FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
X OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 26, 1997
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 1-7699
FLEETWOOD ENTERPRISES, INC.
- -------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 95-1948322
_______________________ ___________________________________________
(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
3125 Myers Street, Riverside, California 92503-5527
_______________________________________________________________________
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (909) 351-3500
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 close of the period covered by this
report.
Class Outstanding at October 26, 1997
_______________________ _____________________________
Common stock, $1 par value 35,979,799 shares
Preferred share purchase rights --
CONDENSED FINANCIAL STATEMENTS
The following unaudited interim condensed financial statements
have been prepared by the Company pursuant to the rules and regulations
of the Securities and Exchange Commission. Such financial statements
have been reviewed by Arthur Andersen LLP in accordance with standards
established by the American Institute of Certified Public Accountants.
As indicated in their report included herein, Arthur Andersen LLP does
not express an opinion on these statements.
Certain information and note disclosures normally included in
annual financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant
to those rules and regulations, although the Company believes that the
disclosures made are adequate to make the information presented not
misleading. In the Company's opinion, the statements reflect all
adjustments (which include only normal recurring adjustments) necessary
to present fairly the results of operations for the periods ending
October 26, 1997 and October 27, 1996, and the balances as of October
26, 1997 and April 27, 1997. It is suggested that these condensed
financial statements be read in conjunction with the financial
statements and the notes thereto included in the Company's latest annual
report on Form 10-K.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the board of directors and shareholders of Fleetwood Enterprises,
Inc.:
We have made a review of the accompanying condensed consolidated
balance sheet of FLEETWOOD ENTERPRISES, INC. (a Delaware Corporation)
and subsidiaries as of October 26, 1997, and the related condensed
consolidated statements of income for the thirteen and twenty-six week
periods ended October 26, 1997 and October 27, 1996, the condensed
consolidated statements of cash flows for the twenty-six week periods
ended October 26, 1997 and October 27, 1996, and the condensed
consolidated statement of changes in shareholders' equity for the
twenty-six week period ended October 26, 1997. These financial
statements are the responsibility of the company's management.
We conducted our review in accordance with standards established
by the American Institute of Certified Public Accountants. A review of
interim financial information consists principally of applying
analytical procedures to the financial data and making inquiries of
persons responsible for financial and accounting matters. It is
substantially less in scope than an audit conducted in accordance with
generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material
modifications that should be made to the condensed consolidated
financial statements referred to above for them to be in conformity with
generally accepted accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the consolidated balance sheet of Fleetwood
Enterprises, Inc. and subsidiaries as of April 27, 1997, and the related
consolidated statements of income, cash flows and changes in
shareholders' equity for the year then ended (not presented herein),
and, in our report dated June 23, 1997, we expressed an unqualified
opinion on those consolidated financial statements. In our opinion, the
information set forth in the accompanying condensed consolidated balance
sheet as of April 27, 1997, is fairly stated, in all material respects,
in relation to the consolidated balance sheet from which it has been
derived.
ARTHUR ANDERSEN LLP
Orange County, California
November 24, 1997
<TABLE>
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands except per share data)
(UNAUDITED)
Thirteen Thirteen Twenty-six Twenty-six
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
Oct. 26, Oct. 27, Oct. 26, Oct. 27,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Sales $769,089 $748,780 $1,497,543 $1,500,025
Cost of products sold 617,909 607,268 1,212,694 1,212,609
------- ------- ------- -------
Gross profit 151,180 141,512 284,849 287,416
Operating expenses 106,730 100,585 207,505 201,811
------- ------- ------- -------
Operating income 44,450 40,927 77,344 85,605
Other income (expense):
Investment income 2,580 2,660 4,873 8,054
Interest expense (895) (1,024) (1,774) (2,474)
Other (273) (187) 15,763 (207)
------- ------- ------- -------
1,412 1,449 18,862 5,373
------- ------- ------- -------
Income from continuing operations
before income taxes 45,862 42,376 96,206 90,978
Provision for
income taxes (17,738) (16,604) (37,140) (35,874)
------ ------ ------- ------
Income from continuing
operations 28,124 25,772 59,066 55,104
Income from discontinued operations:
Income from operations of
finance subsidiary (net
of income taxes) -- -- -- 887
Gain on sale of finance
subsidiary (net of
income taxes) -- -- -- 33,891
------ ------ ------ ------
-- -- -- 34,778
------ ------ ------ ------
Net income $28,124 $25,772 $59,066 $89,882
======= ======= ======= =======
Net income per Common
and equivalent share:
Continuing operations $.77 $.68 $1.61 $1.32
Discontinued operations:
Income from operations
of finance subsidiary -- -- -- .02
Gain on sale of finance
subsidiary -- -- -- .81
----- ----- ----- -----
-- -- -- .83
----- ----- ----- -----
Total $.77 $.68 $1.61 $2.15
==== ==== ===== =====
Dividends declared
per share of Common
stock outstanding $.17 $.16 $.34 $.32
==== ==== ==== ====
Common and equivalent
shares outstanding 36,514 37,837 36,584 41,877
====== ====== ====== ======
See accompanying notes to financial statements.
