Consolidated Statements of Shareholders' Equity

Years ended December 31, 1998, 1997 and 1996

		Common Stock		Additional paid-in	Retained
		Shares	Amount	capital	Earnings	Total
		(In thousands, except shares)
	Balances at December 31, 1995	12,314,000	US$ 80	US$ 6,064	US$ 37,253	US$ 43,397
	Net proceeds from initial public offering of common stock	2,598,600	2	63,249	–	63,251
	Issuance of common stock to management as compensation	346,000	–	4,900	–	4,900
	Acquisition of treasury stock	(1,266,000)	–	(18,000)	–	(18,000)
	Issuance of common and treasury stock to effect acquisition of subsidiary	5,287,400	4	8,127	–	8,131
	Net income	–	–	–	44,896	44,896
	Balances at December 31, 1996	19,280,000	86	64,340	82,149	146,575
	Net income	–	–	–	61,076	61,076
	Balances at December 31, 1997	19,280,000	86	64,340	143,225	207,651
	Net loss	–	–	–	(4,715)	(4,715)
	Balances at December 31, 1998	19,280,000	US$ 86	US$ 64,340	US$ 138,510	US$ 202,936

See accompanying notes.