FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For quarterly period ended June 30, 1995
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 1-10032
PROVIDENCE ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Rhode Island 05-0389170
(State or other jurisdiction of incorporation (I.R.S. Employer
Identification No.)
100 Weybosset Street, Providence, Rhode Island 02903
(Address of principal executive offices)
(Zip Code)
401-272-9191
Registrant's telephone number, including area code
(Former name, former address and former fiscal year, if changed since
last report)
Indicate by checkmark 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 .
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Common Stock, $1.00 par value; 5,645,845 shares outstanding at
August 14, 1995.
<PAGE>
PROVIDENCE ENERGY CORPORATION
FORM 10-Q
JUNE 30, 1995
PART I: FINANCIAL INFORMATION PAGE
Item 1 Financial Statements
Consolidated Statements of Income for the
three, nine and twelve months ended
June 30, 1995 and 1994 I-1
Consolidated Balance Sheets as of June 30, 1995,
June 30, 1994 and September 30, 1994 I-2
Consolidated Statements of Cash Flows
for the nine months ended June 30, 1995
and 1994 I-3
Consolidated Statements of Capitalization
as of June 30, 1995, June 30, 1994 and
September 30, 1994 I-4
Notes to Consolidated Financial Statements I-5
Item 2 Management's Discussion and Analysis of
Financial Condition and Results of Operations I-7
PART II OTHER INFORMATION
Item 6 Reports on Form 8-K II-1
Signature II-2
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
PROVIDENCE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED JUNE 30
(Unaudited)
(thousands, except per share amounts)
THREE MONTHS
1995 1994
Operating revenues $ 38,157 $ 42,492
Cost of gas sold 21,244 25,942
Operating margin 16,913 16,550
Operating expenses:
Other operation 9,931 10,384
Maintenance 1,136 996
Depreciation and
amortization 2,580 2,394
Taxes -
State gross earnings 1,044 1,164
Local property and
other 1,726 1,699
Federal income (396) (603)
Total operating
expenses 16,021 16,034
Operating income 892 516
Other income, net 303 93
Income before interest
expense 1,195 609
Interest expense:
Long-term debt 1,268 1,277
Other, net 635 376
Interest capitalized (38) (36)
1,865 1,617
Income (loss) after interest
expense (670) (1,008)
Preferred dividends of
subsidiary (174) (174)
Net income (loss) $ (844) $ (1,182)
======== =======
Net income (loss) per
common share $ (.15) $ (.21)
======== ========
Dividends paid per
common share $ .27 $ .27
======== ========
Weighted average common
shares outstanding 5,635.0 5,546.4
======== ========
PAGE I-1
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
PROVIDENCE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED JUNE 30
(Unaudited)
(thousands, except per share amounts)
NINE MONTHS
1995 1994
Operating revenues $153,621 $189,047
Cost of gas sold 84,215 115,884
Operating margin 69,406 73,163
Operating expenses:
Other operation 30,877 34,283
Maintenance 3,192 2,973
Depreciation and
amortization 7,760 7,171
Taxes -
State gross earnings 4,149 5,359
Local property and
other 5,116 5,097
Federal income 4,564 4,580
Total operating
expenses 55,658 59,463
Operating income 13,748 13,700
Other income, net 645 532
Income before interest
expense 14,393 14,232
Interest expense:
Long-term debt 3,819 3,688
Other, net 1,849 1,092
Interest capitalized (108) (111)
5,560 4,669
Income (loss) after interest
expense 8,833 9,563
Preferred dividends of
subsidiary (522) (522)
Net income (loss) $ 8,311 $ 9,041
======== ========
Net income (loss) per
common share $ 1.48 $ 1.64
======== ========
Dividends paid per
common share $ .81 $ .79
======== ========
Weighted average common
shares outstanding 5,613.2 5,522.1
======== ========
PAGE I-1<PAGE>
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
PROVIDENCE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED JUNE 30
(Unaudited)
(thousands, except per share amounts)
TWELVE MONTHS
1995 1994
Operating revenues $187,380 $222,280
Cost of gas sold 103,435 138,321
Operating margin 83,945 83,959
Operating expenses:
Other operation 39,005 43,754
Maintenance 4,047 3,894
Depreciation and
amortization 10,210 9,422
Taxes -
State gross earnings 5,118 6,326
Local property and
other 6,233 6,607
Federal income 4,445 2,614
Total operating
expenses 69,058 72,617
Operating income 14,887 11,342
Other income, net 306 650
Income before interest
expense 15,193 11,992
Interest expense:
Long-term debt 5,118 4,967
Other, net 2,169 1,370
Interest capitalized (146) (146)
7,138 6,191
Income after interest
expense 8,055 5,801
Preferred dividends of
subsidiary (696) (696)
Net income $ 7,359 $ 5,105
======== ========
Net income per
common share $ 1.31 $ .93
======== ========
Dividends paid per
