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 30, 1997 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) 395-6200
--------------
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 November 25, 1997: 245,581,125
<PAGE>
PART I. FINANCIAL INFORMATION
ALBERTSON'S, INC.
CONSOLIDATED EARNINGS
(in thousands except per share data)
(unaudited)
13 WEEKS ENDED 39 WEEKS ENDED
----------------------- ------------------------
October 30, October 31,October 30, October 31,
1997 1996 1997 1996
----------- ---------- ----------- -----------
Sales $3,612,032 $3,375,771 $10,900,082 $10,200,843
Cost of sales 2,637,952 2,507,434 8,065,336 7,572,925
---------- ---------- ----------- -----------
Gross profit 974,080 868,337 2,834,746 2,627,918
Selling, general and
administrative expenses 751,676 679,438 2,230,008 2,030,427
---------- ---------- ----------- -----------
Operating profit 222,404 188,899 604,738 597,491
Other (expenses) income:
Interest, net (22,388) (16,103) (61,243) (46,065)
Other, net (1,104) (310) 7,941 (1,162)
---------- ---------- ----------- -----------
Earnings before income taxes 198,912 172,486 551,436 550,264
Income taxes 75,507 66,062 209,325 210,751
---------- ---------- ----------- -----------
NET EARNINGS $ 123,405 $ 106,424 $ 342,111 $ 339,513
========== ========== =========== ===========
EARNINGS PER SHARE $ .50 $ .42 $1.38 $1.35
DIVIDENDS DECLARED PER SHARE $ .16 $ .15 $ .48 $ .45
Weighted average common
shares outstanding 245,646 252,038 248,433 251,976
See Notes to Consolidated Financial Statements.
<PAGE>
ALBERTSON'S, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
October 30, 1997 January 30,
(unaudited) 1997
---------------- ------------
ASSETS
------
CURRENT ASSETS:
Cash and cash equivalents $ 98,312 $ 90,865
Accounts and notes receivable 102,084 98,364
Inventories 1,244,315 1,201,067
Prepaid expenses 43,447 42,823
Deferred income taxes 51,771 42,804
---------- ----------
TOTAL CURRENT ASSETS 1,539,929 1,475,923
OTHER ASSETS 196,524 184,070
LAND, BUILDINGS AND EQUIPMENT 5,037,324 4,622,655
Less accumulated depreciation and amortization 1,757,902 1,568,015
---------- ----------
3,279,422 3,054,640
---------- ----------
$5,015,875 $4,714,633
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES:
Accounts payable $ 732,027 $ 682,305
Salaries and related liabilities 145,425 135,681
Taxes other than income taxes 86,751 67,086
Income taxes 21,471 14,409
Self-insurance 68,426 63,999
Unearned income 40,965 36,539
Other current liabilities 63,131 46,161
Current maturities of long-term debt 86,465 975
Current capitalized lease obligations 9,514 7,938
---------- ---------
TOTAL CURRENT LIABILITIES 1,254,175 1,055,093
LONG-TERM DEBT 986,155 921,704
CAPITALIZED LEASE OBLIGATIONS 134,509 130,050
DEFERRED INCOME TAXES 10,411 15,876
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS 350,147 344,892
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 -
245,574,277
shares and 250,690,105 shares, respectively 245,574 250,690
Capital in excess of par value 840 92
Retained earnings 2,034,064 1,996,236
---------- ----------
2,280,478 2,247,018
---------- ----------
$5,015,875 $4,714,633
See Notes to Consolidated Financial Statements.
<PAGE>
ALBERTSON'S, INC.
