<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the 13 weeks ended September 2, 1995 Commission File No. 1-1210
CULBRO CORPORATION
(Exact name of registrant as specified in its charter)
NEW YORK 13-0762310
(state or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
387 Park Avenue South, New York, New York 10016-8899
(Address of principal executive offices) (Zip code)
Registrant's Telephone Number including Area Code (212) 561-8700
Former name, former address and former fiscal year, Not Applicable
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
------------ ------------
Number of shares of Common Stock outstanding at September 29, 1995 - 4,383,613
Page 1 of 14
<PAGE>
CULBRO CORPORATION
INDEX
PART I - FINANCIAL INFORMATION PAGE
Consolidated Statement of Operations and
Retained Earnings - thirteen weeks ended
September 2, 1995 and August 27, 1994 . . . . . . . . . . . . . . . . . . 3
Consolidated Statement of Operations and
Retained Earnings - thirty-nine weeks ended
September 2, 1995 and August 27, 1994 . . . . . . . . . . . . . . . . . . 4
Consolidated Balance Sheet
September 2, 1995 and December 3, 1994. . . . . . . . . . . . . . . . . . 5
Consolidated Statement of Cash Flows -
thirty-nine weeks ended September 2, 1995
and August 27, 1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Notes to Consolidated Financial Statements. . . . . . . . . . . . . . . 7-9
Management's Discussion and Analysis of
Financial Condition and Results of Operations . . . . . . . . . . . . 10-11
PART II - OTHER INFORMATION. . . . . . . . . . . . . . . . . . . . . . . . 12-13
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
Page 2 of 14
<PAGE>
CULBRO CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND RETAINED EARNINGS
(dollars in thousands except per share data)
(unaudited)
<TABLE>
<CAPTION>
13 Weeks Ended
----------------------------
Sept. 2, Aug. 27,
1995 1994
-------- --------
<S> <C> <C>
Net sales and other revenue $ 55,287 $ 46,760
Costs and expenses:
Cost of goods sold 32,317 29,368
Selling, general and administrative expenses 15,865 13,323
Other expense - 4,000
--------- ---------
Operating profit 7,105 69
Loss from equity investments, net 200 50
Other nonoperating income, net 486 586
Interest expense, net 2,276 2,076
--------- ---------
Income (loss) before income tax provision (benefit) 5,115 (1,471)
Income tax provision (benefit) 2,070 (325)
--------- ---------
Net income (loss) 3,045 (1,146)
Retained earnings - beginning of period 105,009 99,532
--------- ---------
Retained earnings - end of period $ 108,054 $ 98,386
--------- ---------
--------- ---------
Net income (loss) per common share $ 0.67 $ (0.27)
--------- ---------
--------- ---------
Weighted average common shares and equivalents outstanding 4,538,000 4,308,000
--------- ---------
--------- ---------
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
Page 3 of 14
<PAGE>
CULBRO CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND RETAINED EARNINGS
(dollars in thousands except per share data)
(unaudited)
<TABLE>
<CAPTION>
39 Weeks Ended
-----------------------------
Sept. 2, Aug. 27,
1995 1994
--------- ---------
<S> <C> <C>
Net sales and other revenue $ 160,336 $ 134,619
Costs and expenses:
Cost of goods sold 97,630 85,446
Selling, general and administrative expenses 44,065 39,430
Other expense - 4,000
--------- ---------
Operating profit 18,641 5,743
Gain on insurance settlement 2,105 -
Gain on sale of Eli Witt stock - 2,691
Loss from equity investments, net 50 2,003
Other nonoperating income, net 644 812
Interest expense, net 7,078 6,065
--------- ---------
Income before income tax provision 14,262 1,178
Income tax provision 5,705 1,137
--------- ---------
Net income 8,557 41
Retained earnings - beginning of period 99,497 98,345
--------- ---------
Retained earnings - end of period $ 108,054 $ 98,386
--------- ---------
--------- ---------
Net income per common share $ 1.95 $ 0.01
--------- ---------
--------- ---------
Weighted average common shares and equivalents outstanding 4,386,000 4,308,000
--------- ---------
--------- ---------
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
Page 4 of 14
<PAGE>
CULBRO CORPORATION
CONSOLIDATED BALANCE SHEET
(dollars in thousands except per share data)
<TABLE>
<CAPTION>
Sept. 2, Dec. 3,
1995 1994
-------- --------
(UNAUDITED)
<S> <C> <C>
ASSETS
Current Assets
Cash and cash equivalents $ 689 $ 6,682
