<PAGE> 1
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 December 29, 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 1-1370
BRIGGS & STRATTON CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
A Wisconsin Corporation 39-0182330
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
12301 West Wirth Street, Wauwatosa, Wisconsin 53222
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
414/259-5333
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
------ ------
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Outstanding at
Class February 10, 1997
- --------------------------------------------------------------------------------
COMMON STOCK, par value $0.01 per share 28,927,000 Shares
-1-
<PAGE> 2
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
INDEX
Page No.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements:
Consolidated Condensed Balance Sheets -
December 29, 1996, June 30, 1996 and
December 31, 1995 3
Consolidated Condensed Statements of Earnings -
Three Months and Six Months Ended
December 29, 1996 and December 31, 1995 5
Consolidated Condensed Statements of Cash Flow -
Six Months Ended December 29, 1996 and
December 31, 1995 6
Notes to Consolidated Condensed Financial
Statements 7
Item 2. Management's Discussion and Analysis of Results
of Operations and Financial Condition 8
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 11
-2-
<PAGE> 3
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands of dollars)
ASSETS
<TABLE>
<CAPTION>
Dec. 29 June 30 Dec. 31
1996 1996 1995
------- ------- -------
(Unaudited) (Unaudited)
<S> <C> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 3,254 $150,639 $ 6,323
Receivables, net 234,525 119,346 270,142
Inventories -
Finished products and parts 179,857 96,078 156,117
Work in process 45,426 36,932 44,087
Raw materials 5,141 4,393 4,560
-------- -------- --------
Total inventories 230,424 137,403 204,764
Future income tax benefits 32,870 29,589 31,744
Prepaid expenses 14,782 15,725 11,062
-------- -------- --------
Total current assets 515,855 452,702 524,035
-------- -------- --------
OTHER ASSETS:
Prepaid pension cost 7,458 4,682 727
Deferred income tax asset 5,363 2,883 4,157
Purchased software 9,045 3,685 3,734
-------- -------- --------
Total other assets 21,866 11,250 8,618
-------- -------- --------
PLANT AND EQUIPMENT -
Cost 788,453 776,638 759,178
Less - Accumulated depreciation 403,777 402,426 387,056
-------- -------- --------
Total plant and equipment, net 384,676 374,212 372,122
-------- -------- --------
$922,397 $838,164 $904,775
======== ======== ========
</TABLE>
The accompanying notes are an integral part of these statements.
-3-
<PAGE> 4
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION (Continued)
CONSOLIDATED CONDENSED BALANCE SHEETS (Continued)
(In thousands of dollars)
LIABILITIES & SHAREHOLDERS' INVESTMENT
<TABLE>
<CAPTION>
Dec. 29 June 30 Dec. 31
1996 1996 1995
----------- ------- -----------
(Unaudited) (Unaudited)
<S> <C> <C> <C>
CURRENT LIABILITIES:
Accounts payable $ 62,091 $ 65,642 $ 62,251
Domestic notes payable 43,970 5,000 101,558
Foreign loans 16,440 14,922 20,066
Current maturities on long-term debt 15,000 15,000 -
Accrued liabilities 99,146 82,932 94,602
Dividends payable 7,810 - 7,521
Federal and state income taxes 17,252 6,683 12,815
-------- -------- --------
Total current liabilities 261,709 190,179 298,813
-------- -------- --------
OTHER LIABILITIES:
Deferred revenue on sale of plant and equipment 15,996 - -
Accrued employee benefits 19,465 18,431 17,260
Accrued postretirement health care obligation 69,034 69,049 69,143
Long-Term debt 60,000 60,000 75,000
-------- -------- --------
Total other liabilities 164,495 147,480 161,403
-------- -------- --------
SHAREHOLDERS' INVESTMENT:
Common stock-
Authorized 60,000,000 shares, $.01 par value
Issued and outstanding 28,927,000 shares 289 289 289
Additional paid-in capital 40,705 40,898 41,327
Retained earnings 455,477 459,666 403,209
Cumulative translation adjustments (278) (348) (266)
-------- -------- --------
Total shareholders' investment 496,193 500,505 444,559
-------- -------- --------
$922,397 $838,164 $904,775
======== ======== ========
</TABLE>
The accompanying notes are an integral part of these statements.
