<PAGE> 1
FORM 1O-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 2O549
____________________________________
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
___________________________________________
For quarter ended May 31, 1996
Commission File Number 1-4304
COMMERCIAL METALS COMPANY
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 75-0725338
- -------------------------------- --------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
7800 Stemmons Freeway
P. O. Box 1046 Dallas, Texas 75221
- --------------------------------------------------------------------------------
( Address of principal executive offices )
( Zip Code )
(214) 689-4300
- --------------------------------------------------------------------------------
( Registrant's telephone number, including area code )
- --------------------------------------------------------------------------------
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 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
------- -------
As of May 31, 1996 there were 15,069,251 shares of the Company's common stock
issued and outstanding excluding 1,063,332 shares held in the Company's
treasury.
<PAGE> 2
COMMERCIAL METALS COMPANY AND SUBSIDIARIES
__________________________________________
INDEX
_____
Page No.
________
PART I - Financial Statements:
Consolidated Balance Sheets -
May 31, 1996 and August 31, 1995 2 - 3
Consolidated Statements of Earnings -
Three months and nine months ended 4
May 31, 1996 and 1995
Consolidated Statements of Cash Flows -
Nine months ended May 31, 1996 and 1995
5
Consolidated Statement of Stockholders'
Equity - May 31, 1996 6
Notes to Consolidated Financial Statements 7
Management's Discussion and Analysis of the
Consolidated Financial Statements 8 - 12
PART II - Other Information and Signatures 13- 15
Exhibit 11 (a) - Calculation of Primary and
Fully Diluted Earnings per Share 16
Page 1
<PAGE> 3
COMMERCIAL METALS COMPANY AND SUBSIDIARIES
__________________________________________
CONSOLIDATED BALANCE SHEETS
___________________________
ASSETS
______
( In thousands except share data )
<TABLE>
<CAPTION>
May 31, August 31,
1996 1995
---------- ----------
<S> <C> <C>
CURRENT ASSETS:
Cash $ 19,055 $ 21,018
Accounts receivable (less allowance for
collection losses of $5,395 and $4,743) 310,839 268,657
Inventories 192,584 208,114
Other 31,940 36,316
---------- ----------
TOTAL CURRENT ASSETS 554,418 534,105
OTHER ASSETS 4,811 4,259
PROPERTY, PLANT, AND EQUIPMENT, at cost:
Land 16,665 16,629
Buildings 42,761 40,178
Equipment 400,293 372,644
Leasehold improvements 18,836 16,972
Construction in process 16,370 10,282
---------- ----------
494,925 456,705
Less accumulated depreciation
and amortization (275,773) (246,966)
---------- ----------
219,152 209,739
---------- ----------
$ 778,381 $ 748,103
========== ==========
</TABLE>
See notes to consolidated financial statements.
Page 2
<PAGE> 4
COMMERCIAL METALS COMPANY AND SUBSIDIARIES
__________________________________________
CONSOLIDATED BALANCE SHEETS
___________________________
LIABILITIES AND STOCKHOLDERS' EQUITY
____________________________________
( In thousands except share data )
<TABLE>
<CAPTION>
May 31, August 31,
1996 1995
---------- ----------
<S> <C> <C>
CURRENT LIABILITIES:
Commercial paper $ 5,000 $ --
Notes payable 37,480 5,189
Accounts payable 104,813 107,906
Other payables and accrued expenses 121,220 137,933
Income taxes payable 7,518 3,246
Current maturities of long-term debt 11,526 14,108
---------- ----------
TOTAL CURRENT LIABILITIES 287,557 268,382
DEFERRED INCOME TAXES 21,393 18,553
LONG-TERM DEBT 146,519 158,004
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Capital stock:
Preferred stock -- --
Common stock, par value $5.00 a share;
authorized 40,000,000 shares; issued
16,132,583 shares, outstanding
15,069,251 and 15,369,592 shares 80,663 80,663
Additional paid-in capital 12,837 11,946
Retained earnings 251,412 223,994
---------- ----------
344,912 316,603
Less treasury stock,
1,063,332 and 762,991 shares at cost (22,000) (13,439)
---------- ----------
322,912 303,164
---------- ----------
$ 778,381 $ 748,103
========== ==========
</TABLE>
See notes to consolidated financial statements.
