SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(mark one)
[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended November 30, 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: 000-04892
CAL-MAINE FOODS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 64-0500378
(State or other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
3320 WOODROW WILSON AVENUE, JACKSON, MISSISSIPPI 39209
(Address of principal executive offices)(Zip Code)
(601) 948-6813
(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 [ ] No [X]
Number of shares outstanding of each of the issuer's classes of common
stock (exclusive of treasury shares), as of January 10, 1997.
Common Stock, $0.01 par value 12,032,000 shares
Class A Common Stock, $0.01 par value 1,200,000 shares
<PAGE>
CAL-MAINE FOODS, INC.
INDEX
PAGE
PART I. FINANCIAL INFORMATION NUMBER
Item 1. Financial Statements
Condensed Consolidated Balance Sheets -
November 30, 1996 and June 1, 1996 3
Condensed Consolidated Statements of Operations -
Three Months and Six Months Ended
November 30, 1996 and December 2, 1995 4
Condensed Consolidated Statements of Cash Flow -
Six Months Ended November 30, 1996 and December 2, 1995 5
Notes to Condensed Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 7
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 11
Signatures 11
2
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<CAPTION>
NOVEMBER 30, 1996 JUNE 1, 1996
(unaudited) (note)
<S> <C> <C>
ASSETS
Current assets
Cash and cash equivalents $ 9,033 $ 3,959
Accounts receivable, net 20,014 14,007
Inventories - note 2 42,919 40,970
Prepaid expenses and other current assets 554 1,512
--------- ---------
Total current assets 72,520 60,448
Notes receivable and investments 5,275 5,318
Other assets 1,039 529
Property, plant and equipment 146,505 142,237
Less accumulated depreciation (62,848) (58,541)
--------- ---------
83,657 83,696
--------- ---------
TOTAL ASSETS $ 162,491 $ 149,991
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $ 27,746 $ 20,094
Current maturities of long-term debt 4,297 4,257
Current deferred income taxes 9,355 9,355
---------
Total current liabilities 41,398 33,706
Long-term debt, less current maturities 56,539 59,169
Deferred expenses 7,655 7,655
Deferred income taxes 2,017 1,561
--------- ---------
Total liabilities 107,609 102,091
Stockholders' equity
Common stock $0.01 par value per share
Authorized shares - 30,000,000 at November 30, 1996,
18,000,000 at June 1, 1996
Issued and outstanding shares - 15,835,200 at
November 30, 1996 and 17,035,200 at June 1, 1996 158 170
Class A common stock $0.01 par value, authorized
and issued 1,200,000 shares, none at June 1, 1996 12 0
Paid-in capital 8,225 8,229
Retained earnings 54,086 47,058
Common stock in treasury - 5,533,200 shares at November 30,
1996 and 5,522,400 shares at June 1, 1996 (5,905) (5,863)
Note receivable from stockholder (1,694) (1,694)
Total stockholders' equity 54,882 47,900
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 162,491 $ 149,991
========== ==========
</TABLE>
See note next page. See notes to condensed consolidated financial
statements.
3
<PAGE>
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
UNAUDITED
<TABLE>
<CAPTION>
13 WEEKS ENDED 26 WEEKS ENDED
NOVEMBER 30, 1996 DECEMBER 2, 1995 NOVEMBER 30, 1996 DECEMBER 2, 1995
<S> <C> <C> <C> <C>
Net sales $ 78,629 $ 71,981 $ 144,192 $ 128,200
Cost of sales 60,783 57,656 116,495 109,041
--------- --------- --------- ---------
Gross profit 17,846 14,325 27,697 19,159
Selling, general and administrative 7,102 7,329 14,242 13,898
--------- --------- --------- ---------
Operating income 10,744 6,996 13,455 5,261
Other income (expense)
Interest expense (1,182) (1,513) (2,298) (2,970)
Other 200 349 399 940
--------- --------- --------- ---------
(982) (1,164) (1,899) (2,030)
--------- --------- --------- ---------
Income before income taxes 9,762 5,832 11,556 3,231
Income tax expense 3,831 2,168 4,528 1,202
--------- --------- --------- ---------
NET INCOME $ 5,931 $ 3,664 $ 7,028 $ 2,029
========= ========= ========= =========
Net income per common share $ 0.52 $ 0.31 $ 0.61 $ 0.17
========= ========= ========= =========
Weighted average shares outstanding 11,502 11,640 11,507 11,643
========= ========= ========= =========
</TABLE>
Note: The balance sheet at June 1, 1996 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for
complete financial statements.
