<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 March 31, 1995
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 10281
(Address of principal executive offices) (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 March 31, 1995: 74,749,793 shares of Common Stock and
21,985,684 shares of Class B Common Stock.
<PAGE>
PAGE 2
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
Dow Jones & Company, Inc.
<CAPTION>
Quarters Ended March 31
============================================================================
(in thousands except
per share amounts) 1995 1994
- ----------------------------------------------------------------------------
<S> <C> <C>
REVENUES:
Information services $263,047 $229,906
Advertising 182,121 174,673
Circulation and other 100,190 94,633
- ----------------------------------------------------------------------------
Total revenues 545,358 499,212
- ----------------------------------------------------------------------------
EXPENSES:
News, operations and development 172,484 145,610
Selling, administrative and general 188,109 167,885
Newsprint 33,329 23,645
Second class postage and carrier delivery 25,610 23,897
Depreciation and amortization 51,470 49,425
- ----------------------------------------------------------------------------
Operating expenses 471,002 410,462
- ----------------------------------------------------------------------------
Operating income 74,356 88,750
OTHER INCOME (DEDUCTIONS):
Investment income 1,230 1,135
Interest expense (4,635) (4,333)
Equity in earnings (losses) of associated companies 1,408 (2,832)
Other, net 12,910 1,000
- ----------------------------------------------------------------------------
Income before income taxes 85,269 83,720
Income taxes 40,022 40,538
- ----------------------------------------------------------------------------
Income before minority interests 45,247 43,182
Minority interests (1,184)
- ----------------------------------------------------------------------------
Income before cumulative effect of
accounting change 46,431 43,182
Cumulative effect of accounting change (3,007)
- ----------------------------------------------------------------------------
NET INCOME $ 46,431 $ 40,175
============================================================================
PER SHARE:
Income before cumulative effect of
accounting change $.48 $.43
Cumulative effect of accounting change (.03)
Net income .48 .40
Cash dividends .23 .21
============================================================================
Weighted average shares outstanding 96,672 99,971
============================================================================
See notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
PAGE 3
<TABLE>
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Dow Jones & Company, Inc.
<CAPTION>
Three Months Ended March 31
============================================================================
(in thousands) 1995 1994
- ----------------------------------------------------------------------------
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $ 46,431 $ 40,175
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 51,470 49,425
Changes in assets and liabilities 19,042 19,753
Other, net (6,828) 3,077
- ----------------------------------------------------------------------------
Net cash provided by operating activities 110,115 112,430
- ----------------------------------------------------------------------------
INVESTING ACTIVITIES:
Additions to plant and property (48,880) (35,506)
Businesses and investments acquired, net of
cash received (50,825) (35,581)
Disposition of businesses and investments 20,125 5,000
Other, net 2,513 395
- ----------------------------------------------------------------------------
Net cash used in investing activities (77,067) (65,692)
- ----------------------------------------------------------------------------
FINANCING ACTIVITIES:
Cash dividends (22,229) (20,988)
Increase in long-term debt 73,538
Reduction of long-term debt (15,463) (100,000)
Other, net 7,322 9,616
- ----------------------------------------------------------------------------
Net cash used in financing activities (30,370) (37,834)
- ----------------------------------------------------------------------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH (160) 320
- ----------------------------------------------------------------------------
INCREASE IN CASH AND CASH EQUIVALENTS 2,518 9,224
Cash and cash equivalents at beginning of year 10,888 5,652
- ----------------------------------------------------------------------------
Cash and cash equivalents at March 31 $ 13,406 $ 14,876
============================================================================
See notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
PAGE 4
<TABLE>
CONDENSED CONSOLIDATED
BALANCE SHEETS
Dow Jones & Company, Inc.
