<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
----------
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
OR
____ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _____________________ to _____________________
Commission file number 0-27202
ADVANCED LIGHTING TECHNOLOGIES, INC.
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Ohio 34-1803229
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(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
2307 East Aurora Road, Suite 1, Twinsburg, Ohio 44087
- -------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (216) 963-6680
- -------------------------------------------------------------------------------
Indicate by check () whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes ___X___ No _____
There were 13,296,709 shares of the Registrant's Common Stock, $.001 par value
per share, outstanding as of November 12, 1996.
<PAGE> 2
Part I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
<PAGE> 3
ADVANCED LIGHTING TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
(Unaudited)
SEPTEMBER 30, JUNE 30,
1996 1996
------------- --------
(In thousands)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 5,082 $ 1,682
Short-term investments 15,125 --
Trade receivables, less allowances of $215 and $287 16,626 13,736
Receivables from related parties 98 98
Inventories:
Finished goods 10,966 10,344
Raw materials and work-in-progress 2,777 2,363
------- --------
13,743 12,707
Prepaid expenses 715 526
Deferred taxes 2,930 3,517
------- --------
Total current assets 54,319 32,266
Property, plant and equipment:
Land and buildings 2,737 2,304
Machinery and equipment 18,647 17,298
Furniture and fixtures 4,373 2,994
------- --------
25,757 22,596
Less accumulated depreciation 6,928 6,359
------- --------
18,829 16,237
Receivables from related parties 955 913
Other assets 3,734 3,316
Excess of cost over net assets of businesses acquired, net 3,533 3,565
------- --------
$81,370 $ 56,297
======= ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term debt and current portion of long-term debt $ 1,006 $ 972
Accounts payable 7,542 8,790
Payables to related parties 178 434
Accrued income and other taxes 581 263
Other accrued expenses 5,167 4,466
------- --------
Total current liabilities 14,474 14,925
Long-term debt 5,098 11,034
Other liabilities 60 161
Deferred taxes 3,583 3,583
Shareholders' equity
Common stock 13 11
Paid-in-capital 56,844 26,755
Retained earnings (deficit) 1,298 (172)
------- --------
58,155 26,594
------- --------
$81,370 $ 56,297
======= ========
</TABLE>
See notes to condensed consolidated financial statements
<PAGE> 4
ADVANCED LIGHTING TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
SEPTEMBER 30,
-----------------------
1996 1995
-------- --------
(In thousands,
except per share dollar amounts)
<S> <C> <C>
Net sales $ 18,335 $ 11,472
Costs and expenses:
Cost of sales 9,947 6,130
Marketing and selling 3,062 1,780
Research and development 1,277 505
General and administrative 1,772 1,430
-------- --------
Income from operations 2,277 1,627
Other income (expense):
Interest expense (237) (543)
Interest income 261 9
-------- --------
Income before income taxes 2,301 1,093
Income taxes 831 169
-------- --------
Net income $ 1,470 $ 924
======== ========
Net income per share $ 0.11 $ 0.12
======== ========
Shares used for computing per share amounts 13,034 7,818
======== ========
</TABLE>
See notes to condensed consolidated financial statements
<PAGE> 5
ADVANCED LIGHTING TECHNOLOGIES, INC.
