<PAGE> 1
================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
<TABLE>
<S> <S>
(MARK ONE)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 29, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM ____________ TO ____________
</TABLE>
COMMISSION FILE NUMBER 00028230
PLANET HOLLYWOOD INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
DELAWARE 59-3283783
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
</TABLE>
8669 COMMODITY CIRCLE
ORLANDO, FLORIDA 32819
(Address of principal executive office, including zip code)
(407) 363-7827
(Registrant's telephone number, including area code)
Indicate by check mark 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 _
As of March 7, 1998, there were approximately 97,220,744 shares of the
registrant's Class A voting Common Stock outstanding and approximately
11,764,144 shares of the registrant's Class B non-voting Common Stock
outstanding.
================================================================================
<PAGE> 2
PLANET HOLLYWOOD INTERNATIONAL, INC.
INDEX
<TABLE>
<S> <C> <C>
PART I FINANCIAL INFORMATION
Item 1 Financial Statements...................................................................... 1
Condensed Consolidated Balance Sheets -- March 29, 1998 and December 28, 1997............. 1
Condensed Consolidated Statements of Operations -- Thirteen weeks ended March 29, 1998 and
March 30, 1997............................................................................ 2
Condensed Consolidated Statements of Cash Flows -- Thirteen weeks ended March 29, 1998 and
March 30, 1997............................................................................ 3
Condensed Consolidated Statements of Changes in Stockholders' Equity -- Thirteen weeks
ended March 29, 1998 and March 30, 1997................................................... 4
Notes to Condensed Consolidated Financial Statements...................................... 5
Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations..... 7
PART II OTHER INFORMATION
Item 6 Exhibits and Reports on Form 8-K.......................................................... 9
SIGNATURES.................................................................................................... 10
</TABLE>
i
<PAGE> 3
PART I -- FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PLANET HOLLYWOOD INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
STATED IN THOUSANDS OF U.S. DOLLARS
<TABLE>
<CAPTION>
MARCH 29, DECEMBER 28,
1998 1997
----------- ------------
(UNAUDITED)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents................................. $140,819 $ 9,089
Accounts receivable, net.................................. 19,050 25,084
Inventories............................................... 40,923 42,612
Prepaid expenses.......................................... 9,387 7,082
Other current assets...................................... 18,269 17,143
-------- --------
Total current assets.............................. 228,448 101,010
Property and equipment, net................................. 335,067 322,949
Goodwill, net............................................... 29,560 29,922
Investment in affiliated entities........................... 41,130 40,404
Other assets, net........................................... 20,578 11,274
-------- --------
$654,783 $505,559
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities.................. $ 33,646 $ 69,315
Notes payable -- current.................................. 1,264 1,264
-------- --------
Total current liabilities......................... 34,910 70,579
Deferred rentals............................................ 10,920 10,798
Notes payable and other..................................... 257,482 70,491
Deferred credits............................................ 10,300 15,150
-------- --------
Total liabilities................................. 313,612 167,018
Stockholders' equity:
Common stock -- Class A................................... 974 972
Common stock -- Class B................................... 118 118
Capital in excess of par value............................ 281,170 279,372
Deferred compensation..................................... (4,025) (4,125)
Retained earnings......................................... 67,538 66,644
Accumulated other comprehensive income.................... (4,604) (4,440)
-------- --------
Total stockholders' equity........................ 341,171 338,541
-------- --------
$654,783 $505,559
======== ========
</TABLE>
The accompanying notes are an integral part of these condensed financial
statements.
1
<PAGE> 4
PLANET HOLLYWOOD INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
STATED IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS
<TABLE>
<CAPTION>
THIRTEEN WEEKS ENDED
---------------------
MARCH 29, MARCH 30,
1998 1997
--------- ---------
<S> <C> <C>
Revenues.................................................... $ 96,532 $101,647
Costs and expenses:
Cost of sales............................................. 23,629 26,685
Operating expenses........................................ 54,673 47,046
General and administrative expenses....................... 8,369 6,274
Depreciation and amortization............................. 8,648 8,346
-------- --------
95,319 88,351
Income from operations...................................... 1,213 13,296
Non-operating expense (income):
Interest, net............................................. 187 (462)
Equity in income of unconsolidated affiliates............. (405) (3,100)
-------- --------
Income before income taxes.................................. 1,431 16,858
Provision for income taxes.................................. 537 6,322
-------- --------
Net income.................................................. $ 894 $ 10,536
======== ========
Earnings per share:
BASIC....................................................... $ 0.01 $ 0.10
======== ========
DILUTED..................................................... $ 0.01 $ 0.10
======== ========
BASIC Weighted Average Shares............................... 109,022 107,697
======== ========
DILUTED Weighted Average Shares............................. 109,881 108,933
======== ========
</TABLE>
The accompanying notes are an integral part of these condensed financial
statements.
