<PAGE>1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended June 30, 1995
Commission file number 1-7823
ANHEUSER-BUSCH COMPANIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 43-1162835
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Busch Place, St. Louis, Missouri 63118
(Address of principal executive offices) (Zip Code)
314-577-2000
(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 [ ]
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
$1 Par Value Common Stock - 255,459,426 shares as of June 30, 1995
<PAGE>2
<TABLE>
CONSOLIDATED STATEMENT OF INCOME
AND RETAINED EARNINGS
Anheuser-Busch Companies, Inc., and Subsidiaries (Unaudited)
(In millions, except per share data)
<CAPTION>
2nd Quarter Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
---- ---- ---- ----
<S> <C> <C> <C> <C>
Sales........................................... $3,739.1 $3,608.7 $6,882.7 $6,623.9
Less federal and state excise taxes........... 447.0 439.6 834.1 827.2
-------- -------- -------- --------
Net sales....................................... 3,292.1 3,169.1 6,048.6 5,796.7
Cost of products and services................. 2,093.2 2,012.5 3,911.4 3,746.4
-------- -------- -------- --------
Gross profit.................................... 1,198.9 1,156.6 2,137.2 2,050.3
Marketing, distribution and administrative
expenses...................................... 608.9 580.0 1,139.0 1,088.8
-------- -------- -------- --------
Operating income................................ 590.0 576.6 998.2 961.5
Other income and expenses:
Interest expense.............................. (57.4) (56.0) (114.5) (110.8)
Interest capitalized.......................... 5.4 5.2 10.8 9.6
Interest income............................... 2.9 .7 4.3 1.4
Other income/(expense), net................... 1.0 4.1 (.9) 6.8
-------- -------- -------- --------
Income before income taxes...................... 541.9 530.6 897.9 868.5
Provision for income taxes...................... 212.8 208.1 352.7 341.5
-------- -------- -------- --------
Net income...................................... 329.1 322.5 545.2 527.0
Retained earnings, January 1.................... 6,770.1 6,132.1 6,656.7 6,023.4
Common stock dividends (per share: 2nd quarter,
1995--$.40; 1994--$.36; six months, 1995--
$.80; 1994--$.72)............................. (102.6) (95.2) (205.3) (191.0)
-------- -------- -------- --------
Retained earnings, June 30...................... $6,996.6 $6,359.4 $6,996.6 $6,359.4
======== ======== ======== ========
Primary earnings per share...................... $ 1.27 $ 1.21 $ 2.11 $ 1.97
======== ======== ======== ========
Fully diluted earnings per share................ $ 1.26 $ 1.20 $ 2.09 $ 1.96
======== ======== ======== ========
<FN>
See accompanying Notes to Consolidated Financial Statements on Page 3.
</TABLE>
2
<PAGE>3
Notes to Consolidated Financial Statements
1. Unaudited Financial Statements: The accompanying unaudited financial
statements have been prepared in accordance with generally accepted
accounting principles and applicable SEC guidelines pertaining to interim
financial information. These statements should be read in conjunction
with the financial statements and notes thereto included in the
company's Annual Report to Shareholders for the year ended December 31,
1994. The balance sheet reflects a reclassification of approximately
$130 million from Plant and Equipment to Investments and Other Assets.
In the opinion of the company's management, all adjustments, consisting of
normal recurring adjustments, necessary for a fair presentation of the
financial statements have been included therein.
2. Earnings Per Share: Primary earnings per share of common stock are based
on the weighted average number of shares of common stock outstanding
during the period. Fully diluted earnings per share of common stock
assume the conversion of the company's 8% Convertible Debentures due
1996 and the elimination of related after-tax interest expense.
