UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the Quarterly period ended August 1, 1998
Commission file number 1-5745-1 FOODARAMA
SUPERMARKETS, INC.
(Exact name of registrant as specified in its charter)
New Jersey 21-0717108
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) identification No.)
922 Highway 33, Freehold, N.J. 07728
(Address of principal executive offices)
Telephone #732-462-4700
(Registrant's telephone number, including area code)
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 and (2) has been subject to
the filing requirements for at least the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the close of the latest practicable
date.
OUTSTANDING AT
CLASS September 4, 1998
Common Stock 1,117,150 shares
$1 par value
<PAGE>
FOODARAMA SUPERMARKETS, INC.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Unaudited Consolidated Balance Sheets
August 1, 1998 and November 1, 1997
Unaudited Consolidated Statements of Operations for
the thirteen weeks ended
August 1, 1998 and August 2, 1997
Unaudited Consolidated Statements of
Operations for the thirty nine weeks ended
August 1, 1998 and August 2, 1997
Unaudited Consolidated Statements of
Cash Flows for the thirty nine weeks ended
August 1, 1998 and August 2, 1997
Notes to the Unaudited Consolidated Financial
Statements
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
Certain information included in this report and other Registrant
filings (collectively, "SEC filings") under the Securities Act of 1933, as
amended, and the Securities Exchange Act of 1934, as amended (as well as
information communicated orally or in writing between the dates of such SEC
filings) contain or may contain forward-looking information that is (i) based
upon assumptions which, if changed, could produce significantly different
results; or (ii) subject to certain risks, trends and uncertainties that could
cause actual results to differ materially from expected results. Among these
risks, trends and uncertainties are matters related to national and local
economic conditions, the effect of certain governmental regulations and programs
on the Registrant, year 2000 issues related to computer applications and
competitive conditions in the
2
<PAGE>
marketplace in which the Registrant operates. The forward-looking statements are
made as of the date of this Form 10-Q and the Registrant assumes no obligation
to update the forward-looking statements or update the reasons actual results
could differ from those projected in such forward-looking statements. See
"Management's Discussion and Analysis of Financial Condition and Results of
Operation."
3
<PAGE>
PART I FINANCIAL INFORMATION
FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
August 1, November 1,
1998 1997
(Unaudited) (1)
ASSETS
Current assets:
Cash and cash equivalents ........................... $ 3,634 $ 3,678
Merchandise inventories ............................. 35,553 33,585
Receivables and other current assets ................ 2,808 3,576
Prepaid income taxes ................................ 252 392
Related party receivables - Wakefern ................ 3,971 5,389
Related party receivables - other ................... 134 238
-------- --------
46,352 46,858
-------- --------
Property and equipment:
Land ................................................ 308 93
Buildings and improvements .......................... 1,220 829
Leaseholds and leasehold improvements ............... 33,143 32,064
Equipment ........................................... 72,766 65,935
Property and equipment under capital leases ......... 19,464 19,443
Construction in progress ............................ 4,214 0
-------- --------
131,115 118,364
Less accumulated depreciation and
amortization ........................................ 67,535 62,210
-------- --------
63,580 56,154
-------- --------
Other assets:
Investments in related parties ...................... 9,256 9,256
Intangibles ......................................... 4,697 5,100
Other ............................................... 2,106 2,847
Related party receivables - Wakefern ................ 1,268 1,191
Related party receivables - other ................... 222 94
-------- --------
17,549 18,488
-------- --------
$127,481 $121,500
======== ========
(continued)
(1) Derived from the Audited Consolidated Financial Statements for the year
ended November 1, 1997.
See accompanying notes to consolidated financial statements.
