<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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, 1995
-------------------------------------------------
or
[ ] TRANSACTION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
---------------------- -------------------------
Commission File Number: 1-8988
--------------------------------------------------------
ECC International Corp.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 23-1714658
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
175 Strafford Avenue, Wayne, PA 19087-3377
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(610) 687-2600
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
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 twelve 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 at least the past 90 days. [ X ] Yes [ ] No
As of March 31, 1995, there were 7,600,889 shares of the Registrant's
Common Stock, $.10 par value per share, issued and outstanding.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE> 2
<TABLE>
ECC INTERNATIONAL CORP. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
NINE MONTHS ENDED March 31, 1995 AND 1994
(In Thousands Except Share and Per Share Data)
(Unaudited)
<CAPTION>
Nine Months Nine Months
Ended Ended
3/31/95 3/31/94
---------- ----------
<S> <C> <C>
Net Sales $ 72,164 $ 45,991
Cost of Sales 54,995 32,527
---------- ----------
Gross Profit 17,169 13,464
---------- ----------
Expenses:
Selling, General & Administrative 9,193 8,426
Systems Development 880 465
---------- ----------
Total Expenses 10,073 8,891
---------- ----------
Operating Income 7,096 4,573
---------- ----------
Other Income (Expense):
Interest Income 745 324
Interest Expense (1,045) (1,309)
Other - Net (18) (355)
---------- ----------
Total Other Expense (318) (1,340)
---------- ----------
Income Before Income Taxes 6,778 3,233
Provision for Income Taxes 2,382 988
---------- ----------
Net Income $ 4,396 $ 2,245
========== ==========
Earnings Per Common Share and
Common Share Equivalents $ 0.56 $ 0.33
========== ==========
Weighted Average Number of Common Share
and Common Share Equivalents Outstanding 7,912,489 6,722,240
</TABLE>
See accompanying notes to the consolidated financial statements.
<PAGE> 3
<TABLE>
ECC INTERNATIONAL CORP. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
THREE MONTHS ENDED March 31, 1995 AND 1994
(In Thousands Except Share and Per Share Data)
(Unaudited)
<CAPTION>
Three Months Three Months
Ended Ended
3/31/95 3/31/94
---------- ----------
<S> <C> <C>
Net Sales $ 28,832 $ 15,767
Cost of Sales 22,808 10,911
---------- ----------
Gross Profit 6,024 4,856
---------- ----------
Expenses:
Selling, General & Administrative 3,005 2,769
Systems Development 200 103
---------- ----------
Total Expenses 3,205 2,872
--------- ---------
Operating Income 2,819 1,984
---------- ----------
Other Income (Expense):
Interest Income 669 282
Interest Expense (372) (404)
Other - Net 15 (214)
---------- ----------
Total Other Income (Expense) 312 (336)
---------- ----------
Income Before Income Taxes 3,131 1,648
Provision for Income Taxes 1,260 544
---------- ----------
Net Income $ 1,871 $ 1,104
========== ==========
Earnings Per Common Share and
Common Share Equivalents $ 0.24 $ 0.15
========== ==========
Weighted Average Number of Common Share
and Common Share Equivalents Outstanding 7,909,480 6,969,038
</TABLE>
See accompanying notes to the consolidated financial statements.
<PAGE> 4
<TABLE>
ECC INTERNATIONAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands)
<CAPTION>
(Unaudited) (Audited)
3/31/95 6/30/94
------------- -----------
<S> <C> <C>
ASSETS
Current Assets:
Cash $ 2,742 $ 2,600
Accounts Receivable 9,932 3,185
Costs and Estimated Earnings in Excess
of Billings on Uncompleted Contracts 32,768 22,921
Inventories
Raw Material 5,693 4,407
Work in Process 2,441 4,419
Finished Goods 1,191 1,032
Prepaid Expenses and Other 1,633 1,714
------- -------
Total Current Assets 56,400 40,278
Property, Plant and Equipment - Net 23,978 23,117
Other Assets 1,813 1,785
------- -------
Total Assets $82,191 $65,180
======= =======
Continued...
