FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
(Mark One)
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 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: 1-8308
LUBY'S CAFETERIAS, INC.
______________________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 74-1335253
_________________________________ ________________________
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2211 Northeast Loop 410, P. O. Box 33069
San Antonio, Texas 78265-3069
______________________________________________________________________________
(Address of principal executive offices) (Zip Code)
210/654-9000
______________________________________________________________________________
(Registrant's telephone number, including area code)
______________________________________________________________________________
(Former name, former address and former fiscal year, if changed since last
report)
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 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: 24,106,151 shares outstanding as of May 31, 1996
(exclusive of 3,296,916 treasury shares)<PAGE>
Part I - FINANCIAL INFORMATION
Item 1. Financial Statements.
LUBY'S CAFETERIAS, INC.
STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended Nine Months Ended
May 31, May 31,
1996 1995 1996 1995
____ ____ ____ ____
(Amounts in thousands except per share data)
Sales $117,132 $106,899 $334,304 $308,915
Costs and expenses:
Cost of food 28,090 26,661 81,303 76,642
Payroll and related costs 31,902 28,715 92,200 83,943
Occupancy and other
operating expenses 34,266 31,488 98,609 91,474
General and administrative
expenses 5,320 4,278 15,584 13,828
________ ________ ________ ________
99,578 91,142 287,696 265,887
________ ________ ________ ________
Income from operations 17,554 15,757 46,608 43,028
Interest expense (460) (640) (1,659) (1,089)
Other income, net 424 595 1,147 1,397
________ ________ ________ ________
Income before income taxes 17,518 15,712 46,096 43,336
Provision for income taxes 6,554 5,805 17,245 16,164
________ ________ ________ ________
Net income $ 10,964 $ 9,907 $ 28,851 $ 27,172
________ ________ ________ ________
Net income per share $.46 $.42 $1.23 $1.13
________ ________ ________ ________
Cash dividends per share $.18 $.165 $.54 $.495
________ ________ ________ ________
Average number of shares
outstanding 23,887 23,427 23,548 24,109
See accompanying notes.<PAGE>
Part I - FINANCIAL INFORMATION (continued)
Item 1. Financial Statements (continued).
LUBY'S CAFETERIAS, INC.
CONDENSED BALANCE SHEETS
(UNAUDITED)
May 31, August 31,
1996 1995
____ ____
(Thousands of dollars)
ASSETS
Current assets:
Cash and cash equivalents $ 7,612 $ 12,392
Trade accounts and other receivables 673 311
Food and supply inventories 3,681 4,034
Prepaid expenses 1,538 2,849
Deferred income taxes 577 629
________ ________
Total current assets 14,081 20,215
Investments and other assets - at cost 12,344 13,008
Property, plant, and equipment - at cost, net 298,607 279,157
________ ________
$325,032 $312,380
________ ________
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings $ --- $ 57,000
Accounts payable - trade 8,952 10,969
Dividends payable 4,339 4,196
Accrued expenses and other liabilities 23,813 24,895
Income taxes payable 2,550 2,471
________ ________
Total current liabilities 39,654 99,531
Long-term debt 40,000 ---
Deferred income taxes and other credits 21,636 20,145
Shareholders' equity:
Common stock 8,769 8,769
Paid-in capital 26,945 26,945
Retained earnings 262,220 248,973
Less cost of treasury stock (74,192) (91,983)
________ ________
Total shareholders' equity 223,742 192,704
________ ________
$325,032 $312,380
________ ________
See accompanying notes.<PAGE>
Part I - FINANCIAL INFORMATION (continued)
Item 1. Financial Statements (continued).
