SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(x) QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended
September 30, 1997
------------------
Commission File Number 0-3730
------
Willamette Industries, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
State of Oregon 93-0312940
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1300 S.W. Fifth Avenue, Suite 3800, Portland, Oregon 97201
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (503) 227-5581
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
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date. Common Stock, 50 cent par
value: 111,195,348 October 31, 1997.
<PAGE>
<TABLE>
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES FORM 10-Q
CONSOLIDATED BALANCE SHEETS PART I
(DOLLAR AMOUNTS, EXCEPT PER SHARE AMOUNTS, IN THOUSANDS) ITEM 1
SEPTEMBER 30, DECEMBER 31,
ASSETS 1997 1996
------ ------------- ------------
Current assets:
<S> <C> <C>
Cash $ 28,269 22,222
Accounts receivable, less allowance
for doubtful accounts of $4,907 and $4,460 304,287 272,709
Inventories (Note 2) 377,140 365,949
Prepaid expenses and deposits on timber cutting contracts 39,089 38,454
Assets held for sale (Note 3) 57,987 160,218
--------- --------
Total current assets 806,772 859,552
Timber, timberlands and related facilities, net 1,409,018 1,444,873
Property, plant and equipment, at cost less
accumulated depreciation of $1,954,213 and $1,767,234 2,491,378 2,330,469
Other assets 83,904 85,787
--------- ---------
$ 4,791,072 4,720,681
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current installments on long-term debt $ 10,654 4,512
Notes payable 107,000 200,000
Accounts payable, includes book overdrafts
of $42,656 and $48,005 174,383 185,437
Accrued expenses 167,170 163,362
Accrued income taxes 10,792 17,107
--------- ---------
Total current liabilities 469,999 570,418
Deferred income taxes 388,122 374,246
Other liabilities 36,911 32,819
Long-term debt, net of current installments 1,908,904 1,766,917
Stockholders' equity:
Preferred stock, cumulative, of $.50 par value.
Authorized 5,000,000 shares. - -
Common stock, $.50 par value. Authorized 150,000,000
shares; issued 111,189,400 and 110,707,308 shares. 55,595 27,677
Capital surplus 290,907 306,517
Retained earnings 1,640,634 1,642,087
--------- ---------
Total stockholders' equity 1,987,136 1,976,281
--------- ---------
$ 4,791,072 4,720,681
========= =========
</TABLE>
2
<PAGE>
<TABLE>
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES FORM 10-Q
CONSOLIDATED STATEMENTS OF EARNINGS PART I
(DOLLAR AMOUNTS, EXCEPT PER SHARE AMOUNTS, IN THOUSANDS) ITEM 1
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
----------------------- ----------------------
1997 1996 1997 1996
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net sales $ 872,823 862,674 2,568,228 2,587,578
Cost of sales 750,155 707,532 2,217,449 2,090,505
---------- ---------- ---------- ----------
Gross profit 122,668 155,142 350,779 497,073
Selling and administrative expenses 61,073 56,358 181,933 167,148
---------- ---------- ---------- ----------
Operating earnings 61,595 98,784 168,846 329,925
Other income(expense), net 1,039 539 1,829 1,712
---------- ---------- ---------- ----------
62,634 99,323 170,675 331,637
Interest expense 29,676 29,423 88,248 64,615
---------- ----------- ---------- ----------
Earnings before provision
for income taxes 32,958 69,900 82,427 267,022
Provision for income taxes 12,261 26,771 30,663 102,269
---------- ---------- ---------- ----------
Net earnings $ 20,697 43,129 51,764 164,753
========== ========== ========== ==========
Weighted average number of
shares outstanding 111,100,660 110,548,178 110,889,437 110,493,662
=========== =========== =========== ===========
Per share information:
Net earnings $ 0.19 .39 0.47 1.49
=========== =========== ========== ===========
Dividends $ 0.16 0.15 0.48 0.47
=========== =========== ========== ===========
</TABLE>
3
<PAGE>
<TABLE>
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES FORM 10-Q
CONSOLIDATED STATEMENTS OF CASH FLOWS PART I
(DOLLAR AMOUNTS IN THOUSANDS) ITEM 1
NINE MONTHS ENDED
SEPTEMBER 30,
1997 1996
---------- --------
Cash flows from operating activities:
<S> <C> <C>
Net earnings $ 51,764 164,753
Adjustments to reconcile net earnings to net cash
from operating activities:
Depreciation 198,621 182,402
Cost of fee timber harvested 40,597 31,042
Other amortization 13,647 9,555
Increase in deferred income taxes 13,876 16,363
Changes in working capital items:
Accounts receivable (31,578) 29,036
Inventories (11,191) 55,625
Prepaid expenses and deposits on timber cutting contracts (635) 21,260
Accounts payable and accrued expenses (7,246) (104)
Accrued income taxes (6,315) 7,470
---------- ---------
Net cash from operating activities 261,540 517,402
---------- ---------
Cash flows from investing activities:
Proceeds from sale of equipment 2,460 814
Expenditures for property, plant and equipment (361,990) (305,012)
Expenditures for timber and timberlands (5,978) (6,440)
Expenditures for roads and reforestation (10,898) (8,632)
Acquisitions (Note 3) - (957,385)
Assets held for sale (Note 3) 102,231 (201,807)
Other 4,554 (14,673)
