SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended September 30, 1994
Commission File Number 1-134
CURTISS-WRIGHT CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 13-0612970
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1200 Wall Street West
Lyndhurst, New Jersey 07071
(Address of principal executive offices) (Zip Code)
(201) 896-8400
(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.
Common Stock, par value $1.00 per share: 5,059,053 shares (as of
October 29, 1994)
Page 1 of 15 <PAGE>
<PAGE>
CURTISS-WRIGHT CORPORATION AND SUBSIDIARIES
TABLE OF CONTENTS
PAGE
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements:
Consolidated Balance Sheets 3
Consolidated Statements of Earnings 4
Consolidated Statements of Cash Flows 5
Consolidated Statements of Stockholders'
Equity 6
Notes to Consolidated Financial Statements 7 - 9
Item 2 - Management's Discussion and Analysis of
Financial Condition and Results of
Operations 10 - 13
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K 14
Page 2 of 15<PAGE>
<PAGE>
<TABLE>
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands)
<CAPTION>
September 30, December 31,
1994 1993
Assets: --------- ----------
<S> <C> <C>
Cash and cash equivalents $ 5,208 $ 20,349
Short-term investments 71,969 54,811
Receivables, net 32,070 27,333
Income taxes refundable 255
Deferred tax asset 9,055 8,882
Inventories 24,171 22,455
Other current assets 1,722 2,142
--------- ----------
Total current assets 144,195 136,227
Property, plant and equipment, at cost 208,987 208,791
Less, accumulated depreciation 143,178 137,361
--------- ----------
Property, plant and equipment, net 65,809 71,430
Prepaid pension costs 26,687 24,062
Other assets 5,290 5,228
--------- ----------
Total assets $241,981 $236,947
========= ==========
Liabilities:
Current portion of long-term debt $ 1,391 $ 124
Accounts payable and accrued expenses 17,461 14,990
Dividends payable 1,264
Income taxes payable 1,927
Other current liabilities 18,292 28,401
--------- ----------
Total current liabilities 40,335 43,515
Long-term debt 13,047 14,426
Deferred income taxes 7,080 6,354
Accrued post retirement benefit costs 10,844 10,376
Other liabilities 15,738 18,045
--------- ----------
Total liabilities 87,044 92,716
Stockholders' equity:
Common stock, $1 par value 10,000 10,000
Capital surplus 57,172 57,172
Retained earnings 271,115 261,356
Unearned portion of restricted stock (9) (87)
Equity adj from foreign currency translation (993) (1,862)
--------- ----------
Subtotal 337,285 326,579
Less, cost of treasury stock 182,348 182,348
--------- ----------
Total stockholders' equity 154,937 144,231
--------- ----------
Total liab & stockholders' equity $241,981 $236,947
========= ==========
<FN> See notes to consolidated financial statements.
</TABLE>
Page 3 of 15 <PAGE>
<PAGE>
<TABLE>
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS of EARNINGS
(UNAUDITED)
(In thousands except per share data)
<CAPTION>
Nine Months Ended Three Months Ended
September 30, September 30,
1994 1993 1994 1993
Revenues: --------- --------- -------- --------
<S> <C> <C> <C> <C>
Sales $114,819 $117,932 $38,792 $36,296
Rentals & gains on sales of real
estate & equipment 6,411 6,207 2,273 2,041
Interest, dividends and gains
(losses) on sales of short-
term investments, net 2,509 1,975 819 413
Other income, net 249 281 17 54
--------- --------- -------- --------
Total revenues 123,988 126,395 41,901 38,804
Cost and Expenses:
Product and engineering 79,387 83,659 27,142 26,382
Selling and service 4,108 4,584 1,462 1,478
Administrative and general 19,464 20,907 6,477 6,669
Interest 274 430 93 108
--------- --------- -------- --------
Total costs and expenses 103,233 109,580 35,174 34,637
Earnings before taxes and cumu-
lative effect of changes in
accounting principles 20,755 16,815 6,727 4,167
Provision for income taxes 6,958 6,003 2,560 1,495
--------- --------- -------- --------
Earnings before cumulative effect
of changes in account'g principles 13,797 10,812 4,167 2,672
Cumulative effect of changes in
accounting principles (net of
applicable taxes) (244) (2,671)
--------- --------- -------- --------
Net earnings $ 13,553 $ 8,141 $ 4,167 $ 2,672
========= ========= ======== ========
Weighted average number of
common shares outstanding 5,061 5,061 5,061 5,061
Net earnings per common share:
Earnings before cumulative
effect of changes in
accounting principles $2.73 $2.14 $ .82 $ .53
Cumulative effect of changes
in accounting principles (.05) (.53)
--------- --------- -------- --------
Net earnings per common share $2.68 $1.61 $ .82 $ .53
========= ========= ======== ========
Dividends per common share $ .75 $ .75 $ .25 $ .25
========= ========= ======== ========
<FN> See notes to consolidated financial statements.
