<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM 10-Q
(MARK ONE)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997
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 1-10427
ROBERT HALF INTERNATIONAL INC.
(Exact name of registrant as specified in its charter)
DELAWARE 94-1648752
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
2884 SAND HILL ROAD 94025
SUITE 200 (zip-code)
MENLO PARK, CALIFORNIA
(Address of principal executive offices)
Registrant's telephone number, including area code: (415) 234-6000
------------------------
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) had 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 March 31, 1997:
60,154,232 shares of $.001 par value Common Stock
- --------------------------------------------------------------------------------
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<PAGE>
PART I--FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1997 1996
---------- ------------
<S> <C> <C>
(UNAUDITED)
ASSETS:
Cash and cash equivalents.............................................................. $ 87,618 $ 80,181
Accounts receivable, less allowances of $4,473 and $4,016.............................. 141,943 125,383
Other current assets................................................................... 13,991 12,184
---------- ------------
Total current assets............................................................... 243,552 217,748
Intangible assets, less accumulated amortization of $41,071 and $39,461................ 176,794 174,663
Other assets........................................................................... 30,557 23,601
---------- ------------
Total assets....................................................................... $ 450,903 $ 416,012
---------- ------------
---------- ------------
LIABILITIES AND STOCKHOLDERS' EQUITY:
Accounts payable and accrued expenses.................................................. $ 17,408 $ 15,049
Accrued payroll costs.................................................................. 72,207 66,087
Income taxes payable................................................................... 6,364 3,883
Current portion of notes payable and other indebtedness................................ 2,278 1,542
---------- ------------
Total current liabilities.......................................................... 98,257 86,561
Notes payable and other indebtedness, less current portion............................. 3,719 5,069
Deferred income taxes.................................................................. 15,965 15,937
---------- ------------
Total liabilities.................................................................. 117,941 107,567
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value, authorized--100,000,000 shares; issued and
outstanding--60,206,525 and 59,748,171 shares......................................... 60 60
Capital surplus........................................................................ 158,826 140,473
Deferred compensation.................................................................. (33,922) (26,802)
Accumulated translation adjustments.................................................... (651) 23
Retained earnings...................................................................... 208,649 194,691
---------- ------------
Total stockholders' equity......................................................... 332,962 308,445
---------- ------------
Total liabilities and stockholders' equity............................................. $ 450,903 $ 416,012
---------- ------------
---------- ------------
</TABLE>
The accompanying Notes to Consolidated Financial Statements are
an integral part of these financial statements.
1
<PAGE>
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
----------------------
1997 1996
---------- ----------
(UNAUDITED)
<S> <C> <C>
Net service revenues...................................................................... $ 283,023 $ 196,239
Direct costs of services, consisting of payroll, payroll taxes and insurance costs for
temporary employees...................................................................... 171,129 119,597
---------- ----------
Gross margin.............................................................................. 111,894 76,642
Selling, general and administrative expenses.............................................. 77,641 53,244
Amortization of intangible assets......................................................... 1,225 1,308
Interest income........................................................................... (749) (388)
---------- ----------
Income before income taxes................................................................ 33,777 22,478
Provision for income taxes................................................................ 13,857 9,239
---------- ----------
Net income................................................................................ $ 19,920 $ 13,239
---------- ----------
---------- ----------
Net income per share...................................................................... $ .32 $ .22
---------- ----------
---------- ----------
</TABLE>
The accompanying Notes to Consolidated Financial Statements are
an integral part of these financial statements.
