<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NO. 1-7170
IMCO RECYCLING INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation or organization)
75-2008280
(I.R.S. Employer Identification No.)
5215 NORTH O'CONNOR BLVD.
SUITE 940
CENTRAL TOWER AT WILLIAMS SQUARE
IRVING, TEXAS 75039
(Address of principal executive offices)
(214) 869-6575
(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 October 31, 1995.
COMMON STOCK, $0.10 PAR VALUE, 11,753,939
<PAGE>
PART 1 - FINANCIAL INFORMATION
ITEM 1. - FINANCIAL STATEMENTS
IMCO RECYCLING INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
<TABLE>
<CAPTION>
September December
30, 31,
1995 1994
-------- --------
ASSETS (Unaudited)
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 10,730 $ 2,854
Accounts receivable 18,812 19,239
Inventories 3,542 3,186
Deferred income tax 1,193 1,978
Other current assets 1,003 598
-------- -------
TOTAL CURRENT ASSETS 35,280 27,855
PROPERTY AND EQUIPMENT, NET 72,863 61,046
INTANGIBLE ASSETS
Excess acquisition cost over
the fair value of net
assets acquired, net of
amortization of $3,601
and $3,219, respectively 8,496 6,056
Patents 249 296
-------- -------
TOTAL INTANGIBLE ASSETS 8,745 6,352
OTHER ASSETS, NET 1,042 1,538
-------- -------
$117,930 $96,791
======== =======
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 7,409 $ 4,150
Accrued liabilities 5,868 4,063
Short-term debt 3,500 --
Current maturities of long-term
debt 2,000 1,094
Dividends payable -- 1,152
Accrued interest 308 93
-------- -------
TOTAL CURRENT LIABILITIES 19,085 10,552
LONG-TERM DEBT 15,000 11,860
OTHER LONG-TERM LIABILITIES 1,458 1,232
DEFERRED INCOME TAX 5,437 4,857
STOCKHOLDERS' EQUITY
Preferred Stock; par value $.10;
8,000,000 shares authorized;
none issued -- --
Common Stock; par value $.10;
20,000,000 shares authorized;
11,756,698 issued at September
30, 1995; and December 31, 1994 1,176 1,176
Additional paid in capital 23,892 23,511
Retained earnings 53,793 45,421
Treasury stock, at cost; 212,072
shares at September 30, 1995 and
244,910 shares at December 31,
1994 (1,911) (1,818)
-------- -------
76,950 68,290
-------- -------
$117,930 $96,791
======== =======
</TABLE>
<PAGE>
IMCO RECYCLING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(dollars in thousands, except per share)
<TABLE>
<CAPTION>
For the three For the nine
months ended months ended
September 30, September 30,
------------------ ------------------
1995 1994 1995 1994
------- ------- ------- -------
<S> <C> <C> <C> <C>
REVENUES $32,105 $26,206 $92,576 $70,959
Cost of sales 24,322 20,142 70,043 55,391
------- ------- ------- -------
GROSS PROFIT 7,783 6,064 22,533 15,568
Selling, general
and administrative
expense 2,221 1,806 6,868 4,490
Litigation expense -- -- -- 1,635
Interest expense 158 220 671 681
Interest income (139) (32) (306) (86)
------- ------- ------- -------
INCOME BEFORE
PROVISION
FOR INCOME TAXES 5,543 4,070 15,300 8,848
Provision for
income taxes 2,216 1,481 6,120 3,189
------- ------- ------- -------
NET EARNINGS $ 3,327 $ 2,589 $ 9,180 $ 5,659
======= ======= ======= =======
Net earnings per
common share $ 0.27 $ 0.22 $ 0.76 $ 0.49
======= ======= ======= =======
Dividends declared
per common share $ .035 $ -- $ .07 $ --
======= =======
Weighted average
common and common
equivalent shares
outstanding 12,129,337 11,661,781 12,019,829 11,577,814
</TABLE>
<PAGE>
IMCO RECYCLING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(dollars in thousands)
<TABLE>
<CAPTION>
For the nine months ended
September 30,
----------------
1995 1994
------ ------
<S> <C> <C>
OPERATING ACTIVITIES:
Net earnings $9,180 $5,659
Depreciation and amortization 6,769 5,109
Provision for deferred income taxes 1,364 1,063
Other noncash charges 624 430
Loss on sale of property and equipment 2 2
Changes in noncash components of working
capital (excluding investing and financing
transactions):
Accounts receivable 395 (2,223)
Inventories (356) (370)
Other current assets (425) (292)
Accounts payable and accrued liabilities 4,535 573
-------- --------
NET CASH FLOWS FROM OPERATING ACTIVITIES 22,088 9,951
INVESTING ACTIVITIES:
Purchase of property and equipment (10,847) (5,344)
Proceeds from sale of property and equipment 68 10
Acquisition of business (8,559) (5,159)
Other (748) (836)
-------- --------
NET CASH USED BY INVESTING ACTIVITIES (20,086) (11,329)
FINANCING ACTIVITIES:
Net increase (decrease) in short-term
borrowings 3,500 (1,800)
Net increase in long-term borrowings 5,000 5,000
Principal payments of long-term debt (955) --
Dividends paid (1,959) --
Tax benefit from the exercise of stock
options 165 158
Treasury stock activity 123 191
-------- --------
NET CASH FROM FINANCING TRANSACTIONS 5,874 3,549
-------- --------
Net increase in Cash and Cash Equivalents 7,876 2,171
