<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 28, 1997
Commission File Number 0-2585
THE DIXIE GROUP, INC.
(Exact name of registrant as specified in its charter)
Tennessee 62-0183370
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1100 South Watkins Street
Chattanooga, Tennessee 37404
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (423) 698-2501
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 practicable date.
Class Outstanding as of July 29, 1997
Common Stock, $3 Par Value 10,505,244 shares
Class B Common Stock, $3 Par Value 735,228 shares
Class C Common Stock, $3 Par Value 0 shares
<PAGE>
THE DIXIE GROUP, INC 2
INDEX
Part I. Financial Information: Page No.
Consolidated Condensed Balance Sheets --
June 28, 1997 and December 28, 1996 3
Consolidated Statements of Income --
Three Months Ended June 28, 1997
and June 29, 1996 5
Consolidated Statements of Income --
Six Months ended June 28, 1997
and June 29, 1996 6
Consolidated Condensed Statements of Cash Flows --
Six Months Ended June 28, 1997
and June 29, 1996 7
Notes to Consolidated Condensed Financial Statements 9
Management's Discussion and Analysis of Results of
Operations and Financial Condition 11
Part II. Other Information:
Item 4 - Submission of Matters to a Vote of Security Holders 13
Item 6 - Exhibits and Reports on Form 8-K 13
<PAGE>
PART I - ITEM 1 3
FINANCIAL INFORMATION
THE DIXIE GROUP, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
June 28, December 28,
1997 1996
____________ ____________
(dollar amounts in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 2,052 $ 1,988
Accounts receivable (less allowance for
doubtful accounts of $3,415 in 1997
and $3,614 in 1996) 31,339 14,628
Inventories 100,102 93,226
Assets held for sale 10,000 10,350
Other 8,125 10,520
____________ ____________
TOTAL CURRENT ASSETS 151,618 130,712
PROPERTY, PLANT AND EQUIPMENT 346,960 338,573
Less accumulated amortization and
depreciation 190,270 182,797
____________ ____________
NET PROPERTY, PLANT AND EQUIPMENT 156,690 155,776
INTANGIBLE ASSETS (less accumulated
amortization of $7,594 in 1997
and $6,928 in 1996) 44,374 31,611
OTHER ASSETS 11,093 10,036
____________ ____________
TOTAL ASSETS $ 363,775 $ 328,135
____________ ____________
____________ ____________
See Notes to Consolidated Condensed Financial Statements.
<PAGE>
THE DIXIE GROUP, INC. 4
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
June 28, December 28,
1997 1996
____________ ____________
(dollar amounts in thousands)
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 34,815 $ 31,473
Accrued expenses 29,036 24,338
Current portion of long-term debt 5,134 2,641
____________ ____________
TOTAL CURRENT LIABILITIES 68,985 58,452
LONG-TERM DEBT
Senior indebtedness 54,888 34,036
Subordinated notes 50,000 50,000
Convertible subordinated debentures 42,282 44,782
____________ ____________
TOTAL LONG-TERM DEBT 147,170 128,818
OTHER LIABILITIES 9,789 9,555
DEFERRED INCOME TAXES 23,211 22,760
STOCKHOLDERS' EQUITY
Common Stock - issued and outstanding,
13,903,643 shares in 1997 and
13,876,826 shares in 1996 41,711 41,630
Class B Common Stock - issued and
outstanding, 735,228 shares in 1997
and 1996 2,206 2,206
Common Stock subscribed 1,366 1,348
Additional paid-in capital 132,579 132,475
Stock subscriptions receivable (2,388) (2,190)
Retained earnings (2,484) (8,766)
Minimum pension liability adjustment (2,668) (2,668)
____________ ____________
170,322 164,035
Less Common Stock in treasury at cost -
3,435,799 shares in 1997 and
3,409,872 shares in 1996 55,702 55,485
____________ ____________
TOTAL STOCKHOLDERS' EQUITY 114,620 108,550
____________ ____________
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 363,775 $ 328,135
____________ ____________
____________ ____________
See Notes to Consolidated Condensed Financial Statements.
<PAGE>
THE DIXIE GROUP, INC. 5
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended
_________________________________
June 28, June 29,
1997 1996
______________ ______________
(dollar amounts in thousands,
except per share data)
Net sales $ 169,163 $ 167,962
Cost of sales 139,332 137,533
____________ ____________
GROSS PROFIT 29,831 30,429
Selling and administrative
expenses 20,063 19,800
Other expense - net 911 4,287
____________ ____________
INCOME BEFORE INTEREST AND TAXES 8,857 6,342
Interest expense 3,282 3,805
____________ ____________
INCOME BEFORE INCOME TAXES 5,575 2,537
Income tax provision 2,275 1,217
____________ ____________
NET INCOME $ 3,300 $ 1,320
____________ ____________
____________ ____________
Net income per common
and common equivalent
share:
Primary $ .29 $ .12
Fully-diluted $ .28 $ .12
See Notes to Consolidated Condensed Financial Statements.