</TABLE>
<PAGE> 5
<TABLE>
ECC INTERNATIONAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Continued)
(In Thousands)
<CAPTION>
(Unaudited) (Audited)
3/31/95 6/30/94
----------- -----------
<S> <C> <C>
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Current Portion of Long-Term Debt $ 2,625 $ 750
Accounts Payable 7,652 3,871
Accrued Compensation 2,848 3,222
Advances on Long-Term Contracts 78 85
Accrued Profit Sharing 1,424 1,264
Other Accrued Expenses 3,745 2,932
------- -------
Total Current Liabilities 18,372 12,124
------- -------
Deferred Income Taxes 1,451 1,635
------- -------
Long-Term Debt 16,707 16,818
------- -------
Commitments and Contingencies
Stockholders' Equity:
Common stock, $.10 par; authorized
20,000,000 shares at 3/31/95 and
6/30/94; reserved for stock options
and other obligations to issue stock,
2,214,485 shares at 3/31/95 and
2,320,688 shares at 6/30/94; issued
and outstanding, 7,600,889 shares
at 3/31/95 and 7,537,385 at 6/30/94 760 754
Preferred stock, $.10 par; authorized
1,000,000 shares at 3/31/95 and at
6/30/94; issued and outstanding, none
at 3/31/95 and 6/30/94 -- --
Capital in Excess of Par 21,336 20,203
Stock Subscription Receivable -- (5,012)
Cumulative Translation Adjustment 81 (27)
Retained Earnings 23,484 19,088
------- -------
45,661 35,006
Treasury Stock, at cost,
(50,000 shares at 6/30/94) -- (403)
------- -------
Total Stockholders' Equity 45,661 34,603
------- -------
Total Liabilities & Stockholders' Equity $82,191 $65,180
======= =======
</TABLE>
See accompanying notes to the consolidated financial statements.
<PAGE> 6
<TABLE>
ECC INTERNATIONAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED
March 31, 1995 AND 1994
(In Thousands)
(Unaudited)
<CAPTION>
Nine Months Nine Months
Ended Ended
3/31/95 3/31/94
------------ -----------
<S> <C> <C>
Cash Flows From Operating Activities:
Net Income $ 4,396 $ 2,245
Items Not Requiring Cash:
Depreciation 2,583 2,340
Deferred Income Taxes (184) (273)
Changes in Certain Assets and Liabilities:
Accounts Receivable (6,747) 4,670
Cost and Estimated Earnings in Excess
of Billings on Uncompleted Contracts (9,847) (2,952)
Inventories 533 (710)
Prepaid Expenses and Other 81 273
Accounts Payable 3,781 (1,046)
Advances on Long-Term Contracts (7) (1,648)
Accrued Expenses 1,706 2,338
------- -------
Net Cash (Used In) Provided By Operating Activities (3,705) 5,237
------- -------
Cash Flows From Investing Activities:
Additions to Property, Plant and Equipment (3,445) (2,063)
Other 80 58
------- -------
Net Cash Used In Investing Activities (3,365) (2,005)
------- -------
Cash Flows From Financing Activities:
Proceeds From Issuance of Common Stock and Options 5,447 985
New Borrowings under Term Loan 9,000 --
New Borrowings under Revolving Credit Facility, Net 10,708 --
Repayment of Long-Term Debt (17,943) (4,000)
------- -------
Net Cash Provided By (Used In) Financing Activities 7,212 (3,015)
------- -------
Net Increase in Cash 142 217
Cash at Beginning of the Period 2,600 988
------- -------
Cash at End of the Period 2,742 1,205
======= =======
Supplemental Disclosure of Cash Flow Information:
Cash Paid During the Year For:
Interest $ 732 $ 1,269
Income Taxes $ 1,839 $ 723
</TABLE>
See accompanying notes to the consolidated financial statements.
