<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended March 31, 1997 Commission File Number 0-1227
-----------------
CHICAGO RIVET & MACHINE CO.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
ILLINOIS 36-0904920
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
P. O. Box 3061
90l Frontenac Road
Naperville, Illinois 60566
- - --------------------------------------- --------------
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (630) 357-8500
--------------------
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 Outstanding at March 31, 1997
----- -----------------------------
COMMON STOCK, $2.00 PAR VALUE 585,748 SHARES
- - ----------------------------- --------------
DOCUMENTS INCORPORATED BY REFERENCE
(1) Portions of the Company's Interim Report to Shareholders for the Quarter
ended March 31, 1997 are incorporated by reference in Part I of this Report.
<PAGE> 2
CHICAGO RIVET & MACHINE CO.
INDEX
PART I. FINANCIAL INFORMATION Page No.
--------
Consolidated Balance Sheets at March 31, 1997
and December 31, 1996. 2-3
Consolidated Statements of Operations for the Three
Months Ended March 31, 1997 and 1996. 4
Consolidated Statements of Retained Earnings for the
Three Months Ended March 31, 1997 and 1996. 5
Consolidated Statements of Cash Flows for the Three
Months Ended March 31, 1997 and 1996. 6
Notes to the Consolidated Financial Statements 7-8
Management's Discussion and Analysis of Financial
Condition and Results of Operations 9-10
PART II. OTHER INFORMATION 11-16
<PAGE> 3
CHICAGO RIVET & MACHINE CO.
Consolidated Balance Sheets
March 31, 1997 and December 31, 1996
Assets
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
----------- -----------
(unaudited)
<S> <C> <C>
Current Assets:
Cash and cash equivalents $ 3,887,044 $ 3,215,688
Certificates of deposit 1,045,362 705,407
U. S. government securities --- 396,815
Accounts receivable - net of allowances 5,683,661 5,028,885
Inventories:
Raw materials 1,491,085 1,715,685
Work in process 1,978,217 2,318,535
Finished goods 2,726,246 2,864,383
----------- -----------
Total inventories 6,195,548 6,898,603
----------- -----------
Deferred income taxes (Note 4) 863,606 813,000
Other current assets 297,267 271,973
----------- -----------
Total Current Assets 17,972,488 17,330,371
----------- -----------
Goodwill, net of amortization 2,099 8,348
----------- -----------
Property, Plant and Equipment
At Cost:
Land and improvements 982,635 982,635
Buildings and improvements 5,464,355 5,464,355
Production equipment, leased
machines and other 21,340,592 21,221,316
----------- -----------
27,787,582 27,668,306
Less - Accumulated Depreciation 14,012,650 13,680,473
----------- -----------
Net Property, Plant and Equipment 13,774,932 13,987,833
----------- -----------
Total Assets $31,749,519 $31,326,552
=========== ===========
</TABLE>
See Notes to the Consolidated Financial Statements
-2-
<PAGE> 4
CHICAGO RIVET & MACHINE CO.
Consolidated Balance Sheets
March 31, 1997 and December 31, 1996
Liabilities and Shareholders' Equity
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
----------- -----------
(unaudited)
<S> <C> <C>
Current Liabilities:
Accounts payable $ 1,093,303 $ 1,257,704
Contributions due profit sharing
and pension plans 324,977 522,278
Wages and salaries 1,000,454 754,791
Other accrued expenses (Note 5) 497,995 435,019
Dividends payable 292,874 ---
Unearned lease revenue 37,434 53,411
Current portion of note payable 1,800,000 1,800,000
Accrued interest expense 44,888 47,250
Federal and state income taxes 723,214 419,339
----------- -----------
Total Current Liabilities 5,815,139 5,289,792
Note payable 6,750,000 7,200,000
Deferred income taxes (Note 4) 1,144,231 1,060,000
----------- -----------
Total Liabilities 13,709,370 13,549,792
----------- -----------
Shareholders' Equity:
Preferred stock, no par value:
authorized 500,000 shares -
none outstanding ---- ----
Common stock, $2.00 par value:
authorized 2,000,000 shares -
issued and outstanding 585,748 1,171,496 1,171,496
Additional paid - in capital 460,252 460,252
Retained earnings 16,408,401 16,145,012
----------- -----------
Total Shareholders' Equity 18,040,149 17,776,760
----------- -----------
Commitments and Contingencies (Note 3) ---- ----
----------- -----------
Total Liabilities and Shareholders' Equity $31,749,519 $31,326,552
=========== ===========
</TABLE>
See Notes to the Consolidated Financial Statements
-3-
<PAGE> 5
CHICAGO RIVET & MACHINE CO.
