SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the Quarter Ended Commission File No.
January 31, 1997 0-10146
- --------------------- --------------------
ABRAMS INDUSTRIES, INC.
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Georgia 58-0522129
- -------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
5775-A Glenridge Drive, N.E., Suite 202, Atlanta, Georgia 30328
- ------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(404) 256-9785
----------------------------------------------------
(Registrant's telephone number, including area code)
N/A
--------------------------------------------------------------
(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 and 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
--- ---
The number of shares of $1.00 par value Common Stock of the
Registrant outstanding as of February 15, 1997 was 2,970,856.<PAGE>
<PAGE>
PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
- -----------------------------
<TABLE>
<CAPTION>
ABRAMS INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
January 31, 1997 April 30, 1996
---------------- --------------
ASSETS
- ------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 8,519,874 $ 5,452,453
Receivables (note 2) 16,556,633 16,132,372
Less: Allowance for doubtful accounts (55,540) (57,541)
Inventories, net (note 3) 1,887,857 1,676,541
Costs and earnings in excess of billings 2,624,628 2,858,389
Deferred income taxes 999,100 999,100
Property under contract for sale (note 4) 3,058,534 -
Other 907,913 862,384
------------ ------------
Total current assets 34,498,999 27,923,698
------------ ------------
INCOME-PRODUCING PROPERTIES, net 50,538,380 50,661,940
PROPERTY, PLANT AND EQUIPMENT, net 3,597,989 3,831,902
LAND HELD FOR SALE (note 5) 4,527,495 4,980,903
OTHER ASSETS
Notes receivable 548,146 624,017
Cash surrender value of life insurance on officers, net 966,482 947,134
Deferred loan costs, net 780,913 914,153
Other 1,850,685 1,229,443
------------ ------------
$ 97,309,089 $ 91,113,190
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
CURRENT LIABILITIES
Trade and subcontractors payables $ 11,267,433 $ 11,246,736
Billings in excess of costs and earnings 1,853,954 781,818
Accrued expenses 3,990,785 3,991,790
Deferred income 1,308,000 -
Current maturities of long-term debt (note 4) 11,051,910 1,485,657
------------ ------------
Total current liabilities 29,472,082 17,506,001
------------ ------------
DEFERRED INCOME TAXES 1,713,014 1,713,014
OTHER LIABILITIES 4,476,083 539,263
MORTGAGE NOTES AND BONDS PAYABLE, less current maturities 30,529,624 39,102,270
OTHER LONG-TERM DEBT, less current maturities 10,843,342 12,100,266
------------ ------------
Total liabilities 77,034,145 70,960,814
------------ ------------
SHAREHOLDERS' EQUITY
Common stock, $1 par value; authorized 5,000,000 shares;
3,010,039 issued and 2,970,856 outstanding in 1997 and 1996 3,010,039 3,010,039
Additional paid-in capital 2,012,190 2,012,190
Retained earnings 15,412,016 15,289,448
------------ ------------
20,434,245 20,311,677
Less cost of treasury stock (159,301) (159,301)
------------ ------------
Total shareholders' equity 20,274,944 20,152,376
------------ ------------
$ 97,309,089 $ 91,113,190
============ ============
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
ABRAMS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
THIRD QUARTER ENDED NINE MONTHS ENDED
JANUARY 31, JANUARY 31,
---------------------------- -----------------------------
1997 1996 1997 1996
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
REVENUES
Construction $26,228,828 $27,126,825 $72,414,932 $ 82,522,343
Manufacturing 3,713,042 3,137,383 10,339,682 12,004,808
Real estate 3,719,741 2,938,252 9,624,459 8,434,720
----------- ----------- ----------- -----------
33,661,611 33,202,460 92,379,073 102,961,871
Less: Intersegment eliminations (268) (438,524) (345,048) (512,351)
----------- ----------- ----------- -----------
33,661,343 32,763,936 92,034,025 102,449,520
Interest 105,739 119,218 325,366 369,103
Other 12,556 22,300 44,537 47,013
----------- ----------- ----------- -----------
33,779,638 32,905,454 92,403,928 102,865,636