2
<PAGE>
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
----------------------
1997 1996
---------- ----------
(UNAUDITED)
<S> <C> <C>
Common Stock--Shares:
Balance at beginning of period.......................................................... 59,748 57,784
Issuance of restricted stock............................................................ 327 117
Repurchases of common stock............................................................. (155) (59)
Exercise of stock options............................................................... 278 260
Issuance of common stock for acquisition................................................ 9 --
---------- ----------
Balance at end of period................................................................ 60,207 58,102
---------- ----------
---------- ----------
Common Stock--Par Value:
Balance at beginning of period.......................................................... $ 60 $ 58
Issuance of restricted stock............................................................ -- --
---------- ----------
Balance at end of period................................................................ $ 60 $ 58
---------- ----------
---------- ----------
Capital Surplus:
Balance at beginning of period.......................................................... $ 140,473 $ 99,768
Issuance of common stock for acquisition................................................ 400 --
Issuance of restricted stock--excess over par value..................................... 9,893 3,622
Exercises of stock options--excess over par value....................................... 1,658 1,140
Tax benefits from exercises of stock options............................................ 6,402 2,511
---------- ----------
Balance at end of period................................................................ $ 158,826 $ 107,041
---------- ----------
---------- ----------
Deferred Compensation:
Balance at beginning of period.......................................................... $ (26,802) $ (9,642)
Issuance of restricted stock............................................................ (9,893) (3,622)
Amortization of deferred compensation................................................... 2,773 1,098
---------- ----------
Balance at end of period................................................................ $ (33,922) $ (12,166)
---------- ----------
---------- ----------
Accumulated Translation Adjustments:
Balance at beginning of period.......................................................... $ 23 $ 51
Translation adjustments................................................................. (674) (173)
---------- ----------
Balance at end of period................................................................ $ (651) $ (122)
---------- ----------
---------- ----------
Retained Earnings:
Balance at beginning of period.......................................................... $ 194,691 $ 137,695
Repurchases of common stock--excess over par value...................................... (5,962) (1,243)
Net income.............................................................................. 19,920 13,239
---------- ----------
Balance at end of period................................................................ $ 208,649 $ 149,691
---------- ----------
---------- ----------
</TABLE>
The accompanying Notes to Consolidated Financial Statements are
an integral part of these financial statements.
3
<PAGE>
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
---------------------
1997 1996
---------- ---------
(UNAUDITED)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income............................................................................... $ 19,920 $ 13,239
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets...................................................... 1,225 1,308
Depreciation expense................................................................... 2,560 1,158
Deferred income taxes.................................................................. (604) 827
Changes in assets and liabilities, net of effects of acquisitions:
Increase in accounts receivable...................................................... (16,087) (11,083)
Increase in accounts payable, accrued expenses and accrued payroll costs............. 8,197 4,898
Increase in income tax payable....................................................... 2,481 2,364
Change in other assets, net of change in other liabilities........................... 1,933 (380)
---------- ---------
Total adjustments.......................................................................... (295) (908)
---------- ---------
Net cash and cash equivalents provided by operating activities............................. 19,625 12,331
CASH FLOWS USED IN INVESTING ACTIVITIES:
Acquisitions, net of cash acquired....................................................... (3,267) --
Capital expenditures..................................................................... (9,869) (2,290)
---------- ---------
Cash and cash equivalents used in investing activities................................... (13,136) (2,290)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Repurchases of common stock or common stock equivalents.................................. (5,962) (1,243)
Principal payments on notes payable and other indebtedness............................... (1,150) (3,630)
Proceeds and tax benefits from exercise of stock options................................. 8,060 3,651
---------- ---------
Net cash and cash equivalents provided by (used in) financing activities................... 948 (1,222)
---------- ---------
Net increase in cash and cash equivalents.................................................. 7,437 8,819
Cash and cash equivalents at beginning of period........................................... 80,181 41,346
---------- ---------
Cash and cash equivalents at end of period................................................. $ 87,618 $ 50,165
---------- ---------
---------- ---------
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest............................................................................... $ 124 $ 273
Income taxes........................................................................... $ 5,132 $ 4,255
Acquisition:
Assets acquired--
Intangible assets.................................................................... $ 4,010 --
Other................................................................................ 475 --
Liabilities incurred--
Notes payable and contracts.......................................................... (536) --
Other................................................................................ (282) --
Common stock issued.................................................................... (400) --
---------- ---------
Cash paid, net of cash acquired........................................................ $ 3,267 --
---------- ---------
---------- ---------
</TABLE>
The accompanying Notes to Consolidated Financial Statements are
an integral part of these financial statements.
