<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 10-Q
Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For 39 Weeks Ended: October 28, 1993 Commission File Number: 1-6187
ALBERTSON'S, INC.
______________________________________________________
(Exact name of Registrant as specified in its charter)
Delaware 82-0184434
_______________________________ ___________________________________
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
250 Parkcenter Blvd., P.O. Box 20, Boise, Idaho 83726
_______________________________________________ __________
(Address) (Zip Code)
Registrant's telephone number, including area code: (208) 385-6200
______________
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
_____ _____
Number of Registrant's $1.00 par value
common shares outstanding at December 2, 1993: 253,325,136
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
ALBERTSON'S, INC.
CONSOLIDATED EARNINGS
(in thousands except per share data)
(unaudited)
<CAPTION>
13 WEEKS ENDED 39 WEEKS ENDED
________________________ ________________________
October 28, October 29, October 28, October 29,
1993 1992 1993 1992
____________ ___________ ____________ ___________
<S> <C> <C> <C> <C>
Sales $2,733,773 $2,585,137 $8,221,648 $7,486,188
Cost of sales 2,065,716 1,962,668 6,219,527 5,707,868
__________ __________ __________ __________
Gross profit 668,057 622,469 2,002,121 1,778,320
Operating and administrative
expenses 528,368 499,574 1,594,765 1,475,520
__________ __________ __________ __________
Operating profit 139,689 122,895 407,356 302,800
Other (expenses) income:
Interest, net (4,579) (11,314) (34,037) (31,563)
Other, net (220) 2,174 2,353 4,022
Nonrecurring charge (29,900) (29,900)
__________ __________ __________ __________
Earnings before income taxes
and cumulative effects of
accounting changes 104,990 113,755 345,772 275,259
Income taxes 42,278 42,260 133,053 104,891
__________ __________ __________ __________
Earnings before cumulative
effects of accounting changes 62,712 71,495 212,719 170,368
Cumulative effects of
accounting changes:
Postretirement health care
benefits (4,093)
Accounting for income taxes (2,765)
__________ __________ __________ __________
NET EARNINGS $ 62,712 $ 71,495 $ 212,719 $ 163,510
Earnings per share before
cumulative effects of
accounting changes $ .25 $ .27 $ .84 $ .64
Cumulative effects of accounting
changes:
Postretirement health care
benefits (.01)
Accounting for income taxes (.01)
__________ __________ __________ __________
EARNINGS PER SHARE $ .25 $ .27 $ .84 $ .62
DIVIDENDS DECLARED PER SHARE $ .09 $ .08 $ .27 $ .24
Average number of shares
outstanding 253,218 264,466 254,542 264,359
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE>
<TABLE>
ALBERTSON'S, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
<CAPTION>
October 28, 1993 January 28,
(unaudited) 1993
________________ ____________
ASSETS
______
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 43,279 $ 39,541
Accounts and notes receivable 125,162 90,945
Inventories 832,361 830,086
Prepaid expenses 18,663 12,943
Deferred income tax benefits 52,329 39,948
__________ __________
TOTAL CURRENT ASSETS 1,071,794 1,013,463
OTHER ASSETS 88,738 87,091
LAND, BUILDINGS AND EQUIPMENT 2,995,442 2,727,270
Less accumulated depreciation and amortization 990,549 882,251
__________ __________
2,004,893 1,845,019
__________ __________
$3,165,425 $2,945,573
LIABILITIES AND STOCKHOLDERS' EQUITY
____________________________________
CURRENT LIABILITIES:
Accounts payable $ 559,222 $ 518,614
Notes payable 5,000
Salaries and related liabilities 98,550 95,820
Taxes other than income taxes 57,201 41,522
Income taxes 354 29,592
Self-insurance 51,118 51,870
Unearned income 13,911 15,567
Other current liabilities 38,019 26,033
Current maturities of long-term debt 75,788 25,757
Current portion of capitalized lease obligations 6,225 6,044
__________ _________
TOTAL CURRENT LIABILITIES 900,388 815,819
LONG-TERM DEBT 627,891 404,476
CAPITALIZED LEASE OBLIGATIONS 106,795 103,764
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS:
Deferred income taxes 30,812 20,763
Unearned income 10,870 15,794
Other 204,796 196,529
__________ _________
246,478 233,086
STOCKHOLDERS' EQUITY:
Preferred stock - $1 par value; authorized -
10,000,000 shares; issued - none
Common stock - $1 par value; authorized -
600,000,000 shares; issued - 253,301,736
shares and 132,329,428 shares, respectively 253,302 132,330
Capital in excess of par value 872 4,909
Retained earnings 1,029,699 1,251,189
__________ __________
1,283,873 1,388,428
__________ __________
$3,165,425 $2,945,573
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE>
<TABLE>
ALBERTSON'S, INC.