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (CONDENSED)
(Amounts in thousands)
ASSETS
October 26, April 27,
1997 1997
(Unaudited)
<S> <C> <C>
Cash $ 22,723 $ 37,890
Investments 161,882 72,544
Receivables 175,483 181,085
Inventories:
Raw materials 106,680 101,794
Work in process and finished products 41,397 43,719
Property, plant and equipment 278,008 278,331
Deferred tax benefits 69,781 71,285
Cash value of Company-owned
life insurance 47,120 46,834
Other assets 42,597 38,065
-------- --------
$945,671 $871,547
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable $117,617 $106,749
Employee compensation and benefits 125,051 114,983
Federal and state taxes on income 4,660 4,046
Insurance reserves 19,306 44,381
Long-term debt 55,000 55,000
Other liabilities 125,932 103,293
-------- ---------
447,566 428,452
-------- ---------
Contingent liabilities
Shareholders' equity:
Preferred stock, $1 par value,authorized
10,000,000 shares, none outstanding -- --
Common stock, $1 par value,authorized
75,000,000 shares, outstanding 35,980,000
at October 26, 1997 and 35,747,000
at April 27, 1997 35,980 35,747
Capital surplus 44,882 37,684
Retained earnings 417,507 370,653
Foreign currency translation
adjustment (854) (1,163)
Investment securities
valuation adjustment 590 174
------- -------
498,105 443,095
------- -------
$945,671 $871,547
======== ========
See accompanying notes to financial statements.
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONDENSED)
(Amounts in thousands)
(UNAUDITED)
Twenty-six Twenty-six
Weeks Ended Weeks Ended
October 26, October 27,
1997 1996
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $59,066 $89,882
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation expense 13,581 12,586
Amortization of intangibles and goodwill 130 834
Losses on sales of property,
plant and equipment 417 207
Gain on sale of finance subsidiary -- (33,891)
Changes in assets and liabilities:
Decrease in receivables 5,602 2,813
Increase in inventories (2,564) (32,907)
(Increase) decrease in deferred
tax benefits 1,504 (6,863)
(Increase) decrease in cash value of
Company-owned life insurance (286) 71
(Increase) decrease in other assets (4,662) 8,873
Increase (decrease) in accounts payable 10,868 (3,161)
Increase in other liabilities 8,246 14,447
Foreign currency translation adjustment 309 514
------- -------
Net cash provided by operating activities 92,211 53,405
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investment securities:
Held-to-maturity (3,533,322) (2,245,865)
Available-for-sale (10,443) (1,515,797)
Proceeds from maturity of investment
securities:
Held-to-maturity 3,444,498 2,256,168
Available-for-sale 2,853 1,460,752
Proceeds from sale of available-for-sale
investment securities 7,492 230,726
Purchases of property, plant
and equipment, net (13,675) (22,344)
Proceeds from sale of finance subsidiary,
net of income taxes -- 132,222
Change in net assets of discontinued
operation -- (887)
-------- --------
Net cash provided by (used in)
investing activities (102,597) 294,975
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Retirement of long-term debt -- (25,000)
Dividends to shareholders (12,212) (12,985)
Proceeds from exercise of stock options 7,431 3,810
Purchase of Common stock -- (311,738)
-------- ---------
Net cash used in financing activities (4,781) (345,913)
-------- ---------
Increase (decrease) in cash (15,167) 2,467
Cash at beginning of period 37,890 15,792
-------- ---------
Cash at end of period $22,723 $18,259
======== ========
Supplementary disclosures:
Income taxes paid $31,673 $40,256
Interest paid 1,776 2,421
See accompanying notes to financial statements.
FLEETWOOD ENTERPRISES, INC.