3
<PAGE>4
CONSOLIDATED BALANCE SHEET
Anheuser-Busch Companies, Inc., and Subsidiaries (Unaudited)
(In millions)
June 30,
--------------------
ASSETS 1995 1994
---- ----
CURRENT ASSETS:
Cash and marketable securities................. $ 105.0 $ 161.5
Receivables, less allowance for
doubtful accounts............................ 909.0 961.8
Inventories--
Raw materials and supplies................... 415.6 319.7
Work in progress............................. 100.3 129.5
Finished goods............................... 179.3 151.6
Total inventories.......................... 695.2 600.8
Other current assets........................... 363.0 351.1
--------- ---------
Total current assets......................... 2,072.2 2,075.2
INVESTMENTS AND OTHER ASSETS.................... 1,784.6 1,724.5
PLANT AND EQUIPMENT, NET........................ 7,584.1 7,354.7
--------- ---------
TOTAL ASSETS................................. $11,440.9 $11,154.4
========= =========
4
<PAGE>5
LIABILITIES AND SHAREHOLDER'S EQUITY
(in millions)
June 30,
--------------------
1995 1994
---- ----
CURRENT LIABILITIES:
Accounts payable............................... $ 758.7 $ 718.6
Accrued salaries, wages and benefits........... 326.2 301.7
Accrued taxes, other than income taxes......... 161.1 157.7
Restructuring accrual.......................... 18.9 116.6
Other current liabilities...................... 377.8 430.7
--------- ---------
Total current liabilities.................... 1,642.7 1,725.3
--------- ---------
POSTRETIREMENT BENEFITS.......................... 633.1 630.0
--------- ---------
LONG-TERM DEBT................................... 3,176.4 3,195.0
--------- ---------
DEFERRED INCOME TAXES............................ 1,320.2 1,230.1
--------- ---------
SHAREHOLDERS EQUITY:
Common stock................................... 345.2 343.5
Capital in excess of par value................. 907.1 847.4
Retained earnings.............................. 6,996.6 6,359.4
Foreign currency translation adjustment........ (7.0) (31.6)
--------- --------
8,241.9 7,518.7
Treasury stock, at cost........................ (3,226.3) (2,767.3)
ESOP debt guarantee offset..................... (347.1) (377.4)
--------- ---------
4,668.5 4,374.0
--------- ---------
COMMITMENTS AND CONTINGENCIES.................... -- --
TOTAL LIABILITIES AND EQUITY................... $11,440.9 $11,154.4
========= =========
5<PAGE>
<PAGE>6
CONSOLIDATED STATEMENT OF CASH FLOWS
Anheuser-Busch Companies, Inc., and Subsidiaries (Unaudited)
(In millions, except per share data)
Six Months Ended June 30,
------------------------
1995 1994
---- ----
CASH FLOW FROM OPERATING ACTIVITIES:
Net income...................................... $ 545.2 $ 527.0
Adjustments to net income to arrive at net cash
provided by operations:
Depreciation and amortization............... 313.8 312.3
Increase in deferred income taxes........... 61.9 59.7
Increase in non-cash working capital........ (288.4) (336.2)
Other, net.................................. 56.7 94.0
--------- ---------
Cash provided by operating activities........... 689.2 656.8
--------- ---------
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures............................ (473.0) (361.1)
New business acquisitions....................... (58.7) (15.1)
--------- --------
Cash used for investing activities.............. (531.7) (376.2)
--------- --------
CASH FLOW FROM FINANCING ACTIVITIES:
Increase in long-term debt...................... 262.8 229.8
Decrease in long-term debt...................... (134.4) (37.4)
Acquisition of treasury stock................... (183.7) (287.7)
Dividends paid to stockholders.................. (205.3) (191.0)
Shares issued under stock plans................. 51.7 39.8
-------- --------
Cash used for financing activities.............. (208.9) (246.5)
-------- --------
Net increase/(decrease) in cash and marketable
securities during the period.................. (51.4) 34.1
Cash and marketable securities at beginning of
period........................................ 156.4 127.4
-------- --------
Cash and marketable securities at end of period. $ 105.0 $ 161.5
======== ========
[FN]
A more adequate understanding of the company's financial position and business
can be gained by reference to the Anheuser-Busch Companies, Inc. Annual Report
on Form 10-K for the fiscal year ended December 31, 1994.
