<PAGE>
PAGE 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1994
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 1-7564
DOW JONES & COMPANY, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 13-5034940
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
200 LIBERTY STREET, NEW YORK, NEW YORK
(Address of principal executive offices)
10281
(Zip Code)
(212) 416-2000
(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 (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
--- ---
The number of shares outstanding of each of the issuer's classes of
common stock on September 30, 1994: 75,904,605 shares of Common Stock and
22,100,177 shares of Class B Common Stock.
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PAGE 2
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
Dow Jones & Company, Inc.
<CAPTION>
Quarter Ended Nine Months Ended
September 30 September 30
==========================================================================================
(in thousands except
per share amounts) 1994 1993 1994 1993
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUES:
Information services $246,611 $214,980 $ 716,243 $ 638,520
Advertising 157,316 160,578 518,845 506,428
Circulation and other 97,097 93,126 289,301 274,214
- ------------------------------------------------------------------------------------------
Total revenues 501,024 468,684 1,524,389 1,419,162
- ------------------------------------------------------------------------------------------
EXPENSES:
News, operations and development 160,606 142,880 461,735 421,775
Selling, administrative and general 170,968 159,861 509,513 486,874
Newsprint 25,929 26,151 76,115 79,590
Second class postage and carrier delivery 23,204 23,292 71,544 71,345
Depreciation and amortization 50,716 48,577 150,858 144,681
- ------------------------------------------------------------------------------------------
Operating expenses 431,423 400,761 1,269,765 1,204,265
- ------------------------------------------------------------------------------------------
Operating income 69,601 67,923 254,624 214,897
OTHER INCOME (DEDUCTIONS):
Investment income 1,102 1,093 3,493 3,741
Interest expense (4,040) (5,696) (12,263) (17,342)
Equity in (losses) earnings of
associated companies (1,016) 1,295 (7,167) 1,219
Other, net (1,022) (2,294) (2,605) (4,619)
- ------------------------------------------------------------------------------------------
Income before income taxes 64,625 62,321 236,082 197,896
Income taxes 30,879 32,671 113,134 97,493
- ------------------------------------------------------------------------------------------
Income before cumulative effect of
accounting change 33,746 29,650 122,948 100,403
Cumulative effect of accounting change (3,007)
- ------------------------------------------------------------------------------------------
NET INCOME $ 33,746 $ 29,650 $ 119,941 $ 100,403
==========================================================================================
PER SHARE:
Income before cumulative effect of
accounting change $.34 $.30 $1.23 $1.01
Cumulative effect of accounting change (.03)
Net income .34 .30 1.20 1.01
Cash dividends declared .63 .60
==========================================================================================
Weighted average shares outstanding 99,019 99,333 99,615 99,808
==========================================================================================
See notes to condensed consolidated financial statements.
</TABLE>
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PAGE 3
<TABLE>
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Dow Jones & Company, Inc.