CONDENSED STATEMENT OF CONSOLIDATED SHAREHOLDERS' EQUITY (UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
-------------------------------------------------------
COMMON PAID-IN RETAINED
STOCK CAPITAL EARNINGS TOTAL
------------- ------------- ------------ ------------
(In thousands, except per share amounts)
<S> <C> <C> <C> <C>
Balance at July 1, 1996 $ 11 $ 26,755 $ (172) $ 26,594
Net income - - 1,470 1,470
Net proceeds from public offering of
2,452,050 common shares 2 30,089 - 30,091
----------- --------- ---------- ----------
BALANCE AT SEPTEMBER 30, 1996 $ 13 $ 56,844 $ 1,298 $ 58,155
=========== ========= ========== ==========
</TABLE>
See notes to condensed consolidated financial statements
<PAGE> 6
ADVANCED LIGHTING TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
SEPTEMBER 30,
-----------------------
1996 1995
--------- --------
(In thousands)
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 1,470 $ 924
Adjustments to reconcile net income to net cash provided
by (used in) operating activities:
Depreciation and amortization 585 308
Provision for doubtful accounts (72) (20)
Deferred income taxes 587
Changes in operating assets and liabilities:
Trade receivables (2,818) (767)
Inventories (1,036) (524)
Prepaids and other assets (451) (646)
Accounts payable and accrued expenses (484) 1,687
Other liabilities (101) 40
-------- -------
Net cash provided by (used in) operating activities (2,320) 1,002
INVESTING ACTIVITIES
Capital expenditures (2,888) (454)
Purchase of short-term investments (15,125) --
Investments in affiliate (211) --
-------- -------
Net cash used in investing activities (18,224) (454)
FINANCING ACTIVITIES
Proceeds from revolving credit facility 26,451 7,517
Payments of revolving credit facility (18,990) (7,854)
Proceeds from long-term debt 1,532 763
Payments of long-term debt and capital leases (1,440) (43)
Redemption of common and preferred stock -- (1,069)
Net proceeds from public offering 30,091 --
Use of net proceeds from public offering:
Payment of revolving credit facility (13,700) --
-------- -------
Net cash provided by (used in) financing activities 23,944 (686)
-------- -------
Increase in cash and cash equivalents 3,400 (138)
Cash and cash equivalents, beginning of period 1,682 1,030
-------- -------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 5,082 $ 892
======== =======
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid $ 118 $ 353
Income taxes paid 45 --
Noncash transactions:
Equipment acquired through capital leases 244 96
</TABLE>
See notes to condensed consolidated financial statements
<PAGE> 7
Advanced Lighting Technologies, Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
September 30, 1996
(In thousands, except per share data)
A. ORGANIZATION
Advanced Lighting Technologies, Inc. (the "Company") is an innovation-driven
designer, manufacturer and marketer of metal halide lighting products, including
lamps (light bulbs), lamp components and lamp production equipment.
The Company was formed on May 19, 1995 for the purpose of acquiring ownership,
primarily by merger (the "Combination"), of 17 affiliated operating corporations
that were previously under common ownership and management (the "Predecessors"),
each one of which is engaged in an aspect of the metal halide lighting business.
More specifically, the Combination was principally effected through a series of
nonmonetary mergers or stock exchanges in which the shareholders of the former
companies received shares of the Company. The Combination has been accounted for
as a reorganization of entities under common control. Historical financial
statements of each of the Predecessors for periods prior to the Combination have
been combined. Certain adjustments have been recorded primarily to eliminate
intercompany transactions that would have been required had the Company been a
consolidated entity during such periods.
B. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions for Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all the information and
disclosures required by generally accepted accounting principles for complete
financial statements. All adjustments which are, in the opinion of management,
necessary for fair presentation have been made and are of a normal and recurring
nature. For further information, refer to the consolidated financial statements
and notes thereto included in the Company's annual report on Form 10-K for the
year ended June 30, 1996. Operating results for the three months ended September
30, 1996 are not necessarily indicative of the results that may be expected for
the full-year ending June 30, 1997.
C. RECOVERABILITY OF LONG-LIVED ASSETS
Effective July 1, 1996, the Company adopted Statement of Financial Accounting
Standards (FAS) No. 121, "Accounting for the Impairment of Long-Lived Assets and
for
<PAGE> 8
Long-Lived Assets to be Disposed Of." FAS No. 121 requires long-lived assets
to be reviewed for impairment losses whenever events or changes in circumstances
indicate the carrying amount may not be recovered through future net cash flows
generated by the assets. No significant adjustments were made to the carrying
amount of assets as a result of adopting FAS 121.
D. ISSUANCE OF COMMON STOCK
On July 16, 1996, the Company issued 2,452,050 shares of its common stock in a
public offering at $13.50 a share. Net proceeds, after the underwriters'
discount and other costs associated with the offering, amounted to approximately
$30,091. Approximately $13,700 of such proceeds was used to pay-down a portion
of the outstanding bank debt ($8,774 of which was outstanding at June 30, 1996).
E. INCOME TAXES
Income tax expense was $831 in the first quarter of fiscal 1997, as compared
with $169 for the first quarter of fiscal 1996. The increase is caused by the
utilization of net operating loss carryforwards ("NOLs") with the reversal of an
equivalent valuation allowance in the first quarter of fiscal 1996 as compared
with the utilization of NOLs in the first quarter of fiscal 1997 with no related
valuation allowance reversal.
At June 30, 1996, the Company had United States NOLs for tax purposes of
approximately $8,200 to offset future taxable income. These NOLs expire in the
fiscal years 2006 through 2011.
F. NET INCOME PER SHARE
Net income per share is based on the weighted average number of shares of common
stock and common stock equivalents outstanding during each period.