common share $ 1.08 $ 1.05
======== ========
Weighted average common
shares outstanding 5,602.4 5,474.3
======== ========
PAGE I-1
<PAGE>
PROVIDENCE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Thousands)
(Unaudited)
June 30, June 30, September 30,
1995 1994 1994
ASSETS
Gas plant, at original cost $252,566 $232,779 $239,830
Less - accumulated depreciation and
utility plant acquisition
adjustments 87,584 78,951 80,733
164,982 153,828 159,097
Nonutility property, net 1,974 2,054 2,033
Current assets:
Cash and temporary cash investments 1,581 3,393 1,145
Accounts receivable and unbilled revenue,
less allowance of $3,636 at 6/30/95, $5,048
at 6/30/94 and $3,008 at 9/30/94 24,436 30,974 20,787
Deferred gas costs -- 9,757 15,819
Inventories, at average cost -
Liquefied natural gas, propane and under-
ground storage 7,179 8,377 11,255
Materials and supplies 1,504 2,529 1,679
Prepaid and refundable taxes 6,155 4,656 4,030
Prepayments 751 630 1,499
41,606 60,316 56,214
Deferred charges and other assets 16,557 15,534 15,967
Total assets $225,119 $231,732 $233,311
======== ======== ========
CAPITALIZATION AND LIABILITIES
Capitalization $148,256 $147,464 $145,235
Current liabilities:
Notes payable 10,700 18,200 27,700
Current portion of long-term debt 1,875 2,080 2,085
Accounts payable 15,971 21,059 18,324
Accrued taxes 8,758 7,522 6,224
Accrued vacation 1,918 2,032 1,584
Customer deposits 3,822 3,544 3,580
Refundable gas costs 5,373 -- --
Other 2,924 3,530 3,136
51,341 57,967 62,633
Deferred credits and reserves:
Accumulated deferred Federal income taxes 16,756 15,482 15,506
Unamortized investment tax credits 2,732 2,890 2,851
Other 6,034 7,929 7,086
25,522 26,301 25,443
Total capitalization and liabilities $225,119 $231,732 $233,311
======== ======== ========
PAGE I-2
<PAGE>
PROVIDENCE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED JUNE 30
(Unaudited)
1995 1994
(thousands)
Cash provided by (used for)
Operations:
Income after interest expense $ 8,833 $ 9,563
Items not requiring cash -
Depreciation and amortization 7,807 7,217
Deferred Federal income taxes 971 700
Amortization of investment tax credits (119) (120)
Change in assets and liabilities
which provided (used) cash:
Accounts receivable and unbilled revenue (3,649) (10,882)
Refundable gas costs 21,192 10,396
Inventories 4,251 2,338
Prepaid and refundable taxes (2,125) 1,495
Prepayments 748 280
Accounts payable (2,353) (1,259)
Accrued taxes 2,534 1,945
Accrued vacation, customer deposits
and other 364 1,043
Net cash provided by operations 38,454 22,716
Investment Activities:
Expenditures for property, plant
and equipment (12,763) (11,505)
Deferred charges and other (2,233) 343
Total (14,996) (11,162)
Financing Activities:
Issuance of common stock 948 1,208
Issuance of mortgage bonds -- 16,000
(Decrease) in long-term debt (1,910) (347)
(Decrease) in notes payable (17,000) (21,600)
Cash dividends on preferred shares (522) (522)
Cash dividends on common shares (4,538) (4,355)
Total (23,022) (9,616)
Increase in cash and temporary
cash investments 436 1,938
Cash and cash equivalents at beginning
of period 1,145 1,455
Cash and cash equivalents at end of period $ 1,581 $ 3,393
======== ========
Supplemental disclosures of cash flow information:
Cash paid year-to-date for -
Interest (net of amount capitalized) $ 2,916 $ 4,164
Income taxes (net of refunds) $ 1,385 $ 2,307
PAGE I-3
<PAGE>
PROVIDENCE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CAPITALIZATION
(THOUSANDS)
(Unaudited)
June 30, June 30, September 30,
1995 1994 1994
Common stock equity:
Common stock, $1 par
Authorized - 20,000 shares
Outstanding - 5,646 at 6/30/95
5,560 at 6/30/94
5,581 at 9/30/94 $ 5,646 $ 5,560 $ 5,581
Amount paid in excess of par 53,925 52,716 53,042
Retained earnings 22,306 20,986 18,533
Total common stock equity 81,877 79,262 77,156
Cumulative preferred stock of subsidiary:
The Providence Gas Company -
Redeemable 8.7% Series, $100 par
Authorized - 80 shares
Outstanding - 80 shares as of
6/30/95, 6/30/94 and
9/30/94 8,000 8,000 8,000
Long-term debt:
First mortgage bonds 59,400 61,000 61,000
Capital leases 854 1,282 1,164
Total long-term debt 60,254 62,282 62,164
Less: current portion 1,875 2,080 2,085
Long-term debt, net 58,379 60,202 60,079
Total capitalization $148,256 $147,464 $145,235
======== ======== ========
PAGE I-4
<PAGE>
PROVIDENCE ENERGY CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Accounting Policies
It is the Registrant's opinion that the consolidated financial information
contained in this report reflects all normal, recurring adjustments necessary
to provide a fair statement of the results for the periods reported; however,
such results are not necessarily indicative of results to be expected for the
year, due to the seasonal nature of the Registrant's operations. Certain