---------- ----------
Net cash from investing activities (269,621) (1,493,135)
---------- ----------
Cash flows from financing activities:
Net change in operating lines of credit 17,191 (11,000)
Debt borrowing 150,211 1,138,100
Proceeds from sale of common stock 12,216 3,903
Cash dividends paid (53,217) (51,370)
Payment on debt (112,273) (60,635)
---------- ---------
Net cash from financing activities 14,128 1,018,998
---------- ---------
Net change in cash 6,047 43,265
Cash at beginning of period 22,222 17,961
---------- ---------
Cash at end of period $ 28,269 61,226
========== =========
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest (net of amount capitalized) $ 91,247 67,785
========== =========
Income taxes $ 23,102 78,803
========== =========
</TABLE>
4
<PAGE>
FORM 10-Q
PART I
ITEM 1
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
Note 1 The information furnished in this report reflects all
adjustments which are, in the opinion of management, necessary
to a fair statement of the results for the interim periods
presented.
Note 2 The components of inventories are as follows (thousands of
dollars):
September 30, December 31
1997 1996
-------- --------
Finished product $ 120,296 108,090
Work in progress 8,635 6,182
Raw material 169,681 175,480
Supplies 78,528 76,197
-------- --------
$ 377,140 365,949
======== ========
Note 3 On May 15, 1996, the Company acquired approximately 1,088,000
acres of timberland, a sawmill and related assets from
Cavenham Forest Industries, Inc. Simultaneous to the purchase,
the Company determined to sell 542,000 acres of the acquired
property to third parties, of which approximately $58 million,
including carrying costs, remain to be conveyed as of
September 30, 1997 and are classified as assets held for sale.
Note 4 Certain items previously reported have been reclassified to
conform with the 1997 presentation. In addition, share and per
share amounts have been restated to reflect the 2-for-1 stock
split effective September 12, 1997.
Other notes have been omitted pursuant to Rule 10-01(a)(5) of
Regulation S-X.
5
<PAGE>
FORM 10-Q
PART I
ITEM 2
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
OF OPERATIONS AND FINANCIAL CONDITION
SEPTEMBER 30, 1997
The Company's two basic businesses, paper products and building materials,
are affected by changes in general economic conditions. Paper product
sales and earnings tend to follow the general economy. Building materials
activity is closely related to new housing starts and to the availability
and terms of financing for construction. Both industry segments use wood
fiber as the basic raw material. The cost of wood fiber is sensitive to
various supply and demand factors, including environmental issues
affecting supply.
SEGMENT INFORMATION
-------------------
SALES AND GROSS PROFIT BY QUARTER
---------------------------------
Sales:
BUILDING MATERIALS GROUP PAPER GROUP
% %
1997 1996 Change 1997 1996 Change
----- ---- ------ ---- ---- ------
1st Qtr. $ 301,387 226,438 33.1% $ 536,276 639,674 (16.2%)
2nd Qtr. 320,255 272,535 17.5% 537,487 586,257 (8.3%)
3rd Qtr. 295,740 299,868 (1.4%) 577,083 562,806 2.5%
------------------------------------------------------------------------
Total $ 917,382 798,841 14.8% $1,650,846 1,788,737 (7.7%)
=========================================================================
6
<PAGE>
Gross Profit and Gross Profit Margins (GPM) :
BUILDING MATERIALS GROUP PAPER GROUP
------------------------ -----------
<TABLE>
GPM GPM GPM GPM
1997 % 1996 % 1997 % 1996 %
----- - ---- - ---- - ---- -
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1st Qtr. $ 40,994 13.6% $ 23,769 10.5% $ 68,302 12.7% $ 164,177 25.7%
2nd Qtr. 57,404 17.9% 39,705 14.6% 61,411 11.4% 114,280 19.5%
3rd Qtr. 44,051 14.9% 48,568 16.2% 78,617 13.6% 106,574 18.9%
-----------------------------------------------------------------------------
Total $142,449 15.5% 112,042 14.0% 208,330 12.6% 385,031 21.5%
=============================================================================
</TABLE>
RESULTS OF OPERATIONS
---------------------
3rd Quarter 1997 vs. 3rd Quarter 1996
-------------------------------------
Net sales increased 1.2% in the third quarter of 1997 when compared with
the third quarter of 1996, as increases in paper product sales slightly
exceeded decreases in building material sales. Total paper product sales
increased 2.5% in the third quarter of 1997 over the third quarter of 1996
as unit shipment increases outpaced sales price declines. Unit shipments
of unbleached products positively impacted results as corrugated
containers increased 3.8% and grocery bags remained relatively stable
compared to 1996 levels. The increase in corrugated container unit
shipments was in part due to the start-up of the new corrugated box plant
in Plant City, Florida in March, 1997 and the new corrugated sheet plant
in Portland, Oregon in May, 1997. While sales prices for grocery bags and
corrugated containers decreased 5.1% and 6.4% from the third quarter of
1996, partially offsetting the gains in unit shipment volumes, there was a
slight increase in the average sales price realization for corrugated
containers from the second quarter of 1997.