2
<PAGE> 5
PLANET HOLLYWOOD INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
STATED IN THOUSANDS OF U.S. DOLLARS
<TABLE>
<CAPTION>
THIRTEEN WEEKS ENDED
---------------------
MARCH 29, MARCH 30,
1998 1997
--------- ---------
<S> <C> <C>
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES......... $(21,001) $ 8,881
-------- --------
Cash flows from investing activities:
Additions to property and equipment....................... (22,874) (25,475)
Purchase of restaurant from franchisee.................... -- (8,011)
Investment in affiliate................................... (321) --
Other..................................................... (361) (98)
-------- --------
NET CASH USED IN INVESTING ACTIVITIES....................... (23,556) (33,584)
-------- --------
Cash flows from financing activities:
Proceeds from exercise of options......................... 41 --
Proceeds from issuance of notes payable................... 250,000 --
Deferred financing costs.................................. (10,258) --
Repayment of notes payable................................ (63,009) (123)
-------- --------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES......... 176,774 (123)
-------- --------
EFFECT OF EXCHANGE RATES ON CASH............................ (487) (110)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS........ 131,730 (24,936)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD............ 9,089 49,831
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD.................. $140,819 $ 24,895
======== ========
</TABLE>
The accompanying notes are an integral part of these condensed financial
statements.
3
<PAGE> 6
PLANET HOLLYWOOD INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
STATED IN THOUSANDS OF U.S. DOLLARS
<TABLE>
<CAPTION>
COMMON STOCK COMMON STOCK
--------------- --------------- CAPITAL IN ACCUMULATED
CLASS A CLASS B EXCESS OF OTHER
--------------- --------------- PAR COMPREHENSIVE RETAINED DEFERRED COMPREHENSIVE
SHARES AMOUNT SHARES AMOUNT VALUE INCOME EARNINGS COMPENSATION INCOME
------ ------ ------ ------ ---------- ------------- -------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at December 29,
1996.................. 95,973 $960 11,547 $115 $252,695 $58,386 $ (525) $ 500
Net income.............. $10,536 10,536
Other comprehensive
income:
Currency translation
adjustment.......... (175) (175)
-------
Comprehensive income.... $10,361
-------
Celebrity restricted
stock options and
awards................ 485
Employee restricted
stock awards.......... 50
------ ---- ------ ---- -------- ------- ------- -------
Balance at March 30,
1997.................. 95,973 $960 11,547 $115 $253,180 $68,922 $ (475) $ 325
====== ==== ====== ==== ======== ======= ======= =======
Balance at December 28,
1997.................. 97,128 $972 11,765 $118 $279,372 $66,644 $(4,125) $(4,440)
Net income.............. $ 894 894
Other comprehensive
income:
Currency translation
adjustment.......... (164) (164)
-------
Comprehensive income.... $ 730
=======
Stock issuance.......... 190 2 1,198
Celebrity restricted
stock options and
awards................ 559 50
Exercise of stock
options............... 5 41
Employee restricted
stock awards.......... 50
------ ---- ------ ---- -------- ------- ------- -------
Balance at March 29,
1998.................. 97,323 $974 11,765 $118 $281,170 $67,538 $(4,025) $(4,604)
====== ==== ====== ==== ======== ======= ======= =======
<CAPTION>
TOTAL
STOCKHOLDERS'
EQUITY
-------------
<S> <C>
Balance at December 29,
1996.................. $312,131
Net income.............. 10,536
Other comprehensive
income:
Currency translation
adjustment.......... (175)
Comprehensive income....
Celebrity restricted
stock options and
awards................ 485
Employee restricted
stock awards.......... 50
--------
Balance at March 30,
1997.................. $323,027
========
Balance at December 28,
1997.................. $338,541
Net income.............. 894
Other comprehensive
income:
Currency translation
adjustment.......... (164)
Comprehensive income....
Stock issuance.......... 1,200
Celebrity restricted
stock options and
awards................ 609
Exercise of stock
options............... 41
Employee restricted
stock awards.......... 50
--------
Balance at March 29,
1998.................. $341,171
========
</TABLE>
The accompanying notes are an integral part of these condensed financial
statements.