<CAPTION>
March 31 December 31
============================================================================
(in thousands) 1995 1994
- ----------------------------------------------------------------------------
<S> <C> <C>
ASSETS:
Cash and cash equivalents $ 13,406 $ 10,888
Accounts receivable--trade, net 241,889 229,687
Inventories 5,935 10,454
Other current assets 64,968 59,101
- ----------------------------------------------------------------------------
Total current assets 326,198 310,130
- ----------------------------------------------------------------------------
Investments in associated companies,
at equity 95,491 90,231
Other investments 77,208 72,835
Plant and property, at cost 1,904,203 1,858,769
Less, Allowance for depreciation 1,263,559 1,216,680
- ----------------------------------------------------------------------------
640,644 642,089
Excess of cost over net assets of
businesses acquired, less amortization 1,336,535 1,304,953
Other assets 37,388 25,528
- ----------------------------------------------------------------------------
Total assets $2,513,464 $2,445,766
============================================================================
LIABILITIES:
Accounts payable and accrued liabilities $ 208,595 $ 237,406
Income taxes 102,447 68,694
Unearned revenue 254,340 219,880
Current maturities of long-term debt 5,318 5,318
- ----------------------------------------------------------------------------
Total current liabilities 570,700 531,298
Long-term debt 280,089 295,552
Other noncurrent liabilities 153,243 137,305
- ----------------------------------------------------------------------------
Total liabilities 1,004,032 964,155
- ----------------------------------------------------------------------------
STOCKHOLDERS' EQUITY:
Common stocks 102,181 102,181
Additional paid-in capital 134,187 134,017
Retained earnings 1,428,548 1,404,346
Cumulative translation adjustment (6,025) (6,219)
- ----------------------------------------------------------------------------
1,658,891 1,634,325
Less, Treasury stock, at cost 149,459 152,714
- ----------------------------------------------------------------------------
Total stockholders' equity 1,509,432 1,481,611
- ----------------------------------------------------------------------------
Total liabilities and stockholders' equity $2,513,464 $2,445,766
============================================================================
See notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
PAGE 5
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 March 31, 1995, and
December 31, 1994, and the consolidated results of operations and the
consolidated cash flows for the three-month periods ended March 31, 1995 and
1994. 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. The first quarter of 1995 included a net gain of one cent per share,
consisting of a gain of six cents per share from the sale of 80% of the
company's interest in SportsTicker, a sports information service, and a
charge of five cents per share for the recognition of a loss on an operating
lease.
3. The company made the following acquisitions for cash in the first
quarter of 1995: on January 20, the company bought the business of Charter
Financial Publishing Corp., publisher of Investment Advisor and Fee Advisor
magazines and the Realty Stock Review newsletter; on February 27, the
company acquired majority ownership of IDD Enterprises, L.P., a diversified
publishing, database, software and consulting company; and on March 15, the
company's Ottaway Newspapers subsidiary completed its purchase of Salem News
Publishing Co., which publishes the Salem (MA) Evening News.
4. 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>
5. Supplementary cash flow data:
<CAPTION>
Three Months Ended March 31
===========================================================================
(in thousands) 1995 1994
- ---------------------------------------------------------------------------
<S> <C> <C>
Interest payments $ 4,217 $4,762
Income tax payments 10,996 9,738
===========================================================================
</TABLE>
6. Certain 1994 amounts have been reclassified for comparative purposes.
<PAGE>
PAGE 6
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
FOR THE FIRST QUARTERS ENDED MARCH 31, 1995 AND 1994
Net income in 1995's first quarter was $46.4 million, or $.48 per
share, an increase of $6.3 million, or 15.6%, from $40.2 million, or $.40
per share, earned in the first quarter of 1994. Per-share earnings
increased at the even greater rate of 20% due to a reduction in shares
outstanding resulting from the repurchase of stock in 1994.
This year's first quarter included a net enhancement of one cent per
share, consisting of a gain of $5.8 million, or six cents per share, from
the sale of 80% of the company's interest in SportsTicker, a sports
information service, and a charge of $5 million, or five cents per share,
for the recognition of a loss on the sublease of office space. Last year's
first quarter included the cumulative effect of the adoption of Statement of
Financial Accounting Standards (SFAS) No. 112, "Employers' Accounting for
Postemployment Benefits," which reduced net income $3 million, or three
cents per share.
Excluding these nonrecurring items from both years, first-quarter 1995
net income of $45.7 million would have been 5.8% better than earnings of
$43.2 million in the first quarter a year ago. The improvement in earnings
from 1994 was in part due to improved results at the company's newsprint
mill affiliates. Operating income decreased as gains in the financial
information services and community newspapers segments were more than offset
by a decline in business publishing operating income.
SEGMENT DATA
In the first quarter of 1995, the company realigned its business
operations into the following three segments: financial information
services, business publishing and community newspapers. Financial
information services includes Dow Jones Telerate and Dow Jones' financial
news services, such as Dow Jones News Service, the AP-Dow Jones news wires
and Federal Filings. This segment serves primarily the world-wide financial
services industry - including traders and brokers - with real-time business
and financial news, quotes, trading systems and analytical tools. Financial
information services comprises about 43% of the company's revenue and about
half of its operating income.