CONSOLIDATED CASH FLOWS
(in thousands)
(unaudited)
39 WEEKS ENDED
------------------------------
October 30, October 31,
1997 1996
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 342,111 $ 339,513
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation and amortization 243,987 217,001
Net deferred income taxes (14,432) 10,189
Increase in cash surrender value of
Company-owned life insurance (8,565) (1,000)
Changes in operating assets and liabilities:
Receivables and prepaid expenses (4,344) (8,812)
Inventories (43,248) (149,247)
Accounts payable 49,722 40,289
Other current liabilities 53,652 15,333
Self-insurance 10,587 (5,452)
Unearned income (2,425) (13,665)
Other long-term liabilities 6,167 3,394
---------- ----------
Net cash provided by operating activities 633,212 447,543
CASH FLOWS FROM INVESTING ACTIVITIES:
Net capital expenditures excluding
noncash activities (457,175) (508,245)
Increase in other assets (3,889) (8,444)
---------- ----------
Net cash used in investing activities (461,064) (516,689)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term borrowings 200,000 200,000
Payments on long-term borrowings (6,141) (83,117)
Net commercial paper activity (49,607) 74,686
Proceeds from stock options exercised 1,990 2,404
Cash dividends (116,969) (108,340)
Stock purchased and retired (193,974) (23,207)
---------- ----------
Net cash (used in) provided by
financing activities (164,701) 62,426
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 7,447 (6,720)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 90,865 69,113
---------- ----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 98,312 $ 62,393
========== =========
NONCASH ACTIVITIES:
Capitalized lease obligations incurred $ 12,395 $ 4,424
Capitalized lease obligations terminated 671 1,603
Tax benefits related to stock options 1,990 2,579
Liabilities assumed in connection with
asset acquisitions 692
CASH PAYMENTS FOR:
Income taxes 213,324 235,607
Interest, net of amounts capitalized 36,073 32,498
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. Such adjustments consisted only of normal recurring items. 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 normally included in 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 1996
Annual Report.
The balance sheet at January 30, 1997, has been taken from the audited
financial statements at that date.
The preparation of the Company's consolidated financial statements, in
conformity with generally accepted accounting principles, requires management to
make estimates and assumptions. These estimates and assumptions affect the
reported amounts of assets and liabilities and the 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. Actual results
could differ from these estimates.
Historical operating results are not necessarily indicative of future
results.
Reclassifications
- -----------------
Certain reclassifications have been made in the prior year's financial
statements to conform to classifications in the current year.
<PAGE>
Indebtedness
- ------------
In July 1997, the Company issued $200 million of medium-term notes under a
shelf registration statement filed with the Securities and Exchange Commission
in May 1996. A summary of these notes is as follows (in thousands):
Due July 2007 (6.58% interest) $ 10,000
Due July 2008 (6.67% interest) 15,000
Due July 2009 (6.76% interest) 72,000
Due July 2012 (6.82% interest) 6,500
Due July & August 2017 (7.00% interest) 36,500
Due July 2027 (7.12% interest) 30,000
Due July 2027 (6.56% interest) 30,000
--------
$200,000
Interest on the notes is paid semiannually. The 6.56% notes due July 2027,
contain a put option which would require the Company to repay the notes in July
2007, if the holder of the note so elects by giving the Company a 60 day notice.
Proceeds from the issuance were used primarily to repay borrowings under the
Company's commercial paper program. Medium-term notes up to $100 million remain
available for issuance under the 1996 shelf registration statement.
New Accounting Standards
- ------------------------
In June 1997 the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards (SFAS) No. 130, "Reporting Comprehensive Income"
and SFAS No. 131, "Disclosures about Segments of an Enterprise and Related
Information."
SFAS No. 130 requires that an enterprise (a) classify items of other
comprehensive income by their nature in a financial statement and (b) display
the accumulated balance of other comprehensive income separately from retained
earnings and additional paid-in capital in the equity section of a statement of
financial position. This statement will be effective for the Company's 1998
fiscal year.
SFAS No. 131 requires that a public business enterprise report financial and
descriptive information about its reportable operating segments. Operating
segments are components of an enterprise for which separate financial
information is available that is evaluated regularly by the chief operating
decision maker in deciding how to allocate resources and in assessing
performance. This statement will be effective for the Company's 1998 fiscal
year.
The Company is reviewing SFAS No. 130 and No. 131 to determine their effect
on the Company's reporting requirements.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations
- ---------------------
Results for the quarter:
The following table sets forth certain income statement components expressed
as a percent to sales and the percentage change from the previous year in the
amounts of such components:
Percent to Sales
--------------------
13 weeks ended Percentage
--------------------
10-30-97 10-31-96 Increase
-------- -------- ----------
Sales 100.00% 100.00% 7.0%
Gross profit 26.97 25.72 12.2
Selling, general and
administrative
expenses 20.81 20.13 10.6
Operating profit 6.16 5.60 17.7
Net interest
expense 0.62 0.48 39.0
Other expense 0.03 0.01 N.A.