Cash and Cash Equivalents at January 1 2,854 1,665
-------- --------
Cash and Cash Equivalents at September 30 $ 10,730 $ 3,836
======== ========
SUPPLEMENTARY INFORMATION:
Cash payments for interest $ 701 $ 600
Cash payments for income taxes $ 4,740 $ 2,726
</TABLE>
<PAGE>
IMCO RECYCLING INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
SEPTEMBER 30, 1995
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been
prepared 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. In the opinion of management,
all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. Operating results for
the nine-month period ended September 30, 1995 are not necessarily indicative
of the results that may be expected for the year ending December 31, 1995.
The accompanying financial statements include the accounts of IMCO Recycling
Inc. and all of its subsidiaries (the "Company"). All significant
intercompany accounts and transactions have been eliminated. For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Company's annual report on Form 10-K for the year
ended December 31, 1994. Certain reclassifications have been made to prior
year statements to conform to the current year presentation.
NOTE B - INVENTORIES
The components of inventories are: (dollars in thousands)
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
------------- ------------
<S> <C> <C>
Finished goods $1,817 $1,391
Raw materials 1,371 1,440
Supplies 354 355
------ ------
$3,542 $3,186
====== ======
</TABLE>
_____________________________________________________________________________
NOTE C - ACQUISITIONS
On September 29, 1995 the Company completed its previously announced
acquisition of substantially all of the assets of an aluminum recycling
facility located in Bedford, Indiana from Ravenswood Aluminum Corporation.
The purchase price of this transaction was $8,500,000 cash. See NOTE D -
CHANGES IN DEBT. The Company recorded approximately $2,600,000 of goodwill
related to this acquisition which will be amortized for both book and tax
purposes over 15 years. This facility has the capacity to process 150 million
pounds of material annually, and will continue to serve Ravenswood's West
Virginia rolling mill through a three year tolling agreement which will use a
portion of the plant's capacity.
<PAGE>
On October 3, 1995 the Company completed its previously announced acquisition
of all of the outstanding shares of Alumar Associates, Inc. which owns Metal
Mark, Inc., a corporation located in Chicago Heights, Illinois. Metal Mark
operates three aluminum recycling plants in Chicago Heights, Pittsburg,
Kansas and Sikeston, Missouri. It also owns a 50% interest in an aluminum
recycling plant in East Chicago, Indiana. The purchase price of this
transaction was $8,500,000, with $4,000,000 paid in cash and the balance paid
in shares of the Company's stock valued at approximately $4,500,000. In
addition, the Company repaid an existing line of credit which Alumar had with
a commercial institution in the amount of approximately $8,245,000. See NOTE
D - CHANGES IN DEBT. At this time the amount of goodwill has not been
determined, as this transaction will be recorded in the Company's fourth
quarter. In addition, proforma information which will include both the
Company's and Alumar's results is not yet available. The facilities which
were acquired have an annual processing capacity of about 240 million pounds
per year, and service manufacturers and diecasters principally in the
automotive industry.
NOTE D - CHANGES IN DEBT
In connection with the Company's recently completed acquisitions of both the
Bedford Indiana recycling facility, and the purchase of Alumar Associates,
Inc. (see NOTE C - ACQUISITIONS), the Company entered into several financing
transactions in order to assist in funding the acquisitions. First, on
September 29, 1995, the Company borrowed $5,000,000 under a five year
converting term note. This note was available to the Company under terms it
had negotiated in September 1994 with a commercial banking institution. The
interest rate is currently 6.875% on this note. The converting term note
will mature in September, 1999 and has an amortization rate of $250,000
quarterly for the following 15 calendar quarters, with $1,250,000 due as the
final payment at maturity. Also on September 29, the Company signed a 45 day
unsecured note to borrow $5,000,000 at a rate of 6.5%. At September 30 1995,
only $3,500,000 of this note had been borrowed. The remaining $1,500,000 was
borrowed on October 2, 1995. In addition, the Company drew down $4,300,000
under a revolving credit agreement, the terms of which were also negotiated
in 1994. The revolving facility currently has an interest rate of 6.625%. The
balance of funds needed for these acquisitions, approximately $6,445,000,
came from the Company's cash on hand.
