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Previous: PUBLIC STORAGE PROPERTIES LTD, 10-Q, 1999-08-12 |
Next: IMAGE ENTERTAINMENT INC, 10-Q, 1999-08-12 |
<PAGE> 1
CONFORMED
---------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
Commission File Number 0-255
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1999
----------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
------------------ -----------------
GRAYBAR ELECTRIC COMPANY, INC
--------------------------------------------------------
(Exact name of registrant as specified in its charter)
NEW YORK 13 - 0794380
- ------------------------------------------------------------------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
34 NORTH MERAMEC AVENUE, ST. LOUIS, MO 63105
- ------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
POST OFFICE BOX 7231, ST. LOUIS, MO 63177
- ------------------------------------------------------------------------------
(Mailing Address) (Zip Code)
Registrant's telephone number, including area code: (314) 512 - 9200
--------------------------
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
----- -----
Common Stock Outstanding at July 31, 1999 5,727,795
------------------------
(Number of Shares)
<PAGE> 2
<TABLE>
PART I
------
CONSOLIDATED BALANCE SHEETS
---------------------------
(Dollars Stated in Thousands)
(Except for Share and Per Share Data)
<CAPTION>
JUNE 30, 1999 DECEMBER 31, 1998
------------------- ---------------------
<S> <C> <C>
CURRENT ASSETS
Cash $ 59,665 $ 20,252
------------------- ---------------------
Trade receivables 519,134 460,016
------------------- ---------------------
Merchandise inventory 557,216 440,406
------------------- ---------------------
Other current assets 4,507 3,945
------------------- ---------------------
Total current assets 1,140,522 924,619
------------------- ---------------------
PROPERTY
Land 21,501 21,550
------------------- ---------------------
Buildings and permanent fixtures 306,842 297,780
------------------- ---------------------
Capital equipment leases 26,683 26,682
------------------- ---------------------
Less-Accumulated depreciation 153,022 142,934
------------------- ---------------------
Net property 202,004 203,078
------------------- ---------------------
DEFERRED FEDERAL INCOME TAXES 8,892 8,105
------------------- ---------------------
OTHER ASSETS 30,051 32,045
------------------- ---------------------
$1,381,469 $1,167,847
=================== =====================
CURRENT LIABILITIES
Notes payable to banks $ 172,579 $ 43,948
------------------- ---------------------
Current portion of long-term debt 20,295 16,475
------------------- ---------------------
Trade accounts payable 429,707 344,869
------------------- ---------------------
Income taxes 12,308 --
------------------- ---------------------
Other accrued taxes 9,842 12,439
------------------- ---------------------
Accrued payroll and benefit costs 27,202 44,466
------------------- ---------------------
Dividends payable -- 5,479
------------------- ---------------------
Other payables and accruals 41,635 56,093
------------------- ---------------------
Total current liabilities 713,568 523,769
------------------- ---------------------
POSTRETIREMENT BENEFITS LIABILITY 77,858 77,708
------------------- ---------------------
LONG TERM DEBT 253,606 269,570
------------------- ---------------------
2
<PAGE> 3
<CAPTION>
CONSOLIDATED BALANCE SHEETS
---------------------------
(Dollars Stated in Thousands)
(Except for Share and Per Share Data)
JUNE 30, 1999 DECEMBER 31, 1998
------------------- ---------------------
<S> <C> <C>
SHAREHOLDERS' EQUITY
CAPITAL STOCK
Preferred:
---------
Par value $20 per share
Authorized 300,000 shares
<CAPTION>
SHARES
------
1999 1998
---- ----
<S> <C> <C>
Issued to shareholders 5,386 5,386
------------ -----------
In treasury, at cost (246) --
------------ -----------
Outstanding 5,140 5,386 103 108
------------ ----------- ------------------- ---------------------
Common
------
Stated value $20 per share
Authorized 7,500,000 shares
<CAPTION>
SHARES
------
1999 1998
---- ----
<S> <C> <C>
