<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 29, 1998
-------------------------------
ZALE CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 0-21526 75-0675400
- --------------------------------------------------------------------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
901 W. Walnut Hill Lane, Irving, Texas 75038-1003
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (972) 580-4000
-----------------------------
Not Applicable
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
ITEM 7. EXHIBITS.
On March 9, 1998, Registrant filed via EDGAR its Report on Form 10-Q
for the interim period ended January 31, 1998, complete with Exhibit 27,
Financial Data Schedule for the period, reported in compliance with Statement
of Financial Accounting Standards No. 128, "Earnings Per Share."
Pursuant to the requirements of Item 601 (c) (2) (iii) of Regulation
S-K, Registrant submits herewith its Financial Data Schedules for the last
three fiscal years and interim periods of the last two fiscal years, restated
in compliance with Statement of Financial Accounting Standards No. 128,
"Earnings Per Share."
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------ -----------
<S> <C>
27 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the interim period ended October 31, 1997.
27.1 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the fiscal year ended July 31, 1997.
27.2 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the interim period ended April 30, 1997.
27.3 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the interim period ended January 31, 1997.
27.4 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the interim period ended October 31, 1996.
27.5 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the fiscal year ended July 31, 1996.
27.6 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the interim period ended April 30, 1996.
27.7 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the interim period ended January 31, 1996.
27.8 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the interim period ended October 31, 1995.
27.9 Financial Data Schedule, restated in compliance with Statement of Accounting Standards
No. 128, "Earnings Per Share" for the fiscal year ended July 31, 1995.
</TABLE>
<PAGE> 3
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 hereunto duly authorized.
Zale Corporation
--------------------------
Registrant
By: /s/ Mark R. Lenz
---------------------------------
Mark R. Lenz
Senior Vice President, Controller
(principal accounting officer
of the registrant)
Date: April 29, 1998
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------ -----------
<S> <C>
27 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the interim period ended October 31, 1997.
27.1 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the fiscal year ended July 31, 1997.
27.2 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the interim period ended April 30, 1997.
27.3 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the interim period ended January 31, 1997.
27.4 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the interim period ended October 31, 1996.
27.5 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the fiscal year ended July 31, 1996.
27.6 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the interim period ended April 30, 1996.
27.7 Financial Data Schedule, restated in compliance with Statement of Accounting Standards No. 128,
"Earnings Per Share" for the interim period ended January 31, 1996.
27.8 Financial Data Schedule, restated in compliance with Statement of Accounting Standards
No. 128, "Earnings Per Share" for the interim period ended October 31, 1995.
27.9 Financial Data Schedule, restated in compliance with Statement of Accounting Standards
No. 128, "Earnings Per Share" for the fiscal year ended July 31, 1995.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE OCTOBER
31, 1997 CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> OCT-31-1997
<CASH> 114,429
<SECURITIES> 0
<RECEIVABLES> 455,697<F1>
<ALLOWANCES> 0
<INVENTORY> 572,051
<CURRENT-ASSETS> 1,172,138
<PP&E> 147,693<F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,419,328
<CURRENT-LIABILITIES> 271,872
<BONDS> 480,299
0
0
<COMMON> 374
<OTHER-SE> 550,929
<TOTAL-LIABILITY-AND-EQUITY> 1,419,328
<SALES> 252,526
<TOTAL-REVENUES> 252,526
<CGS> 131,603
<TOTAL-COSTS> 131,603
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 8,155
<INCOME-PRETAX> 1,665
<INCOME-TAX> 619
<INCOME-CONTINUING> 1,046
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,046
<EPS-PRIMARY> 0.03<F2>
<EPS-DILUTED> 0.03<F2>
<FN>
<F1>This asset value represents a net amount.
<F2>The amount reported for EPS primary and fully diluted is in compliance with
Statement of Financial Accounting Standards NO. 128, "Earnings Per Share," and
represents the Basic and Diluted calculation as required by this standard.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE JULY 31,
1997 CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JUL-31-1997
<CASH> 41,636
<SECURITIES> 0
<RECEIVABLES> 512,089
<ALLOWANCES> 57,819
<INVENTORY> 511,702
<CURRENT-ASSETS> 1,046,879
<PP&E> 177,453
<DEPRECIATION> 39,442
<TOTAL-ASSETS> 1,281,206
<CURRENT-LIABILITIES> 169,749
<BONDS> 451,459
0
0
<COMMON> 350
<OTHER-SE> 541,224
<TOTAL-LIABILITY-AND-EQUITY> 1,281,206
<SALES> 1,253,818
<TOTAL-REVENUES> 1,253,818
<CGS> 643,318
<TOTAL-COSTS> 643,318
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 55,850
<INTEREST-EXPENSE> 36,098
<INCOME-PRETAX> 79,858
<INCOME-TAX> 29,305
<INCOME-CONTINUING> 50,553
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 50,553
<EPS-PRIMARY> 1.44<F1>
<EPS-DILUTED> 1.38<F1>
<FN>
<F1>The amount reported for EPS primary and fully diluted is in compliance with
Statement of Financial Accounting Standards No. 128, "Earnings Per Share," and
represents the Basic and Diluted calculation as required by this standard.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE APRIL
30, 1997 CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> APR-30-1997
<CASH> 20,662
<SECURITIES> 0
<RECEIVABLES> 458,477<F1>
<ALLOWANCES> 0
<INVENTORY> 590,014
<CURRENT-ASSETS> 1,099,293
<PP&E> 132,638<F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,331,995
<CURRENT-LIABILITIES> 212,719
<BONDS> 465,752
0
0
<COMMON> 357
<OTHER-SE> 533,253
<TOTAL-LIABILITY-AND-EQUITY> 1,331,995
<SALES> 980,238
<TOTAL-REVENUES> 980,238
<CGS> 502,009
<TOTAL-COSTS> 502,009
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 27,184
<INCOME-PRETAX> 77,158
<INCOME-TAX> 28,225
<INCOME-CONTINUING> 48,933
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 48,933
<EPS-PRIMARY> 1.40<F2>
<EPS-DILUTED> 1.34<F2>
<FN>
<F1>This asset value represents a net amount.