LUBY'S CAFETERIAS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
May 31,
1996 1995
____ ____
(Thousands of dollars)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $28,851 $27,172
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 13,207 12,282
Decrease in accrued expenses and
other liabilities (860) (1,645)
Other 1,368 (3,582)
_______ _______
Net cash provided by operating activities 42,566 34,227
_______ _______
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from disposal of land held for future use --- 495
Proceeds from disposal of property, plant,
and equipment --- 368
Purchases of land held for future use (4,925) (5,219)
Purchases of property, plant, and equipment (26,558) (18,678)
_______ _______
Net cash used in investing activities (31,483) (23,034)
_______ _______
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under
stock option plan 13,785 3,149
Net proceeds (payments) of short-term borrowings (57,000) 44,000
Net proceeds from long-term debt 40,000 ---
Purchases of treasury stock --- (45,916)
Dividends paid (12,648) (12,071)
_______ _______
Net cash used in financing activities (15,863) (10,838)
_______ _______
Net increase (decrease) in cash and cash equivalents (4,780) 355
Cash and cash equivalents at beginning of period 12,392 10,909
_______ _______
Cash and cash equivalents at end of period $ 7,612 $11,264
_______ _______
See accompanying notes.<PAGE>
Part I - FINANCIAL INFORMATION (continued)
Item 1. Financial Statements (continued).
<TABLE>
LUBY'S CAFETERIAS, INC.
STATEMENTS OF SHAREHOLDERS' EQUITY
For the Nine Months Ended May 31, 1996 and 1995
(UNAUDITED)
<CAPTION> Total
Common Stock Paid-in Retained Shareholders'
Issued Treasury Capital Earnings Equity
______ ________ _______ ________ ____________
(Thousands of dollars)
<S> <C> <C> <C> <C> <C>
Balance at August 31, 1994 $8,769 $(51,202) $26,945 $229,014 $213,526
Net income for the period --- --- --- 27,172 27,172
Common stock issued under
employee benefit plans, net
of shares tendered in partial
payment --- 4,330 --- (1,069) 3,261
Cash dividends --- --- --- (11,773) (11,773)
Purchases of treasury stock --- (45,176) --- --- (45,176)
______ ________ _______ ________ ________
Balance at May 31, 1995 $8,769 $(92,048) $26,945 $243,344 $187,010
______ ________ _______ ________ ________
Balance at August 31, 1995 $8,769 $(91,983) $26,945 $248,973 $192,704
Net income for the period --- --- --- 28,851 28,851
Common stock issued under
employee benefit plans,
net of shares tendered in
partial payment and including
tax benefits --- 17,791 --- (2,813) 14,978
Cash dividends --- --- --- (12,791) (12,791)
______ ________ _______ ________ ________
Balance at May 31, 1996 $8,769 $(74,192) $26,945 $262,220 $223,742
______ ________ ______ ________ ________
See accompanying notes.
</TABLE>
<PAGE>
Part I - FINANCIAL INFORMATION (continued)
Item 1. Financial Statements (continued).
LUBY'S CAFETERIAS, INC.
NOTES TO FINANCIAL STATEMENTS
May 31, 1996
(UNAUDITED)
Note 1: All adjustments which are, in the opinion of management, necessary to
a fair statement of the results for the interim periods have been
made. All such adjustments are of a normal recurring nature. The
results for the interim period are not necessarily indicative of the
results to be expected for the full year.
Note 2: Certain reclassifications have been made to prior year amounts to
conform to current year presentation.
Note 3: In February 1996, the Company entered into a $100 million credit
facility with a syndication of four banks. As part of this credit
facility, the Company has a revolving credit agreement which allows
borrowings for varying periods through February 27, 2001, at the
lower of the prime rate or other rate options available at the time
of borrowing. The credit facility includes a maximum commitment for
letters of credit of $20 million. The Company pays a facility fee of
.1% on the total commitment. The credit facility contains business
covenants which, among other things, impose certain financial
restrictions on the Company relating primarily to leverage and net
worth. As of May 31, 1996, the balance outstanding under the
revolving credit agreement was $40,000,000 at an interest rate of
5.73%.
<PAGE>
Part I - FINANCIAL INFORMATION (continued)
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
_______________________________________________________________
Liquidity and Capital Resources
_______________________________
Cash and cash equivalents decreased by $4,780,000 from the end of the
preceding fiscal year to May 31, 1996. All capital expenditures for fiscal
1996 are being funded from cash flows from operations, cash equivalents,
short-term borrowings, and long-term debt. Capital expenditures for the nine
months ended May 31, 1996, were $31,483,000. As of May 31, 1996, the Company
owned 15 undeveloped land sites and eight land sites on which cafeterias are
under construction.