Business publishing contains the company's business Print Publications
group, its Business Information Services group and its Television and
Multimedia group. Business publishing provides comprehensive world-wide
news and information to individuals, corporations and businesspeople via a
variety of print and electronic media. Business publishing accounts for
over 40% of both the company's revenue and its operating income. The
community newspapers segment consists of the company's Ottaway Newspapers
Inc. subsidiary, which publishes 21 daily newspapers in communities
throughout the United States. The community newspapers segment accounts for
about 11% of the company's revenue and 10% of Dow Jones' operating income.
<PAGE>
PAGE 7
The following table compares revenues and operating income for these
business segments for the 1995 and 1994 quarters ended March 31:
<TABLE>
<CAPTION>
============================================================================
% Increase
(in thousands) 1995 1994 (Decrease)
- ----------------------------------------------------------------------------
<S> <C> <C> <C>
Revenues:
Financial information services $234,265 $207,068 13.1
Business publishing 251,603 236,361 6.4
Community newspapers 59,490 55,783 6.6
- ----------------------------------------------------------------------------
Operating Income:
Financial information services $ 48,051 $ 43,794 9.7
Business publishing 26,363 45,855 (42.5)
Community newspapers 4,753 4,426 7.4
============================================================================
</TABLE>
CONSOLIDATED
Operating income for the first quarter of 1995 of $74.4 million
decreased $14.4 million, or 16.2%, from the like period in 1994. A decline
in operating income at the business publishing segment was partially offset
by gains at the financial information services and community newspapers
segments. The operating margin fell to 13.6% from 17.8%. Excluding a
pretax write-down of $8.4 million on a lease, operating income would have
decreased $6.0 million, or 6.7%, and the operating margin would have been
15.2%.
Revenues in the first quarter of 1995 of $545.4 million were up $46.1
million, or 9.2%. Information services revenue improved $33.1 million, or
14.4%, to $263 million. Advertising revenue of $182.1 million increased
$7.5 million, or 4.3%, with advertising linage at The Wall Street Journal
and Ottaway Newspapers both up 1.6%. Linage at Barron's dropped 20.8%.
Circulation and other revenue increased $5.6 million, or 5.9%.
Operating expenses were $471 million, up $60.5 million, or 14.7%.
News, operations and development expenses rose $26.9 million, or 18.5%,
partially due to higher payments to information providers (royalties) and
increased spending on product development and television. Selling, general
and administrative expenses, which included the lease write-down, grew $20.2
million, or 12%. Newsprint expense climbed $9.7 million, or 41%, with the
cost per ton up nearly 40%. The effect of recent steep newsprint price
increases was reflected immediately in first quarter expenses, as the
company follows the last-in-first-out (LIFO) newsprint inventory valuation
method. Newsprint consumption increased slightly over 2%. At March 31,
1995, the company employed 10,625 full-time employees, up 3.5% from 10,265
at year-end 1994, primarily due to acquisitions and expanding television
activities.
<PAGE>
PAGE 8
FINANCIAL INFORMATION SERVICES
The financial information services segment reported operating income of
$48.1 million, an increase of $4.3 million, or 9.7%, from the comparable
1994 quarter. First-quarter 1995 operating income benefitted from
fluctuations in foreign currency exchange rates, primarily in the Asia/
Pacific region. Excluding this benefit, first-quarter financial information
services segment operating income would have increased $2.4 million, or
5.4%.
Financial information services revenue rose $27.2 million, or 13.1%, to
$234.3 million. Domestic revenues were up 7.7%, and revenues from foreign
operations grew 17%, or 12% excluding the benefit from changes in foreign
currency exchange rates. World-wide volume gains, resulting from both
increases in the number of terminals and enhanced and expanded services,
caused over four-fifths of the revenue increase, excluding the foreign
exchange benefit. Revenue growth was especially strong for the Digital Page
Feed product and for exclusive third-party information.
Operating expenses for the financial information services segment of
$186.2 million were up $22.9 million, or 14.1%, in the first quarter of
1995, in part reflecting increases in volume-related royalty and selling
expenses. Excluding the effect of foreign currency exchange rate
fluctuations, operating expenses would have increased $18.8 million, or
11.5%. At March 31, 1995, the number of full-time employees in the
financial information services segment was up 2.2% from year-end 1994.