COSTS AND EXPENSES
Applicable to REVENUES--
Construction 24,440,844 25,706,882 68,091,269 78,725,732
Manufacturing 2,569,158 2,635,554 7,066,526 9,517,678
Real estate, exclusive of interest 2,177,723 1,676,473 5,638,656 4,695,702
----------- ----------- ----------- -----------
29,187,725 30,018,909 80,796,451 92,939,112
Less: Intersegment eliminations (3,453) (434,236) (342,598) (507,400)
----------- ----------- ----------- -----------
29,184,272 29,584,673 80,453,853 92,431,712
----------- ----------- ----------- -----------
Selling, shipping, general and administrative
Construction 1,014,017 816,933 2,203,156 1,978,008
Manufacturing 1,011,280 805,777 2,759,127 2,707,530
Real estate 566,079 450,907 1,327,808 1,249,174
Parent 594,170 606,569 1,671,491 1,698,727
----------- ----------- ----------- -----------
3,185,546 2,680,186 7,961,582 7,633,439
----------- ----------- ----------- -----------
Interest costs incurred, less interest capitalized 1,198,416 1,166,643 3,551,401 3,588,959
----------- ----------- ----------- -----------
33,568,234 33,431,502 91,966,836 103,654,110
----------- ----------- ----------- -----------
EARNINGS (LOSS) BEFORE INCOME TAXES 211,404 (526,048) 437,092 (788,474)
INCOME TAX EXPENSE (BENEFIT) 80,000 (192,000) 166,000 (287,000)
----------- ----------- ----------- -----------
NET EARNINGS (LOSS) $ 131,404 $ (334,048) $ 271,092 $ (501,474)
=========== =========== =========== =============
NET EARNINGS (LOSS) PER SHARE $ .04 $ (.11) $ .09 $ (.17)
=========== =========== =========== =============
DIVIDENDS PER SHARE $ .02 $ .03 $ .05 $ .09
=========== =========== =========== =============
WEIGHTED AVERAGE SHARES
OUTSTANDING 2,970,856 2,970,856 2,970,856 2,979,265
=========== =========== =========== =============
</TABLE>
See accompanying notes to consolidated financial statements.
2
<PAGE>
<PAGE>
ABRAMS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
NINE MONTHS ENDED JANUARY 31,
-----------------------------
1997 1996
---------- -----------
<S> <C> <C>
Cash flows from operating activities
Net earnings (loss) $ 271,092 $ (501,474)
Adjustments to reconcile net earnings (loss) to net cash
provided by (used in) operating activities
Depreciation and amortization 2,521,214 2,450,707
Gain on sale of real estate (76,865) -
Decrease (increase) in assets
Receivables (426,262) (4,410,152)
Inventories (211,316) 668,685
Costs and earnings in excess of billings 233,761 (4,416,024)
Other current assets (45,529) (527,445)
Other assets (691,937) 164,608
Increase (decrease) in liabilities
Accounts payable 20,697 4,851,078
Billings in excess of costs and earnings 1,072,136 1,486,499
Accrued expenses (1,005) (580,138)
Deferred income 1,308,000 -
Other liabilities 234,781 53,261
---------- -----------
Net cash provided by (used in) operating activities 4,208,767 (760,395)
---------- -----------
Cash flows from investing activities
Proceeds from sale of real estate 766,000 -
Additions to properties, property, plant and
equipment, net (1,490,255) (1,804,010)
---------- -----------
Net cash used in investing activities (724,255) (1,804,010)
---------- -----------
Cash flows from financing activities
Debt proceeds 862,937 6,597,951
Debt repayments (1,126,254) (7,222,209)
Additions to deferred loan costs (5,250) (2,028)
Cash dividends (148,524) (268,036)
Repurchases of common stock - (102,868)
---------- -----------
Net cash used in financing activities (417,091) (997,190)
---------- -----------
Net increase (decrease) in cash and cash equivalents 3,067,421 (3,561,595)
Cash and cash equivalents at beginning of period 5,452,453 8,270,703
---------- -----------
Cash and cash equivalents at end of period $8,519,874 $ 4,709,108
========== ===========
Supplemental schedule of cash flow information
Interest paid, net of amounts capitalized $3,666,894 $ 3,768,619
========== ===========
Income taxes paid, net of refunds $ 478,454 $ 223,050
========== ===========
Supplemental schedule of non-cash investing activities
Accrual of construction allowance payable $3,702,039 $ -
========== ===========
</TABLE>
See accompanying notes to consolidated financial statements.