CONSOLIDATED CASH FLOWS
(in thousands)
(unaudited)
<CAPTION>
39 WEEKS ENDED
______________________________
October 28, October 29,
1993 1992
_____________ _____________
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 212,719 $ 163,510
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation and amortization 143,695 125,754
Net deferred income taxes (2,332) 635
Cumulative effects of accounting changes 6,858
Changes in operating assets and liabilities,
net of acquisition (829) 38,402
__________ __________
Net cash provided by operating activities 353,253 335,159
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of business, net of cash acquired (428,860)
Net capital expenditures excluding
non-cash activities (295,247) (250,484)
Increase in other assets (1,647) (8,744)
__________ __________
Net cash used in investing activities (296,894) (688,088)
CASH FLOWS FROM FINANCING ACTIVITIES:
Line of credit activity, net (5,000)
Proceeds from long-term borrowings 252,075 443,000
Payments on long-term borrowings (30,216) (40,060)
Commercial paper activity, net 47,122 42,000
Proceeds from stock options exercised 3,133 2,952
Purchase of treasury shares (517,526)
Net proceeds from issuance of treasury shares 264,527
Cash dividends (66,736) (60,793)
__________ __________
Net cash provided by (used in)
financing activities (52,621) 387,099
__________ __________
NET INCREASE IN CASH AND CASH EQUIVALENTS 3,738 34,170
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 39,541 34,404
__________ __________
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 43,279 $ 68,574
NON-CASH ACTIVITIES:
Liabilities assumed in connection with
acquisition $ 12,385
Capital lease obligations incurred $ 7,900 10,170
Other 730
CASH PAYMENTS FOR:
Income taxes 163,351 107,803
Interest, net of amounts capitalized 26,652 14,729
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE>
ALBERTSON'S, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Basis of Presentation
_____________________
The accompanying unaudited consolidated financial statements
include the results of operations, account balances and cash flows of
the Company and its wholly-owned subsidiaries. All material
intercompany balances have been eliminated.
In the opinion of management, the accompanying unaudited
consolidated financial statements include all adjustments necessary to
present fairly, in all material respects, the results of operations of
the Company for the periods presented. The statements have been
prepared by the Company pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures included in annual financial statements prepared in
accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations. It is
suggested that these consolidated financial statements be read in
conjunction with the consolidated financial statements and the
accompanying notes included in the Company's 1992 Annual Report.
The balance sheet at January 28, 1993 has been taken from the
audited financial statements at that date.
Reclassifications
_________________
Certain reclassifications have been made in the prior year to
conform to classifications used in the current year.
Capital Stock
_____________
On August 30, 1993, the Board of Directors approved a two-for-
one stock split, effected in the form of a 100% stock dividend payable
to stockholders of record at the close of business on September 17, 1993
and distributed on October 4, 1993. Average shares outstanding and per
share data have been retroactively adjusted to reflect the split.
