<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 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 OCTOBER 26, 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 1-5609
UNITRODE CORPORATION
(Exact name of registrant as specified in its charter)
MARYLAND 04-2271186
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
7 CONTINENTAL BOULEVARD, MERRIMACK, NEW HAMPSHIRE 03054
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (603) 424-2410
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of 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 11,555,473 shares of common stock outstanding as of October 26, 1996.
-1-
<PAGE> 2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Unitrode Corporation
<TABLE>
Consolidated Balance Sheets
<CAPTION>
October 26, 1996 January 31, 1996
Assets (Unaudited)
- --------------------------------------------------------------------------------
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 42,658,496 $ 36,228,314
Accounts receivable, net of allowance
of $368,977 in October, 1996
and $367,804 in January, 1996 15,946,034 17,904,537
Notes receivable 899,447 884,645
Inventories:
Raw materials 1,545,063 1,698,344
Work in process 6,684,416 5,384,901
Finished goods 3,556,903 2,888,182
------------ ------------
Total inventory 11,786,382 9,971,427
------------ ------------
Deferred income taxes 3,501,000 4,112,000
Prepaid expenses and other
current assets 2,099,457 2,241,077
------------ ------------
Total current assets 76,890,816 71,342,000
------------ ------------
Property, plant and equipment, at cost 92,678,010 79,078,555
Less accumulated depreciation 51,757,012 43,789,869
------------ ------------
Property, plant and equipment, net 40,920,998 35,288,686
------------ ------------
Notes and other receivables, net of
unamortized discount of $60,952 in
October, 1996 and $78,095 in
January, 1996 3,662,283 4,341,604
Deferred income taxes 321,000 102,000
Restricted cash and investments 645,847 437,285
Excess of cost over net assets acquired,
net of accumulated amortization of
$2,039,206 in October, 1996 and
$1,826,203 in January, 1996 2,051,123 2,264,126
Other investments 2,500,000 1,000,000
Other assets 3,054,023 3,648,505
------------ ------------
Total assets $130,046,090 $118,424,206
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
-2-
<PAGE> 3
Unitrode Corporation
<TABLE>
Consolidated Balance Sheets
<CAPTION>
October 26, 1996 January 31, 1996
Liabilities and Stockholders' Equity (Unaudited)
- ------------------------------------------------------------------------------------
<S> <C> <C>
Current liabilities:
Accounts payable $ 6,415,792 $ 8,401,521
Income taxes payable 3,020,573 2,000,229
Accrued employee compensation and benefits 4,114,857 7,794,635
Other current liabilities 6,538,349 5,998,299
------------ ------------
Total current liabilities 20,089,571 24,194,684
------------ ------------
Deferred income taxes 1,300,000 1,340,000
Other long-term liabilities 626,111 472,348
------------ ------------
Total liabilities 22,015,682 26,007,032
------------ ------------
Stockholders' equity:
Common stock, $.20 par value;
Authorized - 30,000,000 shares
Issued - 11,555,473 in October, 1996 and
11,467,948 in January, 1996 2,311,095 2,293,590
Additional paid-in capital 26,341,626 25,582,283
Retained earnings 79,531,874 64,838,832
------------ ------------
108,184,595 92,714,705
Less:
Deferred compensation 154,187 297,531
------------ ------------
Total stockholders' equity 108,030,408 92,417,174
------------ ------------
Total liabilities and
stockholders' equity $130,046,090 $118,424,206
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
-3-
<PAGE> 4
Unitrode Corporation
<TABLE>
Consolidated Statements of Operations
(Unaudited)
<CAPTION>
For the three months ended October 26, 1996 October 28, 1995
- ---------------------------------------------------------------------------------
<S> <C> <C>
Net sales $32,074,698 $29,427,264
Cost of sales 15,229,237 14,023,335
----------- -----------
Gross profit 16,845,461 15,403,929
----------- -----------
Operating expenses:
Research and development 4,266,775 3,842,443
Selling, general and administrative 5,534,090 5,559,844
----------- -----------
Total operating expenses 9,800,865 9,402,287
----------- -----------
Income from operations 7,044,596 6,001,642
----------- -----------
Other income (expense):
Royalty income 832,030 689,153
Non-operating income (expense), net (254,430) 102,951
Interest income 496,642 405,172
Interest expense (24,479) (21,274)
----------- -----------
Total other income 1,049,763 1,176,002
----------- -----------
Income before income tax provision 8,094,359 7,177,644
