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 June 30, 1999
_____ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission file number 0-5556
CONSOLIDATED-TOMOKA LAND CO.
(Exact name of registrant as specified in its charter)
Florida 59-0483700
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
149 South Ridgewood Avenue 32114
Daytona Beach, Florida (Zip Code)
(Address of principal executive offices)
(904) 255-7558
(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 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.
Outstanding
Class of Common Stock August 1, 1999
$1.00 par value 6,371,833
1
<PAGE>
CONSOLIDATED-TOMOKA LAND CO.
INDEX
Page No.
PART I - - FINANCIAL INFORMATION
Consolidated Condensed Balance Sheets -
June 30, 1999 and December 31, 1998 3
Consolidated Condensed Statements of Income and
Retained Earnings - Three Months Ended and
Six Months Ended June 30, 1999 and 1998 4
Consolidated Condensed Statements of Cash Flows -
Six Months Ended June 30, 1999 and 1998 5
Notes to Consolidated Condensed Financial Statements 6-9
Management's Discussion and Analysis of Financial
Condition and Results of Operations 10-13
PART II -- OTHER INFORMATION 14
SIGNATURES 15
2
<PAGE>
PART I -- FINANCIAL INFORMATION
CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED CONDENSED BALANCE SHEETS
<TABLE>
CAPTION
(Unaudited)
June 30, December 31,
1999 1998
---------- -------------
<S> <C> <C>
ASSETS
Cash & Cash Equivalents $ 3,500,819 $ 283,200
Investment Securities 26,974,676 1,191,390
Notes Receivable 10,787,752 9,115,868
Real Estate held for Development and Sale 15,012,862 13,597,967
Deferred Income Taxes 1,826,761 1,826,761
Refundable Income Taxes 285,199
Net Investment in Direct Financing Lease 498,005 542,123
Other Assets 1,337,438 1,111,871
Net Assets of Discontinued Citrus Operations 740,916 14,792,453
Property, Plant, and Equipment - Net 7,682,950 7,354,619
---------- ----------
TOTAL ASSETS $68,362,179 $50,101,451
========== ==========
LIABILITIES
Accounts Payable $ 239,805 $ 292,646
Notes Payable 10,458,619 10,742,063
Accrued Liabilities 5,025,471 4,368,464
Income Taxes Payable 7,795,319
---------- ----------
TOTAL LIABILITIES 23,519,214 15,403,173
---------- ----------
SHAREHOLDERS' EQUITY
Common Stock 6,371,833 6,371,833
Additional Paid-in Capital 3,793,066 3,793,066
Retained Earnings 34,678,066 24,533,379
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 44,842,965 34,698,278
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $68,362,179 $50,101,451
========== ==========
</TABLE>
See accompanying Notes to Consolidated Condensed Financial Statements.
3
<PAGE>
CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME AND RETAINED EARNINGS
<TABLE>
<CAPTION>
(Unaudited) (Unaudited)
Three Months Ended Six Months Ended
------------------ ----------------------
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
---------- ---------- ---------- ---------
<S> <C> <C> <C> <C>
INCOME:
Real Estate Operations:
Sales and Other Income $ 5,992,136 $ 1,533,071 $ 7,279,162 $ 2,909,720
Costs and Other Expenses ( 1,667,480) ( 1,351,771) ( 2,809,608)( 2,283,325)
---------- ---------- ---------- ----------
4,324,656 181,300 4,469,554 626,395
---------- ---------- ---------- ----------
Profit On Sales of Undeveloped
Real Estate Interests 2,028,338 17,923 2,031,838 114,338
---------- ---------- ---------- ----------
Interest and Other Income 407,101 78,458 604,111 335,931
---------- ---------- ---------- ---------
6,760,095 277,681 7,105,503 1,076,664
General and Administrative Expenses ( 878,483) ( 585,789) ( 1,868,689) (1,426,339)
---------- --------- ---------- ----------
Income (Loss) From Continuing Operations
Before Income Taxes 5,881,612 ( 308,108) 5,236,814 ( 349,675)
Income Taxes ( 2,222,817) 119,219 ( 1,972,242) 144,060
---------- --------- ---------- ----------
Net Income (Loss) From Continuing
Operations 3,658,795 ( 188,889) 3,264,572 ( 205,615)
Income From Discontinued Citrus
Operations, Net of Tax 7,859,660 409,887 9,110,257 856,764
---------- --------- ---------- ---------
Net Income 11,518,455 220,998 12,374,829 651,149
Retained Earnings, Beginning of Period 23,159,611 25,889,557 24,533,379 27,689,548
Dividends -- -- ( 2,230,142)( 2,230,142)
---------- ---------- ---------- ----------
Retained Earnings, End of Period $34,678,066 $26,110,555 $34,678,066 $26,110,555
========== ========== ========== ==========
PER SHARE INFORMATION:
Basic and Diluted
Income (Loss) from Continuing
Operations $ .57 $ (.03) $ .51 $ (.03)
Income From Discontinued Citrus
Operations, Net of Tax $ 1.24 $ .06 $ 1.43 $ .13
---------- ---------- ---------- ---------
Net Income $ 1.81 $ .03 $ 1.94 $ .10
========== ========== ========== =========
Dividends Per Share $ -- $ -- $ .35 $ .35
========== ========== ========== ==========
See accompanying Notes to Consolidated Condensed Financial Statements.