Receivables, less allowance of $1,409 (1994 - $1,426) 27,930 25,084
Inventories 71,154 68,189
Other current assets 6,978 5,759
-------- --------
Total current assets 106,751 105,714
Property and equipment, net 75,817 76,873
Real estate held for sale or lease, net 30,157 31,373
Investment in Series B preferred stock of The Eli Witt Company 14,533 12,773
Investment in real estate joint ventures 7,867 7,864
Other, including investment in Centaur
Communications Limited of $14,495 (1994-$14,545) 18,777 19,643
Intangible assets, net 18,494 18,997
-------- --------
Total assests $272,396 $273,237
-------- --------
-------- --------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities $ 22,232 $ 22,885
Long-term debt due within one year 9,070 4,158
Income taxes 2,072 299
-------- --------
Total current liabilities 33,374 27,342
Long-term debt 87,471 98,976
Accrued retirement benefits 15,819 15,227
Deferred income taxes 5,305 4,765
Other noncurrent liabilities and deferred credits 8,877 14,890
-------- --------
Total liabilities 150,846 161,200
-------- --------
Shareholders' Equity
Common stock, par value $1
Authorized - 10,000,000 shares, Issued - 4,549,190 shares 4,549 4,549
Capital in excess of par value 12,914 13,296
Retained earnings 108,054 99,497
-------- --------
125,517 117,342
Less - Common stock in Treasury, at cost, 180,077 shares
(1994- 240,902) (3,967) (5,305)
-------- --------
Total shareholders' equity 121,550 112,037
-------- --------
Total liabilities and shareholders' equity $272,396 $273,237
-------- --------
-------- --------
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
Page 5 of 14
<PAGE>
CULBRO CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(dollars in thousands)
(unaudited)
<TABLE>
<CAPTION>
39 Weeks Ended
----------------------------
Sept. 2, Aug. 27,
1995 1994
--------- --------
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $ 8,557 $ 41
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization 5,843 5,409
Gain on sale of Eli Witt common stock - (2,691)
Gain on insurance settlement (2,105) -
Loss from equity investments 50 2,003
Discount and interest on subordinated note 1,760 812
Accrued dividends and accretion income on
Series B preferred stock of Eli Witt (1,760) (812)
Provision for bad debts 279 308
Changes in assets and liabilities:
Decrease in real estate held for sale or lease 1,216 3,983
(Increase) decrease in inventories (2,965) 414
(Increase) decrease in accounts receivable (3,125) 1,041
Decrease in accounts payable and accrued liabilities (653) (2,401)
Increase in income taxes payable 1,773 1,142
Increase (decrease) in deferred income taxes 540 (2,276)
Other, net (2,550) (862)
-------- --------
Net cash provided by operating activities 6,860 6,111
-------- --------
INVESTING ACTIVITIES:
Investment in Eli Witt subordinated note (5,000) -
Additions to property and equipment (3,805) (2,961)
Proceeds from insurance settlement 2,225 -
Proceeds from sale of Eli Witt common stock - 672
-------- --------
Net cash used in investing activities (6,580) (2,289)
-------- --------
FINANCING ACTIVITIES:
Payments of debt (12,226) (20,357)
Increase in debt 5,000 16,328
Proceeds from exercise of stock options 953 -
-------- --------
Net cash used in financing activities (6,273) (4,029)
-------- --------
Net decrease in cash and cash equivalents (5,993) (207)
Cash and cash equivalents at beginning of period 6,682 875
-------- --------
Cash and cash equivalents at end of period $ 689 $ 668
-------- --------
-------- --------
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
Page 6 of 14
<PAGE>
CULBRO CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands except per share data)
(unaudited)
A. The unaudited financial statements included in this report have been
prepared in conformity with the standards of accounting measurement set
forth in Accounting Principles Board Opinion No. 28 and any amendments
thereto adopted by the Financial Accounting Standards Board. Also, the
financial statements have been prepared in accordance with the accounting
policies stated in the Corporation's 1994 Annual Report to Shareholders
included in Form 10K, and should be read in conjunction with the Notes to
Consolidated Financial Statements appearing in that report. All
adjustments which are, in the opinion of management, necessary for a fair
presentation of results for the interim periods have been reflected.
