<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 June 30, 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 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 June 30, 1996: 75,129,992 shares of Common Stock and
21,893,617 shares of Class B Common Stock.
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PAGE 2
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
Dow Jones & Company, Inc.
Quarters Ended Six Months Ended
June 30 June 30
==========================================================================================
(in thousands except
per share amounts) 1996 1995 1996 1995
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUES:
Information services $278,199 $273,317 $ 556,558 $ 536,364
Advertising 238,315 198,295 431,794 380,416
Circulation and other 114,123 105,431 227,119 205,621
- ------------------------------------------------------------------------------------------
Total revenues 630,637 577,043 1,215,471 1,122,401
- ------------------------------------------------------------------------------------------
EXPENSES:
News, operations and development 202,712 186,589 397,434 359,073
Selling, administrative and general 208,669 188,300 404,592 376,409
Newsprint 45,881 38,944 90,785 72,273
Second class postage and carrier delivery 27,343 25,787 53,969 51,397
Depreciation and amortization 53,940 53,598 107,647 105,068
- ------------------------------------------------------------------------------------------
Operating expenses 538,545 493,218 1,054,427 964,220
- ------------------------------------------------------------------------------------------
Operating income 92,092 83,825 161,044 158,181
OTHER INCOME (DEDUCTIONS):
Investment income 1,012 1,330 2,099 2,560
Interest expense (3,733) (4,717) (7,477) (9,352)
Equity in earnings of associated companies 3,094 3,783 4,760 5,191
Other, net (1,413) 452 (1,160) 13,362
- ------------------------------------------------------------------------------------------
Income before income taxes and
minority interests 91,052 84,673 159,266 169,942
Income taxes 40,847 37,060 73,193 77,082
- ------------------------------------------------------------------------------------------
Income before minority interests 50,205 47,613 86,073 92,860
Minority interests in losses of subsidiaries 1,820 1,705 3,577 2,889
- ------------------------------------------------------------------------------------------
NET INCOME $ 52,025 $ 49,318 $ 89,650 $ 95,749
==========================================================================================
PER SHARE:
Net income $.54 $.51 $.92 $.99
Cash dividends declared .48 .46 .72 .69
==========================================================================================
Weighted average shares outstanding 97,118 96,800 97,238 96,736
==========================================================================================
See notes to condensed consolidated financial statements.
</TABLE>
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<TABLE>
<CAPTION>
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Dow Jones & Company, Inc.
Six Months Ended June 30
===========================================================================
(in thousands) 1996 1995
- ---------------------------------------------------------------------------
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $ 89,650 $ 95,749
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 107,647 105,068
Changes in assets and liabilities (22,444) (36,222)
Other, net 4,056 (11,712)
- ---------------------------------------------------------------------------
Net cash provided by operating activities 178,909 152,883
- ---------------------------------------------------------------------------
INVESTING ACTIVITIES:
Additions to plant and property (101,576) (99,738)
Businesses and investments acquired,
net of cash received (27,857) (53,277)
Disposition of businesses and investments 22,032
Other, net 6,599 6,927
- ---------------------------------------------------------------------------
Net cash used in investing activities (122,834) (124,056)
- ---------------------------------------------------------------------------
FINANCING ACTIVITIES:
Cash dividends (46,771) (44,483)
Increase in long-term debt 44,707 23,189
Reduction of long-term debt (46,843) (15,463)
Purchase of treasury stock (26,699)
Other, net 18,280 13,694
- ---------------------------------------------------------------------------
Net cash used in financing activities (57,326) (23,063)
- ---------------------------------------------------------------------------
Effect of exchange rate changes on cash (238) (1,064)
- ---------------------------------------------------------------------------
(Decrease) increase in cash and cash equivalents (1,489) 4,700
Cash and cash equivalents at beginning of year 13,667 10,888
- ---------------------------------------------------------------------------
Cash and cash equivalents at June 30 $ 12,178 $ 15,588
===========================================================================
See notes to condensed consolidated financial statements.
</TABLE>
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PAGE 4
<TABLE>
<CAPTION>
CONDENSED CONSOLIDATED
BALANCE SHEETS
Dow Jones & Company, Inc.