</TABLE>
Page 4 of 15 <PAGE>
<PAGE>
<TABLE>
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS of CASH FLOWS
(UNAUDITED)
(In thousands)
<CAPTION>
Nine Months Ended
September 30,
---------------------
1994 1993
Cash flows from operating activities: --------- ---------
<S> <C> <C>
Net earnings $ 13,553 $ 8,141
Adjustments to reconcile net earnings to
net cash provided by (used for) operating activities:
Cumulative eff of changes in acctg principles 244 2,671
Depreciation and amortization 8,109 8,971
Net gains on sales of short-term investments (1,246) (171)
Increase (decrease) in deferred taxes 684 (1,526)
Changes in operating assets and liabilities:
Proceeds from sales of trading securities 103,699
Purchases of trading securities (116,691)
(Increase) decrease in receivables (7,155) 382
Increase in retainages (440)
(Increase) decrease in inventory (2,847) 297
Increase (decrease) in progress payments 3,549 (2,351)
Inc (dec) in accts payable & accrued expenses 922 (133)
Increase (decrease) in income taxes payable 2,182 (2,323)
Increase in other assets (2,267) (2,516)
Increase (decrease) in other liabilities (4,814) 1,400
Litigation settlement (8,880)
Other, net 1,003 289
Total adjustments (23,508) 4,550
--------- ---------
Net cash provided by (used for) operat'g activities (9,955) 12,691
--------- ---------
Cash flows from investing activities:
Proceeds on sales of real estate and equipment 759 291
Additions to property, plant and equipment (3,303) (4,312)
Proceeds from sales of short-term investments 364,970
Purchases of short-term investments (385,591)
--------- ---------
Net cash used by investing activities (2,544) (24,642)
--------- ---------
Cash flows from financing activities:
Principal payments on long-term debt (112) (3,862)
Dividends paid (2,530) (2,530)
--------- ---------
Net cash used by financing activities (2,642) (6,392)
--------- ---------
Net decrease in cash and cash equivalents (15,141) (18,343)
Cash and cash equivalents at beginning of period 20,349 28,134
--------- ---------
Cash and cash equivalents at end of period $ 5,208 $ 9,791
========= =========
<FN> See notes to consolidated financial statements.
</TABLE>
Page 5 of 15 <PAGE>
<PAGE>
<TABLE>
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS of STOCKHOLDERS' EQUITY
(UNAUDITED)
(In thousands of dollars)
<CAPTION>
Equity
Unearned Adjustments
Common Stock Portion of from Foreign
Shares Capital Retained Restricted Currency Treasury Stock
Issued Amount Surplus Earnings Stock Translation Shares Amount
---------- ------- ------- -------- ------ -------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
December 31, 1992 10,000,000 $10,000 $57,062 $272,038 $(317) $(1,231) 4,939,257 $182,348
Net earnings (loss) (5,623)
Common dividends (5,059)
Amortization of
unearned portion
of restricted
stock 110 230
Translation ad-
justments, net (631)
---------- ------- ------- -------- ------ -------- --------- ---------
December 31, 1993 10,000,000 10,000 57,172 261,356 (87) (1,862) 4,939,257 182,348
Net earnings 13,553
Common dividends (3,794)
Amortization of
unearned portion
of restricted
stock 78
Translation ad-
justment, net 869
---------- ------- ------- -------- ------ -------- --------- ---------
Sept. 30, 1994 10,000,000 $10,000 $57,172 $271,115 $ (9) $ (993) 4,939,257 $182,348
========== ======= ======= ======== ====== ======== ========= =========
<FN> See notes to consolidated financial statements.