6
<PAGE>7
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
This discussion summarizes the significant factors affecting the
consolidated operating results, financial condition and liquidity/cash flows
of Anheuser-Busch Companies, Inc. for the second quarter and six months ended
June 30, 1995 compared to the second quarter and six months ended June 30,
1994 and the year ended December 31, 1994. This discussion should be read in
conjunction with the financial statements and notes thereto included in the
company's Annual Report to Shareholders for the year ended December 31, 1994.
Additional information concerning the company's consolidated financial and
operating results is contained in the Letter to Shareholders section of the
second quarter 1995 Shareholders Report.
This quarter's discussion also reviews the following:
- Record sales, earnings and reported beer volume for the second quarter
and first six months of 1995.
This performance was achieved despite an estimated .2% decline in
brewing industry sales for the first six months of 1995. The company's
international brewing, packaging and theme park operations achieved
double-digit growth in operating profits. However, these results were
partially offset by the underperformance of Eagle Snacks and the St.
Louis National Baseball Club (Cardinals).
- Lower beer volume and earnings per share growth expectations for the
full year 1995.
7
<PAGE>8
- The planned tax-free spin-off to Anheuser-Busch shareholders of Campbell
Taggart, Inc., the company's baking subsidiary. The 100% spin-off is
expected to be completed in the first half of 1996 and will allow both
companies to increase management focus on competitive conditions in the
brewing and baking industries. Campbell Taggart is the nation's second
largest producer of fresh-baked goods.
CURRENT OPERATIONS
- ------------------
Gross sales were $3.74 billion during the second quarter of 1995, an
increase of 3.6% over 1994 second quarter gross sales of $3.61 billion. Gross
sales for the first half of 1995 were $6.88 billion compared to $6.62 billion
for the first half of 1994, an increase of $259 million, or 3.9%.
Net sales were $3.29 billion during the second quarter of 1995, an
increase of 3.9% over the same period in 1994. Net sales for the first half
of 1995 were $6.05 billion, an increase of $252 million, or 4.3% compared to
net sales of $5.80 billion for the first six months of 1994. The difference
between gross and net sales represents federal and state excise taxes paid by
the company on beer sales.
The increase in gross and net sales during the second quarter and first
half of 1995 is primarily attributable to higher domestic and international
beer sales and higher sales by the company's packaging and theme park
subsidiaries.
8
<PAGE>9
Anheuser-Busch, Inc., the company's domestic brewing subsidiary, reported
record sales of 23.5 million barrels of beer during the second quarter of
1995. This sales volume level represents an increase of 139,000 barrels -- or
.6% -- over the 23.4 million barrels sold during the second quarter of 1994.
Sales for the first six months of 1995 were also a record 43.9 million barrels
compared to 43.6 million barrels during the corresponding period in 1994, an
increase of .6%.
Anheuser-Busch's market share for the first six months of 1995 was 43.8%
of total U.S. brewing industry sales (including imports and exports), as
estimated based on information provided by the Beer Institute. This compares
to a market share of 43.5% for the same period last year, an increase of .3
market share points. Anheuser-Busch has led the brewing industry in sales
volume and market share each quarter since 1957.
Core company premium brands (Budweiser, Bud Light, Michelob and Michelob
Light) increased their market share by 1.0 percentage point. International
beer volume increased during the period, led by expanding sales in England and
Ireland.
This performance is particularly significant when compared to the
performance of other major brewers who lost or failed to gain share in the
first half of the year. Other than Anheuser-Busch's premium brand growth,
only the specialty beer and import segments posted a market share gain.
The company did realize strong performance from its Red Wolf brand
which competes in the six million barrel specialty segment. Annual sales
of Red Wolf are projected to exceed 600,000 barrels in its first year.
9
<PAGE>10
Cost of products and services for the second quarter of 1995 was $2.09
billion, a 4.0% increase compared to the $2.01 billion reported for the
second quarter of 1994. The increase in cost of products and services is
attributable to higher material costs for the company's packaging
subsidiaries, the increase in beer sales volume and increased costs associated
with beer packaging materials.