On March 10, 1993, pursuant to a 1979 agreement, the Company
purchased 21,976,320 shares (as adjusted for the two-for-one stock split
distributed on October 4, 1993) of its common stock from the estate of
J. A. Albertson, the Company's founder, at a cost of $517.5 million or
$23.55 per share. This purchase was financed through the reissuance of
10,400,000 shares (as adjusted for the two-for-one stock split
distributed on October 4, 1993) of Albertson's stock at $26.25 per
share, netting $264.5 million, and the issuance of $252.1 million in
medium-term notes. The remaining 11,576,320 shares (as adjusted for the
two-for-one stock split distributed on October 4, 1993) were retired at
a net cost to the Company of $21.85 per share.
<PAGE>
Long-Term Debt
______________
In connection with the stock purchase discussed above, the
Company issued $252,075,000 of medium-term notes, interest payable
semiannually. This debt consists of the following (in thousands):
Unsecured medium-term notes due March 1996 (4.86% interest) $77,000
Unsecured medium-term notes due March 1998 (5.68% interest) 85,425
Unsecured medium-term notes due March 2000 (6.14% interest) 89,650
Nonrecurring Charge
___________________
A $29.9 million nonrecurring charge was recorded during the 13
weeks ended October 28, 1993 to cover a $29.5 million settlement of the
Babbitt v. Albertson's lawsuit, an employment discrimination class
action lawsuit filed in 1992. The nonrecurring charge covers the full
cost of the settlement including compliance with the consent decree and
plaintiffs' attorney fees, as well as all expenses associated with its
implementation. This nonrecurring charge does not reflect possible
recovery from insurance coverage, which the Company is pursuing in
litigation against several carriers. The Company expects to recover a
portion of the overall settlement from its insurance carriers, although
any recovery amount is indeterminate at this time.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations
_____________________
Results for the quarter:
Sales for the 13 weeks ended October 28, 1993 increased by
$148,636,000 (5.7%) over sales for the 13 weeks ended October 29, 1992.
Identical store sales, sales in stores that have been in operation for
the full 13 week periods of both years, increased 2.9%. Identical store
sales continued to increase through higher average ticket sales per
customer. During the quarter nine stores were opened, eight stores were
closed, and ten store remodels were completed.
The following table sets forth certain income statement
components expressed as a percent to sales and the year-to-year
percentage changes in the amounts of such components.
Percent to sales Percentage incr. (decr.)
___________________ _________________________
13 weeks ended Third Quarter
___________________ _________________________
10-28-93 10-29-92 1993/1992 1992/1991
________ ________ ___________ __________
Sales 100.00% 100.00% 5.7% 21.4%
Gross profit 24.44 24.08 7.3 22.2
Operating and
administrative
expenses 19.33 19.32 5.8 20.0
Operating profit 5.11 4.75 13.7 32.1
Interest expense,
net 0.17 0.44 (59.5) 112.5
Nonrecurring charge 1.09 N/A
Earnings before
income taxes 3.84 4.40 (7.7) 21.4
Net earnings 2.29 2.77 (12.3) 20.1
Gross profit, as a percent to sales, increased due primarily
to increased utilization of the Company's distribution system.
Utilization of the Company's distribution system has enabled the Company
to better control product costs and product distribution. There was no
LIFO charge for the 13 weeks ended October 28, 1993 as compared to a
pre-tax LIFO charge of $2.4 million (0.09% to sales) for the 13 weeks
ended October 29, 1992.
Interest expense, net for the 13 weeks ended October 28, 1993
included a reduction of approximately $9.7 million due to the successful
resolution of a tax issue for which interest expense had previously been
accrued. Excluding this adjustment, interest expense, net would have
increased over the prior year's third quarter as a result of borrowings
associated with the Company's purchase of its common stock from the
estate of J. A. Albertson on March 10, 1993.