G. CONTINGENCY
On March 1, 1996, a former common shareholder of a Predecessor asserted a claim
in the United States District Court for the Northern District of Ohio against
the Chief Executive Officer and a director of the Company, and the Chief
Financial Officer and a director of the Company, and subsequently, a claim
against the Company, alleging certain misrepresentations and/or omissions were
made to the former common shareholder in connection with: (i) the Company's
purchase of his equity interest effected by a merger of a Predecessor into the
Company, as to which the former common shareholder waived his statutory
appraisal rights and (ii) the purchase by the Chief Executive Officer of the
former common shareholder's beneficial interest in a trust controlled by the
Chief Executive Officer. The former common shareholder alleges that the
misrepresentations and/or omissions made by the Chief Financial Officer and
others on behalf of the Chief Executive Officer and the Chief Financial Officer
caused direct damages which exceed
<PAGE> 9
$900. The suit also claims punitive damages in an undetermined amount believed
by the former common shareholder to exceed $2,700. On August 23, 1996, another
former common shareholder filed similar claims against the Chief Executive and
Chief Financial Officers and the Company seeking direct damages of $400 and
punitive damages of $1,200.
The Chief Executive and Chief Financial Officers have denied all of the above
allegations and have and will continue to vigorously defend against the claims.
Management of the Company does not believe the outcome of these claims will have
a material adverse effect on the financial condition, results of operations or
liquidity of the Company.
<PAGE> 10
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.
(Dollars in thousands, except per share amounts)
The following is management's discussion and analysis of certain significant
factors which have affected the results of operations and should be read in
conjunction with the accompanying unaudited Condensed Consolidated Financial
Statements and notes thereto.
RESULTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 1996 COMPARED WITH THREE MONTHS ENDED SEPTEMBER
30, 1995
Net sales. Net sales increased 60% to $18,335 for the first quarter of fiscal
1997 from $11,472 for the first quarter of fiscal 1996. This increase was a
result of sales growth in all of the Company's product categories -- lamps, lamp
components and lamp production equipment -- with the majority occurring in lamps
($4.8 million increase) and lamp production equipment ($1.7 million increase).
The increase in lamp and lamp component sales arose primarily from increased
unit volume. The increase in equipment sales is attributable to revenues
generated from an increase in equipment contracts for the sale of lamp
production equipment currently in-progress, as compared with that in progress
during the first quarter of fiscal 1996.
Cost of Sales. Cost of sales increased 62% to $9,947 in the first quarter of
fiscal 1997 from $6,130 in the first quarter of fiscal 1996. As a percentage of
net sales, cost of sales increased to 54% in the first quarter of fiscal 1997 as
compared to 53% in the first quarter of fiscal 1996. The increase arose as a
result of the substantial increase in lamp sales in the first quarter of fiscal
1997 over the comparable period of the prior year.
Marketing and Selling. Marketing and selling expenses increased 72% to $3,062 in
the first quarter of fiscal 1997 from $1,780 in the same quarter of fiscal 1996.
Marketing and selling expenses, as a percentage of net sales, increased to 17%
in the first quarter fiscal 1997, from 16% in the first quarter of fiscal 1996.
The increase primarily reflects increased spending related to the development of
new market opportunities, new lamp promotions and an increased marketing
emphasis on lamp replacement sales.
Research and Development Expenses. Research and development expenses increased
to $1,277 in the first quarter of fiscal 1997 from $505, or 153% over the first
quarter of fiscal 1996. As a percentage of net sales, research and development
expenses increased to 7% in the first quarter of fiscal 1997 from 4% in the
first quarter of fiscal 1996. The increased spending in this vital area
reflected the Company's strong emphasis on the
<PAGE> 11
development of additional products, the continued introduction of new lamp
types, and the enhancement of component quality.
General and Administrative. General and administrative expenses increased 24% to
$1,772 in the first quarter of fiscal 1997 from $1,430 in the first quarter of
fiscal 1996. As a percentage of net sales, general and administrative expenses
decreased to 10% from 13% in the first quarter of fiscal 1996. The decrease
primarily reflects the Company's efforts to reduce discretionary spending at its
operating units along with the marginal percentage decrease caused by the
leveraging of fixed costs as sales levels increase.
Income from Operations. As a result of the aforementioned factors, income from
operations during the first quarter of fiscal 1997 increased 40% to $2,277, from
$1,627 during the first quarter of fiscal 1996. As a percentage of net sales,
income from operations decreased to 12% in the first quarter of fiscal 1997 from
14% in the first quarter of fiscal 1996.