Gross profit as a percentage of net sales was 36.4% for the second
quarter of 1995 compared to 36.5% for the second quarter of 1994. For the
first half of 1995 and 1994, the gross profit percentage was 35.3% and 35.4%,
respectively. These statistics reflect maintenance of margins on premium beer
products.
Marketing, distribution and administration expenses for the second
quarter of 1995 were $608.9 million compared with $580.0 million for the
second quarter of 1994, an increase of 5.0%. For the first half of 1995 and
1994 these expenses were $1.14 billion and $1.09 billion respectively, an
increase of 4.6% or $50 million. The increase in 1995 compared to 1994 is
primarily related to increased marketing and distribution costs associated
with the company's international beer operations.
Operating income was $590.0 million for the second quarter of 1995, an
increase of $13.4 million, or 2.3%, compared to $576.6 million for the second
quarter of 1994. Operating income was $998.2 for the first six months of 1995,
an increase of $36.7 million, or 3.8%, compared to $961.5 million for the
first six months of 1994. Operating income was favorably impacted by the
10
<PAGE>11
performance of the company's beer, packaging and theme park operations, offset
partially by the underperformance of Eagle Snacks and the St. Louis National
Baseball Club (Cardinals).
Campbell Taggart, Inc., the company's baking subsidiary, continued to
improve its operating profits (excluding the effects of bakery closings)
during the second quarter of 1995 compared to the second quarter of 1994.
However, Campbell Taggart's reported earnings are below budgeted expectations
due to one-time expenses associated with the closing and sale of higher cost,
inefficient bakeries.
Eagle Snacks, the company's snack foods subsidiary, reported an increase
in its operating losses for the second quarter and first six months of 1995 as
compared to 1994. Eagle Snack's poor financial performance is caused by lower
sales volume levels due to increased industry competition and higher marketing
expenses associated with a new national advertising campaign.
The St. Louis National Baseball Club financial performance for the first
half of 1995 has been negatively affected by the delayed season opening and
lower game attendance.
Net interest cost (interest expense less interest income) was $54.5
million for the second quarter of 1995, a decrease of $800,000, or 1.4%,
compared to net interest cost of $55.3 million for the second quarter of 1994.
Net interest cost for the first half of 1995 was $110.2 million, an increase
of $800,000, or .7% over net interest cost of $109.4 million for the
corresponding period in 1994.
11
<PAGE>12
The increase is due primarily to slightly higher average interest rates
during the period on the company's commercial paper borrowings. The net
change in debt during the twelve month period ended June 30, 1995 is
summarized in the Financial Condition Section of this Discussion.
Interest capitalized increased $135,000 and $1.2 million for the second
quarter and first six months of 1995, respectively, as compared to the
corresponding periods of 1994. The increase in interest capitalized in 1995
is primarily related to construction of the new Metal Container Corporation
plant in Mira Loma, California.
The effective income tax rate was 39.3% of pretax earnings for the second
quarter and first six months of 1995, compared to 39.2% for the second quarter
and 39.3% for the first six months of 1994.
Net income for the second quarter of 1995 was $329.1 million, an increase
of 2.0% over $322.5 million for the comparable period in 1994. Net income was
$545.2 million for the first six months of 1995, an increase of $18.2 million,
or 3.5%, compared to $527.0 million for the first six months of 1994.
Fully diluted earnings per share for the second quarter of 1995 were
$1.26, an increase of 5.0% as compared to the second quarter of 1994. Fully
diluted earnings per share for the first half of 1995 were $2.09, a 6.6%
increase over the prior year. Fully diluted earnings per share assume the
conversion of the company's 8% Convertible Debentures due 1996 and the
elimination of related after-tax interest expense. The difference between the
12
<PAGE>13
percentage increase in net income and the percentage increase in earnings per
share was due to the reduction in the number of shares outstanding as a result
of the company's continuing share repurchase program.
LOWER BEER VOLUME AND EARNINGS EXPECTATIONS FOR 1995
- ----------------------------------------------------
Although Anheuser-Busch continues to outperform competitors in its core
industry, general industry trends have impacted sales, causing the company to
revise performance estimates for Anheuser-Busch's full year 1995 as follows:
- Beer volume sales-to-wholesalers growth is expected to be in the
range of .5%; and
- Earnings Per Share growth is expected to be in line with the growth
rates experienced in the second quarter and first six months.