3<PAGE>
ABRAMS INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JANUARY 31, 1997 AND APRIL 30, 1996
(UNAUDITED)
NOTE 1. UNAUDITED STATEMENTS
- -----------------------------
The accompanying unaudited consolidated financial statements have been
prepared by the Company in accordance with generally accepted accounting
principles, pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and footnote disclosures
normally included in financial statements have been condensed or omitted
pursuant to such rules and regulations, although management believes
that the disclosures are adequate to make the information presented not
misleading. In the opinion of management, the accompanying financial
statements contain all adjustments, which consist solely of normal
recurring accruals, necessary for a fair statement of the results for the
interim periods presented. These financial statements should be read in
conjunction with the consolidated financial statements and the notes
thereto included in the Company's Annual Report to Shareholders for the
year ended April 30, 1996. Results of operations for interim periods are
not necessarily indicative of annual results.
NOTE 2. RECEIVABLES
- --------------------
All contract and trade receivables are expected to be collected
within one year.
NOTE 3. INVENTORIES
- --------------------
The classes of inventory are as follows:
[CAPTION]
<TABLE>
January 31, 1997 April 30, 1996
---------------- --------------
<S> <C> <C>
Finished goods $1,096,369 $1,355,296
Work in process 46,080 73,029
Raw materials 745,408 248,216
---------- ----------
$1,887,857 $1,676,541
========== ==========
</TABLE>
NOTE 4. PROPERTY UNDER CONTRACT FOR SALE
- ----------------------------------------
The Company has contracted to sell three Company-owned Kmarts in
Shawnee, Oklahoma; Warner Robins, Georgia and Niles, Michigan. The
contract amount for the Shawnee, Oklahoma store is $225,000 plus
assumption by purchaser of the mortgage which had a balance of $2,783,875
at January 31, 1997. The contract amount for the Warner Robins, Georgia
store is $225,000 plus assumption by purchaser of the mortgage which had
a balance of $2,534,359 at January 31, 1997. The contract amount for the
Niles, Michigan store and an adjacent 2.9 acre parcel of land is $275,000
plus assumption by purchaser of the mortgage which had a balance of
$2,456,150 at January 31, 1997. The contracts are required to close on
or before July 31, 1997. As of November 1996, the Company stopped
depreciating these properties. The mortgage balances are included in
Current maturities of long-term debt.
<PAGE>
NOTE 5. LAND HELD FOR SALE
- ---------------------------
Land held for sale is carried at the lower of cost or fair value less
cost to sell. Land held for sale includes all direct costs of land and
land development, including interest, and other carrying costs incurred
during the development period, less amounts charged to cost of sales.
Land and land development costs are allocated to individual lots sold
based on relative sales values or other value methods as appropriate
under the circumstances.
NOTE 6. RECLASSIFICATIONS
- --------------------------
Certain reclassifications have been made to the fiscal 1996
consolidated financial statements to conform with classifications adopted
in fiscal 1997.
4<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
- ------------------------------------------------------------------------
RESULTS OF OPERATIONS.
- ----------------------
Changes in CONSOLIDATED BALANCE SHEETS between April 30, 1996, and
- ------------------------------------------------------------------
January 31, 1997.
- ----------------
Accounts receivable increased by $426,262 and Billings in excess of
costs and earnings increased by $1,072,136 because of the timing of the
submission and payment of invoices for construction work performed.
