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, 1995
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: 5,059,293 shares (as of October 31,
1995) <PAGE>
<PAGE> 2
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
Exhibit Index 15
<PAGE>
<PAGE> 3
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands)
September 30, December 31,
1995 1994
Assets: ------------ -----------
Cash and cash equivalents $ 6,264 $ 4,245
Short-term investments 75,205 72,200
Receivables, net 35,706 32,467
Deferred tax asset 7,425 8,204
Inventories 27,517 24,889
Other current assets 2,088 2,338
--------- ---------
Total current assets 154,205 144,343
Property, plant and equipment, at cost 196,911 202,988
Less, accumulated depreciation 140,515 142,550
--------- ---------
Property, plant and equipment, net 56,396 60,438
Prepaid pension costs 30,134 28,092
Other assets 4,994 5,821
--------- ---------
Total assets $245,729 $238,694
========= =========
Liabilities:
Current portion of long-term debt $ 4,000 $ 5,354
Accounts payable and accrued expenses 16,690 15,250
Dividends payable 1,264
Income taxes payable 31 2,105
Other current liabilities 11,406 13,305
--------- ---------
Total current liabilities 33,391 36,014
Long-term debt 10,347 9,047
Deferred income taxes 7,030 6,446
Accrued post retirement benefit costs 10,892 10,802
Other liabilities 15,323 17,616
--------- ---------
Total liabilities 76,983 79,925
Stockholders' equity:
Common stock, $1 par value 10,000 10,000
Capital surplus 57,135 57,139
Retained earnings 285,009 275,600
Equity adjustments from foreign
currency translation (1,061) (1,622)
--------- ---------
351,083 341,117
Less, cost of treasury stock 182,337 182,348
--------- ---------
Total stockholders' equity 168,746 158,769
Total liabilities and stockholders' -------- --------
equity $245,729 $238,694
========= =========
[FN] See notes to consolidated financial statements.<PAGE>
<PAGE> 4
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS of EARNINGS
(UNAUDITED)
(In thousands except per share data)
Nine Months Ended Three Months Ended
September 30, September 30,
1995 1994 1995 1994
Revenues: --------- --------- -------- --------
Sales $110,388 $114,819 $35,929 $38,792
Rentals and gains on sales
of real estate and
equipment 6,696 6,411 2,227 2,273
Interest, dividends and gains
(losses) on sales of short-
term investments, net 3,396 2,509 1,097 819
Other income, net 189 249 50 17
--------- --------- -------- --------
Total revenues 120,669 123,988 39,303 41,901
Costs and expenses:
Product and engineering 75,662 79,387 24,077 27,142
Selling and service 4,425 4,108 1,388 1,462
Administrative and general 20,586 19,464 6,493 6,477
Interest 431 274 142 93
--------- --------- -------- --------
Total costs and expenses 101,104 103,233 32,100 35,174
Earnings before taxes & cumulative
effect of a change in accounting
principle 19,565 20,755 7,203 6,727
Provision for income taxes 6,362 6,958 2,237 2,560
Earnings before cumulative effect --------- --------- -------- --------
of a change in acctg principle 13,203 13,797 4,966 4,167
Cumulative effect of a change in
accounting principle (net of
applicable taxes) (244)
--------- --------- -------- --------
Net earnings $ 13,203 $ 13,553 $ 4,966 $ 4,167
========= ========= ======== ========
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 a change in
accounting principle $2.61 $2.73 $ .98 $ .82
Cumulative effect of a change
in accounting principle (.05)
--------- --------- -------- --------
Net earnings per common share $2.61 $2.68 $ .98 $ .82
========= ========= ======== ========
Dividends per common share $ .75 $ .75 $ .25 $ .25
[FN] See notes to consolidated financial statements.<PAGE>
<PAGE> 5
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS of CASH FLOWS
(UNAUDITED)
(In thousands)
Nine Months Ended
September 30,
1995 1994
Cash flows from operating activities: --------- ---------