</TABLE>
Page 6 of 15 <PAGE>
<PAGE>
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. BASIS OF PRESENTATION
The information furnished in this report reflects all adjustments,
consisting primarily of normal recurring accruals, which are, in the
opinion of management, necessary for a fair statement of the results for
the interim periods presented. The unaudited consolidated financial
statements should be read in conjunction with the consolidated financial
statements and notes thereto included in the Corporation's 1993 Annual
Report to Stockholders. The results of operations for these interim
periods are not necessarily indicative of the operating results for a full
year.
2. CHANGES IN ACCOUNTING PRINCIPLES
Effective January 1, 1994, Curtiss-Wright adopted Statement of
Financial Accounting Standards No. 112, "Employers' Accounting for
Postemployment Benefits" (SFAS No. 112). This statement requires that
provision be made for benefits for former or inactive employees, after
employment but before retirement, such as salary continuation, severance
benefits and disability-related items. Under the new accounting rules, the
Corporation recorded a projected obligation for these benefits of $375,000.
This obligation resulted in an after-tax charge to earnings for the first
quarter of 1994 of $244,000 or $.05 per share.
3. SHORT-TERM INVESTMENTS
Effective January 1, 1994, the Corporation began accounting for its
short-term investments in accordance with Statement of Financial Accounting
Standards No. 115, "Accounting for Certain Investments in Debt and Equity
Securities" (SFAS No. 115). This statement requires that the Corporation's
investments in equity securities be classified as "trading securities" or
"available for sale securities." The Corporation's short-term investments
are comprised of marketable equity and non-equity securities, all
classified as trading securities at September 30, 1994, under SFAS No. 115.
Short term investments have an aggregate cost of $73,523,000 and an
aggregate market value of $71,969,000 at September 30, 1994, compared to an
aggregate cost of $54,811,000 and an aggregate market value of $54,869,000
at December 31, 1993. Included in the determination of net earnings were
net realized gains on the sales of short-term investments, determined on
the specific identification cost basis, totaling $2,800,000 and $206,000
for the first nine months of 1994 and 1993, respectively. Also included in
the determination of net earnings were net unrealized holding losses on
trading securities totaling $1,544,000 and $35,000 for the first nine
months of 1994 and 1993, respectively.
Page 7 of 15 <PAGE>
<PAGE>
4. RECEIVABLES
Receivables, at September 30, 1994 and December 31, 1993, include
amounts billed to customers and unbilled charges on long-term contracts
consisting of amounts recognized as sales but not billed at the dates
presented. Substantially all amounts of unbilled receivables are expected
to be billed and collected within a year. The composition of receivables
for those periods is as follows:
<TABLE>
<CAPTION>
(In thousands)
----------------------------
September 30, December 31,
1994 1993
-------- --------
<S> <C> <C>
Accounts receivable, billed $26,319 $25,004
Less: progress payments applied 2,460 4,108
-------- --------
23,859 20,896
Unbilled charges on long-term contracts 26,282 20,265
Less: progress payments applied 17,001 12,935
-------- --------
9,281 7,330
Allowance for doubtful accounts (1,070) (893)
-------- --------
Receivables, net $32,070 $27,333
-------- --------
</TABLE>
5. INVENTORIES
Inventories are valued at the lower of cost (principally average cost)
or market. The composition of inventories at September 30, 1994 and
December 31, 1993 is as follows:
<TABLE>
<CAPTION>
In thousands
----------------------------
September 30, December 31,
1994 1993
-------- --------
<S> <C> <C>
Raw material $ 4,740 $ 5,626
Work-in-process 11,490 7,905
Finished goods 1,666 2,385
Inventoried costs related to U.S. Gov't
and other long-term contracts 10,091 9,224
-------- --------
Total inventories 27,987 25,140
Less: progress payments applied, principally
related to long-term contracts 3,816 2,685
-------- --------
Net inventories $24,171 $22,455
======== ========
</TABLE>
Page 8 of 15 <PAGE>
<PAGE>
6. CONSOLIDATED STATEMENTS OF CASH FLOWS
Interest payments totaling $305,000 and $440,000 were made primarily
in association with long-term debt in the first nine months of 1994 and
1993, respectively. The Corporation made estimated federal income tax
payments totaling $3,400,000 and $7,295,000 in the first nine months of
1994 and 1993, respectively.