Issued to voting trustees 5,569,990 4,883,638
------------ -----------
Issued to shareholders 339,690 326,586
------------ -----------
In treasury, at cost (159,573) (25,706)
------------ -----------
Outstanding 5,750,107 5,184,518 115,002 103,690
------------ ----------- ------------------- ---------------------
Advance payments on
subscriptions to common
stock 60 --
------------------- ---------------------
Retained earnings 221,715 193,838
------------------- ---------------------
Accumulated other comprehensive income (443) (836)
------------------- ---------------------
TOTAL SHAREHOLDERS' EQUITY 336,437 296,800
------------------- ---------------------
$1,381,469 $1,167,847
=================== =====================
See accompanying Notes to Consolidated Financial Statements
</TABLE>
3
<PAGE> 4
<TABLE>
CONSOLIDATED STATEMENTS OF INCOME
---------------------------------
(Dollars Stated in Thousands)
(Except for Share and Per Share Data)
<CAPTION>
QUARTER ENDED
JUNE 30, 1999 JUNE 30, 1998
------------------- -------------------
<S> <C> <C>
GROSS SALES, net of returns and allowances $1,042,035 $961,706
------------------- -------------------
Less - Cash discounts 2,728 3,035
------------------- -------------------
NET SALES 1,039,307 958,671
------------------- -------------------
COST OF MERCHANDISE SOLD 848,057 788,071
------------------- -------------------
Gross margin 191,250 170,600
------------------- -------------------
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 150,768 133,930
------------------- -------------------
DEPRECIATION AND AMORTIZATION 6,243 6,324
------------------- -------------------
Income from operations 34,239 30,346
------------------- -------------------
OTHER INCOME, net 2,870 1,240
------------------- -------------------
INTEREST EXPENSE 6,806 5,853
------------------- -------------------
Income before provision for income taxes 30,303 25,733
------------------- -------------------
PROVISION FOR INCOME TAXES
Current 12,946 10,305
------------------- -------------------
Deferred (467) 315
------------------- -------------------
Total provision for income taxes 12,479 10,620
------------------- -------------------
NET INCOME 17,824 15,113
=================== ===================
NET INCOME PER SHARE OF COMMON STOCK $ 3.09 $ 2.84<F*>
=================== ===================
DIVIDENDS
Preferred - $.25 per share $ 1 $ 2
------------------- -------------------
Common - $.30 per share 1,727 1,518
------------------- -------------------
$ 1,728 $ 1,520
=================== ===================
<FN>
<F*>Restated for the declaration of a 5% stock dividend in 1998.
See accompanying Notes to Consolidated Financial Statements.
</TABLE>
4
<PAGE> 5
<TABLE>
CONSOLIDATED STATEMENTS OF INCOME
---------------------------------
(Dollars Stated in Thousands)
(Except for Share and Per Share Data)
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1999 JUNE 30, 1998
------------------- -------------------
<S> <C> <C>
GROSS SALES, net of returns and allowances $2,030,505 $1,833,561
------------------- -------------------
Less - Cash discounts 5,248 5,559
------------------- -------------------
NET SALES 2,025,257 1,828,002
------------------- -------------------
COST OF MERCHANDISE SOLD 1,660,188 1,498,260
------------------- -------------------
Gross margin 365,069 329,742
------------------- -------------------
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 293,209 258,296
------------------- -------------------
DEPRECIATION AND AMORTIZATION 12,553 11,973
------------------- -------------------
Income from operations 59,307 59,473
------------------- -------------------
OTHER INCOME, net 6,685 2,993
------------------- -------------------
INTEREST EXPENSE 12,596 11,996
------------------- -------------------
Income before provision for income taxes 53,396 50,470
------------------- -------------------
PROVISION FOR INCOME TAXES
Current 22,831 20,278
------------------- -------------------
Deferred (787) 528
------------------- -------------------
Total provision for income taxes 22,044 20,806
------------------- -------------------
NET INCOME 31,352 29,664