Income tax provision 3,109,000 2,634,000
----------- -----------
Net income $ 4,985,359 $ 4,543,644
=========== ===========
Earnings per common share:
Net income $ .42 $ .38
=========== ===========
Average common and common equivalent
shares outstanding 11,775,319 11,897,040
========== ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
-4-
<PAGE> 5
Unitrode Corporation
<TABLE>
Consolidated Statements of Operations
(Unaudited)
<CAPTION>
For the nine months ended October 26, 1996 October 28, 1995
- ---------------------------------------------------------------------------------
<S> <C> <C>
Net sales $96,303,823 $83,051,792
Cost of sales 45,347,734 39,633,452
----------- -----------
Gross profit 50,956,089 43,418,340
----------- -----------
Operating expenses:
Research and development 12,747,064 10,328,072
Selling, general and administrative 17,169,612 16,245,093
----------- -----------
Total operating expenses 29,916,676 26,573,165
----------- -----------
Income from operations 21,039,413 16,845,175
----------- -----------
Other income (expense):
Royalty income 2,087,184 1,811,881
Non-operating expense, net (229,182) (54,570)
Interest income 1,406,998 1,233,892
Interest expense (71,526) (65,442)
----------- -----------
Total other income 3,193,474 2,925,761
----------- -----------
Income before income tax provision 24,232,887 19,770,936
Income tax provision 9,279,000 7,254,000
----------- -----------
Net income $14,953,887 $12,516,936
=========== ===========
Earnings per common share:
Net income $ 1.26 $ 1.05
=========== ===========
Average common and common equivalent
shares outstanding 11,822,707 11,920,763
========== ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
-5-
<PAGE> 6
Unitrode Corporation
<TABLE>
Consolidated Statements of Cash Flows
(Unaudited)
<CAPTION>
For the nine months ended October 26, 1996 October 28, 1995
- ------------------------------------------------------------------------------------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 14,953,887 $ 12,516,936
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 8,402,705 6,451,370
Deferred compensation 102,094 159,531
Deferred income taxes 352,000 (32,000)
Other, net 336,213 158,919
(Increase) decrease in assets:
Accounts receivable 1,968,503 (5,077,605)
Inventories (1,814,955) (1,647,169)
Other current and long-term assets 103,875 (1,587,874)
Increase (decrease) in liabilities:
Accounts payable (1,985,729) 952,083
Income taxes payable 1,020,344 (113,514)
Accrued employee compensation and benefits (3,679,778) 1,874,120
Other current and long-term liabilities 693,813 290,474
------------ ------------
Total adjustments 5,499,085 1,428,335
------------ ------------
Net cash provided by operating activities 20,452,972 13,945,271
------------ ------------
Cash flows from investing activities:
Purchase of property, plant and equipment (13,788,981) (6,238,220)
Proceeds on sale of assets 261,819 419,449
Repayment of notes receivable 681,662 667,588
Restricted cash and investments (208,562) --
Other investments (1,501,528) (84,581)
Accrued disposal costs -- (245,617)
Maturities of short-term investments 4,345,200 14,200,750
Purchases of short-term investments (4,369,653) (1,289,427)
------------ ------------
Net cash provided (used) by investing activities (14,580,043) 7,429,942
------------ ------------
Cash flows from financing activities:
Principal payments on debt -- (173,077)
Proceeds from exercise of common stock options 907,443 911,682
Purchase of common stock (350,190) (10,025,275)
------------ ------------
Net cash provided (used) by financing activities 557,253 (9,286,670)
------------ ------------
Net increase in cash and cash equivalents 6,430,182 12,088,543
Cash and cash equivalents at beginning of period 36,228,314 17,752,008
------------ ------------
Cash and cash equivalents at end of period $ 42,658,496 $ 29,840,551
============ ============
Supplemental information:
Interest paid $ 67,000 $ 68,000
Income taxes paid, net of tax refunds 7,904,000 7,400,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
-6-
<PAGE> 7
Unitrode Corporation
Notes to Consolidated Financial Statements
October 26, 1996
(Unaudited)
NOTE 1 - BASIS OF PRESENTATION
- ------------------------------
The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and pursuant to the rules and regulations of the
Securities and Exchange Commission. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. For further information, refer to the
consolidated financial statements and footnotes included in the annual report on
Form 10-K of Unitrode Corporation (the "Company") for the year ended January 31,
1996.