4
<PAGE>
FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands - except share data)
August 1, November 1,
1998 1997
(Unaudited) (1)
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities:
Current portion of long-term debt ................... $ 6,970 $ 6,647
Current portion of long-term debt,
related party ...................................... 1,248 738
Current portion of obligations under
capital leases ..................................... 507 469
Deferred income tax liability ....................... 945 945
Accounts payable:
Related party ...................................... 25,962 23,723
Others ............................................. 6,801 3,763
Accrued expenses .................................... 8,342 7,055
-------- --------
50,775 43,340
-------- --------
Long-term debt ....................................... 16,436 17,874
Long-term debt, related party ........................ 846 1,797
Obligations under capital leases ..................... 16,961 17,325
Deferred income taxes ................................ 3,658 3,828
Other long-term liabilities .......................... 6,194 6,021
-------- --------
44,095 46,845
-------- --------
Shareholders' equity:
Common stock, $1.00 par; authorized
2,500,000 shares; issued 1,621,627 shares ......... 1,622 1,622
Capital in excess of par ............................ 2,351 2,351
Retained earnings ................................... 35,267 33,971
-------- --------
39,240 37,944
Less 504,477 shares held in treasury,
at cost ............................................. 6,629 6,629
-------- --------
32,611 31,315
-------- --------
$127,481 $121,500
======== ========
(1) Derived from the Audited Consolidated Financial Statements for the year
ended November 1, 1997.
See accompanying notes to consolidated financial statements.
5
<PAGE>
FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations - Unaudited
(in thousands - except share data)
13 Weeks Ended
August 1, August 2,
1998 1997
Sales .................................. $ 176,172 $ 161,128
Cost of merchandise sold ............... 131,538 120,224
---------- ----------
Gross profit ........................... 44,634 40,904
Operating, general and
administrative expenses ............... 43,353 39,478
---------- ----------
Income from operations ................. 1,281 1,426
Other (expense) income:
Interest expense ........ (937) (1,075)
Interest income ......... 41 56
---------- ----------
Income before taxes .................... 385 407
Income tax provision ................... 130 162
---------- ----------
Net income ............................. $ 255 $ 245
========== ==========
Per share information:
Net income per common share, basic and
diluted .............................. $ .23 $ .22
========== ==========
Weighted average number of common
shares outstanding ................... 1,117,150 1,117,150
========== ==========
Dividends per common share ............. -0- -0-
See accompanying notes to consolidated financial statements.
6
<PAGE>
FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations - Unaudited
(in thousands - except share data)
39 Weeks Ended
August 1, August 2,
1998 1997
---------- ---------
Sales ........................................ $ 512,648 $ 480,470
Cost of merchandise sold ..................... 383,155 359,212
----------- -----------
Gross profit ................................. 129,493 121,258
Operating, general and
administrative expenses ..................... 125,002 117,332
----------- -----------
Income from operations ....................... 4,491 3,926
Other (expense) income:
Interest expense .................... (2,786) (3,242)
Interest income ..................... 258 137
----------- -----------
Income before taxes .......................... 1,963 821
Income tax provision ......................... 667 328
----------- -----------
Net income ................................... $ 1,296 $ 493
=========== ===========
Per share information:
Net income per common share, basic and
diluted .................................... $ 1.16 $ .39
=========== ===========
Weighted average number of common
shares outstanding ......................... 1,117,150 1,117,150
=========== ===========
Dividends per common share ................... -0- -0-
See accompanying notes to consolidated financial statements.