=================== ===================
NET INCOME PER SHARE OF COMMON STOCK (NOTE 2) $ 5.50 $ 5.53
=================== ===================
DIVIDENDS
Preferred - $.50 per share $ 3 $ 3
------------------- -------------------
Common - $.60 per share 3,472 3,055
------------------- -------------------
$ 3,475 $ 3,058
=================== ===================
See accompanying Notes to Consolidated Financial Statements
</TABLE>
5
<PAGE> 6
<TABLE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
-------------------------------------
(Dollars Stated in Thousands)
(Except for Share and Per Share Data)
<CAPTION>
SIX MONTHS ENDED JUNE 30,
1999 1998
--------------- --------------
<S> <C> <C>
CASH FLOWS FROM OPERATIONS
Net Income $ 31,352 $ 29,664
--------------- --------------
Adjustments to reconcile net income
to cash used by operations:
Depreciation and amortization 12,553 11,973
--------------- --------------
Deferred income taxes (787) 528
--------------- --------------
Gain on sale of property (543) (554)
--------------- --------------
Changes in assets and liabilities:
Trade receivables (59,118) (50,594)
--------------- --------------
Merchandise inventory (116,810) (21,438)
--------------- --------------
Other current assets (562) (1,157)
--------------- --------------
Other assets 2,387 4,592
--------------- --------------
Trade accounts payable 84,838 36,848
--------------- --------------
Accrued payroll and benefit costs (17,264) (15,932)
--------------- --------------
Other accrued liabilities (4,597) (104)
--------------- --------------
(99,903) (35,838)
--------------- --------------
Net cash used by operations (68,551) (6,174)
--------------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property 1,007 1,429
--------------- --------------
Capital expenditures for property (11,943) (14,168)
--------------- --------------
Net cash used by investing activities (10,936) (12,739)
--------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in notes payable to banks 128,631 (67,881)
--------------- --------------
Proceeds from long-term debt -- 140,000
--------------- --------------
Repayment of long-term debt (9,489) (10,477)
--------------- --------------
Principal payments under capital equipment leases (2,655) (2,219)
--------------- --------------
Sale of common stock 14,049 185
--------------- --------------
Purchase of treasury stock (2,682) (2,796)
--------------- --------------
Dividends paid (8,954) (8,304)
--------------- --------------
Net cash flow provided by financing activities 118,900 48,508
--------------- --------------
NET INCREASE IN CASH 39,413 29,595
--------------- --------------
CASH, BEGINNING OF YEAR 20,252 18,523
--------------- --------------
CASH, END OF SECOND QUARTER $ 59,665 $ 48,118
=============== ==============
See accompanying Notes to Consolidated Financial Statements
</TABLE>
6
<PAGE> 7
<TABLE>
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
----------------------------------------------------------
FOR THE SIX MONTHS ENDED
------------------------
JUNE 30, 1999 AND 1998
----------------------
(Dollars Stated in Thousands)
(Except for Share and Per Share Data)
<CAPTION>
COMMON ACCUMULATED
STOCK OTHER
COMMON PREFERRED SUBSCRIBED, RETAINED COMPREHENSIVE
STOCK STOCK UNISSUED EARNINGS INCOME TOTAL
------ --------- ----------- -------- ------------- --------
<S> <C> <C> <C> <C> <C> <C>
December 31, 1997 $103,749 $ 119 $ 37 $149,226 $253,131
--------
Net Income 29,664 29,664
Currency Translation Adjustments $ (520) (520)
--------
Comprehensive Income 29,144
--------
Stock Issued 187 187
Stock Redeemed (2,785) (11) (2,796)
Advance Payments (2) (2)
Dividends Declared (3,058) (3,058)
-------- ------- ------ -------- -------- --------
June 30, 1998 $101,151 $ 108 $ 35 $175,832 $ (520) $276,606
======== ======= ====== ======== ======== ========
<CAPTION>
COMMON ACCUMULATED
STOCK OTHER
COMMON PREFERRED SUBSCRIBED, RETAINED COMPREHENSIVE
STOCK STOCK UNISSUED EARNINGS INCOME TOTAL
------ --------- ----------- -------- ------------- --------
<S> <C> <C> <C> <C> <C> <C>
December 31, 1998 $103,690 $ 108 $ 0 $193,838 $ (836) $296,800
--------