<CAPTION>
Nine Months Ended September 30
==========================================================================
(in thousands) 1994 1993
- --------------------------------------------------------------------------
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $119,941 $100,403
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 150,858 144,681
Cumulative effect of accounting change 3,007
(Gain) loss on sale of investments (3,097) 1,212
Equity in losses (earnings) of associated
companies, net of distributions 8,896 3,476
Changes in assets and liabilities:
Accounts receivable-trade and unearned
revenue 6,375 (10,769)
Inventory, other current assets and accounts
payable and accrued liabilities 12,625 157
Federal and state income taxes (4,162) (6,511)
Other, net 3,032 143
- --------------------------------------------------------------------------
Net cash provided by operating activities 297,475 232,792
- --------------------------------------------------------------------------
INVESTING ACTIVITIES:
Additions to plant and property (152,581) (116,583)
Disposition of plant and property 14,495 3,071
Businesses and investments sold, net of cash given 5,201 1,100
Businesses and investments acquired,
net of cash received (40,883) (20,153)
Return of capital by investees 1,750 1,859
Investee loans (2,603) (50)
- --------------------------------------------------------------------------
Net cash used in investing activities (174,621) (130,756)
- --------------------------------------------------------------------------
FINANCING ACTIVITIES:
Cash dividends (62,877) (59,923)
Increase in long-term debt 100,391 47,278
Reduction of long-term debt (100,000) (52,875)
Purchase of treasury stock (76,631) (48,312)
Proceeds from sales under stock
purchase plans 16,494 9,574
- --------------------------------------------------------------------------
Net cash used in financing activities (122,623) (104,258)
- --------------------------------------------------------------------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH (2,174) (33)
- --------------------------------------------------------------------------
DECREASE IN CASH AND CASH EQUIVALENTS (1,943) (2,255)
Cash and cash equivalents at beginning of year 5,652 16,416
- --------------------------------------------------------------------------
Cash and cash equivalents at September 30 $ 3,709 $ 14,161
==========================================================================
See notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
PAGE 4
<TABLE>
CONDENSED CONSOLIDATED
BALANCE SHEETS
Dow Jones & Company, Inc.
<CAPTION>
September 30 December 31
============================================================================
(in thousands) 1994 1993
- ----------------------------------------------------------------------------
<S> <C> <C>
ASSETS:
Cash and cash equivalents $ 3,709 $ 5,652
Accounts receivable-trade, net 200,780 192,855
Newsprint inventory 9,195 7,576
Other current assets 61,707 62,378
- ----------------------------------------------------------------------------
Total current assets 275,391 268,461
- ----------------------------------------------------------------------------
Investments in associated companies,
at equity 86,367 70,653
Other investments 73,170 55,009
Plant and property, at cost 1,805,333 1,675,753
Less, Allowance for depreciation 1,189,868 1,081,286
- ----------------------------------------------------------------------------
615,465 594,467
Excess of cost over net assets of
businesses acquired, less amortization 1,317,066 1,347,757
Other assets 21,501 13,192
- ----------------------------------------------------------------------------
Total assets $2,388,960 $2,349,539
============================================================================
LIABILITIES:
Accounts payable and accrued liabilities $ 225,848 $ 204,561
Federal and state income taxes 51,817 56,739
Unearned revenue 218,716 204,220
Current maturities of long-term debt 5,318 5,318
- ----------------------------------------------------------------------------
Total current liabilities 501,699 470,838
Long-term debt 261,563 261,073
Other noncurrent liabilities 134,996 124,798
- ----------------------------------------------------------------------------
Total liabilities 898,258 856,709
- ----------------------------------------------------------------------------
STOCKHOLDERS' EQUITY:
Common stocks 102,181 102,181
Additional paid-in capital 133,939 135,109
Retained earnings 1,366,597 1,309,533
- ----------------------------------------------------------------------------
1,602,717 1,546,823
Less, Treasury stock, at cost 112,015 53,993
- ----------------------------------------------------------------------------
Total stockholders' equity 1,490,702 1,492,830
- ----------------------------------------------------------------------------
Total liabilities and stockholders' equity $2,388,960 $2,349,539
============================================================================
See notes to condensed consolidated financial statements.
</TABLE>
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NOTES TO FINANCIAL STATEMENTS
Dow Jones & Company, Inc.
1. The accompanying unaudited condensed consolidated financial statements
reflect all adjustments considered necessary by management to present fairly
the Company's consolidated financial position as of September 30, 1994, and
December 31, 1993, and the consolidated results of operations for the three-
month and nine-month periods ended September 30, 1994 and 1993, and the
consolidated cash flows for the nine-month periods then ended. All
adjustments reflected in the accompanying unaudited condensed consolidated
financial statements are of a normal recurring nature. The results of
operations for the respective interim periods are not necessarily indicative
of the results to be expected for the full year.