7
<PAGE>
FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows - Unaudited
(in thousands) 39 Weeks Ended
August 1,1998 August 2,1997
Cash flows from operating activities:
Net income ................................. $ 1,296 $ 493
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation .............................. 5,868 5,951
Amortization, intangibles ................. 403 281
Amortization, deferred financing costs .... 478 458
Amortization, deferred rent escalation .... 200 325
Amortization, other assets ................ -- 504
Deferred income tax benefit ............... (170) --
(Increase) decrease in
Merchandise inventories ................. (1,968) (455)
Receivables and other current assets .... 768 (973)
Prepaid income taxes .................... 140 --
Related party receivables-Wakefern ...... 1,343 2,121
Other assets ............................ 263 328
Increase (decrease) in
Accounts payable ........................ 5,277 (1,153)
Other liabilities ....................... 1,260 1,056
------- -------
15,158 8,936
Cash flows from investing activities:
Cash paid for the purchase of property
and equipment ............................ (8,474) (1,824)
Cash paid for construction in progress .... (4,214) --
(Increase) decrease in related party
receivables-other ........................ (24) 341
Net proceeds from sale of property ........ -- 2,282
------- -------
(12,712) 799
------- -------
Cash flows from financing activities:
Principal payments under long-term debt .... (5,615) (7,509)
Principal payments under capital
lease obligations ........................ (326) 19
Proceeds from issuance of debt ............. 3,894 --
Preferred stock dividend payments .......... -- (57)
Principal payments under long-term debt,
related party ............................ (443) (39)
Purchase of preferred stock ................ -- (1,700)
------- -------
(2,490) (9,286)
------- -------
NET (DECREASE) INCREASE IN CASH AND
CASH EQUIVALENTS ............................ (44) 449
8
<PAGE>
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,678 3,114
------- -------
CASH AND CASH EQUIVALENTS, END OF PERIOD ..... $ 3,634 $ 3,563
======= =======
See accompanying notes to consolidated financial statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Note 1 Basis of Presentation
The unaudited Consolidated Financial Statements as of or for the period ended
August 1, 1998, included herein, have been prepared in accordance with generally
accepted accounting principles for interim financial information and with the
instructions to Form 10-Q and rule 10-01. The balance sheet at November 1, 1997
has been derived from the audited financial statements at that date. In the
opinion of the management of the Registrant, all adjustments (consisting only of
normal recurring accruals) which the Registrant considers necessary for a fair
presentation of the results of operations for the period have been made. Certain
financial information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. The reader is referred to the consolidated
financial statements and notes thereto included in the Registrant's annual
report on Form 10-K for the year ended November 1, 1997.
These results are not necessarily indicative of the results for the entire
fiscal year.
Note 2 Adoption of Accounting Standards
Earnings per Share
Effective December 15, 1997, the Registrant adopted Statement of Financial
Accounting Standards (SFAS) No. 128, "Earnings per Share" ("EPS"). This
Statement establishes standards for computing and presenting EPS and applies to
entities with publicly held common stock or potential common stock. This
Statement simplifies the standards for computing earnings per share and makes
them comparable to international EPS standards. It replaces the presentation of
primary EPS with a presentation of basic EPS. It also requires dual presentation
of basic and diluted EPS on the face of the income statement for all entities
with complex capital structures and requires a reconciliation of the numerator
and denominator of the basic EPS computation to the numerator and denominator of
the diluted EPS computation. There was no material impact from adopting the
provisions of SFAS No. 128 in the period ended August 1, 1998.
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<PAGE>
Reporting on the Cost of Start-Up Activities
On April 3, 1998, the Financial Accounting Standards Board (FASB) approved
Statement of Position (SOP) No. 98-5 "Reporting on the Cost of Start-Up
Activities". SOP No. 98-5 requires that costs associated with start-up
activities, such as opening a new facility, be expensed as incurred. This SOP is
effective for financial statements for fiscal years beginning after December 15,
1998, however, early application is encouraged.
Prior to the thirteen weeks ended May 2, 1998, the Registrant had capitalized
pre-opening costs, including payroll, employee recruitment and advertising,
incurred in the start-up and training period prior to the opening of each
supermarket, and amortized these costs over twelve months from the date of
opening. The Registrant has elected early application of SOP No. 98-5 for its
fiscal year beginning November 2, 1997. There was no material cumulative effect
of a change in accounting principle on net income due to the early application
of this SOP. As a result of the early application, all pre-opening costs
incurred for the location in East Windsor New Jersey opened on February 25,
1998, have been expensed in the quarter ended May 2, 1998 and any pre-opening
costs incurred prior to August 2, 1998 for the location in Bound Brook New
Jersey, opened on August 26, 1998, have been expensed in the quarter ended
August 1, 1998. As a result of this change, net income for the 13 and 39 weeks
ended August 1, 1998 was reduced by $38,000 or $.03 per share and $266,000 or
$.24 per share, respectively. Under the previous method, net income would have
been reduced by $19,000 or $.02 per share for the 13 weeks ended August 1, 1998
and $95,000 or $.09 per share for the 39 weeks ended August 1, 1998.
