<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1999
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
For Quarter Ended June 30, 1999 Commission file number 1-800
WM. WRIGLEY JR. COMPANY
(Exact name of registrant as specified in its charter)
DELAWARE 36-1988190
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
410 North Michigan Avenue
Chicago, Illinois 60611
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) 312-644-2121
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 .
93,381,083 shares of Common Stock and 22,839,213 shares of Class B
Common Stock were outstanding as of July 15, 1999.
<PAGE>
<TABLE>
FORM 10-Q
PART I - FINANCIAL INFORMATION - ITEM 1
WM. WRIGLEY JR. COMPANY
CONSOLIDATED STATEMENT OF EARNINGS (CONDENSED)
Three Months Ended Six Months Ended
June 30, June 30
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Revenues:
Net sales $ 533,331 541,162 $1,014,377 1,010,481
Investment and other income 4,069 4,567 7,970 8,471
Total revenues 537,400 545,729 1,022,347 1,018,952
Costs and expenses:
Cost of sales 219,606 226,854 419,330 427,247
Gain related to
factory closure - - - (10,404)
Selling, distribution, and
general administrative 191,899 193,543 372,447 363,542
Interest 191 179 364 364
Total costs and expenses 411,696 420,576 792,141 780,749
Earnings before income taxes 125,704 125,153 230,206 238,203
Income taxes 38,214 40,611 73,067 77,555
Net earnings $ 87,490 84,542 157,139 160,648
Net earnings per average share of
common stock (basic
and diluted) $ .75 .73 1.35 1.39
Dividends declared per share of
common stock $ .22 .20 .44 .40
Average number of shares
outstanding for the period 116,104 115,908 116,103 115,920
</TABLE>
All amounts in thousands except for per share values.
Notes to financial statements shown on page 5 are an integral part
of these statements.
<PAGE>
<TABLE>
FORM 10-Q
PART I - FINANCIAL INFORMATION - ITEM 1 (Cont'd)
WM. WRIGLEY JR. COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS (CONDENSED)
Six Months Ended
June 30,
1999 1998
<S> <C> <C>
OPERATING ACTIVITIES
Net earnings $157,139 160,648
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation 28,730 26,453
Loss on sales of property, plant,
and equipment 228 185
Gain related to factory closure 0 (10,404)
(Increase) decrease in:
Accounts receivable (46,667) (47,985)
Inventories (1,927) (5,286)
Other current assets 1,005 (5,975)
Other assets and deferred charges (15,101) (12,091)
Increase (decrease) in:
Accounts payable 2,489 6,301
Accrued expenses 36,374 23,635
Income and other taxes payable 12,875 3,711
Deferred taxes (1,765) 4,422
Other noncurrent liabilities 6,110 6,868
Net cash provided by operating activities 179,490 150,482
INVESTING ACTIVITIES
Additions to property, plant, and equipment (51,758) (60,946)
Proceeds from property retirements 5,321 8,058
Purchases of short-term investments (29,933) (70,374)
Maturities of short-term investments 29,081 63,611
Net cash used in investing activities (47,289) (59,651)
FINANCING ACTIVITIES
Dividends paid (48,765) (45,215)
Common stock purchased (1,073) (7,359)
Net cash used in financing activities (49,838) (52,574)
Effect of exchange rate changes on cash and
cash equivalents (7,675) (2,492)
Net increase in cash and cash equivalents 74,688 35,765
Cash and cash equivalents at beginning of period 214,572 206,627
Cash and cash equivalents at end of period $289,260 242,392
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid $ 60,831 70,312
Interest paid $ 284 753
Interest and dividends received $ 7,558 8,496
</TABLE>
All amounts in thousands.
Notes to financial statements shown on page 5 are an integral part
of these statements.