During fiscal 1995 the Company purchased 2,000,000 shares of its common stock
at a cost of $45,176,000, which are being held as treasury stock. To complete
the treasury stock purchases and fund capital expenditures, the Company
required external financing and borrowed funds under a $100,000,000
line-of-credit agreement. During February 1996, the Company entered into a
new $100 million credit facility with a syndication of four banks. As part of
this credit facility, the Company has a revolving credit agreement which
allows borrowings for varying periods through February 27, 2001, at the lower
of the prime rate or other rate options available at the time of borrowing.
As of May 31, 1996, the amount outstanding under this revolving credit
agreement was $40,000,000.
The Company believes that additional financing from external sources can be
obtained on terms acceptable to the Company in the event such financing is
required.
Results of Operations
_____________________
Quarter ended May 31, 1996 compared to the quarter ended May 31, 1995.
_____________________________________________________________________
Sales increased $10,233,000, or 9.6%, due to the addition of 11 new cafeterias
in fiscal 1996 and 11 in fiscal 1995, and due to an increase in average sales
volume at cafeterias opened over one year.
Cost of food increased $1,429,000, or 5.4%, due primarily to the increase in
sales and was offset by improved margins from the price increase on the Lu Ann
platter, which took effect on December 1, 1995. Payroll and related costs
increased $3,187,000, or 11.1%, due primarily to the increase in sales, higher
workers' compensation costs, higher wages for hourly employees, and higher
wage costs associated with increased expansion over the prior year. Occupancy
and other operating expenses increased $2,778,000, or 8.8%, due primarily to
the increase in sales and higher managers' salaries, which are based on the
profitability of the cafeterias. General and administrative expenses
increased $1,042,000, or 24.4%, due primarily to higher bonus provisions which
are based on earnings and performance factors.
Interest expense decreased $180,000 due to lower borrowings under the
line-of-credit agreement.
Nine months ended May 31, 1996 compared to the nine months ended May 31, 1995.
_____________________________________________________________________________
Sales increased $25,389,000, or 8.2%, due primarily to the addition of 11 new
cafeterias in fiscal 1996 and 11 in fiscal 1995, and due to an increase
in average sales volume at cafeterias opened over one year.
Cost of food increased $4,661,000, or 6.1%, due primarily to the increase in
sales and was offset by improved margins from price increases. Payroll and
related costs increased $8,257,000, or 9.8%, due primarily to the increase in
sales, higher wages for hourly employees, and higher wage costs associated
with increased expansion over the prior year. Occupancy and other operating
expenses increased $7,135,000, or 7.8%, due primarily to the increase in sales
and higher managers' salaries, which are based on the profitability of the
cafeterias. General and administrative expenses increased $1,756,000, or
12.7%, due primarily to two additional area vice president positions, higher
manager trainee salaries, and higher moving expenses, all associated with the
increased number of new store openings. In addition, bonus provisions, which
are based on earnings and performance factors, increased for the nine months
ended May 31, 1996.
Interest expense increased $570,000 due to higher borrowings under the
line-of-credit agreement. <PAGE>
Part II - OTHER INFORMATION (continued)
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
2 Agreement and Plan of Merger dated November 1, 1991, between
Luby's Cafeterias, Inc., a Texas corporation, and Luby's
Cafeterias, Inc., a Delaware corporation (filed as Exhibit 2
to the Company's Quarterly Report on Form 10-Q for the
quarter ended November 30, 1991, and incorporated herein by
reference).
3(a) Certificate of Incorporation of Luby's Cafeterias, Inc., a
Delaware corporation, as in effect February 28, 1994 (filed
as Exhibit 3(a) to the Company's Quarterly Report on Form
10-Q for the quarter ended February 28, 1994, and
incorporated herein by reference).
3(b) Bylaws of Luby's Cafeterias, Inc., a Delaware corporation
(filed as Exhibit 3(b) to the Company's Quarterly Report on
Form 10-Q for the quarter ended November 30, 1991, and
incorporated herein by reference).
4(a) Description of Common Stock Purchase Rights of Luby's
Cafeterias, Inc. in Form 8-A (filed April 17, 1991,
effective April 26, 1991, File No. 1-8308, and incorporated
herein by reference).
4(b) Amendment No. 1 dated December 19, 1991, to Rights Agreement
dated April 16, 1991 (filed as Exhibit 4(b) to the Company's
Quarterly Report on Form 10-Q for the quarter ended
November 30, 1991, and incorporated herein by reference).