information and footnote disclosures normally included in the consolidated
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted in this Form 10-Q pursuant to the
rules and regulations of the Securities and Exchange Commission. However,
the disclosures herein when read with the annual report for 1994 filed on
Form 10-K are adequate to make the information presented not misleading.
Reclassification
Certain amounts included in prior year balance sheets have been
reclassified for consistent presentation with the current period.
Environmental Matters
Federal, state and local laws and regulations establishing standards
and requirements for the protection of the environment have increased in
number and in scope within recent years. The Registrant cannot predict
the future impact of such standards and requirements which are subject
to change and can take effect retroactively. The Registrant continues
to monitor the status of these laws and regulations. Such monitoring
involves the review of past activities and current operations. To
the best of its knowledge, subject to the following paragraph, the
Registrant believes it is in substantial compliance with such laws
and regulations. However, should future costs be incurred, related
to the items mentioned below, the Registrant anticipates recovery from
third parties or through rates.
The Registrant is aware of three sites at which it may incur costs
for environmental investigation and possible clean-up. The Registrant
has been designated as a "potentially responsible party" ("PRP") under
the Comprehensive Environmental Response Compensation and Liability Act
of 1980 ("CERCLA") at two sites at Plympton, Massachusetts on which waste
material is alleged to have been deposited by disposal contractors employed
in the past either directly or indirectly by the Registrant and other PRP's.
With respect to one of the Plympton sites, the Registrant expects to join
with other PRP's in entering into an Administrative Consent Order ("ACO")
with the Massachusetts Department of Environmental Protection. Under the
proposed ACO, the costs to be borne by the Registrant, pursuant to the ACO,
are not anticipated to be material to the financial condition of the Registrant.
As of June 30, 1995, the Registrant had spent approximately $400,000
in connection with the investigation and clean-up of the third site,
located in Providence, RI.
Management anticipates requesting rate relief for all costs related to
the environmental matters for these three sites and therefore believes that
the ultimate resolution of these matters will not have a materially adverse
affect on the financial condition of the Registrant.
PAGE I-5
FERC Order 636
Federal Energy Regulatory Commission (FERC) Order 636 and other
related orders (the Orders) have significantly changed the structure and
types of services offered by pipeline transportation companies. The most
significant components of the restructuring occurred in November 1993. In
response to these changes, the Registrant has successfully negotiated new
pipeline transportation and gas storage contracts.
At the same time, a number of contracts with gas suppliers have been
negotiated to complement the transportation and storage contracts. The
portfolio of supply contracts is designed to be market responsive and is
diversified with respect to contract lengths, source location, and other
contract terms. On a periodic basis, the Registrant reviews all of its
contracts to ensure a diverse, secure, flexible and economical supply
portfolio is maintained.
To meet the requirements of the Orders, the pipelines have incurred
significant costs, collectively known as transition costs. The majority
of these costs will be reimbursed by the pipeline customers, including the
Registrant. Based upon current information, the Registrant anticipates its
transition costs to total between $16 million and $19 million of which
$8.3 million has been included in the Cost of Gas Adjustment clause (CGA)
and is currently being collected from customers. The remaining minimum
obligation of $7.7 million has been recorded in the accompanying consolidated
balance sheets along with a regulatory asset anticipating future recovery
through the CGA.
The Registrant's ultimate liability may differ from the above estimates
based on FERC settlements with the Registrant's pipeline transportation
suppliers. FERC has approved settlements with two of its pipelines, which
account for the bulk of its transition costs. Negotiations are continuing
on the two additional pipelines, but recent developments have considerably
reduced the uncertainty surrounding the two remaining pipelines. Therefore,
the Registrant believes that its current range for transition costs is
appropriate.