Property under contract for sale increased $3,058,534. See Note 4 to the
financial statements. Deferred income of $1,308,000 is an advance
payment by a customer of the Manufacturing Segment. Current maturities
of long-term debt increased by $9,566,253 because of the reclassification
from long-term to short-term of (1) a construction mortgage loan due
December, 1997; and (2) the mortgage notes for the properties under
contract to be sold. The mortgage notes related to the properties under
contract to be sold will be assumed by the purchaser. Mortgage notes and
bonds payable decreased by $8,572,646 and Other long-term debt decreased
by $1,256,924 primarily because of these aforementioned reclassifications.
Other liabilities increased by $3,936,820 primarily because of the accrual
of a construction allowance payable to AMC Cinema for a 16 screen theater
which is owned by the Company and leased to AMC. The construction allowance
was paid on February 3, 1997, with borrowed funds.
Results of operations of third quarter and first nine months of fiscal
- ----------------------------------------------------------------------
1997 compared to third quarter and first nine months of fiscal 1996.
- --------------------------------------------------------------------
REVENUES
Interest income for the third quarter and first nine months 1997 was
lower than the third quarter and first nine months 1996 because of a
decline in the yield on invested funds and the Company's increased
requirements to use internally generated funds for working capital.
The figures in Chart A are before Intersegment eliminations and do not
include Interest income or Other income.
<TABLE>
<CAPTION>
CHART A
REVENUE SUMMARY BY SEGMENT
(In Thousands, Except Percentages)
Third Quarter Ended Nine Months Ended
January 31, Amount Percent January 31, Amount Percent
-------------------- -----------------
Increase Increase Increase Increase
1997 1996 (Decrease) (Decrease) 1997 1996 (Decrease) (Decrease)
------- ------- ---------- ---------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Construction <F1> $26,229 $27,127 ($898) (3) $72,415 $82,522 ($10,107) (12)
Manufacturing <F2> 3,713 3,137 576 18 10,340 12,005 (1,665) (14)
Real Estate <F3> 3,720 2,938 782 27 9,624 8,435 1,189 14
------- ------- ------- -- ------- ------- -------- ---
$33,662 $33,202 $460 1 $92,379 $102,962 ($10,583) (10)
NOTES TO CHART A
<FN>
<F1> REVENUES for the third quarter and first nine months 1997 were lower
than those of the third quarter and first nine months 1996 primarily
because of decreased sales to one of the Company's customers.
<F2> REVENUES for the third quarter 1997 were higher than those of the
third quarter 1996 because of sales to a new customer. REVENUES for the
first nine months 1997 were lower than those of the first nine months
1996 because of the Companys "re-engineering" efforts which emphasized a
reduction in volume until the costs of production were more efficiently
controlled.
<F3> REVENUES for the third quarter 1997 were higher than those of the
third quarter 1996 because of increased rental income -- $271,000; and a
land sale -- $510,000. REVENUES for the first nine months 1997 were
higher than those of the first nine months 1996 because of increased
rental income -- $504,000; and two land sales -- $766,000. These
increases were offset by decreased development fees -- $80,000. There
was no land sale during the third quarter and first nine months 1996.
</FN>
</TABLE>
6<PAGE>
The following table shows the backlog of contracts and orders by
segment:
January 31,
---------------------------------
1997 1996
----------- -----------
Construction $37,166,000 $33,210,000
Manufacturing 10,397,000 5,216,000
Real Estate 18,951,000 10,765,000
----------- -----------
Total Backlog $66,514,000 $49,191,000
=========== ===========
COSTS AND EXPENSES: Applicable to REVENUES
As a percentage of Segment REVENUES (See Chart A) for the third quarter
and first nine months 1997 and 1996, the applicable COSTS AND EXPENSES
(See Chart B) were 87% and 90%, respectively. The figures in Chart B are
prior to Intersegment eliminations.