4
<PAGE>
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1997
(UNAUDITED)
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF OPERATIONS. Robert Half International Inc. (the "Company")
provides specialized staffing services through such divisions as
ACCOUNTEMPS-REGISTERED TRADEMARK-, ROBERT HALF-REGISTERED TRADEMARK-,
OFFICETEAM-REGISTERED TRADEMARK- and RHI CONSULTING-REGISTERED TRADEMARK-. The
Company, through its Accountemps and Robert Half divisions, is the world's
largest specialized provider of temporary and permanent personnel in the fields
of accounting and finance. OfficeTeam specializes in skilled temporary
administrative personnel and RHI Consulting provides contract information
technology professionals. Revenues are predominantly from temporary services.
The Company operates in the United States, Canada and Europe. The Company is a
Delaware corporation.
PRINCIPLES OF CONSOLIDATION. The Consolidated Financial Statements include
the accounts of the Company and its subsidiaries, all of which are wholly-owned.
All significant intercompany balances have been eliminated. Certain
reclassifications have been made to the 1996 financial statements to conform to
the 1997 presentation.
INTERIM FINANCIAL INFORMATION. The Consolidated Financial Statements have
been prepared pursuant to the rules and regulations of the Securities and
Exchange Commission ("SEC") and, in management's opinion, include all
adjustments necessary for a fair statement of results for such interim periods.
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 SEC rules or regulations; however,
the Company believes that the disclosures made are adequate to make the
information presented not misleading.
The interim results for the three months ended March 31, 1997, and 1996 are
not necessarily indicative of results for the full year. It is suggested that
these financial statements be read in conjunction with the financial statements
and the notes thereto included in the Company's Annual Report on Form 10-K for
the year ended December 31, 1996.
REVENUE RECOGNITION. Temporary service revenues are recognized when the
services are rendered by the Company's temporary employees. Permanent placement
revenues are recognized when employment candidates accept offers of permanent
employment. Reserves are established to estimate losses due to placed candidates
not remaining in employment for the Company's guarantee period, typically 90
days.
CASH AND CASH EQUIVALENTS. For purposes of the Consolidated Statements of
Cash Flows, the Company classifies all highly-liquid investments with a maturity
of three months or less as cash equivalents.
INTANGIBLE ASSETS. Intangible assets represent the cost of acquired
companies in excess of the fair market value of their net tangible assets at the
acquisition date, and are being amortized on a straight-line basis over a period
of 40 years. The carrying value of intangible assets is periodically reviewed by
the Company and impairments are recognized when the expected future operating
cash flows derived from such intangible assets are less than their carrying
value. Based upon its most recent analysis, the Company believes that no
material impairment of intangible assets exist at March 31, 1997.
INCOME TAXES. Deferred taxes are computed based on the difference between
the financial statement and income tax bases of assets and liabilities using the
enacted marginal tax rate.
5
<PAGE>
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 1997
(UNAUDITED)
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
FOREIGN CURRENCY TRANSLATION. Foreign income statement items are translated
at the monthly average exchange rates prevailing during the period. Foreign
balance sheets are translated at the current exchange rates at the end of the
period, and the related translation adjustments are recorded as part of
Stockholders' Equity. Gains and losses resulting from foreign currency
transactions are included in the consolidated Statements of Income.
USE OF ESTIMATES. The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period.
NOTE B--NEW ACCOUNTING PRONOUNCEMENTS
In March 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting No. 128 (SFAS No. 128), Earnings Per Share. SFAS No. 128
requires the disclosure of basic earnings per share and modifies existing
guidance for computing fully diluted earnings per share. Under the new standard,
basic earnings per share is computed as earnings divided by weighted average
shares, excluding the dilutive effects of stock options and other potentially
dilutive securities. The effective date of SFAS No. 128 is December 15, 1997 and
early adoption is not permitted. The Company intends to adopt SFAS No. 128
during the quarter and year ended December 31, 1997. The Company does not expect
this pronouncement to have a material impact on Earnings Per Share.
6
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
RESULTS OF OPERATIONS FOR EACH OF THE THREE MONTHS MARCH 31, 1997 AND 1996.