Subsequent to these transactions, in early November, the Company amended its
September 1994 loan agreement. This amendment, among other things, increased
the amount available under the revolving term agreement from $5,000,000 to
$10,000,000 under substantially the same terms. It is the Company's intention
to increase its borrowings under this amended revolving credit agreement and
use this increase to extinguish the 45 day $5,000,000 note discussed above.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The Company is in the resource recovery industry and provides recycling
services for consumers of metal. The Company's principal activity involves
the recycling of aluminum and aluminum scrap and by-products. The Company
also recycles magnesium and zinc. The Company's financial performance is
largely determined by the volume of metal it processes. The largest portion
of the Company's business is the processing of customer-owned material for a
fee (a service called "tolling"). In addition to tolling, the Company also
purchases material for processing and resale ("buy/sell business"). Both the
Company's tolling fees per pound recycled and the selling price of metal it
owns, recycles and sells for its own account are included in revenues.
Variations in the mix between these two types of transactions, which have
occurred in
<PAGE>
the past, can cause revenue amounts to change significantly from period to
period while generally not significantly affecting total gross profit,
because both types of transactions have approximately the same gross profit
value per pound of metal processed.
The following table shows the total pounds of metal processed, the percentage
of total pounds processed represented by tolled metal, total revenues and
total gross profit in the three and nine month periods ended September 30:
<TABLE>
<CAPTION>
Three months Nine Months
Ended September 30, Ended September 30,
------------------- -------------------
1995 1994 1995 1994
------- ------- ------- --------
(In thousands, except percentages)
<S> <C> <C> <C> <C>
Pounds of Metal Processed 322,332 258,886 941,861 722,634
Percentage of Pounds Tolled 95% 97% 96% 95%
Revenues $32,105 $26,206 $92,576 $ 70,959
Gross Profit $ 7,783 $ 6,064 $22,533 $ 15,568
</TABLE>
_____________________________________________________________________
The Company's purchase of Metal Mark Inc. (see NOTE C - ACQUISITIONS), may
alter somewhat the relationship of tolling vs. buy/sell which has existed in
the Company's processing in prior years. Historically, more than half of the
volume of material processed by Metal Mark has been buy/sell business. If
this continues, it would cause the Company's revenues and cost of goods sold
to increase. The gross profit per pound processed however, should not be
significantly affected.
RESULTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 1995 COMPARED TO THREE MONTHS ENDED
SEPTEMBER 30, 1994 AND NINE MONTHS ENDED SEPTEMBER 30, 1995 COMPARED TO NINE
MONTHS ENDED SEPTEMBER 30, 1994
The Company processed 25% more metal in the three month period ending
September 30, 1995 than it did in the same period of 1994. Year-to-date, the
Company processed 30% more metal than the comparable period in 1994. Aluminum
processing at the Company's facility in Loudon, Tennessee, which was
purchased in late September, 1994 along with large increases in processing at
both the Corona, California plant and the Uhrichsville, Ohio plant were the
major factors contributing to both of these increases. The Corona plant
processing increase reflected favorable market conditions for recycling used
beverage containers. The Uhrichsville plant increases are the result of a
capacity addition put in place at the end of the third quarter of 1994 which
is being fully utilized. In addition to these factors, all of the Company's
other aluminum plants processed more material in both the three and nine
month periods ending September 30, 1995 than they did in the same periods of
1994.
Total revenues increased 23% in 1995's third quarter ending September 30,
1995 compared to 1994 and increased 30% for the nine month period ending the
same date, also compared to 1994. These increases in revenues are
substantially the same as the increases in processing volume discussed above.
Tolling activity represented 95% of the Company's processing for the three
month period and 96% for the nine month period, both periods ending September
30, 1995.
<PAGE>
Magnesium volumes processed and revenues recorded year-to-date in 1995 are
about equal to year-to-date volumes and revenues in 1994. Zinc revenues on
the other hand have increased 106% year-to-date on a volume increase of 21%.
