UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
=====================================
OR
[ ] 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 0-9010
=================================================
ROBINSON NUGENT, INC.
=========================================================================
(Exact name of registrant as specified in its charter)
INDIANA 35-0957603
=========================================================================
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
800 East Eighth Street, New Albany, Indiana 47151-1208
==========================================================================
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (812) 945-0211
============================
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
====== ======
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practical date: As of April 30,
1996, the registrant had outstanding 5,391,608 common shares without par
value.
The Index to Exhibits is located at page 13 in the sequential
numbering system. Total pages: 14.
<PAGE>
ROBINSON NUGENT, INC. AND SUBSIDIARIES
INDEX
Page No.
========
PART I. Financial Information:
Item 1. Financial Statements (Unaudited)
Consolidated condensed balance sheets at March 31, 1996,
March 31, 1995 and June 30, 1995 ........3
Consolidated condensed statements of income for the three
and nine months ended March 31, 1996 and March 31, 1995.....5
Consolidated condensed statements of cash flows for the
nine months ended March 31, 1996 and March 31,1995 ........6
Notes to consolidated condensed financial statements........7
Item 2. Management's discussion and analysis of financial
condition and results of operations ........8
PART II. Other Information .......11
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ROBINSON NUGENT, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
March 31 June 30
====================== =======
ASSETS 1996 1995 1995
======= ======= =======
<S> <C> <C> <C>
Current assets:
Cash and cash equivalents $ 2,024 $ 2,346 $ 2,460
Accounts receivable, net 12,280 12,120 12,209
Inventories:
Raw materials 2,263 1,817 1,730
Work in process 6,977 7,271 6,861
Finished goods 4,169 2,744 2,687
======= ======= =======
Total inventories 13,409 11,832 11,278
Other current assets 1,747 2,644 2,418
======= ======= =======
Total current assets 29,460 28,942 28,365
======= ======= =======
Property, plant & equipment, net 25,588 24,380 24,609
Other assets 692 1,196 1,195
======= ======= =======
Total assets $55,740 $54,518 $54,169
======= ======= =======
======= ======= =======
</TABLE>
See accompanying notes to consolidated condensed financial statements.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (CONTINUED)
ROBINSON NUGENT, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
March 31 June 30
==================== =======
LIABILITIES AND SHAREHOLDERS' EQUITY 1996 1995 1995
======= ======= =======
<S> <C> <C> <C>
Current liabilities:
Current installments of long-term debt $ 522 $ 730 $ 924
Short-term bank borrowings 2,520 350 538
Accounts payable 6,022 6,896 6,131
Accrued expenses 4,752 4,385 4,456
Income taxes 578 1,177 441
======= ======= =======
Total current liabilities 14,394 13,538 12,490
======= ======= =======
Long-term debt, excluding current
installments 3,428 4,338 4,143
Deferred income taxes 1,047 896 1,056
======= ======= =======
Total liabilities 18,869 18,772 17,689
======= ======= =======
Shareholders' equity:
Common shares without par value
Authorized shares: 15,000,000;
Issued shares: 6,851,250 20,955 20,878 20,896
Retained earnings 22,921 21,528 22,325
Equity adjustment from foreign
currency translation 3,108 3,943 3,774
Employee stock purchase plan loans
and deferred compensation (489) (856) (768)
Less treasury shares: 1,459,642
shares at March 31, 1996, and
1,479,586 shares at March 31, 1995
and June 30, 1995 (9,624) (9,747) (9,747)
======= ======= =======
Total shareholders' equity 36,871 35,746 36,480
======= ======= =======
Total liabilities and shareholders'
equity $55,740 $54,518 $54,169
======= ======= =======
======= ======= =======
</TABLE>
See accompanying notes to consolidated condensed financial statements.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (CONTINUED)
ROBINSON NUGENT, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
March 31 March 31
===================== =================
1996 1995 1996 1995
======= ======= ======= =======
<S> <C> <C> <C> <C>
Net sales $21,178 $20,434 $61,725 $58,958
Cost of sales 16,434 15,368 47,448 43,054
======= ======= ======= =======
Gross profit 4,744 5,066 14,277 15,904
Selling, general and
administrative expenses 3,952 3,449 11,738 11,206
======= ======= ======= =======
Operating income 792 1,617 2,539 4,698
======= ======= ======= =======
Other income (expense):
Interest income 34 34 92 102
Interest expense (142) (69) (375) (180)
Royalty income 95 35 155 271
Currency gain (loss) 17 (279) (84) (295)