2. Statement of Financial Accounting Standards No. 112, "Employers'
Accounting for Postemployment Benefits," was adopted by the Company as of
January 1, 1994. The cumulative effect from this change in accounting
principle was a charge against earnings of $3,007,000.
<TABLE>
3. Supplementary cash flow data:
<CAPTION>
Nine Months Ended September 30
============================================================================
(in thousands) 1994 1993
- ----------------------------------------------------------------------------
<S> <C> <C>
Interest payments $ 12,559 $ 16,355
Income tax payments 127,823 111,368
============================================================================
</TABLE>
4. Certain of the 1993 amounts have been reclassified for comparative
purposes.
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ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
FOR THE THIRD QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, 1994 AND 1993
Third-quarter 1994 net income of $33.7 million, or $.34 per share, was
up $4 million, or 13.8%, from third-quarter 1993 net income of $29.7
million, or $.30 per share. Third-quarter 1993 results included a year-to-
date charge of approximately two cents per share reflecting the increase to
35% from 34% in the corporate federal income tax rate. The 35% rate,
enacted in August a year ago as part of the Omnibus Budget Reconciliation
Act of 1993, was retroactive to January 1, 1993. Excluding the income tax
catch-up applicable to the first half of 1993, third-quarter 1994 net
income would have increased $2.2 million, or 6.9%. This improvement was
due to operating income gains at the information services and community
newspapers segments and lower interest expense. These gains were partially
offset by downturns in both business publications segment operating income
and equity earnings from associated companies.
Net income in 1994's first nine months of $119.9 million, or $1.20 per
share, increased $19.5 million, or 19.5%, from $100.4 million, or $1.01 per
share, in the like 1993 period. Earnings in the first nine months of 1994
included the cumulative effect of the adoption of Statement of Financial
Accounting Standards No. 112, "Employers' Accounting for Postemployment
Benefits," which reduced net income $3 million, or three cents per share.
Excluding the cumulative effect of this accounting change, net income of
$122.9 million would have been $22.5 million, or 22.5%, better than
earnings in the first nine months of 1993.
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SEGMENT DATA
The following table compares revenues and operating income by business
segment for the third quarters and nine months ended September 30, 1994
and 1993:
<TABLE>
<CAPTION>
Quarters Ended September 30
===========================================================================
% Increase
(in thousands) 1994 1993 (Decrease)
- ---------------------------------------------------------------------------
<S> <C> <C> <C>
Revenues:
Information services $246,611 $214,980 14.7
Business publications 190,494 192,199 (0.9)
Community newspapers 63,919 61,505 3.9
- ---------------------------------------------------------------------------
Operating Income:
Information services $ 49,570 $ 40,596 22.1
Business publications 14,630 23,386 (37.4)
Community newspapers 9,206 8,252 11.6
===========================================================================
Nine Months Ended September 30
===========================================================================
Revenues:
Information services $716,243 $638,520 12.2
Business publications 623,348 600,937 3.7
Community newspapers 184,798 179,705 2.8
- ---------------------------------------------------------------------------
Operating Income:
Information services $147,533 $114,203 29.2
Business publications 96,347 93,084 3.5
Community newspapers 24,829 21,119 17.6
===========================================================================
</TABLE>
OPERATING INCOME
Third-quarter 1994 operating income of $69.6 million was up $1.7
million, or 2.5%, from the like 1993 period as an operating income gain at
the information services segment were nearly offset by the decline at the
business publications segment. The operating margin declined to 13.9% from
14.5% in the third quarter of 1993; revenues grew 6.9%, but operating
expenses increased 7.7%.
The information services segment, which includes the Company's Dow
Jones/Telerate and Business Information Services groups, posted robust
operating income growth of $9 million, or 22.1%. Its operating margin
increased to 20.1% from 18.9% in the comparable period a year ago. Third-
quarter 1994 operating income benefited marginally from fluctuations in
foreign currency exchange rates, primarily in the Asia/Pacific region.