Page 3
<PAGE> 5
COMMERCIAL METALS COMPANY AND SUBSIDIARIES
__________________________________________
CONSOLIDATED STATEMENTS OF EARNINGS
___________________________________
( In thousands except share data )
<TABLE>
<CAPTION>
Three months ended Nine months ended
May 31, May 31,
------------------------- -------------------------
1996 1995 1996 1995
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
REVENUES:
Net sales $ 634,569 $ 572,520 $ 1,737,662 $ 1,514,861
Other revenue 4,575 1,632 9,882 5,996
----------- ----------- ----------- -----------
639,144 574,152 1,747,544 1,520,857
COSTS AND EXPENSES:
Cost of goods sold 572,906 512,150 1,560,415 1,350,536
Selling, general and
administrative expenses 39,817 36,685 113,229 101,289
Interest expense 4,215 4,197 12,072 11,394
Employees' pension and
profit sharing plans 3,423 3,024 10,094 8,076
Litigation accrual -- -- -- 6,650
----------- ----------- ----------- -----------
620,361 556,056 1,695,810 1,477,945
EARNINGS BEFORE INCOME TAXES 18,783 18,096 51,734 42,912
INCOME TAXES 6,771 6,725 18,880 14,892
----------- ----------- ----------- -----------
NET EARNINGS $ 12,012 $ 11,371 $ 32,854 $ 28,020
=========== =========== =========== ===========
Net earnings per share $ 0.79 $ 0.73 $ 2.15 $ 1.85
Cash dividends per share $ 0.12 $ 0.12 $ 0.36 $ 0.36
Average shares outstanding 15,231,431 15,533,894 15,276,198 15,174,264
</TABLE>
See notes to consolidated financial statements.
Page 4
<PAGE> 6
COMMERCIAL METALS COMPANY AND SUBSIDIARIES
__________________________________________
CONSOLIDATED STATEMENTS OF CASH FLOWS
_____________________________________
(In thousands)
<TABLE>
<CAPTION>
Nine months ended
May 31,
-----------------------------
1996 1995
- --------------------------------------------------------------------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 32,854 $ 28,020
Adjustments to earnings not requiring cash:
Depreciation and amortization 31,330 27,940
Provision for losses on receivables 1,414 1,509
Other (286) (321)
-------- --------
Cash flows from operations before changes in
operating assets and liabilities 65,312 57,148
Changes in operating assets and liabilities
(net of effect of Owen acquisition):
Decrease (increase) in receivables (44,745) 4,559
Decrease (increase) in inventories 15,530 (41,495)
Decrease (increase) in other assets 3,824 5,498
Increase (decrease) in accounts payable,
accrued expenses and income taxes (16,774) 5,617
-------- --------
Net Cash Provided by Operating Activities 23,147 31,327
- -------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of Owen Steel, net of cash acquired (2,232) (24,994)
Temporary investments 19,174
Purchase of property, plant and equipment (32,258) (22,412)
Sales of property, plant and equipment 286 321
-------- --------
Net Cash Used by Investing Activities (34,204) (27,911)
- -------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Commercial paper - net change 5,000 (10,000)
Notes payable - net change 32,291 (22,452)
New long-term debt 60,000
Refinance long-term debt of acquisition (32,000)
Payments on long-term debt (14,067) (4,541)
Stock issued under stock option/bonus plans 4,771 1,911
Treasury stock acquired (13,465)
Tax benefits related to stock option plan 1,593
Dividends paid (5,436) (5,372)
-------- --------
Net Cash Provided by Financing Activities 9,094 (10,861)
- -------------------------------------------------------------------------------
Decrease in Cash and Cash Equivalents (1,963) (7,445)
Cash and Cash Equivalents at Beginning of Year 21,018 19,095
-------- --------
Cash and Cash Equivalents at End of Period $ 19,055 $ 11,650
======== ========
</TABLE>
See notes to consolidated financial statements.
Page 5
<PAGE> 7
COMMERCIAL METALS COMPANY AND SUBSIDIARIES
______________________________________________
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
______________________________________________
( In thousands except share data )
<TABLE>
<CAPTION>
Common Stock Treasury Stock
-------------------------- Add'l ---------------------
Number of Paid-In Retained Number of
Shares Amount Capital Earnings Shares Amount
----------- --------- -------- ---------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance September 1, 1995 16,132,583 $ 80,663 $ 11,946 $ 223,994 (762,991) ($ 13,439)
Net earnings for nine months
ended May 31, 1996 32,854
Cash dividends - $.36 a share (5,436)
Treasury stock acquired (557,600) (13,465)
Additonal treasury stock
issued for Owen acquisition 552 37,196 472
Stock issued under stock option,
purchase and bonus plans 339 220,063 4,432
----------- ----------- ----------- ----------- ----------- -----------
Balance, May 31, 1996 16,132,583 $ 80,663 $ 12,837 $ 251,412 (1,063,332) ($ 22,000)
=========== =========== =========== =========== =========== ===========
</TABLE>
See notes to consolidated financial statements.