In the opinion of management, all adjustments considered necessary for a fair
presentation have been included. Operating results for the nine-month period
ended October 26, 1996 are not necessarily indicative of the results that may be
expected for the year ending January 31, 1997. Certain amounts for fiscal year
1996 have been reclassified to conform with presentation of similar amounts in
fiscal year 1997.
NOTE 2 - NEW ACCOUNTING STANDARDS
- ---------------------------------
Effective February 1, 1996, the Company adopted "Accounting for the Impairment
of Long-Lived Assets and for Long-Lived Assets to be Disposed of" ("SFAS No.
121"). The adoption of SFAS No. 121 had no material effect on the Company's
financial statements.
In October 1995, Statement of Financial Accounting Standards No. 123,
"Accounting for Stock-Based Compensation" ("SFAS No. 123"), was issued and will
require the Company to elect either expense recognition or a disclosure-only
alternative for stock-based employee compensation. SFAS No. 123 must be adopted
in the Company's fiscal year 1997 financial statements with comparable
disclosures for the prior year. The Company has determined that it will elect
the disclosure-only alternative. The Company will be required to disclose pro
forma net income and earnings per share in the notes to the financial statements
using the fair-value-based method beginning in fiscal year 1997 with comparable
disclosures for fiscal year 1996. The Company has not yet determined the impact
of these pro forma adjustments to its net income or earnings per share.
NOTE 3 - ACQUISITIONS AND DISPOSITIONS OF ASSETS
- ------------------------------------------------
On February 28, 1996, the Company made an additional $1.5 million investment in
GMT Microelectronics Corporation ("GMT") redeemable preferred stock. GMT is a
foundry in which the Company has a minority investment and has a right to a
certain percentage of its capacity.
-7-
<PAGE> 8
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
RESULTS OF OPERATIONS
- ---------------------
Three Months Ended October 26, 1996 versus Three Months Ended October 28, 1995
Net sales for the quarter ended October 26, 1996 increased $2.6 million, or 9%,
to $32.1 million when compared to the previous year's third quarter. This
increase in sales was primarily due to the increase in demand for products in
the computer peripherals segment of the electronic data processing markets.
Product sales to one of the Company's customers represented approximately 33%
and 23% of sales for the third quarter of fiscal years 1997 and 1996,
respectively. Approximately 74% of sales in the third quarter were international
compared with 64% in the prior year.
Gross profit as a percentage of net sales was 52.5% for the third quarter of
fiscal year 1997 compared to 52.3% for the same quarter in the prior year.
Research and development expenses were approximately 13% of net sales in the
third quarters of both fiscal years 1997 and 1996. Selling, general and
administrative expenses were 17% of net sales, or $5.5 million, compared with
19%, or $5.6 million, in the previous year's third quarter. This percentage
decrease was primarily due to the Company controlling costs while sales volume
increased.