-4-
<PAGE> 5
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(In thousands of dollars except amounts per share)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------ ----------------
Dec. 29 Dec. 31 Dec. 29 Dec. 31
1996 1995 1996 1995
------- ------- ------- -------
<S> <C> <C> <C> <C>
NET SALES $299,664 $329,357 $461,395 $518,834
COST OF GOODS SOLD 242,807 263,594 386,569 433,930
-------- -------- -------- --------
Gross profit on sales $ 56,857 $ 65,763 $ 74,826 $ 84,904
ENGINEERING, SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 28,071 24,801 54,132 49,284
-------- -------- -------- --------
Income from operations $ 28,786 $ 40,962 $ 20,694 $ 35,620
INTEREST EXPENSE (2,408) (2,919) (4,360) (4,976)
OTHER INCOME, net 536 541 2,098 2,620
-------- -------- -------- --------
Income before provision
for income taxes $ 26,914 $ 38,584 $ 18,432 $ 33,264
PROVISION FOR INCOME TAXES 10,220 14,660 7,000 12,640
-------- -------- -------- --------
Net income $ 16,694 $ 23,924 $ 11,432 $ 20,624
======== ======== ======== ========
PER SHARE DATA* -
Net income $ .58 $ .82 $ .40 $ .71
====== ====== ====== ======
Cash dividends $ .27 $ .26 $ .54 $ .52
====== ====== ====== ======
</TABLE>
* Based on 28,927,000 shares outstanding.
The accompanying notes are an integral part of these statements.
-5-
<PAGE> 6
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
Increase(Decrease) in Cash and Cash Equivalents
(In thousands of dollars)
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
--------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES: Dec. 29, 1996 Dec. 31, 1995
------------- --------------
<S> <C> <C>
Net income $ 11,432 $ 20,624
Adjustments to reconcile net income to
net cash provided by operating activities -
Depreciation 21,578 20,938
Loss on disposition of plant and equipment 1,537 680
(Increase)decrease in operating assets -
Accounts receivable (115,179) (176,026)
Inventories (93,021) (64,090)
Other current assets (2,338) 1,400
Other assets (10,616) (3,066)
Increase(decrease) in liabilities -
Accounts payable and accrued
liabilities 31,042 6,337
Other liabilities 1,019 (357)
--------- ---------
Net cash used in
operating activities $(154,546) $(193,560)
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to plant and equipment $ (33,687) $ (51,423)
Proceeds received on sale of plant and equipment 112 928
Proceeds received on sale of
Menomonee Falls, Wisconsin facility 15,996 -
--------- ---------
Net cash used in investing activities $ (17,579) $ (50,495)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings from domestic and
foreign loans $ 40,488 $ 95,221
Dividends (15,621) (15,042)
Purchase of common stock for treasury (301) (547)
Proceeds from exercise of stock options 108 176
--------- ---------
Net cash provided from financing activities $ 24,674 $ 79,808
--------- ---------
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE
CHANGES ON CASH AND CASH EQUIVALENTS $ 66 $ (78)
--------- ---------
NET DECREASE IN CASH AND CASH EQUIVALENTS $(147,385) $(164,325)
CASH AND CASH EQUIVALENTS, beginning 150,639 170,648
--------- ---------
CASH AND CASH EQUIVALENTS, ending $ 3,254 $ 6,323
========= =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid $ 4,217 $ 4,596
========= =========
Income taxes paid $ 2,075 $ 2,576
========= =========
</TABLE>
The accompanying notes are an integral part of these statements.
-6-
<PAGE> 7
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
The accompanying unaudited consolidated condensed financial statements have
been prepared in accordance with the rules and regulations of the Securities and
Exchange Commission and therefore do not include all information and footnotes
necessary for a fair presentation of financial position, results of operations
and cash flows in conformity with generally accepted accounting principles.
However, in the opinion of the Company, adequate disclosures have been presented
to make the information not misleading, and all adjustments necessary to present
fair statements of the results of operations and financial position have been
included. All of these adjustments are of a normal recurring nature. It is
suggested that these condensed financial statements be read in conjunction with
the financial statements and the notes thereto included in the Company's latest
annual report on Form 10-K.