Net earnings $ 13,203 $ 13,553
Adjustments to reconcile net earnings to net cash
provided by (used for) operating activities:
Cum effect of a change in acctg principle 244
Depreciation and amortization 7,814 8,109
Net gains on sales of short-term investments (1,044) (1,246)
Increase in deferred taxes 1,363 684
Changes in operating assets and liabilities:
Proceeds from sales of trading securities 137,570 103,699
Purchases of trading securities (139,155) (116,691)
Increase in receivables (2,332) (7,155)
Increase in inventories (6,840) (2,847)
Increase in progress payments 3,305 3,549
Inc in accts payable & accrued expenses 1,440 922
Increase (decrease) in income taxes payable (2,074) 2,182
Increase in other assets (963) (2,267)
Decrease in other liabilities (4,480) (4,814)
Litigation settlement (8,880)
Other, net (1,065) 1,003
--------- --------
Total adjustments (6,461) (23,508)
--------- --------
Net cash provided by (used for) operating
activities 6,742 (9,955)
--------- --------
Cash flows from investing activities:
Proceeds from sales of real estate and equipment 3,219 759
Additions to property, plant and equipment (5,359) (3,303)
--------- --------
Net cash used for investing activities (2,140) (2,544)
--------- --------
Cash flows from financing activities:
Principal payments on long-term debt (54) (112)
Dividends paid (2,529) (2,530)
--------- --------
Net cash used for financing activities (2,583) (2,642)
--------- --------
Net inc/(dec) in cash & cash equivalents 2,019 (15,141)
Cash and cash equivalents at beginning of period 4,245 20,349
--------- --------
Cash and cash equivalents at end of period $ 6,264 $ 5,208
========= ========
[FN] See notes to consolidated financial statements.<PAGE>
<PAGE> 6
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS of STOCKHOLDERS' EQUITY
(UNAUDITED)
(In thousands of dollars)
<TABLE>
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, 1993 10,000,000 $10,000 $57,172 $261,356 $ (87) $(1,862) 4,939,257 $182,348
Net earnings 19,303
Common dividends (5,059)
Amortization of
unearned portion
of restricted
stock (33) 87
Translation ad-
justments, net 240
- ----------------- ----------- -------- -------- ----------- ----------- ---------- --------- -------
December 31, 1994 10,000,000 10,000 57,139 275,600 -- (1,622) 4,939,257 182,348
Net earnings 13,203
Common dividends (3,794)
Exercise of stock
options (4) (240) (11)
Translation ad-
justment, net 561
- ----------------- ----------- -------- -------- ----------- ----------- ---------- --------- -------
September 30,
1995 10,000,000 $10,000 $57,135 $285,009 $ - $(1,061) 4,939,017 $182,337
=========== ======== ======== =========== =========== ========== ========= =======
</TABLE>
[FN] See notes to consolidated financial statements.
-6-<PAGE>
<PAGE> 7
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. BASIS OF PRESENTATION
The financial statements present the consolidated accounts of
Curtiss-Wright Corporation and all majority owned subsidiaries (the
"Corporation"), after elimination of all significant intercompany transactions
and accounts.
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 1994 Annual
Report on Form 10-K. The results of operations for these interim periods are
not necessarily indicative of the operating results for a full year.
2. SHORT-TERM INVESTMENTS
The Corporation accounts 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). The
Corporation's short-term investments are comprised of marketable equity and
non-equity securities, all classified as trading securities under SFAS No.
115 and, accordingly, are carried at their fair value, which is based on
quoted prices for these investments. Short-term investments have an
aggregate cost of $74,628,000 and an aggregate fair value of $75,205,000 at
September 30, 1995, compared with an aggregate cost of $72,750,000 and an
aggregate fair value of $72,200,000 at December 31, 1994.