The results of operations for the third quarter and nine-month period
ended September 2, 1995 are not necessarily indicative of the results to be
expected for the full year.
B. The Corporation recently ended negotiations with Tabacalera, S.A.
("Tabacalera") regarding the previously announced letter of intent to sell
a 51% interest in the Corporation's subsidiary, General Cigar Co., Inc.
("General Cigar"), to Tabacalera for $100 million. The Corporation and
Tabacalera were unable to complete a satisfactory agreement. See Item 6
(b).
The Corporation was awaiting the outcome of the proposed Tabacalera
transaction before initiating negotiations with its banks to replace its
current Credit Agreement, which was scheduled to terminate on June 30,
1996. After the conclusion of negotiations with Tabacalera, the
Corporation and its banks agreed to extend the Credit Agreement through
December 31, 1996. The Corporation intends to negotiate a new credit
agreement in the next six months.
C. On April 21, 1995, the Corporation invested $5 million in The Eli Witt
Company ("Eli Witt") in the form of a subordinated note due August 1, 1998
in connection with Eli Witt's refinancing of its bank Credit Agreement.
The note is subordinate to Eli Witt's senior debt, which includes its bank
Credit Agreement. This investment is reflected as a charge against the
negative basis in the Corporation's common equity investment in Eli Witt
that existed at the time of the deconsolidation of Eli Witt last year. The
Corporation's remaining negative basis in Eli Witt as of September 2, 1995
is approximately $1.5 million and is reflected as a deferred credit on the
Corporation's balance sheet.
The Corporation accounts for its ownership of 50.1% of Eli Witt's
outstanding common stock under the equity method of accounting. Eli Witt
has a common deficit. Accordingly, the Corporation will not recognize
results of Eli Witt until Eli Witt's common deficit is recouped.
D. On April 21, 1995, the Corporation entered into a $5 million mortgage
on its New York City office building. The mortgage, which bears interest
at LIBOR plus 2%, matures on March 31, 1999 and requires periodic payments
of interest only until maturity. Mortgage proceeds were used by the
Corporation to invest in the Eli Witt subordinated note (see Note C).
E. In the 1995 third quarter, options to purchase 22,400 shares under the
1991 Employees Incentive Stock Option Plan were exercised at a price of
$18.00 per share, generating proceeds of $403. In the nine month period,
options to purchase 60,600 shares under that plan were exercised at prices
ranging from $14.00 to $18.00 per share, generating proceeds of $953. The
changes in Capital in Excess of Par Value and Common Stock in Treasury
reflect the exercise of these stock options.
Page 7 of 14
<PAGE>
F. Supplemental Financial Statement Information
Gain On Insurance Settlement
The nine-month period ended September 2, 1995 includes a gain from
settlement of the property insurance claim related to a fire last year at
an administration and warehouse facility owned and operated by General
Cigar. The gain reflects proceeds of $2,225 less the writeoff of the
destroyed building. Other insurance claims related to the fire are still
pending.
Other Expense
The other expense of $4,000 in the 1994 third quarter and nine month
period reflects a $3,600 charge, in the Connecticut real estate business,
to write off development costs expended in earlier years for certain
discontinued projects, and a $400 charge to close a facility in the
industrial products business.