Interest Expense. Interest expense decreased $306, or 56%, to $237 during the
first quarter of fiscal 1997 as compared to $543 for the first quarter of fiscal
1996. This decrease resulted from lower average debt outstanding and lower
noncash amortization of debt issuance costs for the first quarter of fiscal
1997, as compared to the average debt outstanding and noncash amortization
during the first quarter of fiscal 1996.
Interest Income. Interest income increased to $261 during the first quarter of
fiscal 1997, as compared to $9 in the first quarter of fiscal 1996. This
increase is attributable to the short-term investments and cash equivalents
arising from the availability of the net proceeds of the common stock offering
completed during the first quarter of fiscal 1997.
Income Taxes. Income tax expense increased 392% to $831 in the first quarter of
fiscal 1997, from $169 for the comparable period of the preceding year. The
increase is caused by the utilization of net operating loss carryforwards
("NOLs") with the reversal of an equivalent valuation allowance in the first
quarter of fiscal 1996 as compared with the utilization of NOLs in the first
quarter of fiscal 1997 with no related valuation allowance reversal.
At June 30, 1996, the Company had United States NOLs for tax purposes of
approximately $8,200 to offset future taxable income. These NOLs expire in the
fiscal years 2006 through 2011.
<PAGE> 12
LIQUIDITY AND CAPITAL RESOURCES
The Company's principal financial requirements are for manufacturing equipment,
research and development efforts, investments in joint ventures, acquisitions
and working capital. These requirements have been, and will continue to be,
financed through a combination of cash flow from operations, borrowings under
various credit facilities and the remaining proceeds from the July 1996 issuance
of common stock.
During July 1996, the Company received $33,103 of proceeds from the sale of
2,452,050 shares of its common stock in connection with a public offering.
Underwriting fees amounted to $1,913 and additional costs associated with the
public offering primarily for legal, accounting, consulting, and printing fees
amounted to $1,099. The net proceeds were $30,091, of which, $13,700 was used to
reduce outstanding debt under the Company's domestic Revolving Credit and
Security Agreement (the "Loan Agreement"). The remaining net proceeds were
used to purchase short-term investments and cash equivalents.
At September 30, 1996, working capital advances outstanding under the Company's
domestic Loan Agreement were $3.7 million and additional availability under the
loan facility was approximately $5.3 million. The unpaid principal balance of
the domestic Loan Agreement (together with accrued interest thereon) is payable
in March 1999. Working capital advances bear interest at the option of the
Company at a rate per annum equal to: (i) the higher of (a) the prime rate minus
0.5% or (b) the Federal Funds Rate; or (ii) the average LIBOR plus 2.5%. At
September 30, 1996, the interest rate was 7.75%.
In July 1996, a foreign subsidiary of the Company entered into a similar
Revolving Credit and Security Agreement (the "Foreign Loan Agreement") with a
foreign affiliate of the lending bank under the domestic Loan Agreement.
Pursuant to the Foreign Loan Agreement, the bank has agreed to extend working
capital advances in the aggregate amount equal to the lesser of (i) the United
States dollar equivalent of approximately $2,201 in the local currency or (ii)
an amount based on eligible receivables and inventory. All amounts advanced
under the Foreign Loan Agreement reduce, by the United States dollar equivalent
of outstanding amounts, the borrowing amount available to the Company under the
domestic Loan Agreement. The unpaid principal balance of the Foreign Loan
Agreement (together with accrued interest thereon) is payable in March 1999.
Advances under the Foreign Loan Agreement bear interest at a rate per annum
set at a formula intended to approximate that of the Company's domestic Loan
Agreement.
Net cash used by operating activities during the first quarter of fiscal 1997
totaled $2,320. Uses of operating cash flow were primarily for: (i) an increase
in inventory levels to support higher lamp service levels; (ii) increased
accounts receivable arising from increased sales and (iii) the payment of
accounts payable and accrued expenses.
The Company's working capital at September 30, 1996 was $39,845 as compared to
$17,341 at June 30, 1996.
<PAGE> 13
Capital expenditures, primarily for production equipment, totaled $2,888 in the
first quarter of fiscal 1997. During the remainder of fiscal 1997, the Company
projects spending of approximately $6 million on additional production
equipment.
The Company believes that its available cash, cash flow from operations and
available borrowing capability are sufficient to fund its operations for at
least the next 12 months.
IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS
Effective July 1, 1996, the Company adopted Statement of Financial Accounting
Standards (FAS) No. 121, "Accounting for the Impairment of Long-Lived Assets and
for Long-Lived Assets to be Disposed Of." FAS No. 121 requires long-lived assets
to be reviewed for impairment losses whenever events or changes in circumstances
indicate the carrying amount may not be recovered through future net cash flows
generated by the assets. No significant adjustments to the carrying amount of
assets were made as a result of adopting FAS 121.
<PAGE> 14
Part II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
3.1 Second Amended and Restated Articles
of Incorporation; First Amendment to
Second Amended and Restated Articles of
Incorporation. Incorporated by
reference to Company's Registration
Statement on Form S-1, Registration No.
33-97902, effective December 11, 1995.
3.2 Code of Regulations. Incorporated by
reference to Company's Registration
Statement on Form S-1, Registration
No. 33-97902, effective December 11,
1995.
4.1 References are made to Exhibits 3.1 and
3.2.
4.2 Form of Stock Certificate for Common
Stock of the Company. Incorporated by
reference to Company's Registration
Statement on Form S-1, Registration No.
33-97902, effective December 11, 1995.
11 Calculation of Earnings Per Share
(Unaudited)
27 Financial Data Schedule
(b) Reports on Form 8-K. No reports on Form 8-K have been
filed during the first quarter ended September 30, 1996.
<PAGE> 15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: November 14, 1996 ADVANCED LIGHTING TECHNOLOGIES, INC.
By: /s/ Louis S. Fisi
--------------------------------
Louis S. Fisi
Executive Vice President and
Chief Financial Officer
<PAGE> 16
<TABLE>
EXHIBIT INDEX
-------------
<CAPTION>
Exhibit No. Description of Exhibits Page No.
- ------------ ----------------------- --------
<S> <C> <C>
3.1 Second Amended and Restated Articles of Incorporation;
First Amendment to Second Amended and Restated Articles
of Incorporation. Incorporated by reference to Company's
Registration Statement on Form S-1, Registration No.
33-97902, effective December 11, 1995.
3.2 Code of Regulations. Incorporated by reference to
Company's Registration Statement on Form S-1, Registration
No. 33-97902, effective December 11, 1995.
4.1 References are made to Exhibits 3.1 and 3.2.
4.2 Form of Stock Certificate for Common Stock of the Company.
Incorporated by reference to Company's Registration Statement
on Form S-1, Registration No. 33-97902, effective December 11,
1995.
11 Calculation of Earnings Per Share (Unaudited)
27 Financial Data Schedule
</TABLE>
<PAGE> 1
Exhibit 11
<TABLE>
ADVANCED LIGHTING TECHNOLOGIES, INC.
EXHIBIT 11 -- STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<CAPTION>
Three Months Ended September 30,
---------------------------------------------------------------
1996 1995
-------------------------------- ------------------------------
Shares Amount EPS Shares Amount EPS
-------------------------------- ------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net income attributable to common
shareholders $ 1,470 $ 924
========= =======
Sharebase:
Shares deemed outstanding at beginning of period 10,845 7,282
Weighted average shares issued pursuant to July
1996 public offering 1,953 -
Weighted average common share equivalents 201 536
Weighted average shares issuable 35 -
------ -----
13,034 7,818
====== =====
Net income per share $ 0.11 $ 0.12
======== =======
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ADVANCED
LIGHTING TECHNOLOGIES, INC. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE
QUARTER ENDED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 5,082
<SECURITIES> 15,125
<RECEIVABLES> 16,939
<ALLOWANCES> 215
<INVENTORY> 13,743
<CURRENT-ASSETS> 54,319
<PP&E> 25,757
<DEPRECIATION> 6,928
<TOTAL-ASSETS> 81,370
<CURRENT-LIABILITIES> 14,474
<BONDS> 969
<COMMON> 13
0
0
<OTHER-SE> 58,142
<TOTAL-LIABILITY-AND-EQUITY> 81,370
<SALES> 18,335
<TOTAL-REVENUES> 18,335
<CGS> 9,947
<TOTAL-COSTS> 9,947
<OTHER-EXPENSES> 0
<LOSS-PROVISION> (72)
<INTEREST-EXPENSE> 237
<INCOME-PRETAX> 2,301
<INCOME-TAX> 831
<INCOME-CONTINUING> 1,470
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,470
<EPS-PRIMARY> .11
<EPS-DILUTED> .11
</TABLE>