See notes to condensed consolidated financial statements.
4
<PAGE>
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
UNAUDITED
<TABLE>
<CAPTION>
26 WEEKS ENDED
NOVEMBER 30, 1996 DECEMBER 2, 1995
<S> <C> <C>
Cash flows from operating activities $ 12,920 $ 4,086
Cash flows from investing activities
Purchases of property, plant and equipment (5,518) (4,611)
Payments received on notes receivable and from investments 34 32
Increase in note receivable and investments 0 (200)
Net proceeds from sale of property, plant and equipment 274 324
-------- -------
Net cash used in investing activities (5,210) (4,455)
Cash flows from financing activities
Net borrowings under line of credit 0 2,500
Additional long-term borrowings 1,000 2,500
Principal payments on long-term debt and capital leases (3,590) (2,564)
Purchases of common stock for treasury (42) (69)
Redemption of fractional shares of common stock (4) (1)
-------- -------
Net cash provided by (used in) financing activities (2,636) 2,366
-------- -------
Increase in cash and cash equivalents 5,074 1,997
Cash and cash equivalents at beginning of period 3,959 3,050
-------- -------
Cash and cash equivalents at end of period $ 9,033 $ 5,047
======== =======
</TABLE>
See notes to condensed consolidated financial statements.
5
<PAGE>
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(in thousands, except share amounts)
November 30, 1996
(unaudited)
1. Presentation of Interim Information
In the opinion of the management of Cal-Maine Foods, Inc. (the
"Company"), the accompanying unaudited condensed consolidated financial
statements include all normal adjustments considered necessary to present
fairly the financial position as of November 30, 1996, and the results of
operations for the thirteen weeks and twenty-six weeks ended November 30, 1996
and December 2, 1995, and the cash flows for the twenty-six weeks ended
November 30, 1996 and December 2, 1995. Interim results are not necessarily
indicative of results for a full year.
The condensed consolidated financial statements are presented in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-Q and Article 10 of
regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. For further information, refer to the consolidated
financial statements and footnotes thereto included in the Company's
prospectus dated December 11, 1996.
2. Inventories
Inventories consisted of the following:
<TABLE>
<CAPTION>
NOVEMBER 30, 1996 JUNE 1, 1996
<S> <C> <C>
Flocks $ 25,445 $ 23,501
Eggs and egg products 4,026 3,127
Feed and supplies 9,390 10,424
Livestock 4,058 3,918
-------- --------
$ 42,919 $ 40,970
======== ========
</TABLE>
3. Impact of Recently Issued Accounting Standards
In March 1995, the FASB issued Statement No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed"
which requires impairment losses to be recorded on long-lived assets used in
operations when indicators of impairment are present and the undiscounted cash
flows estimated to be generated by those assets are less than the assets'
carrying amount. Statement 121 also addresses the accounting for long-lived
assets that are expected to be disposed. The Company adopted Statement 121 in
the first quarter of fiscal 1997, the effect of which was not material
(unaudited) to the Company's financial position or operations.
4. Subsequent Events
On December 11, 1996, the Company sold 1,400,000 shares of common stock
at a price of $7 per share in an underwritten public offering ("the
Offering"). On December 30, 1996 and January 9, 1997, the Company sold a total
of 330,000 shares of common stock with the underwriter's exercise of an
over-allotment option. Net proceeds from the Offering totaled approximately
$10.7 million.
In connection with the Offering, the Chairman and Chief Executive Officer
of the Company sold shares of common stock and used $1.7 million of the
proceeds to pay his note to the Company which is reflected in the accompanying
balance sheet as note receivable from stockholder.
6
<PAGE>
ITEM 2. MANAGEMENTS'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
The Company is primarily engaged in the production, cleaning, grading,
packing and sale of fresh shell eggs and in the manufacture and sale of egg
products. The Company's fiscal year end is the Saturday closest to May 31.
The Company's operations are fully integrated. It owns facilities to
hatch chicks, grow pullets, manufacture feed, and produce, process,
manufacture and distribute shell eggs and egg products. The Company currently
is the largest producer and distributor of fresh shell eggs in the United
States. Shell eggs account for over 90% of the Company's net sales. The
Company primarily markets its shell eggs in the southwestern, southeastern,
mid-western and mid-Atlantic regions of the United States. Shell eggs are sold
directly by the Company primarily to national and regional supermarket chains.
Egg products are sold both on a direct basis and through egg product brokers
to institutional users, including manufacturers of baked goods, mayonnaise and
confections.