Temporary services revenues were $261 million and $180 million for the three
months ended March 31, 1997 and 1996, respectively, increasing by 45% during the
three months ended March 31, 1997 compared to the same period in 1996. Permanent
placement revenues were $22 million and $16 million for the three months ended
March 31, 1997 and 1996, respectively, increasing by 38% during the three months
ended March 31, 1997 compared to the same period in 1996. Overall revenue
increases reflect continued improvement in demand for the Company's services,
which the Company believes is a result of increased acceptance in the use of
professional staffing services. Revenues from the company acquired during the
three months ended March 31, 1997 were not material.
The Company currently has more than 200 offices in 38 states and five
foreign countries. Domestic operations represent 91% and 90% of revenues for the
three months ended March 31, 1997 and 1996, respectively. Foreign operations
represent 9% and 10% of revenues for the three months ended March 31, 1997 and
1996, respectively.
Gross margin dollars from the Company's temporary services represent
revenues less direct cost of services, which consists of payroll, payroll taxes
and insurance costs for temporary employees. Gross margin dollars from permanent
placement services are equal to revenues as there are no direct costs associated
with such revenues. Gross margin dollars for the Company's temporary services
were $90 million and $61 million for the three months ended March 31, 1997 and
1996, respectively, increasing by 48% in 1997. Gross margin amounts equaled 34%
of revenues for temporary services for both the three months ended March 31,
1997 and 1996, which the Company believes reflects its ability to adjust billing
rates and wage rates to underlying market conditions. Gross margin dollars for
the Company's permanent placement division were $22 million and $16 million for
the three months ended March 31, 1997 and 1996, respectively, increasing by 38%
for the three months ended March 31, 1997.
Selling, general and administrative expenses were $78 million for the three
months ended March 31, 1997 compared to $53 million for the three months ended
March 31, 1996. Selling, general and administrative expenses as a percentage of
revenues were 27% for both for the three months ended March 31, 1997 and 1996.
Selling, general and administrative expenses consist primarily of staff
compensation, advertising and occupancy costs, most of which generally follow
changes in revenues.
The Company allocates the excess of cost over the fair market value of the
net tangible assets first to identifiable intangible assets, if any, and then to
goodwill. Although management believes that goodwill has an unlimited life, the
Company amortizes these costs over 40 years. Management believes that its
strategy of making acquisitions of established companies in established markets
and maintaining its presence in these markets preserves the goodwill for an
indeterminate period. The carrying value of intangible assets is periodically
reviewed by the Company and impairments are recognized when the expected future
operating cash flows derived from such intangible assets is less than their
carrying value. Based upon its most recent analysis, the Company believes that
no material impairment of intangible assets exists at March 31, 1997. Intangible
assets represented 39% of total assets and 53% of total stockholders' equity at
March 31, 1997.
7
<PAGE>
Interest income for the three months ended March 31, 1997 and 1996 was
$949,000 and $544,000, respectively. Interest expense for the three months ended
March 31, 1997 and 1996 was $200,000 and $156,000, respectively. These changes
reflect an increase in cash and cash equivalents and a decrease in outstanding
indebtedness.
The provision for income taxes for both the three months ended March 31,
1997 and 1996 was 41% of income before taxes.
LIQUIDITY AND CAPITAL RESOURCES
The change in the Company's liquidity during the three months ended March
31, 1997 is the net effect of funds generated by operations and the funds used
for the personnel services acquisitions, capital expenditures and principal
payments on outstanding notes payable. For the three months ended March 31,
1997, the Company generated $20 million from operations, used $13 million in
investing activities and generated $948,000 in financing activities.
The Company's working capital at March 31, 1997 included $87.6 million in
cash and cash equivalents. In addition at March 31, 1997, the Company had
available $62.7 million of its $67.5 million bank revolving line of credit. The
Company's working capital requirements consist primarily of the financing of
accounts receivable. While there can be no assurances in this regard, the
Company expects that internally generated cash plus the bank revolving line of
credit will be sufficient to support the working capital needs of the Company,
the Company's fixed payments and other obligations on both a short and long term
basis. As of March 31, 1997, the Company had no material capital commitments.
The Company's revolving bank line has scheduled reductions in availability
through 2001 when the agreement terminates.