Net Income 31,352 31,352
Currency Translation Adjustments 393 393
--------
Comprehensive Income 31,745
--------
Stock Issued 13,989 13,989
Stock Redeemed (2,677) (5) (2,682)
Advance Payments 60 60
Dividends Declared (3,475) (3,475)
-------- ------- ------ -------- -------- --------
June 30, 1999 $115,002 $ 103 $ 60 $221,715 $ (443) $336,437
======== ======= ====== ======== ======== ========
See accompanying Notes to Consolidated Financial Statements
</TABLE>
7
<PAGE> 8
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AND OTHER INFORMATION
-------------------------
(Dollars Stated in Thousands)
(Except for Share and Per Share Data)
Note 1
- ------
The condensed financial statements included herein have been prepared
by the Company, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations, although the Company believes that
the disclosures are adequate to make the information presented not
misleading. It is suggested that these condensed financial statements be
read in conjunction with the financial statements and the notes thereto
included in the Company's latest annual report on Form 10-K.
In the opinion of the Company, the quarterly report includes all
adjustments, consisting of normal recurring accruals, necessary for the fair
presentation of the financial statements presented. Such interim financial
information is subject to year-end adjustments and independent audit.
Results for interim periods are not necessarily indicative of results
to be expected for the full year.
Note 2
- ------
<TABLE>
<CAPTION>
SIX MONTHS 1999 SIX MONTHS 1998
---------------- -----------------
<S> <C> <C>
Earnings for Six Months $ 31,352 $ 29,664
---------------- -----------------
Dividends on Preferred Stock 3 3
---------------- -----------------
Available for Common Stock $ 31,349 $ 29,661
---------------- -----------------
Average Common Shares Outstanding 5,699,293 5,367,737<F*>
---------------- -----------------
Earnings Per Share $ 5.50 $ 5.53<F*>
---------------- -----------------
<FN>
<F*> Restated for the declaration of a 5% stock dividend in 1998. Prior
to adjusting for the stock dividend, the average common shares
outstanding were 5,112,130.
</TABLE>
Note 3
- ------
Comprehensive income is reported in the Consolidated Statements of
Changes in Shareholders' Equity. Comprehensive income for the quarters ended
June 30, 1999 and 1998 was $18,060 and $14,689, respectively.
8
<PAGE> 9
MANAGEMENT'S DISCUSSION & ANALYSIS
OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
---------------------------------------------
(Dollars Stated in Thousands)
RESULTS OF OPERATIONS
- ---------------------
Net sales in the first six months of 1999 were 10.8% higher than in the
first six months of 1998. The higher net sales resulted from improvements in
the market sectors of the economy in which the Company operates.
Gross margin in the first six months of 1999 increased $35,327 (10.7%)
compared to the first six months of 1998 primarily due to increased sales in
the electrical and communication markets.
The increase in selling, general and administrative expenses in the
first six months of 1999 compared to the first six months of 1998 occurred
largely because of adjustments in personnel complement and adjustments in
compensation and related expenses. In addition, continued implementation of
a companywide customer service and logistics project resulted in higher
selling, general and administrative expenses in the first six months of 1999
compared to the first six months of 1998 due to increases in the Company's
number of facilities and related staffing and start-up expenses. The
necessary increased expenses were anticipated by management and are expected
to provide future benefits to the Company's results of operations.
Interest expense increased in the first six months of 1999 compared to
the first six months of 1998 primarily due to increased levels of borrowing
incurred to finance higher aggregate levels of inventory and receivables.
Other income in the first six months of 1999 included $2,000 of service
charges for special services provided to one customer and gains on sale of
property of $543.