<PAGE>
THE DIXIE GROUP, INC. 6
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Six Months Ended
_________________________________
June 28, June 29,
1997 1996
______________ ______________
(dollar amounts in thousands,
except per share data)
Net sales $ 331,523 $ 329,482
Cost of sales 274,479 274,793
____________ ____________
GROSS PROFIT 57,044 54,689
Selling and administrative
expenses 38,529 40,606
Other expense - net 1,357 4,980
____________ ____________
INCOME BEFORE INTEREST AND TAXES 17,158 9,103
Interest expense 6,619 7,782
____________ ____________
INCOME BEFORE INCOME TAXES 10,539 1,321
Income tax provision 4,258 992
____________ ____________
NET INCOME $ 6,281 $ 329
____________ ____________
____________ ____________
Net income per common
and common equivalent
share:
Primary $ .55 $ .03
Fully-diluted $ .53 $ .03
See Notes to Consolidated Condensed Financial Statements.
<PAGE>
THE DIXIE GROUP, INC. 7
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended
___________________________
June 28, June 29,
1997 1996
____________ ____________
(dollar amounts in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 6,281 $ 329
Depreciation and amortization 12,229 14,586
Benefit for deferred income
taxes (359) (196)
Gain on property, plant and
equipment (20) (558)
____________ ____________
18,131 14,161
Changes in operating assets and
liabilities, net of effects
of business combination (10,898) 8,548
____________ ____________
NET CASH PROVIDED BY
OPERATING ACTIVITIES 7,233 22,709
CASH FLOWS FROM INVESTING ACTIVITIES
Net proceeds from sale of
property, plant and equipment 886 23,194
Purchase of property, plant and
equipment (9,643) (8,570)
Net cash paid in business
combination (19,046) -0-
____________ ____________
NET CASH PROVIDED BY (USED IN)
INVESTING ACTIVITIES (27,803) 14,624
See Notes to Consolidated Condensed Financial Statements.
<PAGE>
THE DIXIE GROUP, INC. 8
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
- CONTINUED
(UNAUDITED)
Six Months Ended
___________________________
June 28, June 29,
1997 1996
____________ ____________
(dollar amounts in thousands)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in
credit line borrowings 22,165 (38,150)
Payments on term-loan (1,250) (1,250)
Other (281) (196)
____________ ____________
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES 20,634 (39,596)
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 64 (2,263)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 1,988 3,413
____________ ____________
CASH AND CASH EQUIVALENTS AT END
OF PERIOD $ 2,052 $ 1,150
____________ ____________
____________ ____________
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid $ 6,179 $ 7,960
____________ ____________
____________ ____________
Income taxes paid, net of
tax refunds received $ 1,712 $ (706)
____________ ____________
____________ ____________
See Notes to Consolidated Condensed Financial Statements.
<PAGE>
THE DIXIE GROUP, INC. 9
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited consolidated condensed financial statements have
been prepared in accordance with generally accepted accounting principles
for interim financial statements which do not include all of the
information and footnotes required in annual financial statements. In the
opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three and six months ended June 28, 1997 are not
necessarily indicative of the results that may be expected for the entire
year.
NOTE B - INVENTORIES
Inventories are summarized as follows:
June 28, December 28,
1997 1996
____________ ____________
(dollar amounts in thousands)
At current cost
Raw materials $ 23,800 $ 20,276
Work-in-process 24,165 26,294
Finished goods 58,148 54,109
Supplies, repair parts
and other 4,056 4,000
____________ ____________
110,169 104,679
Excess of current cost
over LIFO value (10,067) (11,453)
____________ ____________
$ 100,102 $ 93,226
____________ ____________
____________ ____________
NOTE C - EARNINGS PER SHARE
In February 1997, the Financial Accounting Standards Board issued Statement
No. 128, "Earnings per Share", which the Company is required to adopt on
December 27, 1997. At that time, the Company will be required to change
the method currently used to compute earnings per share and to restate all
prior periods. Under the new requirements for calculating "basic earnings
per share", which replaces primary earnings per share, the dilutive effect
of stock options will be excluded. The restated basic earnings per share
is expected to result in an increase over primary earnings per share for
the six months ended June 28, 1997 of $.01 per share. The adoption of
Statement 128 will have no impact on the calculation of diluted earnings
per share for the quarter or six months ended June 28, 1997.