Other Nonoperating Income, Net
Other nonoperating income, net, in the 1995 third quarter and nine-
month period reflects accrued dividends and accretion income on the Series
B preferred stock of Eli Witt held by the Corporation partially offset by
expenses of approximately $0.1 million and $1.1 million, in the third
quarter and nine month period respectively, related to the Corporation's
involvement and support for the recent refinancing of Eli Witt. In the
1994 third quarter and nine-month period, other nonoperating income
reflected accrued dividends and accretion income on the Eli Witt preferred
stock.
The accrued dividends and accretion income on the Eli Witt preferred
stock equal the accrued interest expense related to the Corporation's
subordinated note. The Corporation has the unilateral right to exchange
the Eli Witt preferred stock in satisfaction of the subordinated note and
all accrued interest upon the note's maturity in August, 1998.
<TABLE>
<CAPTION>
Sept. 2, Dec. 3,
1995 1994
-------- --------
<S> <C> <C>
Inventories
Inventories consist of:
Raw materials and supplies $ 33,031 $ 32,645
Work-in-process 18,865 18,490
Finished goods 19,258 17,054
-------- --------
$ 71,154 $ 68,189
-------- --------
-------- --------
<CAPTION>
Sept. 2, Dec. 3,
1995 1994
-------- --------
<S> <C> <C>
Property And Equipment
Property and equipment consist of:
Land $ 11,248 $ 11,303
Buildings 63,584 62,366
Machinery and equipment 60,260 58,592
Accumulated depreciation (59,275) (55,388)
-------- --------
$ 75,817 $ 76,873
-------- --------
-------- --------
Page 8 of 14
<PAGE>
<CAPTION>
Sept. 2, Aug. 27,
1995 1994
-------- --------
<S> <C> <C>
Cash Flow
Cash paid during the period for
Interest, net of amounts capitalized $ 5,329 $ 6,107
-------- --------
Income taxes, net $ 2,864 $ 2,356
-------- --------
-------- --------
</TABLE>
Page 9 of 14
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity And Capital Resources
An increase in cash provided by operating activities in the 1995 nine month
period, as compared to last year, reflects higher net income substantially
offset by increases in accounts receivable and inventories. The higher net
income principally reflects higher operating profit from the Corporation's
businesses (discussed below). The increase in accounts receivable was
principally in the Corporation's cigar business, General Cigar Co., Inc.
("General Cigar"). The increase of inventories principally reflects a seasonal
increase in the nursery products business, Imperial Nurseries, Inc. ("Imperial
Nurseries").
Net cash used in investing activities increased in 1995 due to the $5
million additional investment the Corporation made in The Eli Witt Company ("Eli
Witt") partially offset by the proceeds from the settlement of the Corporation's
property insurance claim (see Note F). The additional investment in Eli Witt
was in the form of a subordinated note due August 1, 1998. The Corporation does
not anticipate any further significant capital outlays for the remainder of the
year, other than normal capital expenditures.
Cash used in financing activities reflects the payments of debt, using cash
generated from operations and the cash on hand at year end '94. The increase in
debt reflects the proceeds from a $5 million mortgage obtained in April, 1995 on
the Corporation's New York City office building. The mortgage bears interest,
adjusted periodically, at LIBOR plus 2% and requires payments of interest only
until maturity in March, 1999. The mortgage proceeds were used in the
Corporaton's additional investment in Eli Witt.
Through September 2, 1995, the Corporation's availability under its Credit
Agreement increased $9 million and is currently $27 million below the Credit
Agreement's commitment. The Corporation was awaiting the outcome of the
proposed Tabacalera transaction before initiating negotiations with its banks to
replace its current Credit Agreement, which was scheduled to terminate on June
30, 1996. After the conclusion of negotiations with Tabacalera, the Corporation
and its banks agreed to extend the Credit Agreement through December 31, 1996.
The Corporation intends to negotiate a new credit agreement in the next six
months.
Management believes that cash flow from operations and the Corporation's
existing liquidity will be sufficient to meet its maturing obligations and
normal capital expenditures.