4(c) Amendment No. 2 dated February 7, 1995, to Rights Agreement
dated April 16, 1991 (filed as Exhibit 4(d) to the Company's
Quarterly Report on Form 10-Q for the quarter ended
February 28, 1995, and incorporated herein by reference).
4(d) Amendment No. 3 dated May 29, 1995, to Rights Agreement
dated April 16, 1991 (filed as Exhibit 4(d) to the Company's
Quarterly Report on Form 10-Q for the quarter ended May 31,
1995, and incorporated herein by reference).
4(e) Credit Agreement dated February 27, 1996, among Luby's
Cafeterias, Inc., Certain Lenders, and NationsBank of Texas,
N.A. (filed as Exhibit 4(e) to the Company's Quarterly
Report on Form 10-Q for the quarter ended February 29, 1996,
and incorporated herein by reference).
10(a) Form of Deferred Compensation Agreement entered into between
Luby's Cafeterias, Inc. and various officers (filed as
Exhibit 10(b) to the Company's Annual Report on Form 10-K
for the fiscal year ended August 31, 1981, and incorporated
herein by reference).
10(b) Annual Incentive Plan for Area Vice Presidents of Luby's
Cafeterias, Inc. adopted October 19, 1983 (filed as Exhibit
10(d) to the Company's Annual Report on Form 10-K for the
fiscal year ended August 31, 1983, and incorporated herein
by reference).
<PAGE>
Part II - OTHER INFORMATION (continued)
Item 6. Exhibits and Reports on Form 8-K (continued).
10(c) Incentive Bonus Plan of Luby's Cafeterias, Inc. adopted
October 19, 1983 (filed as Exhibit 10(e) to the Company's
Annual Report on Form 10-K for the fiscal year ended
August 31, 1983, and incorporated herein by reference).
10(d) Performance Unit Plan of Luby's Cafeterias, Inc. approved by
the shareholders on January 12, 1984 (filed as Exhibit 10(f)
to the Company's Annual Report on Form 10-K for the fiscal
year ended August 31, 1984, and incorporated herein by
reference).
10(e) Employment Contract dated January 8, 1988, between Luby's
Cafeterias, Inc. and George H. Wenglein (filed as Exhibit
10(h) to the Company's Annual Report on Form 10-K for the
fiscal year ended August 31, 1988, and incorporated herein
by reference).
10(f) Management Incentive Stock Plan of Luby's Cafeterias, Inc.
(filed as Exhibit 10(i) to the Company's Annual Report on
Form 10-K for the fiscal year ended August 31, 1989, and
incorporated herein by reference).
10(g) Nonemployee Director Deferred Compensation Plan of Luby's
Cafeterias, Inc. adopted October 27, 1994 (filed as Exhibit
10(g) to the Company's Quarterly Report on Form 10-Q for the
quarter ended November 30, 1994, and incorporated herein by
reference).
10(h) Nonemployee Director Stock Option Plan of Luby's Cafeterias,
Inc. approved by the shareholders on January 13, 1995 (filed
as Exhibit 10(h) to the Company's Quarterly Report on Form
10-Q for the quarter ended February 28, 1995, and
incorporated herein by reference).
10(i) Employment Contract dated January 12, 1996, between Luby's
Cafeterias, Inc. and John B. Lahourcade (filed as Exhibit
10(i) to the Company's Quarterly Report on Form 10-Q for the
quarter ended February 29, 1996, and incorporated herein by
reference).
11 Statement re computation of per share earnings.
(b) Reports on Form 8-K
No reports on Form 8-K have been filed during the quarter for which
this report is filed.
<PAGE>
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.
LUBY'S CAFETERIAS, INC.
(Registrant)
By: Ralph Erben
__________________________
Ralph Erben
Chairman of the Board and
Chief Executive Officer
By: John E. Curtis, Jr.
__________________________
John E. Curtis, Jr.
President,
Chief Operating Officer, and
Chief Financial Officer
Dated: June 27, 1996<PAGE>
EXHIBIT INDEX
Number Document
2 Agreement and Plan of Merger dated November 1, 1991,
between Luby's Cafeterias, Inc., a Texas corporation,
and Luby's Cafeterias, Inc., a Delaware corporation
(filed as Exhibit 2 to the Company's Quarterly Report
on Form 10-Q for the quarter ended November 30, 1991,
and incorporated herein by reference).