<PAGE>
<TABLE>
FORM 10-Q
PART I - FINANCIAL INFORMATION - ITEM 1 (Cont'd)
WM. WRIGLEY JR. COMPANY
CONSOLIDATED BALANCE SHEET (CONDENSED)
June 30, December 31,
1999 1998
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 289,260 214,572
Short-term investments, at amortized cost 137,787 137,112
Accounts receivable
(less allowance for doubtful accounts;
6/30/99- $7,681; 12/31/98-$7,564) 206,846 171,537
Inventories -
Finished goods 56,984 64,934
Raw materials and supplies 194,089 191,174
251,073 256,108
Other current assets 45,966 48,816
Deferred income taxes - current 13,394 15,027
Total current assets 944,326 843,172
Marketable equity securities at fair value 44,696 39,888
Deferred charges and other assets 105,327 92,183
Deferred income taxes - noncurrent 27,884 25,522
Property, plant, and equipment, at cost 999,991 988,781
Less accumulated depreciation 477,219 468,691
Net property, plant, and equipment 522,772 520,090
Total assets $ 1,645,005 1,520,855
Current liabilities:
Accounts payable $ 75,784 76,691
Accrued expenses 101,615 67,848
Dividends payable 25,542 23,222
Income and other taxes payable 60,041 49,491
Deferred income taxes - current 953 1,374
Total current liabilities 263,935 218,626
Deferred income taxes - noncurrent 40,844 40,312
Other noncurrent liabilities 108,332 104,885
Stockholders' equity:
Preferred stock - no par value
Authorized - 20,000 shares
Issued - None
Common stock - no par value
Authorized - 400,000 shares
Issued and outstanding -
93,365 shares at 6/30/99;
93,007 shares at 12/31/98 12,447 12,401
Class B common stock - convertible
Authorized - 80,000 shares
Issued and outstanding -
22,856 shares at 6/30/99;
23,214 shares at 12/31/98 3,049 3,095
Additional paid-in capital (1,115) 272
Retained earnings 1,290,671 1,184,617
Common stock in treasury, at cost - (6/30/99;
115 shares; 12/31/98-111 shares) (6,843) (6,712)
Other Comprehensive Income:
Foreign currency translation adjustment (94,138) (61,339)
Unrealized holding gains on marketable
equity securities 27,823 24,698
(66,315) (36,641)
Total stockholders' equity 1,231,894 1,157,032
Total liabilities & stockholders' equity $ 1,645,005 1,520,855
</TABLE>
All amounts in thousands.
Notes to financial statements shown on page 5 are an integral part
of these statements.
<PAGE>
FORM 10-Q
PART I - FINANCIAL INFORMATION - ITEM 1 (Cont'd)
WM. WRIGLEY JR. COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONDENSED)
1. The Consolidated Statement of Earnings (Condensed) for the
three month and six month periods ended June 30, 1999 and
1998, respectively, the Consolidated Statement of Cash Flows
(Condensed) for the six month periods ended June 30, 1999 and
1998, and the Consolidated Balance Sheet (Condensed) at June
30, 1999, are unaudited. In the Company's opinion, the
accompanying financial statements reflect all adjustments
necessary to present fairly the results for the periods and
have been prepared on a basis consistent with the 1998 audited
consolidated financial statements. These condensed financial
statements should be read in conjunction with the 1998
consolidated financial statements and related notes which are
an integral part thereof. Certain amounts recorded in 1998
have been reclassified to conform to the 1999 presentation.
2. Conformity with generally accepted accounting principles
requires management to make estimates and assumptions when
preparing financial statements that affect assets,
liabilities, revenues and expenses. Actual results may vary
from those estimates.
3. In the first quarter of 1998, the Company sold its real estate
holding in Santa Cruz, California and recorded a pretax gain
of approximately $10,404,000 and net earnings of approximately
$6,763,000 or $.06 per share. Proceeds from the sale of
$7,434,000 are included in proceeds from property retirements
in the Consolidated Statement of Cash Flows.
4. An analysis of the cumulative foreign currency translation
adjustment follows (in thousands of dollars).