Page 6
<PAGE> 8
COMMERCIAL METALS COMPANY AND SUBSIDIARIES
__________________________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
__________________________________________
NOTE A - LONG-TERM DEBT AND EQUITY (in thousands):
<TABLE>
<CAPTION>
Long-Term Current Amount
Debt Maturities Outstanding
------------ ------------ ------------
<S> <C> <C> <C>
7.20% notes due 2005 $ 100,000 $ -- $ 100,000
8.49% notes due 2001 35,714 7,143 42,857
8.75% note due 1999 10,713 4,286 14,999
Other 92 97 189
------------ ------------ ------------
$ 146,519 $ 11,526 $ 158,045
============ ============ ============
</TABLE>
NOTE B - TAXES ON INCOME:
Provision for taxes on income includes estimated United States taxes on
undistributed earnings of subsidiaries outside the United States.
NOTE C - QUARTERLY FINANCIAL DATA:
In the opinion of Management, the accompanying unaudited consolidated
financial statements contain all adjustments (consisting of only normal
recurring accruals) necessary to present fairly the financial position as of
May 31, 1996, the results of operations for the nine months then ended and cash
flows for the same periods. The results of operations for the nine month
periods are not necessarily indicative of the results to be expected for a full
year.
Page 7
<PAGE> 9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED RESULTS OF OPERATIONS
(in millions)
<TABLE>
<CAPTION>
3RD QTR 3rd Qtr
FY 1996 FY 1995
------- -------
<S> <C> <C>
Revenues $ 639 $ 574
Net earnings 12.0 11.4
Cash flow 22.6 20.5
LIFO reserve 32.8 26.3
</TABLE>
<TABLE>
<CAPTION>
NINE MONTHS Nine Months
FY 1996 FY 1995
------- -------
<S> <C> <C>
Revenues $ 1,748 $1,521
Net earnings 32.9 28.0
Cash flow 65.3 57.1
</TABLE>
SIGNIFICANT EVENTS AFFECTING THE COMPANY THIS QUARTER:
- - Record earnings and cash flow for the quarter and the nine months
- - Best third quarter for the CMC Steel Group
- - Partial settlement on fire loss at SMI Texas
- - Improved operating profit for the Recycling segment
- - Consistent quarter for the Marketing and Trading segment
The Lifo method of inventory valuation increased net earnings for the quarter
$91 thousand (1 cent per share) compared to a decrease of $1.8 million (12
cents per share) last year. For the nine months net earnings were $959 thousand
higher (6 cents per share) compared to a decrease of $3.2 million (21 cents per
share) last year.
Page 8
<PAGE> 10
SEGMENT OPERATING DATA
Revenues and operating profit by business segment are shown in the
following table:
<TABLE>
<CAPTION>
Three months ended Nine months ended
May 31 May 31 May 31 May 31
1996 1995 1996 1995
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
REVENUES:
Manufacturing $ 266,462 $ 249,017 $ 751,005 $ 654,151
Recycling 122,297 138,386 354,699 372,992
Marketing and
Trading 264,215 200,694 677,970 531,278
Corporate and
Eliminations (13,830) (13,945) (36,130) (37,564)
------------ ------------ ------------ ------------
$ 639,144 $ 574,152 $ 1,747,544 $ 1,520,857
OPERATING PROFIT:
Manufacturing $ 16,804 $ 16,464 $ 45,595 $ 41,533
Recycling 2,638 2,393 6,796 11,013
Marketing and
Trading 4,391 4,429 13,102 11,877
Corporate and
Eliminations (835) (993) (1,687) (10,117)
------------ ------------ ------------ ------------
$ 22,998 $ 22,293 $ 63,806 $ 54,306
</TABLE>
MANUFACTURING -
With record shipments overcoming generally weaker prices, the Manufacturing
segment's operating profits were 2% higher than last year's comparable quarter
and significantly ahead of the previous quarter. The CMC Steel Group achieved
record revenues, shipments, and profits for a third quarter with results
moderately better than the excellent third quarter last year.
Shipments by the four minimills totaled a record 474,000 tons or 16% higher
than last year's comparable quarter whereas average selling prices decreased 5%
and scrap costs were relatively flat. Mill operating profits were well ahead of
the previous quarter but slightly behind last year's third quarter. Results
included $1.8 million of other income from an insurance recovery for property
damage at SMI-Texas last October. A related claim for losses due to business
interruption is still outstanding.