June 30 December 31
===========================================================================
(in thousands) 1996 1995
- ---------------------------------------------------------------------------
<S> <C> <C>
ASSETS:
Cash and cash equivalents $ 12,178 $ 13,667
Accounts receivable--trade, net 306,123 272,601
Inventories 9,467 12,752
Other current assets 71,995 72,235
- ---------------------------------------------------------------------------
Total current assets 399,763 371,255
- ---------------------------------------------------------------------------
Investments in associated companies,
at equity 223,580 122,587
Other investments 226,619 71,777
Plant and property, at cost 2,119,085 2,049,566
Less, accumulated depreciation 1,424,426 1,359,585
- ---------------------------------------------------------------------------
694,659 689,981
Excess of cost over net assets of
businesses acquired, less amortization 1,289,423 1,308,623
Deferred income taxes 11,786
Other assets 22,205 22,691
- ---------------------------------------------------------------------------
Total assets $2,856,249 $2,598,700
===========================================================================
LIABILITIES:
Accounts payable and accrued liabilities $ 273,248 $ 274,112
Income taxes 70,146 67,940
Unearned revenue 249,055 234,168
Current maturities of long-term debt 5,318 5,318
- ---------------------------------------------------------------------------
Total current liabilities 597,767 581,538
Long-term debt 345,723 253,935
Deferred income taxes 44,164
Other noncurrent liabilities 172,356 161,476
- ---------------------------------------------------------------------------
Total liabilities 1,160,010 996,949
- ---------------------------------------------------------------------------
STOCKHOLDERS' EQUITY:
Common stocks 102,181 102,181
Additional paid-in capital 135,081 134,898
Retained earnings 1,524,380 1,504,787
Unrealized gain on investments 85,453
Cumulative translation adjustment (5,425) (5,586)
- ---------------------------------------------------------------------------
1,841,670 1,736,280
Less, treasury stock, at cost 145,431 134,529
- ---------------------------------------------------------------------------
Total stockholders' equity 1,696,239 1,601,751
- ---------------------------------------------------------------------------
Total liabilities and stockholders' equity $2,856,249 $2,598,700
===========================================================================
See notes to condensed consolidated financial statements.
</TABLE>
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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 June 30, 1996, and
December 31, 1995, and the consolidated results of operations for the three-
month and six-month periods ended June 30, 1996 and 1995, and the
consolidated cash flows for the six-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. The company holds a minority interest in United States Satellite
Broadcasting Company, Inc. (USSB), a provider of direct satellite television
programming. On placement of an initial public offering by USSB on February
1, 1996, the fair value of the company's investment in USSB became readily
determinable as defined in Statement of Financial Accounting Standards No.
115, "Accounting for Certain Investments in Debt and Equity Securities."
The resultant unrealized gain, net of deferred taxes, was recorded directly
to Stockholders' Equity. As of June 30, 1996, the market value of the
company's available-for-sale investments, principally USSB, was $173.8
million yielding a gross unrealized gain of $144 million.
3. On July 1, 1996, the company and ITT Corporation finalized its purchase
of WNYC-TV from the city of New York. The company's remaining payment,
approximately $94 million, was financed by commercial paper and accordingly
the June 30, 1996 liability for the purchase was classified as long-term
debt.
4. Supplementary cash flow data:
<TABLE>
<CAPTION>
Six Months Ended June 30
===========================================================================
(in thousands) 1996 1995
- ---------------------------------------------------------------------------
<S> <C> <C>
Interest payments $ 6,953 $ 10,026
Income tax payments 70,724 104,593
============================================================================
</TABLE>
5. Certain of the 1995 amounts have been reclassified for comparative
purposes.
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PAGE 6
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995
Net income for the second quarter of 1996 was $52 million, or $.54 per
share, an increase of 5.5% from the $49.3 million, or $.51 per share, earned
in 1995's second quarter. A 51% surge in business publishing segment
operating income largely due to increased advertising revenue was partially
negated by a fall-off in financial information service segment operating
earnings.
For the first half of 1996, net income of $89.7 million, or $.92 per
share, was down $6 million, or 6.4%, from net income of $95.7 million, or
$.99 per share, in the like 1995 period. Results in 1995 included a net
enhancement of one cent per share consisting of a six cents per share gain
on the sale of a subsidiary and a five cents per share loss on an operating
lease.
Second-quarter 1996 operating income grew 9.9%, to $92.1 million from
$83.8 million a year earlier. The operating margin, at 14.6%, remained
relatively unchanged from 1995's second quarter. Revenues increased $53.6
million, or 9.3%, to $630.6 million. Three-quarters of the gain stemmed
from higher advertising revenue, which rose primarily on the strength of an
18.2% advertising linage jump at The Wall Street Journal.