4
</TABLE>
<PAGE>
CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
(Unaudited)
Six Months Ended
----------------------
June 30, June 30,
1999 1998
-------- --------
<S> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income $ 12,374,829 $ 651,149
Adjustments to Reconcile Net Income to Net Cash
Provided by(Used In) Operating Activities:
Discontinued Citrus Operations ( 9,110,257) ( 856,764)
Depreciation and Amortization 126,452 96,684
Gain on Sale of Property, Plant and Equipment ( 10,305) 136,445
(Increase) Decrease in Assets:
Notes Receivable (1,671,884) 202,471
Real Estate Held for Development and Sale (1,414,895) ( 201,155)
Other Assets ( 225,567) ( 10,356)
(Decrease) Increase in Liabilities:
Accounts Payable ( 52,841) ( 575,201)
Accrued Liabilities 657,007 995,013
Income Taxes Payable and Refundable 8,080,518 (2,413,824)
--------- ---------
Net Cash Provided by (Used In) Operating Activities 8,753,057 (1,975,538)
--------- ---------
CASH FLOW FROM INVESTING ACTIVITIES:
Acquisition of Property, Plant, and Equipment ( 465,361) (3,827,611)
Net Increase in Investment Securities (25,783,286) (1,840,946)
Direct Financing Lease 44,118 40,738
Proceeds from Sale of Property, Plant,
and Equipment 20,883 2,282,494
Cash from Discontinued Citrus Operations 23,161,794 1,371,257
---------- ----------
Net Cash Used In Investing Activities ( 3,021,852) (1,974,068)
---------- ---------
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from Notes Payable 2,469,000 300,000
Payments on Notes Payable ( 2,752,444) (2,971,888)
Dividends Paid ( 2,230,142) (2,230,142)
--------- ---------
Net Cash Used in Financing Activities ( 2,513,586) (4,902,030)
--------- ---------
Net Increase (Decrease) In Cash and
Cash Equivalents 3,217,619 (8,851,636)
Cash and Cash Equivalents at Beginning of Period 283,200 9,385,327
--------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 3,500,819 $ 533,691
========== ===========
</TABLE>
See accompanying Notes to Consolidated Condensed Financial Statements.
5
<PAGE>
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1. Principles of Interim Statements. The following
unaudited consolidated condensed financial statements have been
prepared pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information
and note disclosures which are normally included in annual
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or
omitted pursuant to those rules and regulations. The
condensed financial statements reflect all adjustments which
are, in the opinion of the management, necessary to present
fairly the Company's financial position and the results
of operations for the interim periods. The consolidated
condensed format is designed to be read in conjunction
with the last annual report. For further information
refer to the consolidated financial statements and the
notes thereto included in the Company's Annual Report
on Form 10-K for the year ended December 31, 1998.
The consolidated condensed financial statements include
the accounts of the Company and its wholly owned
subsidiaries. Intercompany balances and transactions
have been eliminated in consolidation.