Page 9
<PAGE> 11
The steel fabrication businesses shipped 173,000 tons, 7% higher than last
year's third quarter and 12% above the previous quarter. Operating profits were
ahead of last year's third quarter, aided by a slight increase in selling
prices. The SMI-Owen group was profitable for the quarter and for the year to
date.
Copper Tube operating profits were up 9% over last year although gross margins
remained under pressure. Copper tube shipments were 10% lower than the third
quarter last year but encouraging in light of the volatility of the copper
market. Demand for plumbing tube is good and sales and spreads have improved
recently.
RECYCLING -
The Recycling segment recorded a 10% increase in operating profit compared with
last year's period, reflecting improved gross margins on scrap processed.
Domestic demand for scrap was good, but not as strong as last year, and exports
were weaker except for Mexico. Intake was below last year. Steel scrap prices
were slightly lower than the third quarter of last year but very steady with
prices in the previous quarter. Shipments were down 22,000 tons to 303,000
tons. Nonferrous prices gyrated dramatically; aluminum scrap prices declined
16% and copper prices were about 6% lower. Overall nonferrous shipments were
down 3% to 53,000 tons.
MARKETING AND TRADING -
Competition was especially severe in the Marketing and Trading segment.
Although revenues and shipments were significantly higher, operating income was
unchanged compared to the prior year's third quarter. Unit margins declined as
customers continue to reduce inventories in a period of general over supply.
The marketing and distribution business continued to be good. Revenues from
nonferrous metals and products decreased but profits were about the same.
Profits from secondary metals improved. Results for other raw materials
including minerals, refractories and building materials were steady.
Page 10
<PAGE> 12
OTHER
On April 30,1996 the Company filed suit against the four representatives (one
of whom is a current director of the Company) of the former Owen Steel Company
stockholders for failure to release from escrow funds for claims totaling
approximately $2,400,000 paid subsequent to acquisition on exposures that
existed at the acquisition date. The stockholder representatives have filed a
response and counterclaims.
ENVIRONMENTAL ACTIVITIES
The Company is subject to federal, state and local pollution control laws and
regulations in all locations where it has operating facilities. It anticipates
that compliance with these laws and regulations will involve continuing capital
expenditures and operating costs.
In the ordinary course of conducting its business, the Company becomes involved
in environmental litigation, administrative proceedings, and governmental
investigations. Certain of these environmental matters or other proceedings may
result in fines, penalties or judgments against the Company which may have a
material impact on earnings for a particular quarter. While the Company is
unable to estimate precisely the ultimate dollar amount of exposure to losses
in connection with such matters, it makes timely accruals as warranted. It is
the opinion of the Company's management that the outcome of such proceedings,
individually or in the aggregate, will not have a material adverse effect on
the business or consolidated financial position of the Company.
OUTLOOK
The outlook remains favorable. The underlying economic conditions appear to be
improving, including some recovery in Japan. The necessary inventory correction
has been accomplished in the U.S.A. and is underway in most other key markets.
Most importantly, during the quarter we began to implement modest price
increases in the U.S. on reinforcing bar and merchant shapes. Steel fabrication
markets generally are firm, margins on copper tube have widened and ferrous
scrap markets are steady. Nonferrous metal prices are weaker and continue to be
extremely volatile, particularly copper, but demand is satisfactory.
Page 11
<PAGE> 13
LIQUIDITY
Cash flow from operations before changes in operating assets and
liabilities for the nine months was $65 million compared to $57 million last
year. Depreciation expense increased from $28 million to $31 million due to the
SMI Owen acquisition and current year capital expenditures. Accounts receivable
increased $44.7 million since August 31 principally due to increased third
quarter activity in the Marketing and Trading segment. Inventories have
declined $15.5 million since year end based on strong shipments in the third
quarter. Accounts payable and accrued expenses have decreased $16.8 million but
short term borrowings increased $37.3 million to fund working capital
requirements. The Company invested $32.3 million in capital expenditures as
part of its annual capital program which is now estimated to be $45-50 million
for this year.
At May 31,1996, there were 15,069,251 common shares issued and outstanding
with 1,063,332 shares held in the Company's treasury. Stockholders' equity was
$323 million or $21.43 per share.
Net working capital was $267 million at May 31,1996 compared to $266
million at August 31,1995. The current ratio was 1.9 compared to 2.0 at August
31,1995. The Company's effective tax rate for the nine months was 36.5%; the
rate for the comparable period last year was 34.7% due to a credit of $1
million to income tax expense from the favorable resolution of tax issues with
the Internal Revenue Service.
Long-term debt as a percent of total capitalization was 29.9% at May
31,1996 compared to 32.9% at August 31,1995. The ratio of total debt to total
capitalization plus shortterm debt stood at 36.8%.