Cash flows from purchases and sales of trading securities have been
classified as cash flows from operating activities for the first nine
months of 1994, in accordance with SFAS No. 115. Cash flows from purchases
and sales of short-term investments for the first nine months of 1993 are
classified as investing activities.
7. EARNINGS PER SHARE
Earnings per share were computed by dividing the applicable amount of
earnings by the weighted average number of common shares outstanding during
each period shown in the accompanying Consolidated Statements of Earnings.
Page 9 of 15 <PAGE>
<PAGE>
PART I - ITEM 2
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
MANAGEMENT'S DISCUSSION and ANALYSIS of
FINANCIAL CONDITION and RESULTS of OPERATIONS
RESULTS OF OPERATIONS:
Curtiss-Wright Corporation reported consolidated net earnings for the
third quarter of 1994 totaling $4.2 million or $.82 per share, a 56%
increase compared with net earnings of $2.7 million or $.53 per share
reported in the third quarter of 1993. Excluding the effects of accounting
changes in both years, net earnings for the first nine months of 1994
totaled $13.8 million or $2.73 per share, showing a 28% improvement over
comparable period 1993 earnings of $10.8 million or $2.14 per share. Net
earnings of both nine month periods were reduced by charges for required
accounting changes which were recorded in the first quarter of each year.
Net earnings for 1994 were reduced by $.2 million or $.05 per share for a
change in accounting for postemployment benefits, while 1993 net earnings
were reduced by $2.7 million or $.53 per share for the net effect of
changes in accounting for postretirement benefits and income taxes.
Overall, earnings before taxes and accounting changes increased for the
third quarter and first nine months of 1994, as compared with the prior
year's results, largely due to improvements in sales of shot peening,
aerospace overhaul services and spare parts. Cost containment measures,
reduced administrative expenses and the absence of environmental charges
recorded in the nine month 1993 period were key factors in producing better
1994 results.
Sales for the third quarter of 1994 totaled $38.8 million, a 7%
improvement compared with sales of $36.3 million recorded in the third
quarter of 1993. Sales for the first nine months of 1994 were slightly
below sales totals of the same prior year period, totaling $114.8 million
in the 1994 period compared with $117.9 million in the 1993 period. New
orders declined for both the third quarter and nine month periods of 1994,
totaling $29.0 million and $87.6 million, respectively, as compared with
new orders of $40.0 million and $105.7 million received in the same
respective periods of 1993. The decline in orders is largely attributable
to a high level of engineering and manufacturing development orders
received in 1993, as well as a general decline in new aerospace production
programs. The backlog of unshipped orders for the Corporation totaled
$122.0 million at September 30, 1994, compared to $139.8 million at
September 30, 1993.
Page 10 of 15 <PAGE>
<PAGE>
Segment Performance:
Aggregate pre-tax operating income generated by the Corporation's
three business segments improved in the third quarter of 1994, totaling
$6.6 million, compared with operating income of $4.6 million for the third
quarter of 1993. For the first nine months of 1994, segment operating
income also surpassed the same period 1993 levels, totaling $20.0 million
in 1994, compared with $18.2 million in 1993.