The combined effect of the increases in gross margin and other income,
together with increases in selling, general and administrative expenses,
interest expense and depreciation and amortization, resulted in an increase
in pretax earnings of $2,926 in the first six months of 1999 compared to the
same period in 1998.
9
<PAGE> 10
MANAGEMENT'S DISCUSSION & ANALYSIS
OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
---------------------------------------------
(Dollars Stated in Thousands)
FINANCIAL CONDITION AND LIQUIDITY
- ---------------------------------
The financial condition of the Company continues to be strong. At June
30, 1999, current assets exceeded current liabilities by $426,954, up $26,104
from December 31, 1998. The current assets at June 30, 1999 were sufficient
to meet the cash needs required to pay current liabilities. The substantial
increases in accounts receivable and merchandise inventory resulted primarily
from the growth in sales experienced by the Company. While the average
number of days of sales in accounts receivable has remained relatively stable
during 1998 and 1999, inventory turnover has decreased slightly during that
same period. The decrease in inventory turnover is due largely to a
companywide customer service and logistics project to redeploy inventory into
a system of national zones, regional zones and branch locations. Although
the project objective is to provide better customer service and reduce
overall costs, management expected some temporary inventory increase,
unrelated to sales volume, during the transition to the new system. This
temporary increase in inventory investment is partially offset by a
corresponding increase in trade accounts payable. The Company does not have
any other plans or commitments which would require significant amounts of
additional working capital.
At June 30, 1999, the Company had available to it unused lines of credit
amounting to $201,421. These lines are available to meet short-term cash
requirements of the Company. Bank borrowings outstanding during 1999 through
June 30 ranged from a minimum of $14,000 to a maximum of $184,000.
In July 1999 the Company entered into a $410,000 Revolving Credit Loan
Agreement with a group of banks at an interest rate based on the London
Interbank Offered Rate (LIBOR). The credit agreement has various covenants
which limit the Company's ability to make investments, incur debt, dispose of
property, and issue equity securities. The Company is also required to
maintain certain financial ratios as defined in the agreement. The Company
intends to utilize the credit agreement as a primary source of short-term
borrowings.
The Company has funded its capital requirements from operations, stock
issuances to its employees and long term debt. During the first six months
of 1999, cash used by operations amounted to $68,551 compared to $6,174 cash
used by operations in the first six months of 1998. Cash provided from the
sale of common stock and proceeds received on stock subscriptions amounted to
$14,049 in the first six months of 1999. Additional cash of approximately
$308 will be provided in the remainder of 1999 as a result of payments to be
made for stock subscribed to by employees under the 1998 Common Stock
Purchase Plan.
Capital expenditures for property for the six-month periods ended June
30, 1999 and 1998 were $11,943 and $14,168, respectively. Purchases of
treasury stock for the six-month periods ended June 30, 1999 and 1998 were
$2,682 and $2,796, respectively. Dividends paid for the six-month periods
ended June 30, 1999 and 1998 were $8,954 and $8,304, respectively.
10
<PAGE> 11
IMPACT OF YEAR 2000 ISSUE
- -------------------------
In early 1996 the Company began its review and analysis of the Year 2000
Issues and the potential risks to our operations. Modifications to our
existing internal software began in 1996 and continue to be made. A
full-time senior manager of the Company was appointed in January 1998 to
oversee all of the analytical and remedial projects connected with the Year
2000. The Company has also used independent consultants to assist the Company
with its Year 2000 readiness efforts.
The Company believes that with modifications to existing internal
software and conversions to new software, the Year 2000 will not pose
significant problems for all of its systems, including its accounting,
management information, warehouse and administrative systems. However, if
such modifications and conversions are not completed in a timely manner, the
Year 2000 could have a material impact on the operations of the Company.
Communications have been initiated by the Company with over 600
suppliers of products and large customers to determine the extent to which
the interface between their systems and the Company's systems are vulnerable
to those parties' failures to remediate their own Year 2000 issues. Most
responses relating to products indicated Year 2000 compliance for the
specific product. A significant number of the responses indicated that Year
2000 analytical studies were in process for both internal systems and some
products. The Company's total Year 2000 project schedule and cost estimates
to complete include the estimated costs and time associated with the impact
of supplier and customer Year 2000 issues based on currently available
information. However, there can be no guarantee that the systems of these
companies on which the Company's systems rely will be modified in a timely
manner so there will not be an adverse impact on the Company's business.