Excluding this benefit, information services segment operating income would
have increased $7.8 million, or 19.2%.
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PAGE 8
Dow Jones/Telerate group third-quarter operating income was up 23.4%
over the like 1993 period as revenues grew 14.1%, largely on the strength of
volume gains. Expenses were up 12%, partially due to increased expenditures
for product development, payments to information providers and depreciation.
Operating income at the Business Information Services group advanced 10.8%
on revenue growth of 20.2%. Expenses increased 22.4%, again reflecting
increased product development costs and higher payments to information
providers.
Business publications segment operating income fell $8.8 million, or
37.4%, in 1994's third quarter. The operating margin dropped to 7.7% from
12.2% in the comparable quarter in 1993. Revenues were down $1.7 million,
or 0.9%, as Wall Street Journal ad linage slid 9.3%. Operating expenses
rose $7.1 million, or 4.2%. The business publications segment contains the
Company's world-wide initiatives into television and multimedia, including
its recently announced European Business News partnership through which the
Company, together with an affiliate of Tele-Communications Inc., is
scheduled to launch a European business news channel in the first quarter of
1995. Excluding television operations, business publications operating
income would have decreased 27.4% in 1994's third quarter.
Community newspapers operating income for the quarter was up $1
million, or 11.6%. The operating margin for the segment was 14.4% in the
third quarter of 1994, up from 13.4% in 1993's third quarter. Revenues
increased $2.4 million, or 3.9%, and operating expenses were up $1.5
million, or 2.7%.
Consolidated operating income of $254.6 million for the first nine
months of 1994 increased $39.7 million, or 18.5%. Contributing more than
four-fifths of this increase, information services segment operating income
was up $33.3 million, or 29.2%. Excluding the benefit from foreign currency
exchange rate movements, primarily in the Asia/Pacific region, nine-month
operating income for the information services segment would have grown $29.6
million, or 25.9%. Operating income for the business publications segment
rose $3.3 million, or 3.5%, in 1994's first nine months. Excluding
television operations, operating income at the business publications segment
would have increased $7.7 million, or 7.9%. Community newspapers operating
income grew $3.7 million, or 17.6%.
REVENUES
Revenues increased $32.3 million, or 6.9%, in the third quarter.
Through nine months, revenues were up $105.2 million, or 7.4%.
Information services revenues advanced $31.6 million, or 14.7%, in the
third quarter and $77.7 million, or 12.2%, in the first nine months of 1994.
Revenues at Dow Jones/Telerate increased 14.1% in 1994's third quarter.
World-wide volume gains, from both increases in the number of terminals and
enhanced and expanded services, continued to account for more than four-
fifths of this increase. Revenue from Dow Jones/Telerate's foreign
<PAGE>
PAGE 9
operations grew 15.9% in the third quarter, while domestic revenue increased
11.6%. Dow Jones/Telerate's third-quarter revenues from foreign operations
benefited from fluctuations in foreign currency exchange rates. Excluding
this effect, revenues from Dow Jones/Telerate's foreign operations would
have increased 12.4%. Revenues from Dow Jones/Telerate were up 11.8% for
the nine months ended September 30. Foreign revenues increased 12.6%, or
11.4% excluding the benefit from currency exchange rate movements, and
domestic revenues were up 10.8%. Business Information Services group
revenues increased 20.2% in the third quarter and 15.4% in the first nine
months of 1994.
Business publications revenues were down 0.9% in the third quarter of
1994 as advertising revenue declined 4.6%. Wall Street Journal advertising
linage fell 9.3%. For the first nine months, business publications segment
revenues increased 3.7%. Advertising revenue was up 2.2%, with Journal
advertising linage down 3.3%, or 3.8% on a per-issue basis.