The Corporation's Aerospace segment posted sales declines of 15% for
the third quarter and 12% for the first nine months of 1994, respectively,
when compared with those same period results of 1993. Sales totaled $19.3
million for the third quarter of 1994, compared with $22.6 million in the
same quarter of 1993 and were $63.2 million for the first nine months of
1994, compared with $71.7 million in the same nine month period of 1993.
The sales declines in both periods in comparison with the prior year
primarily reflect lower volume and reduced pricing on actuation products
for the F-16 military program, as well as lower production of actuation
products for Boeing commercial transport aircraft. Sales of aerospace
spare parts and overhaul services increased significantly for the nine
month 1994 period over the nine month 1993 period, but did not offset
the declines in sales on major aerospace production programs over the same
periods. Pre-tax operating income for the Aerospace segment improved
significantly in the third quarter of 1994 totaling $4.2 million, a 20%
increase from the same period of 1993. The current improvements are
largely due to cost containment efforts and increased sales of actuation
spare parts and overhaul services. Operating income for this segment
totaled $12.5 million in the first nine months of 1994, slightly below
operating income of $12.7 million for the same nine month period of 1993.
New orders recorded in both periods of 1994, however, are substantially
below the order levels of the same respective periods of 1993. The decline
in orders reflects a non-recurrence of the high level of engineering and
manufacturing development orders for the F-22 program received in 1993 and
a lack of new aerospace production programs to replace orders received in
the prior year for the matured F-16 program.
Sales for the Industrial segment totaled $12.8 million and $32.1
million for the third quarter and first nine months of 1994, respectively.
Sales and operating income for both 1994 periods increased when compared
with the results reported in the same respective periods of 1993.
Improvements in the Industrial segment's performance were largely due to
higher sales of shot peening and heat treating services to automotive
industry customers and improved sales of industrial valves for other
commercial customers. New orders received in the third quarter of 1994
were $12.9 million compared to orders of $8.2 million received in the third
quarter of 1993. For the first nine months of 1994, new orders totaled
$35.5 million compared to $27.9 million for the first nine months of 1993.
The increases in sales and new orders for the 1994 periods are largely due
to improved worldwide economic conditions which had hindered sales and
orders for our shot peening and heat treating services in 1993.
Page 11 of 15 <PAGE>
<PAGE>
Sales for the Flow Control and Marine segment totaled $6.7 million and
$19.5 million for the third quarter and first nine month periods of 1994,
respectively; both periods showing increases from sales of $4.9 million and
$18.2 million recorded in the third quarter and first nine month periods of
1993. The improvements are primarily due to the progress achieved on long-
term military valve contracts. Segment operating income for the third
quarter continued at a level consistent with that of the first two quarters
of 1994 and compared favorably to a small loss which was reported in the
third quarter of 1993. New orders received by the Flow Control and Marine
segment were $2.0 million for the third quarter of 1994 and total $7.0
million for the first nine month period. New order levels for both 1994
periods are well below the levels recorded in the same 1993 periods
primarily due to valve production orders received in the prior year for use
in the U.S. Navy's next aircraft carrier currently being built. The Flow
Control and Marine segment has, however, received a $4.5 million contract
in October 1994 to develop a series of new valves for the Navy's next
generation of attack submarines.
Other Revenues and Costs:
Other revenue recorded by the Corporation improved over the prior year
in both the third quarter and first nine month periods of 1994, totaling
$3.1 million and $9.2 million, respectively, as compared with $2.5 million
and $8.5 million recorded in the same respective periods of 1993. The
increases in both periods primarily reflects higher overall investment
income for 1994 as compared with 1993.