<TABLE>
Decrease to
Stockholders' Equity
<S> <C> <C>
Second Quarter 1999 1998
Balance at April 1 $ 87,268 66,517
Translation adjustment for
the second quarter 6,870 4,766
Balance at June 30 $ 94,138 71,283
Decrease to
Stockholders' Equity
<S> <C> <C>
Six Months 1999 1998
Balance at January 1 $ 61,339 65,034
Translation adjustment for
the first six months 32,799 6,249
Balance at June 30 $ 94,138 71,283
</TABLE>
5. An analysis of comprehensive income is provided below (in
thousands of dollars).
<TABLE>
Three Months Ended Six Months Ended
June 30, June 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Net earnings $ 87,490 84,542 $ 157,139 160,648
Other comprehensive income,
before tax:
Foreign currency
translation adjustments (6,870) (4,766) (32,799) (6,249)
Unrealized holding gains
(losses) on securities 7,074 (3,414) 4,808 1,686
Other comprehensive income,
before tax 204 (8,180) (27,991) (4,563)
Income tax (expense) benefit
related to items of other
comprehensive income (2,476) 1,195 (1,683) (590)
Other comprehensive income,
net of tax (2,272) (6,985) (29,674) (5,153)
Total comprehensive income $ 85,218 77,557 127,465 155,495
</TABLE>
<PAGE>
FORM 10-Q
PART I - FINANCIAL INFORMATION - ITEM 1 (Cont'd)
WM. WRIGLEY JR. COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONDENSED)
6. Segment Information
Management organizes the chewing-gum business based on
geographic regions. Intercompany suppliers of flavors,
gumbase, and wrapping materials are classified as "All Other".
For operating profits, "All Other" also includes costs
incurred at the corporate office, net of royalties received
from associated companies.
Information by geographic region is as follows:
<TABLE>
Net Sales Three Months Ended Six Months Ended
June 30, June 30,
1999 1998 1999 1998
<C> <S> <S> <S> <S>
North America, principally U.S. $ 215,018 223,496 410,808 420,239
Europe 241,965 246,584 451,116 446,205
Asia/Pacific/Latin America 75,659 68,869 149,829 140,040
All Other 39,109 39,391 79,009 79,093
Gross Sales 571,751 578,340 1,090,762 1,085,577
Intersegment Sales (38,420) (37,178) (76,385) (75,096)
Net Sales $ 533,331 541,162 1,014,377 1,010,481
</TABLE>
Intersegment revenues are sales mainly from intercompany
suppliers of flavors and gumbase to the Company's chewing gum
production facilities worldwide. Such revenues are valued on
a cost-plus basis.
<TABLE>
Operating Profits Three Months Ended Six Months Ended
June 30, June 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
North America, principally U.S. $ 57,631 62,105 106,665 112,473
Europe 55,131 54,946 97,820 95,357
Asia/Pacific/Latin America 13,785 9,848 28,246 20,775
All Other (2,830) (5,405) (8,640) (8,620)
Operating Profits 123,717 121,494 224,091 219,985
Other Income 1,987 3,659 6,115 7,814
Earnings Before Income Taxes and
Factory Sale 125,704 125,153 230,206 227,799
Gain related to Factory Sale 0 0 0 10,404
Earnings Before Income Taxes $ 125,704 125,153 230,206 238,203
</TABLE>
Management separates non-operating items such as foreign
currency transaction gains and losses, investment income, and
miscellaneous income and expense from operating profits. The
non-operating items are classified as "Other Income".
<PAGE>
FORM 10-Q
PART I - FINANCIAL INFORMATION - ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
RESULTS OF OPERATIONS
Net Sales
Net sales for the second quarter were $533.3 million, down $7.8
million or 1% versus the second quarter of 1998. Lower shipments
in Russia and the U.S. and higher shipments in the balance of the
international markets netted to reduce sales by roughly 2%. In
addition, translation of weaker European currencies to the U.S.
dollar reduced sales by roughly 2%. Partially offsetting the above
items was favorable mix, mainly from premium priced products in
Europe, which increased sales by approximately 3%.