Results Of Operations
The increase in net income in both the 1995 third quarter and nine-month
period versus the comparable 1994 periods principally reflects overall higher
operating profit from the Corporation's businesses in the current year and the
effect of a $4.0 million nonrecurring expense in the 1994 third quarter. This
reflected a $3.6 million charge at Culbro Land Resources, Inc. ("CLR") the
Corporation's Connecticut real estate business, to write off development costs
expended in earlier years for certain discontinued projects, and a $400,000
charge to close a facility at CMS Gilbreth Packaging Systems, Inc. ("CMS
Gilbreth") in the industrial products business.
Operating profit at General Cigar in the third quarter and nine-month
period was substantially higher due to increased sales and improved margins.
Cigar sales increased over 35% in both the third quarter and nine-month period,
as compared to last year. These increases reflected higher volume, due to the
continuing resurgence of the cigar industry, and to a lesser extent, increased
prices. Higher margins on cigar sales reflected the price increases and the
increased absorption of fixed costs due to the increased volume.
Operating profit of Imperial Nurseries increased in the third quarter and
nine-month period. Although volume remained substantially unchanged as compared
to last year,
Page 10 of 14
<PAGE>
improved pricing and lower costs led to the higher operating profit. Pricing
improvements reflected overall industry conditions and a shift in sales to more
profitable market segments.
In the industrial products business, operating profit at CMS Gilbreth was
substantially unchanged in the third quarter and nine-month period, excluding
the effect of last year's one time charge to close a facility. Higher operating
profit on sales of packaging machinery, reflecting increased volume, was
substantially offset by lower profit from sales of packaging materials. The
change in label technology by CMS Gilbreth's largest customer of packaging
materials resulted in the lower sales volume of packaging materials.
Excluding last year's nonrecurring charge, operating profit at CLR
decreased in the third quarter as compared to last year principally due to the
effect of a land sale in the 1994 third quarter. Increased sales of
residential lots in the current year partially offset the effect of the 1994
land sale. In the nine-month period, excluding last year's nonrecurring charge,
CLR's operating profit was substantially unchanged from last year, as lower
general and administrative expenses offset higher profit from 1994 land sales.
In 1995, results from equity investments reflect the Corporation's
investment in Centaur Communication Ltd., ("Centaur") which had slightly lower
results in 1995 as compared to last year. In 1994, results from equity
investments included Centaur and the Corporation's equity in Eli Witt's losses
through the April 25, 1994 deconsolidation of Eli Witt (see Note C).
In the 1995 nine-month period, the gain from an insurance settlement
reflects a property insurance claim from a fire last year that destroyed a
facility used by General Cigar in its tobacco growing operation. Other claims
related to the fire are still pending. The other nonoperating income in the
nine-month period reflects accrued dividends and accretion income on the Eli
Witt preferred stock held by the Corporation, partially offset by certain
expenses incurred by the Corporation in connection with its involvement and
support of the refinancing of Eli Witt earlier this year. The accrued dividends
and accretion income equal the accrued interest expense on the Corporation's
subordinated note. The Eli Witt preferred stock is exchangeable, at the
Corporation's option, for the subordinated note and all accrued interest at the
note's maturity in August, 1998.
Higher interest expense in the nine-month period reflected the higher
interest accrued under the subordinated note as compared to the rate on debt
repaid with the proceeds of the note last year, partially offset by the
Corporation's lower overall debt level in 1995 versus last year.
The lower effective tax rate in the 1995 nine-month period as compared to
last year's comparable period reflects the effect in 1994 of after tax losses of
Eli Witt and the impact of state income taxes.