The Company currently uses contract producers for approximately 40% of
its total egg production. Contract producers operate under agreements with the
Company for the use of their facilities in the production of shell eggs by
layers owned by the Company, which owns the eggs produced. Also, some shell
eggs are purchased for resale by the Company from other, outside producers.
The Company's operating income or loss is significantly affected by
wholesale shell egg market prices, which can fluctuate widely and are outside
of the Company's control. Retail sales of shell eggs are greatest during the
fall and winter months and lowest during the summer months. Prices for shell
eggs fluctuate in response to seasonal factors and natural increase in egg
production during the spring and early summer.
The Company's cost of production is materially affected by feed costs,
which average about 60% of Cal-Maine's' total farm egg production cost.
Changes in feed costs result in changes in the Company's cost of goods sold.
The cost of feed ingredients is affected by a number of supply and demand
factors such as crop production and weather, and other factors, such as the
level of grain exports, over which the Company has little or no control.
RESULTS OF OPERATIONS
The following table sets forth, for the periods indicated, certain items
from the Company's Condensed Consolidated Statements of Income expressed as a
percentage of net sales.
<TABLE>
<CAPTION>
PERCENTAGE OF NET SALES
13 WEEKS ENDED 26 WEEKS ENDED
NOV. 30, 1996 DEC. 2, 1995 NOV. 30, 1996 DEC. 2, 1995
<S> <C> <C> <C> <C>
Net sales 100.0% 100.0% 100.0% 100.0%
Cost of sales 77.3 80.1 80.8 85.0
---- ---- ---- ----
Gross profit 22.7 19.9 19.2 15.0
Selling, general & admin. 9.0 10.2 9.9 10.9
---- ---- ---- ----
Operating income 13.7 9.7 9.3 4.1
Other income (expense) (1.3) (1.6) (1.3) (1.6)
---- ---- ---- ----
Income before taxes 12.4 8.1 8.0 2.5
Income tax provision 4.9 3.0 3.1 .9
---- ---- ---- ---
Net income 7.5% 5.1% 4.9% 1.6%
==== ==== ==== ===
</TABLE>
7
<PAGE>
NET SALES
Net sales for the second quarter of fiscal 1997 were $78.6 million,
exceeding the second quarter of fiscal 1996 by $6.6 million, or 9.2%. The
dollar increase in net sales is the result of an 11.6% increase in average
shell egg market prices. The Company's net average selling price per dozen for
the fiscal 1997 second quarter was $.772, compared to $.685 for the second
quarter of last year, an increase of 12.7%. Dozens sold for the fiscal 1997
quarter were 95.4 million, compared to 97.7 million for last year, a decrease
of 2%. This decrease in dozens sold is primarily attributable to the fact that
the Company purchased fewer eggs from outside sources during the fiscal 1997
quarter than during last year's comparable fiscal 1996 quarter.
Net sales for the twenty-six weeks ended November 30, 1996 were $144.2
million, an increase over last year of $16.0 million, or 12.5%. The dollar
increase resulted from a 13.6% increase in average shell egg market prices.
The Company's net average selling price per dozen for the fiscal 1997 period
is $.728 compared to $.622 last year, an increase of 17.0%. Dozens sold for
the 1997 period is 184.8 million, compared to 192.5 million for last year, a
decrease of 4.0%. As above, the decrease in dozens sold is primarily
attributable to decreased purchases from outside sources.
COST OF SALES
Total cost of sales for the second quarter ended November 30, 1996 was
$60.8 million, an increase of $3.1 million, or 5.4%, over a cost of sales of
$57.7 million for last year's second quarter. This increased dollar amount is
the result of an increase in feed cost per dozen eggs sold and an increased
cost of eggs purchased outside the Company. Feed cost per dozen for the second
quarter ended November 30, 1996, was $.287 as compared to the cost per dozen
of $.248 for the comparable fiscal 1996 period, an increase of 15.7%. Poor
crop conditions in the Mid-West resulted in higher cost of feed ingredients.
As mentioned above in the sales discussion, the number of outside eggs
purchased decreased for the fiscal 1997 quarter. This dollar decrease was
offset by the 11.6% increase in average shell egg market prices, which
increased the total cost of outside egg purchases. With increases in egg
prices exceeding increases in production/purchase costs, the gross profit
increased from 19.9% of net sales in the quarter ended December 2, 1995 to
22.7% of net sales for the current quarter ended November 30, 1996.