The third quarter downturn in Journal linage was largely due to an
erosion of financial advertising. Financial linage, which increased 8.7% in
1994's first quarter and was down 6.3% in the second quarter, declined 24.4%
in the third quarter, reflecting a tougher prior year comparison and the
continued uncertain outlook in the financial markets. Through September
30, 1994, financial linage was down 7.2%. General advertising linage was
down 1.3% in the third quarter and 3% in the first nine months of 1994.
Circulation revenue for this segment was up 5.3% in the third quarter and
6.2% in the first nine months. Journal average circulation for the first
nine months of 1994 was 1,801,000, down 1.6% from the like 1993 average.
Barron's national advertising pages advanced 1.6% in the third quarter
and 5.9% in the first nine months. Barron's nine-month average circulation
of approximately 284,000 was up 6.3% compared with the nine-month 1993
average. Advertising revenue from overseas publications increased 5.8% in
the third quarter and 19.4% in the first nine months. Combined average
circulation for the Asian and European Journals of 105,000 increased about
4.4% from the first nine months of 1993.
Revenues at the community newspapers segment increased 3.9% in the
third quarter and 2.8% in the first nine months of 1994. Advertising
revenue increased 5% in 1994's third quarter and 3.3% in the first nine
months. Advertising linage was up 1.1% in the third quarter and 0.3%
through nine months. Circulation revenue rose 0.8% in the third quarter and
2% in the first nine months. Average circulation at Ottaway's 20 daily
newspapers for the nine months ended September 30, 1994, was up 0.1%
compared with the like year-earlier period.
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PAGE 10
OPERATING EXPENSES
Operating expenses increased $30.7 million, or 7.7%, in the three
months ended September 30, 1994, and $65.5 million, or 5.4%, in the first
nine months of 1994.
Operating expenses for the third quarter and the first nine months at
the information services segment were up $22.7 million, or 13%, and $44.4
million, or 8.5%, respectively. Increases in contributed data costs,
product development expenses and depreciation were largely responsible for
the rise in expenses. Information services segment operating expenses were
negatively affected in 1994's third quarter by movements in foreign currency
exchange rates, particularly in the Europe/Gulf region. Excluding the
impact of foreign currency exchange rate fluctuations, third-quarter
information services segment operating expenses would have increased 11.4%.
Foreign currency rate changes had essentially no effect on operating
expenses for the first nine months of 1994. At September 30, 1994, the
number of full-time employees for the information services segment was up
1.4% from year-end 1993. Fourth-quarter 1994 growth in information services
expenses will likely mirror the third-quarter increase as this segment
continues to invest in product development.
Business publications expenses increased $7.1 million, or 4.2%, in the
third quarter and $19.1 million, or 3.8%, in the first nine months of 1994.
Higher selling and operations costs were responsible for most of the
increase. Newsprint expense was down 0.9% in 1994's third quarter. In the
first nine months, newsprint expense decreased 3.7%. Newsprint expense
comparisons should worsen in the fourth quarter as discounts given by
suppliers are expected to be significantly lower than those in effect in
1993's fourth quarter.
Included within the business publications segment are the Company's
television broadcasting activities. Television initiatives increased
segment expenses $4.8 million in the first nine months of 1994 compared with
the like period a year ago. Excluding television related expenses, business
publications segment operating expenses increased $14.4 million, or 2.9%,
compared with the first nine months of 1993. These expenses are expected to
continue to grow in the fourth quarter and beyond as the Company pursues an
increased presence in world-wide business TV broadcasting.
Expenses at Ottaway Newspapers, the Company's community newspapers
segment, were up 2.7% in the quarter and only 0.9% in the nine months ended
September 30, 1994. Newsprint expense was down 0.7% in the third quarter
and 6.7% for the first nine months of 1994, helping to defray increases in
marketing costs and depreciation.
At September 30, 1994, the Company employed 10,113 full-time employees
compared with 9,980 a year ago and 10,006 at year-end 1993.