The Company has adopted the Financial Accounting Standards Board's Statement
of Financial Accounting Standard ("SFAS") No. 121, "Accounting for Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed of." The adoption of
SFAS No. 121 did not have a material impact upon the Company's financial
statements.
In March 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standard ("SFAS") No. 128, Earnings Per Share. SFAS No. 128
requires the disclosure of basic earnings per share and modifies existing
guidance for computing fully diluted earnings per share. Under the new standard,
basic earnings per share is computed as earnings divided by weighted average
shares, excluding the dilutive effects of stock options and other potentially
dilutive securities. The effective date of SFAS No. 128 is December 15, 1997 and
early adoption is not permitted. The Company intends to adopt SFAS No. 128
during the quarter and year ended December 31, 1997 and does not expect this
pronouncement to have a material impact on Earnings Per Share.
8
<PAGE>
PART II--OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
On January 31, 1997, Tripoli Associates Corporation was acquired by the
registrant for cash and 9,303 treasury shares of Common Stock. This transaction
was exempt from registration under the Securities Act of 1933 pursuant to
Section 4(2) of such act.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits.
<TABLE>
<CAPTION>
EXHIBIT NO. EXHIBIT
- ----------- ----------------------------------------
<C> <S>
11 Computation of Per Share Earnings.
27 Financial Data Schedule.
</TABLE>
(b) The registrant filed no current report on Form 8-K during the quarter
covered by this report.
9
<PAGE>
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.
ROBERT HALF INTERNATIONAL INC.
(Registrant)
/s/ M. KEITH WADDELL
--------------------------------------
M. Keith Waddell
VICE PRESIDENT, CHIEF FINANCIAL
OFFICER AND TREASURER
(PRINCIPAL FINANCIAL OFFICER AND
DULY AUTHORIZED SIGNATORY)
Date: May 7, 1997
10
<PAGE>
Exhibit 11
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
--------------------
1997 1996
--------- ---------
(UNAUDITED)
<S> <C> <C>
Net Income.................................................................................. $ 19,920 $ 13,239
--------- ---------
--------- ---------
Weighted Average Number Of Shares Outstanding:
Primary:
Common stock............................................................................ 60,095 57,988
Common stock equivalents--
Stock options (A)..................................................................... 2,185 2,018
--------- ---------
Primary shares outstanding.............................................................. 62,280 60,006
--------- ---------
--------- ---------
Fully Diluted:
Common stock............................................................................ 60,095 57,988
Common stock equivalents--
Stock options (A)..................................................................... 2,186 2,195
--------- ---------
Fully diluted shares outstanding........................................................ 62,281 60,183
--------- ---------
--------- ---------
Net Income Per Share:
Primary................................................................................... $ .32 $ .22
Fully diluted............................................................................. $ .32 $ .22
</TABLE>
- ------------------------
(A) The treasury stock method was used to determine the weighted average number
of shares of common stock equivalents outstanding during the periods.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND THE
YEAR ENDED DECEMBER 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> YEAR YEAR
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1996
<PERIOD-START> JAN-01-1997 JAN-01-1996
<PERIOD-END> MAR-31-1997 DEC-31-1996
<CASH> 87,618 80,181
<SECURITIES> 0 0
<RECEIVABLES> 146,416 129,399
<ALLOWANCES> 4,473 4,016
<INVENTORY> 0 0
<CURRENT-ASSETS> 243,552 217,748
<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 450,903 416,012
<CURRENT-LIABILITIES> 98,257 86,561
<BONDS> 3,719 5,069
0 0
0 0
<COMMON> 60 60
<OTHER-SE> 332,902 308,385
<TOTAL-LIABILITY-AND-EQUITY> 450,903 416,012
<SALES> 0 0
<TOTAL-REVENUES> 283,023 898,635
<CGS> 0 0
<TOTAL-COSTS> 171,129 545,343
<OTHER-EXPENSES> 1,225 5,405
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> (749) (2,243)
<INCOME-PRETAX> 33,777 103,645
<INCOME-TAX> 13,857 42,543
<INCOME-CONTINUING> 19,920 61,102
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 19,920 61,102
<EPS-PRIMARY> .32 1.00
<EPS-DILUTED> .32 1.00
</TABLE>