Consolidated Statements of Operations
For the Three Months Ended March 31, 1997 and 1996
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended
----------------------------------
March 31,
1997 1996
----------- ----------
<S> <C> <C>
Net sales $11,803,592 $5,218,322
Lease revenue 95,053 105,310
----------- ----------
11,898,645 5,323,632
Cost of goods sold and costs
related to lease revenue 8,790,141 3,604,976
----------- ----------
Gross profit 3,108,504 1,718,656
Shipping, selling and
administrative expenses 1,702,113 1,176,359
Profit sharing and pension
expenses 140,000 57,500
----------- ----------
1,266,391 484,797
Other income and expenses:
Interest income from
U.S. government securities
and certificates of deposit 34,769 98,274
Interest expense (135,138) ---
Gain (loss) from sale of leased
machines and other equipment 1,500 (10,110)
Amortization expense (6,249) (6,249)
Other income, net of other expense 4,710 4,899
----------- ----------
Income before income taxes 1,165,983 571,611
Provision for income taxes 434,000 220,982
----------- ----------
Net income $ 731,983 $ 350,629
=========== ==========
Average common shares outstanding 585,748 585,748
=========== ==========
Per share data:
Net income per share $ 1.25 $ .60
=========== ==========
Cash dividends declared per share $ .80 $ .90
=========== ==========
</TABLE>
See Notes to the Consolidated Financial Statements
-4-
<PAGE> 6
CHICAGO RIVET & MACHINE CO.
Consolidated Statements of Retained Earnings
For the Three Months Ended March 31, 1997 and 1996
(unaudited)
<TABLE>
<CAPTION>
March 31,
------------------------------------
1997 1996
----------- -----------
<S> <C> <C>
Retained earnings at beginning
of period $16,145,012 $15,251,361
Net income for the three months ended 731,983 350,629
Cash dividends declared in the period -
$.80 per share in 1997 and $.90 per
share in 1996. (468,594) (527,174)
----------- -----------
Retained earnings at end of period $16,408,401 $15,074,816
=========== ===========
</TABLE>
See Notes to the Consolidated Financial Statements
-5-
<PAGE> 7
CHICAGO RIVET & MACHINE CO.
Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 1997 and 1996
(unaudited)
<TABLE>
<CAPTION>
March 31,
---------------------------------
1997 1996
---------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 731,983 $ 350,629
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 340,968 162,901
Net (gain) loss on the sale of properties (1,500) 10,110
Deferred income taxes 33,625 (5,578)
Changes in current assets and current liabilities:
Accounts receivable, net (654,776) (92,885)
Inventories 703,055 (217,115)
Accounts payable (164,401) (245,114)
Other accrued expenses 62,976 109,795
Accrued wages and salaries 245,663 27,243
Accrued profit sharing (197,301) (307,323)
Taxes payable 303,875 (44,880)
Other, net (43,631) (176,688)
---------- -----------
Net cash provided (used) by operating activities 1,360,536 (428,905)
---------- -----------
Cash flows from investing activities:
Capital expenditures (132,861) (10,308)
Net proceeds from the sale of properties 12,546 3,790
Proceeds from held-to-maturity securities 937,220 1,983,212
Purchases of held-to-maturity securities (880,361) (1,364,699)
Proceeds from available-for-sale securities --- 1,220,391
Purchases of available-for-sale securities --- (195,026)
---------- -----------
Net cash provided (used) by investing activities (63,456) 1,637,360
---------- -----------
Cash flows from financing activities
Payments under term loan agreement (450,000) ---
Cash dividends (175,724) (175,724)
---------- -----------
Net cash used by financing activities (625,724) (175,724)
---------- -----------
Net increase in cash and cash equivalents 671,356 1,032,731
Cash and cash equivalents at beginning
of period 3,215,688 1,349,093
---------- -----------
Cash and cash equivalents at end of period $3,887,044 $ 2,381,824
========== ===========
Cash paid during the period for:
Income taxes $ 96,500 $ 271,458
</TABLE>
See Notes to the Consolidated Financial Statements
-6-
<PAGE> 8
CHICAGO RIVET & MACHINE CO.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. In the opinion of the Company, the accompanying unaudited financial
statements contain all adjustments necessary to present fairly the
financial position of the Company as of March 31, 1997 and December
31, 1996 and the results of operations and changes in cash flow for
the indicated periods.
The Company uses estimated gross profit rates to determine the cost of
goods sold during interim periods. Actual results could differ from
those estimates and will be adjusted, as necessary, following the
Company's annual physical inventory in the fourth quarter.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ
from those estimates.
2. The results of operations for the three month period ending March 31,
1997 are not necessarily indicative of the results to be expected for
the year.
3. The Company is, from time to time involved in litigation, including
environmental claims, in the normal course of business. With regard
to environmental claims the Company has been named by state and/or
federal government agencies as a "potentially responsible party" with
respect to certain waste disposal sites. As a potentially responsible
party, the Company may be considered jointly and severally liable,
along with other potentially responsible parties, for the cost of
remediation of these waste sites. The actual cost of remediation is
presently unknown; however, estimates currently available suggest that
the cost of remediation at these sites will be between $47 million and
$85 million. Despite the joint and several nature of the liability,
these proceedings are frequently resolved on the basis of the quantity
and type of waste disposed by the parties. The actual amount of
liability for the Company is unknown due to disagreement concerning
the allocation of responsibility, uncertainties regarding the amount
of contribution that will be available from other parties and
uncertainties related to insurance coverage. After investigation of
the quantities and type of waste disposed at these sites, it is
management's opinion that any liability will not be material to the
Company's financial condition. Nevertheless, it is unlikely that the
Company will not incur significant costs associated with these
proceedings and accordingly the Company has recorded a liability of
approximately $250,000 related to these matters. The adequacy of this
reserve will be reviewed periodically as more definitive cost
information becomes available.
-7-
<PAGE> 9
CHICAGO RIVET & MACHINE CO.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CON'T.)
(Unaudited)
4. At March 31, 1997 significant deferred tax liabilities and assets were
comprised of the following:
<TABLE>
<S> <C>
Depreciation $(1,173,137)
-----------
(1,173,137)
Environmental accruals 117,393
Inventory valuations 343,194
Accrued vacation 229,046
Doubtful accounts 77,360
Accrued pension 73,991
Unearned rental revenue 14,974
Other, net 36,554
-----------
892,512
-----------
$ (280,625)
------------
</TABLE>
5. Other Accrued Expenses - accrued expenses consist of the following:
<TABLE>
<CAPTION>
March 31, 1997 December 31, 1996
-------------- -----------------
<S> <C> <C>
Environmental costs $250,000 $250,015
Property taxes 116,964 95,037
Payroll taxes 76,877 35,543
All other items 54,154 54,424
-------- --------
$497,995 $435,019
======== ========
</TABLE>
6. The Company extends credit primarily on the basis of 30 day terms to
various companies doing business primarily in the automotive and
appliance industries. The Company has a concentration of credit risk
primarily within the automotive industry and in the Midwestern United
States.