2. Discontinued Citrus Operations. On April 7, 1999 the Company
completed the sale of its citrus operations at a price
approximating $30,945,000. The gain on the transaction was
recognized in the second quarter of 1999. The results
of the citrus operations have been reported separately as
discontinued operations in the Consolidated Statements of
Income. Prior year consolidated financial statements have
been restated to present citrus operations as discontinued
operations. Remaining assets and liabilities associated with
the citrus operations as of June 30, 1999 and December
31, 1998 have been presented separately on the consolidated
balance sheets as "Net Assets of Discontinued Citrus
Operations." Summary financial information of the citrus
operations is as follows:
6
<PAGE>
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
---------------------- -------------------
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
--------- --------- ---------- ---------
<S> <C> <C> <C> <C>
Revenues from Discontinued Citrus
Operations $ 235,658 $2,974,679 $5,393,171 $7,548,058
========= ========== ========== ==========
Income from Discontinued Citrus
Operations Before Tax 201,314 657,185 2,206,440 1,373,679
Income Tax Expense from Discontinued
Citrus Operations ( 75,754) ( 247,298) ( 830,283) ( 516,915)
Gain on Sale of Citrus Operations
(Net of Income Tax of $4,666,253) 7,734,100 -- 7,734,100
--------- --------- --------- ----------
Net income from Discontinued
Citrus Operations $ 7,859,660 $ 409,887 $9,110,257 $ 856,764
========== ========= ========= =========
</TABLE>
3. Seasonal Operations. The Company's citrus operations, which
are reported as discontinued citrus operations, involve a single-
crop agricultural commodity and are seasonal in nature. To a lesser
extent, real estate operations including forestry and golf
activities are seasonal in nature. Accordingly, results for the
or the six months ended June 30, 1999 and 1998 are not
necessarily indicative of results to be expected for the full
year. Results of operations for the twelve months ended
June 30,1999 and 1998 are summarized as follows (in thousands):
<TABLE>
<CAPTION>
Twelve Months Ended June 30,
------------------------------------------------
1999 1998
------------------------------------------------
Revenues Income Revenues Income
-------- ------------ -------- -----------
<S> <C> <C> <C> <C>
Real Estate Operations $10,758 $ 5,365 $ 5,998 $1,849
General Corporate & Other 3,102 341 8,696 2,986
------ ----- ------ -----
Total Revenues $13,860 $14,694
====== ======
Income From
Continuing Operations
Before Income Taxes 5,706 4,835
Income Taxes (2,135) (1,748)
----- -----
Net Income From
Continuing Operations 3,571 3,087
Income From Discontinued Citrus
Operations, Net of Tax 9,457 833
------ ------
Net Income $13,028 $3,920
====== ======
</TABLE>
7
<PAGE>
4. Common Stock and Earnings Per Common Share. Basic earnings per
common share are computed by dividing net income by the
weighted average number of shares of common stock outstanding
during the year. Diluted earnings per common share are
determined based on assumption of the conversion of stock
options at the beginning of each period using the treasury
stock method at average cost for the periods.
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
--------------------------- ------------------------
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
--------- -------- --------- ---------
<S> <C> <C> <C> <C>
Income Available to Common
Shareholders:
Income (Loss) from Continuing
Operations $ 3,658,795 $(188,889) $ 3,264,572 $(205,615)
Income from Discontinued Citrus
Operations 7,859,660 409,887 9,110,257 856,764
--------- -------- --------- --------
Net Income $11,518,455 $ 220,998 $12,374,829 $ 651,149
========== ======== ========== =======
Weighted Average Shares
Outstanding 6,371,833 6,371,833 6,371,833 6,371,833
Common Shares Applicable to Stock
Options Using the Treasury Stock
Method 6,396 25,971 6,775 90,159
--------- --------- ---------- ---------
Total Shares Applicable to Diluted
Earnings Per Share 6,378,229 6,397,804 6,378,608 6,461,992
========= ========= ========== =========
Basic and Diluted Earnings
Per Share:
Income (Loss)from Continuing
Operations $0.57 ($0.03) $0.51 ($0.03)
Income from Discontinued
Citrus Operations $1.24 $0.06 $1.43 $0.13
------- --------- ---------- ---------
Net Income $1.81 $0.03 $1.94 $0.10
======= ========= ========== =========
</TABLE>
8
<PAGE>
5. The Company accounts for Investment Securities under Statement
of Financial Accounting Standards No. 115, "Accounting for
Certain Investment in Debt and Equity Securities." This
standard requires classification of the investment portfolio into
three categories: held to maturity, trading and available for sale.
All investment securities as of June 30, 1999 and December 31, 1998
are classified as held to maturity. The increase in investment
securities during the six month period was due to the proceeds
received on the sale of the citrus operations.