Earnings before
income taxes 5.51 5.11 15.3
Net earnings 3.42 3.15 16.0
Sales increased due to improved identical store sales and the continued
expansion of net retail square footage. Identical store sales, sales in stores
that have been in operation for the full 13 week periods of both years,
increased 1.1% and comparable store sales (which include replacement stores)
increased 1.2%. Management estimates that there was a slight annual deflation in
products the Company sells of approximately 0.1%. During the quarter 11 stores
were opened, 1 store was closed and 7 store remodels were completed. Retail
square footage increased to 41.5 million square feet, a net increase of 6.4%
from October 31, 1996.
In addition to new store development, the Company plans to increase sales
through its continued investment in programs initiated in 1996 and providing
solutions to customer needs. Programs initiated in 1996 include: the Front End
Manager program; the home meal solutions process called "Quick Fixin' Ideas;"
special destination categories such as Albertson's Better Care pharmacies, baby
care, pet care, snack and beverage centers; and increased emphasis on training
programs utilizing Computer Guided Training. In response to providing additional
solutions to customer needs, the Company has added new, gourmet-quality bakery
items and expanded product variety to include organically grown produce and
organic grocery items. Other solutions include neighborhood marketing, targeted
advertising, and exciting new and remodeled stores.
Gross profit, as a percent to sales, increased primarily as a result of
improvements made in retail stores, including substantial improvements in
under-performing stores. The pre-tax LIFO charge reduced gross profit by $3.75
million (0.10% to sales) for the 13 weeks
<PAGE>
ended October 30, 1997, and $5.4 million (0.16% to sales) for the 13 weeks
ended October 31, 1996.
Selling, general and administrative expenses, as a percent to sales,
increased due primarily to increased labor and related benefit costs resulting
from the Company's initiatives to increase sales; increases in workers'
compensation costs, insurance expense and bank card fees; and increased
depreciation expense associated with the Company's expansion program.
The increase in net interest expense resulted primarily from higher average
outstanding debt during the third quarter of 1997 as compared to the third
quarter of 1996.
The Company's effective income tax rate for the 13 weeks ended October 30,
1997, was 38.0% as compared to 38.3% for the 13 weeks ended October 31, 1996.
The reduction from the prior year is primarily due to the effect of the increase
in the cash surrender value of Company-owned life insurance which is a
non-taxable item.
Year-to-date results:
The following table sets forth certain income statement components expressed
as a percent to sales and the percentage change from the previous year in the
amounts of such components:
Percent to Sales
--------------------
39 weeks ended Percentage
--------------------
10-30-97 10-31-96 Increase
-------- -------- ----------
Sales 100.00% 100.00% 6.9%
Gross profit 26.01 25.76 7.9
Selling, general and
administrative
expenses 20.46 19.90 9.8
Operating profit 5.55 5.86 1.2
Net interest
expense 0.56 0.45 32.9
Other income (expense) 0.07 (0.01) N.A.
Earnings before
income taxes 5.06 5.39 0.2
Net earnings 3.14 3.33 0.8
Sales increased primarily as a result of the continued expansion of net
retail square footage. Identical store sales increased 0.3% and comparable store
sales (which include replacement stores) increased 0.3%. Management estimates
that there was a slight annual deflation in products the Company sells of
approximately 0.1%. During the 39 weeks 35 stores were opened, 4 stores were
closed and 22 store remodels were completed. Retail square footage increased to
41.5 million square feet, a net increase of 6.4% from October 31, 1996.
In addition to new store development, the Company plans to increase sales
through its continued investment in programs initiated in 1996 and providing
solutions to customer needs. Programs initiated in 1996 include: the Front End
Manager program; the home meal solutions process
<PAGE>
called "Quick Fixin' Ideas;" special destination categories such as Albertson's
Better Care pharmacies, baby care, pet care, snack and beverage centers; and
Increased emphasis on training programs utilizing Computer Guided Training. In
response to providing additional solutions to customer needs, the Company has
added new, gourmet-quality bakery items and expanded product variety to
include organically grown produce and organic grocery items. Other solutions
include neighborhood marketing, targeted advertising, and exciting new and
remodeled stores.