<PAGE>
10
NOTE D - DEBT AND CREDIT ARRANGEMENTS
Under the Company's revolving credit and term loan agreement, the Company
is required to maintain a certain ratio of equity to total capitalization.
The Company's available unused borrowing capacity under revolving credit
facilities was approximately $57,459 at August 2, 1997.
NOTE E - BUSINESS COMBINATION
In early fiscal 1997, the Company acquired the business and operating
assets of Danube Carpet Mills, Inc. ("Danube"), a manufacturer of carpet
for the manufactured housing, recreational vehicle, and van conversion
industries. The acquisition was accounted for as a purchase effective
December 31, 1996, and accordingly, the results of operations of Danube
subsequent to December 31, 1996 are included in the Company's consolidated
financial statements. The total purchase price of $20,846 (of which
$19,046 had been expended through June 28, 1997) was allocated to the net
tangible assets acquired based on their estimated fair market values. The
excess amount of the purchase price over the estimated fair market value of
the net tangible assets was recorded as an intangible asset and is being
amortized using the straight-line method over 40 years.
A summary of net assets acquired is as follows:
Current assets $ 8,863
Property, plant, and equipment 4,421
Current liabilities (5,203)
Deferred taxes (663)
Intangible asset 13,428
Net assets acquired $20,846
The following unaudited pro forma summary presents the consolidated results
of operations as if the acquisition of Danube had occurred at the beginning
of 1996 after giving effect to certain adjustments, including the
consolidation of Danube into existing operations, amortization of cost in
excess of net tangible assets acquired, interest expense on debt to finance
the acquisition, and related income taxes. The pro forma results are
presented for comparative purposes only and do not purport to be indicative
of future results or of the results that would have occurred had the
acquisition taken place at the beginning of 1996. Pro forma information is
not presented for the current year since the transaction was completed at
the beginning of fiscal 1997.
Three months Six months
ended ended
June 29, 1996 June 29, 1996
Net sales $178,718 $351,669
Income from continuing operations 2,208 2,095
Net income 2,208 2,095
Per common and common equivalent share:
Income from continuing operations .20 .19
Net income .20 .19
<PAGE>
PART I - ITEM 2 11
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL
CONDITION
The following is presented to update the discussion of results of
operations and financial condition included in the Company's 1996 Annual
Report.
RESULTS OF OPERATIONS
With the Company's sale of its Thread Business in June 1996 and the
acquisition of the assets and business of Danube Carpet Mills, Inc. at the
beginning of fiscal 1997, the Company's revised strategic business
structure is now in place. The 1997 results include the effects of the
Danube acquisition.
For the quarter ended June 28, 1997, the Company reported net income of
$3.3 million, or $.29 per share, a significant increase over earnings of
$1.3 million, or $.12 per share, in the second quarter of 1996. Sales for
the second quarter of 1997 were $169.2 million compared with $168.0 million
in the prior year. Excluding sales from the Company's Thread Business,
second quarter 1997 sales were up $22.3 million, or 15.3%.
For the first six months of 1996, the Company's net income was $6.3
million, or $.55 per share, an increase of $6.0 million compared with
earnings of $0.3 million, or $.03 per share, in the prior year period.
Sales for the six months ended June 28, 1997 were $331.5 million compared
with $329.5 million for the first half of 1996. Excluding sales from the
Threads Business, revenues in 1997 were up $45.7 million, or 16.1%.
The following table reflects selected operating data (in millions of
dollars) related to the two business segments of the Company:
Floorcovering Business and Textile/Apparel Business.
Quarter Ended Six Months Ended
June 28, June 29, June 28, June 29,
1997 1996 1997 1996
SALES
Floorcovering $109.1 $ 96.0 $211.3 $184.2
Textile/Apparel 60.3 72.9 120.8 147.5
Intersegment elimination (0.2) (0.9) (0.6) (2.2)
Total sales $169.2 $168.0 $331.5 $329.5
OPERATING PROFIT
Floorcovering $ 9.2 $ 6.4 $ 17.0 $ 10.8
Textile/Apparel 2.0 1.4 4.7 1.0
Total operating profit $ 11.2 $ 7.8 $ 21.7 $ 11.8
Sales in the Company's Floorcovering Business were $109.1 million and
$211.3 million for the quarter and six months ended June 28, 1997,
respectively. This represented an increase of approximately 14% against
each of the 1996 corresponding periods. While the manufactured housing
market remains soft, the acquisition of Danube and strong demand in other
of the Company's floorcovering segments resulted in the 1997 increase in
revenues over the 1996 reporting periods. As a result of the acquisition
of Danube, the stronger demand in core floorcovering segments served and
costs reductions from manufacturing efficiency improvements, operating
<PAGE>
12
profits of $9.2 million and $17.0 million in the quarter and six months
periods ended June 28, 1997, respectively, represented an increase of 43.8%
and 57.4% over the 1996 periods.