6. Notes Payable. Notes payable consist of the following:
<TABLE>
<CAPTION>
June 30, 1999
-------------------------------------
Due Within
Total One Year
------------------------------------
<S> <C> <C>
$ 7,000,000 Line of Credit $ -- $ --
Mortgage Notes Payable 9,968,092 468,418
Industrial Revenue Bond 490,527 131,088
----------- --------
$10,458,619 $ 599,506
========== =========
</TABLE>
Payments applicable to reduction of principal amounts will be
required as follows:
<TABLE>
<CAPTION>
Year Ending June 30,
-------------------
<S> <C>
2000 $ 599,506
2001 453,634
2002 8,065,999
2003 123,854
2004 15,626
Thereafter 1,200,000
----------
$10,458,619
==========
</TABLE>
In the first six months of 1999, interest totaled $457,817 of
which none was capitalized. Total interest for the six months ended June
30, 1998 was $402,410, of which $346,042 was capitalized to land held
for development and sale and property, plant and equipment.
9
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
The Managements's Discussion and Analysis is designed to be read
in conjunction with the financial statements and Management's
Discussion and Analysis in the last annual report.
RESULTS OF OPERATIONS
Real Estate Operations
Real estate operations posted profits of $4,324,656 for 1999's
second period. These profits represent a substantial improvement
in profits compared to the $181,300 recorded in 1998's same period.
This significant increase was provided by the sale of 141
acres of commercial property during 1999's second quarter, which
generated $4,700,000 in gross profits. This compares to gross
profits realized of $210,000 on the sale of 6 acres during 1998's
same period. Offsetting this increase were downturns in results
from golf and forestry activities. Although revenues from
golf operations increased 22% with the addition of the new golf
course, expenses increased 51% due primarily to additional golf
course maintenance expense. This resulted in a net $160,000 negative
profit impact. Forestry profits fell $135,000 for the period
on a 90% reduction in revenues due to the lack of harvestable
Company timber, as a result of the wildfires experienced the
summer of 1998, and depressed pricing.
For the six months ended June 30, 1999 commercial sales volume
again favorably impacted profitability, with the sale of 146
acres producing gross profits totaling $4,780,000. During 1998's
first six month period gross profits of $260,000 were realized
on the sale of 11 acres of commercial property. Overall profits
from real estate operations for the six month period jumped over
seven-fold to $4,469,554 compared to prior year profits
totaling $626,395. Golf and forestry activities also had
unfavorable impacts on the six month results, with profits
from golf falling $265,000 and forestry's profits decreasing
$320,000. Golf revenues increased 16% on increased play due to
the addition of the second course, while expenses rose 44% due
to the additional maintenance costs. Forestry revenues declined 74%
due to a shortage of harvestable timber and depressed pricing.
General, Corporate and Other
Profits on the sale of undeveloped real estate interests
totaled $2,028,338 and $2,031,838 for 1999's second quarter and
six months, respectively. These profits were generated on the sale
of 100 acres of land in Volusia County along with a small amount
of profit from the release of subsurface interests during each of
the periods. This compares to the $17,923 and $114,338 realized
for the second quarter and first six months of 1998, respectively,
on the sale of 3,011 acres of subsurface interests during the six
month period.
10
<PAGE>
Interest and other income climbed dramatically in the second quarter
of 1999 to $407,101 compared to prior year's same period earnings
of $78,458, while increasing 80% for the six month period to
$604,111. Interest and other income earned for the first six months
of 1998 totaled $335,931. The increase for both periods is a
combination of increased investment earnings, primarily the result
of higher investable funds from the proceeds received on the sale of
the citrus operation, and an approximate $80,000 loss recorded on
the June 1998 sale of the Forest Center shopping retail shopping
center.
General and administrative costs rose 50% and 31% for the second
period and six months to date, respectively. This increase is
primarily the result of not capitalizing interest on development
and construction costs during the periods for 1999. During 1998's
same periods interest and certain other costs were capitalized
to the LPGA development and construction of the second golf course.
Discontinued Citrus Operations
On April 7, 1999 the Company consummated the sale of its
citrus operations. An after tax gain of $7,734,100 was posted in
the second quarter of 1999. An after tax gain from citrus
operating activity during the second quarter totaled $125,560.
This compares to the $409,887 after tax profit posted during 1998's
second period on a full three months of activity. For the first
six months of 1999 after tax profits totaled $1,376,157, compared
to 1998's six month after tax profit of $856,764. The improved
results for 1999's first six months were achieved on a 54% rise in
average fruit pricing. This rise in pricing is primarily attributed
to higher fresh fruit prices due to the significantly lower state
crop for the 1998-1999 season, along with the impact of
the freeze experienced in California during late 1998.