It is expected that Eagle Snacks will reduce overall Anheuser-Busch
earnings for the full year 1995 compared to an original expectation of break-
even performance. The St. Louis National Baseball Club is expected to incur a
loss for the second straight year. These losses are the result of the
players' strike and reduced ticket sales.
This performance is not consistent with the company's double-digit
earnings per share growth objective. The spin-off of Campbell Taggart, which
will allow the company to devote maximum management focus to its core
business, is one step the company has taken to improve its competitiveness.
Other steps are being taken throughout the corporation to improve
profitability.
13
<PAGE>14
Beer price increases have traditionally been lower than the rate of
inflation. In view of higher raw material and packaging (aluminum) costs, the
company will raise prices at closer to the rate of inflation in the future.
The company plans to increase prices in four states in September, 1995
representing approximately 16% of total volume, and plans price increases on
all brands in all remaining states in February, 1996.
The company will increase its emphasis on its high quality, premium
brands, maximizing the return on sales. Extensions of Budweiser's current
advertising campaign, which has proven its ability to drive sales in the key
contemporary adult segment, will be executed throughout the remainder of the
year.
Additionally, the company's Bud Ice brand is gaining momentum. Beginning
in the fourth quarter of 1995, Bud Ice is expected to provide incremental
volume for Anheuser-Busch.
Earnings growth will also be generated through the Profitability
Enhancement Program that was announced in 1993 and is now providing
significant cost savings to the company. The company will also continue to
introduce new premium and specialty beer brands, and is working with its beer
wholesaler network to provide maximum service and profitability to licensed
retailers who sell its products to the public.
14
<PAGE>15
FINANCIAL CONDITION
- -------------------
Cash and marketable securities at June 30, 1995 were $105.0 million, a
decrease of $56.5 million from the June 30, 1994 level and a decrease of
$51.4 million from the December 31, 1994 level. The decrease in cash and
marketable securities at June 30, 1995 compared to the June 30, 1994 level is
primarily related to cash generated from operations, offset by cash used for
the company's capital expenditure and share repurchase programs. On July 6,
Anheuser-Busch filed a shelf registration with the Securities and Exchange
Commission for $648 million of debt. With this shelf registration, the company
will be able to raise as much as $750 million through debt issuances.
Total short-term and long-term debt decreased $18.6 million during the
twelve month period ended June 30, 1995. The net decrease in debt during this
period is primarily due to the following:
Debt Issuances ... $261.9 million
--------------
- $ 200 million of 10-year, 6.75% coupon, fixed rate debt issued in the
Second Quarter 1995
- $23.9 million of foreign currency denominated floating rate debt
- $38.0 million of medium-term notes
Debt Reduction ... $280.5 million
--------------
- Redemption of $92.3 million of debentures
- ESOP debt repayment (guarantee) ... $30.3 million
- $157.9 million of commercial paper
15
<PAGE> 16
At June 30, 1995, $639.9 million of commercial paper borrowings were
outstanding and classified as long-term debt. This commercial paper is
intended to be maintained on a long-term basis and is supported by the
company's $1 billion credit agreement.
Capital expenditures during the second quarter of 1995 were $267.8
million compared to $190.5 million for the second quarter of 1994. The
company continues to expect that capital expenditures in 1995 will approximate
$900 million.
ENVIRONMENTAL MATTERS
- ---------------------
The company is subject to federal, state and local environmental
protection laws and regulations and is operating within such laws or is taking
action aimed at assuring compliance with such laws and regulations.
Compliance with these laws and regulations is not expected to materially
affect the company's competitive position. The company has not been
identified as a Potentially Responsible Party (PRP) at an Environmental
Protection Agency designated clean-up site which could have a material impact
on the company's consolidated financial statements.
PART II - OTHER INFORMATION
Item 5. Other Information
CAMPBELL TAGGART SPIN-OFF
- --------------------------
On July 26, 1995, the Anheuser-Busch Companies, Inc. Board of Directors
approved a planned spin-off of 100% of the company's Campbell Taggart, Inc.