3(a) Certificate of Incorporation of Luby's Cafeterias, Inc.,
a Delaware corporation, as in effect February 28, 1994
(filed as Exhibit 3(a) to the Company's Quarterly Report
on Form 10-Q for the quarter ended February 28, 1994,
and incorporated herein by reference).
3(b) Bylaws of Luby's Cafeterias, Inc., a Delaware corporation
(filed as Exhibit 3(b) to the Company's Quarterly Report
on Form 10-Q for the quarter ended November 30, 1991,
and incorporated herein by reference).
4(a) Description of Common Stock Purchase Rights of Luby's
Cafeterias, Inc. in Form 8-A (filed April 17, 1991,
effective April 26, 1991, File No. 1-8308, and
incorporated herein by reference).
4(b) Amendment No. 1 dated December 19, 1991, to Rights
Agreement dated April 16, 1991 (filed as Exhibit 4(b)
to the Company's Quarterly Report on Form 10-Q for
the quarter ended November 30, 1991, and incorporated
herein by reference).
4(c) Amendment No. 2 dated February 7, 1995, to Rights
Agreement dated April 16, 1991 (filed as Exhibit 4(d)
to the Company's Quarterly Report on Form 10-Q for
the quarter ended February 28, 1995, and incorporated
herein by reference).
4(d) Amendment No. 3 dated May 29, 1995, to Rights Agreement
dated April 16, 1991 (filed as Exhibit 4(d) to the
Company's Quarterly Report on Form 10-Q for the quarter
ended May 31, 1995, and incorporated herein by reference).
4(e) Credit Agreement dated February 27, 1996, among Luby's
Cafeterias, Inc., Certain Lenders, and NationsBank of
Texas, N.A. (filed as Exhibit 4(e) to the Company's
Quarterly Report on Form 10-Q for the quarter
ended February 29, 1996, and incorporated herein by
reference).
10(a) Form of Deferred Compensation Agreement entered into
between Luby's Cafeterias, Inc. and various officers
(filed as Exhibit 10(b) to the Company's Annual
Report on Form 10-K for the fiscal year ended
August 31, 1981, and incorporated herein by reference).
10(b) Annual Incentive Plan for Area Vice Presidents of
Luby's Cafeterias, Inc. adopted October 19, 1983
(filed as Exhibit 10(d) to the Company's Annual Report
on Form 10-K for the fiscal year ended August 31, 1983,
and incorporated herein by reference).<PAGE>
EXHIBIT INDEX (continued)
Number Document
10(c) Incentive Bonus Plan of Luby's Cafeterias, Inc.
adopted October 19, 1983 (filed as Exhibit 10(e)
to the Company's Annual Report on Form 10-K for
the fiscal year ended August 31, 1983, and
incorporated herein by reference).
10(d) Performance Unit Plan of Luby's Cafeterias, Inc.
approved by the shareholders on January 12, 1984
(filed as Exhibit 10(f) to the Company's Annual
Report on Form 10-K for the fiscal year ended
August 31, 1984, and incorporated herein by reference).
10(e) Employment Contract dated January 8, 1988, between
Luby's Cafeterias, Inc. and George H. Wenglein
(filed as Exhibit 10(h) to the Company's Annual Report
on Form 10-K for the fiscal year ended August 31, 1988,
and incorporated herein by reference).
10(f) Management Incentive Stock Plan of Luby's Cafeterias,
Inc. (filed as Exhibit 10(i) to the Company's Annual
Report on Form 10-K for the fiscal year ended August 31,
1989, and incorporated herein by reference).
10(g) Nonemployee Director Deferred Compensation Plan of Luby's
Cafeterias, Inc. adopted October 27, 1994 (filed as
Exhibit 10(g) to the Company's Quarterly Report on
Form 10-Q for the quarter ended November 30, 1994,
and incorporated herein by reference).
10(h) Nonemployee Director Stock Option Plan of Luby's Cafeterias,
Inc. approved by the shareholders on January 13, 1995
(filed as Exhibit 10(h) to the Company's Quarterly Report
on Form 10-Q for the quarter ended February 28, 1995,
and incorporated herein by reference).