11
<PAGE>
FINANCIAL POSITION
The Company earned profits of $12,374,829 during 1999's first six
months, equivalent to $1.94 per share, on the closing of
several significant transactions, including the sale of the
citrus operations. This compares favorably to profits of
$651,149, equivalent to $.10 per share, earned during 1998's same
period. Commercial real estate activity provided significant gains
which propelled Income from Continuing Operations to
$3,264,572, equivalent to $.51 per share. During the prior year's
same period a loss of $349,675, equivalent to $.03 per share was
posted. The sale of the citrus operations, along with the
commercial real estate activity generated an increase in cash and
cash equivalents of $3,200,000 in addition to an approximate
$25,800,000 increase in investment securities for the first half of
1999. Dividends totaling $2,230,000, equivalent to $.35 per share,
were paid during the period.
The Board of Directors has authorized a common stock repurchase
program pursuant to which the Company would be authorized to
purchase up to 25 percent of the Company's currently outstanding
common stock. Repurchases will be made on the open
market at prevailing prices or in privately negotiated
transactions. This authority may be exercised from time to time
and in such amounts as market conditions warrant. The Company
currently has 6,371,833 shares outstanding. The action was
taken in anticipation of the distribution of 5,000,000 Company
shares by Baker Fentress and Company to its shareholders. The
proceeds from the sale of the citrus operations are available
for the stock repurchase program. The Board of Directors
has also decided to eliminate its semi-annual dividend payment
normally paid in August in order to make an equivalent amount of
funds available to the stock repurchase program.
The Company has entered into an agreement with Renar Development
Company which will make them the residential and commercial developer
of the LPGA International mixed-use development. Closing of the
first phase, per the agreement, took place on July 28, 1999 and
included 180 acres and 44 developed residential lots at a price of
$5.6 million and other considerations. This transaction
will be included in the third quarter financial results. Options
for takedown of additional parcels have been granted for closing in
three and five years. An aggressive advertising and promotional
campaign has been planned by the new developer, which
should significantly enhance new home sales volume.
The real estate market continues to be relatively active.
The Company has several parcels of land under contract for closing
later in 1999, with additional parcels in negotiation or under
contract for closing in future years. This contract backlog
leads to near term projections of continued profitability for
the Company.
12
<PAGE>
The Company has evaluated and identified the risks of software
and hardware failure due to processing errors arising from the year
2000 date. The risk of these software and hardware failures
is not judged to have a material affect on the Company's
business, results of operation, or financial position. The
Company's plan for conversion, of which the cost is not material,
is near completion and should be completed by the end of the
third quarter.
13
<PAGE>
PART II -- OTHER INFORMATION
Item 1. Legal Proceedings
There are no material pending legal proceedings to which
the Company or its subsidiaries is a party.
Items 2 through 5.
Not Applicable
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit (11) - Incorporated by Reference on Page 8
of this 10-Q report.
Exhibit (27) - Financial Data Schedule
(b) Reports on Form 8-K
A Form 8-K under Item 5 "Other Events" dated
May 10, 1999 was filed. The report dealt with
the Board of Directors consideration of implementing
a stock buyback program.
A Form 8-K under Item 5 "Other Events" dated
July 23, 1999 was filed. It dealt with the
Board of Directors approval of a stock repurchase
program.
14
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
CONSOLIDATED-TOMOKA LAND CO.
(Registrant)
Date: August 11,1999 By: /s/ Bob D. Allen
---------------------
Bob D. Allen
President & Chief
Executive Officer
Date: August 11, 1999 By: /s/ Bruce W. Teeters
-----------------------
Bruce W. Teeters
Sr. Vice President-
Finance & Treasurer
15
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
CONSOLIDATED-TOMOKA LAND CO.'S JUNE 30, 1999 10-Q AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<CASH> 3,500,819
<SECURITIES> 26,974,676
<RECEIVABLES> 10,787,752
<ALLOWANCES> 0
<INVENTORY> 15,012,862
<CURRENT-ASSETS> 0
<PP&E> 8,659,661
<DEPRECIATION> (976,711)
<TOTAL-ASSETS> 68,362,179
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 6,3671,833
<OTHER-SE> 38,471,132
<TOTAL-LIABILITY-AND-EQUITY> 68,362,179
<SALES> 9,311,000
<TOTAL-REVENUES> 9,915,111
<CGS> 2,085,827
<TOTAL-COSTS> 2,809,608
<OTHER-EXPENSES> 1,470,872
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 397,817
<INCOME-PRETAX> 5,236,814
<INCOME-TAX> 1,972,242
<INCOME-CONTINUING> 3,264,572
<DISCONTINUED> 9,110,257
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12,374,829
<EPS-BASIC> 1.94
<EPS-DILUTED> 1.94
</TABLE>