7
<PAGE>
Markets for bleached paper products showed similar trends in the third
quarter as unit shipment volumes increased in all product lines as
compared with the third quarter of 1996, except hardwood market pulp which
remained relatively stable. Cut sheet unit volumes increased 30.1% over
1996 as converting volumes have increased in anticipation of the April,
1998 scheduled start-up of the Company's #2 fine paper machine at Kentucky
Mills. In addition, continuous forms realized a unit shipment increase of
2.5% in the third quarter above 1996 levels. Partially offsetting unit
shipment increases were sales price decreases in all bleached product
lines except hardwood market pulp which increased 5.8% over 1996. While
sales prices were down 10.7% and 10.8%, respectively, for cut sheets and
continuous forms from third quarter 1996, the market has shown signs of
coming out of the trough in recent months as prices increased in all
bleached product lines from the second quarter of 1997.
Building materials sales decreased 1.4% from the third quarter of 1996, as
sales prices declined in all product lines, except plywood. Partially
offsetting the decline in prices were unit shipment volume increases in
all product lines, except plywood, and increases due to export log sales.
Lumber markets weakened from their strong performance earlier in the year
as sales prices declined 8.1% from the third quarter of 1996. Although
there was some downtime for capital project installations at the Coburg,
Oregon and Dodson, Louisiana sawmills, unit shipment volumes for lumber
remained relatively stable compared with the previous year. The structural
panel lines showed mixed results in the third quarter of 1997 as plywood
prices increased 9.2% while oriented strand board ("OSB") prices decreased
19.4% compared to 1996. While OSB prices have declined from 1996, prices
improved in the third quarter of 1997, increasing 4.7% over the second
quarter. Plywood unit shipment volumes were down 21.8% from 1996 levels
primarily due to the July, 1997 closure of the Taylor, Louisiana plywood
plant and downtime taken at the Foster, Oregon plant relating to a capital
project installation. OSB unit shipments increased due to the continued
improvement in operating efficiencies at the Company's plant in Arcadia,
Louisiana , which started up in April, 1996.
8
<PAGE>
In the composite board product lines, unit shipments of MDF increased
62.8% over the third quarter of 1996 primarily due to the late March 1996
start-up of the Eugene, Oregon plant and the fourth quarter 1996
acquisition of Medite of Europe Limited ("Medite"). Sales prices for MDF
in the US domestic market decreased 13.3% from the third quarter of 1996,
due to continued supply and demand imbalances. However, the European
market serviced by Medite, continued its pricing strength and showed a
6.3% increase in sales prices from the second quarter of 1997. The
increasing prices for Medite reflect the acceptance of Medite's specialty
grade product mix. Particleboard stayed consistent with the trend in the
domestic composite board market reflecting a 4.7% increase in unit
shipments and a 7.2% decrease in sales prices from the third quarter of
1996.
Gross profit margins decreased to 14.1% in the third quarter of 1997 from
18.0% in the third quarter of 1996. Total paper product gross margins
decreased to 13.6% from 18.9% in the third quarter of 1996, as average
sales prices declined in all paper product lines, except hardwood market
pulp. Raw material costs also played a significant role in the decreasing
margins as old corrugated container (OCC) costs and chip costs increased
34.2% and 6.9%, respectively, over the third quarter of 1996. Building
materials gross margins decreased to 14.9% in the third quarter of 1997
from 16.2% realized in the third quarter of 1996. The decrease in margins
is the result of decreasing prices in all domestic product lines except
plywood in the third quarter of 1997 compared to 1996.