<PAGE>
A $29.9 million nonrecurring charge was recorded during the 13
weeks ended October 28, 1993 to cover a $29.5 million settlement of the
Babbitt v. Albertson's lawsuit, an employment discrimination class
action lawsuit filed in 1992. The nonrecurring charge covers the full
cost of the settlement including compliance with the consent decree and
plaintiffs' attorney fees, as well as all expenses associated with its
implementation. This nonrecurring charge does not reflect possible
recovery from insurance coverage, which the Company is pursuing in
litigation against several carriers. The Company expects to recover a
portion of the overall settlement from its insurance carriers, although
any recovery amount is indeterminate at this time.
The Revenue Reconciliation Act of 1993, signed into law on
August 10, 1993, increased the Company's Federal tax rate retroactively
to January 1, 1993. Income tax expense for the 13 weeks ended
October 28,1993 included a charge of approximately $1.9 million for the
retroactive adjustment from January 1, 1993 to July 29, 1993. The
effective tax rate for the fiscal year ending February 3, 1994 is
expected to be 38.5% compared to 37.8% for the 1992 fiscal year.
Year-to-date results:
Sales for the 39 weeks ended October 28, 1993 increased by
$735,460,000 (9.8%) over sales for the 39 weeks ended October 29, 1992.
A substantial portion of the increase was due to sales contributed from
Jewel Osco stores acquired on April 13, 1992, and improved identical
store sales. Identical store sales, sales in stores that have been in
operation for the full 39 week periods of both years, increased 3.2%.
Identical store sales continued to increase through higher average
ticket sales per customer. During the 39 weeks 17 stores were opened,
18 stores were closed and 31 store remodels were completed.
The following table sets forth certain income statement
components expressed as a percent to sales and the year-to-year
percentage changes in the amounts of such components.
Percent to sales Percentage incr. (decr.)
___________________ _________________________
39 weeks ended Year-to-date
___________________ _________________________
10-28-93 10-29-92 1993/1992 1992/1991
________ ________ ___________ __________
Sales 100.00% 100.00% 9.8% 15.5%
Gross profit 24.35 23.75 12.6 16.3
Operating and
administrative
expenses 19.40 19.71 8.1 18.5
Operating profit 4.95 4.04 34.5 7.1
Interest expense,
net 0.41 0.42 7.8 95.5
Nonrecurring charge .36 N/A
Earnings before income
taxes and cumulative
effects of accounting
changes 4.21 3.68 25.6 (1.2)
Net earnings 2.59 2.18 30.1 (7.5)
<PAGE>
Gross profit, as a percent to sales, increased due primarily
to expansion and increased utilization of the Company's distribution
system. Utilization of the Company's distribution system has enabled
the Company to better control product costs and product distribution.
The pre-tax LIFO charge reduced gross profit by $21.6 million (0.26% to
sales) for the 39 weeks ended October 28, 1993 and $21.3 million (0.28%
to sales) for the 39 weeks ended October 29, 1992.
Operating and administrative expenses for the 39 weeks ended
October 29, 1992 included certain one-time costs primarily associated
with the Jewel Osco Acquisition. The Company continues to emphasize its
cost containment programs as well as increased productivity in an effort
to reduce operating expenses as a percent to sales.
Net earnings for the 39 weeks ended October 28, 1993 included
certain adjustments associated with the Babbitt lawsuit settlement and
the decrease in interest expense due primarily to the resolution of a
tax issue. Net earnings for the 39 weeks ended October 29, 1992 were
reduced by approximately $37.8 million for certain one-time costs
primarily associated with the Jewel Osco Acquisition and accounting
changes, all of which were recorded in the first quarter of 1992. The
following comparisons exclude those adjustments:
- Gross margin increased to 24.35% from 24.05%
- Operating and administrative expenses, as a percent to sales,
decreased to 19.40% from 19.41%
- Operating profit increased 18.2% to $407.4 million from $344.6
million.
- Net earnings increased 11.8% to $225.2 million from $201.4 million.