10
<PAGE>
Part I - Item 2 Management's Discussion and Analysis of Financial
Condition and Results of Operations
Financial Condition and Liquidity
The Registrant is a party to an Amended and Restated Revolving Credit and Term
Loan Agreement (the "Credit Agreement") with one financial institution. The
Credit Agreement is secured by substantially all of the Registrant's assets and
provides for a total commitment of $31,700,000, including a revolving credit
facility of up to $17,500,000 and term loans referred to as Term Loan C in the
amount of $11,000,000, the Stock Redemption Facility in the amount of $1,700,000
and a loan in the amount of $1,500,000, made in November 1997, to fund the
acquisition of a building in, and refurbishment of, the Registrant's prepared
food and meat processing facility (the"Expansion Loan"). As of August 1, 1998
the Registrant owed $6,500,000 on Term Loan C, $1,530,000 on the Stock
Redemption Facility and $1,400,000 on the Expansion Loan. Term Loan C and the
Stock Redemption Loan are to be paid quarterly through December 31, 1999 with
final payments of $500,000 and $1,020,000, respectively, on February 15, 2000.
The revolving credit facility also matures February 15, 2000 and the Expansion
Loan is payable in monthly installments over its seven year term based on a ten
year amortization. Interest rates are fixed on Term Loan C and the Stock
Redemption Facility at 8.38% and on the Expansion Loan at 9.18%. The interest
rate on the revolving credit facility floats at the Base Rate (defined below)
plus .25%. The Base Rate is the rate which is the greater of (i) the bank prime
loan rate as published by the Board of Governors of the Federal Reserve System,
or (ii) the Federal Funds rate, plus .50%. Additionally, the Registrant has the
ability to use the London Interbank Offered Rate ("LIBOR") plus 2.25% to
determine the interest rate on the revolving credit facility.
The Credit Agreement contains certain affirmative and negative covenants which
require, among other matters, the maintenance of a debt service coverage ratio.
The Registrant was in compliance with such covenants through August 1, 1998. The
Registrant's compliance with the major financial covenant under the Credit
Agreement was as follows as of August 1, 1998.
Actual
Financial Credit (As defined in the
Covenant Agreement Credit Agreement)
Debt Service Coverage
Ratio Not less than 1.00 to 1.00 .87 to 1.00
Although the Debt Service Coverage Ratio (the "Ratio") is below the level
required by the Credit Agreement, the Registrant is not in default of this
covenant. The Credit Agreement provides a second criteria, if the Ratio is not
met, before a default is deemed to have occurred. Under this criteria, at all
times when the Ratio is less than 1.00 to 1.00, the amount available and undrawn
on the revolving credit facility must equal or exceed $2,500,000 which, in turn
will mean that in order to remain in compliance with this covenant, the
Registrant cannot borrow the last $2,500,000 of funds available
11
<PAGE>
under the revolving credit facility. After giving effect to this restriction on
borrowing, the Registrant had $9,713,000 of available credit at August 1, 1998,
under its revolving credit facility and believes that its capital resources are
adequate to meet its operating needs, scheduled capital expenditures and its
debt service in fiscal 1998.
On April 2, 1998 the Registrant financed the purchase of $3,000,000 of equipment
for the new store location in East Windsor, New Jersey. The note bears interest
at 7.44% and is payable in monthly installments over its seven year term.
