<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(mark one)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934
For the quarterly period ended October 5, 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 1-4455
DOLE FOOD COMPANY, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
HAWAII 99-0035300
------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
31365 Oak Crest Drive
Westlake Village, California 91361
-----------------------------------------------------
(Address of principal executive offices and zip code)
(818) 879-6600
----------------------------------------------------
(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.
Class Shares Outstanding at November 8, 1996
- ----------------------- --------------------------------------
Common Stock, without 60,082,051
par value
<PAGE>
DOLE FOOD COMPANY, INC.
Index
Page
Number
------
Part I. Financial Information
Item 1. Financial Statements
Consolidated Statements of Income -- quarter and three
quarters ended October 5, 1996 and October 7, 1995. . . . . . . . 3-4
Consolidated Balance Sheets -- October 5, 1996 and
December 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . 5
Consolidated Statements of Cash Flow -- three quarters
ended October 5, 1996 and October 7, 1995 . . . . . . . . . . . . 6
Notes to Consolidated Financial Statements. . . . . . . . . . . . 7-8
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations . . . . . . . . . . 9-10
Part II. Other Information
Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . 11
Item 6. Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . 12-14
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
-2-
<PAGE>
PART I.
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DOLE FOOD COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in 000s, except per share amounts)
Quarter Ended
-----------------------------
October 5, October 7,
1996 1995
------------- --------------
Revenue $1,093,586 $1,048,594
Cost of products sold 937,625 899,838
---------- ----------
Gross margin 155,961 148,756
Selling, marketing and administrative
expenses 108,072 106,596
---------- ----------
Operating income 47,889 42,160
Interest expense (19,903) (20,834)
Interest income 2,997 2,333
Other income (expense) - net (2,917) (2,681)
---------- ----------
Income from continuing operations,
before income taxes 28,066 20,978
Income taxes (5,100) (6,700)
---------- ----------
Income from continuing operations 22,966 14,278
---------- ----------
Discontinued operations:
Loss from discontinued operations,
net of income taxes benefit of $70,952 - (102,104)
Distribution expenses, net of income taxes
benefit of $2,050 - (2,950)
---------- ----------
Loss from discontinued operations - (105,054)
---------- ----------
Net income (loss) $ 22,966 $ (90,776)
---------- ----------
---------- ----------
Earnings (loss) per common share:
Continuing operations $ 0.38 $ 0.24
Discontinued operations - (1.76)
---------- -----------
Net income (loss) per common share $ 0.38 $ (1.52)
---------- -----------
Average number of common shares outstanding 60,630 59,834
---------- -----------
---------- -----------
See Notes to Consolidated Financial Statements.
-3-
<PAGE>
DOLE FOOD COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in 000s, except per share amounts)
Three Quarters Ended
----------------------------
October 5, October 7,
1996 1995
---------- ----------
Revenue $2,949,215 $2,966,532
Cost of products sold 2,486,672 2,483,604
---------- ----------
Gross margin 462,543 482,928
Selling, marketing and administrative
expenses 276,310 309,808
---------- ----------
Operating income 186,233 173,120
Interest expense (53,287) (65,697)
Interest income 6,600 5,517
Other income (expense) - net 2,609 (6,651)
Net gain on assets sold or held for disposal - 61,655
---------- ----------
Income from continuing operations,
before income taxes 142,155 167,944
Income taxes (25,600) (53,400)
---------- ----------
Income from continuing operations 116,555 114,544
---------- ----------
Discontinued operations:
Loss from discontinued operations,
net of income taxes benefit of $69,552 - (100,087)
Distribution expenses, net of income taxes
benefit of $2,050 - (2,950)
---------- ----------
Loss from discontinued operations - (103,037)
---------- ----------
Net income $ 116,555 $ 11,507
---------- ----------
---------- ----------
Earnings (loss) per common share:
Continuing operations $ 1.93 $ 1.92
Discontinued operations - (1.73)
---------- ----------
Net income per common share $ 1.93 $ 0.19
---------- ----------
---------- ----------
Average number of common shares outstanding 60,472 59,741
---------- ----------
---------- ----------
See Notes to Consolidated Financial Statements.