Total cost of sales for the twenty-six weeks ended November 30, 1996 was
$116.5 million, an increase of $7.5 million, or 6.8%, over the $109.0 million
total cost of goods sold for the comparable period ended December 2, 1995.
This increased dollar amount is the result of the increased cost of feed
ingredients as mentioned above. Feed cost per dozen for the fiscal 1997 period
was $.300 compared to $.236 per dozen for the comparable period ended December
2, 1995, an increase of $27.1%. As in the quarter ended November 30, 1996,
fewer eggs were purchased from outside sources, but at a higher price. Outside
egg purchases for the twenty-six week period ended November 30, 1996 were 31.4
million dozen, compared to 40.3 million dozen last year, a decrease of 22%.
For the fiscal 1997 26 week period, egg price increases have exceeded
increases in production/purchase costs. Gross profit increased from 15.0% of
net sales for the 26 week period ended December 2, 1995 to 19.2% for the 26
week period ended November 30, 1996.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expense for the second quarter ended
November 30, 1996 was $7.1 million, a decrease of $227,000, or 3.1%, as
compared to the $7.3 million for the comparable period last year. As a percent
of net sales, selling, general and administrative expenses have decreased from
10.2% for last year's second quarter to 9.0% for fiscal 1997 second quarter.
For the twenty-six weeks ended November 30, 1996, selling, general and
administrative expenses were $14.2 million, an increase of $344,000, or 2.5%,
over the $13.9 million for last year's comparable period. As a percent of net
sales, selling, general and administrative expenses have decreased from 10.9%
for the twenty-six week period ended December 2, 1995 to 9.9% for the current
year-to-date period.
9
<PAGE>
OPERATING INCOME
As the result of the above, operating income was $10.7 million for the 13
weeks ended November 30, 1996 as compared to $7.0 million for last year's
comparable period. As a percent of net sales, the fiscal 1997 quarter had a
13.7% operating profit, compared to 9.7% for last year.
For the twenty-six weeks ended November 30, 1996, operating income was
$13.5 million compared to $5.3 million for last year's comparable period. As a
percent of net sales, the fiscal 1997 26 week period has a 9.3% operating
profit, compared to 4.1% for last year.
OTHER INCOME (EXPENSE)
Net other expenses for the 13 weeks ended November 30, 1996 were $1.0
million compared to $1.2 million for last year's comparable period, a decrease
of 15.6%. The dollar decrease for the current quarter is primarily
attributable to a reduction in interest expense, due to lower borrowings
during the current period.
For the twenty-six weeks ended November 30, 1996, net other expenses were
$1.9 million, a reduction of $131,000 as compared to the comparable period
last year. For the fiscal 1997 26 week period, a reduction of $672,000 in
interest expense was offset by other income in last year's comparable quarter,
principally from insurance claim proceeds.
INCOME TAXES
As a result of above, the Company's pre-tax income was $9.8 million for
the quarter ended November 30, 1996, compared to pre-tax income of $5.8
million for last year's quarter. For the fiscal 1997 second quarter, an income
tax expense of $3.8 million was recorded with an effective rate of 39.2% as
compared to an income tax expense of $2.2 million with an effective rate of
37.2% for last year's comparable quarter.
The Company's pre-tax income for the twenty-six week period ended
November 30, 1996 was $11.6 million compared to $3.2 million pre-tax income
for the comparable period last year. For the 26 week period ended November 30,
1996, an income tax expense of $4.5 million was recorded with an effective
rate of 39.2% as compared to an income tax expense of $1.2 million with an
effective rate of 37.2% for last year's comparable period. The increase in the
effective income tax rate is primarily attributable to an increase in the
effective state income tax rate.
NET INCOME
Net income for the second quarter ended November 30, 1996 was $5.9
million or $.52 per share, compared to net income of $3.7 million or $.31 per
share for last year's comparable quarter.
For the twenty-six week period ended November 30, 1996, net income was
$7.0 million or $.61 per share, compared to last year's net income of $2.0
million, or $.17 per share for last year's comparable period.
9
<PAGE>
CAPITAL RESOURCES AND LIQUIDITY
The Company's working capital at November 30, 1996 was $31.1 million
compared to $26.7 million at June 1, 1996. The Company's need for working
capital generally is highest in the first and last fiscal quarters ending in
August and May, respectively, when egg prices are normally at seasonal lows.
Seasonal borrowing needs frequently are higher during these periods than
during other fiscal periods. The Company had an unused $35 million line of
credit with three banks at November 30, 1996. The Company's long-term debt at
that date, including current maturities and capitalized lease obligations,
amounted to $60.8 million.