The consolidated effective tax rate for the quarter ended October 26, 1996 was
38.4% compared with 36.7% for the quarter ended October 28, 1995. This increase
was due primarily to the absence in fiscal year 1997 of benefits related to tax
credits and deferred tax assets that were available in fiscal year 1996.
Net income was $5.0 million, or $.42 per share, in the third quarter of fiscal
year 1997 compared to $4.5 million, or $.38 per share, in the third quarter of
fiscal year 1996, an increase of 10%.
Bookings in the third quarter decreased 1%, or approximately $0.4 million to
$32.1 million as compared with the prior year's third quarter. Backlog at
October 26, 1996 increased 8% to $38.7 million compared with $36.0 million at
October 28, 1995, and remained level with the previous quarter. The book-to-bill
ratio for the third quarter was 1.00 compared to 1.10 in the prior year's third
quarter. The decrease in bookings and the lower book-to-bill ratio reflect
current conditions in the marketplace, such as smaller quantity orders due to
sufficient customer inventories, shorter order lead times due to expanded vendor
capacity, and slower market growth rates for certain computer and communication
products.
Nine Months Ended October 26, 1996 versus Nine Months Ended October 28, 1995
Net sales for the nine months ended October 26, 1996 were $96.3 million, an
increase of 16%, compared with $83.1 million in the prior year's first nine
months. This sales increase was primarily due to the increase in demand for
products in the computer peripherals segment of the electronic data processing
markets. Product sales to one of the Company's customers represented
approximately 28% and 21% of sales for the nine months ended October 26, 1996
and October 28, 1995, respectively. International sales accounted for
approximately 68% of total sales for the nine months ended October 26, 1996
compared to 62% for the nine months ended October 28, 1995.
-8-
<PAGE> 9
RESULTS OF OPERATIONS (CONTINUED)
- ---------------------
Gross profit as a percentage of net sales was 52.9% for the nine months ended
October 26, 1996, compared with 52.3% for the prior year. This improvement was
primarily due to favorable product mix increasing the overall average selling
prices.
Research and development expenses were approximately 13% of net sales for the
first nine months of fiscal year 1997 compared with approximately 12% in fiscal
year 1996. This increase of $2.4 million relates primarily to increased staffing
and additional product and process development efforts to support opportunities
in the Company's markets. Selling, general and administrative expenses were
approximately 18% of net sales for the nine months ended October 26, 1996
compared to approximately 20% for the nine months ended October 28, 1995. The
percentage decrease was principally due to the Company controlling costs while
sales volume increased.
The consolidated effective tax rate for the nine months ended October 26, 1996
was 38.3% compared with 36.7% for the nine months ended October 28, 1995. This
increase was due primarily to the absence in fiscal year 1997 of benefits
related to tax credits and deferred tax assets that were available in fiscal
year 1996.
Net income for the nine months ended October 26, 1996 was $15.0 million, or
$1.26 per share, compared with $12.5 million, or $1.05 per share, in the prior
fiscal year, an increase of 19%.
Bookings for the first nine months of fiscal year 1997 were approximately $97.3
million which represents an increase of 7%, or $6.3 million, from the comparable
period in the prior year. New orders increased primarily due to the growth of
the electronic data processing market during the first quarter, although
partially offset by lower bookings in the second and third quarters. The
book-to-bill ratio for the nine months ended October 26, 1996 was 1.01 compared
to 1.10 in the prior year.
FINANCIAL CONDITION
- -------------------
Cash and cash equivalents at October 26, 1996 increased by $6.4 million since
the beginning of fiscal year 1997. The principal sources of cash were $20.5
million from operating activities and $0.9 million in proceeds from exercises of
employee stock options under the Company's Stock Option Plans. The principal
uses of cash were $13.8 million in capital expenditures and a $1.5 million
investment in the redeemable preferred stock of GMT Microelectronics
Corporation, a wafer fabrication foundry in which the Company maintains a
minority interest.
