CONTROLS AND PROCEDURES
   22




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##### Table of Contents



PART II.  OTHER INFORMATION
 
 ITEM 1. LEGAL PROCEEDINGS
  
 ITEM 1A. RISK FACTORS
  
 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
  
 ITEM 3. DEFAULTS UPON SENIOR SECURITIES
  
 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  
 ITEM 5. OTHER INFORMATION
  
 ITEM 6. EXHIBITS
 (a)
    
    Exhibits  See Exhibit Index on page following signatures
 23




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##### Table of Contents



SIGNATURES
  Dated:  November 12, 2009
    HEALTH FITNESS CORPORATIONBy
    /s/ Gregg O. LehmanGregg O. LehmanPresident and Chief Executive Officer
(Principal Executive Officer)By
    /s/ Wesley W. WinnekinsWesley W. WinnekinsChief Financial Officer and Treasurer
(Principal Financial and Accounting Officer) 24




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##### Table of Contents



Exhibit No.
    
    Description**11.0
    
    Statement re: Computation of Earnings per Share**31.1
    
    Certification of President and Chief Executive Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**31.2
    
    Certification of Chief Financial Officer Pursuant to Section
302 of the Sarbanes-Oxley Act of 2002**32.1
    
    Certification of President and Chief Executive Officer
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**32.2
    
    Certification of Chief Financial Officer Pursuant to Section
906 of the Sarbanes-Oxley Act of 2002
 
 **
    
    Filed herewith 25