<PAGE> 7
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
----------------------------------------------------
1. The accompanying statements are unaudited and have been
prepared by ECC pursuant to the rules and regulations of the
Securities and Exchange Commission. The June 30, 1994 balance
sheet was derived from audited financial statements but does
not include all disclosures required by generally accepted
accounting principles. In the opinion of management such
consolidated financial statements contain all adjustments,
consisting of only normal recurring adjustments, necessary to
present fairly the consolidated financial position, results of
operations and cash flows for the interim periods presented.
The aforementioned consolidated financial statements have been
prepared substantially in conformity with the accounting
principles reflected in the consolidated financial statements
included in the Company's Annual Report on Form 10-K for the
fiscal year ended June 30, 1994.
2. Earnings per share for the nine and three month periods ended
March 31, 1995 and 1994 are based on net income divided by the
weighted average number of common share and common share
equivalents outstanding.
Common stock equivalents (stock options, warrants and Employee
Stock Purchase Plan) are excluded from the calculation of per
share data when their dilutive effect is not material.
3. ECC filed claims for additional costs the Company incurred for
work performed on three "build-to-print" Pop-Up-Target
contracts for the U.S. Army, seeking over $3.0 million, based
on deficient technical packages provided to ECC as conceded by
the Army. The initial claim was filed in June 1986 and was in
litigation before the Armed Services Board of Contract Appeals
since June 1989. During FY 1994, the Board issued a decision
awarding the Company minimal damages on its claim. The
Company appealed the Board's decision to the United States
Court of Appeals for the Federal Circuit, which denied the
Company's appeal during the second quarter of fiscal year
1995. Accordingly, the Company took a one time write off of
costs included in inventory amounting to $994,000 ($634,000
after tax equal to $0.08 per share) in the second quarter of
fiscal year 1995.
4. Effective July 1, 1994, the Company conformed its method of
accounting for S,G&A costs on an interim basis to the method
used for annual reporting purposes, that is, charged to
operations as incurred. The effect of the change for the nine
month period ending March 31, 1995 was to decrease earnings
before taxes by $593,000 or $0.05 per share after taxes. The
effect of the change for the three month period ending March
31, 1995 was to increase earnings before taxes by $138,000 or
$0.01 per share after taxes. The Company previously allocated
S,G&A costs to contracts utilizing an annualized estimated
rate to absorb such costs on an interim basis.
5. Effective July 1, 1994, the Company adopted Statement of
Financial Accounting Standards (SFAS) No. 112 "Employers'
Accounting for Post employment Benefits." SFAS No. 112
requires recognition of the cost of certain benefits paid to
former or inactive employees on an accrual basis and
principally affects the Company's accounting for disability
benefits. The impact of adopting SFAS No. 112 was immaterial.
6. On April 6, 1995 the Company executed an Amendment to its
revolving credit facility providing for a temporary increase
in its line of credit. The Amendment allows the Company to
borrow up to $17 million under the revolving credit portion of
the loan facility. The terms of the amendment require that
borrowings under the temporary line ($6.0 million) be repaid
on, the earlier of, the date of the Company's receipt of a
certain contract delivery payment or September 30, 1995.
Thereafter, the original payment terms of the loan facility
will be in effect.
<PAGE> 8
ECC INTERNATIONAL CORP. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
a) Material Changes in Financial Condition
---------------------------------------
During the nine month period ended March 31, 1995 the
Company's principal sources of cash were proceeds from the new
loan facility, the exercise of stock options, and the
remaining proceeds from the private equity placement. The
principal uses of these funds were to repay the Company's
previous bank debt and to finance the increases in accounts
receivable, costs and estimated earnings in excess of billings
on uncompleted contracts as well as additions to property
plant and equipment.