The increases in processing volumes reflected record levels of dross receipts
during the first nine months of 1995. The increases in zinc revenues in 1995
compared to 1994 was due to the increased processing volumes as well as
increases in buy/sell business. Some customers which were previously tolling
their material opted to change to a buy/sell basis. This had the effect of
increasing revenues, as discussed above.
Gross profit increased to $7,783,000 for the three months and $22,533,000 for
the nine months, both ending September 30, 1995. Compared to $6,064,000 and
$15,568,000, these represented 28% and 45% increases, respectively, over the
same periods of 1994. These increases were mostly due to the increased volume
as previously discussed. In addition, gross profit was negatively impacted in
1994 by the California plant, which operated at a loss due to both low volume
and an equipment failure in the second quarter. As noted above, the
California plant's processing rates increased in 1995, and the plant has been
profitable.
Selling, general and administrative expenses were $2,221,000 for the three
month period and $6,868,000 for the nine month period ending September 30,
1995. These compared to $1,806,000 and $4,490,000 for similar periods of
1994. Increased employee costs due to additional staff required to manage the
Company's recent rapid growth, travel and professional expenses were the
principal contributors to this increase.
In the second quarter of 1994 the Company incurred $1,494,000 ($1,635,000 for
the nine months ending September 30,1994) of litigation expense related to a
lawsuit it settled.
Interest expense of $158,000 for the third quarter and $671,000 year-to-date
1995 was similar to 1994 amounts of $220,000 and $681,000 respectively.
Interest income of $139,000 for the three months and $306,000 for the nine
months both ending September 30, 1995 was higher than comparable periods of
1994 because of higher levels of cash to invest in 1995 compared to 1994.
Income before the provision for income taxes of $5,543,000 in 1995's third
quarter was $1,473,000 above 1994's third quarter, while year-to-date income
before tax of $15,300,000 was $6,452,000 above 1994's amounts. The Company's
effective income tax rate was 40% for both the three and nine month periods
of 1995 which was about 4% higher than for similar periods in 1994, due
mostly to higher effective state income tax rates.
LIQUIDITY AND CAPITAL RESOURCES
Operations provided cash of $ 22,088,000 during the first nine months of
1995, compared to $9,951,000 in the same period of 1994. Increases in
earnings as discussed above, and non-cash charges such as depreciation and
deferred income taxes along with a positive contribution to cash provided by
working capital items accounted for the variance between the two periods.
Working capital other than cash decreased $4,149,000 in the first nine months
of 1995 and increased $2,312,000 during 1994's first nine months. A decrease
in working capital is a source of cash. The main reason for the working
capital decline (other than cash) in 1995 was an increase in accounts payable
and accrued liabilities.
<PAGE>
The Company's total capital spending for year-to-date 1995 was $10,847,000.
This amount excludes the spending for the acquisitions described in NOTE C -
ACQUISITIONS. Capital expenditures for all of 1995 excluding the
acquisitions, are expected to be approximately $14,000,000. Capacity
expansion and facility improvements at Loudon, the construction of a new cell
at the Morgantown landfill, and the construction of a salt cake processing
facility at Morgantown have been the largest expenditures in 1995. This salt
cake processing facility, which is estimated to cost $6,300,000, is expected
to be completed in early 1996. The Company completed the previously announced
acquisition of all of the outstanding shares of Alumar Associates, Inc., a
privately owned firm headquartered in Chicago Heights, Illinois on October 3,
1995. See NOTE C - ACQUISITIONS.
Financing activities for the first nine months of 1995 included the borrowing
of a total of $8,500,000, (see NOTE D - CHANGES IN DEBT), the repayment of
$955,000 in long-term debt and the payment of $1,959,000 in dividends.
Working capital is expected to increase in the future because of the
acquisition of Metal Mark which has historically had a greater percentage of
its business in the buy/sell area than in tolling. This will increase the
Company's overall percentage of buy/sell business, which is currently about
5%. As discussed previously, buy/sell business requires more of the Company's
assets to be devoted to inventory and accounts receivable than does tolling
business. Nevertheless, the Company feels that its cash on hand, the
availability of funds under its lines of credit and its anticipated
internally generated funds will be sufficient to fund its current needs and
meet its obligations. The Company expects to refinance a portion of its
existing outstanding indebtedness to its commercial bank lender and fund
certain of its planned capital expenditures through additional senior debt
financing, which it anticipates will be effected during the fourth quarter of
1995.
At September 30, 1995, the relationship of current assets to current
liabilities, or current ratio, was 1.85 to 1, compared to 2.64 to 1 at
December 31, 1994. Working capital will fluctuate as the mix of buy/sell
business and tolling business changes relative to the total business, due to
the acquisition of businesses and for the reasons discussed above.