The new balance sheet caption entitled "Purchased Software" represents
costs of software purchased for use in the Company's business. Amortization of
Purchased Software is computed on an item-by-item basis over a period of three
to ten years, depending on the estimated useful life of the software.
Accumulated amortization amounted to $3,562,000, $3,367,000, and $2,666,000 as
of December 29, 1996, June 30, 1996 and December 31, 1995. Purchased Software
on prior period balance sheets was reclassified from Prepaid Expense to the
current caption.
The sale of the Company's Menomonee Falls, Wisconsin facility for $16.3
million (less costs to sell) was completed at the beginning of the second fiscal
quarter. The provisions of the contract state that the Company will continue to
own and occupy the warehouse portion of the facility for a period of up to ten
years (the "Reservation Period"). The contract also contains a buyout clause,
at the buyer's option and under certain circumstances, of the remaining
Reservation Period. Given the provisions of the contract, the Company is
required to account for this as a financing transaction. Under this method, the
cash received is reflected as a deferred liability, and the assets and the
accumulated depreciation remain on the Company's books. Depreciation expense
continues to be recorded each period, and imputed interest expense is also
recorded and added to the deferred liability. Offsetting this is the fair value
lease income on the non-Company occupied portion of the building. A pretax
gain, which will be recognized at the earlier of the exercise of the buyout
option or the expiration of the Reservation Period, is estimated to be $10
million to $12 million.
-7-
<PAGE> 8
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
The following is Management's discussion and analysis of certain
significant factors which have affected the Company's results of operations and
financial condition during the periods included in the accompanying consolidated
condensed financial statements.
RESULTS OF OPERATIONS
SALES
Net sales for the second fiscal quarter of 1997 decreased 9% or $29,693,000
compared to the same period in the preceding year. The primary reason for this
decline in sales dollars was a 15% decrease in engine shipments. The unit
decrease is the result of lawn and garden equipment manufacturers building
products later and as close as possible to the time they are needed by
retailers. The Company's largest customers have increased their peak production
capacity, which allows them to concentrate more of their production in winter
and early spring. The result was less demand for engines in the second quarter.
The decrease in unit volume was primarily in small engines which have lower
selling prices. Accordingly, the Company experienced a favorable mix impact
which partially offset the unit volume decline.
Net sales for the six months ended December 1996 decreased 11% or
$57,439,000 compared to the same period in the prior year. Unit engine sales
were down 16%. The same reasons as described above apply to this six-month
period.
GROSS PROFIT
Gross profit decreased 14% or $8,906,000 between comparable quarters,
primarily because of the reduced volume described above. The gross profit rate
declined from 20% last year to 19% in the current year. This decrease was
principally due to a change of an accounting estimate totaling $3,477,000 for
employees who had accepted an early retirement window in fiscal 1995 and
subsequently canceled their acceptance in the second quarter of fiscal 1996.
Gross profit for the six months ended December 1996 decreased 12% or
$10,078,000, also due to the reduction in sales. The gross profit rate was 16%
in each six-month period. If the credit for the retirement window is removed
from the comparison, the gross profit rate would have shown a 1% improvement in
the current year, primarily due to net lower costs in the current year related
to the Company's new engine plants because of labor rate savings.
-8-
<PAGE> 9
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION (Continued)
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
This category of expenses increased 13% or $3,270,000 between the second
fiscal quarter of 1997 and 1996. This was due to increases in salaries and
planned increases in manpower and other costs relating to new venture
activities.
The 10% or $4,848,000 increase in this category for the six-month
comparison was due to the same factors as described above, partially offset by a
reduction in marketing costs due to timing during the year.
INTEREST EXPENSE
Interest expense decreased in both the three-month period and six-month
period. This was due to lower borrowings offset, in part, by higher average
interest rates.
PROVISION FOR INCOME TAXES
The effective income tax rate used in all periods was 38.0%, which reflects
management's estimate of the rate for the entire year.