-8-
<PAGE> 10
CHICAGO RIVET & MACHINE CO.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Net sales and lease revenues totaled $11,898,645 for the first quarter
of 1997, compared with $5,323,632 recorded during the corresponding period of
1996. While the Company recorded higher sales revenues for most of its
products, the most significant factor affecting comparisons with the prior
period was the additional revenues from the Company's H & L Tool operation. As
previously reported, the Company acquired the assets of H & L Tool Company,
Inc. of Madison Heights, MI ("H & L Tool") in December 1996. All results
reported for 1997 reflect the operations of H & L Tool.
Net income for the first quarter of 1997 amounted to $731,983 or $1.25
per share. This compares favorably to the similar period in 1996, when net
income amounted to $350,629 or $.60 per share. Increased sales volumes were
the major factor contributing to the increase in earnings, although results
were also influenced by a favorable change in product mix related to the
Company's traditional product offerings during the first quarter. Gains
related to increased volume were partially offset by higher interest expense
associated with borrowing in connection with the H & L Tool acquisition. As
previously reported, a portion of H & L Tool's first quarter 1997 operating
profits were reduced by the recognition of a portion of the "step-up" value
that was assigned to the purchased inventory of H & L Tool. This accounting
treatment is required under the purchase accounting provisions of APB Opinion
No. 16 and is intended to reflect that portion of the profit on the sale of
purchased inventory that was earned by the seller prior to the sale of assets
to the Company. The effect was to reduce net income by approximately $.20 per
share during the first quarter of 1997 and the full amount of the "step-up" has
now been realized.
While the absolute level of selling, general and administrative
expenses increased approximately $526,000 compared to the first quarter of
1996, this category of expense declined as a percentage of sales. Commission
expense increased approximately $77,000 compared with the year earlier period.
While a portion of this expense is related to the higher sales revenue
recorded, the increase was not proportionate with the increase in sales volumes
as a higher percentage of the sales revenues recorded were not subject to
commission arrangements. The majority of the increase in sales and
administrative expenses was due to sales and administrative expenses associated
with H & L Tool.
Working capital totaled approximately $12.2 million at the end of the
first quarter of 1997, a slight increase from year end 1996 levels, and a
decrease of approximately $.5 million compared to the end of the first quarter
of 1996. Increases in the level of inventories, accounts receivable, accounts
payable and the decrease in cash and short-term investments at the end of the
first quarter in 1997 compared to balances at the end of the first quarter of
1996 are all primarily related to the acquisition of H & L Tool. The decline
in inventory levels recorded during the first quarter of 1997, as compared to
year end 1996, reflects both a reduction in the overall quantity of inventory
on hand as well as the realization of approximately $190,000 of "step-up" value
associated with inventory at H & L Tool, as discussed above. Overall inventory
levels are
-9-
<PAGE> 11
considered appropriate for the current level of business activity. In
connection with the purchase of H & L Tool, the Company borrowed $9.0 million,
on an unsecured basis, subject to certain customary covenants. Under the terms
of the note, the Company will repay the principal in 20 quarterly installments
of $450,000, plus interest computed on the unpaid balance at a variable rate
that is calculated under one of two methods: the LIBOR rate plus 80 basis
points; or the lender's reference rate, less 75 basis points. The rate is
adjusted quarterly and at the end of the first quarter was approximately 6.26%.
The Company has not been in violation of any of the covenants or terms of the
loan. In connection with the acquisition the Company also obtained a $1.0
million line of credit from the Bank of America. There is no charge for this
facility and, as of March 31, 1997 it was unused. This facility will expire on
May 30, 1997. Although the Company believes that its existing cash, cash
equivalents, short-term investments and existing borrowings will be sufficient
to provide adequate working capital through at least the next twelve months,
consideration will be given to extension of the line of credit for an
additional twelve months.