The ratio of current assets to current liabilities improved to 3.83:1 at October
26, 1996 compared with 2.95:1 at January 31, 1996. Working capital of $56.8
million at October 26, 1996 increased by $9.7 million from January 31, 1996. It
is anticipated that the Company's cash needs for fiscal year 1997, including
planned capital expenditures, will be met by internally generated funds and
available cash.
-9-
<PAGE> 10
FINANCIAL CONDITION (continued)
- -------------------
The Company has begun a new wafer fabrication expansion program which is
expected to be completed in various phases over the next several years at a cost
of approximately $59 million. The initial phase is currently expected to cost
approximately $40 million. Actual timing of expenditures may vary depending on
the demand for the Company's products and costs for construction and equipment.
In fiscal year 1997, the Company expects to spend a total of approximately $22
million in capital expenditures consisting of $8 million to support ongoing
operations and $14 million under the Company's wafer fabrication expansion
program.
Accounts receivable at October 26, 1996 decreased by $2.0 million from January
31, 1996 to $15.9 million. Receivable day sales outstanding were 49 days at
October 26, 1996 compared to 48 days at January 31, 1996. Inventory has
increased by $1.8 million since January 31, 1996.
Accrued employee compensation and benefits has decreased by $3.7 million since
year-end primarily due to incentive compensation benefit payments relating to
fiscal year 1996 performance, such as profit sharing awards and management,
sales and employee bonuses.
The Board of Directors of the Corporation had previously authorized the
repurchase of 4,000,000 shares of its common stock of which 3,425,300 shares
were repurchased at a cost of $38.4 million, or an average price of $11.22 per
share. Effective October 23, 1996, the Board of Directors rescinded the
authorization to repurchase the remaining 574,700 shares.
NEW ACCOUNTING STANDARDS
- ------------------------
See Note 2 in the Company's consolidated financial statements for a discussion
of recently issued accounting standards.
FORWARD-LOOKING INFORMATION
- ---------------------------
The Private Securities Litigation Reform Act of 1995 ("the Act") provides a new
"safe harbor" for forward-looking statements so long as those statements are
identified as forward-looking and are accompanied by meaningful cautionary
statements identifying important factors that could cause actual results to
differ materially from those discussed in the statement. The Company desires to
take advantage of the new "safe harbor" provisions of the Act. Certain
information contained herein, particularly the information appearing under the
headings "Results of Operations" and "Financial Condition" are forward-looking.
Information regarding certain important factors that could cause actual results
of operations or outcomes of other events to differ materially from any such
forward-looking statement appear together with such statement, and/or elsewhere
herein. This information should be read in conjunction with the Company's annual
report on Form 10-K for the year ended January 31, 1996, particularly the
information appearing under the heading "Factors Affecting Future Results" in
the "Management's Discussion and Analysis of Financial Condition and Results of
Operations" section of the report.
-10-
<PAGE> 11
PART II. OTHER INFORMATION
Unitrode Corporation
October 26, 1996
Item 1. Legal Proceedings
- -------------------------
None.
Item 2. Changes in the Rights of the Company's Security Holders
- ---------------------------------------------------------------
None.
Item 3. Defaults upon Senior Securities
- ---------------------------------------
Not Applicable.
Item 4. Submission of Matters to a Vote of Security Holders
- -----------------------------------------------------------
None.
Item 5. Other Information
- -------------------------
None
Item 6. Exhibits and Reports on Form 8-K
- ----------------------------------------
(a) Exhibits
Exhibit 11 - Computation of Primary and Fully Diluted Earnings per
Share
Exhibit 27 - Financial Data Schedule
(b) REPORTS ON FORM 8-K: No reports on Form 8-K were filed by the
Registrant during the third quarter of the fiscal year ended January
31, 1997.
-11-
<PAGE> 12
Unitrode Corporation
October 26, 1996
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.