OUTLOOK
The changing seasonal pattern of sales described earlier should result in
increased demand in the second half of the year. Based on customer
expectations, orders actually placed, and favorable econometric forecasts, and
assuming normal spring weather, management expects unit shipments for the full
fiscal year to be somewhat higher than for the preceding year.
The Company will offer a final early retirement window in late fiscal 1997,
in accordance with the current union contract with its Milwaukee hourly
employees. It is unknown how many employees will accept this offer. All
elections under this window must be completed in June 1997. If all eligible
employees elect to take this window, the charge to earnings could total a
maximum of $53 million before taxes.
-9-
<PAGE> 10
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION (Continued)
FINANCIAL CONDITION
Cash used in operating activities was $154,546,000. This resulted from
increased accounts receivable of $115,179,000 and increased inventories of
$93,021,000 due to the normal seasonality of the business. This was offset by
depreciation of $21,578,000 and an increase in accrued liabilities as a result
of the timing of payments.
Cash used in investing activities was $17,579,000 which was comprised of
additions to plant and equipment, offset by proceeds received on the disposition
of our Menomonee Falls facility as previously discussed. Additions to plant and
equipment totaled $33,687,000 through December 1996. Management expects capital
expenditures for reinvestment in equipment and new products to total
approximately $65,000,000 in the current fiscal year--all to be financed from
internal resources and the Company's lines of credit.
During the six-month period the Company increased its short-term borrowings
by $40,488,000 under its lines of credit, primarily to finance seasonal
increases in working capital. The Company also paid $15,621,000 of dividends
during the period.
The Company will make the first of five annual installments on its
long-term debt in June 1997. These payments will total $15,000,000 and are
shown as Current Maturities on Long-Term Debt in the accompanying balance sheet.
OTHER MATTERS
The sale of the Company's Menomonee Falls, Wisconsin plant was completed at
the beginning of the second quarter. The required accounting for this
transaction is described in a footnote on page 7. The move from the
manufacturing portion of this building to available space in the Company's
Wauwatosa plant was completed by the end of the quarter.
In October 1995, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 123 "Accounting for Stock-Based
Compensation." This standard establishes financial accounting and reporting
standards for stock-based employee compensation. The Company adopted the pro
forma disclosure requirements of the statement which will be presented in the
fiscal year-end 1997 annual report, and will continue to apply the accounting
provisions of Accounting Principles Board Opinion No. 25, as allowed by the new
standard.
-10-
<PAGE> 11
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION (Continued)
EMISSION STANDARDS
The U.S. Environmental Protection Agency (EPA) and several engine
manufacturers, including Briggs & Stratton Corporation, recently announced an
agreement in principle to further cut pollution emitted by gasoline engines.
These reductions are expected to be incorporated into the EPA's Phase Two
emission standards to be issued later in 1997 and to be phased in from 2001 to
2005. While it is impossible to precisely quantify the cost of compliance until
the standards are actually issued, the Company believes compliance with the new
standards will not have a material effect on its financial position or results
of operations.
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
Certain statements in the Outlook, Financial Condition and Emission
Standards sections of Management's Discussion and Analysis and the Notes to
Consolidated Condensed Financial Statements may contain forward-looking
information (as defined in the Private Securities Litigation Reform Act of 1995)
that involves risk and uncertainty. The words "anticipate", "believe",
"estimate", "expect", "objective", and "think" or similar expressions are
intended to identify forward-looking statements. Company results may differ
materially from those projected in the forward-looking statements. Any
forward-looking statements are based on management's current views and
assumptions and involve risks and uncertainties that could significantly affect
final results. These uncertainties could include, among other things, the
effects of weather; actions of competitors; changes in laws and regulations,
including accounting standards; customer demand; prices of purchased raw
materials and parts; domestic economic conditions, including housing starts and
changes in consumer disposable income; and foreign economic conditions,
including currency rate fluctuations. Some or all of the factors are beyond the
Company's control.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits.
Exhibit
Number Description
------ -----------
11 Computation of Earnings Per Share of Common Stock
(Filed herewith)
27 Financial Data Schedule
(Filed herewith)
(b) Reports on Form 8-K.
There were no reports on Form 8-K for the second quarter ended December 29,
1996.
-11-
<PAGE> 12
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART II - OTHER INFORMATION (Continued)
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.