Included in the determination of net earnings were net realized gains
and losses on the sales of short-term investments, determined on the
specific identification cost basis. The composition of investment income
for the first nine months and third quarter of 1995 and 1994, respectively,
is as follows:
(In thousands)
Nine Months Ended Three Months Ended
September 30, September 30,
1995 1994 1995 1994
------- ------- ------- -------
Net realized gains (losses) on the
sale of marketable securities $ (82) $2,800 $ 65 $ 488
Interest and dividend income, net 2,352 1,263 767 538
Net unrealized holding gains
(losses) 1,126 (1,554) 265 (207)
------- ------- ------- -------
Interest, dividends & gains
(losses) on short-term
investments, net $3,396 $2,509 $1,097 $ 819
======= ======= ======= =======
<PAGE>
<PAGE> 8
3. RECEIVABLES
Receivables, at September 30, 1995 and December 31, 1994, 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:
(In thousands)
September 30, December 31,
1995 1994
-------- --------
Accounts receivable, billed $30,084 $28,121
Less: progress payments applied 3,205 4,464
-------- --------
26,879 23,657
-------- --------
Unbilled charges on long-term contracts 27,415 27,084
Less: progress payments applied 17,932 17,580
-------- --------
9,483 9,504
-------- --------
Allowance for doubtful accounts (656) (694)
-------- --------
Receivables, net $35,706 $32,467
======== ========
4. INVENTORIES
Inventories are valued at the lower of cost (principally average cost)
or market. The composition of inventories at September 30, 1995 and
December 31, 1994 is as follows:
In thousands
September 30, December 31,
1995 1994
-------- --------
Raw materials $ 3,819 $ 4,195
Work-in-process 15,061 9,819
Finished goods 3,006 3,477
Inventoried costs related to U. S.
Government & other long-term contracts 12,494 10,049
-------- --------
Total inventories 34,380 27,540
Less: progress payments applied,
principally related to long-term
contracts 6,863 2,651
-------- --------
Net inventories $27,517 $24,889
======== ========
<PAGE>
<PAGE> 9
5. ENVIRONMENTAL MATTERS
The Corporation is subject to federal, state and local laws and
regulations concerning the environment, and is currently participating in
administrative or court proceedings involving a number of sites under these
laws, usually as a participant in an industry group of potentially
responsible parties. Many of these proceedings are at a stage where it is
impossible to estimate with any certainty the total cost of remediation, the
timing and extent of remedial actions which may be required by governmental
authorities, and the amount of the liability, if any, of the Corporation
alone or in relation to that of any other responsible party. The
Corporation also has been seeking to establish insurance coverage with
respect to a number of these matters through litigation against certain
insurance carriers. When it is possible to make a reasonable estimate of
the Corporation's liability with respect to an environmental matter, a
provision is recorded as appropriate. Actual costs to be incurred in future
periods may vary from these estimates.
Based on facts presently known to it and the advice of counsel, the
Corporation does not believe that the outcome of any one of these
environmental proceedings, in excess of amounts provided, will have a
material adverse effect on its results of operations or financial condition.
6. CONSOLIDATED STATEMENTS OF CASH FLOWS
Interest payments of $466,000 and $304,000 were made primarily in
association with long-term debt in the first nine months of 1995 and 1994,
respectively. The Corporation made estimated federal income tax payments of
$3,762,000 and $3,400,000 in the first nine months of 1995 and 1994,
respectively.
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.
The assumed exercise of all outstanding stock options had an immaterial
dilutive effect on earnings per share in each respective period.
<PAGE>
<PAGE> 10
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 (the "Corporation") posted consolidated net
earnings for the third quarter of 1995 totaling $5.0 million, or $.98 per
share, 19% above net earnings of $4.2 million, or $.82 per share, reported
in the third quarter of 1994. Net earnings for the third quarter of 1995
continued to show a small, but steady, increase from the first two quarters
of 1995. Net earnings totaled $.79 and $.83 per share for the first and
second quarters of 1995, respectively. For the first nine months of 1995,
net earnings totaled $13.2 million, or $2.61 per share, slightly below net
earnings of $13.6 million, or $2.68 per share, reported for the same period
of 1994.
Sales for the third quarter and first nine months of 1995 totaled
$35.9 million and $110.4 million, respectively, showing declines when
compared with sales of $38.8 million and $114.8 million posted in the same
respective 1994 periods. New orders received, however, improved
substantially for the third quarter of 1995, totaling $41.4 million,
compared with orders of $29.0 million received in the third quarter of 1994.
New orders for the first nine months of 1995 were $112.7 million, also
significantly improved over orders of $87.6 reported for the same period of
the prior year.