The increase in accounts receivable of approximately $6.7
million was primarily due to domestic operation progress
payment and delivery billings in late March for which
substantially all payments were received in April 1995.
The increase in costs and estimated earnings in excess of
billings on uncompleted contracts of approximately $9.8
million is the result of continued progress on the Company's
major contracts. Costs and estimated earnings on uncompleted
contracts are expected to increase through the first quarter
of fiscal year 1996, although this increase will be partially
offset by deliveries on certain contracts during the fourth
quarter of fiscal year 1995 and first quarter of fiscal year
1996.
Raw material inventory increased approximately $1.3 million
due to volume production of the bottle vending operation. Raw
material levels have increased in order to support production
capacity and delivery requirements under a bottle vending
contract.
Work in process inventory decreased primarily as a result of
the write-off of the Company's Pop-Up-Target claim as
disclosed in Note 3. In addition, frozen vending units in
process as of June 30, 1994 were completed and sold during the
first and second quarter of fiscal year 1995.
The increase in accounts payable of approximately $3.8 million
is primarily the result of increased material requirements in
the bottle vending operation, as well as, raw material
purchase requirements under one of the Company's major
contracts.
Other accrued expenses increased over June 30, 1994 primarily
due to marketing rep commissions related to the vending
operation as well as withholdings under the Employee Stock
Purchase Plan. In addition, other accrued expenses include
interest payable under the new loan facility. There was no
interest payable at June 30, 1994.
The increase in capital in excess of par is primarily the
result of the purchases of stock under Employee Stock Purchase
Plans, the exercise of employee options, as well as a tax
benefit received from the exercise of employee stock options
under one of the Company's Stock Option Plans. This increase
was offset by the retirement of 50,000 shares of Treasury
Stock during the third quarter of fiscal year 1995.
The Company entered into a new loan facility with a bank on
September 20, 1994 totaling $20 million. The agreement
consists of a $9 million term loan and an $11 million
revolving credit facility. (See Note 6 to the Company's
Annual Report on Form 10-K for fiscal year ended June 30,
1994.) Proceeds from the new loan facility were used to pay
the outstanding balance under the Company's revolving credit
facility with its primary lender on that date.
<PAGE> 9
On April 6, 1995 the Company executed an Amendment to its
revolving credit facility providing for a temporary increase
in its line of credit. The Amendment allows the Company to
borrow up to $17 million under the revolving credit portion of
the loan facility. The terms of the amendment require that
borrowings under the temporary line ($6.0 million) be repaid
on, the earlier of, the date of the Company's receipt of a
certain contract delivery payment or September 30, 1995.
Thereafter, the original payment terms of the loan facility
will be in effect.
Under the original loan agreement, the Company is required to
make principal payments of $375,000 in the third and fourth
quarter of fiscal year 1995 and quarterly principal payments
of $750,000 during fiscal year 1996.
ECC anticipates spending a total of approximately $5.0 million
on capital additions and leasehold improvements during fiscal
year 1995 for the continued expansion of both the vending and
UK operations as well as for the refurbishment of the older
areas of the Orlando facility.
During the third quarter of fiscal year 1995, the Company
entered into a building lease providing 72,520 square feet of
space near the existing Orlando facility. The additional
space will house both the bottle vending and frozen vending
production facilities. The vending operation completed the
transition to the new facility in late March without delays in
production.
Other than as stated above, the Company has no other material
commitments for capital expenditures. Management believes
that with funds received from the private equity placement,
the new loan facility as amended, and projected cash flow, the
Company will have sufficient resources to meet current and
future operating commitments.
<PAGE> 10
b) Material Changes in Results of Operations
-----------------------------------------
Sales increased for the nine and three month periods ended
March 31, 1995 as compared to the same periods ended March 31,
1994. The increase in Sales is primarily the result of
increased volume Company wide, particularly in the vending and
UK operations. The increase in sales volume for the vending
operation is the result of continued production of the bottle
vending machines under a contract procured during the fourth
quarter of fiscal year 1994. The increase in UK operation
sales is the result of continued progress under an existing
contract as well as progress on a $19.5 million contract
received during the first quarter of fiscal year 1995.