4
<PAGE> 7
PLANET HOLLYWOOD INTERNATIONAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements of
Planet Hollywood International, Inc. have been prepared by the Company pursuant
to the rules and regulations of the Securities and Exchange Commission.
The information furnished herein reflects all adjustments (consisting of
only normal recurring accruals and adjustments) which are, in the opinion of
management, necessary to fairly state the operating results for the respective
periods. Certain information and footnote disclosures normally included in
annual financial statements prepared in accordance with generally accepted
accounting principles have been omitted pursuant to such rules and regulations.
The notes to the condensed consolidated financial statements should be read in
conjunction with the notes to the consolidated financial statements contained in
the Company's Form 10-K for the fiscal year ended December 28, 1997.
The results for interim periods are not necessarily indicative of trends or
results to be expected for a full year. Certain prior year amounts in the
accompanying condensed consolidated financial statements have been reclassified
to conform with current year presentation.
2. LONG TERM DEBT
On March 25, 1998 the Company issued $250.0 million of 12% Senior
Subordinated Notes (the "Notes") due in 2005. Interest on the Notes is payable
semi-annually in arrears on April 1 and October 1 of each year, commencing on
October 1, 1998. Agreements entered into in connection with the Notes offering
contain certain covenants which, among other things, limit (i) the issuance of
additional debt and stock by the Company, (ii) the payment of dividends, and
(iii) the sale of assets.
Concurrent with the Notes offering, the Company replaced its existing
$155.0 million credit facility with a $65.0 million multi-currency revolving
credit facility and a $35.0 million LIBOR-based leveraged lease facility. The
credit agreement fees include an annual facility fee on the utilized revolving
credit and a commitment fee on the unused revolving credit. Interest rates are
variable, with either prime or LIBOR indexes. The credit agreement also provides
for the issuance of up to $10.0 million of letters of credit and up to $25.0
million of multi-currency advances. The revolving credit facility matures on
March 25, 2000 provided, however, that the Company may extend the maturity date
to March 25, 2001 if it meets certain financial criteria set forth in the credit
agreement.
3. EARNINGS PER SHARE
In February 1997, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 128 ("SFAS No. 128"), "Earnings Per
Share," which requires presentation of basic and diluted earnings per share.
Basic earnings per share is computed by dividing income available to common
shareholders by the weighted average number of common shares outstanding for the
reporting period. Diluted earnings per share reflects the potential dilution
that could occur if securities or other contracts to issue common stock were
exercised or converted into common stock. As required, the Company adopted the
provisions of SFAS No. 128 in the fourth quarter of fiscal 1997. All prior year
weighted average and per share information has been restated in accordance with
SFAS No. 128. Outstanding stock options issued by the Company represent the only
dilutive effect reflected in diluted weighted average shares.
4. NEW ACCOUNTING PRONOUNCEMENTS
The Company has adopted Statement of Financial Accounting Standards No. 130
("SFAS No. 130"), "Reporting Comprehensive Income," which establishes standards
for the reporting and displaying of comprehensive income and its components. All
items required to be recognized as components of comprehen-
5
<PAGE> 8
PLANET HOLLYWOOD INTERNATIONAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
sive income must be reported in a financial statement that is displayed with the
same prominence as other financial statements. SFAS No. 130 became effective for
companies with fiscal years beginning after December 15, 1997. All prior period
information presented has been restated to conform to this pronouncement. The
Company's "Other comprehensive income" consists solely of currency translation
adjustments.
In April 1998, the Accounting Standards Executive Committee of the American
Institute of Certified Public Accountants adopted a Statement of Position
entitled "Reporting on the Cost of Start-Up Activities" (the "SOP"). The SOP,
which is effective for fiscal 1999, requires pre-opening costs to be expensed as
incurred. All costs capitalized at the date the SOP is adopted by the Company
will be charged to income as a cumulative effect of a change in accounting
principle. Restatement of previously issued financial statements is not
permitted. Had the SOP been adopted at the beginning of fiscal 1998, income
before the cumulative effect of the change in accounting for the first quarter
of fiscal 1998 would have been approximately $1.2 million. The cumulative effect
of the change in accounting as of the beginning of the first quarter of fiscal
1998 would have been a charge of approximately $5.0 million, net of tax. The
Company is currently evaluating the timing of the adoption of the SOP. Total
deferred pre-opening costs at March 29, 1998 were approximately $7.5 million.