9
<PAGE>
Selling and administrative expenses increased $4.7 million or 8.4% mostly
due to expansion of Company operations. The ratio of selling and
administrative expenses to net sales increased to 7.0% for the third
quarter of 1997 compared with 6.5% for the same period in 1996.
Interest expense was $29.7 million in the third quarter of 1997 compared
with $29.4 million in 1996. In addition, capitalized interest increased
from $2.5 million in the third quarter of 1996 to $5.4 million in 1997.
Interest increased due to a slight increase in average debt outstanding
for the period. The Company's effective interest rate on average
outstanding debt decreased from 7.13% for the third quarter of 1996 to
7.08% for the same period in 1997.
Nine months ended September 30, 1997, vs.
-----------------------------------------
Nine months ended September 30, 1996
------------------------------------
Net sales remained stable in the first nine months of 1997 compared with
the same period in 1996. Total paper product sales decreased 7.7% as sales
prices decreased in all paper product lines, except hardwood market pulp.
The decrease in sales prices was partially offset by increased unit
shipments in all paper product lines, excluding paper bags and hardwood
market pulp, over unit shipments for the first nine months of 1996.
10
<PAGE>
Building materials sales increased 14.8% over the first nine months of
1996, as unit shipments increased in all product lines except plywood.
Volume increases were primarily the result of acquisitions of Medite of
Europe in November, 1996, and the Warrenton Sawmill obtained in the
Cavenham acquisition in May, 1996. In addition, volumes from our converted
MDF Plant in Eugene, Oregon and OSB Plant in Arcadia, Louisiana, both of
which started-up in the first half of 1996, significantly increased
volumes in 1997. Additionally, sales price realization increases in lumber
and plywood helped offset sales price decreases in OSB, particleboard and
domestic MDF.
Gross profit margins decreased to 13.7% for the first nine months of 1997
from 19.2% for the same period in 1996. Total paper product gross margins
decreased to 12.6% from 21.5% for the first nine months of 1996 reflecting
declining sales prices in all paper product lines, except hardwood market
pulp. Building materials gross margins were 15.5% for the first nine
months of 1997 which is up from 14.0% realized in 1996. The increase in
margins is primarily the result of 1) new markets created from the
addition of Medite and export log sales and, 2) increased prices in lumber
and plywood through the first nine months of 1997 compared to 1996.
Selling and administrative expenses increased $14.8 million or 8.8% mostly
due to expansion of Company operations. The ratio of selling and
administrative expenses to net sales increased to 7.1% for the first nine
months of 1997 compared with 6.5% for the same period in 1996.
Interest expense was $88.2 million for the first nine months of 1997
compared with $64.6 million for the first nine months of 1996. In
addition, capitalized interest increased from $7.1 million for the first
nine months of 1996 to $13.3 million in 1997. Interest increased due to
increased borrowings in connection with the May 15, 1996, Cavenham
acquisition. The Company's effective interest rate on average outstanding
debt decreased to 7.05% for the first nine months of 1997 compared to
7.13% for the same period in 1996.
11
<PAGE>
Financial Condition as of September 30, 1997
--------------------------------------------
During the first nine months of 1997, the Company had cash flows from
operating activities of $261.5 million, a decrease of 49.5% from the same
period in 1996. The decrease was primarily attributable to a decline in
net earnings as discussed above. Internally generated cash flows funded
69.0% of total capital expenditures of $378.9 million in the first nine
months of 1997. The total debt-to-capital ratio has increased slightly to
50.5% at September 30, 1997 from 49.9% at December 31, 1996. The $58.0
million classified as assets held for sale relates to the final parcel of
timberland to be sold as a result of the Cavenham acquisition as discussed
in Note 3 to The Consolidated Financial Statements. The sale is expected
to close before November 15, 1997. Net working capital was $336.8 million
at September 30, 1997, compared with $289.1 million at December 31, 1996.
The Company believes it has the resources available to meet its short-term
and long-term liquidity requirements. Resources include internally
generated funds, short-term borrowing arrangements and the unused portion
of the revolving loan available under a Credit Agreement. On August 1,
1997, the Company filed a shelf registration statement under the
Securities Act of 1933, covering $500.0 million of debt and equity
securities to be offered from time to time. As of the date of this filing,
none of the securities have been issued.