REVIEW BY INDEPENDENT ACCOUNTANTS
The Company's independent accountants, Ernst & Young LLP, have reviewed the
Company's consolidated financial statements at September 30, 1995, and for
the nine months then ended, and their report is included herein.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) The following exhibits are included herein:
15.1 Acknowledgment letter regarding unaudited financial
information from Ernst & Young LLP.
27 Financial Data Schedule
(b) Reports on Form 8-K - The Company filed a current report on
Form 8-K dated October 17, 1995 under "Item 2 - Acquisitions of Dispositions
of Assets", reporting the Company's acquisition of Alumar Associates, Inc.
and under "Item 5 - Other Events", reporting the acquisition of the Bedford,
Indiana assets.
<PAGE>
SIGNATURE
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.
IMCO Recycling Inc.
Date: November 14, 1995 By: /s/ Robert R. Holian
-------------------------------------
Robert R. Holian
Vice President and Controller
(Principal Accounting Officer)
<PAGE>
[Letterhead]
Independent Accountants' Review Report
Stockholders and
Board of Directors
IMCO Recycling Inc.
We have reviewed the accompanying consolidated balance sheet of IMCO
Recycling Inc. as of September 30, 1995, and the related consolidated
statements of earnings for the three-month and nine-month periods ended
September 30, 1995, and 1994, and the consolidated statements of cash flows
for the nine-month periods ended September 30, 1995, and 1994. These
financial statements are the responsibility of the Company's management.
We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements taken as a whole. Accordingly, we
do not express such an opinion.
Based on our reviews, we are not aware of any material modifications that
should be made to the accompanying consolidated financial statements referred
to above for them to be in conformity with generally accepted accounting
principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of IMCO Recycling Inc. as of
December 31, 1994, and the related consolidated statements of earnings,
stockholders' equity, and cash flows, (not presented herein), and in our
report dated February 9, 1995, we expressed an unqualified opinion on those
consolidated financial statements. In our opinion, the information set forth
in the accompanying condensed consolidated balance sheet as of December 31,
1994, is fairly stated, in all material respects, in relation to the
consolidated balance sheet from which it has been derived.
/s/ Ernst & Young LLP
Ernst & Young LLP
Dallas, Texas
October 20, 1995
<PAGE>
INDEX TO EXHIBITS
Exh. No. Description
- -------- -----------
15.1 Acknowledgment letter regarding unaudited financial
information from Ernst & Young LLP.
27 Financial Data Schedule
<PAGE>
EXHIBIT 15.1
[ERNST & YOUNG LLP LETTERHEAD]
Stockholders and
Board of Directors
IMCO Recycling Inc.
We are aware of the incorporation by reference in the Registration Statement
(Form S-8 No. 33-26641) pertaining to the Nonqualified Stock Option Plan of
IMCO Recycling Inc. and the related Prospectus, in the Registration Statement
(Form S-8 No. 33-34745) pertaining to the IMCO Recycling Inc. Amended and
Restated Stock Option Plan, and in the Registration Statement (Form S-8
No. 33-76780) pertaining to the IMCO Recycling Inc. 1992 Stock Option Plan of
our report dated October 20, 1995 relating to the unaudited condensed
consolidated interim financial statements of IMCO Recycling Inc. which are
included in its Form 10-Q for the quarter ended September 30, 1995.
Pursuant to Rule 436(c) of the Securities Act of 1933, our report is not a part
of the registration statements prepared or certified by accountants within
the meaning of Section 7 or 11 of the Securities Act of 1933.
Ernst & Young LLP
November 14, 1995
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 10,730
<SECURITIES> 0
<RECEIVABLES> 18,812
<ALLOWANCES> 0
<INVENTORY> 3,542
<CURRENT-ASSETS> 35,280
<PP&E> 103,907
<DEPRECIATION> 31,044
<TOTAL-ASSETS> 117,930
<CURRENT-LIABILITIES> 19,085
<BONDS> 15,000
<COMMON> 1,176
0
0
<OTHER-SE> 75,774
<TOTAL-LIABILITY-AND-EQUITY> 117,930
<SALES> 92,576
<TOTAL-REVENUES> 92,576
<CGS> 70,043
<TOTAL-COSTS> 70,043
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 671
<INCOME-PRETAX> 15,300
<INCOME-TAX> 6,120
<INCOME-CONTINUING> 9,180
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,180
<EPS-PRIMARY> .76
<EPS-DILUTED> .76
</TABLE>