- Net earnings, as a percent to sales, increased to 2.74% from 2.71%.
- Earnings per share increased 15.8% to $.88 from $.76.
In November 1992, the Financial Accounting Standards Board
issued SFAS No. 112, "Employers' Accounting for Postemployment
Benefits." This new statement is effective for fiscal years beginning
after December 15, 1993 and requires an accrual for certain benefits
paid to former or inactive employees after employment but before
retirement. Based on the Company's initial evaluation of the
Statement's requirements, adoption is not expected to have a material
impact on the Company's future financial results.
<PAGE>
Liquidity and Capital Resources
_______________________________
The Company's operating results continue to enhance its
financial position and ability to continue its planned expansion
program. The primary source of liquidity for the 39 weeks ended
October 28, 1993, aside from the transactions associated with the
Company's purchase of its stock from the estate of J. A. Albertson, was
cash provided by operating activities. Cash provided by operating
activities during the 39 weeks ended October 28, 1993 was $353 million
as compared to $335 million in the prior year. During the 39 weeks
ended October 28, 1993 the Company spent $295 million for net capital
expenditures, $30 million to reduce long-term debt and $67 million for
the payment of dividends. The Company also utilizes its commercial
paper program to supplement cash requirements resulting from seasonal
fluctuations created by the Company's capital expenditure program and
changes in working capital. Accordingly, commercial paper borrowings
will fluctuate between the Company's quarterly reporting periods.
On March 10, 1993, pursuant to a 1979 agreement, the Company
purchased 21,976,320 shares (as adjusted for the two-for-one stock split
distributed on October 4, 1993) of its common stock from the estate of
J. A. Albertson, the Company's founder, at a cost of $517.5 million or
$23.55 per share. This purchase was financed through the reissuance of
10,400,000 shares (as adjusted for the two-for-one stock split
distributed on October 4, 1993) of Albertson's stock at $26.25 per
share, netting $264.5 million, and the issuance of $252.1 million in
medium-term notes. The remaining 11,576,320 shares (as adjusted for the
two-for-one stock split distributed on October 4, 1993) were retired at
a net cost to the Company of $21.85 per share.
Since 1987 the Board of Directors has continuously adopted or
renewed plans under which the Company is authorized, but not required,
to purchase shares of its common stock on the open market. The current
plan was adopted by the Board on March 1, 1993 and authorizes the
Company to purchase up to 2,000,000 shares (as adjusted for the two-for-
one stock split distributed on October 4, 1993) through March 31, 1994.
During the 39 weeks ended October 28, 1993 no shares were purchased
pursuant to this program.
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
__________________________
A $29.5 million voluntary settlement was reached in the Babbitt
v. Albertson's lawsuit, an employment discrimination class action
lawsuit filed in 1992. This voluntary settlement, which is subject to
union review and Court approval, covers all of Albertson's 144 stores in
California and over 20,000 current and former employees. The monetary
settlement includes amounts for continuing and enhancing the Company's
current training programs and for monitoring its employment practices.
The settlement also provides financial incentives to Albertson's for
achieving certain employment goals and provides for alleged damages to
the settlement class and for attorney fees. Albertson's chose to settle
the Babbitt lawsuit early in the litigation, without an admission of
liability, in order to save substantial time and litigation costs. The
effect of the settlement on third quarter earnings is set forth herein
under the heading "Nonrecurring Charge" in the Notes to Consolidated
Financial Statements.
There have not been any material developments in the Super Food
Services, Inc. lawsuit or the routine litigation referred to in the Form
10-K for the fiscal year ended January 28, 1993.
Item 2. Changes in Securities
______________________________
In March 1992, the Company entered into a revolving credit
agreement with several banks, whereby the Company may borrow, from time
to time, principal amounts up to $200,000,000 at any time prior to
April 1, 1997. In accordance with this revolving credit agreement, the
Company's consolidated tangible net worth, as defined (which includes an
adjustment for the purchase of stock from the estate of J. A.