12
<PAGE>
On August 5, 1997, the Board of Directors declared a 2-for-1 stock split
of its outstanding common stock. The split was implemented as a stock
dividend, payable September 12, 1997 at the rate of one new share of
common stock for each share held of record on August 25, 1997. In
addition, the directors declared a regular quarterly cash dividend of $.16
per share (adjusted for the split) for the third quarter of 1997.
In August, 1995, the Board of Directors of the Company authorized the
repurchase of up to $100 million of the Company's common stock. As of
September 30, 1997, the Company had repurchased 50,000 shares of its
common stock for $2.7 million. The Company does not anticipate further
purchases until such time as debt ratios are lower than current levels.
Forward-looking statements
--------------------------
Statements contained in this report that are not historical in nature,
including the discussion of the anticipated reduction in the Company's
debt-to-capital ratio, the adequacy of the Company's liquidity resources,
start-up of the #2 paper machine at Kentucky Mills, comments regarding
price trends, and the expected closure of the sale of the final parcel of
the Cavenham timberland acquisition, are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to risks and uncertainties that may
cause actual future results to differ materially. Such risks and
uncertainties with respect to the Company include the effect of general
economic conditions; the level of new housing
13
<PAGE>
starts and remodeling activity; the availability and terms of financing
for construction; competitive factors, including pricing pressures; the
cost and availability of wood fiber; the effect of natural disasters on
the Company's timberlands; construction delays; risk of non-performance by
third parties; and the impact of environmental regulations and the
construction and other costs associated with complying with such
regulations.
14
<PAGE>
FORM 10-Q
PART II
Other Information
-----------------
Item 6. Exhibits and Reports on Form 8-K
-----------------------------------------
(a) Exhibits
--------
Exhibit No. Exhibit
----------- -------
12 Computation of
Ratio of Earnings
to Fixed Charges.
27 Financial Data Schedule.
(b) Reports on Form 8-K
-------------------
No reports on Form 8-K were filed during the quarter for
which this report is filed.
15
<PAGE>
SIGNATURE
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.
WILLAMETTE INDUSTRIES, INC.
By /s/ J. A. Parsons
J. A. Parsons
(Executive Vice President
Principal Financial Officer)
Date: November 6, 1997
16
EXHIBIT 12
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
<TABLE>
NINE MONTHS ENDED
YEAR ENDED DECEMBER 31, SEPTEMBER 30,
---------------------------------------------- -----------------
1992 1993 1994 1995 1996 1996 1997
<S> <C> <C> <C> <C> <C> <C> <C>
Fixed Charges:
Interest cost $ 73,776 79,194 80,807 77,237 103,338 71,748 101,564
One-third rent
expense 4,495 4,819 5,227 5,976 6,906 5,084 5,658
------- ------- ------- ------- ------- ------- -------
Total Fixed Charges $ 78,271 84,013 86,034 83,213 110,244 76,832 107,222
======= ======== ======= ======= ======= ======= =======
Add (Deduct):
Earnings before
income taxes $ 129,452 189,168 288,923 823,804 306,086 267,022 82,427
Interest capitalized (7,354) (15,904) (9,294) (6,187) (10,534) (7,133) (13,316)
------- ------- ------ ------- ------- ------- -------
Earnings for
Fixed Charges $ 200,369 257,277 365,663 900,830 405,796 336,721 176,333
======= ======= ======= ======= ======= ======= =======
Ratio of Earnings to
Fixed Charges 2.56 3.06 4.25 10.83 3.68 4.38 1.64
======= ======= ======= ======= ======= ======= ========
</TABLE>
17
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE COMPANY'S CONSOLIDATED BALANCE SHEETS
AND RELATED CONSOLIDATED STATEMENTS OF EARNINGS FOR THE
PERIOD ENDED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 28,269
<SECURITIES> 0
<RECEIVABLES> 309,194
<ALLOWANCES> (4,907)
<INVENTORY> 377,140
<CURRENT-ASSETS> 806,772
<PP&E> 5,854,609
<DEPRECIATION> (1,954,213)
<TOTAL-ASSETS> 4,791,072
<CURRENT-LIABILITIES> 469,999
<BONDS> 1,908,904
0
0
<COMMON> 55,595
<OTHER-SE> 1,931,541
<TOTAL-LIABILITY-AND-EQUITY> 4,791,072
<SALES> 872,823
<TOTAL-REVENUES> 872,823
<CGS> 750,155
<TOTAL-COSTS> 750,155
<OTHER-EXPENSES> 61,073
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 29,676
<INCOME-PRETAX> 32,958
<INCOME-TAX> 12,261
<INCOME-CONTINUING> 20,697
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 20,697
<EPS-PRIMARY> 0.19
<EPS-DILUTED> 0.19
</TABLE>