Contingency plans will be developed on a case-by-case basis for suppliers or
customers where a problem is identified that cannot be remedied in time.
Contingency plans may involve alternate means of communications for
electronic data interchange suppliers and customers or an alternate source of
supply in the case of a supplier or a specific product.
The Company has and will continue to utilize both internal and external
resources to reprogram, or replace, and test the software for Year 2000
modifications. Communications will continue with customers and suppliers to
identify any potential problems requiring contingency plans. The Company
anticipates completing the Year 2000 project by September 30, 1999, although
some additional testing and implementation will continue after that date. The
Year 2000 projects will be funded through operating cash flows and expensed as
incurred. The project costs have not had and are not expected to have a
material impact on the results of operations.
The costs of the project and the date on which the Company believes it
will complete the Year 2000 modifications are based on management's best
estimates, which were derived utilizing numerous assumptions of future
events, including the continued availability of certain resources, third
party modification plans and other factors. However, there can be no
guarantee that these estimates will be achieved and actual results could
differ materially from those anticipated. Specific factors that might cause
such material differences include, but are not limited to, the availability
and cost of personnel trained in this area, the ability to locate and correct
all relevant computer codes, and similar uncertainties.
11
<PAGE> 12
PART II OTHER INFORMATION
--------------------------
Item 4. Submission of Matters to a Vote of Security Holders.
The annual meeting of shareholders occurred on June 10, 1999.
All of the nominees named in the Information Statement filed with
the Commission and mailed to shareholders in accordance with the
provisions of Regulation 14-C were elected. The names of the
nominees elected follow; all received 5,459,170 votes, no negative
votes were cast.
1. R. A. Cole
2. T. F. Dowd
3. T. S. Gurganous
4. C. L. Hall
5. R. H. Haney
6. G. W. Harper
7. W. L. King
8. J. C. Loff
9. G. J. McCrea
10. R. D. Offenbacher
11. R. A. Reynolds, Jr.
12. J. R. Seaton
13. C. R. Udell
14. J. F. Van Pelt
15. J. W. Wolf
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits furnished in accordance with provisions of Item 601 of
Regulation S-K.
(27) Financial Data Schedule (submitted in EDGAR format only).
(b) Reports on Form 8-K
No reports on Form 8-K have been filed during the quarter for
which this report is filed.
12
<PAGE> 13
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.
August 12, 1999 GRAYBAR ELECTRIC COMPANY, INC.
- ----------------------
(Date)
/S/ C. L. HALL
---------------------------------------
C. L. HALL
PRESIDENT
/S/ J. R. SEATON
---------------------------------------
J. R. SEATON
VICE PRESIDENT
AND COMPTROLLER
13
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 59,665
<SECURITIES> 0
<RECEIVABLES> 519,134
<ALLOWANCES> 0
<INVENTORY> 557,216
<CURRENT-ASSETS> 1,140,522
<PP&E> 355,026
<DEPRECIATION> 153,022
<TOTAL-ASSETS> 1,381,469
<CURRENT-LIABILITIES> 713,568
<BONDS> 253,606
<COMMON> 115,002
0
103
<OTHER-SE> 221,332
<TOTAL-LIABILITY-AND-EQUITY> 1,381,469
<SALES> 2,025,257
<TOTAL-REVENUES> 2,025,257
<CGS> 1,660,188
<TOTAL-COSTS> 1,660,188
<OTHER-EXPENSES> 305,762
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 12,596
<INCOME-PRETAX> 53,396
<INCOME-TAX> 22,044
<INCOME-CONTINUING> 31,352
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 31,352
<EPS-BASIC> 5.50
<EPS-DILUTED> 5.50
</TABLE>
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