Gross profit, as a percent to sales, increased primarily as a result of
improvements made in retail stores, including substantial improvements in
under-performing stores. Gross profit improvements in retail stores were
partially offset by increased costs associated with the Company's new "Dear
Albertson's" advertising campaign which began in February 1997. The Company's
distribution system provided approximately 77% of all products purchased by
retail stores. Utilization of the Company's distribution system enables the
Company to better control product costs, quality and distribution. The pre-tax
LIFO charge reduced gross profit by $25.55 million (0.23% to sales) for the 39
weeks ended October 30, 1997, and $30.2 million (0.30% to sales) for the 39
weeks ended October 31, 1996.
Selling, general and administrative expenses, as a percent to sales,
increased due primarily to increased labor and related benefit costs resulting
from the Company's initiatives to increase sales; increased workers'
compensation costs and bank card fees; and increased depreciation expense
associated with the Company's expansion program.
The increase in net interest expense resulted primarily from higher average
outstanding debt during the 39 weeks ended October 30, 1997, as compared to the
prior year.
Other income for the 39 weeks ended October 30, 1997, included non-cash
income of $8.6 million for the increase in cash surrender value of Company-owned
life insurance as compared to $1.0 million of other income for the 39 weeks
ended October 31, 1996.
The Company's effective income tax rate for the 39 weeks ended October 30,
1997, was 38.0% as compared to 38.3% for the prior year. The reduction from the
prior year is primarily due to the effect of the increase in the cash surrender
value of Company-owned life insurance which is a non-taxable item.
Liquidity and Capital Resources
- -------------------------------
The Company's operating results continue to enhance its financial position
and ability to continue its planned expansion program. Cash provided by
operating activities during the 39 weeks ended October 30, 1997, was $633
million compared to $448 million in the prior year. During the 39 weeks ended
October 30, 1997, the Company spent $457 million for net capital expenditures,
$117 million for the payment of dividends and $194 million to purchase and
retire stock. The Company also reduced commercial paper borrowings by $50
million.
<PAGE>
The Company utilizes its commercial paper program to supplement cash
requirements due to seasonal fluctuations in working capital as a result of
operations and the Company's capital expenditure program. Accordingly,
commercial paper borrowings will fluctuate between the Company's quarterly
reporting periods. The Company had $279 million of commercial paper borrowings
outstanding at October 30, 1997, compared to $329 million at January 30, 1997,
and $284 million at October 31, 1996.
In July 1997, the Company issued $200 million of medium-term notes under a
shelf registration statement filed with the Securities and Exchange Commission
in May 1996. Proceeds from the issuance were used primarily to repay borrowings
under the Company's commercial paper program. Medium-term notes up to $100
million remain available for issuance under the 1996 shelf registration
statement.
Since 1987 the Board of Directors has continuously adopted or renewed
programs under which the Company is authorized, but not required, to purchase
and retire shares of its common stock. The program adopted by the Board on March
3, 1997, authorizes the Company to purchase and retire up to 7 million shares
through March 31, 1998. During the 39 weeks ended October 30, 1997, 5,368,500
shares were purchased and retired pursuant to this program.
Cautionary Statement for Purposes of "Safe Harbor Provisions"
of the Private Securities Litigation Reform Act of 1995
- -------------------------------------------------------------
From time to time, information provided by the Company, including written or
oral statements made by its representatives, may contain forward-looking
information as defined in the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, which address
activities, events or developments that the Company expects or anticipates will
or may occur in the future, including such things as expansion and growth of the
Company's business, future capital expenditures and the Company's business
strategy, contain forward-looking information. In reviewing such information it
should be kept in mind that actual results may differ materially from those
projected or suggested in such forward-looking information. This forward-looking
information is based on various factors and was derived utilizing numerous
assumptions. Many of these factors have previously been identified in filings or
statements made by or on behalf of the Company.
Important assumptions and other important factors that could cause actual
results to differ materially from those set forth in the forward-looking
information include: changes in the general economy, changes in consumer
spending, competitive factors and other factors affecting the Company's business
in or beyond the Company's control. These factors include changes in the rate of
inflation, changes in state or federal legislation or regulation, adverse
determinations with respect to litigation or other claims, labor negotiations,
ability to recruit and develop employees, ability to develop new stores or
complete remodels as rapidly as planned and stability of product costs.
<PAGE>
Other factors and assumptions not identified above could also cause the
actual results to differ materially from those set forth in the forward-looking
information. The Company does not undertake to update forward-looking
information to reflect actual results, changes in assumptions or changes in
other factors affecting such forward-looking information.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
- --------------------------
Three civil lawsuits filed in September 1996 as purported state-wide class
actions (Washington, Choate v. Albertson's, Inc.,; California, Gloege v.