Excluding Threads, sales in the Company's Textile/Apparel Business were up
for the quarter and six months ended June 28, 1997 by approximately 17%
compared with the corresponding periods in 1996. Excluding the operations
of Threads, operating profits for the quarter ended June 28, 1997 were $2.0
million compared with $0.6 million in 1996 and $4.7 million for the six
months of 1997 compared with a loss of $0.7 million for the comparable
period in 1996. The increase in revenues in the 1997 reporting periods
compared with 1996 represents stronger demand for products in home
furnishing and apparel textile markets served. The operating profit
improvement in 1997 resulted from the effects of the demand increase and
lower costs of manufacturing.
LIQUIDITY AND CAPITAL RESOURCES
During the first six months of 1997, the Company's debt increased $20.8
million from year-end 1996 levels as a result of $19.0 expended in
connection with the acquisition of Danube and $9.6 million in capital
expenditures net of an increase in cash flow of $7.2 million provided by
operating activities and proceeds from miscellaneous asset sales of $0.9
million. Debt decreased from the end of the first quarter of fiscal 1997
as cash generated from the continued improved operating results, including
decreased working capital requirements, was used to reduce debt.
Under the Company's revolving credit and term loan agreement, the Company
is required to maintain a certain ratio of equity to total capitalization.
The Company's available unused borrowing capacity under revolving credit
facilities was approximately $57.5 million at August 2, 1997. The
available borrowing capacity and operating cash flows are deemed adequate
to finance the Company's anticipated liquidity requirements for capital
expenditures and seasonal working capital needs.
PENDING ACCOUNTING PRONOUNCEMENT
In February 1997, the Financial Accounting Standards Board issued Statement
No. 128, "Earnings per Share", which the Company is required to adopt on
December 27, 1997. At that time, the Company will be required to change
the method currently used to compute earnings per share and to restate all
prior periods. Under the new requirements for calculating "basic earnings
per share", which replaces primary earnings per share, the dilutive effect
of stock options will be excluded. The restated basic earnings per share
is expected to result in an increase over primary earnings per share for
the six months ended June 28, 1997 of $0.01 per share. The adoption of
Statement 128 will have no impact on the calculation of diluted earnings
per share for the six months ended June 28, 1997.
<PAGE>
PART II. OTHER INFORMATION 13
Item 4 - Submission of Matters to a Vote of Security Holders
(a) The annual meeting of shareholders was held on May 1, 1997.
(c) The meeting was held to consider and vote upon the following:
(1) the election of Directors for the following year; (2) the
approval of an amendment to the Company's Restated Charter changing
the Company's name to "The Dixie Group, Inc."; and (3) the approval
of certain amendments (as described in the Proxy Statement) to the
Company's Incentive Stock Plan. All Directors were elected and
both amendments were approved with the results of the vote
summarized as follows:
FOR AGAINST ABSTAIN TOTAL
J. Don Brock 22,312,307 25,433 480,146 22,817,886
Paul K. Brock 22,315,707 22,033 480,146 22,817,886
Lovic A. Brooks, Jr. 22,175,707 162,033 480,146 22,817,886
Daniel K. Frierson 22,317,425 20,315 480,146 22,817,886
Paul K. Frierson 22,319,577 18,163 480,146 22,817,886
James H. Martin, Jr. 22,167,300 170,440 480,146 22,817,886
John W. Murrey, III 22,175,657 162,083 480,146 22,817,886
Peter L. Smith 22,177,257 160,483 480,146 22,817,886
Robert J. Sudderth, Jr. 22,318,857 18,883 480,146 22,817,886
Corporate name change 22,725,532 30,992 61,362 22,817,886
Amendments to the
Incentive Stock Plan 18,750,585 2,248,267 128,246 21,127,098
Item 6 - Exhibits and Reports on Form 8-K
(a) Exhibits
(i) Exhibits Incorporated by Reference
None.
(ii) Exhibits Filed with this Report
(11) Statement re: Computation of Earnings Per Share.
(b) Reports on Form 8-K
No reports on Form 8-K have been filed by the registrant during the
three month period ended June 28, 1997.
<PAGE>
14
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.
THE DIXIE GROUP, INC.