BUSINESS PUBLISHING
Business publishing segment operating income for the first three months
of 1995 of $26.4 million declined $19.5 million, or 42.5%, from 1994's
first quarter. Revenues grew $15.2 million, or 6.4%, to $251.6 million,
while operating expenses climbed $34.7 million, or 18.2%, to $225.2 million.
Excluding the write-down of an operating lease which was charged against the
segment in the first quarter of 1995 and the costs related to start-up of
European television operations, business publishing operating income was
down $6.9 million, or 15%.
Revenues for the business publishing segment were $15.2 million, or
6.4%, more than the comparable 1994 period. Advertising revenue from print
publications increased 3.2%, with advertising linage for The Wall Street
Journal up 1.6%. Linage in the general advertising category, which
comprised about 60% of total Wall Street Journal linage in the first quarter
of 1995, grew 20.4%. However, financial linage dropped 20.8%, hurt by a
cyclical drop in advertising for security offerings and investment and
trading firms. Barron's national advertising pages, which are also largely
dependent on financial advertising, were down 20.8%. Advertising revenue
for international print publications, including the Asian and European Wall
Street Journals and the Far Eastern Economic Review, grew 24.2%.
<PAGE>
PAGE 9
Circulation revenue for the business publishing segment was up 5%.
Journal average circulation in the first quarter 1995 was 1,820,000, down
about 1% from 1994's first quarter. Barron's average circulation was up
slightly from the first quarter of 1994 and combined circulation for the
Asian and European Journals increased about 5% to 109,000. Business
Information Services group revenue, largely composed of Dow Jones News/
Retrieval, grew 27.9%, chiefly due to volume gains and distribution fees.
Business publishing operating expenses rose $34.7 million, or 18.2%, in
the quarter. Excluding the $8.4 million write-down of a lease, operating
expenses increased $26.3 million, or 13.8%. Newsprint expense increased
approximately 40%, reflecting the steep increase in newsprint prices and a
2.4% increase in consumption. Also included within the business publishing
segment are expenses for the company's world-wide television and multimedia
initiatives, which rose $5.3 million in the first quarter of 1995. These
expenses included start-up costs for the company's European Business News
channel, which began operations in February 1995. Operating expenses for
the Business Information Services group increased 20.7% partially due to
higher royalty payments and product development expense. The number of
full-time employees at this segment increased 8.1% from 1994's year end,
mainly due to staffing for the European Business News channel and
acquisitions.
COMMUNITY NEWSPAPERS
First-quarter 1995 operating income at the community newspapers segment
of $4.8 million increased $0.3 million, or 7.4%, compared with the like 1994
quarter. Community newspapers revenue of $59.5 million increased $3.7
million, or 6.6%. Advertising revenue grew 7.7% primarily due to rate
increases; advertising linage was up 1.6%. Circulation revenue for this
segment was up 2.9% from the year-ago quarter, with average daily
circulation during the quarter up slightly.
Expenses at community newspapers grew $3.4 million, or 6.6%, in 1995's
first quarter. Nearly half of the expense increase was attributable to
higher newsprint prices.
In mid-March Ottaway Newspapers completed its acquisition of the Salem
Evening News, a daily newspaper published in Essex County, Massachusetts.
OTHER INCOME / DEDUCTIONS
Interest expense in 1995's first quarter increased $0.3 million, or 7%,
from the first-quarter 1994. Long-term debt outstanding, excluding current
maturities, at March 31, 1995, was $280.1 million compared with $234.7
million a year earlier and $295.6 million at year-end 1994. The debt-to-
equity ratio at March 31, 1995, was 18.6% compared to 15.4% a year earlier
and 19.9% at December 31, 1994.
Equity in earnings of associated companies was $1.4 million compared
with losses of $2.8 million in the year-ago quarter. The turnaround was
attributable to the company's newsprint mill affiliates which benefitted
from the increases in newsprint prices. In the first quarter of 1995, the
company recognized $4 million in equity earnings from the mills compared
with losses of $0.5 million in 1994's first quarter.
<PAGE>
PAGE 10
Other, net for the first quarter of 1995 was $12.9 million and included
a pretax gain of $13.4 million from the sale of 80% of the company's
interest in SportsTicker, a sports information service.
INCOME TAXES
The effective income tax rate for the first quarter of 1995 declined to
46.9% from 48.4% in the first quarter a year ago. The decrease was largely
due to an easing of state income taxes.