-4-
<PAGE>
DOLE FOOD COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(in 000s)
October 5, December 30,
1996 1995
(Unaudited) (Audited)
----------- ------------
Current assets
Cash and short-term investments $ 31,057 $ 72,151
Receivables - net 467,790 462,303
Inventories
Finished products 186,498 179,390
Raw materials and work in progress 174,485 216,830
Growing crop costs 33,555 51,980
Packing materials 21,526 25,227
Operating supplies and other 97,363 86,233
---------- ----------
513,427 559,660
Prepaid expenses 44,251 43,087
---------- ----------
Total current assets 1,056,525 1,137,201
Investments 75,514 63,319
Property, plant and equipment - net 1,021,414 1,016,991
Long-term receivables - net 48,814 28,409
Other assets 184,131 196,272
---------- ----------
$2,386,398 $2,442,192
---------- ----------
---------- ----------
Current liabilities
Notes payable $ 13,319 $ 21,778
Current portion of long-term debt 1,567 1,779
Accounts payable and accrued liabilities 614,946 633,333
---------- ----------
Total current liabilities 629,832 656,890
Long-term debt 781,104 895,998
Other long-term liabilities 349,196 354,545
Minority interests 26,556 26,324
Common shareholders' equity
Common stock 320,819 320,497
Additional paid-in capital 179,617 170,266
Retained earnings 156,813 58,269
Cumulative foreign currency translation
adjustment (57,539) (40,597)
---------- ----------
Total common shareholders' equity 599,710 508,435
---------- ----------
$2,386,398 $2,442,192
---------- ----------
---------- ----------
See Notes to Consolidated Financial Statements.
-5-
<PAGE>
DOLE FOOD COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
(in 000s)
Three Quarters Ended
-----------------------------
October 5, October 7,
1996 1995
---------- -----------
Operating activities
Income from continuing operations $ 116,555 $ 114,544
Adjustments to continuing operations
Depreciation and amortization 84,883 87,348
Equity earnings, net of distributions (2,258) (1,551)
Net gain on assets sold or held for
disposal (3,383) (61,655)
Provision for deferred income taxes 13,727 6,800
Change in operating assets and
liabilities
Receivables - net (28,576) 59,687
Inventories 45,268 (308)
Prepaid expenses (1,208) (10,075)
Accounts payable and accrued liabilities (28,475) 67,396
Other (13,928) (46,472)
----------- -----------
Cash flow from operating activities
from continuing operations 182,605 215,714
Cash flow used in operating activities
from discontinued operations - (5,031)
----------- -----------
Cash flow from operating activities 182,605 210,683
Investing activities
Capital additions (71,004) (73,981)
Proceeds from sales of businesses and assets 23,731 383,799
Businesses acquired, net of acquired cash (39,178) (10,196)
Sales (purchases) of investments - net (6,789) (11,318)
Other - 4,384
----------- -----------
Cash flow (used in) from investing activities
of continuing operations (93,240) 292,688
Cash flow used in investing activities
of discontinued operations - (8,576)
----------- -----------
Cash flow (used in) from investing
activities (93,240) 284,112
Financing activities
Short-term debt repayments - net (7,243) (35,504)
Long-term debt repayments - net (114,878) (458,874)
Cash dividends paid (18,011) (17,875)
Issuance of common stock 9,673 4,330
----------- -----------
Cash flow used in financing activities
of continuing operations (130,459) (507,923)
Cash flow used in financing activities
of discontinued operations - (848)
----------- -----------
Cash flow used in financing activities (130,459) (508,771)
Decrease in cash and short-term
investments (41,094) (13,976)
Cash and short-term investments at beginning
of period 72,151 45,162
----------- -----------
Cash and short-term investments at end
of period $ 31,057 $ 31,186
----------- -----------
----------- -----------
See Notes to Consolidated Financial Statements.
-6-
<PAGE>
DOLE FOOD COMPANY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. In the opinion of management, the accompanying unaudited consolidated
financial statements of Dole Food Company, Inc. (the "Company") include all
adjustments necessary to present fairly its financial position as of
October 5, 1996, its results of operations for the quarter and three
quarters then ended, and cash flow for the three quarters then ended.
Interim results are subject to significant seasonal variations and
are not necessarily indicative of the results of operations for a
full year.
On December 28, 1995, the Company completed the separation of its real
estate and resorts business from its food business through a pro rata
distribution to its shareholders. In connection with the
distribution, 1995 operating results of the real estate and resorts
business have been presented as discontinued operations.
Certain prior year amounts have been reclassified to conform to the
1996 presentation.
2. The Company declared and paid cash dividends on its common stock of
approximately $18.0 million during the first three quarters of 1996.
During the first three quarters of 1995, the Company declared and paid
cash dividends on its common stock of approximately $17.9 million.
The cash dividends represent the regular quarterly dividend of 10
cents per share.