Other expense -- (15) (122) (38)
======= ======= ======= =======
4 (294) (334) (140)
======= ======= ======= =======
Income before income taxes 796 1,323 2,205 4,558
Income taxes 464 581 1,129 1,781
======= ======= ======= =======
Net income $ 332 $ 742 $ 1,076 $ 2,777
======= ======= ======= =======
======= ======= ======= =======
Net income per common share $ .06 $ .14 $ .20 $ .52
======= ======= ======= =======
======= ======= ======= =======
Dividends per common share $ .03 $ .03 $ .09 $ .09
======= ======= ======= =======
======= ======= ======= =======
Weighted average number of
common shares outstanding
and common share equivalents 5,414 5,393 5,433 5,372
======= ======= ======= =======
======= ======= ======= =======
</TABLE>
See accompanying notes to consolidated condensed financial statements.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (CONTINUED)
ROBINSON NUGENT, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
Nine Months Ended
March 31
===================
1996 1995
======= =======
<S> <C> <C>
Cash flows from operating activities:
Net income $ 1,076 $ 2,777
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 3,972 2,700
Losses from disposition of capital assets 258 --
Increase in receivables (71) (1,241)
Increase in inventories (2,131) (1,690)
Decrease in other current assets 400 152
Decrease in accounts payable and
accrued expenses 187 1,026
Increase in income taxes 399 438
======= =======
Net cash provided by operating activities 4,090 4,162
======= =======
Cash flows from investing activities:
Capital expenditures (5,467) (4,720)
Decrease in other assets 75 4
Investment in Teckino Manufacturing b.v.b.a.,
net of cash acquired -- (186)
======= =======
Net cash used in investing activities (5,392) (4,902)
======= =======
Cash flows from financing activities:
Proceeds from short-term bank borrowings 2,230 350
Repayments of short-term bank borrowings (239) (800)
Proceeds from long-term debt 193 --
Repayments of long-term debt (644) (100)
Cash dividends paid (484) (479)
Repayments of employee stock purchase
plan loans 182 133
Issuance of common stock 5 --
Stock options exercised 3 80
Net cash provided by (used in) ======= =======
financing activities 1,246 (816)
======= =======
Effect of exchange rate changes on cash (380) 911
======= =======
Decrease in cash and cash equivalents (436) (645)
Cash and cash equivalents at beginning of period 2,460 2,991
======= =======
Cash and cash equivalents at end of period $ 2,024 $ 2,346
======= =======
======= =======
</TABLE>
See accompanying notes to consolidated condensed financial statements.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (CONTINUED)
ROBINSON NUGENT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
MARCH 31, 1996 AND 1995, AND JUNE 30, 1995
1. In the opinion of management, the accompanying unaudited consolidated
condensed financial statements contain all adjustments necessary (all
of which are normal and recurring) to present fairly the financial
position of the Company and its subsidiaries, results of operations,
and cash flows in conformity with generally accepted accounting
principles.
2. Earnings per common share are based upon the weighted average number
of shares outstanding during each period, plus common share
equivalents resulting from dilutive stock options.
3. The income tax expense for the quarter and the nine months ended March
31, 1996 differs from expected effective rates due to income taxes on
profit in the United States and no income tax benefits from losses in
Europe.
4. Reference is directed to the Company's consolidated financial
statements (Form 10-K), including references to the Annual Report, for
the year ended June 30, 1995 and management's discussion and analysis
included in Part I, Item 2 in this report.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
MATERIAL CHANGES IN RESULTS OF OPERATIONS
Net sales for the quarter ended March 31, 1996 were $21,178,000, up 4
percent over sales of $20,434,000 in the same period a year ago. The sales
growth in the quarter occurred in the United States, Europe and Asia.
Sales in Europe advanced by 7 percent or $401,000 primarily as a result of
higher shipments from the Company's facility in Scotland. Total business
in the United States increased 6% compared to prior year, as higher
domestic sales increased intercompany sales to our Asian subsidiary offset
lower direct sales from the United States to our Asian customers. Net
sales for the nine months ended March 31, 1996 were $61,725,000 compared
to $58,958,000 for the same period a year ago. The sales growth in the
nine month period occurred in Europe and Asia. Higher sales in Europe
were due primarily to Teckino Manufacturing b.v.b.a. (Teckino), acquired
February 21, 1995, which had $1,698,000 in sales in the nine month period
compared to $331,000 in the same period a year ago. Higher sales in Asia
were due primarily to a shift in customer sales from the United States to
Asia.