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PAGE 11
OTHER INCOME/DEDUCTIONS
Interest expense decreased $1.7 million, or 29.1%, in the third quarter
and $5.1 million, or 29.3%, in 1994's first nine months. The reduction in
interest expense was largely the result of a lower average debt level.
Long-term debt outstanding, excluding current maturities, at September 30,
1994, was $261.6 million compared with $329.3 million a year earlier.
Equity in losses of associated companies for 1994's third quarter was
$1 million compared with earnings of $1.3 million in the like period a year
ago. Similarly, in 1994's first nine months, equity in losses of
associated companies was $7.2 million versus earnings of $1.2 million in the
like 1993 period. The first nine months of 1994 included losses, which are
expected to continue, for several new equity ventures. These holdings
include the Company's interest in Asia Business News, a business and
financial news television channel broadcasting in Asia, and BIZ, a monthly
magazine aimed at chief executives and owners of the country's fastest-
growing small businesses. Also, the Company's newsprint mill affiliates
posted equity losses of $0.5 million in the first three quarters of 1994
versus earnings of $2.5 million in the like 1993 period.
INCOME TAXES
The effective income tax rate for 1994's third quarter was 47.8%
compared with 52.4% a year earlier. Excluding the income tax catch-up
applicable to the first half, the third-quarter 1993 effective tax rate was
49.4%. The effective income tax rate for 1994's first nine months was 47.9%
versus 49.3% a year ago. The lower effective rate in 1994 was mainly due to
the lesser impact of nondeductible goodwill amortization on higher pretax
1994 earnings.
FINANCIAL POSITION
The working capital ratio, excluding unearned revenue, was 1 to 1 at
both September 30, 1994, and December 31, 1993. During 1994's first nine
months, funds provided by operations increased to $297.5 million from $232.8
million for the comparable 1993 period. The growth in cash from operations
was partly due to the increase in earnings. Cash flow also was enhanced by
changes in working capital in the first nine months of 1994 relative to the
like 1993 period.
In the first nine months of 1994, primarily using cash from operations,
the Company paid cash dividends of $62.9 million, incurred capital
expenditures of $152.6 million, made investments totaling $40.9 million and
purchased 2,383,000 shares of its common stock for $76.6 million. Long-term
debt remained essentially flat with December 31, 1993's level. The
Company's Board of Directors has authorized further purchases of three
million shares of the Company's common stock. These additional shares may
be acquired as market and other conditions warrant.
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PAGE 12
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits filed:
Financial Data Schedule (Exhibit 27)
(b) Reports on Form 8-K:
No reports on Form 8-K were filed during the quarter for
which this report is filed.
<PAGE>
PAGE 13
SIGNATURE
---------
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.
DOW JONES & COMPANY, INC.
-------------------------
(Registrant)
Date: November 10, 1994 By Thomas G. Hetzel
----------------
Comptroller
(Chief Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS IN FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1994 AND IS
QUALIFIED IN ITS ENTIRET BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000029924
<NAME> DOW JONES & COMPANY, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 3,709
<SECURITIES> 0
<RECEIVABLES> 218,820
<ALLOWANCES> 18,040
<INVENTORY> 9,195
<CURRENT-ASSETS> 275,391
<PP&E> 1,805,333
<DEPRECIATION> 1,189,868
<TOTAL-ASSETS> 2,388,960
<CURRENT-LIABILITIES> 501,699
<BONDS> 261,563
<COMMON> 102,181
0
0
<OTHER-SE> 1,388,521
<TOTAL-LIABILITY-AND-EQUITY> 2,388,960
<SALES> 1,524,389
<TOTAL-REVENUES> 1,524,389
<CGS> 760,252
<TOTAL-COSTS> 1,269,765
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 12,263
<INCOME-PRETAX> 236,082
<INCOME-TAX> 113,134
<INCOME-CONTINUING> 122,948
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> (3,007)
<NET-INCOME> 119,941
<EPS-PRIMARY> 1.20
<EPS-DILUTED> 1.20
</TABLE>