CONSOLIDATED STATEMENT OF CHANGES
IN SHAREHOLDERS' EQUITY (CONDENSED)
(Amounts in thousands)
(UNAUDITED)
Invest-
ment
Foreign Secu-
Currency rities
Trans- Valu-
Total
Common Stock lation ation
Share-
Number of Capital Retained Adjust- Adjust-
holders'
Shares Amount Surplus Earnings ment ment
Equity
<S> <C> <C> <C> <C> <C> <C>
<C>
Balance
April 27,
1997 35,747 $35,747 $37,684 $370,653 $(1,163) $174
$443,095
Add (deduct)-
Net income -- -- -- 59,066 -- --
59,066
Cash dividends
declared on
Common stock -- -- -- (12,212) -- --
(12,212)
Stock options
exercised
(net of tax
benefit) 233 233 7,198 -- -- --
7,431
Foreign currency
translation
adjustment -- -- -- -- 309 --
309
Investment
securities
valuation
adjustment -- -- -- -- -- 416
416
------ ------- ------- ------- ----- ---- --
- ------
Balance
October 26,
1997 35,980 $35,980 $44,882 $417,507 $(854) $590
$498,105
====== ======= ======= ======== ===== ====
=======
See accompanying notes to financial statements.
</TABLE>
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
OCTOBER 26, 1997
1) Reference to Annual Report
Reference is made to the Notes to Consolidated Financial Statements
included in the Company's Form 10-K annual report for the year ended
April 27, 1997.
2) Industry Segment Information
Information with respect to industry segments for the periods
ending October 26, 1997 and October 27, 1996 is shown below:
13 Weeks 13 Weeks 26 Weeks 26
Weeks
Ended Ended Ended Ended
Oct. 26, Oct. 27, Oct. 26, Oct. 27
1997 1996 1997 1996
<TABLE>
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Manufactured housing $390,652 $385,497 $ 757,301 $ 762,642
Recreational vehicles 366,654 348,835 717,347 706,689
Supply operations 11,783 14,448 22,895 30,694
-------- ------- ---------- ----------
$769,089 $748,780 $1,497,543 $1,500,025
======== ======== ========== ==========
OPERATING INCOME:
Manufactured housing $ 25,309 $ 24,563 $ 41,139 $ 54,008
Recreational vehicles 17,944 19,704 34,057 38,813
Supply operations 3,860 78 7,252 1,471
Corporate and other* (2,663) (3,418) (5,104) (8,687)
-------- ------- --------- --------
$ 44,450 $ 40,927 $ 77,344 $ 85,605
======== ======== ========= =========
* Including adjustments and eliminations.
</TABLE>
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Amounts in thousands)
The following is an analysis of changes in key items included in the
consolidated statements of income for the 13-week and 26-week periods
ended October 26, 1997. The amounts shown below apply only to
continuing operations.
<TABLE>
Thirteen Weeks Twenty-six Weeks
Ended Ended
October 26, 1997 October 26, 1997
Increase % Increase %
(Decrease) Change (Decrease)
Change
<S> <C> <C> <C> <C>
Sales $20,309 2.7% $(2,482) (.2)%
Cost of products sold 10,641 1.8 85 --
------- --- ------- ---
Gross profit 9,668 6.8 (2,567) (.9)
Selling expenses 5,516 12.4 9,407 10.7
General and admin. expenses 629 1.1 (3,713) (3.2)
------- ---- ------ ----
Operating expenses 6,145 6.1 5,694 2.8
------- ---- ------ ---
Operating income 3,523 8.6 (8,261) (9.7)
Other income (expense) (37) (2.6) 13,489 251.1
Income before taxes 3,486 8.2 5,228 5.7
Provision for income taxes 1,134 6.8 1,266 3.5
Net income $2,352 9.1% $3,962 7.2%
====== ==== ====== ===
</TABLE>
Current Quarter Compared to Same Quarter Last Year
Net income for the quarter ended October 26, 1997 increased nine percent
to a record $28.1 million or 77 cents per share compared to $25.8
million or 68 cents per share in last year's similar period. A rebound
in profitability for the manufactured housing and supply groups
stimulated the second quarter earnings gain, which was partially offset
by lower recreational vehicle earnings.
Total revenues rose three percent to a record $769.1 million in the
second quarter, up from $748.8 million a year ago, largely due to higher
recreational vehicle sales.