Net sales for the first six months were $1,014.4 million, up $3.9
million versus the first six months of 1998. Lower shipments in
Russia and the U.S. and higher shipments in the balance of the
international markets netted to reduce sales by roughly 1%.
Translation of weaker European currencies to the U.S. dollar
reduced sales by 1%. Partially offsetting the above items was
favorable mix, mainly from premium priced products in Europe, which
increased sales by approximately 2%.
Investment and Other Income
Investment and other income for the second quarter was $4.1
million, down $.5 million or 11% versus the second quarter of last
year mainly due to lower cash balances and yields in the U.K.
Investment and other income for the first six months was $8.0
million, down $.5 million or 6% versus the first six months of last
year mainly due to lower cash balances and yields in Europe.
Costs of Sales and Gross Profit
Cost of sales for the second quarter was $219.6 million, down $7.2
million or 3% versus the second quarter of 1998. Lower shipments
in Russia and the U.S. and higher shipments in the balance of the
international markets netted to reduce cost of sales by 3%. In
addition, translation of weaker European currencies to the U.S.
dollar reduced cost of sales by roughly 2%. A shift towards higher
cost products and slightly higher product costs increased cost of
sales by roughly 2%.
Gross profit was $313.7 million, down $.6 million from the same
period last year. The gross profit percentage was 58.8%, up from
58.1% in the second quarter of 1998 mainly due to a favorable mix
of products in Europe.
Cost of sales for the first six months was $419.3 million, down
$7.9 million or 2% versus the first six months of 1998. Lower
shipments in Russia and the U.S. and higher shipments in the
balance of the international markets netted to reduce cost of sales
by 2%. Translation of weaker European currencies to the U.S.
dollar reduced cost of sales by 1%. A shift towards higher cost
products and slightly higher product costs increased cost of sales
by roughly 1%.
Gross profit was $595.0 million, up $11.8 million from the same
period last year. The gross profit percentage was 58.7%, up from
57.7% in the first six months of 1998 mainly due to a favorable mix
of products in Europe.
Selling, Distribution, and General Administrative Expenses
Consolidated selling, distribution, and general administrative
expenses for the second quarter were $191.9 million, down $1.6
million or 1% from the same period last year. The decrease is
mainly due to translation of weaker European currencies to the U.S.
dollar offset by higher brand support spending in Europe.
Consolidated selling, distribution, and general administrative
expenses for the first six months were $372.4 million, up $8.9
million or 2% from the same period last year. The increase is
mainly due to higher brand support spending in Europe partially
offset by translation of weaker European currencies to the U.S.
dollar.
Income Taxes
Income taxes for the second quarter were $38.2 million, down $2.4
million or 6% from the second quarter of 1998. Pretax earnings
were $125.7 million, an increase of $.6 million. The consolidated
effective tax rate was 30.4% compared to 32.4% for the same period
last year. The lower effective tax rate is mainly due to a
favorable mix of pretax earnings and effective tax planning.
Income taxes for the first six months were $73.1 million, down $4.5
million or 6% from the first six months 1998. Pretax earnings were
$230.2 million, a decrease of $8.0 million or 3%. The consolidated
effective tax rate was 31.7% compared to 32.6% for the same period
last year. The lower effective tax rate is mainly due to a
favorable mix of pretax earnings and effective tax planning.
<PAGE>
Net Earnings
Consolidated net earnings for the second quarter of 1999 totaled
$87.5 million or $.75 per share compared to last year's net
earnings of $84.5 million or $.73 per share for the same period.
Consolidated net earnings for the first six months of 1999 totaled
$157.1 million or $1.35 per share compared to last year's net
earnings of $153.9 million or $1.33 per share for the same period,
excluding the impact of the sale of the Santa Cruz factory.