Albertson), shall not be less than $750,000,000.
Item 3. Defaults upon Senior Securities
________________________________________
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
____________________________________________________________
Not applicable.
Item 5. Other Information
__________________________
Not applicable.
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
_________________________________________
a. Exhibits
None.
b. The following reports on Form 8-K were filed during the
quarter:
None.
<PAGE>
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.
ALBERTSON'S, INC.
_________________________________
(Registrant)
Date: December 9, 1993 /s/ A. Craig Olson
_____________________ _________________________________
A. Craig Olson
Senior Vice President, Finance
and Chief Financial Officer
FORM 10-Q
13
<PAGE>
<TABLE>
VOLUNTARY SCHEDULE
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ALBERTSON'S QUARTERLY
REPORT TO STOCKHOLDERS FOR THE QUARTER ENDED OCTOBER 28, 1993 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxx xxxxxxxxxxxxxxx xxxxxxxxxxxxxx xxxxxxxxxxxxxx
<CAPTION>
REGULATION STATEMENT CAPTION THIRD QTR THIRD QTR YEAR-TO-DATE YEAR-TO-DATE
10-28-93 10-29-92 10-28-93 10-29-92
<S> <C> <C> <C> <C> <C>
5-02(1) Cash and Cash Items $ 43,279,000 $ 68,574,000
5-02(3)(a)(1) Notes and Accounts Receivable - Trade 126,262,000 78,791,000
5-02(4) Allowances for Doubtful Accounts 1,100,000 700,000
5-02(6) Inventory 832,361,000 834,598,000
5-02(9) Total Current Assets 1,071,794,000 1,034,502,000
5-02(13) Property, Plant and Equipment 2,995,442,000 2,676,130,000
5-02(14) Accumulated Depreciation 990,549,000 850,091,000
5-02(18) Total Assets 3,165,425,000 2,941,568,000
5-02(21) Total Current Liabilities 900,388,000 825,708,000
5-02(22) Bonds, Mortgages and Similar Debt 734,686,000 584,244,000
5-02(30) Common Stock 253,302,000 132,271,000
5-02(31) Other Stockholders' Equity 1,030,571,000 1,170,184,000
5-02(32) Total Liabilities and Stockholders' Equity 3,165,425,000 2,941,568,000
5-03(b)(1)(a) Net Sales of Tangible Products 2,733,773,000 2,585,137,000 $8,221,648,000 $7,486,188,000
5-03(b)(1) Total Revenues 2,733,553,000 2,587,311,000 8,224,001,000 7,490,210,000
5-03(b)(2)(a) Cost of Tangible Goods Sold 2,065,716,000 1,962,668,000 6,219,527,000 5,707,868,000
5-03(b)(2) Total Costs and Expenses Applicable to
Sales and Revenues 2,065,716,000 1,962,668,000 6,219,527,000 5,707,868,000
5-03(b)(4) Selling, General and Administrative Expenses 528,368,000 499,574,000 1,594,765,000 1,475,520,000
5-03(b)(8) Interest and Amortization of Debt Discount 4,579,000 11,314,000 34,037,000 31,563,000
5-03(b)(9) Non-Operating Expenses 29,900,000 29,900,000
5-03(b)(10) Income Before Taxes and Other Items 104,990,000 113,755,000 345,772,000 275,259,000
5-03(b)(11) Income Tax Expense 42,278,000 42,260,000 133,053,000 104,891,000
5-03(b)(14) Income From Continuing Operations 62,712,000 71,495,000 212,719,000 170,368,000
5-03(b)(18) Cumulative Effect - Changes in Accounting
Principles (6,858,000)
5-03(b)(19) Net Income 62,712,000 71,495,000 212,719,000 163,510,000
5-03(b)(20) Earnings Per Share 0.25 0.27 0.84 0.62
</TABLE>