<TABLE>
<CAPTION>
CHART B
COSTS AND EXPENSES APPLICABLE TO REVENUES SUMMARY BY SEGMENT
(In Thousands, Except Percentages)
Percent of Segment Revenues Percent of Segment Revenues
Third Quarter Ended For Third Quarter Ended Nine Months Ended For Nine Months Ended
January 31, January 31, January 31, January 31,
----------------------------------------------------------------------------------------------------
1997 1996 1997 1996 1997 1996 1997 1996
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Construction <F1> $24,441 $25,707 93 95 $68,091 $78,726 94 95
Manufacturing <F2> 2,569 2,636 69 84 7,066 9,517 68 79
Real Estate <F3> 2,178 1,676 59 57 5,639 4,696 59 56
------- ------- -- -- ------- ------- -- --
$29,188 $30,019 87 90 $80,796 $92,939 87 90
NOTES TO CHART B
<FN>
<F1> The decrease in the percentage of COSTS AND EXPENSES Applicable to
REVENUES for the third quarter and first nine months 1997 compared to the
third quarter and first nine months 1996 is attributable to the
elimination of some low gross profit margin customers.
<F2> The decrease in the dollar amount and percentage of COSTS AND EXPENSES
Applicable to REVENUES for the third quarter and first nine months 1997
compared to the third quarter and first nine months 1996 is attributable
to "re-engineering" efforts which are emphasizing control of costs.
<F3> The increase in both the dollar amount and percentage of COSTS AND
EXPENSES Applicable to REVENUES for the third quarter 1997 compared to
the third quarter 1996 is attributable to a land sale. The increase in
both the dollar amount (approximately $943,000) and percentage of COSTS
AND EXPENSES Applicable to REVENUES for the first nine months 1997
6
<PAGE>
compared to the first nine months 1996 is attributable to the cost of
land sold -- $689,000 and shopping center operating expenses -- $215,000.
</FN>
</TABLE>
SELLING, SHIPPING, GENERAL AND ADMINISTRATIVE EXPENSES
For the third quarter 1997 and for the third quarter 1996, Selling,
shipping, general and administrative expenses were $3,185,546 and
$2,680,186, respectively. As a percentage of Consolidated REVENUES,
these expenses were 9% and 8%, respectively. For the first nine months
1997 and for the first nine months 1996, Selling, shipping, general and
administrative expenses were $7,961,582 and $7,633,439, respectively. As
a percentage of Consolidated REVENUES these expenses were 9% and 7%,
respectively. In reviewing Chart C, the reader should recognize that the
volume of revenues generally will affect the amounts and percentages.
The percentages in Chart C are based upon expenses as they relate to
Segment REVENUES (Chart A) prior to Intersegment eliminations, except
that Parent and Total expenses relate to Consolidated REVENUES.
<TABLE>
<CAPTION>
CHART C
SELLING, SHIPPING, GENERAL AND ADMINISTRATIVE EXPENSES BY SEGMENT
(In Thousands, Except Percentages)
Percent of Segment Revenues Percent of Segment Revenues
Third Quarter Ended For Third Quarter Ended Nine Months Ended For Nine Months Ended
January 31, January 31, January 31, January 31,
------------------------------------------------------------------------------------------------------
1997 1996 1997 1996 1997 1996 1997 1996
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Construction <F1> $1,014 $ 817 4 3 $2,203 $1,978 3 2
Manufacturing <F2> 1,012 806 27 26 2,759 2,707 27 23
Real Estate <F3> 566 451 15 15 1,328 1,249 14 15
Parent 594 606 2 2 1,672 1,699 2 2
-----------------------------------------------------------------------------------------------
$3,186 $2,680 9 8 $7,962 $7,633 9 7
NOTES TO CHART C
----------------
<FN>
<F1> On a dollar basis, Selling, shipping, general and administrative
expenses were higher for the third quarter and first nine months 1997
compared to the third quarter and first nine months 1996 because of
increased incentive compensation expenses -- $173,000 and personnel costs
- -- $129,000. These increases were somewhat offset by decreased insurance
costs -- $106,000.