Recreational vehicle revenues reached $366.6 million, five percent ahead
of last year's $348.8 million. Motor home revenues of $215.2 million
were almost unchanged from last year's second quarter, despite an 11
percent decline in unit volume to 3,144 motor homes. Towable RV
products did considerably better as both travel trailers and folding
trailers produced sales gains. Travel trailer revenues were up 11
percent to $122.7 million as unit volume rose five percent to 8,319.
Folding trailer sales jumped 31 percent to $28.7 million on a 15 percent
gain in shipments to 5,472 units. Recreational vehicle sales accounted
for 48 percent of total Company revenues, up from 47 percent last year.
Manufactured housing revenues for the second quarter were a record
$390.7 million, up about one percent from last year's comparable period.
A total of 17,248 homes were sold in the quarter, three percent below
last year's similar period, but the number of floors shipped were two
percent higher due to a heavier mix of multi-section homes. Housing
group sales represented 51 percent of total Company revenues which was
unchanged from last year's second quarter.
Fleetwood's supply operations contributed second quarter revenues of
$11.8 million compared to last year's $14.4 million.
Gross profit rose as a percentage of sales from 18.9 percent to 19.7
percent, as improved manufactured housing margins more than offset lower
RV margins.
Operating expenses increased six percent to $106.7 million, and rose as
a percentage of sales from 13.4 percent to 13.9 percent. Selling
expenses climbed 12 percent to $50.0 million primarily reflecting higher
sales promotion and advertising costs. As a percentage of sales,
selling expenses rose from 5.9 percent to 6.5 percent. General and
administrative expenses increased one percent to $56.7 million, but
declined as a percentage of sales from 7.5 percent to 7.4 percent. The
dollar increase was primarily a result of higher management incentive
compensation, which is directly related to improved profits.
The effective tax rate decreased from 39.2 percent to 38.7 percent
primarily because of reduced state income tax accruals.
Current Year-To-Date Compared to Same Period Last Year
Earnings from continuing operations for the first six months of fiscal
1998 rose seven percent to $59.1 million or $1.61 per share versus $55.1
million and $1.32 per share for last year's first half. Earnings per
share increased an even greater 22 percent due to fewer outstanding
shares stemming from large share repurchases last year. The current
year earnings improvement resulted from a non-recurring gain of $10.4
million or 28 cents per share from a significant reinsurance transaction
involving the Company's captive insurance operation.
Last year's first half included income from discontinued operations of
$34.8 million or 83 cents per share which, when added to income from
continuing operations, resulted in total earnings of $89.9 million or
$2.15 per share. The income from discontinued operations reflected an
after-tax gain of $33.9 million or 81 cents per share from the sale of
the Company's RV finance subsidiary.
Six-month RV revenues totaled $717.3 million, a two percent gain over
last year's first half. This improvement resulted from a six percent
increase in travel trailer sales and a strong 35 percent gain in folding
trailer volume. Travel trailer sales totaled $242.0 million and folding
trailers reached a record volume of $52.7 million. Travel trailer
shipments were up one percent to 16,873 units and folding trailer unit
volume rose 23 percent to 10,192 units. The motor home division
recorded first half revenues of $422.7 million, off four percent from
last year's record pace, while shipments dropped 16 percent to 6,461
units. This reflects a shift in product mix toward higher-priced and
more fully-featured Class A motor homes. RV revenues, as a percentage
of total Company revenues, increased from 47 percent a year ago to 48
percent in the current year.
For the first six months of fiscal 1998, housing revenues eased one
percent to $757.3 million on a five percent drop in shipments to 33,607
homes. A shift to higher-priced multi-section homes resulted in a one
percent increase in floor shipments. Housing revenues remained
unchanged from last year at 51 percent of total Company revenues.
For the six months, supply operations generated revenues of $22.9
million versus $30.7 million in last year's first half.
Gross profit margin for the first half of fiscal 1998 declined from 19.2
percent to 19.0 percent. Both housing and recreational vehicle groups
experienced higher direct labor and manufacturing overhead costs that
more than offset material cost reductions.
Operating expenses rose three percent to $207.5 million, and also
increased as a percentage of sales from 13.5 percent to 13.9 percent.
As a percentage of sales, selling expenses were up from 5.8 percent a
year ago to 6.5 percent, while general and administrative expenses fell
from 7.6 percent to 7.4 percent this year. Selling expenses increased
11 percent to $97.0 million primarily due to higher promotional and
advertising costs and product warranty and service expenses. General
and administrative expenses declined three percent to $110.5 million
reflecting lower insurance costs and slightly reduced management
incentive compensation for the first half of fiscal 1998.