No cash dividends have been paid on the Common Stock since 1979, and the
Registrant has no present intentions or ability to pay any dividends in the near
future on its Common Stock. The Credit Agreement does not permit the payment of
any cash dividends on the Registrant's Common Stock.
Working Capital
At August 1, 1998, the Registrant had a working capital deficit of $4,423,000
compared to working capital of $3,518,000 at November 1, 1997 and $345,000 at
August 2, 1997.
The decline in working capital from November 1, 1997 was primarily due to the
collection of current related party receivables which were used to reduce the
Revolving Note which is classified as long term borrowings. Additionally,
accounts payable increased which when paid will increase the Revolving Note. The
Registrant normally requires small amounts of working capital since inventory is
generally sold at approximately the same time that payments to Wakefern Food
Corporation and other suppliers are due and most sales are for cash or cash
equivalents.
Working capital ratios were as follows:
August 1, 1998 .91 to 1.00
November 1, 1997 1.08 to 1.00
August 2, 1997 1.01 to 1.00
Cash flows (in millions) were as follows:
39 Weeks Ended
8/1/98 8/2/97
Operating activities... $15.2 $ 8.9
Investing activities... (12.7) 0.8
Financing activities... ( 2.5) (9.3)
------ ------
Totals $ 0.0 $ 0.4
====== ======
For the thirty nine weeks ended August 1, 1998 depreciation was $5,868,000 while
capital expenditures totaled $9,080,000, compared to $5,951,000 and
12
<PAGE>
$1,824,000 respectively, in the prior year period.
Results of Operations (13 weeks ended August 1, 1998 compared
to 13 weeks ended August 2, 1997)
Sales:
Same store sales from the nineteen stores in operation in both periods increased
4.6% in the current year period versus the prior year period. Sales for the
current quarter totaled $176.2 million as compared to $161.1 million of sales in
the prior year period. The Registrant believes that the continued sales growth
in the current period resulted from increased promotion expense in both current
and prior periods. Sales for the current quarter included the operations of a
new location in East Windsor New Jersey opened February 25, 1998 which replaced
an older, smaller location in Hightstown New Jersey.
Gross Profit:
Gross profit on sales decreased slightly to 25.34% of sales in the current
period compared to 25.39% in the prior year period. Patronage dividends, applied
as a reduction of the cost of merchandise sold, were $1.2 million in the current
period versus $1.0 million in the prior year period.
Operating Expenses:
Operating, general and administrative expenses as a percent of sales were 24.6%
versus 24.5% in prior year period. The increases in operating, general and
administrative expenses, as a percent of sales, was due to increases in certain
expense categories. As a percentage of sales, advertising expense increased .51%
due to new or increased competition in several of the Registrant's marketing
areas, general liability insurance costs increased .04% and other store
expenses, which include debit and credit card processing fees and Wakefern
support services, increased .05%. These increases were partially offset by
decreases in labor and related fringe benefit costs of .45%, occupancy costs of
.05% and pre-store opening costs of .03%.
Interest Expense:
Interest expense decreased to $937,000 from $1,075,000 while interest income was
$41,000 compared to $56,000 for the prior year period. The decrease in interest
expense for the current year period was due to a decrease in the average
outstanding debt in the thirteen weeks ended August 1, 1998 compared to the
prior year period and a decrease in the interest rate paid on this debt.
Income Taxes:
An income tax rate of 34% has been used in the current period based on the
expected effective tax rate for fiscal 1998, while a rate of 40% was used in the
prior year period.
13
<PAGE>
Net Income:
Net income was $255,000 in the current year period as compared to $245,000 in
the prior year period. Earnings before interest, taxes, depreciation and
amortization ("EBITDA") for the thirteen weeks ended August 1, 1998 were
$3,623,000 as compared to $3,930,000 in the prior year period. Net income per
common share was $.23 in the current period compared to $.22 in the prior year
period. Per share calculations are based on 1,117,150 shares outstanding in both
periods.