Operating expenses of $538.5 million increased $45.3 million, or 9.2%,
from the second quarter of 1995. Expenses in the second quarter of 1996
reflected increased spending on new product offerings including European
Business News, Telerate Workstation, Dow Jones Money Management Alert and
Internet products such as The Wall Street Journal Interactive Edition and
Barron's Online. Higher newsprint expense and additional spending on
content for the company's electronic information services also contributed
to the expense increase. Newsprint expense was up $6.9 million, or 17.8%,
mostly due to an increase in consumption at the domestic Journal. However,
during the second quarter, newsprint prices fell roughly 15% from the first
quarter of 1996. The company employed 11,661 full-time employees at June
30, 1996, up 6.3% from 10,973 a year earlier, primarily the result of
increased staffing in product development and expanded sales efforts.
Operating income of $161 million for the first half of 1996 was up
slightly from $158.2 million in the comparable 1995 period. Excluding a
loss on an operating lease in 1995, operating income would have declined
$5.5 million, or 3.3%. Revenues grew $93 million, or 8.3%, to $1.2 billion.
Operating expenses increased $90.2 million, or 9.4%, from the first half of
1995, mainly due to continued investment in both new products and product
enhancements, expanded content and higher newsprint costs.
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SEGMENT DATA
The company's operations are divided 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 newswires and Federal Filings. This segment serves primarily the
worldwide financial services industry - including traders and brokers - with
real-time business and financial news, quotes, trading systems and
analytical tools.
Business publishing contains the company's Print Publications as well
as its Business Information Services and its Television and Multimedia
group. Business publishing serves companies, business consumers and private
investors by providing news and information in a wide variety of print and
electronic media. The community newspapers segment consists of the
company's Ottaway Newspapers Inc. subsidiary, which publishes 19 daily
newspapers in communities throughout the United States.
The following table compares revenues and operating income by business
segment for the quarters and six months ended June 30, 1996 and 1995:
<TABLE>
<CAPTION>
============================================================================
% Increase
(in thousands) 1996 1995 (Decrease)
- ----------------------------------------------------------------------------
<S> <C> <C> <C>
Revenues:
Financial information services $244,226 $240,199 1.7
Business publishing 312,553 265,474 17.7
Community newspapers 73,858 71,370 3.5
- ----------------------------------------------------------------------------
Operating Income:
Financial information services $ 40,275 $ 48,789 (17.5)
Business publishing 44,234 29,239 51.3
Community newspapers 12,924 10,851 19.1
============================================================================
Six Months Ended June 30
============================================================================
Revenues:
Financial information services $485,978 $473,334 2.7
Business publishing 591,100 518,207 14.1
Community newspapers 138,393 130,860 5.8
- ----------------------------------------------------------------------------
Operating Income:
Financial information services $ 86,386 $ 97,930 (11.8)
Business publishing 68,568 54,512 25.8
Community newspapers 16,721 15,604 7.2
============================================================================
</TABLE>
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FINANCIAL INFORMATION SERVICES
Financial information services segment second-quarter operating income
of $40.3 million declined $8.5 million, or 17.5%, from the second quarter of
1995. The operating margin fell to 16.5% from 20.3%. Excluding the benefit
from fluctuations in foreign currency exchange rates, operating income would
have decreased $10.8 million, or 22.2%, from 1995's second quarter. A large
portion of the foreign currency exchange benefit stemmed from realized gains
on forward foreign currency exchange contracts.
Financial information services revenue for the quarter edged up $4
million, or 1.7%, to $244.2 million. Domestic revenues declined 0.9%, in
part due to consolidations in the financial services industry, cost
containment measures by major customers and strong competition. Revenues
from foreign operations grew 3.3%, or 3.1% excluding the benefit from
changes in foreign currency exchange rates. Exclusive of the foreign
exchange benefit, revenue growth in Europe was partially offset by a decline
in the Asia/Pacific region which continues to be adversely affected by
Japan's struggling banking sector.
In the second quarter of 1996, financial information services operating
expenses of $203.9 million rose $12.5 million, or 6.6%. Removing the effect
of foreign exchange rate fluctuations, operating expenses would have
increased 7.6%. The rise reflected enhanced news content, product
development and heightened sales efforts. At June 30, 1996, the number of
full-time employees in this segment was up 12.9% from a year earlier,
chiefly due to expanded sales forces and increased staff in product
development.