Including the impact of the 1998 gain on the sale of the Santa Cruz
factory of approximately $6.8 million or $.06 per share,
consolidated net earnings for the first six months of 1999 were
down $3.5MM or $.04 per share.
LIQUIDITY AND CAPITAL RESOURCES
Current Ratio
The Company has a current ratio (current assets divided by current
liabilities) in excess of 3.5 to 1 at June 30, 1999 and December
31, 1998.
Additions to Property, Plant, and Equipment
Capital expenditures for 1999 are expected to approximate 1998
expenditures of $148 million and are expected to be funded from the
Company's cash flow from operations.
OTHER MATTERS
Year 2000
The Company recognizes the potential business impacts related to
the Year 2000 issue. The issue is one where computer systems and
microprocessors (embedded chips) may recognize the designation "00"
as 1900 when it means 2000, resulting in processing failures or
errors. The Company began to address this issue in 1995 and
believes it has an effective program in place to resolve Year 2000
issues in a timely manner.
The Company has completed the assessment of its business critical
systems and processes, and is essentially finished with the
remediation of these business critical systems, including those
involving suppliers, customers and other business partners. Work
continues on the remaining systems and processes, both internal and
external.
Most internal systems in our principal business units are Year 2000
ready. Testing will continue throughout the year. Work will
continue to move forward on some low-risk equipment and minor
issues. Implementing our plan, as it now stands, will allow us to
be fully ready by December 31, 1999.
The Company has certain pre-existing contingency arrangements and
has established processes for creating other business critical
contingency plans so that operations are not impeded by the
millennium change. Appropriate contingency plans to deal with
issues created by third parties, those over whom the Company has
little or no control, are being developed. This is being done on
an "as needed" basis due to the difficulty of assessing third-party
progress toward resolution of their Year 2000 issues.
Given the complexity of the Year 2000 issue, failure by the Company
or its external business partners to achieve readiness could
adversely affect the Company's operations. The Company believes
that its readiness program, including the contingency plans, will
minimize the effect of any temporary disruptions in the Company's
operations that may occur.
The Company expects to incur approximately $15,000,000, including
approximately $2,000,000 of capital spending, on all of its Year
2000 efforts. Approximately $5,000,000 was incurred in 1997 and
$7,500,000 in 1998, with the remaining $2,500,000 expected to be
incurred in 1999.
Market Risk
Inherent in the Company's operations are certain risks related to
foreign currency, interest rates, and the equity markets. The
Company identifies these risks and mitigates their financial impact
through its corporate policies and hedging activities. The Company
believes that movements in market values of financial instruments
used to mitigate identified risks are not expected to have a
material impact on future earnings, cash flows, or reported fair
values.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(Cont'd)
Forward-Looking Statements
Statements contained in this report may be considered to be forward
looking statements. The Private Securities Litigation Reform Act
of 1995 provides a safe harbor for forward looking statements. The
Company wishes to ensure that such statements are accompanied by
meaningful cautionary statements to comply with the safe harbor
under the Act. The Company notes that a variety of factors could
cause actual results to differ materially from the anticipated
results or expectations expressed in these forward looking
statements.
Important factors that may influence the operations, performance,
development and results of the Company's business include global
and local business and economic conditions; currency exchange and
interest rates; ingredients, labor, and other operating costs;
insufficient or underutilization of manufacturing capacity;
political or economic instability in local markets; competition;
retention of preferred retail space; effective marketing campaigns
or new product introductions; consumer preferences, spending
patterns, and demographic trends; legislation and governmental
regulation; accounting policies and practices; and failure of the
Company's suppliers, customers or business partners to be Year 2000
ready.
We caution the reader that the list of factors may not be
exhaustive. The Company undertakes no obligation to update any
forward looking statement, whether as a result of new information,
future events, or otherwise.
Item 6 - Exhibits and Reports on Form 8-K
(a) Exhibits reference is made to the Exhibit Index on page 11.