3. The Company paid interest of $53.9 million during the first three
quarters of 1996 and $87.8 million for the same period in 1995. The
Company received income tax refunds (net of income taxes paid) of $6.8
million for the first three quarters of 1996 and paid income taxes
(net of refunds) of $43.7 million for the first three quarters of
1995.
4. On May 19, 1995, the Company completed the sale of its worldwide juice
and juice beverage business, resulting in initial net proceeds of
approximately $233 million and a pretax gain of approximately $145
million. In addition, during the second quarter of 1995, the Company
began to implement its plans to sell certain of its agricultural
properties and other assets which have generated low returns. The
book value of the assets to be sold exceeded the estimated fair value
less costs to sell, resulting in an adjustment of $83.3 million. The
resulting net pretax gain of $61.7 million was recorded in the 1995
second quarter.
-7-
<PAGE>
DOLE FOOD COMPANY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(Unaudited)
5. During the third quarter of 1995, the Company elected to adopt Statement of
Financial Accounting Standards No. 121, "Accounting for the Impairment of
Long-Lived Assets and Long-Lived Assets to be Disposed of" ("SFAS 121"),
which requires an impaired property to be written down to fair value. The
Company reviewed certain of its real estate and resort properties to
determine whether expected future cash flows (undiscounted and without
interest charges) from each property would result in the recovery of the
carrying amount of such property. Certain adverse developments affecting
the Lana'i resort properties which occurred subsequent to the Company's
1994 year end caused management to substantially lower its estimates of
future cash flow and led to a determination that the Lana'i resort
properties were impaired. In accordance with SFAS 121, an impairment loss
of $103.8 million after tax was recorded as part of discontinued operations
in the accompanying 1995 statement of income.
-8-
<PAGE>
DOLE FOOD COMPANY, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
The Company's operating activities during the first three quarters of 1996
provided $183 million of cash, primarily due to operating results.
The Company had a net reduction in borrowings in the first three quarters of
1995 due to proceeds of approximately $133 million generated from the sale and
leaseback of certain vessels and proceeds of approximately $233 million from the
sale of the worldwide juice and juice beverage business.
As a result of the significant reduction in debt, the Company entered into a new
$600 million five-year revolving credit facility which replaced the previous $1
billion facility. At October 5, 1996, the Company had no borrowings outstanding
under the $600 million credit facility. The Company also borrows under
uncommitted lines of credit at rates offered from time to time by various banks
that may or may not be lenders under the $600 million credit facility. At
October 5, 1996, borrowings outstanding under uncommitted lines totaled
approximately $55 million.
During the first three quarters of 1996, the Company completed certain
acquisitions of and investments in various food operations located in Europe and
Latin America for a total cash purchase price of approximately $52 million.
Capital expenditures totaled approximately $71 million for the first three
quarters of 1996 compared to approximately $74 million for the first three
quarters of 1995. The 1996 expenditures were invested in various business
expansions and capital maintenance and replacement projects.
RESULTS OF OPERATIONS
Net income for the first three quarters of 1996 increased to $116.6 million or
$1.93 per share compared to net income from continuing operations of $81.6
million or $1.37 per share for the first three quarters of 1995, excluding the
net gain on assets sold or held for disposal. Net income for the third quarter
of 1996 increased to $23.0 million or 38 cents per share compared to net income
from continuing operations of $16.2 million or 27 cents per share for the third
quarter of 1995, excluding the income tax effect of the net gain on assets sold
or held for disposal.
Revenue for the first three quarters of 1996 totaled $2.95 billion, compared to
revenue from continuing operations of $2.85 billion for the same period in 1995,
excluding revenue of $122.0 million from the beverage and pistachio businesses
which were sold in 1995. Third quarter 1996 revenue increased to $1.09 billion
compared to revenue from continuing operations of $1.05 billion for the third
quarter of 1995, excluding revenue of $2.7 million from the beverage and
pistachio businesses. The growth in revenue is primarily attributable to volume
increases in the banana and value added, pre-cut salad operations, and business
acquisitions and joint ventures.
-9-
<PAGE>
DOLE FOOD COMPANY, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS (CONTINUED)
Selling, marketing and administrative expenses decreased $33.5 million to $276.3
million or 9% of revenue for the first three quarters of 1996, compared to 10%
of revenue for the first three quarters of 1995. The decrease in expenses was
primarily due to the sale of the beverage business. Selling, marketing and
administrative expenses were $108.1 million or 10% of revenue for the third
quarter of 1996 compared to 10% of revenue for the third quarter of 1995.