16
<PAGE>17
subsidiary to shareholders. The spin-off is subject to receipt of a favorable
ruling from the Internal Revenue Service on the tax-free nature of the spin-
off. The spin-off is expected to be completed in the first half of 1996.
Under the spin-off, each Anheuser-Busch shareholder will receive a pro-
rata share of the voting common stock of Campbell Taggart in a special
dividend. Campbell Taggart will become a separately traded, publicly-held
company.
When the conditions to the spin-off have been satisfied, Anheuser-Busch
will be required to restate prior period financial statements to report
Campbell Taggart as a "discontinued operation." There will be no reported
gain or loss on the spin-off transaction.
The planned spin-off of Campbell Taggart is consistent with Anheuser-
Busch's stated goal of concentrating on its domestic and international beer
businesses for growth and profitability. The company believes this is an
important step in enhancing Anheuser-Busch's opportunity to achieve its
performance goals.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
--------
4 - No instruments defining the rights of holders of long-term debt
are filed since the total amount of securities authorized under
any such instruments does not exceed 10% of the total assets of
the Company on a consolidated basis. The Company agrees to
furnish a copy of such instruments to the Securities and
Exchange Commission upon request.
17
<PAGE>18
12 - Ratio of Earnings to Fixed Charges
27 - Financial Data Schedule
(b) Reports on Form 8-K
-------------------
No reports on Form 8-K were filed during the three month period
ending June 30, 1995.
18
<PAGE>19
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.
ANHEUSER-BUSCH COMPANIES, INC.
(Registrant)
/s/Jerry E. Ritter
---------------------------------
Jerry E. Ritter
Executive Vice President -
Chief Financial and Administrative
Officer
(Chief Financial Officer)
July 31, 1995
/s/Gerald C. Thayer
---------------------------------
Gerald C. Thayer
Vice President and Controller
(Chief Accounting Officer)
July 31, 1995
19
<PAGE>20
INDEX TO EXHIBITS
Exhibit No. Exhibit
----------- -------
12 Ratio of Earnings to Fixed Charges
27 Financial Data Schedule
EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the ratio of the Company's earnings
to fixed charges, on a consolidated basis, for the periods
indicated:
Six Months
Ended
June 30, Year Ended December 31
-------------- ------------------------------------------
1995 1994 1993 1992 1991 1990
---- ---- ---- ---- ---- ----
7.6X 7.6X 5.2X 1/ 7.8X 6.4X 5.1X
For purposes of this ratio, earnings have been calculated by adding
to income before income taxes the amount of fixed charges. Fixed
charges consist of interest on all indebtedness, amortization of
debt discount and that portion of rental expense deemed to
represent interest.
1/ Includes the impact of the one-time, pre-tax restructuring
charge of $565 million as a result of the company's Profitability
Enhancement Program. Excluding the non-recurring special charge,
the ratio would have been 7.6X.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from
the Form 10-Q for the quarter ended June 30, 1995 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-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 89,087
<SECURITIES> 15,915
<RECEIVABLES> 918,147
<ALLOWANCES> 9,173
<INVENTORY> 695,180
<CURRENT-ASSETS> 363,028
<PP&E> 12,594,863
<DEPRECIATION> 5,010,719
<TOTAL-ASSETS> 11,440,861
<CURRENT-LIABILITIES> 1,642,685
<BONDS> 3,176,434
<COMMON> 345,182
0
0
<OTHER-SE> 4,668,461
<TOTAL-LIABILITY-AND-EQUITY> 11,440,861
<SALES> 6,048,647
<TOTAL-REVENUES> 6,882,741
<CGS> 3,911,406
<TOTAL-COSTS> 5,050,449
<OTHER-EXPENSES> 896
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 114,523
<INCOME-PRETAX> 897,862
<INCOME-TAX> 352,652
<INCOME-CONTINUING> 545,210
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 545,210
<EPS-PRIMARY> 2.11
<EPS-DILUTED> 2.09
</TABLE>