We are pleased with the operating results for the recent quarter.
Operations of the recently acquired H & L Tool facility are going smoothly and
current indications suggest that orders from its customers continue to be
strong, especially when compared to the orders received from the balance of our
customer base. The level of incoming orders has generally been somewhat
softer than normal for a number of months and, although current demand is
approximately even with the year earlier period and should be adequate to
sustain profitable operations, it is unlikely that second quarter results will
match those of the first quarter, unless customer demand improves in the near
future. We will continue our efforts to solicit additional business from both
new and existing customers and are confident those efforts will ultimately be
successful.
See the Company's Interim Report to Shareholders for the quarter ended
March 31, 1997 for additional information. This section is incorporated by
reference. The Interim Report is filed as an exhibit to this report.
When used in this discussion, the words "believe," "anticipate,"
"expect" and similar expressions are intended to identify "forward-looking
statements," which are inherently subject to certain risks and uncertainties
that may cause actual results or events to differ materially from those
discussed herein. Factors which may cause such differences in results or
events include, but are not limited to, the availability and cost of raw
materials and other products purchased from the Company's suppliers, changes in
the mix of products sold, the gain or loss of significant customers, the timing
of significant orders, increased competitive pressures, changes in general
economic conditions and the ability of the Company to successfully integrate H
& L Tool Company into its operations. Readers are therefore cautioned not to
place undue reliance on these forward-looking statements.
-10-
<PAGE> 12
PART II -- OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
19.1 Interim Report to Shareholders for the quarter ended
March 31, 1997.
27.1 Financial Data Schedule.
(b) Reports on Form 8-K
1. The Company filed a Current Report on Form 8-K on January 24,
1997, to report pursuant to Item 5, Other Events, that the
Company had amended and restated the Company By-Laws.
2. The Company filed an Amended Form 8-K on February 16, 1997.
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.
CHICAGO RIVET & MACHINE CO.
------------------------------
(Registrant)
Date: May 14, 1997
/s/ John A. Morrissey
----------------------------------
John A. Morrissey
Chairman of the Board of Directors
and Chief Executive Officer
Date: May 14, 1997
/s/ John C. Osterman
----------------------------------
John C. Osterman
President, Chief Operating
Officer and Treasurer (Principal
Financial Officer)
Date: May 14, 1997
/s/ Stephen D. Voss
----------------------------------
Stephen D. Voss
Assistant Treasurer and Controller
-11-
<PAGE> 13
CHICAGO RIVET & MACHINE CO.
EXHIBITS
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit
Number Page
- - ------ ----
<S> <C> <C>
19.1 Interim Report to Shareholders for the
quarter ended March 31, 1997. 13 - 15
27.1 Financial Data Schedule 16
</TABLE>
-12-
<PAGE> 1
EXHIBIT 19.1
To Our Shareholders:
The comparative results of operations of Chicago Rivet & Machine Co.
for the first quarter of 1997 and 1996 are summarized below. Results for 1997
include the operations of the Company's H & L Tool division, which was
acquired in December 1996.
This discussion contains "forward-looking statements" which are
inherently subject to risks and uncertainties that may cause actual events to
differ materially from those discussed herein. Factors which may cause such
differences in events include, among other things, fluctuations in general
economic conditions, consumer demand or the price and availability of the
Company's primary raw materials and the ability of the Company to successfully
integrate H & L Tool into its operations. Therefore, readers are cautioned not
to place undue reliance upon such forward-looking statements.
Net sales and lease revenues totaled $11,898,645 for the first quarter
of 1997, compared with $5,323,632 recorded during the corresponding period of
1996. While the Company recorded higher sales revenues for the majority of
its products in 1997, the most significant factor affecting comparisons with
the prior period was the additional revenues from the Company's H & L Tool
operation.