Substantially all trade receivables and inventories collateralize the
Company's line of credit, and property, plant and equipment collateralize the
Company's long-term debt. The Company is required by certain provisions of
these loan agreements to (1) maintain minimum levels of working capital and
net worth; (2) limit dividends, capital expenditures, lease obligations and
additional long-term borrowings; and (3) maintain various current and
cash-flow coverage ratios, among other restrictions. The Company was in
compliance with these provisions at November 30, 1996.
For the twenty-six weeks ended November 30, 1996, $12.9 million in net
cash was provided by operating activities, primarily from net income and
depreciation. This compares to $4.1 million for the comparable period last
year. For the current fiscal year, $5.5 million was used for construction and
purchases of equipment. Additional long-term borrowings of $1.0 million were
used for construction and $3.6 million was used to repay long-term debt. The
net result of these current activities was an increase in cash and cash
equivalents of $5.1 million.
For the twenty-six weeks ended December 2, 1995, $4.1 million was used
for construction and purchases of equipment. Under financing activities during
this period, the Company borrowed $2.5 million under the line of credit and
$2.5 million in additional long-term debt. Repayment of long-term debt in the
amount of $2.6 million was made, resulting in net cash increase of $2.4
million provided by financing activities. For the period, cash and cash
equivalents were increased $2.0 million.
At November 30, 1996, the Company had expended approximately $3.2 million
in the construction of new shell egg production, processing and feed mill
facilities in Chase, Kansas. The Company is financing approximately $13.5
million of the estimated $16.0 million to complete the project through
industrial revenue bonds maturing in 2011. Borrowings under the industrial
revenue bond agreement totaled $1.0 million at November 30, 1996. In late
fiscal 1997, the Company plans to commence construction of new shell egg
production and processing facilities in Waelder, Texas. The estimated cost of
construction is approximately $13.9 million with financing plans of
approximately $10.4 million borrowing from an insurance company.
On December 11, 1996, the Company sold 1,400,000 shares of common stock
at a price of $7.00 per share in an underwritten public offering. On December
30, 1996 and January 9, 1997, the Company sold a total of 330,000 additional
shares of common stock in connection with the public offering upon the
exercise of an over-allotment option. The Company plans to use the estimated
$10.7 million net proceeds from the public offering to provide additional
funds for possible future acquisitions of shell egg operations and related
facilities, to increase working capital and for general corporate purposes.
Fred R. Adams, Jr., Chairman of the Board and Chief Executive Officer of the
Company, also sold shares of common stock in the public offering and used $1.7
million of the proceeds to pay the note receivable from stockholder.
10
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits
The following Part I exhibit is filed herewith:
EXHIBIT
NUMBER EXHIBIT
27 Financial data schedule
b. Reports on Form 8-K
No Current Report on Form 8-K was filed by the Company covering an event
during the second quarter of fiscal 1997. No amendments to Forms 8-K were
filed during the second quarter of fiscal 1997. The Company was not subject to
the reporting requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934 prior to December 11, 1996.
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.
CAL-MAINE FOODS, INC.
(Registrant)
Date: January 15, 1997 /s/ Bobby J. Raines
------------------------------
Bobby J. Raines
Vice President/Treasurer
(Principal Financial Officer)
Date: January 15, 1997 /s/ Charles F. Collins
------------------------------
Charles F. Collins
Vice President/Controller
(Principal Accounting Officer)
11
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
EXHIBIT 27
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CAL-MAINE
FOODS, INC.'S CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO INCLUDED IN
THE FORM 10-Q FOR THE QUARTER ENDED NOVEMBER 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> NOV-30-1996
<CASH> 9,033
<SECURITIES> 0
<RECEIVABLES> 20,014
<ALLOWANCES> 0
<INVENTORY> 42,919
<CURRENT-ASSETS> 72,520
<PP&E> 146,505
<DEPRECIATION> 62,848
<TOTAL-ASSETS> 162,491
<CURRENT-LIABILITIES> 41,398
<BONDS> 0
0
0
<COMMON> 170
<OTHER-SE> 54,712
<TOTAL-LIABILITY-AND-EQUITY> 162,491
<SALES> 144,192
<TOTAL-REVENUES> 144,192
<CGS> 116,495
<TOTAL-COSTS> 130,737
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,298
<INCOME-PRETAX> 11,556
<INCOME-TAX> 4,528
<INCOME-CONTINUING> 7,028
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,028
<EPS-PRIMARY> .61
<EPS-DILUTED> .61
</TABLE>