Comparative sales by geographic territory for the respective periods
follows:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
=================== =================
($000 omitted) March 31 March 31
=================== ==================
<S> <C> <C> <C> <C>
1996 1995 1996 1995
======== ======== ======== =======
United States:
Domestic $13,602 $13,121 $39,630 $37,198
Export:
Europe 11 (135) 48 939
Asia 168 1,182 1,152 3,563
Rest of world 505 322 1,062 750
======= ======= ======= =======
Total export sales 684 1,369 2,262 5,252
======= ======= ======= =======
Total sales to customers 14,286 14,490 41,892 42,450
Intercompany 2,026 933 5,172 3,944
======= ======= ======= =======
Total United States 16,312 15,423 47,064 46,394
======= ======= ======= =======
Europe:
Domestic 5,271 4,534 14,738 12,199
Export to Asia 324 594 1,352 1,803
Rest of world -- 5 -- 17
======= ======= ======= =======
Total sales to customers 5,595 5,133 16,090 14,019
Intercompany 867 928 2,600 2,354
======= ======= ======= =======
Total Europe 6,462 6,061 18,690 16,373
======= ======= ======= =======
Asia:
Domestic 1,297 614 3,743 1,781
Export to United States -- 197 -- 708
======= ======= ======= =======
Total sales to customers 1,297 811 3,743 2,489
Intercompany 514 302 2,096 595
======= ======= ======= =======
Total Asia 1,811 1,113 5,839 3,084
======= ======= ======= =======
Eliminations (3,407) (2,163) (9,868) (6,893)
======= ======= ======= =======
Consolidated $21,178 $20,434 $61,725 $58,958
======= ======= ======= =======
======= ======= ======= =======
</TABLE>
<PAGE>
Incoming customer orders for the quarter ended March 31, 1996 amounted to
$22.3 million, down slightly from orders of $22.5 million in the same
quarter a year ago. Customer orders for the nine months ended March 31,
1996 were $63.4 million compared to $59.8 million in the prior year, an
increase of $3.6 million or 6 percent. The Company ended the quarter with
a backlog of unshipped orders of $16.9 million compared to $14.5 million a
year ago.
Gross profits in the quarter ended March 31, 1996 amounted to $4,744,000
or 22.4 percent of net sales, compared to $5,066,000 or 24.8 percent of
net sales in the prior year. Gross profits are net of engineering charges
associated with new product development which amounted to $1,013,000 or
4.8 percent of net sales in the current quarter compared to $920,000 or
4.5 percent of net sales in the prior year. The reduction in gross
profits in the quarter compared to the prior year reflects continued
competitive price pressures, an unfavorable product mix in Europe and
higher engineering expenses on new products. Gross profits for the nine
months ended March 31, 1996 amounted to $14,277,000 or 23.1 percent of net
sales, compared to $15,904,000 or 27.0 percent of net sales in the prior
year. In addition to the issues noted above in the quarter comparison,
year to date gross profit was negatively effected by higher production
costs associated with a new customized product in Europe, and the write-
off of machinery and equipment for which there is no anticipated future
use in the U. S. connector business. Engineering expenses for the nine
months ended March 31, 1996 amounted to $2,688,000 or 4.4 percent of net
sales compared to $2,704,000 or 4.6 percent of net sales in the prior
year.
Selling, general and administrative expenses of $3,952,000 for the three
months ended March 31, 1996 increased by $503,000 or 15 percent compared
to expenses of $3,449,000 in the prior year due to higher expenses in
Europe, Asia and the United States. Europe increased $145,000, primarily
due to the acquisition of Teckino. Asia increased $152,000 due primarily
to the cost of the new regional headquarters in Singapore. Higher
expenses in the United States reflect higher advertising, payroll and
scrap expenses. Expenses of $11,738,000 for the nine months ended March
31, 1996 increased by $532,000 or 5 percent compared to expenses of
$11,206,000 in the prior year. This primarily reflected reduced
recruitment, promotions and bonus expense in the United States.
Offsetting the expense reduction in the United States were higher expenses
in Europe and Asia, reflecting the Company's expansion in these areas.