UNITRODE CORPORATION
December 6, 1996 /s/ Robert L. Gable
- -------------------- -------------------------------------
Date Robert L. Gable
Chairman, and Chief Executive Officer
December 6, 1996 /s/ Cosmo S. Trapani
- -------------------- -------------------------------------
Date Cosmo S. Trapani
Executive Vice President and
Chief Financial Officer
(Principal Financial and Accounting
Officer)
-12-
<PAGE> 1
Exhibit 11
Unitrode Corporation
<TABLE>
Computation of Primary and Fully Diluted Earnings per Share
<CAPTION>
Three months ended October 26, 1996 October 28, 1995
- -----------------------------------------------------------------------------------
<S> <C> <C>
Net income $ 4,985,359 $ 4,543,644
=========== ===========
Primary earnings per share:
- --------------------------
Weighted average of common shares outstanding 11,547,148 11,431,701
Equivalent shares arising from the assumed
exercise of stock options 228,171 465,339
----------- -----------
Weighted average of common and common
equivalent shares outstanding 11,775,319 11,897,040
=========== ===========
Net income $ .42 $ .38
=========== ===========
Fully diluted earnings per share:
- --------------------------------
Weighted average of common and common
equivalent shares outstanding
(as determined for Primary earnings
per share above) 11,775,319 11,897,040
Incremental shares to reflect full
dilution 49,900(1) 1(1)
----------- -----------
Weighted average of common and common
equivalent shares outstanding, as
adjusted 11,825,219 11,897,041
=========== ===========
Net income $ .42 $ .38
=========== ===========
<FN>
(1) This calculation is submitted in accordance with Regulation S-K item 601(b)(11)
although not required by footnote 2 to paragraph 14 of APB Opinion No. 15
because it results in dilution of less than 3%.
</TABLE>
<PAGE> 2
Exhibit 11
Unitrode Corporation
<TABLE>
Computation of Primary and Fully Diluted Earnings per Share
<CAPTION>
Nine months ended October 26, 1996 October 28, 1995
- ---------------------------------------------------------------------------------
<S> <C> <C>
Net income $14,953,887 $12,516,936
=========== ===========
Primary earnings per share:
- --------------------------
Weighted average of common shares outstanding 11,511,996 11,511,953
Equivalent shares arising from the assumed
exercise of stock options 310,711 408,810
----------- -----------
Weighted average of common and common
equivalent shares outstanding 11,822,707 11,920,763
=========== ===========
Net income $ 1.26 $ 1.05
=========== ===========
Fully diluted earnings per share:
- --------------------------------
Weighted average of common and common
equivalent shares outstanding
(as determined for Primary earnings
per share above) 11,822,707 11,920,763
Incremental shares to reflect full
dilution 16,633(1) 35,584(1)
----------- -----------
Weighted average of common and common
equivalent shares outstanding, as
adjusted 11,839,340 11,956,347
=========== ===========
Net income $ 1.26 $ 1.05
=========== ===========
<FN>
(1) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-START> FEB-01-1996
<PERIOD-END> OCT-26-1996
<EXCHANGE-RATE> 1
<CASH> 42,658,496
<SECURITIES> 0
<RECEIVABLES> 16,315,011
<ALLOWANCES> 368,977
<INVENTORY> 11,786,382
<CURRENT-ASSETS> 76,890,816
<PP&E> 92,678,010
<DEPRECIATION> 51,757,012
<TOTAL-ASSETS> 130,046,090
<CURRENT-LIABILITIES> 20,089,571
<BONDS> 0
<COMMON> 2,311,095
0
0
<OTHER-SE> 105,719,313
<TOTAL-LIABILITY-AND-EQUITY> 130,046,090
<SALES> 96,303,823
<TOTAL-REVENUES> 96,303,823
<CGS> 45,347,734
<TOTAL-COSTS> 45,347,734
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 71,526
<INCOME-PRETAX> 24,232,887
<INCOME-TAX> 9,279,000
<INCOME-CONTINUING> 14,953,887
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 14,953,887
<EPS-PRIMARY> 1.26
<EPS-DILUTED> 1.26
</TABLE>