<F2>The amount reported for EPS primary and fully diluted is in compliance with
Statement of Financial Accounting Standards No. 128, "Earnings Per Share," and
represents the Basic and Diluted calculation as required by this standard.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE JANUARY
31, 1997 CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JAN-31-1997
<CASH> 26,918
<SECURITIES> 0
<RECEIVABLES> 499,094<F1>
<ALLOWANCES> 0
<INVENTORY> 573,039
<CURRENT-ASSETS> 1,125,455
<PP&E> 128,862<F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,354,480
<CURRENT-LIABILITIES> 201,390
<BONDS> 495,549
0
0
<COMMON> 355
<OTHER-SE> 535,800
<TOTAL-LIABILITY-AND-EQUITY> 1,354,480
<SALES> 735,862
<TOTAL-REVENUES> 735,862
<CGS> 376,815
<TOTAL-COSTS> 376,815
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 17,499
<INCOME-PRETAX> 79,463
<INCOME-TAX> 29,086
<INCOME-CONTINUING> 50,377
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 50,377
<EPS-PRIMARY> 1.43<F2>
<EPS-DILUTED> 1.37<F2>
<FN>
<F1>This asset value represents a net amount.
<F2>The amount reported for EPS primary and fully diluted is in compliance with
Statement of Financial Accounting Standards NO. 128, "Earnings Per Share," and
represents the Basic and Diluted calculation as required by this standard.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE OCTOBER
31, 1996 CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> OCT-31-1996
<CASH> 55,973
<SECURITIES> 0
<RECEIVABLES> 423,185<F1>
<ALLOWANCES> 0
<INVENTORY> 602,607
<CURRENT-ASSETS> 1,123,568
<PP&E> 120,750<F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,344,595
<CURRENT-LIABILITIES> 274,901
<BONDS> 490,736
0
0
<COMMON> 353
<OTHER-SE> 474,608
<TOTAL-LIABILITY-AND-EQUITY> 1,344,595
<SALES> 230,779
<TOTAL-REVENUES> 230,779
<CGS> 120,044
<TOTAL-COSTS> 120,044
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 7,998
<INCOME-PRETAX> (1,792)
<INCOME-TAX> (654)
<INCOME-CONTINUING> (1,138)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,138)
<EPS-PRIMARY> (0.03)<F2>
<EPS-DILUTED> (0.03)<F2>
<FN>
<F1>This asset value represents a net amount.
<F2>The amount reported for EPS primary and fully diluted is in compliance with
Statement of Financial Accounting Standards No. 128, "Earnings Per Share,"
and represents the Basic and Diluted calculation as required by this standard.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE JULY 31,
1996 CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<CASH> 50,046
<SECURITIES> 0
<RECEIVABLES> 471,279
<ALLOWANCES> 51,402
<INVENTORY> 457,862
<CURRENT-ASSETS> 953,320
<PP&E> 128,400
<DEPRECIATION> 20,146
<TOTAL-ASSETS> 1,163,811
<CURRENT-LIABILITIES> 177,820
<BONDS> 404,328
0
0
<COMMON> 352
<OTHER-SE> 475,906
<TOTAL-LIABILITY-AND-EQUITY> 1,163,811
<SALES> 1,137,377
<TOTAL-REVENUES> 1,137,377
<CGS> 576,764
<TOTAL-COSTS> 576,764
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 53,508
<INTEREST-EXPENSE> 30,102
<INCOME-PRETAX> 70,088
<INCOME-TAX> 25,094
<INCOME-CONTINUING> 44,994
<DISCONTINUED> 0
<EXTRAORDINARY> (1,096)
<CHANGES> 0
<NET-INCOME> 43,898
<EPS-PRIMARY> 1.25<F1>
<EPS-DILUTED> 1.20<F1>
<FN>
<F1>The amount reported for EPS primary and fully diluted is in compliance with
Statement of Financial Accounting Standards No. 128, "Earnings Per Share," and
represents the Basic and Diluted calculation as required by this standard.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE APRIL
30, 1996 CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> APR-30-1996
<CASH> 37,204
<SECURITIES> 0
<RECEIVABLES> 417,810<F1>
<ALLOWANCES> 0
<INVENTORY> 487,714
<CURRENT-ASSETS> 969,803
<PP&E> 100,686<F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,164,656
<CURRENT-LIABILITIES> 223,300
<BONDS> 380,721
0
0
<COMMON> 352
<OTHER-SE> 452,263
<TOTAL-LIABILITY-AND-EQUITY> 1,164,656
<SALES> 888,519
<TOTAL-REVENUES> 888,519
<CGS> 450,615
<TOTAL-COSTS> 450,615
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 22,604
<INCOME-PRETAX> 69,735
<INCOME-TAX> 24,753
<INCOME-CONTINUING> 44,982
<DISCONTINUED> 0
<EXTRAORDINARY> (1,096)
<CHANGES> 0
<NET-INCOME> 43,886
<EPS-PRIMARY> 1.25<F2>
<EPS-DILUTED> 1.21<F2>
<FN>
<F1>This asset value represents a net amount.