Operating income increased to $186.2 million for the first three quarters of
1996 compared to operating income from continuing operations of $173.1 million
for the first three quarters of 1995. For the third quarter of 1996, operating
income increased to $47.9 million compared to operating income from continuing
operations of $42.2 million for the same quarter of 1995. Higher earnings for
the first three quarters and third quarter of 1996 were primarily related to
improved performance in the fresh and processed pineapple and value added, pre-
cut salad businesses. Offsetting the higher results were weaknesses in the
North American and European banana markets caused by industry-wide supply
increases resulting from more favorable growing conditions. Overall results
were also adversely impacted by the weaker yen during the first three quarters
of 1996 compared to the first three quarters of 1995. Additionally, in 1995 the
fresh vegetable business posted higher earnings due to temporary market
conditions resulting from the March 1995 California floods.
Interest expense, net of interest income, decreased to $46.7 million for the
first three quarters of 1996 from $60.2 million for the first three quarters of
1995 primarily as a result of lower average debt levels.
Other income of $2.6 million for the first three quarters of 1996 was primarily
from a gain on the sale of certain investments, and earnings from joint
ventures.
The Company's effective tax rate decreased to 18% for the first three quarters
of 1996 from 23% for continuing operations for the first three quarters of 1995,
excluding the impact of the net gain on assets sold or held for disposal,
primarily as a result of the 1995 real estate and resorts business distribution
which caused a change in the mix of the Company's foreign and domestic earnings.
-10-
<PAGE>
PART II. OTHER INFORMATION
DOLE FOOD COMPANY, INC.
ITEM 1. Legal Proceedings
In the Company's Form 10-Q for the quarter ended June 15, 1996, the Company
described certain lawsuits that had been filed in Texas against some of the
manufacturers of a formerly widely used agricultural chemical called DBCP, the
Company and several of its competitors. In these lawsuits, a large number of
foreign nationals allege personal injuries caused by contact with DBCP. The
plaintiffs claim that during the 1960's and 1970's they were employees of
Company subsidiaries, competitors and independent local growers. In October
1995, four of the six cases pending in Texas state courts were dismissed by the
Texas federal court on the grounds that the plaintiffs' home countries are the
more appropriate forums for the claims. This dismissal involved approximately
75% of the Texas plaintiffs, many of whom then filed claims in their home
countries. Some of these foreign cases have been dismissed, and plaintiffs have
moved to reinstate their claims in federal court in Texas. The remaining two
cases pending in Texas federal court were remanded to Texas state courts. In
March 1996, one of these remaining cases was removed to federal court, and in
June 1996, the court denied a motion to have the case remanded back to state
court. Similar DBCP actions were filed in Louisiana state court in June 1995 by
plaintiffs from some of the same foreign countries. The Louisiana cases were
removed to federal court but were remanded to state court in September, 1996.
Plaintiffs recently dismissed one of these cases. In May 1996, additional DBCP
actions were filed in Mississippi state court. These cases have been removed to
federal court. As to all such matters, the Company has denied liability and
asserted substantial defenses. In the opinion of management, after consultation
with outside counsel, the pending lawsuits are not expected to have a material
adverse effect on the Company's financial position or results of operations.
The Company is involved from time to time in other various claims and legal
actions incident to its operations, both as plaintiff and defendant. In the
opinion of management, after consultation with outside counsel, none of the
claims or actions to which the Company is a party is expected to have a material
adverse effect on the Company's financial position or results of operations.
-11-
<PAGE>
PART II. OTHER INFORMATION
DOLE FOOD COMPANY, INC.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
Exhibit Page
No. Number
------- ------
11 Computations of earnings per common share 13-14
27 Financial data schedule
(b) No reports on Form 8-K were filed for the quarter
ended October 5, 1996.
-12-
<PAGE>
EXHIBIT 11
DOLE FOOD COMPANY, INC.