Other income and expense for the three months ended March 31, 1996
reflected a net income of $4,000 compared to a net expense of $294,000 for
the comparable three month period in the prior year. The quarterly change
in other income and expense reflected higher royalty income, and currency
gains in the current quarter compared to currency losses in the prior
year's quarter; partly offsetting was higher interest expense in the
current quarter. Interest expense increased to $142,000 compared to
$69,000 in the prior year due to an increased borrowing level. Currency
gains in the quarter totaled $17,000 compared to losses of $279,000 in the
prior year. The prior year currency loss was primarily generated by the
translation of foreign currency denominated intercompany loans resulting
from transactions in Scotland and Switzerland. Other income and expense
for the nine months ended March 31, 1996 reflected a net expense of
$334,000 compared to $140,000 for the comparable nine month period in the
prior year. The higher net other expense in the current period reflects
higher interest expense, lower royalty income, and expenses related to the
Company's joint venture (Isocon L.C. - terminated in December 1995),
partially offset by lower currency losses. Interest expense increased to
$375,000 compared to $180,000 in the prior year period due to an
<PAGE>
increased borrowing level. Royalty income for the nine months to date of
$155,000 was $116,000 lower than last year due to the inclusion of a one-
time royalty catch-up in the prior year's results. Other expense in the
current year includes $122,000 of expenses related to the terminated
Isocon L.C. joint venture.
The provision for income taxes was provided using the appropriate
effective tax rates for each of the tax jurisdictions in which the Company
operates. A provision for income tax expense has been accrued for
profits generated in the United States, Switzerland, Netherlands and the
Company's cable operations in Malaysia, but no tax benefit has been
recognized on the pretax losses incurred in Scotland, Belgium, Singapore
and the Company's connector operations in Malaysia.
The net income in the quarter ended March 31, 1996 amounted to $332,000 or
6 cents per share, compared to $742,000 or 14 cents per share, a year ago.
The lower net income in the quarter resulted from lower gross profits and
higher expenses compared to the prior year's third quarter; partly offset
by the favorable currency variance. The net income for the nine months
ended March 31, 1996 amounted to $1,076,000 or 20 cents per share compared
to $2,777,000 or 52 cents per share a year ago. The year to date net
losses from European and Asian operations were $642,000 and $145,000,
respectively. European operations had a net loss of $317,000 in this
period in the prior year. Asian operation's net income for the nine
months ended March 31, 1995 was $187,000.
MATERIAL CHANGES IN FINANCIAL CONDITION
Net working capital at March 31, 1996 amounted to $15.1 million compared
to $15.4 million at March 31, 1995 and $15.9 million at June 30, 1995.
The current ratio was 2.0 to 1 compared to 2.1 to 1 in the prior year.
The reduction in the current ratio was primarily the result of increased
short-term borrowings. Short term bank borrowing of $2,520,000 increased
$2,170,000 compared to the prior year, and $1,982,000 compared to June 30,
1995. Net inventory increased by $1,577,000 and $2,131,000 compared to
March 31, 1995 and June 30, 1995, respectively. Cash and cash equivalent
balances decreased by $436,000 at March 31, 1996 compared to June 30,
1995. There were no significant changes in long-term debt in the quarter
ended March 31, 1996. Long-term debt due after one-year represented $3.4
million, or 9 percent of shareholders' equity at the quarter end, compared
to $4.3 million or 12 percent of shareholders' equity at the prior year's
quarter end.
The Company believes working capital and capital expenditure requirements
can be met from operations, cash balances, and available lines of credit.
On April 18, 1996, the Company's Board of Directors authorized the
purchase of up to 500,000 of the outstanding Common Shares of the Company
in open market, or privately negotiated, transactions. The number of
shares purchased, if any, will be dependent upon market conditions and
will be subject to such terms and prices as management determines are
appropriate. These purchases may be made from time to time between May
1, 1996 and April 30, 1997.
Shares acquired in this program will be designated as treasury shares and
will be available for general corporate purposes including use in the
Company's stock option and employee stock purchase plan.
Working capital needed to fund these purchases will initially be provided
from the Company's existing short-term bank line of credit. This line of
credit has been increased to $7,000,000 as of May 9, 1996.
<PAGE>
PART II. OTHER INFORMATION
Item 1. Not applicable.
Item 2. Not applicable.
Item 3. Not applicable.
Item 4. Not applicable.
Item 5. Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) See Index to Exhibits.
(b) No reports on Form 8-K were filed during the quarter ended
March 31, 1996.