__________________________
(Registrant)
August 11, 1997
____________________
(Date)
/s/GLENN A. BERRY
__________________________
Glenn A. Berry
Executive Vice President and
Chief Financial Officer
/s/D. EUGENE LASATER
__________________________
D. Eugene Lasater
Controller
<PAGE>
QUARTERLY REPORT ON FORM 10-Q 15
ITEM 6(a)
EXHIBITS
QUARTER ENDED JUNE 28, 1997
THE DIXIE GROUP, INC.
CHATTANOOGA, TENNESSEE
Exhibit Index
EXHIBIT
NO. EXHIBIT DESCRIPTION INCORPORATION BY REFERENCE
(11) Statement re: Computation Filed herewith.
of Earnings Per Share.
<PAGE>
<PAGE>
EXHIBIT 11
THE DIXIE GROUP, INC.
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
(amounts in thousands, except per share data)
Three Months Ended Six Months Ended
___________________ ___________________
June 28, June 29, June 28, June 29,
1997 1996 1997 1996
________ ________ ________ ________
PRIMARY:
NET INCOME $ 3,300 $ 1,320 $ 6,281 $ 329
________ ________ ________ ________
________ ________ ________ ________
Weighted average number of
Common Shares outstanding
assuming conversion of
Class B Common Stock 11,202 11,200 11,202 11,198
Net effect of dilutive stock
options based on the
treasury stock method using
average market price 198 5 165 4
Net effect of stock
subscriptions based on
the treasury stock method
using average market price 161 -0- 157 -0-
________ ________ ________ ________
TOTAL SHARES 11,561 11,205 11,524 11,202
________ ________ ________ ________
________ ________ ________ ________
PER SHARE AMOUNT $ .29 $ .12 $ .55 $ .03
________ ________ ________ ________
________ ________ ________ ________
FULLY DILUTED:
Net income $ 3,300 $ 1,320 $ 6,281 $ 329
After-tax interest
requirement of
convertible subordinated
debentures (A) -0- -0- -0- -0-
________ ________ ________ ________
ADJUSTED NET INCOME $ 3,300 $ 1,320 $ 6,281 $ 329
________ ________ ________ ________
________ ________ ________ ________
<PAGE>
EXHIBIT 11
THE DIXIE GROUP, INC.
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE - CONTINUED
Three Months Ended Six Months Ended
___________________ ___________________
June 28, June 29, June 28, June 29,
1997 1996 1997 1996
________ ________ ________ ________
FULLY DILUTED - CONTINUED:
Weighted average number of
Common Shares outstanding
assuming conversion of
Class B Common Stock 11,202 11,200 11,202 11,198
Net effect of dilutive stock
options based on the
treasury stock method using
quarter end market price
if higher than the average
market price 441 6 414 6
Net effect of stock
subscriptions based on the
treasury stock method using
quarter end market price
if lower than the average
market price 236 -0- 238 -0-
Net effect of conversion of
convertible subordinated
debentures (A) -0- -0- -0- -0-
________ ________ ________ ________
TOTAL SHARES 11,879 11,206 11,854 11,204
________ ________ ________ ________
________ ________ ________ ________
PER SHARE AMOUNT $ .28 $ .12 $ .53 $ .03
________ ________ ________ ________
________ ________ ________ ________
(A) Conversion of convertible subordinated debentures to 1,391 shares
with an after-tax interest requirement of $473 for the three months ended
June 28, 1997 and June 29, 1996, respectively and of $945 for the six
months ended June 28, 1997 and June 29, 1996, respectively has been
excluded from computation since the effect was anti-dilutive.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS OF THE DIXIE GROUP, INC. AT
AND FOR THE SIX MONTHS ENDED JUNE 28, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-27-1997
<PERIOD-END> JUN-28-1997
<CASH> 2,052
<SECURITIES> 0
<RECEIVABLES> 34,754
<ALLOWANCES> 3,415
<INVENTORY> 100,102
<CURRENT-ASSETS> 151,618
<PP&E> 346,960
<DEPRECIATION> 190,270
<TOTAL-ASSETS> 363,775
<CURRENT-LIABILITIES> 68,985
<BONDS> 147,170
<COMMON> 43,917
0
0
<OTHER-SE> 70,703
<TOTAL-LIABILITY-AND-EQUITY> 363,775
<SALES> 331,523
<TOTAL-REVENUES> 331,523
<CGS> 274,479
<TOTAL-COSTS> 274,479
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,619
<INCOME-PRETAX> 10,539
<INCOME-TAX> 4,258
<INCOME-CONTINUING> 6,281
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,281
<EPS-PRIMARY> .55
<EPS-DILUTED> .53
</TABLE>