10(i) Employment Contract dated January 12, 1996, between Luby's
Cafeterias, Inc. and John B. Lahourcade (filed as
Exhibit 10(i) to the Company's Quarterly Report on
Form 10-Q for the quarter ended February 29, 1996, and
incorporated herein by reference).
11 Statement re computation of per share earnings.
Exhibit 11
COMPUTATION OF PER SHARE EARNINGS
The following is a computation of the weighted average number of shares
outstanding which is used in the computation of per share earnings for Luby's
Cafeterias, Inc. for the three and nine months ended May 31, 1996 and May 31,
1995.
Three months ended May 31, 1996:
23,693,381 x shares outstanding for 31 days 734,494,811
23,925,105 x shares outstanding for 30 days 717,753,150
24,043,597 x shares outstanding for 31 days 745,351,507
_____________
2,197,599,468
Divided by number of days in the period 92
_____________
23,886,951
Nine months ended May 31, 1996:
23,313,132 x shares outstanding for 21 day 489,575,772
23,315,089 x shares outstanding for 21 days 489,616,869
23,320,721 x shares outstanding for 18 days 419,772,978
23,331,311 x shares outstanding for 8 days 186,650,488
23,334,503 x shares outstanding for 23 days 536,693,569
23,340,118 x shares outstanding for 11 days 256,741,298
23,345,163 x shares outstanding for 21 days 490,248,423
23,398,704 x shares outstanding for 30 days 701,961,120
23,529,859 x shares outstanding for 13 days 305,888,167
23,590,511 x shares outstanding for 16 days 377,448,176
23,693,381 x shares outstanding for 31 days 734,494,811
23,925,105 x shares outstanding for 30 days 717,753,150
24,043,597 x shares outstanding for 31 days 745,351,507
_____________
6,452,196,328
Divided by number of days in the period 274
_____________
23,548,162
Three months ended May 31, 1995:
23,660,154 x shares outstanding for 14 days 331,242,156
23,575,659 x shares outstanding for 17 days 400,786,203
23,424,790 x shares outstanding for 12 days 281,097,480
23,310,232 x shares outstanding for 49 days 1,142,201,368
_____________
2,155,327,207
Divided by number of days in the period 92
_____________
23,427,470
Nine months ended May 31, 1995:
25,074,982 x shares outstanding for 18 days 451,349,676
24,941,910 x shares outstanding for 12 days 299,302,920
24,934,917 x shares outstanding for 16 days 398,958,672
24,713,278 x shares outstanding for 15 days 370,699,170
24,520,641 x shares outstanding for 17 days 416,850,897
24,416,386 x shares outstanding for 13 days 317,413,018
24,383,698 x shares outstanding for 14 days 341,371,772
24,270,808 x shares outstanding for 20 days 485,416,160
24,189,103 x shares outstanding for 28 days 677,294,884
23,851,100 x shares outstanding for 28 days 667,830,800
23,660,154 x shares outstanding for 14 days 331,242,156
23,575,659 x shares outstanding for 17 days 400,786,203
23,424,790 x shares outstanding for 12 days 281,097,480
23,310,232 x shares outstanding for 49 days 1,142,201,368
_____________
6,581,815,176
Divided by number of days in the period 273
_____________
24,109,213
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> MAY-31-1996
<CASH> 7,612
<SECURITIES> 0
<RECEIVABLES> 673
<ALLOWANCES> 0
<INVENTORY> 3,681
<CURRENT-ASSETS> 14,081
<PP&E> 441,628
<DEPRECIATION> 143,021
<TOTAL-ASSETS> 325,032
<CURRENT-LIABILITIES> 39,654
<BONDS> 0
0
0
<COMMON> 8,769
<OTHER-SE> 214,973<F1>
<TOTAL-LIABILITY-AND-EQUITY> 325,032
<SALES> 334,304
<TOTAL-REVENUES> 334,304
<CGS> 173,503
<TOTAL-COSTS> 173,503
<OTHER-EXPENSES> 98,609
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,659
<INCOME-PRETAX> 46,096
<INCOME-TAX> 17,245
<INCOME-CONTINUING> 28,851
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 28,851
<EPS-PRIMARY> 1.23
<EPS-DILUTED> 1.23
<FN>
<F1>Other stockholders' equity amount is less cost of treasury stock of $74,192.
</FN>
</TABLE>