PAGE I-6
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Registrant's current operating revenues have decreased over the
comparable fiscal periods last year. Operating margin increased in the current
quarter, but fell in comparison to the current nine and twelve month periods.
Net income increased both in the current quarter and the twelve month period,
yet decreased compared to the equivalent nine month period last year.
THREE MONTHS NINE MONTHS TWELVE MONTHS
ENDED JUNE ENDED JUNE ENDED JUNE
1995 1994 1995 1994 1995 1994
(000's)
Operating revenues $38,157 $42,492 $153,621 $189,047 $187,380 $222,280
================ ================== ==================
Operating margin $16,913 $16,550 $ 69,406 $ 73,163 $ 83,945 $ 83,959
================ ================== ==================
Net income (loss) $ (844) $(1,182) $ 8,311 $ 9,041 $ 7,359 $ 5,105
================ ================== ==================
Operating Revenues and Operating Margin
In all periods, the significant decrease in operating revenues is directly
attributed to weather and to a lower cost of gas adjustment factor.
In the nine month period, the Registrant has experienced unseasonably warm
weather resulting in temperatures averaging 15.0 percent warmer than last year.
This represents a $5.1 million loss in margin from heating load. The loss of
margin due to this year's warmer weather versus last year's colder weather
equates to a loss of about 60 cents per share, net of tax. On a normalized
basis, weather for the nine months ended averaged 10.7 percent warmer equating
to a loss of about 45 cents per share, net of tax.
The warmer than normal weather would have affected earnings more
dramatically in prior years. However, a new rate structure effective
October 15, 1993,
implementing a declining block rate structure, a seasonal gas cost accounting
method, and an increased customer charge, has reduced the Registrant's margin
sensitivity to weather by approximately 40 to 50 percent.
The net average number of customers for the twelve month period has
increased approximately 1.0 percent. New housing construction and customer
conversions from other energy sources have attributed to this increase, but
offset by shut-offs for non-payments and housing vacancies due to a
stagnant economy.
Operating and Maintenance Expenses
Operating and maintenance expenses have remained relatively flat in the
quarter, but decreased $3.2 million or 8.6 percent for the nine month period
and $4.6 million or 9.6 percent for the twelve months ended. These decreases
are due to a lower uncollectible revenue provision resulting from the decrease
in operating revenue and the stabilization of the Registrant's collection of
accounts receivable. The remainder of the decrease is primarily attributable
to a reduction in labor and related expenses. The restructuring initiative that
occurred at ProvGas in June, 1994, and the impact of efficiency reviews as part
of the continuous improvement programs (CIP), have also contributed to the
PAGE I-7
reduction in labor expenses. However, the Registrant has recently filled many
of the staff positions vacated as a result of the restructuring. These
additional labor and related expenses combined with normal expenses planned
for the fourth quarter of the fiscal year are anticipated to offset a portion
of the decrease in operating and maintenance expenses experienced in
the nine months ended.
Taxes
Taxes for the quarter and twelve month period remained relatively flat,
while decreasing $1.2 million or 8.0 percent in the current nine month period.
This was mainly due to a reduction in Federal income taxes as a result of lower
pretax income and a reduction in the state gross earnings tax as a result of
lower operating revenues from warmer than normal weather.
Interest Expense
Interest expense increased $248,000 or 15.3 percent, $891,000 or 19.1
percent and $947,000 or 15.3 percent in the three, nine and twelve month
periods, respectively. An increase in short-term interest rates offset by
a slight decrease in weighted average short-term borrowings caused short-term
interest expense to increase. The Registrant's long-term interest expense
for the nine and twelve month periods has increased slightly as a result
of the Series Q First Mortgage Bond issuance in November, 1993.
Future Outlook
In August 1995, the Registrant and Catex Vitol Gas formed a strategic
business alliance to jointly market natural gas and other energy services.
This agreement is the first such business alliance for both companies.
Catex Vitol will contribute its experience in gas acquisition and
transportation and its expertise in financial energy services. With
this alliance, the Registrant's customers will have greater access to
energy products and services.
LIQUIDITY AND CAPITAL RESOURCES
The Registrant meets seasonal cash requirements and finances its capital
expenditures program on an interim basis through short-term borrowings. The
Registrant's short term borrowing requirements have decreased in the current
period as compared to last year primarily as a result of the lower accounts
receivable balance at June 30, 1995. This decrease is the result of the warmer
than normal weather and increased collection efforts. As a result, the
Registrant has lowered its current need to borrow from financial institutions.