6
<PAGE> 9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The following discussion and analysis should be read in conjunction with
the Company's Condensed Consolidated Financial Statements and Notes thereto
included elsewhere in this Form 10-Q. All statements contained herein that are
not historical facts including, but not limited to, statements regarding the
Company's current business strategy, the Company's projected sources and uses of
cash, and the Company's plans for future development and operations, are based
upon current expectations. Such statements are forward-looking in nature and
involve a number of risks and uncertainties. Consequently, actual results may
differ materially from the forward-looking statements. Among the factors that
could cause actual results to differ materially are the following: the
availability of sufficient capital to finance the Company's business plans on
terms satisfactory to the Company; the impact of competitive products and
pricing; changes in labor, equipment, food and capital costs; changes in, or the
failure to comply with, regulations affecting the Company's business; future
acquisitions or strategic partnerships; the availability, locations and terms of
sites for development; the timing and costs associated with new location
openings; acceptance of new guests of the Company's brands and concepts as the
Company continues to expand into new brands and/or regions; success of the
Company's franchisees and licensees and the manner in which they promote,
operate and develop the Company's brands; general business and economic
conditions; and factors described from time to time in the Company's reports
filed with the Securities and Exchange Commission. The Company cautions readers
not to place undue reliance on any such forward-looking statements, which
statements are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
RESULTS OF OPERATIONS
Thirteen weeks ended March 29, 1998 compared to thirteen weeks ended March 30,
1997
Revenues. Total revenues decreased to $96.5 million for the thirteen weeks
ended March 29, 1998 ("first quarter 1998") from $101.6 million for the thirteen
weeks ended March 30, 1997 ("first quarter 1997"), a decrease of $5.1 million or
5.0%. The decrease in total revenues was primarily attributable to a decline in
same-unit revenues and a decrease in promotional and specialty retail sales.
Direct revenues decreased 8.8% from $98.6 million for first quarter 1997 to
$89.9 million for first quarter 1998. Same unit revenues decreased 13% from
first quarter 1997 to first quarter 1998 (same unit revenues excluding
promotional and specialty retail sales). The decline in same unit revenues was
primarily due to a decrease in customer traffic attributable principally to
increased competition in the theme-dining sector. In the near term, the Company
anticipates declines in same unit revenues as a result of decreased customer
traffic. The decline in direct revenues was partially offset by the opening of
15 Company owned units subsequent to March 30, 1997, including one unit which
opened in first quarter 1998. As a percentage of direct revenues, merchandise
sales decreased from 37.5% for first quarter 1997 to 30.4% for first quarter
1998 due primarily to the decline in promotional and specialty retail sales in
first quarter 1998 and the Company's expansion into secondary markets, which
generally experience lower merchandise sales relative to restaurant sales.
Franchise fees were $1.5 million for first quarter 1997 compared to $5.0
million for first quarter 1998. The increase in franchise fees was primarily due
to the Company recognizing revenue for five franchises in first quarter 1998
compared to one franchise in first quarter 1997.
Costs and expenses. Food and beverage costs decreased from 22.7% of food
and beverage revenues in first quarter 1997 to 22.2% in first quarter 1998,
primarily as a result of ongoing menu engineering efforts. Merchandise costs
increased from 34.4% of merchandise revenues in first quarter 1997 to 35.6% in
first quarter 1998 primarily as a result of shifts in sales composition and
special promotions. Operating expenses, which consist primarily of labor,
occupancy and other direct unit operating costs, increased from 47.7% of direct
revenues in first quarter 1997 to 60.8% in first quarter 1998 primarily due to
relatively fixed unit operating costs in relation to lower sales volumes and
increased labor and public relations costs associated with the Company's current
initiatives.
7
<PAGE> 10
General and administrative expenses increased from $6.3 million in first
quarter 1997 to $8.4 million in first quarter 1998, due primarily to the
continued expansion of the Company's corporate infrastructure to support its
joint venture initiatives and increased public relations expenditures associated
with the Company's continued efforts to promote brand awareness and increase
celebrity involvement. As a percent of total revenues, general and
administrative expenses increased from 6.2% in first quarter 1997 to 8.7% in
first quarter 1998.
Interest, net. The Company realized interest income of $0.5 million in
first quarter 1997. The Company's borrowings increased throughout fiscal 1997
and in first quarter 1998, resulted in $0.2 million of interest expense in first
quarter 1998.
Equity in Income of Unconsolidated Affiliates. Equity in income of
unconsolidated affiliates decreased from $3.1 million in first quarter 1997 to
$0.4 million in first quarter 1998. The decline in equity in income of
unconsolidated affiliates was principally caused by the sale of a franchise by
PH Asia in first quarter 1997 and the absence of any such sales in first quarter
1998 and a decrease in revenue for PH Asia resulting from decreased tourism and
the related economic uncertainties throughout Asia.