Gross margin as a percentage of sales decreased for both the
nine and three month periods ended March 31, 1995 versus the
same periods ended March 31, 1994. The decrease was due to
gross margin adjustments on certain contracts of the domestic
and UK operations. An adjustment was taken to the gross
margin on a cost plus incentive fee contract of the domestic
operation during the third quarter of fiscal year 1995, due to
higher than originally anticipated costs. The additional
costs will be recovered; however, a reduction of the incentive
fee portion of the contract will result, thus reducing the
overall contract gross margin. Higher contract costs than
originally anticipated were also incurred on a contract of the
UK operation during the third quarter of fiscal year 1995, due
to additional training requirements being identified,
resulting in a reduction of the contract gross margin. In
addition, overtime requirements in an effort to meet milestone
deadlines further increased contract costs on this contract.
The write-off of costs associated with the Company's
Pop-Up-Target claim as disclosed in Note 3 further reduced
gross margin for the nine month period ended March 31, 1995.
However, these decreases to gross margin were partially offset
by an improved margin, during the third quarter, in the bottle
vending operations as efficiencies are being gained and
production costs are coming in line with original projections.
Selling, general and administrative expenses for the nine and
three month periods ended March 31, 1995 increased 9.1% and
8.5%, respectively, as compared to the nine and three month
periods ended March 31, 1994. The increase is primarily the
result of marketing rep commissions, technical support costs,
consulting fees and out bound freight costs related to the
vending operation, as well as, an increase in selling, general
and administrative costs of the UK operation. The increases
in vending and UK operation selling, general and
administrative costs were partially offset by a decrease in
bid and proposal costs and legal expenses in the domestic
operation over the same periods last year.
The increase in marketing rep commissions, which is based upon
the amount of bottle vending units sold, reflects that no
bottle vending production occurred during the nine and three
month periods ended March 31, 1994, and therefore, no
commission expense was incurred. Similarly, the increases in
technical support costs, consultant fees and out bound freight
costs reflect that there was limited activity in the vending
operation during the corresponding periods in the prior year.
The increase in selling, general and administrative costs of
the UK operation is the result of higher salaries as well as
an increase in accounting and legal fees primarily associated
with the negotiation of the Company's new debt agreement
during the first quarter of fiscal year 1995 and building
lease during the second quarter of fiscal year 1995.
<PAGE> 11
Systems development expense increased substantially for the
nine and three month periods ended March 31, 1995 versus the
corresponding periods in the prior year. This is a result of
development costs associated with the new frozen vending
machine which will begin mass production in the fourth quarter
of fiscal year 1995.
Interest income increased in both the nine month and three
month periods ended March 31, 1995 versus the corresponding
periods in the prior year. This increase is the result of
interest due the Company based on the IRS look-back method of
accounting for long-term contracts.
Interest expense decreased for the nine month and three month
periods ended March 31, 1995 versus the corresponding periods
in the prior year as a result of the Company's new loan
facility which was negotiated under more favorable terms.
<PAGE> 12
PART II. OTHER INFORMATION
ECC INTERNATIONAL CORP.
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
a. Exhibits
--------
Exhibit 11 - Schedule of Computation of Earnings Per Share
b. Reports on Form 8-K
-------------------
None.
<PAGE> 13
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.
ECC INTERNATIONAL CORP.