Operating income generated by the Corporation's three business segments
totaled $6.1 million for the third quarter of 1995, even with the $6.1
million reported for the third quarter of 1994. The aggregate operating
income from our segments for the 1995 quarter reflects a substantial
increase in our Industrial segment earnings and improved income from our
Flow Control and Marine segment. These improvements were offset by the
continued decline in operating income from our Aerospace segment, details of
which are discussed below. For the first nine months of 1995, the
Corporation's aggregate operating income remained below 1994 levels,
totaling $16.4 million in 1995, compared with $18.5 million for the same
nine-month period of 1994. Partially offsetting the lower aggregate
operating income from our business segments for the nine-month period were
higher earnings from our short-term investments and gains on the sales of
excess machinery made during the first nine months of 1995.
<PAGE>
<PAGE> 11
Segment Performance
The Corporation's Aerospace segment performance, while down from last
year, showed improving results between the second and third quarters of
1995. Sales increased 7% in the third quarter, when compared with sales in
the second quarter of 1995 and operating income for the third quarter of
1995 was almost double that of the prior quarter. Both sales and operating
income for the Aerospace segment for third quarter of 1995, however, were
below the levels reported in the same period of the prior year. Sales for
the third quarter of 1995 totaled $18.4 million, compared with sales of
$19.3 million in third quarter of 1994. Sales had totaled $17.3 million for
the second quarter of 1995. The improvements shown in the third quarter of
1995 primarily reflect the continued growth of our commercial domestic
component overhaul services and the addition of sales provided by
Curtiss-Wright Flight Systems Europe A/S, which began its operations during the
second quarter of 1995. Sales of shot-peening services for the third
quarter of 1995 also improved in both domestic and foreign markets, when
compared with the same period of 1994. Overshadowing improvements in these
programs, when comparing the 1995 third quarter period with the same period
in the prior year, was an overall decline in sales from actuation production
programs primarily for military customers. Declines in revenue from
production programs, the continuation of significant non-reimbursed
engineering costs on actuation and control developmental contracts relating
to the Lockheed/Martin F-22, the Bell Boeing V-22 Osprey and the McDonnell
Douglas F/A-18 E/F aircraft, and start-up costs on our European facility
largely account for the decline in operating income when comparing the third
quarter of 1995 with the third quarter of 1994. As indicated in prior
reports, the Corporation regards these development costs as important
investments for its long-term future, in view of the potential significance
of these major military aircraft programs.
Aerospace segment sales for the first nine months of 1995 totaled $52.6
million, 17% below sales of $63.2 million posted in the first nine months of
1994. Operating income for the first nine months of 1995 was also
substantially below that of the same period of 1994. Sales reductions in
the comparable nine-month periods reflect the absence this year of
significant shipments on the F-16 program, the retrofit portion of which was
completed in the third quarter of 1994. Sales of shot-peening and peen-forming
aerospace services also declined, when comparing the first nine
months of 1995 with the same prior year period, reflecting the continued
general softness in the global aerospace markets during the early portion of
1995. Operating income levels for the first nine months of 1995 were
further impaired by significant non-reimbursed engineering costs, referred
to above, associated with development work on the F-22, V-22 and F/A-18 E/F
aircraft.
<PAGE>
<PAGE> 12
Sales for the Industrial segment totaled $12.0 million and $40.2
million for the third quarter and first nine months of 1995, respectively,
compared with sales of $12.8 million and $32.1 million posted in the same
respective periods of 1994. The decline in sales for the third quarter
periods reflects the lack of any contribution from the Buffalo Extrusion
Facility, which was sold in June 1995. Excluding results generated by the
Buffalo Facility, sales of this segment for the third quarter of 1995 were
21% higher than those of the same period of the prior year. Operating
income showed substantial improvements for both the third quarter and first
nine-month periods of 1995 when compared with the same periods of 1994. The
sale of the Buffalo Facility did not have a material impact on operating
income for either period. Improvements in the Industrial segment's
performance are largely reflective of higher sales of shot-peening and
heat-treating services to automotive and other customers. The Corporation's
Metal Improvement Company subsidiary, which provides shot-peening services in
North America and Europe, has experienced substantial improvements in all
sectors of its industrial markets during the first nine months of 1995.
Sales for the Flow Control and Marine segment totaled $5.5 million and
$17.6 million for the third quarter and first nine-month periods of 1995,
respectively, as compared with sales of $6.7 million and $19.5 million
reported in the third quarter and first nine month periods of 1994,
respectively. Declines for both periods generally reflect lower sales of
commercial valve spare parts and lower volume on military production
contracts, offset in part by revenue from the settlement of a termination
claim relating to a part of a military valve actuation contract. Operating
income for both the third quarter and first nine-month periods of 1995
improved over the income recorded in the same respective periods of 1994.