BRIGGS & STRATTON CORPORATION
(Registrant)
Date: February 10, 1997 /s/ R. H. Eldridge
-----------------------------------
R. H. Eldridge
Executive Vice President & Chief Financial Officer,
Secretary-Treasurer
Date: February 10, 1997 /s/ J. E. Brenn
-----------------------------------
J. E. Brenn
Vice President and Controller
-12-
<PAGE> 1
EXHIBIT 11
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
<TABLE>
<CAPTION>
Quarter Ended
---------------------------------------------------
December 29, 1996 December 31, 1995
----------------- -----------------
<S> <C> <C>
COMPUTATIONS FOR STATEMENTS OF INCOME
Primary earnings per share of common stock:
Net income $ 16,694,000 $ 23,924,000
================ ===============
Average shares of common stock outstanding 28,927,000 28,927,000
Incremental common shares applicable to common stock
options based on the average market price during the period 127,253 144,817
---------------- ---------------
Average common shares, as adjusted 29,054,253 29,071,817
================ ===============
Earnings per share of common stock: $ 0.57 $ 0.82
================ ===============
Fully diluted earnings per share of common stock:
Average shares of common stock outstanding 28,927,000 28,927,000
Incremental common shares applicable to common stock
options based on the more dilutive of the common stock
ending or average market price during the period 132,469 151,254
---------------- ---------------
Average common shares assuming full dilution 29,059,469 29,078,254
================ ===============
Fully diluted earnings per average share of common stock,
assuming conversion of all applicable securities $ 0.57 $ 0.82
================ ===============
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended
------------------------------------------
December 29, 1996 December 31, 1995
----------------- -----------------
<S> <C> <C>
COMPUTATIONS FOR STATEMENTS OF INCOME
Primary earnings per share of common stock:
Net income $ 11,432,000 $ 20,624,000
============== ===============
Average shares of common stock outstanding 28,927,000 28,927,000
Incremental common shares applicable to common stock
options based on the average market price during the period 127,324 138,576
-------------- ---------------
Average common shares, as adjusted 29,054,324 29,065,576
============== ===============
Earnings per share of common stock: $ 0.39 $ 0.71
============== ===============
Fully diluted earnings per share of common stock:
Average shares of common stock outstanding 28,927,000 28,927,000
Incremental common shares applicable to common stock
options based on the more dilutive of the common stock
ending or average market price during the period 132,469 151,254
-------------- ---------------
Average common shares assuming full dilution 29,059,469 29,078,254
============== ===============
Fully diluted earnings per average share of common stock,
assuming conversion of all applicable securities $ 0.39 $ 0.71
============== ===============
</TABLE>
Note: The dilutive effect of stock options is less than 3% and, accordingly,
assuming conversion of all applicable securities presentation is not required
under Accounting Principles Board Opinion No. 15. The above is presented to
comply with Securities and Exchange Commission regulations.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF BRIGGS & STRATTON CORPORATION FOR THE QUARTER ENDED
DECEMBER 29, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-29-1997
<PERIOD-START> JUL-1-1996
<PERIOD-END> DEC-29-1996
<CASH> 3,254,000
<SECURITIES> 0
<RECEIVABLES> 234,525,000
<ALLOWANCES> 0
<INVENTORY> 230,424,000
<CURRENT-ASSETS> 515,855,000
<PP&E> 788,453,000
<DEPRECIATION> 403,777,000
<TOTAL-ASSETS> 922,397,000
<CURRENT-LIABILITIES> 261,709,000
<BONDS> 0
0
0
<COMMON> 289,000
<OTHER-SE> 495,904,000
<TOTAL-LIABILITY-AND-EQUITY> 922,397,000
<SALES> 461,395,000
<TOTAL-REVENUES> 461,395,000
<CGS> 386,569,000
<TOTAL-COSTS> 386,569,000
<OTHER-EXPENSES> 52,034,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,360,000
<INCOME-PRETAX> 18,432,000
<INCOME-TAX> 7,000,000
<INCOME-CONTINUING> 11,432,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,432,000
<EPS-PRIMARY> .40
<EPS-DILUTED> .40
</TABLE>