Date May 12, 1995 /s/ George W. Murphy
------------------------- ------------------------------
George W. Murphy, President
Date May 12, 1995 /s/ Richard F. Thompson
------------------------- ------------------------------
Richard F. Thompson
Vice President, Finance
<PAGE> 1
<TABLE>
Exhibit 11
SCHEDULE OF COMPUTATION OF EARNINGS PER SHARE
(In Thousands, Except Per Share Data)
(Unaudited)
<CAPTION>
Nine Months Nine Months
Ended Ended
March 31 March 31
1995 1994
<S> <C> <C>
Primary
- -------
Net Income $ 4,396 $ 2,245
========== ==========
Weighted Average Shares Outstanding 7,584,694 6,281,276
Incremental Shares from Assumed
Exercise of Stock Options 327,795 440,964
---------- ----------
Total Shares 7,912,489 6,722,240
========== ==========
Primary Per Share Amounts
- -------------------------
Net Income $ 0.56 $ 0.33
========== ==========
Fully Diluted *
- -------------
Net Income $ 4,396 $ 2,245
========== ==========
Weighted Average Shares Outstanding 7,584,694 6,281,276
Incremental Shares from Assumed
Exercise of Stock Options 298,399 645,594
---------- ----------
Total Shares 7,883,093 6,926,870
========== ==========
Fully Diluted Per Share Amounts
- -------------------------------
Net Income $ 0.56 $ 0.32
========== ==========
<FN>
* Fully diluted earnings per share calculation is presented in accordance
with Regulation S-K item 601(b)(11) although not required by footnote 2
to paragraph 14 of Accounting Principles Board Opinion No. 15 because it
results in dilution of less than 3%.
</TABLE>
<PAGE> 2
<TABLE>
Exhibit 11
SCHEDULE OF COMPUTATION OF EARNINGS PER SHARE
(In Thousands, Except Per Share Data)
(Unaudited)
<CAPTION>
Three Months Three Months
Ended Ended
March 31 March 31
1995 1994
<S> <C> <C>
Primary
- -------
Net Income $ 1,871 $ 1,104
========== ==========
Weighted Average Shares Outstanding 7,630,770 6,428,500
Incremental Shares from Assumed
Exercise of Stock Options 278,710 540,538
---------- ----------
Total Shares 7,909,480 6,969,038
========== ==========
Primary Per Share Amounts
- -------------------------
Net Income $ 0.24 $ 0.15
========== ==========
Fully Diluted *
- -------------
Net Income $ 1,871 $ 1,104
========== ==========
Weighted Average Shares Outstanding 7,630,770 6,428,500
Incremental Shares from Assumed
Exercise of Stock Options 253,850 541,424
---------- ----------
Total Shares 7,884,620 6,969,924
========== ==========
Fully Diluted Per Share Amounts
- -------------------------------
Net Income $ 0.24 $ 0.15
========== ==========
<FN>
* Fully diluted earnings per share calculation is presented in accordance
with Regulation S-K item 601(b)(11) although not required by footnote 2
to paragraph 14 of Accounting Principles Board Opinion No. 15 because
it results in dilution of less than 3%.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS OF ECC INTERNATIONAL, INC. FOR THE
NINE MONTHS ENDED MARCH 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> MAR-31-1995
<EXCHANGE-RATE> 1
<CASH> 2,742
<SECURITIES> 0
<RECEIVABLES> 9,932
<ALLOWANCES> 0
<INVENTORY> 9,325
<CURRENT-ASSETS> 56,400
<PP&E> 50,600
<DEPRECIATION> 26,622
<TOTAL-ASSETS> 82,191
<CURRENT-LIABILITIES> 18,372
<BONDS> 16,707
<COMMON> 760
0
0
<OTHER-SE> 21,417
<TOTAL-LIABILITY-AND-EQUITY> 82,191
<SALES> 72,164
<TOTAL-REVENUES> 72,164
<CGS> 54,995
<TOTAL-COSTS> 54,995
<OTHER-EXPENSES> 10,073
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,045
<INCOME-PRETAX> 6,778
<INCOME-TAX> 2,382
<INCOME-CONTINUING> 4,396
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,396
<EPS-PRIMARY> .56
<EPS-DILUTED> .56
</TABLE>