Provision for Income Taxes. The provision for income taxes was $6.3
million or 37.5% of pretax income in first quarter 1997. In first quarter 1998,
the Company recorded a provision for income taxes of $0.5 million or 37.5% of
pretax income.
LIQUIDITY AND CAPITAL RESOURCES
Net cash used in investing activities in first quarter 1997 and first
quarter 1998 was $33.6 million and $23.6 million, respectively. Capital
expenditures for first quarter 1997 and first quarter 1998 were $25.5 million
and $22.9 million, respectively. Additionally, the Company purchased a domestic
franchised unit in first quarter 1997.
In first quarter 1997, net cash used in financing activities was $0.1
million. For first quarter 1998, $176.8 million was provided by financing
activities. The Company issued $250.0 million of 12% Senior Subordinated Notes
due 2005 in March 1998 (the "Notes"). A portion of the net proceeds from the
Notes was used to repay borrowings under the Company's credit facility with the
remainder expected to be used for capital expenditures associated with the
construction of Company-owned restaurants and the Company's required capital
contributions to its joint venture projects.
Net cash provided by (used in) operating activities in first quarter 1997
and first quarter 1998 was $8.9 million and ($21.0 million), respectively. This
decrease is primarily due to a decline in net income and a reduction of trade
payables of $28.0 million during first quarter 1998.
Concurrent with the Notes offering, the Company replaced its existing
$155.0 million revolving credit facility with a $100.0 million multi-currency,
long-term credit facility. The Company expects that cash on hand, cash generated
from operations and funds available under the new credit facility will be
sufficient to meet its anticipated capital requirements for the next 12 months.
8
<PAGE> 11
PART II -- OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits
Exhibit 27 Financial Data Schedule
b. Reports on Form 8-K
On March 10, 1998, the Company filed a Current Report on Form 8-K relating
to the Company's offering of $250 million principal amount of its seven-year
senior subordinated notes in a distribution pursuant to Rule 144A of the
Securities Act of 1933.
On March 10, 1998, the Company filed a Current Report on Form 8-K relating
to the Company's private offering of $250 million of debt securities. Said
report included, as exhibits, copies of the "Financial Statements" and
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" sections of the Company's confidential Preliminary Offering
Memorandum.
On March 26, 1998, the Company filed a Current Report on Form 8-K relating
to the completion of the Company's offering of $250 million aggregate principal
amount of its 12% senior subordinated notes due 2005 in an unregistered
distribution pursuant to Rule 144A of the Securities Act of 1933.
9
<PAGE> 12
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.
<TABLE>
<S> <C>
PLANET HOLLYWOOD INTERNATIONAL, INC.
DATE: May 12, 1998 By: /s/ ROBERT EARL
-------------------------------------------------------
Name: Robert Earl
Its: President and Chief Executive Officer
DATE: May 12, 1998 By: /s/ THOMAS AVALLONE
-------------------------------------------------------
Name: Thomas Avallone
Its: Chief Financial Officer
</TABLE>
10
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF PLANET HOLLYWOOD
INTERNATIONAL, INC. FOR THE THIRTEEN WEEKS ENDED MARCH 29, 1998, 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> JAN-03-1999
<PERIOD-START> DEC-29-1997
<PERIOD-END> MAR-29-1998
<CASH> 140,819
<SECURITIES> 0
<RECEIVABLES> 20,550
<ALLOWANCES> 1,500
<INVENTORY> 40,923
<CURRENT-ASSETS> 228,448
<PP&E> 380,812
<DEPRECIATION> 45,745
<TOTAL-ASSETS> 654,783
<CURRENT-LIABILITIES> 34,910
<BONDS> 0
0
0
<COMMON> 1,092
<OTHER-SE> 340,079
<TOTAL-LIABILITY-AND-EQUITY> 341,171
<SALES> 89,936
<TOTAL-REVENUES> 96,532
<CGS> 23,629
<TOTAL-COSTS> 95,319
<OTHER-EXPENSES> (634)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 416
<INCOME-PRETAX> 1,431
<INCOME-TAX> 537
<INCOME-CONTINUING> 894
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 894
<EPS-PRIMARY> 0.01<F1>
<EPS-DILUTED> 0.01
<FN>
<F1>DENOTES BASIC EPS
</FN>
</TABLE>