<F2> On a dollar and percentage basis, Selling, shipping, general and
administrative expenses were higher for the third quarter 1997 compared
to the third quarter 1996 because of increased: (a) accounts receivable
reserve -- $117,000; (b) trade show costs -- $59,000; and (c) incentive
compensation expenses -- $52,000.
<F3> On a dollar basis, Selling, shipping, general and administrative
expenses were higher for the third quarter 1997 compared to the third
quarter 1996 because of increased: (a) personnel costs -- $32,000; (b)
charitable contributions -- $25,000; and (c) incentive compensation
expenses -- $22,000. On a dollar basis, Selling, shipping, general and
administrative expenses were higher for the nine months 1997 compared to
the nine months 1996 because of increased consulting fee expenses --
$41,000 and incentive compensation expenses -- $29,000.
</FN>
</TABLE>
Interest rate swap agreement.
- -----------------------------
The Company entered into an interest rate swap agreement with
SunTrust Bank, Atlanta, effective January 4, 1994, which terminates July 1,
1997. The notional amount reduces monthly from approximately $9.6
million at January 31,1997, to $9.5 million prior to expiration of the
agreement. The agreement effectively caps and sets a floor interest rate
7<PAGE>
of 8% and 6%, respectively, on a construction loan which had an
outstanding balance of $10,542,504 at January 31, 1997, and carries a
floating interest rate of prime plus 3/8%. The Company expects the
counterparty to the agreement to abide by the terms of the agreement. A
determination is made each reporting period whether amounts are
receivable from or payable to the counterparty under the agreement and
such accrual is made in the Company's financial statements.
Liquidity and capital resources.
- --------------------------------
Between April 30, 1996, and January 31, 1997, working capital decreased
by $5,390,780, because of the reclassification from long-term to short-
term of (1) a construction mortgage loan which becomes due in December
1997; and (2) the mortgage notes for the properties that are currently
under contract to be sold. These mortgage notes will be assumed by the
purchaser. Operating activities provided cash of $4,208,767. Investing
activities used cash of $724,255 primarily for the completion of the new
shops at the Merchants Crossing Shopping Center in N. Ft. Myers, Florida
and the renovation and expansion of the Merchants Crossing Shopping
Center in Jackson, Michigan. Financing activities used cash of $417,091
primarily to repay loans on the Company's mortgaged real estate. At
January 31, 1997, the Company and its subsidiaries had available
unsecured committed lines of credit totaling $9,000,000, against which
none was outstanding.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit 27 - Financial Data Schedule (for SEC use only)
(b) The Registrant has not filed any reports on form 8-K during the
quarter ended January 31, 1997.
8<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.
ABRAMS INDUSTRIES, INC.
-----------------------
(Registrant)
Date: March 5, 1997 /s/ Joseph H. Rubin
------------- ------------------------
Joseph H. Rubin
President
9
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000001923
<NAME> ABRAMS INDUSTRIES, INC.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> MAY-01-1996
<PERIOD-END> JAN-31-1997
<CASH> 8,519,874
<SECURITIES> 0
<RECEIVABLES> 16,556,633
<ALLOWANCES> 55,540
<INVENTORY> 1,887,857
<CURRENT-ASSETS> 34,498,999
<PP&E> 80,383,709
<DEPRECIATION> 26,247,340
<TOTAL-ASSETS> 97,309,089
<CURRENT-LIABILITIES> 29,472,082
<BONDS> 41,372,966
0
0
<COMMON> 3,010,039
<OTHER-SE> 17,264,905
<TOTAL-LIABILITY-AND-EQUITY> 97,309,089
<SALES> 92,034,025
<TOTAL-REVENUES> 92,403,928
<CGS> 80,453,853
<TOTAL-COSTS> 80,453,853
<OTHER-EXPENSES> 7,963,583
<LOSS-PROVISION> (2,001)
<INTEREST-EXPENSE> 3,551,401
<INCOME-PRETAX> 437,092
<INCOME-TAX> 166,000
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 271,092
<EPS-PRIMARY> .09
<EPS-DILUTED> .09
</TABLE>