Computations of Earnings per Common Share
(Unaudited)
(in 000s, except per share amounts)
Quarter Ended
-------------------------
October 5, October 7,
1996 1995
---------- ----------
PRIMARY
Income from continuing operations
applicable to common shares $ 22,966 $ 14,278
Loss from discontinued operations
applicable to common shares - (105,054)
---------- ----------
Net income (loss) applicable to common
shares $ 22,966 $ (90,776)
---------- ----------
---------- ----------
Average number of common shares outstanding
during the period 60,108 59,764
Add:
Shares issuable upon exercise of stock
options at average prices during the
period 522 70
---------- ----------
Total primary shares 60,630 59,834
---------- ----------
---------- ----------
Primary earnings (loss) per common share:
Continuing operations $ 0.38 $ 0.24
Discontinued operations - (1.76)
---------- ----------
Net income(loss) $ 0.38 $ (1.52)
---------- ----------
---------- ----------
FULLY DILUTED
Income from continuing operations
applicable to common shares $ 22,966 $ 14,278
Loss from discontinued operations
applicable to common shares - (105,054)
---------- ----------
Net income (loss) applicable to common shares $ 22,966 $ (90,776)
---------- ----------
---------- ----------
Average number of common shares outstanding
during the period 60,108 59,764
Add:
Shares issuable upon exercise of stock
options at higher of average prices
or end of period prices 522 234
---------- ----------
Total fully diluted shares 60,630 59,998
---------- ----------
---------- ----------
Fully diluted earnings (loss) per common share
Continuing operations $ 0.38 $ 0.24
Discontinued operations - (1.76)
---------- ----------
Net income (loss) $ 0.38 $ (1.52)
---------- ----------
---------- ----------
-13-
<PAGE>
EXHIBIT 11
(Continued)
DOLE FOOD COMPANY, INC.
Computations of Earnings per Common Share
(Unaudited)
(in 000s, except per share amounts)
Three Quarters Ended
-------------------------
October 5, October 7,
1996 1995
---------- ----------
PRIMARY
Income from continuing operations
applicable to common shares $ 116,555 $ 114,544
Loss from discontinued operations
applicable to common shares - (103,037)
---------- ----------
Net income applicable to common shares $ 116,555 11,507
---------- ----------
---------- ----------
Average number of common shares outstanding
during the period 60,017 59,594
Add:
Shares issuable upon exercise of stock
options at average prices during the
period 455 147
---------- ----------
Total primary shares 60,472 59,741
---------- ----------
---------- ----------
Primary earnings (loss) per common share:
Continuing operations $ 1.93 $ 1.92
Discontinued operations - (1.73)
---------- ----------
Net income $ 1.93 $ 0.19
---------- ----------
---------- ----------
FULLY DILUTED
Income from continuing operations
applicable to common shares $ 116,555 $ 114,544
Loss from discontinued operations
applicable to common shares - (103,037)
---------- ----------
Net income applicable to common shares $ 116,555 $ 11,507
---------- ----------
---------- ----------
Average number of common shares outstanding
during the period 60,017 59,594
Add:
Shares issuable upon exercise of stock
options at higher of average prices
or end of period prices 455 234
---------- ----------
Total fully diluted shares 60,472 59,828
---------- ----------
---------- ----------
Fully diluted earnings (loss) per common share
Continuing operations $ 1.93 $ 1.92
Discontinued operations - (1.73)
---------- ----------
Net income $ 1.93 $ 0.19
---------- ----------
---------- ----------
-14-
<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.
DOLE FOOD COMPANY, INC.
Registrant
November 18, 1996 By /s/ PATRICIA A. MCKAY
---------------------------
Patricia A. McKay
Vice President - Finance
and Controller
-15-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> DEC-28-1996<F1>
<PERIOD-START> DEC-31-1995
<PERIOD-END> OCT-05-1996
<CASH> 31,057
<SECURITIES> 0
<RECEIVABLES> 371,094<F2>
<ALLOWANCES> 45,753<F3>
<INVENTORY> 513,427
<CURRENT-ASSETS> 1,056,525
<PP&E> 1,622,223
<DEPRECIATION> 600,809
<TOTAL-ASSETS> 2,386,398
<CURRENT-LIABILITIES> 629,832
<BONDS> 781,104
0
0
<COMMON> 320,819
<OTHER-SE> 278,891
<TOTAL-LIABILITY-AND-EQUITY> 2,386,398
<SALES> 2,949,215
<TOTAL-REVENUES> 2,949,215
<CGS> 2,486,672
<TOTAL-COSTS> 2,486,672
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 53,287
<INCOME-PRETAX> 142,155
<INCOME-TAX> 25,600
<INCOME-CONTINUING> 116,555
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 116,555
<EPS-PRIMARY> 1.93
<EPS-DILUTED> 1.93
<FN>
<F1>The Company's fiscal year ends on the Saturday closest to December 31.
Fiscal year 1996 consists of 52 weeks and ends on December 28, 1996.
All quarters in 1996 have 12 weeks, except the third quarter of 1996 which
has 16 weeks.
<F2>Includes trade receivables only.
<F3>Includes amounts related to trade receivables and current notes receivable.
</FN>
</TABLE>