<F2>The amount reported for EPS primary and fully diluted is in compliance with
Statement of Financial Accounting Standards No. 128, "Earnings Per Share," and
represents the Basic and Diluted calculation as required by this standard.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE JANUARY
31, 1996 CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JAN-31-1996
<CASH> 41,373
<SECURITIES> 0
<RECEIVABLES> 452,855<F1>
<ALLOWANCES> 0
<INVENTORY> 482,974
<CURRENT-ASSETS> 1,008,191
<PP&E> 95,054<F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,199,039
<CURRENT-LIABILITIES> 254,561
<BONDS> 380,713
0
0
<COMMON> 350
<OTHER-SE> 455,005
<TOTAL-LIABILITY-AND-EQUITY> 1,199,039
<SALES> 666,236
<TOTAL-REVENUES> 666,236
<CGS> 336,180
<TOTAL-COSTS> 336,180
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 14,942
<INCOME-PRETAX> 73,574
<INCOME-TAX> 26,153
<INCOME-CONTINUING> 47,421
<DISCONTINUED> 0
<EXTRAORDINARY> (1,096)
<CHANGES> 0
<NET-INCOME> 46,325
<EPS-PRIMARY> 1.32<F2>
<EPS-DILUTED> 1.28<F2>
<FN>
<F1>This asset value represents a net amount.
<F2>The amount reported for EPS primary and fully diluted is in compliance with
Statement of Financial Accounting Standards No. 128, "Earning Per Share," and
represents the Basic and Diluted calculation as required by this standard.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE OCTOBER
31, 1995 CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> OCT-31-1995
<CASH> 72,728
<SECURITIES> 0
<RECEIVABLES> 392,656<F1>
<ALLOWANCES> 0
<INVENTORY> 494,928
<CURRENT-ASSETS> 992,865
<PP&E> 83,516<F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,165,047
<CURRENT-LIABILITIES> 292,562
<BONDS> 380,705
0
0
<COMMON> 350
<OTHER-SE> 382,735
<TOTAL-LIABILITY-AND-EQUITY> 1,165,047
<SALES> 214,274
<TOTAL-REVENUES> 214,274
<CGS> 110,170
<TOTAL-COSTS> 110,170
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,906
<INCOME-PRETAX> 1,840
<INCOME-TAX> 653
<INCOME-CONTINUING> 1,187
<DISCONTINUED> 0
<EXTRAORDINARY> (1,096)
<CHANGES> 0
<NET-INCOME> 91
<EPS-PRIMARY> 0<F2>
<EPS-DILUTED> 0<F2>
<FN>
<F1>This asset value represents a net amount.
<F2>The amount reported for EPS primary and fully diluted is in compliance with
Statement of Financial Accounting Standards No. 128, "Earnings Per Share," and
represents the Basic and Diluted calculation as required by this standard.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE JULY 31,
1995 CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
<CASH> 154,905
<SECURITIES> 0
<RECEIVABLES> 438,976
<ALLOWANCES> 42,596
<INVENTORY> 375,413
<CURRENT-ASSETS> 950,557
<PP&E> 78,981
<DEPRECIATION> 7,494
<TOTAL-ASSETS> 1,110,708
<CURRENT-LIABILITIES> 168,755
<BONDS> 440,717
0
0
<COMMON> 350
<OTHER-SE> 391,540
<TOTAL-LIABILITY-AND-EQUITY> 1,110,708
<SALES> 1,036,149
<TOTAL-REVENUES> 1,036,149
<CGS> 524,010
<TOTAL-COSTS> 524,010
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 40,781
<INTEREST-EXPENSE> 29,837
<INCOME-PRETAX> 47,820
<INCOME-TAX> 16,350
<INCOME-CONTINUING> 31,470
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 31,470
<EPS-PRIMARY> 0.90<F1>
<EPS-DILUTED> 0.88<F1>
<FN>
<F1>The amount reported for EPS primary and fully diluted is in compliance with
Statement of Financial Accounting Standards No. 128, "Earnings Per Share," and
represents the Basic and Diluted calculation as required by this standard.
</FN>
</TABLE>