(b) The Company has not filed a Form 8-K for the three month
period ended June 30, 1999.
<PAGE>
FORM 10-Q
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.
WM. WRIGLEY JR. COMPANY
(Registrant)
By /s/ REUBEN GAMORAN
Reuben Gamoran
Controller
Authorized Signatory and
Chief Accounting Officer
Date August 11, 1999
<PAGE>
WM. WRIGLEY JR. COMPANY
AND WHOLLY OWNED ASSOCIATED COMPANIES
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibit
3(i). Articles of Incorporation of the Registrant. The
Registrant's Restated Articles of Incorporation are
incorporated by reference to Exhibit 3(a) of the
Company's Annual Report on Form 10-K filed for the fiscal
year ended December 31, 1992.
3(ii). By-laws of the Registrant. The Registrant's By-laws are
incorporated by reference to Exhibit 3(a) of the
Company's Annual Report on Form 10-K filed for the fiscal
year ended December 31, 1992.
4. Instruments defining the rights of security holders. The
Registrant's Articles of Incorporation contains all
definitions of the rights of the Registrant's Common and
Class B Common stock, representing all of the
Registrant's outstanding securities, and is incorporated
by reference to Exhibit 3(a) of the Company's Annual
Report on Form 10-K for the fiscal year ended December
31, 1992.
10. Material Contracts
10(a). Non-Employee Directors' Death Benefit Plan. Non-Employee
Directors' Death Benefit Plan is incorporated by
reference from Exhibit 10(a) of the Company's Annual
Report on Form 10-K filed for the fiscal year ended
December 31, 1994.
10(b). Senior Executive Insurance Plan. Senior Executive
Insurance Plan is incorporated by reference from Exhibit
10(b) of the Company's Annual Report on Form 10-K filed
for the fiscal year ended December 31, 1995.
10(c). Supplemental Retirement Plan. Supplemental Retirement
Plan is incorporated by reference from Exhibit 10(c) of
the Company's Annual Report on Form 10-K filed for the
fiscal year ended December 31, 1994.
10(d). Deferred Compensation Plan for Non-Employee Directors.
Deferred Compensation Plan for Non-Employee Directors is
incorporated by reference from Exhibit 10(d) of the
Company's Annual Report on Form 10-K filed for the fiscal
year ended December 31, 1995.
10(e). Stock Deferral Plan for Non-Employee Directors. The
Stock Deferral Plan for Non Employee Directors is
incorporated by reference from Exhibit 10(e) of the
Company's Annual Report on Form 10-K filed for the fiscal
year ended December 31, 1995.
10(g). Wm. Wrigley Jr. Company 1997 Management Incentive Plan is
incorporated by reference from Exhibit 10(g) of the
Company's Quarterly report on Form 10-Q for the quarter
ended September 30, 1997.
27. Financial Data Schedule.
- --------------------
For copies of Exhibits not attached hereto, the Registrant will
furnish them upon request and upon payment to the Registrant of a
fee in the amount of $20.00 representing reproduction and handling
costs.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 289,260
<SECURITIES> 182,483
<RECEIVABLES> 214,527
<ALLOWANCES> 7,681
<INVENTORY> 251,073
<CURRENT-ASSETS> 944,326
<PP&E> 999,991
<DEPRECIATION> 477,219
<TOTAL-ASSETS> 1,677,005
<CURRENT-LIABILITIES> 263,935
<BONDS> 0
0
0
<COMMON> 15,496
<OTHER-SE> 1,216,398
<TOTAL-LIABILITY-AND-EQUITY> 1,677,005
<SALES> 1,014,377
<TOTAL-REVENUES> 1,022,347
<CGS> 419,330
<TOTAL-COSTS> 792,141
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 364
<INCOME-PRETAX> 230,206
<INCOME-TAX> 73,067
<INCOME-CONTINUING> 157,139
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 157,139
<EPS-BASIC> 1.35
<EPS-DILUTED> 1.35
</TABLE>