Net income for the first quarter of 1997 amounted to $731,983 or $1.25
per share on 585,748 shares outstanding. This compares favorably to the first
quarter of 1996, when net income amounted to $350,629 or $.60 per share on
585,748 shares outstanding. Increased sales volumes were the major factor
contributing to the increase in earnings, although results were also
influenced by a favorable change in product mix, related to the Company's
traditional products, during the first quarter. The earnings gains related
to these factors were partially offset by higher interest expense associated
with borrowing in connection with the H & L Tool acquisition. As previously
reported, a portion of H & L Tool's first quarter 1997 operating profits were
offset by the recognition of a portion of the "step-up" value that was assigned
to the purchased inventory of H & L Tool. This accounting treatment is
required under the purchase accounting provisions of APB Opinion No. 16 and is
intended to reflect that portion of the profit on the sale of purchased
inventory that was earned by the seller, prior to the sale of assets to the
Company. The effect was to reduce net income by approximately $.20 per share
during the first quarter of 1997, and the full amount of the "step-up" has now
been realized.
We are pleased with the operating results for the recent quarter.
Operations of the recently acquired H & L Tool facility are going smoothly,
and current indications suggest that orders from H & L Tool customers continue
to be strong, especially when compared to the orders received from the balance
of our customer base. The level of incoming orders has generally been somewhat
softer than normal for a number of months. Although current demand is
approximately even with the year earlier period and should be adequate to
sustain profitable operations, it is unlikely that second quarter results will
match those of the first quarter, unless customer demand improves in the near
future. We will continue our efforts to solicit additional business from both
new and existing customers and are confident those efforts will ultimately be
successful.
-13-
<PAGE> 2
The 1997 annual meeting of shareholders will be held at the Company's
headquarters in Naperville, Illinois at 10:00 AM on Tuesday, May 13, 1997. All
shareholders are cordially invited to attend. Formal notice of the meeting,
proxy materials and the Company's 1996 Annual Report to Shareholders were
distributed early in April. If you have not already completed and returned
your proxy, we ask that you do so at your earliest convenience, even if you
plan to attend the meeting. Thank you.
Respectfully yours,
John A. Morrissey John C. Osterman
Chairman President
April 28, 1997
-14-
<PAGE> 3
EXHIBIT 11
CHICAGO RIVET & MACHINE CO.
Summary of Consolidated Results of Operations
<TABLE>
<CAPTION>
For the Three Months Ended:
March 31, March 31,
1997 1996
----------- ----------
<S> <C> <C>
Net sales and lease revenue ................................................. $11,898,645 $5,323,632
Income before taxes ......................................................... 1,165,983 571,611
Income after taxes .......................................................... 731,983 350,629
Net income per share......................................................... 1.25 .60
Average shares outstanding.................................................. 585,748 585,748
- - ------------------------------------------------------------------------------------------------------------------
(All figures subject to year end audit)
</TABLE>
-15-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 3,887,044
<SECURITIES> 1,045,362
<RECEIVABLES> 5,802,768
<ALLOWANCES> 119,107
<INVENTORY> 6,195,548
<CURRENT-ASSETS> 17,972,488
<PP&E> 27,787,582
<DEPRECIATION> 14,012,650
<TOTAL-ASSETS> 31,749,519
<CURRENT-LIABILITIES> 5,815,139
<BONDS> 6,750,000
0
0
<COMMON> 1,171,496
<OTHER-SE> 16,868,653
<TOTAL-LIABILITY-AND-EQUITY> 31,749,519
<SALES> 11,803,592
<TOTAL-REVENUES> 11,898,645
<CGS> 8,790,141
<TOTAL-COSTS> 8,790,141
<OTHER-EXPENSES> 1,842,113
<LOSS-PROVISION> 7,500
<INTEREST-EXPENSE> 135,138
<INCOME-PRETAX> 1,165,983
<INCOME-TAX> 434,000
<INCOME-CONTINUING> 731,983
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 731,983
<EPS-PRIMARY> 1.25
<EPS-DILUTED> 1.25
</TABLE>