(c) A Form 8-K was filed on April 26, 1996.
<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.
ROBINSON NUGENT, INC.
======================================
(Registrant)
Date
======================= ======================================
Larry W. Burke
President and Chief Executive Officer
Date
======================= ======================================
Anthony J. Accurso
Vice President, Treasurer and Chief
Financial Officer
<PAGE>
FORM 10-Q
INDEX TO EXHIBITS
Number of Sequential
Item Numbering
Assigned in System
Regulation S-K Page Number
Item 601 Description of Exhibit of Exhibit
============== ===================================== ============
(2) Not applicable.
(4) 4.1 Specimen certificate for Common Shares,
without par value. (Incorporated by
reference to Exhibit 4 to Form S-1
Registration Statement No. 2-62521.)
4.2 Rights Agreement dated April 21, 1988
between Robinson Nugent, Inc. and Bank
One, Indianapolis, N.A. (Incorporated
by reference to Exhibit I to Form 8-A
Registration Statement dated May 2,
1988.)
4.3 Amendment No. 1 to Rights Agreement
dated September 26, 1991 between
Robinson Nugent, Inc. and Bank One,
Indianapolis, N.A. (Incorporated by
reference to Exhibit 4.3 to Form 10-K
Report for year ended June 30, 1991.)
4.4 Amendment No. 2 to Rights Agreement
dated June 11, 1992. (Incorporated by
reference to Exhibit 4.4 to Form 8-K
Current Report dated July 6, 1992.)
(10) 10.1 Robinson Nugent, Inc. 1983 Tax-Qualified
Incentive Stock Option Plan.
(Incorporated by reference to Exhibit
10.1 to Form 10-K Report for year ended
June 30, 1983.)
10.2 Robinson Nugent, Inc. 1983 Non Tax-
Qualified Incentive Stock Option Plan.
(Incorporated by reference to Exhibit
10.2 to Form 10-K Report for year ended
June 30, 1983.)
10.3 Deferred compensation agreement dated
May 10, 1990 between Robinson Nugent,
Inc. and Larry W. Burke, President and
Chief Executive Officer, and related
agreement dated May 10, 1990 between
Robinson Nugent, Inc. and PNC Bank,
Kentucky, Inc. (formerly Citizens
Fidelity Bank and Trust Company of
Louisville, Kentucky) as trustee.
(Incorporated by reference to Exhibit
19.1 to Form 10-K Report for year ended
June 30, 1990.)
10.4 Summary of Robinson Nugent, Inc. Bonus
Plan for the fiscal year ended June 30,
1996. (Incorporated by reference to
Exhibit 10.7 to Form 10-K Report for
year ended June 30, 1995.)
10.5 1993 Robinson Nugent, Inc. Employee and
Non-Employee Director Stock Option Plan.
(Incorporated by reference to Exhibit
19.1 to Form 10-K Report for year ended
June 30, 1993.)
10.6 Summary of the Robinson Nugent, Inc.
Employee Stock Purchase Plan
(Incorporated by reference to Exhibit
19.2 to Form 10-K Report for year ended
June 30, 1993.)
(11) Not applicable.
(15) Not applicable.
(18) Not applicable.
(19) Not applicable.
(22) Not applicable.
(23) Not applicable.
(24) Not applicable.
(27) Financial Data Schedule
(99) Not applicable.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE ROBINSON
NUGENT, INC. 10-Q FOR THE PERIOD ENDING MARCH 31, 1996 AND
IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> MAR-31-1996
<CASH> 2,024
<SECURITIES> 0
<RECEIVABLES> 12,982
<ALLOWANCES> 702
<INVENTORY> 13,409
<CURRENT-ASSETS> 29,460
<PP&E> 63,419
<DEPRECIATION> 37,831
<TOTAL-ASSETS> 55,740
<CURRENT-LIABILITIES> 14,394
<BONDS> 0
<COMMON> 20,955
0
0
<OTHER-SE> 15,916
<TOTAL-LIABILITY-AND-EQUITY> 55,740
<SALES> 61,725
<TOTAL-REVENUES> 61,725
<CGS> 47,448
<TOTAL-COSTS> 47,448
<OTHER-EXPENSES> 11,738
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 375
<INCOME-PRETAX> 2,205
<INCOME-TAX> 1,129
<INCOME-CONTINUING> 1,076
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,076
<EPS-PRIMARY> .20
<EPS-DILUTED> .20
</TABLE>