Page 12
<PAGE> 14
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Reference is made to the information incorporated by reference from Item
3. Legal Proceedings in the Company's Annual Report on Form 10-K for the year
ended August 31, 1995 filed November 27, 1995, with the Securities and Exchange
Commission and the Company's Quarterly Report on Form 10-Q, Part II Item I.
Legal Proceedings for the quarter ended February 29, 1996, filed April 12, 1996
with the Securities and Exchange Commission.
On April 30, 1996, the Company and its subsidiary SMI - Owen Steel
Company, Inc. (SMI-Owen) filed a lawsuit seeking to recover approximately $2.4
million from an escrow fund created with a portion of the purchase price in
connection with the Company's November, 1994 acquisition of Owen Steel Company,
Inc. and affiliates (Owen Steel). The lawsuit seeks recovery of part of a
payment made by SMI-Owen to settle a claim in connection with a steel supply
and erection contract entered into prior to the acquisition by the predecessor
of SMI-Owen. The Company contends the claim was based on events which occurred
prior to the acquisition, and the Company is entitled to reimbursement from the
former Owen Steel stockholders for the claim settlement under the terms of the
escrow agreement. The Complaint alleges breach of contract, breach of the
covenant of good faith and fair dealing and seeks a declaratory judgment and
damages. Dorothy G. Owen, a director of the Company and former stockholder of
Owen Steel is one of four designated representatives of former Owen Steel
stockholders. The four representatives have filed an Answer and Counterclaim
denying the material allegations of the Complaint, alleging various defenses
and setting forth counterclaims for specific performance, breach of contract,
breach of fiduciary duty, breach of the covenant of good faith and fair dealing
and seeking a declaratory judgment and unspecified actual and punitive damages.
It is the opinion of the Company's management that this litigation will not
have a material effect on the business or the consolidated financial position
of the Company.
ITEM 2. CHANGES IN SECURITIES
Not Applicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not Applicable
Page 13
<PAGE> 15
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not Applicable.
ITEM 5. OTHER INFORMATION
Not Applicable
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
A. Exhibits required by Item 601 of Regulation S-K.
Exhibit No.
11. Computation of Per Share Earnings
(a) Calculation of Primary and Fully
Diluted Earnings Per Share
27. Financial Data Schedule
Page 14
<PAGE> 16
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.
COMMERCIAL METALS COMPANY
/s/ Lawrence A. Engels
-----------------------------------
July 12, 1996 Lawrence A. Engels
Vice President, Treasurer
& Chief Financial Officer
/s/ William B. Larson
------------------------------------
July 12, 1996 William B. Larson
Controller
Page 15
<PAGE> 17
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
11 - Computation of Per Share Earnings
(a) Calculation of Primary and Fully
Diluted Earnings Per Share
27 - Financial Data Schedule
</TABLE>
<PAGE> 1
EXHIBIT 11(a)
_______________
COMMERCIAL METALS COMPANY AND SUBSIDIARIES
__________________________________________
CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE*
____________________________________________________________
( In thousands except share data )
<TABLE>
<CAPTION>
Nine Months ended
May 31,
-------------------------
1996 1995
----------- -----------
<S> <C> <C>
Net earnings $ 32,854 $ 28,020
Weighted average number
of shares outstanding 15,116,014 14,924,234
Dilutive effect of stock option and
purchase plans, after application
of treasury stock method 160,184 250,030
Shares used in calculating primary
net earnings per share 15,276,198 15,174,264
Earnings per share $ 2.15 $ 1.85
</TABLE>
*Fully diluted earnings per share are identical to
primary earnings per share.
Page 16
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> MAY-31-1996
<CASH> 19,055
<SECURITIES> 0
<RECEIVABLES> 316,234
<ALLOWANCES> 5,395
<INVENTORY> 192,584
<CURRENT-ASSETS> 554,418
<PP&E> 494,925
<DEPRECIATION> 275,773
<TOTAL-ASSETS> 778,381
<CURRENT-LIABILITIES> 287,557
<BONDS> 146,519
<COMMON> 80,663
0
0
<OTHER-SE> 242,249
<TOTAL-LIABILITY-AND-EQUITY> 778,381
<SALES> 1,737,662
<TOTAL-REVENUES> 1,747,544
<CGS> 1,560,415
<TOTAL-COSTS> 1,560,415
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 1,414
<INTEREST-EXPENSE> 12,072
<INCOME-PRETAX> 51,734
<INCOME-TAX> 18,880
<INCOME-CONTINUING> 32,854
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 32,854
<EPS-PRIMARY> 2.15
<EPS-DILUTED> 0
</TABLE>