Results of Operations (39 weeks ended August 1, 1998 compared
to 39 weeks ended August 2, 1997)
Sales:
Same store sales from the nineteen stores in operation in both periods increased
3.9% in the current year period versus the prior year period. Sales for the
stores in operation for the current year thirty nine week period totaled $512.6
million as compared to $480.5 million of sales from the stores operated in the
prior year period. An increase in promotional activities in the current period
contributed to this increase. Sales for the thirty nine weeks ended August 1,
1998 included the operations of a new location in East Windsor New Jersey opened
February 25, 1998 which replaced an older, smaller location in Hightstown New
Jersey.
Gross profit:
Gross profit on sales increased slightly to 25.26% of sales compared to 25.24%
in the prior year period. Patronage dividends, applied as a reduction of the
cost of merchandise sold, were $3.5 million compared to $3.6 million in the
prior year period.
Operating Expenses:
Operating, general and administrative expenses as a percent of sales were 24.4%
in both the current and prior year periods. Increases in operating, general and
administrative expenses, as a percent of sales, in certain expense categories
were offset by decreases in other expense categories. As a percentage of sales,
advertising expense increased .13%, supply costs increased .03%, general
liability insurance costs increased .03%, and general administrative expense
increased .05%. These increases were offset by decreases in labor and related
fringe benefit costs of .25%.
Interest Expense:
Interest expense decreased to $2,786,000 from $3,242,000 while interest income
was $258,000 compared to $137,000 for the prior year period. The decrease in
interest expense for the current year period was due to a decrease in the
average outstanding debt since August 2, 1997 and a decrease in the interest
rate paid on this debt.
14
<PAGE>
Income Taxes:
An income tax rate of 34% has been used in the current period based on the
expected effective tax rate for fiscal 1998, while a rate of 40% was used in the
prior year period.
Net Income:
Net income was $1,296,000 in the current year period. This compares to $493,000
in the prior year period. Earnings before interest, taxes, depreciation and
amortization ("EBITDA") for the current period were $11,440,000 as compared to
$11,445,000 in the prior year period. Net income per common share was $1.16 in
the current period compared to $.39 in the prior year period. Per share
calculations are based on 1,117,150 shares outstanding in both periods and a
provision of $56,667 for preferred stock dividends in the prior year period.
There were no dividends paid on the preferred stock in the current year period
since the preferred stock was redeemed on March 31, 1997.
15
<PAGE>
PART II
OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
Exhibit (27) - Financial Data Schedule.
(b) No reports on Form 8-K were required to be filed
for the 13 weeks ended August 1, 1998.
16
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FOODARAMA SUPERMARKETS, INC.
(Registrant)
Date: September 14, 1998 /S/ Michael Shapiro
(Signature)
Michael Shapiro
Senior Vice President
Chief Financial Officer
Date: September 14, 1998 /S/ Joseph C. Troilo
-------------------------------
(Signature)
Joseph C. Troilo
Senior Vice President
Principal Accounting Officer
17
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-mos
<FISCAL-YEAR-END> Oct-31-1998
<PERIOD-START> Nov-02-1998
<PERIOD-END> Aug-01-1998
<CASH> 3,634
<SECURITIES> 0
<RECEIVABLES> 7,135
<ALLOWANCES> (623)
<INVENTORY> 35,553
<CURRENT-ASSETS> 46,352
<PP&E> 131,116
<DEPRECIATION> (67,536)
<TOTAL-ASSETS> 127,481
<CURRENT-LIABILITIES> 50,775
<BONDS> 0
0
0
<COMMON> 1,622
<OTHER-SE> 30,989
<TOTAL-LIABILITY-AND-EQUITY> 127,481
<SALES> 176,172
<TOTAL-REVENUES> 0
<CGS> 131,538
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 43,353
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 896
<INCOME-PRETAX> 385
<INCOME-TAX> 130
<INCOME-CONTINUING> 255
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 255
<EPS-PRIMARY> 23
<EPS-DILUTED> 23
</TABLE>