Non-operating income of $18.9 million included $16.2 million for the
reinsurance transaction previously mentioned. Investment income was
down 39 percent to $4.9 million, reflecting higher cash balances
available for investment last year primarily as a result of the sale of
Fleetwood Credit Corp.
The effective tax rate for the current year was 38.6 percent compared to
39.4 percent last year, largely reflecting reduced state income tax
accruals.
Liquidity and Capital Resources
The Company generally relies upon internally generated cash flows to
satisfy working capital needs and to fund capital expenditures. Cash
generated from operations improved to $92.2 million for the first half
of fiscal 1998 compared to $53.4 million last year. This change
primarily reflects a $30.3 million difference in the change in inventory
levels, year over year.
Last year's cash flows included $132.2 million, net of income taxes,
received from the sale of Fleetwood Credit Corp. These proceeds, along
with the sale of investment securities, yielded net cash from investing
activities of $295.0 million in last year's first half, most of which
was used to make share repurchases. In the first six months of last
year, the Company purchased approximately 23 percent of its outstanding
Common stock at a cost of $311.7 million. Also, $25.0 million in long-
term debt was retired last year.
Cash outlays in the current year included $12.2 million in dividends to
shareholders and $13.7 million for capital expenditures. This compares
with $13.0 million and $22.3 million, respectively, last year.
Millennium Computer Project
The Company is dependent on a cluster of centralized computers to
provide data in support of vital company-wide operational and accounting
functions. Many of the computer routines used to generate this data
were programmed in-house, following the common practice of using only
two digits to designate a year. As a consequence, as we approach the
year 2000, programs with date-related logic will not be able to
distinguish between the years 1900 and 2000, potentially causing
software and hardware to fail, generate erroneous calculations or
present information in an unusable form. In recognition of this
potential, the Company launched a "Year 2000" conversion project in
February 1996 to correct and fully test all offending computer codes by
mid-1998. At this date, the project is progressing as planned and is
expected to be completed on schedule. Given these efforts, management
does not anticipate any appreciable impact on Company operations
consequent to the use of the Company's computer systems in the new
millennium.
PART II OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
At Fleetwood's Annual Meeting of Shareholders held on September 9, 1997,
the following directors were elected to three-year terms to Fleetwood's
Board of Directors: Glenn F. Kummer, Thomas A. Fuentes and Dr. James L.
Doti. The following directors continued in office after the meeting,
but were not elected at the meeting: John C. Crean, William W. Weide,
Dr. Douglas M. Lawson, Walter F. Beran and Andrew Crean.
The shareholder votes on the elections were as follows:
<TABLE>
For Withheld Vote
---- ------------
<S> <C> <C>
Glenn F. Kummer 32,392,739 230,361
Thomas A. Fuentes 31,813,452 809,648
James L. Doti 32,216,197 406,903
</TABLE>
Item 6(b). Exhibits and Reports on Form 8-K
On October 8, 1997, the Company filed a Form 8-K regarding the formation
of an alliance with Pulte Corporation for the purpose of entering the
manufactured housing retail business.
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.
FLEETWOOD ENTERPRISES, INC.
_____________________
Paul M. Bingham
Senior Vice President - Finance
and Chief Financial Officer
November 25, 1997
FLEETWOOD ENTERPRISES, INC.
CONSOLIDATED FINANCIAL INFORMATION
FINANCIAL DATA SCHEDULE
[SROS] NYSE
[SROS] PSE
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-26-1998
<PERIOD-END> OCT-26-1997
<CASH> 22,723
<SECURITIES> 161,882
<RECEIVABLES> 175,483
<ALLOWANCES> 0
<INVENTORY> 148,077
<CURRENT-ASSETS> 0
<PP&E> 456,479
<DEPRECIATION> 178,471
<TOTAL-ASSETS> 945,671
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 35,980
0
0
<OTHER-SE> 462,125
<TOTAL-LIABILITY-AND-EQUITY> 945,671
<SALES> 1,497,543
<TOTAL-REVENUES> 1,497,543
<CGS> 1,212,694
<TOTAL-COSTS> 1,420,199
<OTHER-EXPENSES> 417
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,774
<INCOME-PRETAX> 96,206
<INCOME-TAX> 37,140
<INCOME-CONTINUING> 59,066
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 59,066
<EPS-PRIMARY> 1.61
<EPS-DILUTED> 1.61
<FN> Amounts for current assets and current
liabilities are not shown since balance sheet
is presented in nonclassified format.
</TABLE>