For the first six months of 1996, financial information services
operating income of $86.4 million declined $11.5 million, or 11.8%, from the
first half of 1995. Revenues grew $12.6 million, or 2.7%, while expenses
rose $24.1 million, or 6.4%. Excluding the effect of foreign currency
exchange fluctuations in 1996, operating income would have declined $16.6
million, or 16.9%, with revenues and operating expenses increasing 1.8% and
6.6%, respectively. The slow pace of revenue growth, relative to growth
posted in prior years, reflects consolidation in the financial services
industry, cost containment measures by major customers and strong
competition. These factors are anticipated to continue as the year unfolds.
BUSINESS PUBLISHING
In the second quarter of 1996, business publishing operating income of
$44.2 million grew $15 million, or 51.3%, from the $29.2 million earned in
the corresponding 1995 quarter. The operating margin rose to 14.2% from 11%
in 1995. Revenues of $312.6 million advanced $47.1 million, or 17.7%, while
operating expenses increased $32.1 million, or 13.6%.
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PAGE 9
For the quarter, advertising revenue from the Print Publications group
advanced 25.6% as a result of an 18.2% linage gain at The Wall Street
Journal. General advertising linage, comprising about 55% of total Journal
linage, grew 7.5%. Financial advertising linage, which composed about 35%
of Journal linage, rose 47.3% primarily due to increased advertising by
investment and trading firms and a rise in security offerings. Classified
and other Journal linage was up 5%. Barron's national advertising pages
rose 25.9%. Advertising revenue for international print publications, which
include the Asian and European Journals and the Far Eastern Economic Review,
grew 18.1%. Circulation revenue for the business publishing segment
advanced 6.6%.
Operating expenses for this segment increased $32.1 million, or 13.6%,
in the second quarter of 1996. Print Publications expenses increased 12.4%
in part due to higher newsprint costs and additional selling expenses.
Business Information Services group expenses were up 16.3% as a result of
development and marketing spending on The Wall Street Journal Interactive
Edition and Barron's Online and expanded content for Dow Jones News/
Retrieval. Expenses for the Television and Multimedia group rose $2.8
million chiefly due to higher selling expenses for European Business News.
Business publishing operating income for the first six months of 1996
advanced $14.1 million, or 25.8%, to $68.6 million. Excluding a loss on an
operating lease in 1995, operating income would have been up 9%. Business
publishing revenues in the first half of 1996 gained $72.9 million, or
14.1%, to $591.1 million. Advertising revenue for the Print Publications
group strengthened 15.7% with Wall Street Journal linage up 8.2%. Barron's
national advertising pages increased 23%. Circulation revenue for this
segment grew 7.6%. Average circulation for The Wall Street Journal in the
first half was 1,819,000, up 1.2% from last year. Average combined
circulation for the Asian and European Journals rose roughly 5%, to 117,000.
Barron's average circulation grew about 6%, to 300,000.
Business publishing operating expenses in the first half increased
$58.8 million, or 12.7%, to $522.5 million. The increase was attributable
to higher newsprint costs and additional spending on new products at
Business Information Services and Television. At June 30, 1996, the number
of full-time employees in the business publishing segment increased 6.4%
from a year earlier, mainly due to additional staffing in product
development.
For the first six months of 1996, the company's television operations,
including operating losses, less the noncontrolling partner's share of
losses in European Business News, and equity losses from Asia Business News,
posted a pretax loss of $21.8 million compared with a loss of $17 million in
the first half of 1995.
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COMMUNITY NEWSPAPERS
The community newspapers segment's second-quarter 1996 operating income
of $12.9 million increased $2.1 million, or 19.1%, compared with the like
1995 quarter. Community newspapers revenue of $73.9 million grew $2.5
million, or 3.5%. Advertising revenue was up 3.1% due to rate increases,
while advertising linage was down 3.2%. Circulation revenue increased 4.9%
from the year-ago quarter. Operating expenses in the second quarter were
essentially flat with the second quarter last year reflecting efficiencies
achieved from consolidating operations in Essex County, Massachusetts last
August.
Community newspapers operating income for the first six months of 1996
grew $1.1 million, or 7.2%, compared with the corresponding 1995 period.