FINANCIAL POSITION
The working capital ratio, excluding unearned revenue, was 1 to 1 at
both March 31, 1995, and December 31, 1994. During 1995's first quarter
funds provided by operations of $110.1 million were down slightly from
$112.4 million for the like 1994 period.
During the first quarter of 1995, using funds provided by operations,
the company paid cash dividends of $22.2 million and made capital
expenditures of $48.9 million. Investments totaled $50.8 million and
included acquisitions of the business of Charter Financial Publishing Corp.;
majority ownership of IDD Enterprises, L.P.; and Salem News Publishing Co.
Cash and cash equivalents totaled $13.4 million at March 31, 1995, an
increase of $2.5 million from December 31, 1994.
<PAGE>
PAGE 11
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
At the Annual Meeting of Stockholders on April 19, 1995, there were
represented in person or by proxy 67,899,777 shares of Common Stock
(carrying one vote per share) and 19,376,521 shares of Class B Common Stock
(carrying ten votes per share). At the Annual Meeting:
<TABLE>
1) the holders of the Common Stock, voting separately as a class,
elected as directors:
<CAPTION>
FOR VOTES WITHHELD
<S> <C> <C>
Rand V. Araskog 67,435,968 463,809
Vernon E. Jordan Jr. 66,243,827 1,655,950
Carlos Salinas 67,342,271 557,506
</TABLE>
2) the holders of the Common Stock and the Class B Common Stock,
voting together, elected as directors:
<TABLE>
<CAPTION>
FOR VOTES WITHHELD
<S> <C> <C>
Kenneth L. Burenga 261,098,887 566,100
William C. Cox Jr. 261,122,693 542,294
Irvine O. Hockaday Jr. 261,119,570 545,417
Donald E. Petersen 259,893,090 1,771,897
</TABLE>
3) the holders of the Common Stock and the Class B Common Stock,
voting together, failed to approve a stockholder proposal to establish one-
year terms for directors by a vote of 237,878,569 votes against; 18,787,475
votes in favor; 455,543 abstentions and 4,543,400 broker non-votes.
4) the holders of the Common Stock and the Class B Common Stock,
voting together, failed to approve a stockholder proposal to establish a
confidential voting policy by a vote of 237,653,739 votes against;
18,817,775 votes in favor; 650,124 abstentions and 4,543,349 broker non-
votes.
5) the holders of the Common Stock and the Class B Common Stock,
voting together, failed to approve a stockholder proposal to eliminate
pension benefits for outside directors by a vote of 240,594,838 votes
against; 15,831,188 votes in favor; 695,560 abstentions and 4,543,401 broker
non-votes.
6) the holders of the Common Stock and the Class B Common Stock,
voting together, failed to approve a stockholder proposal to limit the
compensation of Dow Jones' chief executive officer by a vote of 251,163,982
votes against; 5,198,647 votes in favor; 758,958 abstentions and 4,543,400
broker non-votes.
In addition, the following directors continued in office after the
meeting: Bettina Bancroft, Peter R. Kann, David K. P. Li, James H. Ottaway
Jr., Warren H. Phillips, James Q. Riordan, Martha S. Robes, Carl M. Valenti
and Richard D. Wood.
<PAGE>
PAGE 12
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: May 5, 1995 By Thomas G. Hetzel
----------------------
Comptroller
(Chief Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS IN FORM 10-Q FOR DOW JONES & COMPANY, INC. FOR THE QUARTERLY PERIOD
ENDED MARCH 31, 1995, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000029924
<NAME> DOW JONES & COMPANY, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 13406
<SECURITIES> 0
<RECEIVABLES> 257779
<ALLOWANCES> 15890
<INVENTORY> 5935
<CURRENT-ASSETS> 326198
<PP&E> 1904203
<DEPRECIATION> 1263559
<TOTAL-ASSETS> 2513464
<CURRENT-LIABILITIES> 570700
<BONDS> 280089
<COMMON> 102181
0
0
<OTHER-SE> 1407251
<TOTAL-LIABILITY-AND-EQUITY> 2513464
<SALES> 545358
<TOTAL-REVENUES> 545358
<CGS> 282893
<TOTAL-COSTS> 282893
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4635
<INCOME-PRETAX> 85269
<INCOME-TAX> 40022
<INCOME-CONTINUING> 46431
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 46431
<EPS-PRIMARY> .48
<EPS-DILUTED> 0
</TABLE>