Improvements in operating income largely reflect an improved sales mix on
current military valve production programs and cost containments.
Other Revenues and Costs:
Other revenue recorded in the third quarter of 1995 totaled $3.4
million, compared with $3.1 million recorded in the third quarter of 1994,
while other revenue for the first nine months of 1995 totaled $10.3 million,
compared with $9.2 million recorded in the same period of 1994. The change
in other revenue for both 1995 periods is reflective of higher overall
investment income and net gains recorded on sales of machinery and
equipment.
Operating costs for the Corporation as a whole declined for the third
quarter and first nine months of 1995, when compared with costs incurred in
the same respective periods of 1994, generally reflecting lower sales in the
1995 periods. Administrative expenses for the first nine months of 1995
were slightly higher than those of the same period in the prior year,
reflecting a reduction in accrued income generated from the Corporation's
over-funded pension plan. Estimated pre-tax pension income for the first
nine months of 1995 totaled $2.0 million, compared with $2.6 million for the
first nine months of 1994.
<PAGE>
<PAGE> 13
CHANGES IN FINANCIAL CONDITION:
Liquidity and Capital Resources:
The Corporation's working capital was $120.8 million at September 30,
1995, a 12% increase from working capital of $108.3 million at December 31,
1994. The ratio of current assets to current liabilities at September 30, 1995
also increased to 4.6 to 1 from 4.0 to 1 at December 31, 1994. The increase in
working capital reflects an increase in cash and short-term investments
balances which total $81.5 million at September 30, 1995, a 7% increase from
December 31, 1994. Net receivables at September 30, 1995 increased when
compared with net receivables at December 30, 1994 as a result of higher
current sales of shot-peening services to industrial customers and a slightly
longer collection period for the Corporation overall. Net inventories at
September 30, 1995 were also higher when compared with the prior year-end,
primarily due to increases in work-in-process inventory associated with
long-term development contracts.
The Corporation continues to maintain its $22.5 million revolving
credit lending facility and its $22.5 million short term credit agreement,
which provide additional sources of capital to the Corporation. The
revolving credit agreement, of which $3.6 million remains unused at
September 30, 1995, encompasses various letters of credit issued primarily
in connection with outstanding industrial revenue bonds. There were no cash
borrowings made on the short term credit agreement during the first nine
months of 1995.
During the first nine months of 1995, 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
$3.2 million for the balance of the year and anticipated expenditures
connected with environmental remediation programs. On October 1, 1995, the
Corporation repaid an outstanding industrial revenue bond amounting to $4.0
million. <PAGE>
<PAGE> 14
PART II - OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedules
(b) Reports on Form 8-K
The Registrant did not file any reports on Form 8-K during the
quarter ended September 30, 1995.
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: s/ Robert A. Bosi
Robert A. Bosi,
VicePresident-Finance
By: S/ Kenneth P. Slezak
Kenneth P. Slezak,
Controller
Dated: November 13, 1995
<PAGE>
<PAGE> 15
Exhibit Index
---------------------
Exhibit No. Description of Exhibit
----------- ----------------------------------------------------------
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 6,264
<SECURITIES> 75,205
<RECEIVABLES> 36,362
<ALLOWANCES> 656
<INVENTORY> 27,517
<CURRENT-ASSETS> 154,205
<PP&E> 196,911
<DEPRECIATION> 140,515
<TOTAL-ASSETS> 245,729
<CURRENT-LIABILITIES> 33,391
<BONDS> 10,347
<COMMON> 10,000
0
0
<OTHER-SE> 158,746
<TOTAL-LIABILITY-AND-EQUITY> 245,729
<SALES> 110,388
<TOTAL-REVENUES> 120,669
<CGS> 74,626
<TOTAL-COSTS> 100,673
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 431
<INCOME-PRETAX> 19,565
<INCOME-TAX> 6,362
<INCOME-CONTINUING> 13,203
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 13,203
<EPS-PRIMARY> 2.61
<EPS-DILUTED> 0
</TABLE>