Revenues were up $7.5 million, or 5.8%. Operating expenses increased $6.4
million, or 5.6%.
OTHER INCOME / DEDUCTIONS
Interest expense in the second quarter of 1996 declined $1 million, or
20.9%, from the second quarter of 1995. For the first half of 1996,
interest expense dropped $1.9 million, or 20%, from 1995's first half, as a
result of a decline in interest rates and a lower average debt level in
1996.
In the second quarter, equity in earnings of associated companies was
$3.1 million versus earnings of $3.8 million a year ago. Increased earnings
from SmartMoney magazine were more than offset by additional losses from
television operations in Asia and the company's new commercial real estate
on-line service, Teleres. In the first six months of 1996, equity earnings
were $4.8 million against earnings of $5.2 million for the like period in
1995. Earnings gains by the company's newsprint mill affiliates were
negated by losses from Asia Business News and Teleres. In the last half of
1995, the company increased its ownership of Asia Business News to just
under 50% from roughly 30%.
Other, net for the first half of 1996 declined $14.5 million from the
comparable period last year. The first half of 1995 included the pretax
gain of $13.4 million from the sale of 80% of the company's interest in
SportsTicker, a sports information service.
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PAGE 11
INCOME TAXES
The effective income tax rate for the second quarter of 1996 increased
to 44.9% from 43.8% in the second quarter a year ago. The effective tax
rate in 1995 was lower due to the successful settlement of some state and
local tax issues. For the first six months of 1996, the effective income
tax rate was 46% versus 45.4% in the comparable 1995 period.
FINANCIAL POSITION
In the first half of 1996, the company recorded an unrealized gain on
investments of $85.5 million, net of deferred taxes of $58.5 million, as a
separate component of Stockholders' Equity. The recognition of this
significant unrealized gain was a result of the February 1, 1996 initial
public offering by United States Satellite Broadcasting Company, Inc.
(USSB), which made the fair value of the company's investment in USSB
readily determinable as defined in Statement of Financial Accounting
Standards No. 115, "Accounting for Certain Investments in Debt and Equity
Securities."
The working capital ratio, excluding unearned revenue, was 1.1 to 1 at
June 30, 1996 and December 31, 1995. In the first six months of 1996, funds
provided by operations of $178.9 million advanced $26 million over the
comparable 1995 period reflecting an increase in dividends from the
company's newsprint mill affiliates and lower corporate income tax payments.
During 1996's first half, funds provided by operations were used to pay cash
dividends of $46.8 million, fund capital expenditures of $101.6 million and
invest $27.9 million in equity ventures. The company also repurchased
716,000 shares of its common stock for $26.7 million. In June 1996, the
company's Board of Directors authorized the repurchase of an additional
three million shares of its common stock bringing the total number of shares
that are authorized to be purchased to approximately 3.9 million. These
additional shares may be acquired as market and other conditions warrant.
On July 1, 1996 the company and ITT Corporation finalized the purchase
of WNYC-TV from the city of New York. The company's share of its remaining
obligation amounted to $94 million and was financed by commercial paper.
The television station, renamed WBIS+, will provide business and sports
programming to the New York metropolitan area.
On July 18, 1996 the company sold its minority interest in Press-
Enterprise Co., a daily newspaper publisher in Riverside, California, to
A.H. Belo Corporation. The company will recognize a gain from the sale in
1996's third quarter.
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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: August 8, 1996 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 PERIOD ENDED
JUNE 30, 1996, 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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 12178
<SECURITIES> 0
<RECEIVABLES> 320991
<ALLOWANCES> 14868
<INVENTORY> 9467
<CURRENT-ASSETS> 399763
<PP&E> 2119085
<DEPRECIATION> 1424426
<TOTAL-ASSETS> 2856249
<CURRENT-LIABILITIES> 597767
<BONDS> 345723
0
0
<COMMON> 102181
<OTHER-SE> 1594058
<TOTAL-LIABILITY-AND-EQUITY> 2856249
<SALES> 1215471
<TOTAL-REVENUES> 1215471
<CGS> 649835
<TOTAL-COSTS> 649835
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 7477
<INCOME-PRETAX> 159266
<INCOME-TAX> 73193
<INCOME-CONTINUING> 89650
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 89650
<EPS-PRIMARY> .92
<EPS-DILUTED> 0
</TABLE>