The Registrant experienced an increase in its net cash provided by
operations during the latest nine months as compared to last year. The
primary reason for the increase was due to the collection of gas costs
from the undercollection that existed in 1994. The increase in cash
has also allowed the Registrant to decrease its line of credit borrowings.
Capital expenditures for the latest fiscal year-to-date period were
$12.8 million as compared to $11.5 million last year. The increase in
capital expenditures was for electronic meter reading equipment associated
with the Registrant's Automated Meter Reading initiative. Total anticipated
capital expenditures for the next three years are expected to total between
$50 million to $60 million.
On October 3, 1991, the Massachusetts Department of Public Utilities
(MDPU) approved a settlement order reached between the Massachusetts Attorney
PAGE I-8
General's Office and North Attleboro Gas Company. Due to the magnitude of
the award (32 percent), the MDPU ordered North Attleboro Gas to phase-in the
award over a five year period effective November 1, 1991. As a result,
North Attleboro phased-in an annual revenue increase of $141,137 on
November 1, 1994. The final revenue increase of $94,445 will be
phased-in on November 1, 1995.
In February 1995, the Registrant's subsidiary, ProvGas, filed
for rate relief requesting an approximate 8 percent general rate
increase. If the requested rate relief is granted in its entirety,
ProvGas' annual operating revenues are expected to increase by
$14.9 million under normal weather conditions. However, there
is no assurance that all or any portion of the requested relief
will be granted. A decision from the Rhode Island Public
Utilities Commission on the rate request is not expected until
November 1995. The major issues contributing to the rate
request are an increase in depreciation due to capital
spending, an increase in working capital needs and an increase
in capital expenditures.
In November 1993, ProvGas received proceeds of $16 million
related to an issuance of First Mortgage Bonds, Series Q (5.62%).
The net proceeds received from the issuance were used to pay down
short-term debt. Short-term debt was used earlier to call
long-term debt bearing a higher interest rate. The previous
issuances called were First Mortgage Bonds, Series L (8.85%)
and the Series II Senior Debentures (8.50%).
The Registrant is currently contemplating an issuance of
debt within the next 6 months.
PAGE I-9
<PAGE>
PART II. OTHER INFORMATION
REPORTS ON FORM 8-K
Item 6(b).
No reports on Form 8-K were filed during the quarter for which
this report is filed.
PAGE II-1
PROVIDENCE ENERGY CORPORATION
It is the opinion of management that the financial information contained in
this report reflects all adjustments necessary to a fair statement of results
for the period reported, but such results are not necessarily indicative of
results to be expected for the year, due to the seasonal nature of the
Registrant's gas operations. All accounting policies and practices
have been applied in a manner consistent with prior periods.
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 author-
ized.
Providence Energy Corporation
(Registrant)
BY:
GARY S. GILLHEENEY
Vice President, Financial
and Information Services,
Treasurer and Assistant Secretary
Date: August 14, 1995
PAGE II-2
PROVIDENCE ENERGY CORPORATION
It is the opinion of management that the financial information contained
in this report reflects all adjustments necessary to a fair statement
of results for the period reported, but such results are not necessarily
indicative of results to be expected for the year, due to the seasonal
nature of the Registrant's gas operations. All accounting policies and
practices have been applied in a manner consistent with prior periods.
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 author-
ized.
Providence Energy Corporation
(Registrant)
BY:/s/Gary S. Gillheeney
GARY S. GILLHEENEY
Vice President, Financial
and Information Services,
Treasurer and Assistant Secretary
Date: August 14, 1995
PAGE II-2
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> JUN-30-1995
<CASH> 1,581
<SECURITIES> 0
<RECEIVABLES> 24,436
<ALLOWANCES> 3,636
<INVENTORY> 8,683
<CURRENT-ASSETS> 41,606
<PP&E> 252,566
<DEPRECIATION> 87,584
<TOTAL-ASSETS> 225,119
<CURRENT-LIABILITIES> 51,341
<BONDS> 59,400
<COMMON> 81,877
0
8,000
<OTHER-SE> 2,729
<TOTAL-LIABILITY-AND-EQUITY> 225,119
<SALES> 153,621
<TOTAL-REVENUES> 153,621
<CGS> 84,215
<TOTAL-COSTS> 84,215
<OTHER-EXPENSES> 55,658
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,560
<INCOME-PRETAX> 13,397
<INCOME-TAX> 4,564
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,311
<EPS-PRIMARY> 1.48
<EPS-DILUTED> 0
</TABLE>