Operating costs for the Corporation as a whole increased slightly for
the third quarter primarily due to higher sales, but were 6% lower for the
nine month period when comparing costs incurred in the 1994 periods with
those of the same respective periods of 1993. Lower costs for the nine
month 1994 period is generally reflective of cost containment measures and
lower Corporate administrative costs primarily associated with reduced
personnel costs. Administrative and general expenses had also been
increased in the nine month 1993 period by a $.8 million charge for
estimated future environmental costs. Administrative expenses for the
first nine months of both years were reduced by $2.6 million for accrued
income recognized due to the Corporation's overfunded pension plan.
Page 12 of 15 <PAGE>
<PAGE>
CHANGES IN FINANCIAL CONDITION:
Liquidity and Capital Resources:
The Corporation's working capital was $103.9 million at September 30,
1994, a 12% increase from working capital of $92.7 million at December 31,
1993. The ratio of current assets to current liabilities at September 30,
1994 also increased to 3.6 to 1 from 3.1 to 1 at December 31, 1993. The
increase in working capital reflects an increase in cash and short-term
investment balances which total $77.2 million at September 30, 1994, a 3%
increase from December 31, 1993. Net receivables and inventories at
September 30, 1994 were higher when compared with balances at December 31,
1993 due to an increase in unbilled charges associated with long-term
contracts and current work in process inventory. Working capital for the
first nine months of 1994 was partially reduced by higher accrued expenses
generally caused by the timing of expected payments for insurance, interest
and accrued wages, and by the reclassification of $1.3 million of long-term
debt to a current item, caused by the exercise of a call option by a bond
holder for payment in early 1995. Current liabilities overall were reduced
$8.9 million for a previously reported payment made to the U.S. Government
in early 1994 in connection with the settlement of a litigation. In
addition, the Corporation's estimated federal tax payments were
significantly reduced when comparing payments made in the first nine month
period of 1994 to those made in the same prior year period. The
aforementioned litigation settlement resulted in a $1.2 million refund
received in the 1994 nine month period.
The Corporation currently maintains a revolving credit lending
facility with a group of banks which provide additional sources of capital
totaling $45.0 million to the Corporation, of which $26.5 million remains
unused at September 30, 1994. This facility encompasses various letters of
credit issued primarily in connection with outstanding industrial revenue
bonds.
During the first nine of 1994, internally generated funds were more
than adequate to meet capital requirements. Projected funds from operating
sources are expected to be more than adequate to cover future cash
requirements, including anticipated capital expenditures of approximately
$3.1 million for the balance of the year and anticipated expenditures
connected with environmental remediation programs.
Page 13 of 15 <PAGE>
<PAGE>
PART II - OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedules (Page 15)
(b) Reports on Form 8-K
The Registrant did not file any reports on Form 8-K during the
quarter ended September 30, 1994.
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.
CURTISS-WRIGHT CORPORATION
(Registrant)
By: Robert A. Bosi
Robert A. Bosi,
Vice-President Finance
By: Kenneth P. Slezak
Kenneth P. Slezak,
Controller
Dated: November 14, 1994
Page 14 of 15
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000026324
<NAME> CURTISS-WRIGHT CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 5,208
<SECURITIES> 71,969
<RECEIVABLES> 33,140
<ALLOWANCES> (1,070)
<INVENTORY> 24,171
<CURRENT-ASSETS> 144,195
<PP&E> 208,987
<DEPRECIATION> (143,178)
<TOTAL-ASSETS> 241,981
<CURRENT-LIABILITIES> 40,335
<BONDS> 13,047
<COMMON> 10,000
0
0
<OTHER-SE> 144,937
<TOTAL-LIABILITY-AND-EQUITY> 241,981
<SALES> 114,819
<TOTAL-REVENUES> 123,988
<CGS> 80,927
<TOTAL-COSTS> 28,223
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 177
<INTEREST-EXPENSE> 274
<INCOME-PRETAX> 20,755
<INCOME-TAX> 6,958
<INCOME-CONTINUING> 13,797
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> (244)
<NET-INCOME> 13,553
<EPS-PRIMARY> 2.68
<EPS-DILUTED> 2.68
Page 15 of 15
</TABLE>