Page 11 of 14
<PAGE>
PART II - OTHER INFORMATION
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8K
(a) EXHIBIT 11 - Computation of Net Income (Loss) Per Common Share
(in thousands, except per share data)
PRIMARY
<TABLE>
<CAPTION>
13 Weeks Ended
------------------------------
Sept. 2, Aug. 27,
1995 1994
---------- ----------
<S> <C> <C>
Net income (loss) $ 3,045 $ (1,146)
---------- ----------
---------- ----------
Weighted average common shares 4,357,000 4,308,000
outstanding
Net effect of dilutive stock options
based on the treasury stock method using
average market price 181,000 -
---------- ----------
Total 4,538,000 4,308,000
---------- ----------
---------- ----------
Net income (loss) per common share $ 0.67 $ (0.27)
---------- ----------
---------- ----------
<CAPTION>
39 Weeks Ended
------------------------------
Sept. 2, Aug. 27,
1995 1994
---------- ----------
<S> <C> <C>
Net Income $ 8,557 $ 41
---------- ----------
---------- ----------
Weighted average common shares and
equivalents outstanding:
1st quarter 4,308,000 4,308,000
2nd quarter 4,312,000 4,308,000
3rd quarter 4,538,000 4,308,000
---------- ----------
13,158,000 12,924,000
divided by 3 3
---------- ----------
Total 4,386,000 4,308,000
---------- ----------
---------- ----------
Net income per common share $ 1.95 $ 0.01
---------- ----------
---------- ----------
Page 12 of 14
<PAGE>
Exhibit 11 (cont.)
FULLY DILUTED
<CAPTION>
13 Weeks Ended
------------------------------
Sept. 2, Aug. 27,
1995 1994
---------- ----------
<S> <C> <C>
Net income (loss) $ 3,045 $ (1,146)
---------- ----------
---------- ----------
Weighted average common shares 4,357,000 4,308,000
outstanding
Net effect of dilutive stock options
based on the treasury stock method using
ending market price 202,000 -
---------- ----------
Total 4,559,000 4,308,000
---------- ----------
---------- ----------
Net income (loss) per common share $ 0.67 $ (0.27)
---------- ----------
---------- ----------
<CAPTION>
39 Weeks Ended
------------------------------
Sept. 2, Aug. 27,
1995 1994
---------- ----------
<S> <C> <C>
Net income $ 8,557 $ 41
---------- ----------
---------- ----------
Weighted average common shares and
equivalents:
1st quarter 4,308,000 4,308,000
2nd quarter 4,312,000 4,308,000
3rd quarter 4,559,000 4,308,000
---------- ----------
13,179,000 12,924,000
divided by: 3 3
---------- ----------
Total 4,393,000 4,308,000
---------- ----------
---------- ----------
Net income per common share $ 1.95 $ 0.01
---------- ----------
---------- ----------
</TABLE>
(b) A Form 8K was filed by the Corporation on October 3, 1995 with respect to
the Corporation's announcement on September 27, 1995 that it had ended its
previously announced negotiations for Tabacalera, S.A. to acquire a 51%
interest in the Corporation's General Cigar subsidiary for $100,000,000.
Page 13 of 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.
CULBRO CORPORATION
Date: October 16, 1995 /s/ Jay M. Green
------------------------
Jay M. Green
Executive Vice President
Chief Financial Officer and Treasurer
Date: October 16, 1995 /s/ Joseph Aird
------------------------
Joseph Aird
Vice President - Controller
Page 14 of 14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-2-1995
<PERIOD-END> SEP-2-1995
<CASH> 689
<SECURITIES> 0
<RECEIVABLES> 29,339
<ALLOWANCES> (1,409)
<INVENTORY> 71,154
<CURRENT-ASSETS> 106,751
<PP&E> 135,092
<DEPRECIATION> (59,275)
<TOTAL-ASSETS> 272,396
<CURRENT-LIABILITIES> 33,374
<BONDS> 87,471
<COMMON> 0
0
4,549
<OTHER-SE> 117,001
<TOTAL-LIABILITY-AND-EQUITY> 272,396
<SALES> 160,336
<TOTAL-REVENUES> 160,336
<CGS> 97,630
<TOTAL-COSTS> 141,695
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 279
<INTEREST-EXPENSE> 7,078
<INCOME-PRETAX> 14,262
<INCOME-TAX> 5,705
<INCOME-CONTINUING> 8,557
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,557
<EPS-PRIMARY> 1.95
<EPS-DILUTED> 1.95
</TABLE>