Albertson's, Inc.; and Florida, Mitchell v. Albertson's, Inc.) and one civil
lawsuit filed in April 1997 in federal court in Boise, Idaho as a purported
multi-state class action (the remaining 17 states in which the Company operates,
Barton v. Albertson's, Inc.) have been brought against the Company raising
various issues that include: (i) allegations that the Company has a wide-spread
practice of permitting its hourly-paid employees to work "off-the-clock" without
being paid for their work and (ii) allegations that the Company's bonus and
worker's compensation plans are unlawful. These suits are being sponsored and
financed by the United Food & Commercial Workers (UFCW), International Union.
The parties have agreed to consolidate these suits in federal court in Boise,
Idaho. In addition, four other similar suits have been filed as purported class
actions which in effect duplicate the coverage of the UFCW sponsored suits
(Flach v. Albertson's, Inc. filed in state court in Colorado in April 1997; Rose
v. Albertson's, Inc. filed in federal court in Boise, Idaho in April 1997;
Valerio v. Albertson's, Inc. filed in state court in New Mexico in September
1997; and Pymm v. Albertson's, Inc. filed in state court in Nevada in November
1997).
The Company is committed to full compliance with all applicable laws.
Consistent with this commitment, the Company has firm and long-standing policies
in place prohibiting off-the-clock work and has structured its bonus and
worker's compensation plans to comply with all applicable laws. Although these
lawsuits are still in their preliminary stages, the Company believes it has
strong defenses and intends to vigorously defend against these lawsuits. The
Company further believes that the UFCW sponsored suits are part of a broader and
continuing effort by the UFCW and some of its locals to pressure the Company to
unionize employees who have not expressed a desire to be represented by a union.
In the opinion of management, the ultimate resolution of these actions will
not have a material adverse effect on the Company's financial condition or
results of operations.
The Company is also involved in routine litigation incidental to operations.
In the opinion of management, the ultimate resolution of these legal proceedings
will not have a material adverse effect on the Company's financial condition or
results of operations.
Item 2. Changes in Securities
- ------------------------------
In accordance with the Company's $600 million revolving credit agreement, the
Company's consolidated tangible net worth, as defined, shall not be less than
$750 million.
<PAGE>
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.
Item 6. Exhibits and Reports on Form 8-K
- -----------------------------------------
a. Exhibits
27 Financial data schedule for the 39 weeks ended October 30, 1997.
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 4, 1997 /S/ A. Craig Olson
--------------------- ---------------------------------
A. Craig Olson
Senior Vice President, Finance
and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> Yes
This schedule contains summary financial information extracted from
Albertson's Quarterly Report to Stockholders for the 39 weeks ended October 30,
1997 and is qualified in its entirety by reference to such Financial Statements.
</LEGEND>
<CIK> 0000003333
<NAME> Albertson's, Inc.
<MULTIPLIER> 1,000
<CURRENCY> 0
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-29-1998
<PERIOD-START> JAN-31-1997
<PERIOD-END> OCT-30-1997
<EXCHANGE-RATE> 1
<CASH> 98,312
<SECURITIES> 0
<RECEIVABLES> 103,084
<ALLOWANCES> 1,000
<INVENTORY> 1,244,315
<CURRENT-ASSETS> 1,539,929
<PP&E> 5,037,324
<DEPRECIATION> 1,757,902
<TOTAL-ASSETS> 5,015,875
<CURRENT-LIABILITIES> 1,254,175
<BONDS> 1,120,664
0
0
<COMMON> 245,574
<OTHER-SE> 2,034,904
<TOTAL-LIABILITY-AND-EQUITY> 5,015,875
<SALES> 10,900,082
<TOTAL-REVENUES> 10,900,082
<CGS> 8,065,336
<TOTAL-COSTS> 8,065,336
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<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 61,243
<INCOME-PRETAX> 551,436
<INCOME-TAX> 209,325
<INCOME-CONTINUING> 342,111
<DISCONTINUED> 0
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<CHANGES> 0
<NET-INCOME> 342,111
<EPS-PRIMARY> 1.38
<EPS-DILUTED> 1.38
</TABLE>
